# EDGAR Filing Document

**Accession Number:** 0002107018
**File Stem:** 0001104659-26-073752
**Filing Date:** 2026-6
**Character Count:** 2083523
**Document Hash:** 2db3f127d4d5362c5270eb8c3275c05b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-073752.hdr.sgml**: 20260615

**ACCESSION NUMBER**: 0001104659-26-073752

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 39

**FILED AS OF DATE**: 20260615

**DATE AS OF CHANGE**: 20260615

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DPC Holdings Ltd
- **CENTRAL INDEX KEY:** 0002107018
- **STANDARD INDUSTRIAL CLASSIFICATION:** NONFERROUS FOUNDRIES (CASTINGS) [3360]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Y9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-296215
- **FILM NUMBER:** 261089021

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** DONINGTON COURT, 2ND FLOOR
- **STREET 2:** PEGASUS BUSINESS PARK, HERALD WAY
- **CITY:** DERBY
- **PROVINCE COUNTRY:** X0
- **ZIP:** DE742UZ
- **BUSINESS PHONE:** 212-819-8503

**MAIL ADDRESS:**
- **STREET 1:** 1221 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020

**[**TABLE OF CONTENTS**](#TOC)

As filed with the Securities and Exchange Commission on June 15, 2026

Registration No. 333-296215

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Amendment No. 1 to

Form S-1

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

DPC Holdings Limited\*

(Exact Name of Registrant as Specified in its Charter)

Jersey 3360 Not Applicable <br> (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.)

2nd Floor, Donington Court, Pegasus Business Park, Herald Way, Derby, DE742UZ, United Kingdom +44(0)115 663 0139

(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)

Corporation Service Company 241 Little Falls Drive Wilmington, DE 19808 Tel: +1 (302) 636-5401

(Name, address, including zip code, and telephone number, including area code, of agent for service)

 *Copies to:* 

---

| | | |
|:---|:---|:---|
| Richard Browne, Esq. John R. Vetterli, Esq. Jessica Y. Chen, Esq. White & Case LLP 1221 Avenue of the Americas New York, NY 10020 Tel: +1 (212) 819-8200  | Helen Barrett-Hague, Esq. General Counsel & Chief Risk Officer DPC Holdings Limited Donington Court, 2nd Floor Pegasus Business Park, Herald Way Derby, DE742UZ United Kingdom  | Richard D. Truesdell, Jr., Esq. Roshni Banker Cariello, Esq. Davis Polk & Wardwell LLP 450 Lexington Avenue New York, NY 10017 Tel: +1 (212) 450-4000  |

---

Approximate date of commencement of proposed sale to the public: As soon as practicable after effectiveness of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Securities Exchange Act of 1934.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.

\*

Prior to the consummation of this offering, we intend to change the legal status of our Company from a Jersey private company to a Jersey public limited company and our name will be DPC Holdings PLC.

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The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities, and we are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

#### Subject to completion, dated June 15, 2026

### 23,333,333 Ordinary Shares
![[MISSING IMAGE: lg_doncasters-4clr.jpg]](lg_doncasters-4clr.jpg)

### DPC Holdings Limited
This is the initial public offering of ordinary shares of DPC Holdings Limited. We are offering 23,333,333 ordinary shares.

Prior to this offering, there has been no public market for our ordinary shares. We anticipate that the initial public offering price for our ordinary shares will be between $28.00 and $32.00. We have been approved to list our ordinary shares on the New York Stock Exchange, or NYSE, subject to notice of official issuance, under the symbol "DPC."

Certain of our existing shareholders, including certain of our directors, have, severally and not jointly, agreed to purchase in a concurrent placement approximately $66 million of ordinary shares at a price per share equal to the initial public offering price per share in this offering. The sale of such shares will not be registered under the Securities Act of 1933, as amended, or the Securities Act. The concurrent private placement is expected to close concurrently with, and be contingent upon the consummation of, this offering. However, this offering is not contingent on the consummation of the concurrent private placement. The ordinary shares to be purchased in the concurrent private placement will be restricted securities and subject to the lock-up agreement each such shareholder signed with the underwriters. See "Certain Relationships and Related Party Transactions — Transactions with Our Directors in the Concurrent Private Placement."

We are an "emerging growth company" as that term is used in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act, and have elected to comply with certain reduced public company reporting requirements. See "Risk Factors" and "Prospectus Summary — Implications of Being an Emerging Growth Company."

 **Investing in our ordinary shares involves substantial risks. See "Risk Factors" beginning on page [25](#tRIFA) to read about factors you should consider before buying our ordinary shares.** 

 **Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

---

| | | |
|:---|:---|:---|
| | **Per Share**  | **Total**  |
| Initial public offering price  |  | $— |
| Underwriting discounts and commissions<sup>(1)</sup>  |  | $— |
| Proceeds to us (before expenses)  |  | $— |

---

(1) See "Underwriting" for a description of compensation payable to the underwriters.

At our request, the underwriters have reserved up to 2,365,000 or approximately 10% of the shares offered by this prospectus, for sale at the initial public offering price through a directed share program to certain of our non-employee directors, management, employees, friends and family. Any reserved shares not so purchased will be offered by the underwriters to the general public on the same basis as the other shares offered by this prospectus. Morgan Stanley & Co. LLC will administer our directed share program. See "Underwriting — Directed Share Program" for additional information.

We have granted the underwriters an option to purchase up to 3,499,999 additional ordinary shares at the initial public offering price, less the underwriting discounts and commissions within 30 days of the date of this prospectus.

The underwriters expect to deliver the ordinary shares against payment on or about , 2026.

(\*lead bookrunners listed in alphabetical order)

---

| | |
|:---|:---|
| **Jefferies\***  | **Morgan Stanley\***  |
| **Barclays**  | **Moelis & Company**  |
| **RBC Capital Markets**  | **Rothschild & Co**  |

---

Prospectus dated , 2026

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![[MISSING IMAGE: cv_ifc-4c.jpg]](cv_ifc-4c.jpg)

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#### **Table of Contents**

---

| | |
|:---|:---|
| | **Page**  |
| [Summary](#tPRSU)  | [1](#tPRSU) |
| [Risk Factors](#tRIFA)  | [25](#tRIFA) |
| [Special Note Regarding Forward-Looking Statements](#tSNRF)  | [51](#tSNRF) |
| [Use of Proceeds](#tUOP)  | [53](#tUOP) |
| [Dividend Policy](#tDIPO)  | [55](#tDIPO) |
| [Capitalization](#tCAP)  | [56](#tCAP) |
| [Dilution](#tDIL)  | [57](#tDIL) |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#tMDAA)  | [59](#tMDAA) |
| [Business](#tBUS)  | [86](#tBUS) |
| [Management](#tMAN)  | [107](#tMAN) |
| [Executive Compensation](#tEXCO)  | [114](#tEXCO) |
| [Certain Relationships and Related Party Transactions](#tCRAR)  | [122](#tCRAR) |
| [Principal Shareholders](#tPRSH)  | [124](#tPRSH) |
| [Description of Share Capital](#tDOSC)  | [130](#tDOSC) |
| [Shares Eligible for Future Sale](#tSEFF)  | [142](#tSEFF) |
| [Taxation](#tTAX)  | [144](#tTAX) |
| [Underwriting](#tUND)  | [152](#tUND) |
| [Legal Matters](#tLEMA)  | [163](#tLEMA) |
| [Experts](#tEXP)  | [163](#tEXP) |
| [Enforcement of Civil Liabilities](#tEOCL)  | [164](#tEOCL) |
| [Where You Can Find Additional Information](#tWYCF)  | [165](#tWYCF) |
| [Index to Consolidated Financial Statements](#tICFS)  | [F-1](#tICFS) |

---

Through and including , 2026 (the 25<sup>th</sup> day after the date of this prospectus), all dealers effecting transactions in our ordinary shares, whether or not participating in this offering, may be required to deliver a prospectus. This requirement is in addition to the dealers' obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.

Neither we nor the underwriters have authorized anyone to provide information different from that contained in this prospectus, any amendment or supplement to this prospectus or in any free writing prospectus prepared by us or on our behalf. Neither we nor the underwriters take any responsibility for, and can provide no assurance as to the reliability of, any information other than the information in this prospectus and any free writing prospectus prepared by us or on our behalf. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of our ordinary shares. Our business, financial condition, results of operations and prospects may have changed since such date. This prospectus is not an offer to sell or the solicitation of an offer to buy these ordinary shares in any circumstances under which such offer or solicitation is unlawful.

For investors outside the United States: neither we nor the underwriters have done anything that would permit this offering or the possession or distribution of this prospectus in any jurisdiction where action for those purposes is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, this offering of our ordinary shares and the distribution of this prospectus outside the United States.

i

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#### Trademarks and Trade Names
"DPC Holdings" and other trademarks or service marks of DPC Holdings Limited and its direct and indirect subsidiaries appearing in this prospectus are the property of DPC Holdings Limited. This prospectus contains additional trade names, trademarks, and service marks of others, which are the property of their respective owners. Solely for convenience, trademarks and trade names referred to in this prospectus generally appear without the <sup>®</sup>,™ or <sup>SM</sup> symbols. Other trademarks, trade names, service marks or copyrights of any other company appearing in this prospectus are, to our knowledge, the property of their respective owners.

#### Market and Industry Data
This prospectus includes data, forecasts and information obtained from industry publications and surveys and other information available to us. Some data is also based on our good faith estimates, which are derived from management's knowledge of the industry and independent sources. Although we have not independently verified any of the data from third-party sources, nor have we ascertained the underlying assumptions relied upon therein, based on management's knowledge and experience, we believe that these third-party sources are reliable and that the third-party information included in this prospectus or in our estimates is accurate and complete. While we are not aware of any misstatements regarding the industry data presented herein, estimates and forecasts involve uncertainties and risks and are subject to change based on various factors, including those discussed under the headings "Special Note Regarding Forward-Looking Statements" and "Risk Factors" in this prospectus.

#### Presentation of Financial and Other Information
 *U.S. GAAP Financial Statements* 

On September 8, 2025, our board of directors approved our adoption of United States Generally Accepted Accounting Principles, or U.S. GAAP. Our consolidated financial statements as of and for the year ended December 31, 2024 were our first annual audited consolidated financial statements required to be prepared in accordance with U.S. GAAP. We have not prepared any financial information in accordance with U.S. GAAP as of or for any prior periods. For periods prior to 2024, we prepared our consolidated financial statements solely in accordance with International Financial Reporting Standards, or IFRS Accounting Standards. As a result, our financial information for the periods prior to 2024 are not directly comparable to our financial information for the full fiscal years ended December 31, 2025 and 2024.

 *Currency Presentation* 

In this prospectus, references to "dollars," "U.S. dollars" and "$" are to the currency of the United States and references to "British Pound Sterling," "Pounds," "GBP" and "£" are to the currency of the United Kingdom. We have converted certain U.S. dollar amounts presented in this prospectus from GBP amounts solely for the convenience of the reader. We make no representation that the pound or dollar amounts shown in this prospectus could have been or could be converted into U.S. dollars or British pounds at the rates shown in this prospectus or at any other rate. The Federal Reserve Bank noon buying rate for the British pound to US dollar on December 31, 2025, was GBP 0.74 per US$1.00, unless otherwise specified. The Federal Reserve Bank noon buying rate for the British pound to US dollar on March 29, 2026, was GBP 0.75 per US$1.00, unless otherwise specified. The conversion of amounts expressed in GBP as of a specified date at the then prevailing exchange rate may result in presentation of U.S. dollar amounts that differ from U.S. dollar amounts that would have been obtained by converting British pounds as of another specified date.

 *Rounding* 

Certain figures included in this prospectus have been rounded for ease of presentation. Percentage figures included in this prospectus have not in all cases been calculated on the basis of such rounded figures but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this prospectus may vary from those obtained by performing the same calculations using the figures in our consolidated financial statements. Certain other amounts that appear in this prospectus may not sum due to rounding.

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#### Certain Defined Terms
As used in this prospectus, unless the context otherwise requires, "DPC Holdings Limited," "Doncasters," "we," "us," "our" and "the Company" in this prospectus refer to DPC Holdings Limited and its consolidated subsidiaries. In addition, as used in this prospectus, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "ABL Facility" refers to the seven-year senior secured asset backed lending facility with Wells Fargo entered into on March 6, 2020, as amended in August 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Aerospace" or "Aerospace end market" refers to the manufacture and sale of our products, including engine structural castings, blades and vanes, and airframe structural castings, to customers in the commercial aerospace, defense, and space end markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Articles of Association" refers to our amended and restated memorandum and articles of association, which will be adopted and filed immediately prior to the completion of this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Backlog" refers to our order backlog, representing contractually firm purchase orders and does not represent remaining performance obligations as defined in Accounting Standards Codification, or ASC, 606.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Board" refers to our board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Bochum" refers to Doncasters Precision Castings, Bochum GmbH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Chard" refers to Chard Precision Castings Limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "CSOP" refers to a company share option plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Deritend" refers to Doncasters Precision Castings — Deritend International Limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Exchange Act" refers to the U.S. Securities and Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "FAA" refers to the Federal Aviation Administration in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "GDPR" refers to the General Data Protection Regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Groton" refers to Doncasters Inc., doing business as Doncasters Precision Castings of Groton.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "IGT" or "IGT end market" refers to the manufacture and sale of our products, including blades and vanes and engine structural castings, to customers in the industrial gas turbines end market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "ITEPA" refers to the Income Tax (Earnings and Pensions) Act 2003.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Jersey Registrar" refers to the registrar of companies in Jersey

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "JFSC" refers to the Jersey Financial Services Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Long Beach" refers to Certified Alloy Products, Inc., doing business as Doncasters Superalloys of Long Beach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "LTAs" refers to framework agreements with our customers that set out the standard terms, such as price, quality and conditions, for future, separate orders over a set period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Mexicali" refers to UPM Casting S.A. de C.V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "MIP" refers to our cash-based management incentive plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "MRO" refers to maintenance, repair, and overhaul.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "NYSE" refers to the New York Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "OEM(s)" refers to original equipment manufacturer(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Oxford" refers to Southern Tool LLC, doing business as Doncasters Structural Castings of Oxford.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "PIK Forgiveness" refers to the reduction of outstanding principal balance of the Shareholder PIK Loan. In December 2025, our shareholders unanimously consented to reduce the outstanding principal balance of the Shareholder PIK Loan by 85%, which became effective on March 19, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "R&C" refers to Ross & Catherall Limited.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Reverse Share Split" refers to the consolidation of our ordinary shares on a four-for-one basis, whereby every four existing ordinary shares were consolidated into one ordinary share. The consolidation was approved pursuant to a special resolution of our shareholders passed on May 18, 2026 and became effective on June 5, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Sarbanes-Oxley Act" refers to the Sarbanes-Oxley Act of 2002, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "SEC" refers to the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Securities Act" refers to the U.S. Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Shareholder PIK Loan" refers to the payment-in-kind loan facility with a syndicate of financial institutions entered into on March 6, 2020 (as amended and/or amended and restated from time to time). In December 2025, our shareholders unanimously consented to reduce the outstanding principal balance of the Shareholder PIK Loan by 85%, which became effective on March 19, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Springfield" refers to Doncasters Inc., doing business as Doncasters Forgings of Springfield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Term Loan" refers to the six-year, senior secured term note loan facility entered into with a syndicate of financial institutions on April 23, 2024, as amended on April 25, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Tier 1 supplier" refers to a company that directly supplies products or components to a primary manufacturer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Tier 2 supplier" refers to a company that supplies materials or components to Tier 1 suppliers rather than directly to the manufacturer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Transportation" or "Transportation end market" refers to the manufacture and sale of hot-side turbo wheels for the commercial vehicle, off-highway and passenger car end market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Turbo Wheels" refers to our reporting segment which includes sales to customers in the Transportation end market, and includes our Trucast UK, Trucast US, Uni-Pol China, Uni-Pol India and Ivostud facilities. Our Ivostud business is currently classified as a business held for sale and we expect to divest Ivostud within the next 12 months from the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Uni-Pol China" refers to Jiangyin Uni-Pol Co Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Uni-Pol India" refers to Jiangyin Uni-Pol Vacuum Casting India Pvt Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "U.S. GAAP" refers to the generally accepted accounting principles in the United States.

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#### Prospectus Summary
 *This summary highlights selected information contained elsewhere in this prospectus. This summary does not contain all the information that you should consider before deciding to invest in our ordinary shares. You should read the entire prospectus carefully, including the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and the related notes included elsewhere in this prospectus, before making an investment decision. Unless the context otherwise requires, the terms "Doncasters," "we," "us," "our" and "the Company" in this prospectus refer to DPC Holdings Limited and its consolidated subsidiaries. Certain terms used in this prospectus are defined in the section titled "Certain Defined Terms."* 

#### Who We Are
A specialist manufacturer of complex engine products for aerospace engines and industrial gas turbines, supporting leading OEM programs.

#### Specialist Manufacturer of Engine Products Consisting of Complex Castings and Superalloys with Deep Technical Expertise and Global Scale
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Specialist manufacturer of highly engineered mission-critical precision engine products used in extreme operating environments for global aerospace and industrial gas turbine customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • One of a very limited number of global-scale suppliers serving a technologically demanding and highly capacity-constrained environment.

#### High Barriers to Entry, including Cutting-Edge Metallurgy, Rigorous OEM Qualifications, Vertical Integration and Large-Scale, Costly Capital Equipment with Long Lead Times
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Vertically integrated producer of nickel- and cobalt-based superalloys with proprietary metallurgy and specialist engineering expertise, providing key barrier to entry to subscale niche suppliers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Specialist expertise and deep process knowledge combine with longstanding OEM relationships and process and part qualifications to create additional significant barriers to entry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Manufacturing process requires large-scale and costly capital equipment with long lead times for installation, commissioning and approval.

#### Substantial and Growing Market from Aerospace and IGT Super Cycles
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Multi-year aerospace and industrial gas turbine super cycles with demand tailwinds from growing installed bases and OEM order backlogs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Secured positions with global OEMs supplying critical parts on the highest-growth aerospace and IGT engine platforms.

#### Highly-Visible Growth Further Accelerated by Differentiated Strategic Partnerships with Blue-Chip Customers
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Revenue growth underpinned by multi-year order books, long-term agreements, and recurring aftermarket spare parts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Strategic customer partnerships signed which are expected to deliver incremental annual revenue of more than $200 million with global OEMs driving customer-supported capital investment, increased order values and margin accretion. Additional customer partnerships under negotiation.

#### Further Strong Margin Expansion Potential from Operational Leverage, Operating Efficiencies and Value Pricing
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Operating leverage benefits from our revenue growth through investment in our global manufacturing footprint and capacity supported by our margin-accretive strategic customer partnerships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Additional margin opportunity from improved operational efficiencies coupled with value pricing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Path to expand adjusted EBITDA margins towards industry leading metrics.

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#### Significant Further Value Creation Opportunities Driven by Proven Team
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Experienced leadership team with track record of successful execution and value creation having driven adjusted EBITDA margin increase from mid-single digits in 2020 to 16.5% in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Clear value creation levers driving profitable growth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Above market growth backed by firm backlog, long-term agreements, increased capacity and capability investments and strategic customer partnerships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Further margin expansion opportunities through operational leverage of increased output, margin-accretive strategic customer partnerships, operational efficiencies, and value-based pricing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Significant improvements in cash generation from profitable revenue growth, capacity utilization, and customer capital investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Excess cash flow available for investment in further organic expansion, disciplined M&A to accelerate strategic objectives, and from strategic customer partnerships underpinning investment.

#### Our Company
We are a leading independent manufacturer of highly engineered engine products which include complex precision cast components and nickel- and cobalt-based superalloys primarily serving the high growth Aerospace and IGT end markets. Both markets are supported by highly-attractive, long-term structural growth drivers and are experiencing demand super cycles, which we expect to create a very strong, long-term growth environment for our business. We believe we are one of a limited number of companies worldwide with the cutting-edge engineering, chemistry, and metallurgy expertise, along with the large-scale specialized casting equipment required to manufacture these mission-critical parts under strict environmental controls for the most demanding applications within our end markets. In 2025, we maintained 14 principal facilities and generated $837 million of revenue, of which approximately 70% was covered by LTAs.

We primarily manufacture products that operate across some of the most in-demand aeroengine and gas turbine platforms, as characterized by the large number of installed units and the substantial amount of sales orders that have been committed to by customers, or backlogs of our customers, which include the world's leading global Aerospace and IGT OEMs. Through decades of operations, we have developed deep engineering expertise, technical know-how, and a collaborative, customer-centric culture that provides solutions to our OEM customers' most complex casting challenges. Our capabilities and operational expertise complement our advanced manufacturing assets, leading to best-in-class quality assurance processes that allow us to deliver reliable performance at scale.

We believe our unique, customer-oriented approach deeply entrenches us in our customers' manufacturing processes and has enabled our ongoing evolution from a transactional, individual parts supplier to a true, strategic partner. In 2024, we began expanding our existing strategic customer partnerships with a select number of key customers in the Aerospace and IGT end markets, including significant customer-funded investments to increase capacity at our manufacturing facilities. We expect the four strategic customer partnerships that have been fully agreed to date to deliver incremental annual revenue of more than $200 million when operating at full run rate. We believe we are currently the only competitor able to provide Aerospace and IGT OEMs with dedicated capacity and visibility into increased production planning. As we scale this approach, we believe it will drive larger portfolio-level awards and extended contracts with improved commercial terms and increased share-of-work, enabling us to win incremental business and take market share on priority programs.

The key to being able to facilitate customer demand in these supply-constrained markets is through owning our own supply chain. Our vertically integrated business model includes three superalloy manufacturing facilities which fulfill all our internal nickel- and cobalt-based superalloy requirements for Aerospace and IGT castings. We also operate integrated ceramic core production units at both of our large IGT facilities. High-performance nickel- and cobalt-based superalloys are extremely difficult to develop and manufacture but are essential to the casting production chain. Our vertical integration reduces our usage of external supply chains, which are currently experiencing significant capacity constraints, since our

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facilities produce the majority of the critical components that we require. Additionally, we also supply superalloys to a diverse set of external customers across the Aerospace and IGT end markets. Our vertical integration also includes key post-cast processes such as Hot Isostatic Pressing, heat treatment and X-Ray which are performed in-house at certain facilities. We have opportunities to further develop these capabilities and further reduce usage of external sub-contractors.

Our product portfolio includes critical components of nearly every major commercial aircraft program, all categories of large and heavy-frame IGT platforms currently in production, including aftermarket content on legacy IGT platforms, and several defense and space programs, positioning us to capture a meaningful share of the multi-billion-dollar total addressable market across the Aerospace and IGT end markets. Many of the current and next-generation aeroengine and gas turbine platforms we serve are experiencing some of the highest build rates in the industry and our customers are actively working to further increase production on key platforms to meet exceptional demand. We work directly with the world's leading Aerospace and IGT OEMs such as GE Aerospace, Honeywell, Pratt & Whitney, Rolls-Royce, Safran, Ansaldo Energia, Doosan, GE Vernova and Siemens Energy. The majority of our Aerospace and IGT engine products operate in extreme environments, characterized by high temperature and pressure, and as such are safety-critical, integral components of our customers' supply chains. Our position as a key supplier is supported by our strong relationships and consistent track record of on-time delivery of highly advanced precision cast components across the world that enables our customers to fulfill their multi-year orderbooks. Diversification by product, customer, and platform provides resiliency across cycles and supports strong, recurring revenue. Our content is embedded in the most in-demand aeroengine and gas turbine platforms today. Within the Aerospace end market, our engine products are critical to CFM International's LEAP engine family and Pratt & Whitney's GTF engine family, which are two leading single aisle engine families in the world powering Boeing's 737 family and Airbus' A320 and A321 families, and GE Aerospace's GEnx engine, which powers the Boeing 787 Dreamliner. Within the IGT end market, our content is critical to major heavy-frame gas turbine programs such as the F-class and H-class turbines manufactured by Siemens Energy. Each of these aeroengine and gas turbine platforms are in high demand, with multi-year orderbook visibility.

Our nickel-based and cobalt-based investment castings are used in a wide range of performance critical applications, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Engine Products — Aerospace:** We manufacture structural castings largely for engines in the Aerospace end market and are actively expanding our Aerospace capabilities. Stationary parts, including turbine center frames, bearing housings, combustion diffusers, fins inducers, near flow path seals, blade outer seals, combustion seal segments, injector housings and nozzles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Engine Products — IGT:** We manufacture turbine airfoils (blades and vanes) for the IGT end market. This includes rotating and stationary parts that operate in the hot section of an aeroengine or industrial gas turbine, where they must withstand extreme temperatures and pressures, which require exceptionally tight dimensional and metallurgical control and are safety-critical.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Hot-Side Turbocharger Wheels:** We manufacture hot-side turbocharger wheels for the transportation end market for off-highway, commercial, and passenger vehicles. Turbocharging is one of the most powerful emissions reduction solutions for internal combustion engines and is universally used in hybrid powertrains.

The below two diagrams illustrate a selection of the engine products we manufacture, which primarily focus on the hot section of aeroengines and industrial gas turbines, respectively, with structural castings and torque bars being key components of our engine products for Aerospace and turbine airfoils being the key components of engine products for IGT:

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#### Engine Products — Aerospace:
![[MISSING IMAGE: ph_aerospace-4clr.jpg]](ph_aerospace-4clr.jpg)

#### Engine Products — IGT:
![[MISSING IMAGE: ph_industrigas-4clr.jpg]](ph_industrigas-4clr.jpg)

(1) Present throughout the entire engine

(2) Present both in high pressure and low pressure turbine section

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In 2025, approximately 70% of our revenue was covered by LTAs with our OEM customers, including our strategic customer partnerships, which provide us certainty on pricing and margin, and the remaining approximately 30% of our revenue is generated under individual spot purchase orders not covered by an LTA. This is by choice as it provides us with flexibility and the opportunity to respond to market conditions and allows us to capture premium margins and opportunity. The commercial terms of all our key end market Aerospace and IGT LTAs have been renegotiated by our management team since 2020. Our LTAs are framework agreements which set out the terms and conditions under which customers place specific purchase orders for our parts. The LTAs set out specific part pricing which is typically fixed but subject to escalation clauses which allow for the pass through on movements in metal costs, in line with industry standards, and our aerospace and IGT contracts have been significantly strengthened to include specific protections against increases in energy costs, labor costs, tariffs and general inflation through prices linked to published indices. Aerospace and IGT LTAs typically guarantee us a minimum level of market share for the applicable part but in certain cases, also include long-term volume commitments for the life of the LTA as is the case in three of our strategic customer partnerships. Other key terms in the LTAs include payment terms, performance metrics and other terms of business. Our LTAs typically span 5 years or longer. Our LTAs provide us with significant visibility on future volumes, revenue, and profitability with orders being placed under these LTAs. As at December 31, 2025, our order Backlog was $725 million, representing contractually firm purchase orders, which covers more than 12 months of production of Aerospace and IGT castings. As at March 29, 2026, our order backlog was $930 million, representing contractually firm purchase orders, which covers more than 12 months of production of Aerospace and IGT castings.

In 2024, we began expanding our strategic customer partnerships with a select number of key customers in the Aerospace and IGT end markets, including significant investments by the customer to increase the capacity at our manufacturing facilities. We expect the four strategic customer partnerships that have been fully agreed to date to deliver incremental annual revenue of more than $200 million when operating at full run rate. The structure of these strategic customer partnerships demonstrates the long-term commitment our customers are making to us and supports the capital investment necessary to increase our capacity. We believe these strategic customer partnerships will help us increase our market share of high-value content on key programs, which will be accretive to our overall adjusted EBITDA margin profile. We continue to build a pipeline of additional strategic customer partnerships which should offer a meaningful additional growth avenue for us moving forward.

Our revenue from spot purchase orders provides us with a high degree of flexibility in allocation of capacity and pricing. Given the current supply-constrained market conditions, we believe our mix of LTAs and spot purchase orders creates an optimal balance for our business.

We believe our OEM customers view us as a high-quality, scaled alternative to the two large industry participants, Precision Castparts Corporation, or PCC, and Howmet Aerospace, Inc., or Howmet. This is evidenced by our continued volume growth across our Aerospace and IGT end markets, increased share capture on major platforms within these end markets, and the strategic customer partnerships including capital investment from major OEMs. We continue to proactively collaborate with customers, prioritize timelines, and have deepened trusted strategic customer partnerships that underpin our growth trajectory.

In 2025, approximately 40% of our castings revenue was generated from the aftermarket, currently weighted more to the IGT end market given our leading positions supplying airfoils which are routinely replaced over the typical 20-year lifecycle of a gas turbine. We expect our aftermarket revenue in the IGT end market to benefit from significant growth in the installed base of heavy-frame turbines and current robust OEM backlogs. We similarly expect our aftermarket revenue derived from the Aerospace end market to increase by 2030 due to our strategic partnership with a key Aerospace customer. This partnership includes an investment to substantially increase the capacity at two of our Aerospace manufacturing facilities to apply our directionally solidified and single crystal casting technologies to manufacture aerospace blades and vanes for both OEM and aftermarket applications.

Over our nearly 250-year history, we have built unmatched technical know-how, strong operational capabilities, collaborative relationships with our customers, and a strategically invested asset footprint, resulting in an attractive market position. In 2020, we underwent a change in ownership and initiated a management-led turnaround designed to create operational and financial improvements. Management drove this turnaround by focusing on the following four key strategic pillars:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To be customer-centric in all that we do, ensuring that customers receive the best service in respect of quality, on-time delivery and working together to achieve a mutually beneficial outcome;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Renewal of both the asset base and talent within the workforce which is fundamental to our successful operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To implement a continuous improvement mindset across all of our manufacturing facilities to drive operational performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To achieve a set of stretching financial targets including revenue and adjusted EBITDA growth, adjusted EBITDA margin improvement and improvements in cash generation.

Current management includes a refreshed leadership team that has refocused our business on operational excellence and customer centricity by implementing our "operational toolbox" across all our sites. Our operational toolbox includes daily and weekly monitoring of key performance indicators which help our site- and divisional-level management identify operational improvements to implement. Additionally, since 2020 we have deployed over $170 million in capital expenditures to expand our capacity and modernize our assets, which has led to an increase in productivity, reduction in scrap rates, and material improvement to our quality and on-time delivery rates. This turnaround allowed for strong margin expansion with an improvement in the net loss position from $193 million in 2024 to $173 million in 2025 and an improvement in adjusted EBITDA margin from the mid-single digits in 2020 to 16.5% in 2025.

For the year ended December 31, 2025, we generated $837 million of revenue, of which $291 million or 35% was generated in our Aerospace end market, $351 million or 42% was generated in our IGT end market, and $195 million or 23% was generated in our Transportation end market. Since 2020 and under the leadership of our current management team, our revenue has more than doubled, from approximately $365 million revenue in 2020, reflecting strong volume and price improvements supported by end market demand and stronger customer relationships driving increased platform and part participation. In 2025, our capital expenditures totaled $31 million, comprised of investment in capacity expansion, capability expansion, productivity initiatives, equipment upgrades across our manufacturing footprint, health and safety initiatives, and ordinary course maintenance activities to sustain production continuity. These investments are closely aligned with strategic customer partnerships and are a core component of our operating model. We generated a net loss of $173 million for the year ended December 31, 2025, and $138 million of adjusted EBITDA, the former largely reflecting the high and predominantly non-cash interest charge on the Shareholder PIK Loan. In 2025, our adjusted EBITDA margin of 16.5% was a significant increase from our mid-single digit adjusted EBITDA margin in 2020. In 2025, the segment adjusted EBITDA margins for our Engine Products — North America and Engine Products — Europe segments, which comprise of our sales into the Aerospace and IGT end markets, were 18.2% and 21.9%, respectively. The segment adjusted EBITDA margin for our Turbo Wheels segment, which comprises of our sales into the Transportation end market, was 6.5%. For a discussion of the use of adjusted EBITDA and adjusted EBITDA margin, and a reconciliation to the most directly comparable U.S. GAAP measures, see "Management's Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures." We expect to achieve further margin progression through operating leverage on higher volumes, improved operational execution, and value-based pricing initiatives. We expect these factors and strong demand across our major end markets to drive additional volume growth on recent capacity investment, producing further operating leverage and productivity gains.

#### Our Competitive Strengths

#### Leading Manufacturer of Complex and Highly Engineered Precision Castings
We believe we are a global leader in complex precision castings and one of a limited number of companies worldwide with the cutting-edge engineering and metallurgy expertise and the large-scale specialized casting equipment required to manufacture highly technical mission-critical parts under strict environmental controls required to meet stringent safety and regulatory standards for the most demanding applications within our end markets. Our Engine Products include high-pressure airfoils, engine structural castings, and superalloys that are crucial for modern aeroengines and heavy-frame industrial gas turbines. These parts typically operate in the hot section of an engine or turbine, an environment defined by extremely

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high temperature and pressure, and as a result require precise dimensional accuracy and cutting-edge casting processes to manufacture, which include single crystal and directionally solidified casting. We also manufacture hot-side turbocharger wheels, which are critical to enhancing automotive fuel efficiency and performance.

#### High Barriers to Entry
Our industry is defined by substantial barriers to entry, including specialized manufacturing technical know-how, deep engineering expertise, stringent safety-driven qualification requirements and customer approvals, large manufacturing assets with high capital expenditure requirements and long build times, and regulatory certifications. We believe these barriers provide us with a strong incumbency advantage, supported by our precision, quality, and customer trust built through decades of operations. Our infrastructure, processing capability, and OEM certifications enable us to operate as a scaled manufacturer of some of the largest and most complex castings, particularly large structural components as well as directionally solidified and single crystal airfoils. These components are not only essential to operations but they also help our OEM customers significantly improve their operational efficiency to the highest levels of aeroengine and gas turbine performance, which is a key factor driving competitiveness and product adoption.

#### Vertically Integrated Global Operations
We operate globally across 14 advanced manufacturing facilities that are strategically located near our key customers and in locations where we have access to available, cost-effective labor. A cornerstone of our strategy is our vertical integration model that includes three dedicated facilities supplying 100% of our internal demand for nickel- and cobalt-based superalloys for our Engine Products for the Aerospace and IGT end markets. To cover the requirements of both our internal and external superalloy customers, we have the ability to make more than 500 customized superalloy specifications. This vertical integration ensures the reliability of our supply of critical raw materials by eliminating dependence on the handful of external vendors that are able to produce these superalloys and allows us to capture additional profit in the casting value chain. Our vertical integration also includes key post-cast processes such as Hot Isostatic Pressing, heat treatment, X-Ray, non-destructive testing, and dimensional inspection which are performed in-house at certain facilities. We have opportunities to further develop these capabilities and further reduce usage of external sub-contractors. These processes being in addition to the core casting processes of wax assembly, shell and foundry. We believe our vertical integration, in combination with our global footprint and advanced facilities, positions us as a reliable supplier of highly specialized products to the leading OEMs in these capacity-constrained end markets. This enables us to execute on highly visible demand, maintain strong pricing power, and deliver resilient, growing margins which we expect to approach those of our larger peers over time.

#### Highly Diversified and Resilient Business Model Across Growth End Markets of Aerospace and IGT
We operate across both the Aerospace and IGT end markets, which combined accounts for 92% of our total segment adjusted EBITDA in the year ended December 31, 2025. See Note 4 to our audited consolidated financial statements included elsewhere in this prospectus. Our Engine Products are diversified across Aero engine platforms and heavy frame IGT products, with an estimated 60% of our castings revenue derived from OEM sales and 40% derived from aftermarket sales in 2025. We expect our aftermarket sales to grow with our revenue in future years as we expand our product offerings further into the Aerospace end market to include blades and vanes, which have a significant aftermarket component.

We reinforce our revenue with multi-decade relationships with leading Aerospace and IGT OEMs and LTAs that typically are 5 years or longer, guarantee a minimum market share, and occasionally guarantee future revenue. In 2025, approximately 70% of our revenue was generated from such LTAs. These agreements, combined with firm backlog and published OEM build schedules, give us clear line-of-sight to volumes and secure demand which allows our value creation to center on disciplined execution with upside from contract expansion, extension, or renewal. Furthermore, in 2025, our top 10 customers accounted for 68% of sales, with no single engine or turbine program accounting for over 7% of sales. Furthermore, in the quarter ended March 29, 2026, our top 10 customers accounted for 70% of sales, with no single engine or turbine program accounting for over 7% of sales. Our resilience is further underpinned by our strong strategic partnerships with our customers which extend throughout the lifecycle of the product and span early

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engineering collaboration, new product introduction, and extensive process and product qualification for OEM fulfillment and recurring aftermarket demand. This results in diversified revenue across production ramp-up and in-service support. The lifecycle of both aeroengine and IGT programs can be in excess of 50 years from the point of entry into service through production ramp up of approximately 30 years, and aftermarket requirements of over 20 years.

#### Key Strategic Partner to Blue-Chip OEM Customers
Following our ownership change in 2020, we have executed upon a management-led operational turnaround involving significant investment in our core casting and alloy operations, renewed focus on operational excellence, and developed a nimbler, customer-centric culture across our organization. These actions have materially increased our capacity, and improved production quality, on-time delivery and financial performance. As a result, we are transitioning from a transactional, individual parts supplier to a true, strategic partner with our customers as demonstrated by our deeper integration into their production process through increased collaboration, single- and dual-source supplier positions, large orders reflecting portfolios of products, and LTAs. Having completed this turnaround, we believe we are recognized by our customers as a high-quality, scaled alternative to the two largest industry participants, PCC and Howmet. We continue to proactively collaborate with customers, prioritize timeliness, and deepen trusted strategic customer partnerships that underpin our growth trajectory.

The strategic nature of our customer relationships is further reinforced by the durability of these relationships. We have entered four strategic customer partnerships to date, two with major IGT customers and two with major Aerospace customers. These strategic customer partnerships are designed to address our customers' critical supply chain challenges for castings and position us as a long-term preferred solution partner. These recent strategic customer partnerships include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A 15-year agreement with a major Aerospace OEM customer for us to supply aeroengine blades and vanes, which includes an investment by the customer to significantly increase capacity in our manufacturing facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A 7-year extension of an existing agreement with a major IGT OEM customer for us to supply blades and vanes, with an expanded scope, an increased duration, a significant investment to increase capacity, and guaranteed volumes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A 9-year extension to an existing agreement with a major IGT OEM customer for us to supply guaranteed volumes of directionally solidified turbine airfoils with investment to further increase capacity in our IGT operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Three fully agreed agreements with an existing major Aerospace OEM customer to increase our supply of casting and superalloy volumes and margins while underwriting greenfield superalloy expansion.

We believe these strategic customer partnerships not only strengthen our position in a capacity-constrained market for years to come, with up to 80% of customer contribution to capital investment, but they also demonstrate the importance of our offer with OEMs in providing additional capacity and competition within these supply-constrained markets and a clear pathway to capture additional market share from our competitors at accretive margins. Our reputation and capabilities of being a leading independent, high-quality manufacturer of highly engineered critical parts to our customers reinforces our role as a scaled alternative to the larger incumbents in our end markets.

#### Proven Operating Model
We promote a culture that empowers our key employees at each of our facilities to act with the operational agility needed to quickly respond to evolving customer needs. Our ongoing expansion of traditional LTAs into broader strategic customer partnerships evidences the differentiating nature of our entrepreneurial culture. We believe we are unique in providing our OEM customers with dedicated capacity and visibility into increased production planning, which has enabled our single- and dual-source supplier positions and clear pathway to capture additional market share from our largest competitors at attractive margins. Our strong customer orientation is reinforced by a global manufacturing footprint that is strategically

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located near our major Aerospace and IGT OEM customers, allowing us to focus on customer requirements and rapidly deliver solutions. Accountability is maintained through a disciplined cadence of key performance indicator reviews at the site, divisional, and group levels, using real-time operational metrics to guide actions, seek continuous improvement, and drive measurable performance gains.

#### Proven Leadership Team Positioned to Drive Further Value Creation
We benefit from a management team with extensive leadership experience and deep industry expertise. Since 2020, our team has successfully driven our comprehensive operational turnaround that refocused our business on operational excellence and customer centricity, implementing our operational toolbox across all our sites, which has helped us evolve into a true, strategic partner that customers recognize as a high-quality, scaled alternative to the two largest industry participants, PCC and Howmet. Through deployment of our operational toolbox and disciplined capital investment, we have delivered strong adjusted EBITDA margin growth. In 2025, our adjusted EBITDA margin of 16.5% was a significant increase from our mid-single digit adjusted EBITDA margin in 2020 and we believe that we are on a clear path to further improvement in-line with our best-in-class casting peer. With strong topline growth, growing margins, and reduced debt, we expect significant earnings growth to drive value creation.

#### Growth Strategy
Our growth strategy prioritizes organic growth through volume, price, and operational excellence, complemented by strategic acquisitions. Our medium-term castings revenue growth forecast does not include any unidentified parts or "go-get" revenue.

#### Our core growth value drivers are:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Operation Execution and Excellence:** We will continue to convert our firm order backlog into profitable revenue through disciplined execution across our global operations, which is supported by our LTAs that provide significant business visibility. As at December 31, 2025 our order backlog was $725 million, representing contractually firm purchase orders, which covers more than 12 months of production of Aerospace and IGT castings. As at March 29, 2026, our order backlog was $930 million, representing contractually firm purchase orders, which covers more than 12 months of production of Aerospace and IGT castings. As customers increase production rates across major Aerospace and IGT platforms, our focus on responsiveness, quality, and on-time delivery will reinforce customer confidence and support future contract renewals. Multi-year visibility into anticipated revenue provides a basis for improved operational planning, working capital management, and effective capital allocation. We are undertaking initiatives to strengthen supply chain resilience, such as enhanced supplier oversight, diversified sourcing strategies, and strategic inventory procurement for long-lead materials. Additionally, we are proactively aligning production capacity, labor planning, and supplier readiness with expected rate increases, while accelerating actions necessary to support growth with LTAs, multi-program volume commitments, and coordinated investment roadmaps with key OEMs. We are also enhancing program governance through our established project management office, which designs and implements key expansion initiatives by expanding capabilities and resources at this level and allowing the facilities to remain focused on operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Investment in Capacity to Meet Demand:** As customer demand continues to rise, we are strategically expanding production capacity through the commissioning of new equipment, production lines, and increased automation, a portion of which is funded through our strategic customer partnerships with key OEMs. Our strategy emphasizes early workforce training, process qualification, and capability validation to shorten the production ramp and support customer delivery schedules. Targeted debottlenecking and automation initiatives are expected to deliver continuous improvements in throughput and cost efficiency. We are continuing to implement lean facility layouts designed to reduce material movement, minimize product queue times, and improve flow through pre- and post-cast operations. Our capacity expansion roadmap aligns anticipated capital investments with customer demand profiles and emerging technological requirements. Project selection will be guided by defined return-thresholds, customer commitments, and strategic importance. We are also enhancing manufacturing flexibility through modular production cells for better responsiveness to shifting

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customer mix. Collectively, these actions position our network to support higher volumes, shorter lead times, and increased share-of-work on key platforms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Cutting-Edge Development and Expansion:** We expect to expand our market participation by increasing share on existing platforms and engagement on next generation Aerospace and IGT platforms as they arise. Our advanced manufacturing capability to produce precision castings provides a competitive advantage in winning these new platform opportunities. In the Aerospace end market, we are increasing our exposure to high-aftermarket content components through customer funded development partnerships that position us favorably for long-term recurring revenue streams. Our existing product portfolio already supports 40% of revenue from the aftermarket, especially within the IGT end market, and we believe there is a meaningful opportunity to increase the aftermarket exposure further in the Aerospace aftermarket, especially with airfoils for aeroengines. Leveraging these capabilities across end markets is expected to enhance our growth prospects, deepen customer integration, and expand lifetime value on key platforms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Drive Margin Expansion:** We are pursuing greater margins and aiming to enhance the long-term profitability of our business through the operating leverage impact of volume growth, value-based pricing, operational excellence, and margin-accretive strategic customer partnerships. As volumes increase, we will be able to deliver greater operating leverage of our current facilities and recent capacity expansion. We continue to strengthen our pricing practices to ensure commercial terms reflect the value we deliver to our customers through the complexity of our advanced precision manufacturing processes and market share, but also our strong performance in quality, responsiveness, and turnaround time. As part of these programs, we plan to expand further into next generation technologies such as robotics, digital shop floor analytics, and closed loop process controls to increase throughput, labor productivity and manufacturing yields, and reduce scrap. We are reinforcing functional excellence in engineering, operations, and quality through structured problem solving and rigorous root cause methodologies to improve process stability and compress cycle times while increasing equipment uptime. Capital expenditures will be prioritized toward equipment capacity and capability and digital systems that provide cost advantages and support scalable growth, governed by disciplined return on investment criteria. As we continue to invest in our growing Aerospace and IGT end markets, our Turbo Wheels business is expected to serve as a key cash generator to fund these investments with its robust cash-flow profile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Strategic Customer Partnership Growth:** We are continuing to widen and deepen our strategic customer partnerships with leading Aerospace and IGT OEMs through aligning long-term volume expectations with investment requirements. Our commercial strategy includes seeking multi-year customer agreements with balanced risk provisions and pricing structures that support sustainable margin expansion. We will continue to develop and expand our differentiated, OEM-supported capacity model where customers partner with us through contracted investment in our ongoing capacity expansion while we operate the assets under long-dated, margin-accretive LTAs across a multitude of platforms and sites. We believe we are the only competitor in our end markets able to provide OEMs with dedicated capacity and visibility into increased production planning. As we scale this approach, it will drive larger portfolio-level awards and extended contracts with improved commercial terms and increased share-of-work, enabling us to win incremental business and take market share on priority programs. We believe that consistent operational performance such as on-time delivery, quality, and engineering responsiveness will enable us to expand our share of work across priority platforms. We engage with our customers through early-stage engineering collaboration, including rapid prototyping, quality assessments, qualifications, and accelerated industrialization, as well as joint improvement initiatives and transparent communication on capacity and performance to support the long-term growth of next-generation hot section components. Through these actions, we aim to strengthen our position as a top supplier with differentiated capabilities in complex, high-precision castings. We expect the four strategic customer partnerships that have been fully agreed to date to deliver incremental annual revenue of more than $200 million when operating at full run rate, which could be as early as 2029.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Strong Cash Generation to Support Continued Investment:** We believe our key growth value drivers will combine to support strong cash generation to allow for continued investment into our business both in respect of continued organic expansion and inorganic opportunities. We expect the

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significant output and revenue growth to drop through at margin-accretive levels. Our continued strengthening of operational execution is expected to allow for an increase in current capacity utilization and optimum utilization of new capacity being brought online providing improved returns on invested capital. Opportunities also exist to optimize working capital levels to further enhance cash generation. Lastly, the strategic customer partnerships and associated capital contributions are expected to help ensure that the cash returns from these programs achieve our expectations. The greater level of cash generation will allow for flexibility with regards to further investment in capacity and capabilities thereby creating the flywheel effect of continued growth, margin expansion, cash generation, and ultimately value creation over the short, medium and long term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Complementary M&A Accelerating Growth:** We will continue to take a disciplined approach at evaluating both tactical and strategic acquisitions that accelerate our strategy, strengthen our core capabilities, expand vertical integration, and introduce internally designed process technologies that enhance product and competitive differentiation. We are also exploring tactical acquisitions that could expand our presence in adjacent high-growth segments including next-generation space and defense applications. Integration efforts will focus on capturing cost and revenue synergies through coordinated supply chain structures, optimized production footprints, and unified technology roadmaps. Our acquisition strategy will remain targeted and disciplined, with transactions evaluated against defined strategic criteria and financial thresholds to ensure alignment with organic growth objectives, returns, and preservation of financial flexibility. We expect to maintain a targeted pipeline of potential targets that may accelerate long-term growth, margin expansion, and competitive advantage.

#### Our Industry

#### End Markets
We are strategically positioned across three end markets: Aerospace (including commercial aerospace, defense, and space), IGT, and Transportation.

We aim to advance our market share within our two most prominent end markets, Aerospace and IGT. Both end markets are supported by highly attractive, long-term structural growth drivers, and are currently experiencing powerful demand super cycles, creating a very strong long-term growth environment for our business. In the Aerospace end market, rising global air travel, fuel efficiency prioritization, lagging aircraft deliveries, and aging fleets are driving multi-year demand for our engine components and other structural castings. In the IGT end market, increasing global electricity demand that current grid infrastructure cannot accommodate is enhancing the demand for natural gas and our IGT parts. These secular tailwinds are driving significant demand with major OEMs as customer order backlogs extend well into the 2030s.

 *Aerospace* 

The global aerospace industry has historically grown above GDP growth as a result of globalization, rising middle-class wealth, and resilient travel demand. According to Boeing's 2025 commercial outlook, since 2012, passenger air travel has risen 60%, while airplane deliveries have fallen 5%. With air travel demand expected to grow at 3% to 4% annually for the next two decades, this imbalance is driving substantial fleet demand and sustained growth for new, more fuel-efficient aircraft and engines. As a result, we are experiencing record demand and order backlogs from OEMs for our investment castings and superalloys that support engines for Airbus and Boeing platforms, with over 15,000 commercial aircraft ordered on a combined basis. Heightened geopolitical tensions and rising global defense budgets fuel demand for advanced components across defense and space platforms leading to further demand pressures within the supply constrained market, further strengthening the commercial aerospace tailwinds.

The diagram below illustrates the current aircraft delivery imbalance based on pre-COVID-19 pandemic aircraft delivery trends, which is leading to the supply demand imbalance:

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![[MISSING IMAGE: mt_realaircraft-4clr.jpg]](mt_realaircraft-4clr.jpg)

The graph below highlights the record commercial aircraft order backlog for Airbus and Boeing caused by the supply / demand imbalance. The current commercial aircraft order backlog for Airbus and Boeing represents approximately 7 – 8 years of aircraft production and delivery for each OEM based on current and projected delivery rates as provided by each, respectively. Based on the publicly announced build rate targets, Airbus and Boeing are expected to increase their annual number of aircraft deliveries by 10% and 11% to 1,200 and 800 per year respectively. This is expected to result in new engine deliveries between 2024 and 2044 of 84,000.

![[MISSING IMAGE: bc_airbusboeing-4clr.jpg]](bc_airbusboeing-4clr.jpg)

As new aircraft deliveries increase the global commercial fleet and the existing aircraft fleet ages, the need for aftermarket services increases. According to the International Air Transport Association, or IATA, at the end of 2024, the average age of the global commercial fleet was approximately 15 years, representing a 30-year high, with many aircraft operating well beyond their original design life due to new aircraft delivery delays. This extended utilization accelerates the wear on certain critical parts that we supply, providing additional aftermarket demand alongside new aircraft production. Maintenance support provides predictable demand over the life of the installed base, resulting in recurring revenue and cash flow. By serving both

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new OEM production and aftermarket replacement cycles, we are positioned to benefit from the super cycle in commercial aerospace demand while supporting long-term fleet reliability.

 *Industrial Gas Turbines* 

Global electricity demand is entering a new age, driven by widespread electrification, accelerating industrial consumption, and the rapid expansion of data centers and artificial intelligence, or AI. According to Siemens Energy and the International Energy Agency (IEA), global electricity demand is growing faster than GDP and is expected to increase by 4% per annum by 2030 and to double by 2050. GE Vernova expects annual electricity investment to reach $3.4 trillion by 2040, with Bain forecasting data center capacity demand to increase by 16% per annum. Reindustrialization across Western nations is further accelerating manufacturing load growth and regional power requirements that current capacity cannot sustain. To meet the demand surge, utilities and developers are seeking industrial gas turbines to provide responsive, reliable power generation solutions to support grid infrastructure, which is driving higher demand for the parts we supply. Natural gas, and therefore gas turbines, represents one of the only credible, low carbon, and cost-competitive options to support the required increase in electricity demand, offering a more efficient and lower-emission performance compared to coal and oil. According to the IEA, global installed natural gas power generation capacity exceeds 2 terawatts, and Ember estimates that natural gas supplied 22% of global electricity generation in 2024, underscoring its continued role as a meaningful component of the global power generation mix.

Similar to Aerospace, the IGT end market is experiencing a super cycle of demand amidst a supply constrained castings environment. The necessity for power generation to supplement expanding load growth and electricity consumption is catalyzing unprecedented ordering momentum and record backlogs by OEMs for heavy-frame platforms. Even as renewable electricity sources take on a larger share of total power generation, natural gas and gas turbines will continue to remain a crucial requirement to long-term grid reliability. Unlike the power generation of renewable sources such as wind and solar, which can fluctuate based on weather and external elements, gas turbines provide a steady baseload output, which can also respond quickly when renewable production falls. The recent surge in AI advancement and data center development provides further upside to future power generation demand and subsequent orders. The growth in the IGT airfoil castings end market results in casting orders being forecasted to grow at an average annual rate of 9% from 2024 through 2035 with the heavy-frame segment that we are most exposed to expected to grow at an even higher rate. Underpinning this growth is the acceleration in global electricity demand, which has resulted in expanding backlogs for the major IGT OEMs. According to public sources, these major IGT OEMs, including GE Vernova, Mitsubishi Power, and Siemens Energy have indicated a combined backlog of over 170GW, representing a 3 to 4 year lead time for production visibility and delivery for each OEM due to supply constraints that limit production ramp-up. This rapidly growing installed base will lead to further long-term aftermarket requirements, generating predictable revenue and reliable cash flow.

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The diagram below illustrates the expanding IGT airfoil castings market:

![[MISSING IMAGE: bc_igtturbine-4clr.jpg]](bc_igtturbine-4clr.jpg)

Our Engine Products are trusted by major OEMs in the IGT end market, including Siemens Energy, as evidenced by our LTAs. The record order backlogs for IGTs has led to many OEMs announcing actions to raise production to meet continuous growth in electricity demand. Castings remains a key constraint to OEM production ramp-up. To match demand, we have completed and launched multiple investment programs that will expand our capacity over the medium- to long-term for our IGT customers. Through these investments and our vertically integrated, global manufacturing footprint, we are ensuring we scale to meet this growing demand for next-generation turbine platforms. With long-term strategic customer partnerships, proven technical expertise, and global scale, we are uniquely positioned to further capture the super cycle growth in the IGT end market.

 *Transportation* 

We are the market leader and one of the only worldwide suppliers of hot-side turbocharger wheels for the transportation industry, supporting global Tier 1 suppliers with global brands. Amidst emission regulations, automakers are improving the performance of internal combustion and hybrid powertrains by relying on turbochargers to reduce emissions and enable engine downsizing. Turbo wheels operate in high temperatures, utilizing exhaust streams, and are a natural adjacency to our Aerospace and IGT hot section components. We supply hot-side turbo wheels and related components for internal combustion and hybrid powertrains that support commercial vehicle, off-highway, and passenger car applications equipment, as well as marine and static generator systems.

We continue to grow market share within Transportation, generating strong, consistent cash flow with low capital requirements. The cash generated by Turbo Wheels is actively reinvested to expand capacity in our higher growth Aerospace and IGT markets. As our presence and market share in Aerospace and IGT continue to accelerate, we expect Turbo Wheels to comprise a smaller percentage of our total EBITDA over time. In 2025, the Turbo Wheels segment represented 8% of total segment adjusted EBITDA. See Note 4 to our audited consolidated financial statements included elsewhere in this prospectus.

#### Barriers to Entry and Supply Constraints
The industries we operate in are reinforced by significant technical, customer, industry, capital investment, and regulatory barriers to entry, exhibited by the lack of scaled global casting suppliers across Aerospace and IGT end markets. Together, these technical demands, customer assurances, and the scale of capital investments make it difficult for new entrants.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Specialist Technical Expertise**: The investment casting process for nickel-based and cobalt-based superalloy components requires decades of accumulated deep process know-how and precision engineering to meet the extreme performance standards demanded. This includes the ability to manufacture parts at the cutting edge of casting technology which includes large directionally solidified IGT blades and single crystal parts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Safety Critical Qualifications:** New entrants and subscale suppliers face significant barriers, as achieving even baseline investment castings capabilities and securing National Aerospace and Defense Contractors Accreditation Program, or NADCAP and Aerospace Standard 9100, or AS9100, certifications demand over a year of development and substantial capital investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Vertical Integration**: Nickel-based and cobalt-based superalloys are subject to increasingly tighter specifications, requiring specialized metallurgical expertise and equipment. Limited availability and high technical requirements create a competitive advantage for established producers and restrict access for new entrants. Our vertically integrated model provides a significant advantage through security of supply and certainty for our own casting manufacturing demands, alongside the opportunity to sell superalloy to external customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Highly Skilled Workforce**: Access to skilled labor has been a critical factor in operating complex facilities where we maintain over 3,000 employees globally, many of whom have years of experience operating in investment castings and superalloy facilities. Critical quality positions generally require 6 to 12 months of training before employees can achieve the necessary accreditations and operate unsupervised, underscoring the importance of workforce stability and experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Longstanding OEM Customer Relationships**: OEM approvals and certifications in Aerospace and IGT end markets are stringent, often taking years to obtain, reflecting the high safety standards and low tolerance for operational risk. Customers must approve the manufacturing processes for each part produced down to highly specific parameters, adding layers of complexity and time to qualification. Established suppliers with proven quality and reliability hold entrenched positions, making it difficult for new players to gain trust and secure LTAs. To illustrate our high-quality credentials, we hold the highest rating with a key OEM in the Aerospace end market, the Platinum Award from RTX, which only a handful of suppliers across the global supply chain obtain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **High Switching Costs, Operational Risk and Ramp Up Time**: Switching suppliers for critical casting components involves lengthy qualifications and manufacturing process development, resulting in significant cost and operational risks. The tooling and qualification costs are typically borne by the customer, further reinforcing their commitment to suppliers they already work with, who understand their specific product requirements and manufacturing processes. These dynamics create strong customer stickiness and make it challenging for new suppliers to displace incumbents and has provided us with the opportunity to extend our product offering with existing customers. Despite these barriers, we have been successful in winning majority roles for parts and volume from competitors by leveraging relationships, our understanding of their operational processes, and their need for supply security throughout a demand super cycle. This is evident in the strategic customer partnerships we are developing with global OEMs where they are investing in our asset base to support their capacity requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Capital Equipment Investment Scale**: Manufacturing large-scale, high-precision castings requires expensive, specialized equipment and lengthy installation and certification timelines, along with specific customer approvals after installation and commissioning. The capital investment scale and long lead time represents a major barrier for new and smaller entrants seeking to compete at scale. Additionally, we benefit from customers' capital investment decisions already made, with new equipment being brought online over the forecast period to support strategic customer partnerships and their respective growth plans.

These factors create high barriers to entry and therefore a concentrated industry with limited new entrants or scale players. Our established capabilities and global scale position us as a leading supplier capable of capitalizing on our structural advantages to drive continued growth and margin expansion within markets experiencing demand super cycles and constrained supply.

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#### Competitive Landscape
We operate as one of a small number of globally-scaled manufacturers of cast Engine Products, which include nickel- and cobalt-based castings and superalloys, with our most prominent direct competitors being Howmet and PCC, alongside Consolidated Precision Products, Corp., or CPP. Significant barriers to entry restrict both new entrants and subscale niche suppliers from becoming scaled competitors to the four globally scaled manufacturers.

Our customer-centric approach and strategic customer partnerships set us apart from our direct competitors. By collaborating closely throughout the engineering and production process, we develop deep, long-term customer relationships with major OEMs in the Aerospace and IGT end markets, who support scalable suppliers to help facilitate their multi-year order backlogs. We are developing these relationships into strategic customer partnerships that drive customer investment in our growth, including direct financial support for new equipment and capacity expansions that are backed by future revenue commitments. Customers remain deeply entrenched with us as they value suppliers who meet complex technical requirements and deliver reliably. This commitment to execution and alignment has helped us maintain strong positions on key platforms and capture market share from competitors as super cycles accelerate demand across our primary end markets. Furthermore, customers are actively diversifying their supply chains, creating additional opportunities for us to expand market share.

The concerted effort to invest in our workforce since 2020 has preserved critical and highly experienced talent and has positioned us to ramp operations rapidly as demand rebounded. This continuity, combined with our customer-centric approach and operational scale, has enabled us to deliver reliably and capture accelerated volume. Our delivery, quality performance, and the high-touch value we provide have supported meaningful price increases in our LTAs, contributing to our margin improvement. Additionally, our LTAs incorporate downside protection through metal cost pass-throughs and inflationary clauses that are borne by the customer, which help protect margins. Looking ahead, continued volume expansion, operational leverage, and productivity gains from recent capital investments and strategic customer partnerships are expected to further enhance our growth and profitability.

#### Risk Factors Summary
Investing in our ordinary shares involves risks. You should carefully consider the risks described in "Risk Factors" beginning on page [25](#tRIFA) before making a decision to invest in our ordinary shares. If any of these risks actually occur, our business, financial condition or results of operations would likely be materially adversely affected. In such case, the trading price of our ordinary shares would likely decline, and you may lose all or part of your investment. The following is a summary of some of the principal risks we face:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our manufacturing processes are complex and dependent upon critical, high-cost equipment with limited or no production alternatives, and if we experience any material disruption or manufacturing difficulties or fail to manage the increasing technological complexity of our operations, our business could be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Due to the concentration of OEM and Tier 1 suppliers in our end markets, a significant portion of our revenue is concentrated among a relatively small number of customers and end markets, and a significant decline in business with our major customers could materially impact our business, financial performance and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We use third parties for certain processes and raw material purchases that are critical to the manufacture of our products and we may experience significant disruptions if the third parties are unwilling or unable to meet our demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Failure to attract and retain a qualified workforce and key personnel or to provide adequate succession planning could adversely affect our operations and competitiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We derive a substantial majority of our revenue from our global operations, which expose us to risks, such as geopolitical risks, that could adversely affect our business, financial condition or results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Energy availability disruptions resulting from geopolitical instability may impair our manufacturing operations and adversely affect our business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Any significant delay or inability to successfully expand our operations and failure to manage growth effectively could materially adversely affect our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Information technology system failures, cyberattacks, and security breaches may threaten the integrity of our intellectual property, networks, products and other sensitive information, disrupt our business operations, and result in reputational harm and other negative consequences having a material adverse effect on our financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The competition we face may have an adverse effect on profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The loss of key members of our senior management team and other key personnel may impede the implementation of our business plans in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The markets in which we operate can be cyclical, and downturns in them may adversely affect the results of our business, financial performance and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our indebtedness may limit our ability to raise additional capital for our expansion plans, and we cannot be sure that additional financing will be available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A decline in our financial performance or outlook could negatively impact our credit profile, access to capital markets and borrowing costs.

#### Implications of Being an Emerging Growth Company
We qualify as an "emerging growth company" as defined in the JOBS Act. We will remain an emerging growth company until the earliest of (1) the last day of the fiscal year following the fifth anniversary of the completion of this offering, (2) the last day of the fiscal year in which we have total annual gross revenue of at least $1.235 billion, (3) the date on which we are deemed to be a large accelerated filer (which, in addition to certain other criteria, means the market value of our ordinary shares that is held by non-affiliates exceeds $700.0 million as of the end of the second quarter of that fiscal year), or (4) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.

An emerging growth company may take advantage of reduced reporting requirements that are otherwise applicable to public companies. These provisions include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • not being required to comply with the independent registered public accounting firm attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002 (as amended, the "Sarbanes-Oxley Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • only being required to present two years of audited financial statements, plus unaudited condensed financial statements for any interim period, and related management's discussion and analysis of financial condition and results of operations in this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reduced disclosure obligations regarding executive compensation in our periodic reports, proxy statements, and registration statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

We have elected to take advantage of certain of the reduced disclosure obligations regarding financial statements and executive compensation in this prospectus and expect to elect to take advantage of other reduced burdens in future filings. As a result, the information that we provide to our shareholders may be different than you might receive from other public reporting companies in which you hold equity interests.

Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We are electing to take advantage of this extended transition period for complying with new or revised accounting standards provided for by the JOBS Act. We will therefore comply with new or revised accounting standards when they apply to private companies. As a result, our financial statements may not be comparable with companies that comply with public company effective dates for accounting standards.

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#### Corporate Information
We were incorporated in Jersey, Channel Islands, as Alloy Topco Limited in November 2019 and changed our name to DPC Holdings Limited in December 2025. We are a holding company that indirectly holds all the equity interests of Alloy Parent Limited, a limited company domiciled and incorporated in Jersey and its subsidiaries. Alloy Parent Limited is an intermediate holding company within the Doncasters Group, which operates under the "Doncasters" brand name. Prior to the consummation of this offering, we intend to change the legal status of our Company from a Jersey private company to a Jersey public limited company and our name will be DPC Holdings PLC.

On May 18, 2026, our shareholders approved, by way of special resolution, the consolidation of our ordinary shares on a four-for-one basis, whereby every four existing ordinary shares were consolidated into one ordinary share. The consolidation became effective on June 5, 2026. In accordance with the Company's Articles of Association, our directors resolved to sell the fractional entitlements arising from the Reverse Share Split, which in aggregate amounted to 70 ordinary shares, at the price per ordinary share to the public for this offering. As the net proceeds from the sale are immaterial and the cost of distributing such proceeds to individual shareholders would be disproportionate, our directors have determined that the proceeds will instead be donated to an internationally recognized charitable organization.

All references to share and per share amounts in this prospectus have been retroactively adjusted to reflect the Reverse Share Split for all periods presented.

Our principal executive offices are located at Donington Court, 2nd Floor, Pegasus Business Park, Herald Way, Derby, DE742UZ, United Kingdom and our registered office is located at 47 Esplanade, St. Helier, JE1 0BD, Jersey. Our telephone number is +44 (0)115 663 0139. We maintain a website at www.doncasters.com. The reference to our website is intended to be an inactive textual reference only. The information contained on, or that can be accessed through, our website is not part of this prospectus.

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#### Simplified Ownership Structure
A simplified organizational chart showing certain legal entities within our corporate structure is set forth below (all subsidiaries are, directly or indirectly, 100% owned by DPC Holdings Limited).

![[MISSING IMAGE: fc_simplified-bwlr.jpg]](fc_simplified-bwlr.jpg)

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#### The Offering
Ordinary shares offered by us

23,333,333 ordinary shares.

Underwriters' option to purchase additional ordinary shares from us

We have granted the underwriters an option to purchase up to 3,499,999 additional ordinary shares at the initial public offering price, less the underwriting discounts and commissions within 30 days of the date of this prospectus.

Ordinary shares to be outstanding after this offering and the concurrent private

placement

138,470,227 ordinary shares (or 141,970,226 ordinary shares if the underwriters exercise in full their option to purchase additional ordinary shares).

Ordinary shares offered by us in the concurrent private placement

Certain of our existing shareholders, including certain of our directors, have agreed to purchase in a concurrent placement approximately $66 million of ordinary shares at a price per share equal to the initial public offering price per share in this offering. The sale of such shares will not be registered under the Securities Act. The concurrent private placement is expected to close concurrently with, and be contingent upon the consummation of, this offering. However, this offering is not contingent on the consummation of the concurrent private placement. See "Certain Relationships and Related Party Transactions — Transactions with Our Directors in the Concurrent Private Placement."

Use of proceeds

We estimate that we will receive net proceeds from this offering and the concurrent private placement of approximately $710 million (or approximately $808 million if the underwriters exercise in full their option to purchase additional ordinary shares), based on an assumed initial public offering price of $30.00 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

We intend to use the net proceeds from this offering and the concurrent private placement to partially repay certain outstanding indebtedness, including repaying our Shareholder PIK Loan, and the remainder for general corporate purposes including funding working capital, future growth projects and amounts due under our cash-based management incentive plan, or MIP. We may also use a portion of the net proceeds for potential strategic acquisitions, although we have no commitments with respect to any such potential acquisitions as of the date of this prospectus.

See "Use of Proceeds."

Dividend policy

We currently do not anticipate paying any cash dividends after this offering and for the foreseeable future. Any future determination relating to dividend policy will be made at the discretion of our board of directors and will depend on a number of factors, including restrictions in our current and future debt instruments, our future

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earnings, capital requirements, financial condition, future prospects, and applicable law, which provides that dividends are only payable out of surplus or current net profits. See "Dividend Policy."

Directed Share Program

At our request, the underwriters have reserved up to 2,365,000 ordinary shares, or approximately 10% of the shares offered by this prospectus, for sale at the initial public offering price through a directed share program to certain of our non-employee directors, management, employees, friends and family. Any reserved shares not so purchased will be offered by the underwriters to the general public on the same basis as the other shares offered by this prospectus. Morgan Stanley & Co. LLC will administer our directed share program. See "Underwriting — Directed Share Program" for additional information.

Risk factors

See "Risk Factors" and the other information included in this prospectus for a discussion of factors you should carefully consider before deciding to invest in our ordinary shares.

Proposed symbol

We have been approved to list our ordinary shares on the NYSE under the symbol "DPC."

The number of ordinary shares that will be outstanding after this offering and the concurrent private placement is based on (i) 112,936,894 ordinary shares outstanding as of June 15, 2026, after giving effect to the Reverse Share Split, (ii) the concurrent private placement of approximately $66 million, assuming 2,200,000 ordinary shares issued based on the midpoint of the estimated price range set forth on the cover page of this prospectus and (iii) the effectiveness of our amended and restated articles of association upon close of this offering. Unless otherwise indicated, the number of ordinary shares to be outstanding after this offering and the concurrent private placement excludes (1) 13,812,500 ordinary shares reserved for future issuance under our equity incentive plan, or the Equity Incentive Plan, including 7,499,995 ordinary shares underlying options to be issued in connection with the IPO (see "Executive Compensation — IPO Grants," and "Executive Compensation — MIP Recognition Grants."), and (2) the exercise by the underwriters of their option to purchase up to 3,499,999 additional ordinary shares from us.

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#### Summary Consolidated Financial and Other Data
The following tables set forth our summary consolidated financial and other data for the periods indicated. You should read the following summary consolidated financial and other data in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes included elsewhere in this prospectus. Historical results are not necessarily indicative of future results. Our financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP. The summary historical consolidated statements of operations and summary historical consolidated statements of cash flow data presented below for the three months ended March 29, 2026 and March 30, 2025 and the historical consolidated balance sheet data as of March 29, 2026 presented below were derived from the unaudited condensed consolidated interim financial statements and the related notes thereto, included elsewhere in this prospectus, which in the opinion of our management, include all adjustments necessary to present fairly our results of operations and financial conditions at the date and for the periods presented. The summary consolidated balance sheet, statement of income and cash flow data as of and for the years ended December 31, 2025 and December 31, 2024 are derived from our audited consolidated financial statements appearing elsewhere in this prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months <br> Ended <br> March 29,**  | **Three Months <br> Ended <br> March 30,**  | **Year Ended <br> December 31,**  | **Year Ended <br> December 31,**  |
| **($ in millions, except share and per share amounts)**  | **2026**  | **2025**  | **2025**  | **2024**  |
| **Consolidated Statements of Income (Loss):**  |  |  |  |  |
| Revenue  | $237 | $188 | $837 | $746 |
| Cost of sales  | (180) | (146) | (644) | (605) |
| **Gross profit**  | **57** | **42** | **193** | **141** |
|  Selling, general and administrative expenses<sup>(1)</sup>  | (45) | (42) | (198) | (110) |
| Interest expense<sup>(2)</sup>  | (53) | (52) | (222) | (203) |
| Interest income  | 0 | 0 | 2 | 1 |
| Foreign currency gain/(loss), net  | (2) | 8 | 16 | 4 |
| Loss on debt modification  |  |  |  | (9) |
|  Reversal/(Impairment) of disposal group held for sale  |  |  | 5 | (9) |
| **Loss before income tax**  | **(43)** | **(44)** | **(204)** | **(185)** |
| Income tax credit (expense)  | (4) | (9) | 31 | (8) |
| **Net loss**  | $**(47)** | $**(53)** | $**(173)** | $**(193)** |
|  Net loss per share attributable to ordinary <br> shareholders (basic and diluted)  | (0.42) | (0.47) | (1.53) | (1.71) |
|  Weighted-average shares outstanding used <br> in computing net loss per share <br> attributable to ordinary shareholders <br> (basic and diluted)<sup>(3)</sup>  | 112936894 | 112936894 | 112936894 | 112936894 |

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(1) Includes non-cash expenses of $29 million in 2024, $87 million in 2025, $13 million for the three months ended March 29, 2026 and $21 million for the three months ended March 30, 2025 of MIP expenses which are not expected to continue at the same level in future periods. 2025 also includes $18 million of one-time costs related to the IPO. From the proceeds of this offering and the concurrent private placement, we expect to pay MIP participants $255 million, based on the midpoint of the estimated price range set forth on the cover page of this prospectus. The amount on our balance sheet as at March 29, 2026 of $159 million was based on the accounting estimate at that time. For additional information, see Note 10 to our unaudited condensed consolidated interim financial statements and Note 18 to our consolidated financial statements included elsewhere in this prospectus.

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(2) Includes $148 million and $121 million of interest in respect of the Shareholder PIK Loan in 2025 and 2024, respectively, and $40 million and $36 million for the three months ended March 29, 2026 and March 30, 2025, respectively. The total outstanding principal balance was $878 million and $728 million, as of December 31, 2025 and 2024, respectively. In December 2025, our shareholders unanimously consented to reduce the outstanding principal balance of the Shareholder PIK Loan by 85%, which became effective on March 19, 2026. Following completion of the PIK Forgiveness, the outstanding principal balance of the Shareholder PIK Loan was $148 million, including accrued interest of $17 million, as at March 19, 2026. As one of our intended use of the proceeds of this offering, we expect to repay the total amount (including interest) of the remaining Shareholder PIK Loan of $154 million, which includes the $137 million shown on our balance sheet as at March 29, 2026, accrued and compounded interest since the balance sheet date of $8 million, and the discount on original issue of the loan of $9 million. See "Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources" and Note 8 to our unaudited condensed consolidated interim financial statements and Note 13 to our audited consolidated financial statements included elsewhere in this prospectus.

(3) Basic and diluted net loss per share attributable to ordinary shareholders is computed based on the weighted average number of ordinary shares outstanding during each period. For additional information, see Note 6 to our unaudited condensed consolidated interim financial statements as well as our audited consolidated financial statements included elsewhere in this prospectus.

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| | | | |
|:---|:---|:---|:---|
| | **As of March 29,**  | **As of December 31,**  | **As of December 31,**  |
| **($ in millions)**  | **2026**  | **2025**  | **2024**  |
| **Consolidated balance sheet data:** |  |  |  |
| Cash and cash equivalents and restricted cash deposit  | $33 | $32 | $32 |
| Accounts receivable, net of allowances  | 168 | 156 | 119 |
| Total assets  | 939 | 895 | 747 |
| Total liabilities  | (1176) | (1859) | (1537) |
| Total shareholders' equity (deficit)  | (237) | (964) | (790) |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months <br> Ended**  | **Three Months <br> Ended**  | **Year Ended <br> December 31,**  | **Year Ended <br> December 31,**  |
| **($ in millions)**  | **March 29, <br> 2026**  | **March 30, <br> 2025**  | **2025**  | **2024**  |
| **Consolidated Statements of Cash Flow Data:** |  |  |  |  |
| Net cash from/(used in) operating activities<sup>(1)</sup>  | $(7) | $19 | $42 | $(17) |
| Net cash used in investing activities  | (10) | (4) | (31) | (35) |
| Net cash (used in)/provided by financing activities  | 18 | (22) | (13) | 50 |
|  Net change in cash and cash equivalents and restricted cash deposit  | 1 | (7) |  | (2) |

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(1) Includes $72 million and $71 million of cash interest paid for the year ended 2025 and 2024, respectively, as well as $15 million and $3 million of cash interest paid for the three months ended March 29, 2026 and March 30, 2025, respectively.

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| | | | |
|:---|:---|:---|:---|
| | **Three Months <br> Ended**  | **Year Ended <br> December 31,**  | **Year Ended <br> December 31,**  |
| **($ in millions, except for per share amounts and percentages)**  | **March 29, 2026**  | **2025**  | **2024**  |
| **Additional Financial Data** |  |  |  |
| Adjusted EBITDA<sup>(1)</sup>  | $40 | $138 | $97 |
| Adjusted EBITDA Margin<sup>(1)</sup>  | 16.9% | 16.5% | 13.0% |
| Adjusted net debt<sup>(1)</sup>  | $542 | $524 | $527 |
| Adjusted net debt to adjusted EBITDA<sup>(1)</sup>  | 3.6 | 3.8 | 5.4 |
| Adjusted net income (loss)<sup>(1)</sup>  | $12.0 | $45.0 | $(35.0) |

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(1) See "Management's Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures" for how we define and calculate adjusted EBITDA, adjusted EBITDA margin, adjusted net debt, adjusted net debt to adjusted EBITDA and adjusted net income (loss), a reconciliation of these non-GAAP financial measures to the most directly comparable U.S. GAAP measures, and a discussion about the limitations of these non-GAAP financial measures.

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#### Risk Factors
 *This offering and an investment in our ordinary shares involve a high degree of risk. You should consider carefully the risks described below and all other information contained in this prospectus, before you decide to buy our ordinary shares. If any of the following risks actually occurs, our business, financial condition and results of operations could be materially and adversely affected. In that event, the trading price of our ordinary shares would likely decline and you might lose all or part of your investment.* 

#### Risks Related to Our Business and Our Industry
 ***Our manufacturing processes are complex and dependent upon critical, high-cost equipment with limited or no production alternatives, and if we experience any material disruption or manufacturing difficulties or fail to manage the increasing technological complexity of our operations, our business could be adversely affected.***

If our operations, particularly at any of our key manufacturing facilities, were to be disrupted, including due to significant equipment failures, natural disasters, power outages, fires, explosions, floods, communications failures, terrorism, theft, sabotage, adverse weather conditions, public health crises, labor disputes, labor shortages, or similar reasons, we may be unable to effectively meet our obligations to, or demand from, our customers. For example, in 2021, we experienced a fire at one of our manufacturing facilities caused by an electrical outage that temporarily disrupted our operations. Further, from time to time, we have replaced our older, existing shell lines with new shell lines, which can take up to 18 months to become operational, and in the event the existing shell line ceases working, we may need to buy from equipment suppliers which may cause a delay or disrupt our operations. While we maintain business continuity plans for each of the manufacturing processes at each of our facilities, including onsite back-up power generators, any significant disruption or substantial damage to our key facilities may adversely affect our business, financial performance or results of operations.

The manufacture of many of our products is a complex process. Manufacturing problems arising from equipment failure or malfunction, inadvertent failure to follow regulatory or customer specifications and procedures, including those related to quality or safety, and problems with raw materials could have an adverse impact on our ability to fulfill orders or meet product quality or performance requirements, which may result in negative publicity and damage to our reputation, adversely impacting product demand and customer relationships. For example, our IGT and Aerospace manufacturing processes rely heavily on superalloys and a disruption to the availability of superalloys could negatively impact our IGT and Aerospace operations. Interruptions in production capability could increase our costs and reduce our sales, including causing us to incur costs for premium freight, make substantial capital expenditures, or purchase alternative raw material at higher costs to fulfill customer orders. Additionally, a delivery delay by us due to production interruptions could subject us to liability from customer claims that such delay resulted in losses to the customer. Furthermore, product manufacturing or performance issues could result in recalls, customer penalties, contract cancellation, and product liability exposure in addition to a material adverse effect on our business, financial condition or results of operations. Quality issues can also result in reputational harm to us with a potential loss of attractiveness of our products to new and existing customers. Because of approval, license, and qualification requirements applicable to manufacturers and/or their suppliers, sources of alternatives to mitigate manufacturing disruptions may not be readily available to us or our customers. Production of certain products and the execution of particular manufacturing processes are concentrated in specific facilities or on designated production lines. As a result, we may have limited ability to transfer such production to other locations or substitute capacity without incurring significant delays, costs, or operational disruptions. Should insurance or other risk transfer mechanisms, such as our existing business continuity plans, be insufficient to recover all costs, we could experience a material adverse effect on our business, results of operations, financial position and cash flows.

 ***We use third parties for certain processes and raw material purchases that are critical to the manufacture of our products and we may experience significant disruptions if the third parties are unwilling or unable to meet our demand.***

We obtain certain raw materials from suppliers and outsource certain processes to third parties that are critical to the manufacture of our products, including rare earth elements such as tungsten and hafnium.

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From time to time, we may use third parties to provide labor, technological infrastructure and energy required for our manufacturing process. In addition, our manufacturing processes have several sub-processes, including shell production, X-ray processing, hot isostatic pressing (HIP) and heat treatment, that we outsource to third-parties.

We face availability, capacity, pricing, and supply chain risk of such raw materials and processes which are subject to factors beyond our control. For example, certain rare earth elements and metals (i.e., tungsten and hafnium) and key input metals, such as automotive grade superalloys for our Transportation end market, are primarily available in a limited number of countries, and trade disputes, geopolitical tensions, such as the ongoing Russia-Ukraine conflict, ongoing conflicts in Iran and the Middle East, and trade tensions between the United States and China, economic circumstances, political conditions, or public health issues may limit our ability to obtain and/or increase the costs of obtaining such materials. Further, China is a predominant producer of these materials, and China has in the past restricted export of certain of these materials and may in the future continue to restrict, expand restrictions, or stop exporting these or other materials, and as a result, our suppliers' ability to obtain such supply may be constrained, and we may be unable to obtain sufficient quantities, or obtain supply in a timely manner or at a commercially reasonable cost. Constrained supply of rare earth elements, minerals, and metals, including tungsten and hafnium, may restrict our ability to manufacture certain of our products. Additionally, constraints on raw material supply, or increases in raw material costs, could materially and adversely impact our profit margins.

Although these raw materials and outsourced third-party processes are generally available from multiple suppliers, any significant delay or inability to access alternative sources may impact our ability to timely manufacture our products, which could cause us to lose sales, incur additional costs, delay new product introductions or suffer harm to our reputation. For example, in 2025, one of our third-party suppliers that provides X-ray processing had an incident that temporarily disrupted their ability to perform X-ray processing for us and any transition to a replacement supplier or outsourced processor may require customer, regulatory, or technical qualification, which could further delay our ability to resume normal production.

Further, increasing costs of these raw materials and outsourced third-party processes could adversely affect our financial performance or results of operations. For example, the costs of certain critical raw materials, such as nickel, cobalt, tungsten, chromium, vanadium, ruthenium and hafnium containing these alloys have been volatile due to factors beyond our control. We expect to mitigate most of the adverse impact of rising raw material costs through pass-through clauses and provisions in our LTAs and surcharges, but changes in business conditions could adversely affect our ability to recover rapid increases in raw material costs and may adversely affect our results of operations.

If suppliers increase the price of critical raw materials or the third-party processes, or are unwilling or unable to meet our demand, we may not have alternative sources of supply. While we generally intend to pass through higher raw material costs to our customers through contractual agreements in the form of price increases, there can be a delay between an increase in our costs and our ability to increase the prices of our products. This delay can have a material impact on our cash flow from operations. Additionally, we may not be able to increase the prices of our products due to competitive pricing pressure and other factors. Furthermore, to the extent that we have quoted prices to customers and accepted customer orders for products prior to purchasing necessary raw materials, or have existing contracts, we may be unable to raise the price of products to cover all or part of the increased cost of the raw materials to our customers.

The manufacture of some of our products is a complex process and requires long lead times. As a result, we may experience delays or shortages in the supply of raw materials. If unable to obtain adequate and timely receipts of required raw materials, we may be unable to timely manufacture sufficient quantities of products. This could cause us to lose sales, incur additional costs, delay new product introductions or suffer harm to our reputation.

 ***Due to the concentration of OEM and Tier 1 suppliers in our end markets, a significant portion of our revenue is concentrated among a relatively small number of customers and end markets, and a significant decline in business with our major customers could materially impact our business, financial performance and results of operations.***

We have long-standing customer relationships with large blue-chip OEM and Tier 1 suppliers in the Aerospace, IGT and Transportation end markets. Our top 10 customers accounted for 68% of our revenues

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for the year ended December 31, 2025 and 66% of our revenues for the year ended December 31, 2024. Furthermore, in the three months ended March 29, 2026, our top 10 customers accounted for 70% of sales, with no single engine or turbine program accounting for over 7% of sales. Additionally, our top two customers accounted for 38% of our revenues for the year ended December 31, 2025 and 34% of our revenues for the year ended December 31, 2024. Our top two customers accounted for 43% of our revenues for the quarter ended March 29, 2026 and 36% of our revenues for the three months ended March 30, 2025. A significant downturn, adverse development or deterioration in the business or financial condition of a key customer, or the loss of a key customer, could adversely affect our business, financial performance and results of operations. Our customers may also elect to dual-source, re-source, or in-source work that we currently perform, which could result in reduced order volumes, increased pricing pressure, or the loss of future business.

The level of purchases and product mix demanded by our customers is often affected by events beyond their control, including general economic conditions, demand for their products, conditions in the airline and power generation industries, regulatory scrutiny and/or suspension or discontinuation of aircraft, shifts in the availability of financing for certain types of power generation projects, caps or fees on carbon emissions, competitiveness of gas turbines within fossil fuel-based power generation and renewable energy technologies, transition to electric vehicles, disruptions in deliveries, business disruptions, strikes and other factors. Significant changes in the demand for our customers' end products, program delays, the share of their requirements that is awarded to us or changes in the design or materials used to construct their products could result in a significant loss of business with these customers. The loss of, or significant reduction in, purchases by any of our other significant customers could materially impair our business, financial performance and results of operations.

Further, approximately 70% of our sales in 2025 are made under LTAs which are subject to renewal, renegotiation, or re-pricing on expiry or at periodic intervals or upon changes in competitive supply conditions. We have three key contracts that expire in the next one to two years representing approximately 10% of our revenue. While the current management team has a strong track record of renewing contracts there remains the risk of non-renewal, which could have a material adverse effect on our business and results of operations. In addition, certain of our LTAs allow for termination by convenience by our customers. Our failure to successfully renew, renegotiate, maintain, or favorably re-price such agreements, or a material deterioration in or termination of these customer relationships, could result in a reduction or loss in customer revenue and adversely affect our business, financial condition and results of operations. Some of our contracts have been established on a fixed-price basis which commit us to a specific price well before the completion of applicable products. However, actual costs may be different from those we originally estimated and may result in reduced profitability or losses on those products. This risk is greater in a high inflationary environment. In addition, certain of our LTAs do not provide for minimum purchase commitments, and these agreements may permit customers to reduce purchase volumes, delay orders, or terminate the arrangements. As a result, our revenues, profitability, and cash flows could be adversely affected.

Moreover, we anticipate the demand for our products to increase over the next several years. Any unanticipated acceleration or deceleration of customer demand for our products may result in constraints or inefficiencies related to our manufacturing and administrative infrastructure. We may also fail to meet production targets and commitments, or encounter difficulty or unexpected costs in meeting such levels. Similarly, we and/or our suppliers may not be able to ramp up production quickly enough to meet the demand. All of which may lead to delays, loss of sales or loss of potential opportunities and adversely affect our business, financial condition, results of operations, or competitive position.

#### Failure to attract and retain a qualified workforce and key personnel or to provide adequate succession planning could adversely affect our operations and competitiveness.
Our success, competitiveness and ability to execute on our global strategies as well as expansion plans and maintain a culture of innovation depend in large part on our ability to attract, retain and motivate qualified employees and leaders with expertise and capabilities, representing diverse backgrounds and experiences. Achieving this objective may be difficult due to many factors, including fluctuations in global economic and industry conditions, such as the impact of inflation, management changes, increasing local and

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global competition for talent, particularly due to the increase in remote working opportunities, the availability of qualified employees, restructuring and alignment activities (including workforce reductions), and the attractiveness of our compensation and benefit programs. In particular, the difficulty to attract qualified employees is increased due to the presence of our competitors' facilities in the same geographic location and the technical skillset required for such employees. If we are unable to attract, retain and motivate qualified employees and leaders, we may be unable to fully capitalize on current and new market opportunities, which could adversely impact our business and results of operations. The loss or retirement of employees presents particular challenges to the extent they involve the departure of key, knowledgeable and experienced employees and the resulting need to identify and train existing or new candidates to perform necessary functions, and ineffective succession planning could result in unexpected costs, reduced productivity, and/or difficulties with respect to internal processes and controls. If we are unable to attract and retain a qualified and inclusive workforce, we may be unable to maintain our competitive position and our future success could be materially adversely affected.

If we fail to attract, train, develop, and retain a global workforce with the skills and in the locations we need to operate and grow our business, our business and operations could be adversely impacted. Furthermore, the continuity of key personnel, senior management and our executive officers, and the preservation of institutional knowledge are vital to the success of our growth and business strategy.

As of December 31, 2025, approximately 36% of our full-time employees were covered by collective bargaining agreements, which on occasion require renegotiation. As of March 29, 2026, approximately 37% of our full-time employees were covered by collective bargaining agreements, which on occasion require renegotiation. The outcome of future negotiations relating to such collective bargaining agreements may not be favorable to us in that they may increase our operating expenses and lower our net income as a result of higher wages or benefit expenses. In addition, negotiations divert management's attention and could disrupt operations, which may adversely affect our results of operations. If we are unable to negotiate acceptable collective bargaining agreements, we may have to address the threat of work slowdowns and strikes. Depending on the nature of the threat, the impacted products, the location of the affected employees or the type and duration of any work action, these actions could have a material adverse impact on our business, financial performance and results of operations.

 ***We derive a substantial majority of our revenue from our global operations, which expose us to risks, such as geopolitical risks, that could adversely affect our business, financial condition or results of operations***

For the years ended December 31, 2025 and 2024, 64% and 68% of our revenues, respectively, were derived from sales outside the United States. For the three months ended March 29, 2026 and March 30, 2025, 60% and 66% of our revenues, respectively, were derived from sales outside the United States. We currently have global operations in the UK, Europe, Mexico, China and India, and purchase a portion of our raw materials, such as nickel, cobalt, tantalum, tungsten, chromium, vanadium, ruthenium and hafnium, from suppliers in other jurisdictions. In particular, our Transportation end market is dependent on automotive

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grade superalloys which are primarily sourced from suppliers in China. Energy costs also impact operating costs at our manufacturing facilities, the costs of shipping our products to our customers and the costs of shipping raw materials to our facilities. Therefore, our operations are affected by economic, political, legal, and other factors in the United States and a number of other jurisdictions that could adversely affect our business, financial performance and results of operations, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • economic and commercial instability risks, including changes in local government laws, regulations and policies, such as those related to tariffs, sanctions and trade barriers, taxation, exchange controls, employment regulations, and repatriation of assets or earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • geopolitical risks such as political instability, civil unrest, expropriation, nationalization of properties by a government, imposition of sanctions, and renegotiation or nullification of existing agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • wars such as those in Ukraine and in Iran and the Middle East, cyber threats, terrorist activities, or other dangerous conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • compliance with applicable U.S. and foreign laws, including antitrust and competition regulations, the Foreign Corrupt Practices Act and other anti-bribery and corruption laws, and laws concerning trade, including the International Traffic in Arms Regulations, the Export Administration Regulations, and the sanctions, regulations and embargoes administered by the U.S. Department of Treasury's Office of Foreign Assets Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • aggressive or selective enforcement of laws and regulations by foreign governmental authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • exposure to fluctuations in foreign currency exchange rates and interest rates, as well as inflation, economic factors, and currency controls in the countries in which it operates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • major public health issues, such as an outbreak of a pandemic or epidemic.

Further, we operate in countries that have experienced labor unrest, political instability or conflict and strife in the past, including Mexico, China, and India, and we may experience work stoppages or similar disruptions at our facilities in these countries. Ongoing global conflicts, such as those in Iran and the Middle East, as well as those between Ukraine and Russia have caused increased raw material costs and material shortages and, as a result, adversely impacted certain of our suppliers and the cost availability of our input materials. Our international operations are subject to a variety of risks that could adversely affect our business, financial performance and results of operations, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • potentially longer payment cycles for sales in foreign countries and difficulties in collecting accounts receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • difficulties in staffing and managing our foreign offices and the increased travel, infrastructure and legal compliance costs associated with multiple international locations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • disruptions in transport and logistics activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • additional withholding taxes or other taxes on our foreign income and repatriated cash, and tariffs or other restrictions on foreign trade or investment, including export duties and quotas, trade and employment restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • imposition of, or unexpected adverse changes in, foreign laws or regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • increased exposure to foreign currency exchange rate risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reduced protection for intellectual property rights in some countries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • natural disasters, pandemics, political unrest, war or acts of terrorism.

These risks could also disrupt the cross border movement of raw materials, components, and finished products, which could delay production or customer deliveries.

Trade tensions between the United States and China, Russia, Canada, Mexico and other countries have been escalating in recent years. In addition, trade tensions between the United States, the UK and the EU have escalated recently due to the ongoing situation between the U.S. and Greenland. Increased tariffs, sanctions, and other trade restrictions, as well as the existing and potential further responses from countries

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subject to such tariffs, sanctions, and other trade restrictions, could adversely affect the global economy and financial markets and, consequently, adversely affect our business, financial condition and results of operations.

Changes in trade rules, local sanctions, tariffs, or geopolitical conditions may occur with little or no notice, and we may not be able to adapt our sourcing, production, logistics, or pricing arrangements quickly enough to avoid disruption or increased costs. Although the effect of any of the foregoing factors is difficult to predict, any one or more of them could adversely affect our business, financial condition, or results of operations.

#### Energy availability disruptions resulting from geopolitical instability have and may in the future impair our manufacturing operations and adversely affect our business.
We use third parties for our supply of energy resources consumed in the manufacture of our products. The prices for and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions. For example, as a result of the ongoing conflicts in Iran and the Middle East, our facility in India temporarily halted production for a two-week period in March 2026, due to the lack of availability of liquefied petroleum gas. Mitigating actions were put in place to convert the manufacturing process to alternative fuels with the facility returning to full-rate production after a five-week period. Inventory in the supply chain and spare capacity in the facility was used to limit the impact of the production down time and catch up when operations had resumed. This meant that the impact on our results from operations was not material. These market conditions often are affected by political and economic factors and by supply and demand trends that are beyond our control. While energy costs are generally passed on to our customers, there is a certain level of exposure to increases in energy costs or material shortages.

Further, geopolitical instability and armed conflict, including ongoing conflicts in Iran and the Middle East, have the potential to precipitate government-mandated energy conservation measures, restrictions on industrial energy consumption, and broader disruptions to global energy supply chains, including potential oil supply lockdowns or embargoes affecting regional energy markets. Government-imposed restrictions on the availability or consumption of energy — whether arising from geopolitical conflict, national energy conservation policies, oil supply disruptions, or the threat thereof — could result in the temporary or extended curtailment or complete cessation of production at one or more of our manufacturing facilities. There can be no assurance that market conditions arising from armed conflicts and geopolitical tensions will not worsen in the future.

Ongoing global conflicts, such as those between Ukraine and Russia and in Iran and the Middle East, have caused increased raw material costs and material shortages and, as a result, adversely impacted certain of our suppliers and the cost availability of our input materials. Such conditions can compound the impact of energy supply restrictions, as reduced access to energy at our facilities may coincide with increased input costs and supply chain disruptions, further straining our operational capacity.

While we generally intend to pass through energy costs to our customers through contractual agreements in the form of price increases, there can be a delay between an increase in our costs and our ability to increase the prices of our products. To the extent that government-mandated energy restrictions are sudden or prolonged, this delay may result in a period of unrecovered cost exposure that adversely impacts our profitability. Further, increases in energy costs, or changes in costs relative to energy costs paid by competitors, has and may continue to adversely affect our profitability. To the extent that these uncertainties cause suppliers and customers to be more cost sensitive, increased energy prices may have an adverse effect on our business, operating results and financial condition.

If our operations were to be disrupted, we may be unable to effectively meet our obligations to, or demand from, our customers. Such curtailments could prevent us from fulfilling customer orders, result in increased production costs, cause delivery delays, and expose us to contractual liability. Interruptions in production capability could increase our costs and reduce our sales, including causing us to incur costs for premium freight, make substantial capital expenditures, or purchase alternative raw material at higher costs to fulfill customer orders, and should insurance or other risk transfer mechanisms be insufficient to recover all costs, we could experience a material adverse effect on our business, results of operations, financial position and cash flows.

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It is not possible to predict the extent and duration of geopolitical conflicts or any associated market disruptions, which could have a material adverse effect on our business, financial position, results of operations and cash flows. Although the effect of any of the foregoing factors is difficult to predict, any one or more of them could adversely affect our business, financial condition, or results of operations.

 ***Any significant delay or inability to successfully expand our operations and failure to manage growth effectively could materially adversely affect our business, financial condition and results of operations.***

We expect the demand for our products in the Aerospace and IGT end markets to increase over the next several years. In order to support this expected growth in demand, we have committed and deployed significant capital to, and our customers have agreed to make investments in, our strategic growth projects to increase our capacity and improve our operational performance. We currently have several projects either planned, under construction or in the ramp up phase post completion at our Bochum, Groton, Deritend, Mexicali, Oxford, and Uni-Pol India facilities along with a new greenfield facility to increase capacity expansion. These projects will incur significant costs and place increased demand on management as well as operational and financial resources. Our success in expanding our operations depends upon numerous factors, including our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ensure the necessary resources are in place to properly execute these projects in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • optimize our operational performance to handle such increases in capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • maximize the potential opportunities with minimal impacts to our existing operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • manage our growth while maintaining the quality and consistency of our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • manage additional labor costs in connection with the increases in capacity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • attract and manage qualified personnel with technical expertise.

If we cannot achieve these factors our expansion projects may take longer than expected, cost more than planned, or fail to deliver the expected capacity, efficiency, or operational improvements. Delays in procuring, installing or obtaining the required customer and regulatory approvals for new capital equipment, or difficulties in ramping such equipment to full production rate while simultaneously maintaining output at existing facilities, could result in our failure to meet the delivery timelines and volume commitments agreed under our strategic customer partnerships, which could adversely affect our customer relationships, revenues and results of operations. Even where new capital equipment is successfully installed and approved, we may face challenges optimizing the manufacturing processes to achieve the margin contribution we expect.

Further, the expansion projects require significant management attention, which will coincide with us becoming a newly public company. If we are unable to effectively manage the expansion of our operations along with being a newly public company, then our business, results of operations, prospects, and financial condition could be materially adversely affected. Any inability to manage growth could delay the execution of our growth strategies or disrupt our operations. Similarly, over-expansion, including due to expansion by our competitors, or investments in anticipation of growth that does not materialize or develops slower than we expect, could adversely affect our business, financial performance and results of operations.

 ***Information technology system failures, cyberattacks, and security breaches may threaten the integrity of our intellectual property, networks, products and other sensitive information, disrupt our business operations, and result in reputational harm and other negative consequences having a material adverse effect on our financial condition and results of operations.***

Our information technology systems could be subject to damage, disruption or interruption as a result of power outages, computer network and telecommunications failures (including operational failures, server malfunctions, software bugs, errors or defects, or software or hardware failures), cyberattacks, catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes, acts of war, or terrorism, usage errors or misconduct by employees or other disruption. If our information technology systems are disrupted or damaged or cease to function properly, our sales could be impeded, our manufacturing or other critical functions could be disrupted or prevented or we may have to make a significant investment to fix or replace

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such information technology systems, and may suffer loss of critical data and interruptions or delays in our operations. In addition, our expected growth will increase the technological complexity of our operations as we seek to increase capacity, which could place a strain on our administrative, operational and financial infrastructure. Moreover, such a disruption could cause reputational and financial harm or cause our clients to seek to terminate their contracts, delay or withhold payment or make claims against us. If we fail to successfully enhance our information technology systems and technological infrastructure, we may experience delays or disruptions to our manufacturing processes, and we may be unable to effectively meet our obligations to, or demand from, our customers. Any material disruption in our information technology systems, or delays or difficulties in implementing or integrating new systems or enhancing current systems, could have an adverse effect on our business, financial condition, or results of operations.

We have in the past been, and may in the future be, subject to cyberattacks and security incidents, whether by malicious external actors, through internal negligence or unintentional human error, by less sophisticated individuals utilizing readily available attack tools such as ransomware-as-a-service or phishing kits, or as a result of other factors, any of which may be intended to, or may inadvertently, circumvent our security capabilities. We are susceptible to inadvertent compromises of our systems and data, including those arising from process, coding, or human errors. Increased global cybersecurity vulnerabilities, threats, computer viruses and more sophisticated and targeted cyberattacks, such as ransomware, as well as cybersecurity failures resulting from human and technological errors, pose a risk to the security of our systems and networks, and the confidentiality, availability, and integrity of our data, as well as those of our customers, suppliers, and other counterparties. Cyberattacks, data breaches, data losses and other security incidents can result from, among other things, inadequate personnel, employee error or malicious activity, inadequate or failed internal control processes and systems, or external events or actors that interrupt normal business operations and may include disruptions, failures, service outages, unauthorized access or misuse, software bugs, server malfunctions, software and hardware failure, defective software or hardware updates, malware and ransomware, social engineering and phishing attacks, denial-of-service attacks, misconduct, fraud, and other events that could have a serious impact on us. We face threats of cyberattacks due to the industries we serve, the locations of our operations, and our technological innovations. Moreover, we utilize third-party suppliers, technology applications and services to, among other things, host, transmit, or otherwise process electronic data in connection with our business activities, including our supply chain, operations, and communications. Our suppliers or these technology applications or services may face cyberattacks, compromises, or other security incidents from a variety of sources. While we maintain certain integrations with our partners, suppliers, and customers, any shared connectivity poses a risk to the security of our network as well as the larger ecosystem in which we operate. As our global presence increases, including as a result of this offering, we believe that the risk of being the target of a cyber threat will be heightened. As attackers become more capable (including sophisticated state or state-affiliated actors and those leveraging artificial intelligence to conduct increasingly complex and multi-vector attacks) the risks in this area continue to grow.

Cybersecurity breaches or technology failures at our facilities, or those of our suppliers, could result in changes to the timing or volume of our orders which could impact the timing or availability of raw materials that could delay our manufacturing processes, or could have a significant negative effect on our operations, reputation, financial resources, and the value of our intellectual property. Cyberattacks and other security incidents have increased in frequency and sophistication in recent years and are conducted by internal actors and organized groups and individuals with a wide range of motives and expertise, including organized criminal groups, "hacktivists," terrorists, nation states, nation-state supported actors and others. Consequently, we may be unable to anticipate these techniques, react in a timely manner, or implement preventive measures, which could result in delays in our detection or remediation of, or other responses to, cyberattacks, security breaches and other security-related incidents. Although we limit the availability of open source software in our systems by requiring IT and operational personnel to request access through our third-party risk management process, the availability of open source software used in our solutions could also expose us to security vulnerabilities. In addition to requiring approval, we run scans to flag the use of any uncontrolled software that has not been approved, and we also currently have restrictions in place in the United States and across our Europe facilities to block access to any executable files being installed and are currently expanding such restrictions to our facilities located across Asia. The use of new and evolving technologies, such as artificial intelligence, or AI, and quantum computing presents risks and challenges that can impact our business. Unauthorized use or misuse of AI by our employees, suppliers or others may

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result in the disclosure of confidential company or customer data, reputational harm, privacy law violations, cybersecurity risks, and legal liability.

In addition to existing risks from the integration of digital technologies into our business portfolio, the adoption of new technologies in the future may also increase our exposure to cybersecurity incidents and failures. An unknown vulnerability or compromise could potentially impact the security of our software or connected products and lead to the misuse or unintended use of our products, loss of our intellectual property, misappropriation of sensitive, confidential or personal information, safety risks or unavailability of products.

While we perform cybersecurity due diligence on key suppliers that support our information and operational technology infrastructure and require connectivity to our environments, because we do not control our suppliers and our ability to monitor their cybersecurity is limited, we cannot ensure the cybersecurity measures they take will be sufficient to protect any information we share with them. Due to applicable laws and regulations or contractual obligations, we may be held responsible for cyberattacks, data breaches, data losses and other security incidents attributed to our suppliers as they relate to the information we share with them.

While we continually work to safeguard our systems and mitigate potential risks, there is no assurance that such actions will be sufficient to prevent cybersecurity incidents that manipulate or improperly use our systems or networks, compromise confidential, personal or otherwise protected information, destroy or corrupt data, block access to our systems, or otherwise disrupt our operations or those of our suppliers. The occurrence of such events could negatively impact our reputation and our competitive position and could result in litigation with third parties, regulatory action (including reporting obligations, investigation, fines and penalties), loss of business, potential liability, disruption to our operations, misappropriation of personal, proprietary, confidential or sensitive information, increased cybersecurity protection costs, lost revenues arising from the unauthorized use of personal, proprietary, confidential or sensitive information or the failure to retain or attract our customers following an operational or security incident, increased insurance premiums and increased remediation costs including liabilities for stolen assets or information and repairs of system damage, among others), as well as damages to our competitiveness, share price and long-term shareholder value any of which could have a material adverse effect on our financial condition and results of operations. In addition, our remediation efforts may not be successful, and we may not have adequate insurance to cover these losses. Furthermore, while we maintain insurance policies that may cover certain liabilities in connection with a cybersecurity incident, we cannot be certain that our insurance coverage will be adequate for liabilities actually incurred, that insurance will continue to be available to us on commercially reasonable terms, or at all, or that any insurer will not deny coverage as to any future claim. The successful assertion of one or more large claims against us that exceed available insurance coverage, or the occurrence of changes in our insurance policies, including premium increases or the imposition of large deductible or co-insurance requirements, could have a material adverse effect on our business, including our financial condition, results of operations and reputation.

#### The competition we face may have an adverse effect on our business, financial condition, results of our operations and profitability.
The markets for our products are highly competitive. Our main competitors that serve both the Aerospace and IGT end markets are Howmet and PCC, who are much larger than us and may have more resources. Further, new entrants in our end markets, new product offerings, new and/or emerging technologies in the marketplace, or new facilities may compete with or replace our products. The willingness of customers to accept alternative solutions for the products sold by us, pricing pressure from competitors, and technological advancements or other developments by or affecting our competitors or customers could adversely affect our business, financial condition, or results of operations. Our competitive position continues to grow, and future performance will depend, in part, on our ability to, on a timely basis, develop and innovate processes, deploy technology initiatives, and implement advanced manufacturing technologies. While we intend to continue to develop new products and services, we may not be able to successfully differentiate our products or services from those of our competitors or achieve and maintain technological advantages.

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Companies that are strategic partners in some areas of our business may acquire or form alliances with our competitors, thereby reducing their business with us. Industry consolidation may result in stronger competitors who are better able to obtain favorable terms from suppliers or who are better able to compete as sole-source vendors for customers. Consolidation within our customer base may result in customers who are better able to exert leverage in negotiating prices and other terms of sale, or may lead to reduced demand for our products if a combined entity replaces us with one of our competitors with which it had prior relationships. The result of these circumstances could have a material adverse effect on our business, operating results and financial condition.

 ***The markets in which we operate can be cyclical, and downturns in them may adversely affect the results of our business, financial performance and results of operations.***

Some of the markets in which we operate have been, to varying degrees, cyclical and have experienced downturns which may impact our ability to produce consistent results and accurately forecast demand for our products. 35% of our revenues for the year ended December 31, 2025 and 36% of our revenues for the year ended December 31, 2024 were recognized from sales to the Aerospace end market and 42% of our revenues for the year ended December 31, 2025 and 37% of our revenues for the year ended December 31, 2024 were recognized from sales to the IGT end market, and 23% of our revenues for the year ended December 31, 2025 and 27% of our revenues for the year ended December 31, 2024 were recognized from sales to the Transportation end market. A downturn in these markets could occur at any time as a result of events that are industry specific, such as aircraft production slowdown resulting from the impact of a public health crisis on air travel, the grounding, regulatory scrutiny and/or suspension or discontinuation of aircraft in which our products are used, shifts in availability of financing for certain types of power generation projects, caps or fees on carbon emissions, shifting sentiments between electric vehicles and gasoline or diesel fuel or other macroeconomic events, such as geopolitical conditions, including the ongoing conflicts in Iran and the Middle East, global conflict, political unrest or terrorist attacks, or an economic downturn or recession. Any deterioration in any of the cyclical markets we serve could adversely affect our business, financial performance and results of operations. A decline in demand in any of our end markets may reduce our sales and could also have a disproportionate effect on our profitability and cash flows.

Other than during the COVID-19 pandemic, air traffic has generally grown consistently over the long-term and led to record demand for aircraft. However, supply chain challenges in the aerospace industry, as well as labor disruptions and regulatory issues experienced by certain participants in the industry, continue to delay planned production and negatively impact aircraft build rates. For example, in 2024, based on publicly available information, we understand Boeing's production was impacted by a door plug blow out which resulted in the FAA announcing that it had informed Boeing that the FAA would not (i) agree to any request from Boeing for an expansion in production or (ii) approve additional production lines for its 737 MAX aircraft until the FAA was satisfied that any applicable Boeing quality control issues were resolved. In addition, also based on publicly available information, industrial action undertaken by Boeing's work force further impacted Boeing's production of aircraft in 2024. These issues resulted in a temporary reduction in demand for certain products we manufacture with revenue, earnings and cash flow slightly negatively impacted, although it is difficult for us to quantify the exact amount of impact given the effects of inventory in the supply chain and the time lag between our production of a part and the final production of an aircraft. Since 2024, based on publicly available information, Boeing's operational performance has improved with production of the 737 MAX aircraft having been stabilized at 38 aircraft per month, and in October 2025, the FAA authorized Boeing to increase production of the aircraft to 42 per month. Boeing production rates could have a material impact on our financial performance. Ongoing or additional deferrals, cancellations, or reductions in demand that result in decreased aircraft build rates would, if significant, have a negative impact on sales for our Aerospace products and as a result reduce our operating income. Ongoing pressures on build rates, or reductions in demand, for commercial aircraft or a delay in deliveries could result from many factors, including delays in the startup or ramp-up of new programs, suspension or discontinuation of current commercial aircraft programs, changes in the propensity for the general public to travel by air (including as a result of terrorist events and any subsequent military response, a public health crisis or a global conflict), a significant change in the cost of aviation fuel, a change in technology resulting in the use of alternative materials, environmental concerns (including climate change), consolidation and

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liquidation of airlines, availability of funding for new aircraft purchases or leases, inventory corrections or disruptions throughout the supply chain, labor disruptions and work stoppages and slower macroeconomic growth.

In addition, our customers emphasize the need for cost reduction or other improvements in contract terms throughout the supply chain. In response to these pressures, we may be required to accept increased risk or face the prospects of margin compression on some products in the future which could adversely affect our business, financial condition and results of operations. Where possible, we seek to offset or mitigate the impact of such pressures through productivity and performance improvements, cost index contractual provisions, hedging and other actions, which may not be successful. Further, while the manufacturing processes for our Aerospace products are highly complex and require significant expertise, any technological advances, such as 3D printing, may offer customers cheaper alternatives which could adversely affect the demand for our products.

The industrial gas turbine, or IGT, market is also historically cyclical in nature. Demand for power generation products is global and is affected by the state of the United States and world economies, the availability of financing to power generation project sponsors, the increase in renewable energy and the political environments of numerous countries. Any technological advances in alternative energy products, such as solar, wind, nuclear (including small modular reactors), hydropower, geothermal or hydrogen, improvements in the electric grid or other sources of power generation that use lower priced fuel or no fuel, or other fuel cell technologies may negatively affect the IGT end market which could decrease demand for our IGT products. Moreover, any decline in the increased demand for energy as the result of the rise of AI infrastructure and data centers projects or delays due to construction, grid availability, environmental permitting or other constraints may also decrease demand in the IGT end market. Decreased demand for our products in the IGT end market may have a material adverse effect on our business, financial performance and results of operations.

 ***The loss of key members of our senior management team and other key personnel may adversely affect our business and impede the implementation of our business plans in a timely manner.***

The execution of our business plans depends in part upon the continued service of our senior management team and other key personnel, who possess unique and extensive industry knowledge and experience. Competition for management and key personnel is intense, and the pool of qualified candidates is limited. The loss of or other unavailability of our key personnel, senior management or our executive officers could significantly harm our business, and any unplanned turnover or failure to develop adequate succession plans for key positions could deplete our institutional knowledge base, result in loss of technical or other expertise, delay or impede the execution of our business plans, and erode our competitiveness. In addition, we do not have "key person" life insurance policies covering any of our executive officers, senior management or other key personnel.

 ***We have in the past consummated acquisitions and intend to continue to pursue acquisitions. Our business may be adversely affected if we cannot consummate acquisitions on satisfactory terms, or if we cannot effectively integrate acquired operations.***

We may pursue acquisitions that we believe present opportunities to accelerate our growth strategies, particularly in the Aerospace and IGT end markets. Any future growth through acquisitions will be partially dependent upon the continued availability of suitable acquisition candidates at favorable prices and upon advantageous terms and conditions. However, we may not be able to find suitable acquisition candidates to purchase or may be unable to acquire desired businesses or assets on acceptable terms or at all, including due to a failure to receive necessary regulatory approvals. In addition, we may not be able to raise the capital necessary to fund future acquisitions. Because we may actively pursue a number of opportunities simultaneously, we may encounter unforeseen expenses, complications and delays, including regulatory complications or difficulties in employing sufficient staff and maintaining operational and management oversight.

If we consummate an acquisition, our capitalization and results of operations may change significantly. Future acquisitions could result in margin dilution and likely result in the incurrence of additional debt and

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an increase in interest and amortization expenses or periodic impairment charges related to goodwill and other intangible assets as well as significant charges relating to integration costs.

The businesses we acquire may not perform in accordance with expectations and our business judgments concerning the value, strengths and weaknesses of businesses acquired may prove incorrect. In addition, an acquisition may fail to deliver the expected strategic benefits, synergies, growth opportunities, or returns that justified the investment. We also may not be able to successfully integrate any business we acquire into our existing business. The successful integration of new businesses depends on our ability to manage these new businesses and bring operating and compliance standards to levels consistent with our existing businesses. Assimilating operations and products may be unexpectedly difficult. The successful integration of future acquisitions may also require substantial attention from our senior management and the management of the acquired business, which could decrease the time that they have to serve and attract customers, develop new products and services or attend to other acquisition opportunities. Additional potential risks include that we may lose key employees, customers or vendors of an acquired business, and we may become subject to pre-existing liabilities and obligations of the acquired businesses. These liabilities may be known at the time of the acquisition, but could be underestimated by us, or they may not be known to us until after the acquisition. In the case of an acquisition in which we do not assume all the liabilities of the acquired business, we typically obtain indemnification from the seller against the unassumed liabilities, although no assurance can be given that such indemnification will be sufficient in amount, scope or duration to fully offset the risk of the unassumed liabilities. Liabilities of acquired businesses that ultimately are borne by us (either because we assume them or our indemnification right proves to be insufficient or unenforceable) could have a material adverse effect on our business, financial condition or results of operations.

 ***Our business, financial condition and results of operations could be adversely affected if we fail to adequately protect, maintain, or enforce our intellectual property rights.***

Our business depends on our ability to develop, commercialize, protect, maintain, and enforce our intellectual property rights, including patents, trademarks, trade secrets, and proprietary information, in the United States and internationally. We rely on a combination of intellectual property laws and contractual agreements to safeguard these rights, but such protection may not be adequate or enforceable in all jurisdictions, and enforcing our rights can involve significant costs and administrative efforts.

Our intellectual property rights, including patents, trademarks and trade secrets, may be challenged, invalidated, circumvented, infringed, misappropriated, or otherwise violated. We cannot guarantee that our pending patent applications will be granted, that our existing or future patents will provide sufficient protection, or that we will seek or obtain protection in all jurisdictions where it may be desirable. In addition, effective protection may not be available in some jurisdictions.

We also rely on trade secrets, know-how, and confidential information, protected through agreements with employees, contractors, and third parties. These agreements may not always prevent unauthorized use or disclosure, and we may not have entered into such agreements with every party that has access to our proprietary information. Competitors or other third parties may independently discover, copy, or reverse engineer our technology, or develop similar technology.

We may incur significant costs to avoid, manage, defend, and litigate intellectual property matters. Third parties may assert claims that we have infringed, misappropriated, or otherwise violated their intellectual property rights, which could result in costly and time-consuming disputes, injunctions, damages, settlement payments, or the need to modify our products or business practices. Our customer contracts and intellectual property license agreements may include indemnification obligations, which could expose us to additional costs if claims are brought against our customers or licensees related to our products or services.

We use software, digital tools, and information technology systems in our business, including, in some cases, software subject to open source license terms. The use of such software may create risks relating to license compliance, system security, operational reliability, and the protection of our proprietary information. If we fail to comply with the terms of applicable open source licenses, or if software used in our systems or operations contains vulnerabilities, defects, or other issues, we could incur additional costs, experience

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operational disruption, put the protection of our proprietary information and intellectual property at risk or become subject to claims or other liabilities.

Enforcing or defending our intellectual property rights may involve litigation, which is expensive, time-consuming and unpredictable, and could divert management attention or negatively impact our reputation and share price. Any failure to adequately protect or enforce our intellectual property, or unfavorable outcomes in litigation, could adversely affect our business, financial condition, and operating results.

 ***We could incur substantial costs as a result of data protection concerns, and any failure to comply with evolving data privacy and cybersecurity laws and regulations may adversely impact our business and financial results.***

We are required to comply with stringent, complex and evolving laws, rules, regulations and standards in many jurisdictions, as well as contractual obligations, relating to data privacy and cybersecurity. Ensuring compliance with such requirements may increase operating costs, impact our data processing practices and policies and the development of new products or services, and reduce operational efficiency, any of which could adversely affect our business and operations. The interpretation and application of data protection laws in the United States, UK, Europe, China, India, Mexico and elsewhere including, but not limited to, the General Data Protection Regulation, its equivalent in the United Kingdom, and the California Consumer Privacy Act, the Mexican Federal law on Protection of Personal Data held by Private Parties and other applicable privacy and cybersecurity laws, rules regulations and standards (collectively, the "Data Protection Laws"), are uncertain and evolving. Our global operations may also require the transfer or access of personal information across multiple jurisdictions, which may subject us to additional restrictions and compliance obligations under applicable Data Protection Laws. It is possible that these laws may be interpreted and applied in a manner that is inconsistent with our data practices. Complying with these various laws is difficult and could cause us to incur substantial costs or require us to change our business practices in a manner adverse to our business. Further, although we have implemented internal controls and procedures designed to ensure compliance with the Data Protection Laws, our controls and procedures may not enable us to be fully compliant with all Data Protection Laws.

Moreover, while we strive to publish and prominently display privacy policies that are materially accurate, comprehensive, and compliant with applicable laws, rules, and regulations, we cannot ensure that our privacy policies and other statements regarding our practices will be sufficient to protect us from claims, proceedings, liability or adverse publicity relating to data privacy and cybersecurity. Although we endeavor to comply with our privacy policies, we may at times fail to do so or be alleged to have failed to do so. If our public statements about our use, collection, disclosure and other processing of personal information, whether made through our privacy policies, information provided on our website, press statements or otherwise, are alleged to be deceptive, unfair or misrepresentative of our actual practices, we may be subject to potential government or legal investigation or action, including by the Federal Trade Commission or applicable state attorneys general and claims brought by, or on behalf of, affected persons.

Any failure or perceived failure by us or any third parties with which we do business to comply with applicable privacy policies or Data Protection Laws, or any compromise of cybersecurity that results in unauthorized access to, or unauthorized loss, destruction, use, modification, acquisition, disclosure, release, transfer or other processing of personal information, may result in requirements to modify or cease certain operations or practices, the expenditure of substantial costs, time and other resources, proceedings or actions against us, legal liability, governmental investigations, enforcement actions, claims, fines, judgments, awards, penalties, sanctions and costly litigation (including class actions).

#### We may be affected by global climate change or by legal, regulatory, customer, or supplier responses to such change.
Increased concern over climate change has led to new and proposed legislative and regulatory initiatives, such as cap-and-trade systems and additional limits on emissions of greenhouse gases, which in turn may trigger customer decarbonization requirements, as well as obligations to disclose certain greenhouse gas emissions and other climate-related information. New or revised laws, regulations, and policies in this area and customer decarbonization requirements could directly and indirectly affect us and our customers and suppliers, including by increasing the costs of production or impacting demand for certain products, which

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could result in an adverse effect on our financial condition, results of operations, and cash flows. If we are unable to meet applicable customer decarbonization requirements or other climate related expectations, we could lose existing business or be less competitive in winning new business. Additionally, we and our customers and suppliers utilize natural gas, electricity and other fuels to operate facilities. Significant increased energy costs and/or costs to transition to renewable energy sources, as a result of new laws, such as carbon pricing or product energy efficiency requirements, or as a result of customer requirements, could be passed along to us and our suppliers. Compliance with any new or more stringent laws or regulations, or stricter interpretations of existing laws, could require additional expenditures by us or our customers or suppliers.

Physical risks associated with climate change may result in an increase of the exposure to, and impact of, events with damage due to extreme heat, flooding, extreme winds and extreme precipitation for our locations or those of our suppliers or customers. Prolonged periods of drought may result in wildfires and/or restrictions on process water use. These climate-related impacts may have an adverse effect on production capacity of our sites or those of our suppliers or customers or otherwise cause supply chain disruptions. These types of incidents could have a material adverse effect on our results of operations and financial condition.

 ***Failure to maintain a level of corporate social responsibility which may result in negative publicity, or diverging approaches to corporate social responsibility matters from different stakeholders, could damage our reputation and could adversely affect our business, financial condition or results of operations.***

In light of evolving expectations around corporate social responsibility, our reputation could be adversely impacted by a failure (or perceived failure) to maintain a level of corporate social responsibility. In today's environment, an allegation or perception regarding quality, safety, or corporate social responsibility can negatively impact our reputation. This may include, without limitation: failure to maintain certain ethical, social and/or environmental practices for our operations and activities, or failure to require our suppliers or other third parties to do so; our environmental impact, including our impact on the environment, greenhouse gas emissions and climate-related risks, renewable energy, water stewardship and waste management; responsible sourcing in our supply chain; the practices of our employees, agents, customers, suppliers, or other third parties (including others in our industry) with respect to any of the foregoing, actual or perceived; the failure to be perceived as appropriately addressing matters of social responsibility, including matters related to diversity, equality and inclusion; consumer perception of statements made by us, our employees and executives, agents, customers, suppliers, or other third parties (including others in our industry); or our responses to any of the foregoing. A number of our customers have adopted, or may adopt, procurement policies that include social and environmental responsibility provisions or requirements that we must adhere to. An increasing number of investors are also requiring companies to disclose corporate, social and environmental policies, practices and metrics. If we are unable to comply with, or are unable to cause our suppliers to comply with, such policies, or meet the requirements of our customers and investors, among other risks, a customer may stop purchasing products from us, a supplier may cease working with us or an investor may sell their shares, and may take legal action against us, which could harm our reputation, revenue and results of operations. Further, we may be subject to rulemaking regarding corporate social responsibility and/or disclosure, as public awareness and focus on social and environmental issues has led to legislative and regulatory efforts to impose increased regulations and require further disclosure. As a result, we may become subject to new or more stringent regulations, legislation or other governmental requirements, stakeholder requirements or industry standards and/or an increased demand to meet voluntary criteria related to such matters. Increased or more stringent regulations, stakeholder requirements or industry standards, including around climate change concerns, could subject us to additional costs and restrictions and require us to make certain changes to our manufacturing practices and/or product designs, which could negatively impact our business, results of operations, financial condition and competitive position.

Conversely, in recent years "anti-environmental, social and governance" sentiment has increased in parts of the United States, with several states and Congress having proposed or enacted "anti-environmental, social and governance" policies, legislation, or initiatives or issued related legal opinions. As such, we may also face increased scrutiny from stakeholders who have diverging views related to business practices and company activities related to corporate social responsibility topics and climate change, which could result in reputational harm, litigation and other adverse consequences. Exactly how and which corporate social

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responsibility considerations will shape stakeholder behavior, regulatory frameworks, capital market dynamics, and our ability to raise capital and access liquidity, is uncertain.

In addition, any isolated incidents, or the aggregated effect of individually insignificant incidents related to our products, operations, and services can erode trust and confidence, particularly if such incident or incidents result in adverse publicity, governmental investigations or litigation, and as a result, could tarnish our brand and lead to a material adverse effect on our business, financial position, results of operations and cash flows. In particular, product quality issues could negatively impact customer confidence in our brands and our products. If our product offerings do not meet applicable safety standards or customers' expectations regarding safety or quality, or are alleged to have quality issues or to have caused personal injury or other damage, we could experience lower revenue and increased costs and be exposed to legal, financial and reputational risks, as well as governmental enforcement actions. In addition, actual, potential or perceived product safety concerns could result in costly product recalls.

#### Our use of AI could expose us to liability or adversely affect our business.
We use, or may in the future use, artificial intelligence, generative artificial intelligence, machine learning and similar tools and technologies (collectively, "AI") in connection with our business. The use of AI may expose us to risks such as reputational, legal and regulatory challenges, as well as additional costs. For example, generative artificial intelligence may produce inaccurate or biased content, which could affect our products and services. If content or recommendations generated by AI are perceived as deficient or flawed, our reputation and competitive position could be adversely affected.

#### Risks Related to Legal and Regulatory Matters

#### We may be exposed to significant legal proceedings, investigations, or changes in U.S. federal, state, or foreign law, regulation, or policy.
The manufacture and sale of our products expose us to potential product liability, commercial disputes, employment actions, employee benefits, compliance with domestic and international laws and regulations, personal injury, patent infringement, property damage, tax and related claims. Due to the uncertainties of litigation, we can give no assurance that we will prevail on claims made against us in the lawsuits that we currently face or that additional claims will not be made against us in the future. We produce ultra-high strength, high temperature and corrosion-resistant alloys designed for our customers' demanding applications particularly in our Aerospace and IGT end markets. We have complex manufacturing processes necessary to meet our customers' stringent product specifications. We are also required to adhere to various third-party quality certifications and perform sufficient internal quality reviews to ensure compliance with established standards. If we fail to meet the customer specifications for their products, we may be subject to product quality costs and claims. These costs are generally not insured. The impacts of product liability and quality claims could have a material adverse impact on our results of operations, financial condition and cash flows. In the event that one of our products fail to perform as expected, regardless of fault, or is used in an unexpected manner, and such failure or use results in, or is alleged to result in, bodily injury and/or property damage or other losses, we may be subject to product liability lawsuits and other claims, or may participate in a recall or other corrective action involving such product. There can be no assurance that our insurance coverage will be adequate or continue to be available on terms acceptable to us. In addition, if

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any product is perceived to be defective or unsafe, our sales could decrease, our reputation could be adversely impacted or we could be exposed to government investigations or regulatory enforcement actions.

We are also subject to a variety of global legal and regulatory compliance risks in connection with our business and products. These risks include, among other things, potential claims, class action lawsuits or compliance issues, including those relating to securities laws, employment laws, intellectual property rights, cyber, security and privacy, insurance, commercial matters, antitrust and competition, human rights, third-party relationships, ESG (including climate-related/sustainability and other) rules and regulations, supply chain operations, and the manufacture and sale of products. An adverse outcome in one or more of proceedings or investigations, or unfavorable changes in laws, regulations or policies, or other contingencies that we cannot predict with certainty, could have a material adverse effect on our financial condition, results of operations, or cash flows, including reputational harm, loss of customers, and substantial monetary damages and/or non-monetary penalties.

 ***We are exposed to environmental, health, and safety risks and are subject to a broad range of health, safety, and environmental laws and regulations which may result in substantial costs, obligations and liabilities.***

Our global operations and properties, as well as our customers and suppliers, are subject to numerous complex and increasingly stringent health, safety, and environmental laws and regulations. In addition, there are a number of environmental, social and supply chain due diligence and reporting regimes (such as the Corporate Sustainability Due Diligence Directive, or CSDDD, and the Corporate Sustainability Reporting Directive, or CSRD) that are currently being implemented by the EU (and are already in place in relation to conflict minerals) that will add further compliance and reporting obligations in relation to environment, health and safety and social risks. The costs of complying with such laws and regulations, as well as participation in assessments and cleanups of sites, and internal voluntary programs, have been, and in the future could be, significant. Environmental matters for which we may be liable may exist or arise in the future at our present or formerly owned or operated sites, at sites presently or formerly owned or operated by our predecessors or affiliates, at sites that we may acquire in the future, or at third-party sites used by us or our predecessors or affiliates for material and waste handling and disposal or otherwise impacted by our operations. Under certain environmental laws and regulations, such as the Comprehensive Environmental Response, Compensation, and Liability Act, or CERCLA, such liability could be joint and several, without regard to fault. This can also be the case in the UK under the Contaminated Land Regime. However, liability determination can be complicated. In general, in relation to the UK, liability will fall to the polluter(s) itself and will only fall to the landowner in circumstances where it is not possible to find the original polluter(s). Compliance with health, safety, and environmental laws and regulations, including increased indirect costs resulting from our suppliers incurring additional compliance costs that are passed on to us, and remediation obligations, may impact our results of operations or liquidity.

In addition, the industrial activities conducted at our facilities present a significant risk of injury or death to our employees or third-parties that may be on site. Our operations are subject to regulation by various federal, state, and local agencies in the United States, including the Occupational Safety and Health Administration, and regulation by foreign government entities abroad responsible for employee health and safety such as the Health and Safety Executive in the UK. Material liabilities relating to injury, death, or other workers' compensation claims could have a material adverse effect on our results of operations and financial condition or result in negative publicity and/or significant reputational harm.

 ***Our business may be adversely affected if we were to lose our government or industry accreditations, if more stringent government regulations were enacted or if industry oversight were to increase.***

We hold certain accreditations, such as accreditation through NADCAP for the aerospace industry and ISO accreditations, that are required in order for us to manufacture and sell our products. If new and more stringent government regulations are adopted or if industry oversight increases, we might incur significant expenses to comply with any new regulations or heightened industry oversight. In addition, if any existing material authorizations or approvals were revoked or suspended, our business would be adversely affected.

We are at times required to obtain approval to export our products from U.S. Government agencies and similar agencies elsewhere in the world. U.S. laws and regulations applicable to us include the Arms

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Export Control Act, the International Traffic in Arms Regulations, or ITAR, the Export Administration Regulations, or EAR, and the sanctions administered by the United States Department of the Treasury's Office of Foreign Assets Control, OFAC. EAR restricts the export of commercial and dual-use products and technical data to certain countries, while ITAR restricts the export of defense products, technical data and defense services.

Failure to obtain approval to export, or a determination by the U.S. Government or similar agencies elsewhere in the world from which we failed to receive required approvals or licenses, could eliminate or restrict our ability to sell our products outside the United States or another country of origin, and the penalties that could be imposed by the U.S. Government or other applicable government for failure to comply with these laws could be significant.

#### We may be subject to risks relating to changes in our tax rates or exposure to additional income tax liabilities.
We are subject to income taxes in the jurisdictions in which we operate. Our domestic and international tax liabilities are dependent upon the location of earnings among these different jurisdictions. Our future results of operations could be adversely affected by changes in our effective tax rate as a result of changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets, challenges by tax authorities or changes in, or the interpretation of, tax laws or regulations. In addition, the amount of income taxes we have paid is subject to ongoing audits by U.S. federal, state and local tax authorities and non-U.S. tax authorities. If these audits result in assessments different from amounts reserved, future financial results may include unfavorable adjustments to our tax liabilities, which could have a material adverse effect on our results of operations.

 ***We provide benefits to active and retired employees throughout most of our Company, most of which are not covered by insurance; and thus, our financial condition can be adversely affected if our investment returns are insufficient to meet these obligations.***

We have obligations to provide substantial benefits to active and retired employees, and most of the associated costs we paid are not covered by insurance. In addition, certain employees are covered by defined benefit pension plans, with the majority of our plans covering employees in the United States. Many domestic and international competitors do not provide defined benefit plans and/or retiree health care plans, and other international competitors operate in jurisdictions with government sponsored health care plans that may offer them a cost advantage. A decline in the value of plan investments in the future, an increase in costs or liabilities or unfavorable changes in laws or regulations that govern pension plan funding could materially change the timing and amount of required pension funding. A requirement to accelerate or increase pension contributions in the future could have a material adverse effect on our results of operations, cash flows and financial condition. In the UK, we have no remaining defined benefit obligations as our legacy defined benefit pension plans have been entirely de-risked and fully bought out by insurance companies, with all associated liabilities transferred.

#### Regulations related to conflict minerals could adversely impact our business.
The SEC has promulgated final rules mandated by the Dodd-Frank Act regarding disclosure of the use of tin, tantalum, tungsten and gold, known as conflict minerals, in products manufactured by public companies. These rules require due diligence to determine whether such minerals originated from the Democratic Republic of Congo, or the DRC, or an adjoining country and whether such minerals helped finance the armed conflict in the DRC. There are costs associated with complying with these disclosure requirements going forward, including costs to determine the origin of conflict minerals used in our products. In addition, the implementation of these rules could adversely affect the sourcing, supply and pricing of materials used in our products. Also, we may face disqualification as a supplier for customers and reputational challenges if the due diligence procedures we continue to implement do not enable us to verify the origins for all conflict minerals or to determine that such minerals are DRC conflict-free.

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 ***Our Amended and Restated Articles of Association designate Jersey courts as the exclusive forum for certain types of actions and proceedings and the U.S. federal district courts as the exclusive forum for claims under the U.S. federal securities laws, which could limit shareholders' ability to choose the judicial forum for disputes with the Company or our directors, officers, shareholders or employees.***

The Articles provide that the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action including any action commenced by a member of the Company in its own name or on behalf of the Company, asserting a claim of breach of any fiduciary or other duty owed by any director, officer or other employee of the Company to the Company, (iii) any action asserting a claim arising out of or in connection with any provision of the laws of Jersey or the Articles (in each case, as they may be amended from time to time) or (iv) any action asserting a claim in any way relating to the constitution or conduct of the Company, will be the courts of Jersey (or, if such courts do not have subject matter jurisdiction thereof, the jurisdiction that does have jurisdiction). The Articles also provide that, to the fullest extent permitted by applicable law, federal district courts of the United States of America will be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the United States federal securities laws of the United States of America, including, in each case, the Securities Act and the Exchange Act and the applicable rules and regulations promulgated thereunder.

#### Risks Related to Financial Matters
 ***Our indebtedness may limit our ability to raise additional capital for our expansion plans, and we cannot be sure that additional financing will be available.***

We have historically had high leverage. To satisfy existing obligations and support the development of our business, we depend on our ability to generate cash flow from operations and to borrow funds. We may require additional financing for liquidity, capital requirements or for our strategic growth projects and acquisition opportunities. The agreements governing our existing debt contain restrictive covenants that may limit our ability to obtain such financing while the debt is outstanding. In addition, we may not be able to obtain financing on terms and at interest rates that are favorable to us or at all. Any inability by us to obtain financing in the future could have a material adverse effect on our business, financial position, results of operations and cash flows.

In addition, if we were to undertake a substantial acquisition for cash, the acquisition would likely need to be financed in part through additional financing from banks, through offerings of debt or equity securities or through other arrangements. Such acquisition financing might increase our liabilities or decrease our net income, adjusted EBITDA, net cash flows and adversely affect our leverage. We cannot assure you that the necessary acquisition financing would be available to us on acceptable terms if and when required.

#### A decline in our financial performance or outlook could negatively impact our credit profile, access to capital markets and borrowing costs.
As of March 29, 2026, our total debt was $712 million. A decline in our financial performance or outlook due to internal or external factors, including our ability to generate sufficient cash flow to service our debt, successfully execute on our projects or to optimize our operational performance from our capital investments to increase capacity, could adversely affect our credit ratings and our access to the capital or credit

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markets on terms and conditions that we find acceptable. Credit ratings may be revised or revoked at any time at the sole discretion of the credit rating organizations. A downgrade of our credit ratings could result in negative consequences, including limiting our ability to obtain future financing on favorable terms, if at all, increasing borrowing costs and credit facility fees, triggering collateral postings, and adversely affecting the market price of our securities. For information on our credit ratings, see "Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources." Additionally, geopolitical risks, including the ongoing conflicts in Iran and the Middle East, could impact our access to global capital markets or limit our access at suitable rates. Limitations on our ability to access global capital markets, a reduction in our liquidity or an increase in borrowing costs could materially and adversely affect our ability to maintain or grow our business, which in turn may adversely affect our financial condition, liquidity and results of operations.

 ***Foreign currency exchange rate fluctuations and volatility in global currency markets could have a material adverse effect on our business, financial condition and results of operations.***

While our presentation currency for our consolidated financial statements is the U.S. dollar, a significant part of our revenues is denominated in Euros and GBP. Consequently, fluctuations in foreign currency exchange rates may cause our revenues and expenses to fluctuate and may impact our profitability, cash flows and our results generally. These risks related to exchange rate fluctuations and currency volatility may increase in the future as our operations outside the United States continue to expand. While we use forward foreign currency exchange contracts to hedge known cash flows in currencies other than an entities functional currency, this does not hedge against longer term currency exposure or the translational impact of movements in foreign currency rates. If we expand our hedging strategies in the future, we could be exposed to the risk of non-performance of our hedging counterparties. Additionally, the successful implementation of our hedging strategy in the future may depend on the willingness of hedging counterparties to extend credit. Consequently, our business, financial condition, and results of operations may be materially adversely affected by fluctuations in currency exchange rates.

 ***The concurrent private placement may not be completed on the terms anticipated, or at all, which could adversely affect the trading price of our ordinary shares and our financial condition.***

Concurrently with this offering, we are conducting a private placement of $66 million of our ordinary shares to certain existing shareholders, including certain of our directors, at a price per share equal to the price to the public in this offering, (the "Concurrent Private Placement"). The Concurrent Private Placement is being made in reliance on exemptions from the registration requirements of the Securities Act. The closing of the Concurrent Private Placement is conditioned upon, among other things, the closing of this offering. "Certain Relationships and Related Party Transactions — Transactions with Our Directors in the Concurrent Private Placement."

There can be no assurance that the Concurrent Private Placement will be completed on the terms described herein, at the anticipated price, or at all. The pricing of the Concurrent Private Placement is subject to negotiation and may be affected by, among other factors, market conditions at the time of pricing, investor demand, and the trading price of our ordinary shares following the pricing of this offering. If the Concurrent Private Placement is not completed, or is completed on terms less favorable than anticipated — including at a lower price per share than the price in this offering — we would receive less than the expected gross proceeds from the combined transactions, which could:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • require us to seek alternative sources of financing, which may not be available on acceptable terms or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • limit our ability to execute on our business plan and growth strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • negatively impact investor perception of our company and the market price of our ordinary shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • result in increased dilution to our shareholders.

There can be no assurance that we will receive the total proceeds from this offering and the Concurrent Private Placement described herein. See "Use of Proceeds" for additional information.

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#### Risks Related to this Offering and Ownership of Our Ordinary Shares
 ***We have identified material weaknesses in our internal control over financial reporting that, if not corrected, could result in material misstatements of our financial statements.***

Prior to this offering, we have been a private company with limited accounting personnel and other resources with which to address our internal control over financial reporting. Although we are not yet subject to the certification or attestation requirements of the Sarbanes-Oxley Act, or SOX, in connection with the preparation of our consolidated financial statements included elsewhere in this prospectus, we and our independent registered public accounting firm identified material weaknesses in our internal control over financial reporting as of December 31, 2025. A material weakness is defined as a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our financial statements, if not corrected, will not be prevented or detected on a timely basis.

The following are the material weaknesses we identified as of December 31, 2025: (i) lack of a formal control framework, including sufficiently documented and precise controls over financial reporting and general IT controls; (ii) lack of resource and expertise necessary to apply U.S. GAAP conversions from IFRS, including whether the list of adjustments are complete and accurate; and (iii) lack of sufficient segregation of duties related to the control over review and approval of journal entries posted into financial reporting systems across components.

The control deficiencies described above were considered to be material weaknesses because they could have resulted in a misstatement of our account balances or disclosures that could result in a material misstatement to our annual or interim consolidated financial statements that would not be prevented or detected.

Neither we nor our independent registered public accounting firm have performed an evaluation of our internal control over financial reporting in accordance with Section 404 of SOX. Following this offering, we will be required to disclose, on a quarterly basis, changes made in our internal control over financial reporting. We will also be required, pursuant to Section 404(a) of SOX, to furnish a report by management on, among other things, the effectiveness of our internal control over financial reporting as of the end of the first complete fiscal year after this offering. It is possible that additional material weaknesses and control deficiencies could be identified once such evaluations are completed.

We have taken steps to enhance our internal control environment and plan to take additional steps to remediate the material weaknesses, enhance our U.S. GAAP-experienced personnel and strengthen other identified control points. Specifically:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we have and will continue to implement process changes and additional internal reporting and control procedures, including those designed to ensure appropriateness of revenue recognition at our manufacturing sites;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we have and will continue to strengthen automated controls within our information technology systems so that we may collect the necessary information to enable us to more effectively monitor and comply with applicable requirements on a timely basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we have engaged professional organizations with the required skills in the preparation of financial statements under U.S. GAAP to assist in the monitoring of our process changes and additional internal reporting procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we have made and will make more personnel changes that will include the hiring of additional experienced senior operational and financial roles and we will continue to evaluate the structure of our operational and finance teams and add resources, personnel and training as needed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we have and will continue to improve communication and coordination processes across our business and operations, including among our finance teams and record-keeping procedures and we have expanded cross-functional involvement and input across our teams; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we are in the process of documenting, assessing and testing our internal control over financial reporting as part of our efforts to comply with Section 404 of SOX. We expect that our efforts as a newly public company to comply with Section 404 of SOX will contribute to our overall remediation efforts.

The actions that we have taken and will continue to take are subject to ongoing senior management review as well as our Audit and Risk Committee oversight. Although we plan to complete this remediation process as quickly as possible, our efforts may not be successful in remediating the material weaknesses. In addition, we will incur additional costs in improving our internal control over financial reporting. If we are unable to successfully remediate the material weaknesses or if we identify additional material weaknesses, we may not detect errors on a timely basis. This could harm our operating results, cause us to fail to meet our SEC reporting obligations or stock exchange listing requirements on a timely basis, adversely affect our reputation, cause our share price to decline or result in inaccurate financial reporting or material misstatements in our annual or interim financial statements.

Additionally, our independent registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting pursuant to Section 404(b) of SOX until the later of the year following our first annual report required to be filed with the SEC, or the date we are no longer an "emerging growth company" as defined in the JOBS Act. At such time, our independent registered public accounting firm may issue a report that is adverse in the event it is not satisfied with how our controls are documented, designed or operating.

 ***As a public company, we are subject to complex legal and accounting requirements that will require us to incur significant expenses and will expose us to risk of non-compliance.***

As a public company, we are subject to numerous legal and accounting requirements, that do not apply to private companies. The cost of compliance with many of these requirements is material, not only in absolute terms but, more importantly, in relation to the overall scope of the operations of a small company. Our management team is relatively less experienced in complying with these requirements, and our management resources are limited, which may lead to errors in our accounting and financial statements, and which may adversely affect our results of operations. This inexperience and lack of resources may also increase the cost of compliance and may also increase the risk that we will fail to comply. Failure to comply with these requirements can have numerous adverse consequences including, but not limited to, our inability to file required periodic reports on a timely basis, resulting in loss of market confidence and/or governmental or private actions against us. We cannot assure you that we will be able to comply with all of these requirements or that the cost of such compliance will not prove to be a substantial competitive disadvantage vis-à-vis our privately held and larger public competitors.

 ***Substantial future sales or the perception of future sales of our ordinary shares, by us or our existing shareholders in the public market following the completion of this offering, could cause the market price of our ordinary shares to decline.***

The market price of our ordinary shares could decline as a result of substantial sales of our ordinary shares, particularly sales by our directors, executive officers and significant shareholders, a large number of our ordinary shares becoming available for sale or the perception in the market that holders of a large number of shares intend to sell their shares. Immediately following completion of this offering and the concurrent private placement, we will have 138,470,227 ordinary shares outstanding (assuming 2,200,000 ordinary shares are issued in the concurrent private placement based on the midpoint of the estimated price range set forth on the cover page of this prospectus), based on the number of ordinary shares outstanding as of June 15, 2026 (or 141,970,226 ordinary shares if the underwriters exercise in full their option to purchase additional shares). This includes the ordinary shares sold in this offering, which may be resold in the public market immediately. The remaining ordinary shares are currently restricted securities, but which may be sold into the market in the future. See "Shares Eligible for Future Sale." Substantially all of these shares are also subject to lock-up agreements restricting their sale for 180 days after the date of this prospectus, as more fully described in "Underwriting." Jefferies LLC and Morgan Stanley & Co. LLC may, in their sole discretion, permit our officers, directors, employees and current shareholders who are subject to the 180-day contractual lock-up to sell shares prior to the expiration of the lock-up agreements.

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Upon the expiration of the lock-up agreements described above, all of such ordinary shares subject to the lock-up agreements will be eligible for resale in a public market, subject, in the case of shares held by our affiliates, to volume, manner of sale and other limitations under Rule 144 under the Securities Act. Our diverse set of existing shareholders may not act in a coordinated manner upon the expiration of the lock-up agreements.

Furthermore, in connection with this offering we intend to file a registration statement on Form S-8 under the Securities Act to register all our ordinary shares issuable or reserved for issuance under our equity incentive plan. This amounted to 13,812,500 ordinary shares as of June 15, 2026. Accordingly, ordinary shares registered under such registration statement will be available for sale in the open market, unless such shares are subject to vesting restrictions with us or the lock-up restrictions described below.

 ***The grant of registration rights to our existing shareholders may adversely affect the market price of our ordinary shares and make it more difficult to complete a strategic transaction.***

Pursuant to the Registration Rights Agreement we intend to enter into, certain of our existing shareholders will hold demand, takedown and piggyback registration rights with respect to our ordinary shares. These shareholders and their permitted transferees can demand that we register their ordinary shares in accordance with certain conditions, including with respect to the timing of demand, aggregate sales price of shares being registered, and form of registration statement available. We will bear the cost of registering these securities. The registration and availability of such a significant number of securities for trading in the public market may have an adverse effect on the market price of our ordinary shares. In addition, the existence of the registration rights may make our ability to execute a strategic transaction, such as a merger, more costly or difficult to conclude. See "Principal Shareholders — Registration Rights Agreement."

 ***Certain of our existing shareholders have the right to nominate directors to our board of directors, and their interests may conflict with ours or yours in the future.***

Additionally, pursuant to our Shareholder Director Nominee Agreement, certain of our existing shareholders have the right to nominate directors to our Board. As a result of these nomination rights, such shareholders collectively have the ability to influence the appointment of our management, and the interests of the parties to the Shareholder Director Nominee Agreement with the right to nominate directors may differ from or conflict with your interests. See "Management — Shareholder Director Nominee Agreement."

 ***Our issuance of additional ordinary shares or other equity-related securities in connection with financings, acquisitions, investments, our equity incentive plans or otherwise could dilute each shareholder's ownership interest or adversely affect the market price of our ordinary shares***

We may raise capital through equity financings in the future. As part of our business strategy, we may pursue acquisitions or make investments and issue equity securities to pay for any such acquisition or investment. We expect to issue additional equity securities in the future in connection with one or more of these practices. We also intend to utilize equity-based compensation as a key component of our compensation program. Any additional issuances of ordinary shares would have the effect of diluting our earnings/(loss) per share and our existing shareholders' respective individual ownership percentages and lead to volatility in the market price of our ordinary shares. We cannot predict the effect that future issuances of ordinary shares or other equity-related securities would have on the market price of our ordinary shares.

#### Market volatility may affect our share price and the value of your investment.
Following the completion of this offering, the market price for our ordinary shares is likely to be volatile, in part because our ordinary shares have not been traded publicly previously. The initial public offering price will be determined by negotiations between us and the underwriters. You may not be able to resell your ordinary shares above the initial public offering price and may suffer a loss on your investment. In addition, the market price of our ordinary shares may fluctuate significantly in response to a number of factors, most of which we cannot predict or control, including:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • announcements of new commercial relationships, acquisitions or other events by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • fluctuations in stock market prices and trading volumes of securities of similar companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • general market conditions and overall fluctuations in U.S. equity markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • actual or anticipated fluctuations in our results or those of our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in securities analysts' estimates of our financial performance or failure to meet their expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • sales of large blocks of our ordinary shares, including sales by our executive officers, directors and significant shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • additions or departures of any of our key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • lawsuits threatened or filed against us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changing legal, regulatory or geopolitical developments in the United States and other countries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • other events or factors, including those resulting from war, incidents of terrorism or responses to these events.

In addition, the stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. Stock prices of many companies have fluctuated in a manner unrelated or disproportionate to the operating performance of those companies. In the past, shareholders have instituted securities class action litigation following periods of market volatility. If we were to become involved in securities litigation, it could subject us to substantial costs and divert resources and the attention of management from our business and adversely affect our business, results of operations, financial condition and cash flows.

 ***Our operating results fluctuate from quarter to quarter, making future operating results difficult to predict, and failure to meet market expectations could cause the price of our ordinary shares to decline.***

Our quarterly operating results historically have fluctuated and are likely to continue to fluctuate depending on many factors, including the rate at which we renew our existing contracts, that a significant percentage of our revenue comes from transactions that may have longer lead times, such as our casting process, which may impact the timing of receiving payment from the customer, and we may incur significant expenses in a quarter such as capital expenditures for our facilities. Accordingly, our quarterly results are difficult to predict prior to the end of the quarter and we may be unable to confirm or adjust expectations with respect to our operating results for a quarter until that quarter has closed. Any failure to meet our quarterly revenue or earnings expectations could adversely impact the market price of our ordinary shares.

#### An active trading market for our ordinary shares may never develop or be sustained.
We have been approved to list the ordinary shares on the NYSE under the symbol "DPC." However, we cannot assure you that an active trading market for our ordinary shares will develop on that exchange or elsewhere or, if developed, that any market will be sustained. Accordingly, we cannot assure you of the likelihood that an active trading market for our ordinary shares will develop or be maintained, the liquidity of any trading market, your ability to sell your ordinary shares when desired or the prices that you may obtain for your shares.

 ***Our management will have broad discretion over the use of the proceeds we receive in this offering and the concurrent private placement and might not apply the proceeds in ways with which you may agree with or that increase the value of your investment.***

Our management will have broad discretion over the use of our net proceeds from this offering and the concurrent private placement, and you will be relying on the judgment of our management regarding the

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application of these proceeds. We intend to use the net proceeds from this offering and the concurrent private placement to repay certain outstanding indebtedness and the remainder for general corporate purposes including funding working capital, future growth projects and amounts due under our MIP. We may also use a portion of the net proceeds for potential strategic acquisitions, although we have no commitments with respect to any such potential acquisitions as of the date of this prospectus. As such, our management could spend the proceeds in ways that do not necessarily improve our results of operations or enhance the value of our ordinary shares. For a further description of our intended use of the proceeds of the offering, see "Use of Proceeds."

 ***If securities or industry analysts do not publish or cease publishing research or reports about us, our business or our market, or if they change their recommendations regarding our ordinary shares or our sector adversely, the price of our ordinary shares and trading volume could decline.***

The trading market for our ordinary shares will be influenced by the research and reports that securities or industry analysts may publish about us, our business, our market or our competitors. If any of the analysts who may cover us change their recommendation regarding our ordinary shares or our sector adversely, or provide more favorable relative recommendations about our competitors, the price of our ordinary shares would likely decline. If any analyst who may cover us were to cease coverage of our company or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause the price of our ordinary shares or trading volume to decline.

 ***We are an "emerging growth company," and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our ordinary shares less attractive to investors.***

We are an "emerging growth company," as defined in the JOBS Act, and we have elected to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies." See "Prospectus Summary — Implications of Being an Emerging Growth Company." We cannot predict if investors will find our ordinary shares less attractive because we will rely on these exemptions. If some investors find our ordinary shares less attractive as a result, there may be a less active trading market for our ordinary shares and our share price may be more volatile.

#### Investors in this offering will experience immediate and substantial dilution.
Based on an assumed initial public offering price of $30.00 per ordinary share (which is the midpoint of the price range set forth on the cover of this prospectus), purchasers of our ordinary shares in this offering will experience an immediate and substantial dilution of $28.59 per ordinary share in the net tangible book value per ordinary share from the initial public offering price, and our pro forma as adjusted net tangible book value as of March 29, 2026 would be $1.41 per ordinary share. See "Dilution."

#### We do not intend to pay dividends on our ordinary shares, so any returns will be limited to the value of our ordinary shares.
We have never declared or paid cash dividends on our ordinary shares. We currently anticipate that we will retain any future earnings and do not expect to pay any dividends in the foreseeable future. Any determination to pay dividends in the future will be at the discretion of our board of directors and will be dependent on a number of factors, including our financial condition, results of operations, capital requirements, general business conditions and other factors that our board of directors may deem relevant. Until such time that we pay a dividend, investors must rely on sales of their ordinary shares after price appreciation, which may never occur, as the only way to realize any future gains on their investments.

#### Risks Related to Our Being a Jersey Company
 ***As a UK-resident parent company, the Company is subject to the UK tax regime, including UK anti-avoidance rules, which may adversely affect the Company and its shareholders.***

While the Company was incorporated in Jersey, the Company is currently, and is expected to remain, tax resident in the United Kingdom for UK tax purposes by reason of its central management and control being exercised in the UK. As a result, the Company is subject to UK corporation tax on its worldwide profits

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and gains and to the full range of UK tax rules and anti-avoidance provisions applicable to UK tax resident companies, including rules relating to controlled foreign companies, transfer pricing, interest deductibility, hybrid mismatches and other measures designed to counter base erosion and profit shifting.

The determination of a company's tax residence, and the application of many aspects of the UK tax regime, are highly fact specific and involve the exercise of judgment. Although the Company intends to manage and operate its business in a manner designed to comply with applicable UK tax laws and to mitigate unintended tax exposure or leakage, there can be no assurance that HMRC will not challenge the Company's tax residence position, the availability of reliefs or exemptions, or the application of any relevant anti-avoidance rules. In addition, changes in UK tax law, judicial interpretation, administrative practice or international tax standards could adversely affect the Company or its shareholders, potentially with retrospective effect.

#### Changes to tax laws could adversely affect us.
We are subject to tax laws in multiple tax jurisdictions and judgment is required in determining our global provision for income taxes. While we believe our tax positions are consistent with the tax laws in the jurisdictions in which we conduct business, it is possible that these positions may be overturned by tax authorities, which may have a significant impact on our global provision for income taxes. Furthermore, changes in tax laws or regulations may be proposed or enacted that could significantly affect our overall tax expense.

In October 2015, the Organisation for Economic Co-operation and Development, or the OECD, published its final recommendations on base erosion and profit shifting, or BEPS. These BEPS recommendations propose measures to coordinate multilateral action on international tax rules. Several of the areas of tax law on which the BEPS project has focused have led or will lead to changes in the domestic law of individual OECD jurisdictions. The implementation of recommendations arising from the action points comprising BEPS has resulted in significant changes to local tax legislation and international double tax treaties over recent years. For example, BEPS has resulted in jurisdictions implementing laws which (among other things): (i) limit deductibility of interest payments; (ii) expand the scope of permanent establishment (thereby extending the scope of jurisdictions' taxing rights); (iii) counteract hybrid mismatch arrangements; and (iv) strengthen 'Controlled Foreign Company' rules. Legislation introduced in relation to hybrid mismatches came into effect on January 1, 2017, and legislation to restrict tax deductions for interest expenses of large groups was brought into effect from April 1, 2017.

In addition, the OECD is continuing to work on a two-pillar initiative, or BEPS 2.0, which is aimed at (i) shifting taxing rights to the jurisdiction of the consumer, also referred to as Pillar One; and (ii) ensuring a global level of minimum taxation for multinational enterprises, or MNEs, with consolidated revenue of at least €750,000,000, also referred to as Pillar Two. If the €750,000,000 threshold is exceeded in the accounting periods ended 31 December 2025 and 31 December 2026, then the Pillar Two rules should apply to the Group from 1 January 2027. Pillar Two broadly consists of two interlocking domestic rules (together the Global Anti-Base Erosion Rules, or the GloBE Rules: (i) an Income Inclusion Rule, or IIR, which imposes top-up tax on a parent entity with respect to the low-taxed income of a constituent entity; and (ii) an Undertaxed Profits Rule, or UTPR, which denies deductions or requires an equivalent adjustment to the extent the low-taxed income of a constituent entity is not subject to tax under an IIR. In addition to the IIR and UTPR, the GloBE Rules also provide for a Qualified Domestic Minimum Top-up Tax, or QDMTT, which operates to increase domestic tax liability with respect to the low-taxed constituent entity. A jurisdiction that incorporates the QDMTT becomes the first in line to levy any top-up tax from constituent entities located in its jurisdiction. There is also a treaty-based Subject To Tax Rule that allows source jurisdictions to impose limited source taxation on certain related party payments subject to tax below a minimum rate. The UK has enacted legislation to implement the IRR, UTPR and a Domestic Minimum Top-Up Tax, or DMTT. We continue to monitor any additional guidance released by the OECD, along with the pending and adopted legislation in the jurisdictions in which we operate. Changes related to Pillar Two may increase our liability to taxes in those countries.

The timing, scope, and implementation of the Pillar Two provisions into the domestic law of relevant countries continues to evolve. On 5 January 2026, the G20/ OECD Inclusive Framework published details of a 'side-by-side package' in relation to the Pillar Two global minimum tax rules. The document includes

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agreed administrative guidance on a permanent simplified effective tax rate (ETR) safe harbor and a side-by-side system applicable to US-headed multi-national groups. Depending on how the model GloBE Rules are implemented or clarified by additional commentary or guidance in the future, they may result in material additional tax being payable by our business and the businesses of the companies in which we invest. The ultimate implementation of the BEPS project may also increase the complexity and the burden and costs of compliance and advice relating to our ability to efficiently fund, hold and realize investments, and could necessitate or increase the probability of some restructuring of our group or business operations. The implementation of the BEPS project may also lead to additional complexity in evaluating the tax implications of ongoing investments and restructuring transactions within our business. If U.S. or other foreign tax authorities change applicable tax laws, our overall taxes could increase, and our results of operations, business, financial condition, or prospects may be adversely affected.

 ***It may be difficult to enforce a U.S. judgment against us or our directors and officers outside the United States, or to assert U.S. securities law claims outside of the United States.***

Several of our directors and executive officers are not residents of the United States, and the majority of our assets and the assets of these persons are located outside the United States. As a result, it may be difficult for investors to effect service of process upon us within the United States or other jurisdictions, including judgments predicated upon the civil liability provisions of the federal securities laws of the United States. See "Enforcement of Civil Liabilities." Additionally, it may be difficult for you to assert U.S. securities law claims in actions originally instituted outside of the U.S. Foreign courts may refuse to hear a U.S. securities law claim because foreign courts may not be the most appropriate forums to bring such a claim. Even if a foreign court agrees to hear a claim, it may determine that the law of the jurisdiction in which the foreign court resides, and not U.S. law, is applicable to the claim. Further, if U.S. law is found to be applicable, the content of applicable U.S. law must be proved as a fact, which can be a time-consuming and costly process and certain matters of procedure would still be governed by the law of the jurisdiction in which the foreign court resides.

In particular, investors should be aware of the uncertainty as to whether the courts of Jersey would recognize and enforce judgments of U.S. courts obtained against us or our directors or management predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or entertain original actions brought in courts of Jersey against us or our directors or officers predicated upon the securities laws of the United States or any states in the United States. As a result of the difficulty associated with enforcing a judgment against us, you may not be able to collect any damages awarded by either a U.S. or foreign court.

#### The rights of our shareholders may differ from the rights typically offered to shareholders of a U.S. corporation.
We are incorporated under Jersey law. The rights of holders of ordinary shares is governed by Jersey law, including the provisions of the Jersey Companies Law, and by our memorandum and articles of association. These rights differ in certain respects from the rights of shareholders in typical U.S. corporations. See "Description of Share Capital — Comparison of Delaware Corporate Law and Jersey Corporate Law" in this prospectus for a description of the principal differences between the provisions of the Jersey Companies Law applicable to us and the Delaware General Corporation Law relating to shareholders' rights and protections. Further, there can be no assurance that the laws of Jersey will not change in the future or that they will serve to protect investors in a similar fashion afforded under corporate law principles in the United States, which could adversely affect the rights of investors.

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#### Special Note Regarding Forward-Looking Statements
This prospectus contains forward-looking statements. Many statements included in this prospectus that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. These risks and other factors include, but are not limited to, those listed under "Risk Factors." In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "objective," "ongoing," "plan," "predict," "project," "potential," "should," "will," "would," or the negative of these terms or other comparable terminology. In particular, statements about the markets in which we operate, including growth of our various markets, statements about potential new products and product innovation and our expectations, beliefs, plans, strategies, objectives, prospects, assumptions, or future events or performance contained in this prospectus under the headings "Prospectus Summary," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Business" are forward-looking statements. Forward-looking statements include, but are not limited to, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our market opportunity and the potential growth of that market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our strategy, outcomes, and growth prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • trends in our industry and end markets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the competitive environment in which we operate.

Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our failure to manage our growth effectively and our ability to achieve and maintain profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to grow revenue and expand our market share across the Aerospace, IGT, and Transportation end markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to convert our firm order backlog into revenue at anticipated build rates, and the risk that customer program delays, design changes, or cancellations could result in orders not being converted at the times or volumes we currently expect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to deliver incremental annual revenue in excess of $200 million from our signed strategic customer partnerships when operating at full run rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to expand and deepen our strategic customer partnerships with leading Aerospace and IGT OEMs, including the ability to secure additional partnerships beyond those already signed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to renew, renegotiate, and maintain our long-term agreements with key customers on commercially acceptable terms as such agreements approach expiration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to expand our capacity and bring new manufacturing capabilities online on time and on budget, including through capital investments funded in part by our OEM customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to achieve and sustain margin expansion through operating leverage, value-based pricing, and operational efficiency initiatives, and to approach the margins of our larger industry peers over time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our expectation that volume growth will generate operating leverage and that incremental revenue will convert to earnings at margin-accretive rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to grow aftermarket revenue in both our Aerospace and IGT end markets as the installed base of engines and turbines we serve expands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to obtain, maintain, protect and enforce our intellectual property and similar proprietary rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to prevent system failures, cyberattacks, and security breaches that may threaten the integrity of our intellectual property, networks, products and other sensitive information, disrupt our business operations, and result in reputational harm and other negative consequences;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our expectation that our Turbo Wheels business will continue to serve as a significant source of cash generation to fund investment across our Aerospace and IGT platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to generate sufficient cash flow to fund continued organic investment and to pursue disciplined acquisitions that accelerate our strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to identify, consummate, and successfully integrate potential acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our expectations regarding the growth of the Aerospace and IGT end markets and the demand super cycles we believe are driving those markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our expectations regarding OEM production rates, aircraft delivery volumes, and electricity demand growth and their effect on demand for our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to attract, develop, and retain key management, engineering, and skilled manufacturing personnel necessary to execute our growth strategy and capacity expansion program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to service and manage our indebtedness and maintain adequate liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our expectations regarding the factors that will continue to affect our results of operations, including macroeconomic conditions, foreign currency fluctuations, inflationary pressures, supply chain disruptions, and movements in interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our expectations regarding the use of the net proceeds from this offering and the concurrent private placement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our intention not to pay cash dividends on our ordinary shares for the foreseeable future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our estimated total addressable market across the Aerospace, IGT, and Transportation end markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our inability to manage indebtedness, access additional financing sources, or maintain liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to manage the transition to being a publicly traded company, including the implementation of public company reporting, compliance and governance requirements, while simultaneously executing our strategic growth and capacity expansion program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the other factors set forth under "Risk Factors."

We caution you that the foregoing list may not contain all of the forward-looking statements made in this prospectus. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this prospectus may not occur.

The forward-looking statements made in this prospectus relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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#### Use of Proceeds
We estimate that the net proceeds from the sale of our ordinary shares and concurrent private placement will be approximately $710 million, based on the assumed initial public offering price of $30.00 per share, which is the midpoint of the estimated offering price range set forth on the cover of this prospectus, after deducting underwriting discounts and commissions and estimated offering expenses payable by us. If the underwriters' option to purchase additional shares from us is exercised in full, we estimate that we will receive additional net proceeds of approximately $99 million after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

Each $1.00 increase (decrease) in the assumed initial public offering price per share would increase (decrease) the estimated net proceeds to us by approximately $22 million (or approximately $25 million if the underwriters exercise in full their option to purchase additional ordinary shares), assuming that the number of ordinary shares sold by us, as set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each increase (decrease) of 1,000,000 shares in the number of ordinary shares offered by us would increase (decrease) the net proceeds to us from this offering by approximately $28 million, assuming that the assumed initial public offering price remains the same, and after deducting the underwriting discounts and commissions and estimated offering expenses payable by us.

The principal purpose of this offering and the concurrent private placement is to maintain a strong path towards growth by allowing us to obtain additional capital, increase our financial flexibility and visibility in the marketplace, create a public market for our ordinary shares and facilitate our future access to the public equity markets. We intend to use the net proceeds from this offering and the concurrent private placement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • $161 million under our Term Loan, which matures on April 23, 2030, and bears an effective interest rate of 10.8% as of December 31, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • $50 million under our ABL, which matures on July 20, 2027, and bears effective interest rates ranging from of 5.3 – 7.3%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • $154 million under our Shareholder PIK Loan, which matures on March 5, 2028, and bears an interest rate of 0.5% per annum for the fixed cash margin plus a payment-in-kind (capitalized) margin of 13.5%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • $255 million, based on the assumed initial public offering price at the midpoint of the estimated offering price range set forth on the cover of this prospectus, under our management incentive plan (see "Executive Compensation — Narrative Disclosure to Summary Compensation Table — Termination and Change in Control Provisions — Management Incentive Plan").

We may use a portion of the remainder of net proceeds from this offering and the concurrent private placement to fund acquisitions of, or investments in, complementary businesses, products, or services. We believe that strategic acquisitions could accelerate our growth strategy by expanding our product portfolio, increasing our geographic reach, and adding technical capabilities. However, we have no commitments with respect to any such potential acquisitions as at the date of the prospectus, and cannot make assurances that we will be able to execute on suitable acquisition candidates on terms acceptable to us, or at all. The actual amount we spend on any acquisitions will depend on a number of factors, including the availability and attractiveness of suitable targets, the competitive environment for acquisitions, our financial condition at the time, and the market price of our ordinary shares. To the extent we use proceeds for acquisitions, we may use cash, shares, debt, or a combination thereof as consideration. Any acquisition could require us to use a significant portion of our remaining net proceeds, and we may need to raise additional capital in the future to fund further acquisitions. We may also choose to forego or defer acquisitions and instead apply such amounts to working capital, future growth projects or other general corporate purposes.

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We will have broad discretion over the uses of the net proceeds in this offering and the concurrent private placement, and, as of the date of this prospectus, we have not allocated the net proceeds to particular uses. Until we use the proceeds we receive from this offering and the concurrent private placement for the above-mentioned purposes, we intend to invest the net proceeds in short-term, investment-grade interest-bearing securities such as money market funds, certificates of deposit, commercial paper and obligations of the U.S. government and government agencies.

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#### Dividend Policy
We do not currently pay cash dividends on our ordinary shares. We currently intend to retain any future earnings and do not expect to pay any cash dividends on our ordinary shares for the foreseeable future. Any determination to pay dividends in the future will be at the discretion of our board of directors and will be dependent on a number of factors, including our earnings, capital requirements and overall financial conditions.

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#### Capitalization
The following table sets forth our cash and cash equivalents and restricted cash deposit, and capitalization as of March 29, 2026 on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an actual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • on an as adjusted basis to give effect to (i) the sale of our ordinary shares offered by us in this offering at an assumed initial public offering price of $30.00 per share, which is the midpoint of the estimated initial public offering price range reflected on the cover page of this prospectus, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us, (ii) the concurrent private placement, and (iii) our use of proceeds as described in "Use of Proceeds".

The information below is illustrative only, and our capitalization following the closing of this offering and the concurrent private placement will be adjusted based on the actual initial public offering price and other terms of the offering determined at the pricing of this offering. You should read this table in conjunction with the sections entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes included elsewhere in this prospectus.

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| | | |
|:---|:---|:---|
| | **As of March 29, 2026**  | **As of March 29, 2026**  |
| | **Actual**  | **As adjusted<sup>(1)</sup>**  |
|  | **(in millions) <br> (Unaudited)**  | **(in millions) <br> (Unaudited)**  |
| Cash and cash equivalents and restricted cash deposit  | 33 | 124 |
| Borrowings  | 712 | 364 |
| *Equity*  |  |  |
| Share capital  |  | 714 |
| Accumulated deficit<sup>(2)</sup>  | (983) | (1079) |
| Additional paid-in capital  | 774 | 774 |
| Accumulated other comprehensive income  | (28) | (28) |
| Total shareholders' deficit  | (237) | 381 |
| **Total capitalization**  | **475** | **745** |

---

(1) As adjusted cash and cash equivalents and restricted cash deposits are reflected net of offering expenses of approximately $5 million paid as of March 29, 2026.

(2) The increase in accumulated deficit in relation to the payment of the Management Incentive Plan is $96 million, which represents the difference between the expected amount to be paid and the liability recognized on the balance sheet as at March 29, 2026.

A $1.00 increase (decrease) in the assumed initial public offering price of $30.00 per share, would increase (decrease) the as adjusted amount of each of cash and cash equivalents and restricted cash deposit, additional paid-in capital, total shareholders' deficit and total capitalization by approximately $22 million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each increase (decrease) of 1,000,000 shares in the number of shares offered by us would increase (decrease) the as adjusted amount of each of cash and cash equivalents and restricted cash deposit, additional paid-in capital, total shareholders' deficit and total capitalization by approximately $28 million, assuming that the initial public offering price of $30.00 per share remains the same and after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

If the underwriters' option to purchase additional 3,499,999 ordinary shares from us were exercised in full, as adjusted cash and cash equivalents and restricted cash deposit, share capital, accumulated deficit, additional paid-in capital, total shareholders' deficit and total capitalization as of March 29, 2026 would be $222 million, $819 million, $(1,085) million, $744 million, $480 million and $844 million, respectively.

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#### Dilution
If you invest in our ordinary shares in this offering, your ownership interest will be diluted to the extent of the difference between the initial public offering price per share of our ordinary shares and the pro forma as adjusted net tangible book value per share of our ordinary shares immediately after this offering and concurrent private placement. Our historical net tangible book value (deficit) as of March 29, 2026, was $(408) million, or $(3.61) per ordinary share, after the Reverse Share Split. We calculate historical net tangible book value (deficit) by taking total assets, less goodwill and other intangible assets, and subtracting the amount of our total liabilities. We calculate historical net tangible book value (deficit) per share by taking our historical net tangible book value (deficit) and dividing that amount by the total number of ordinary shares outstanding as of March 29, 2026. Net tangible book value per share represents the amount of our total tangible assets less our total liabilities, divided by the number of ordinary shares outstanding as of March 29, 2026. Additionally, the dilution information set forth below gives effect to the 4-to-1 Reverse Share Split, and all historical share and per share information has been adjusted retroactively to reflect the Reverse Share Split for all periods presented.

After giving effect to the sale by us of our ordinary shares at an assumed initial public offering price of $30.00 per share, which is the midpoint of the estimated offering price range reflected on the cover page of this prospectus and the concurrent private placement, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us, our net tangible book value as of March 29, 2026 would have been $195 million, or $1.41 per share. Pro forma as adjusted net tangible book value as of March 29, 2026 is calculated net of offering expenses of approximately $5 million paid as of March 29, 2026. This amount represents an immediate increase in pro forma net tangible book value of $5.02 per share to our existing shareholders and an immediate dilution in pro forma net tangible book value of $28.59 per share to new investors purchasing our ordinary shares in this offering at the assumed initial public offering price. The following table illustrates this dilution:

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| | | |
|:---|:---|:---|
| Assumed initial public offering price per share  |  | $30.00 |
| &nbsp;&nbsp;&nbsp; Historical net tangible book value (deficit) per share as of March 29, <br> 2026  | $(3.61) |  |
| &nbsp;&nbsp;&nbsp; Increase in pro forma net tangible book value per share attributable to new investors  | $5.02 |  |
| Pro forma as adjusted net tangible book value per share after this offering  |  | $1.41 |
| Dilution per share to new investors in this offering  |  | $28.59 |

---

Each $1.00 increase (decrease) in the assumed initial public offering price of $30.00 per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, would increase (decrease) our pro forma as adjusted net tangible book value per share after this offering by $0.10, and would increase (decrease) dilution per share to new investors in this offering by $0.90, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each increase (decrease) of 1,000,000 shares in the number of shares offered by us would increase (decrease) our pro forma as adjusted net tangible book value by approximately $0.20 per share and (decrease) increase the dilution to new investors by $0.20 per share, assuming the assumed initial public offering price remains the same, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

If the underwriters' option to purchase additional 3,499,999 ordinary shares from us is exercised in full, the pro forma as adjusted net tangible book value per share of our ordinary shares, as adjusted to give effect to this offering, would be $2.12 per share, and the dilution in pro forma net tangible book value per share to new investors in this offering would be $27.88 per share.

The following table summarizes, on a pro forma basis, as of March 29, 2026 the differences between the number of shares purchased from us, the total consideration paid to us in cash and the average price per share that existing shareholders paid, on the one hand, and new investors are paying in this offering, on the other hand. The calculation below is based on an assumed initial public offering price of $30.00 per

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ordinary share (the midpoint of the price range set forth on the cover page of this prospectus) before deducting underwriting discounts and commissions and estimated offering expenses payable by us:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Shares purchased**  | **Shares purchased**  | **Total consideration**  | **Total consideration**  | **Average Price <br>per share<br>(in USD)** |
| | **Number**  | **Percent**  | **Amount <br> (in millions)**  | **Percent**  | **Average Price <br>per share<br>(in USD)** |
| Existing shareholders  | 112936894 | 81.6% | 774 | 50.3% | 6.85 |
| *New investors*  |  |  |  |  |  |
| Base raise  | 23333333 | 16.9% | 700 | 45.5% | 30.00 |
| Private placement  | 2200000 | 1.6% | 66 | 4.3% | 30.00 |
| New investors  | 25533333 | 18.4% | 766 | 49.7% | 30.00 |
| &nbsp;&nbsp;&nbsp; **Total**  | **138470227** | **100.0%** | **1540** | **100.0%** | 11.12 |

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Each $1.00 increase (decrease) in the assumed initial public offering price of $30.00 per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, would increase (decrease) the total consideration paid by new investors and total consideration paid by all shareholders by approximately $23 million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each increase (decrease) of 1,000,000 shares in the number of shares offered by us would increase (decrease) the total consideration paid by new investors and total consideration paid by all shareholders by approximately $30 million, assuming that the initial public offering price of $30.00 per share remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

Except as otherwise indicated, the above discussion and tables assume no exercise of the underwriters' option to purchase additional ordinary shares from us. If the underwriters' option to purchase additional our ordinary shares were exercised in full, our existing shareholders would own 79.5% and our new investors would own 20.5% of the total number of our ordinary shares outstanding upon completion of this offering and the concurrent private placement.

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#### Management's Discussion and Analysis of Financial Condition and Results of Operations
 *The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our "Selected Consolidated Financial and Other Data" and our consolidated financial statements and related notes included elsewhere in this prospectus. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from the forward-looking statements below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the sections entitled "Risk Factors" and "Special Note Regarding Forward-Looking Statements" and elsewhere in this prospectus.* 

#### Overview
We are a leading independent manufacturer of complex, highly engineered precision cast components and nickel- and cobalt-based superalloys serving the high growth Aerospace and IGT end markets, both of which are experiencing demand super cycles. Our products are manufactured to precise dimensional accuracy. We believe we are one of a limited number of companies worldwide with the cutting-edge engineering, chemistry and metallurgy expertise, along with the large-scale specialized casting equipment required to manufacture these mission-critical parts under strict environmental controls for the most demanding applications within our end markets.

Our operations consist of three reportable segments, Engine Products — North America, Engine Products — Europe and Turbo Wheels, and we maintain 14 principal facilities. See "— Segment Information." For the year ended December 31, 2025, our revenue was $837 million, net loss was $173 million, adjusted EBITDA was $138 million (with an adjusted EBITDA margin of 16.5%) and capital expenditures were $31 million. For the year ended December 31, 2025 the Aerospace and IGT end markets represented 35% and 42% of our revenue, respectively, and 70% of our revenue was generated through LTAs. For the three months ended March 29, 2026 our revenue was $237 million, net loss was $47 million, adjusted EBITDA was $40 million (with an adjusted EBITDA margin of 16.9%) and capital expenditures were $10 million. For the three months ended March 29, 2026, the Aerospace and IGT end markets represented 39% and 40% of our revenue, respectively. For a discussion of the use of adjusted EBITDA and adjusted EBITDA margin, and a reconciliation to the most directly comparable U.S. GAAP measures, see "— Non-GAAP Financial Measures."

In 2025, an estimated 40% of our casting revenue was generated from the aftermarket, weighted more to the IGT end market given our leading positions supplying turbine airfoils (blades and vanes) which are routinely replaced over the lifecycle of a gas turbine. Growth in both IGT and Aerospace comes from the high level of demand in both industries from OEM customers which is growing significantly. The supply chain is capacity constrained and we are adding capacity to meet the growing demand, as evidenced by our strategic customer partnerships. We have driven strong margin improvement in recent years through operating leverage on higher volumes, improved operational execution, and improved pricing supported by the capacity-constrained nature of the global supply chain. Our capital expenditures represent sustained investment in capacity expansion, equipment upgrades, and productivity initiatives across our manufacturing footprint. These investments are closely aligned with strategic customer partnerships and are a core component of our operating model.

#### Factors Affecting Our Results of Operations
Our results of operations have been affected in the past and we believe will continue to be affected in the future by the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Operational execution**. We operate in two capacity-constrained end markets, Aerospace and IGT, with demand for investment castings in both end markets outstripping available supply. Our output is dependent on our ability to maximize production with the resources, including equipment, facilities and people, available to us. This includes our ability to bring new capacity online through the capital investments that we are undertaking and doing so on time and on budget. The capital investments will also require additional employees who will need to be recruited, trained and embedded into our business in order to achieve our planned increases in capacity and output. We also manufacture a mix

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of different parts for different end markets, customers and end platforms which have different commercial terms attached to them. See "Risk Factors — Risks Related to Our Business and Industry — Any significant delay or inability to successfully expand our operations and failure to manage growth effectively could materially adversely affect our business, financial condition and results of operations" and "Risk Factors — Risks Related to Our Business and Industry — Our manufacturing processes are complex and dependent upon critical, high-cost equipment with limited or no production alternatives, and if we experience any material disruption or manufacturing difficulties or fail to manage the increasing technological complexity of our operations, our business could be adversely affected."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Performance of the Aerospace, IGT and Transportation end markets**. We derive a significant portion of our revenues from customers in the Aerospace, IGT and Transportation end markets. While the parts we sell into these end markets are currently in high demand with this demand increasing, a downturn in any of these end markets would impact on the results of our operations. See "Risk Factors — Risks Related to Our Business and Industry — The markets in which we operate can be cyclical, and downturns in them may adversely affect the results of our business, financial performance and results of operations." Sales to the Aerospace end market accounted for 35% and 36% of our revenue in 2025 and 2024, respectively, and sales to the IGT end market accounted for 42% and 37% of our revenue in 2025 and 2024, respectively, while sales to the Transportation end market accounted for 23% and 27% of our revenue in 2025 and 2024, respectively. Sales to the Aerospace end market accounted for 39% of our revenue for the three months ended March 29, 2026, and sales to the IGT end market accounted for 40% of our revenue for the three months ended March 29, 2026, while sales to the Transportation end market accounted for 21% of our revenue for the three months ended March 29, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Industry and customer concentration**. The nature of the two key end markets that we operate in is one of high barriers to entry with only a limited number of blue-chip OEMs that have the scale and capability to produce the end products. As a result, there is a degree of customer concentration and our results of operations may be affected should there be a significant change in demand for our customers' products. See "Risk Factors — Risks Related to Our Business and Industry — Due to the concentration of OEM and Tier 1 suppliers in our end markets, a significant portion of our revenue is concentrated among a relatively small number of customers and end markets, and a significant decline in business with our major customers could materially impact our business, financial performance and results of operations."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Economic and geopolitical environment**. We currently have global operations in the United States, UK, Europe, Mexico, China and India. Our results of operations are affected by economic and geopolitical instability factors which include the availability and price of raw materials, foreign exchange rates, availability and costs of energy, tariffs, sanctions, interest rates and other trade restrictions. Our manufacturing processes use third parties for certain sub-processes, and we purchase materials from a global supplier network. See "Risk Factors — Risks Related to Our Business and Industry — We derive a substantial majority of our revenue from our global operations, which expose us to risks, such as geopolitical risks, that could adversely affect our business, financial condition or results of operations."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Public company costs.** We have incurred, and expect to continue to incur, certain non-recurring professional fees and other expenses as part of our initial public offering and our transition to becoming a public company. In addition we are implementing and will continue to implement additional procedures and processes for the purpose of addressing the standards and requirements applicable to public companies. In particular, we expect our accounting, legal and personnel-related expenses and directors' and officers' insurance costs to increase as we establish more comprehensive compliance and governance functions, grow the size of our board, establish, maintain and review internal controls over financial reporting in accordance with the Sarbanes-Oxley Act and prepare and distribute periodic reports in accordance with SEC rules. Our financial statements for the year ended December 31, 2025 and for the three months ended March 29, 2026 reflect the impact of these expenses, as will the financial statements following this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Acquisitions and Divestments.** We may contemplate the acquisition of businesses and other investments that would accelerate our strategy. See "Risk Factors — Risks Related to Our Business

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and Our Industry — We have in the past consummated acquisitions and intend to continue to pursue acquisitions. Our business may be adversely affected if we cannot consummate acquisitions on satisfactory terms, or if we cannot effectively integrate acquired operations." We may also seek to make divestments of businesses that we consider non-core or that could perform better under different ownership. As an example, in 2024, we committed to a plan to sell our Ivostud business which is currently classified as a business held for sale and we expect to divest Ivostud within the next 12 months from the date hereof. For further detail, see Note 19 to our audited consolidated financial statements included elsewhere in this prospectus.

#### Results of Operations

#### Three months ended March 29, 2026 compared with three months ended March 30, 2025
The following table summarizes our results of operations for the three months ended March 29, 2026 and March 30, 2025. This information should be read together with our consolidated financial statements and related notes included elsewhere in this prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended**  | **Three months ended**  | **Change**  | **Change**  |
| | **March 29, 2026**  | **March 30, 2025**  | $**%**  | **%**  |
|  | **(in millions, except percentages)**  | **(in millions, except percentages)**  | **(in millions, except percentages)**  | **(in millions, except percentages)**  |
| Revenue  | $237 | $188 |  | 26% |
| Cost of sales  | (180) | (146) |  | 23% |
| **Gross profit**  | **57** | **42** |  | 36% |
| Selling, general and administrative expenses  | (45) | (42) |  | 7% |
| Interest expense  | (53) | (52) |  | 2% |
| Interest income  | 0 | 0 |  | n/m |
| Foreign currency gain/(loss), net  | (2) | 8 |  | (125)% |
| **Loss before income tax**  | (43) | (44) |  | (2)% |
| Income tax expense  | (4) | (9) |  | (56)% |
| **Net Loss**  | $**(47)** | $**(53)** |  | (11)% |

---

n/m = not meaningful

#### Revenue
 *Sources of Revenue* 

We generate revenue from a diverse number of end markets and geographical areas. The principal geographical areas are the United States, UK, Rest of Europe and the Rest of the World. We produce Engine Products for the Aerospace and IGT end markets, which include turbine airfoils and structural castings, as well as turbocharger wheels for the Transportation end market. We are vertically integrated with the production of advanced superalloy materials, which are used as the raw material for our investment castings and also sold externally to other casting manufacturers operating principally in the Aerospace and IGT end markets.

We generated revenue of $237 million for the three months ended March 29, 2026, compared to revenue of $188 million for the three months ended March 30, 2025, representing an increase of $49 million or 26%.

The following table sets forth the end market breakdown of revenue for the three months ended March 29, 2026 and March 30, 2025:

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---

| | | |
|:---|:---|:---|
| **End Market**  | **Three months ended <br> March 29, 2026**  | **Three months ended <br> March 30, 2025**  |
|  | **(in millions)**  | **(in millions)**  |
| Aerospace  | $93 | $65 |
| IGT  | 94 | 73 |
| Transportation  | 50 | 50 |
| **Total Net Sales**  | $**237** | $**188** |

---

The principal drivers behind this increase in revenue consisted of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Total net sales for Aerospace for the three months ended March 29, 2026 increased $28 million, or 43%, to $93 million compared to $65 million for the three months ended March 30, 2025. The increase in total net sales for Aerospace for the three months ended March 29, 2026 is primarily attributable to new equipment installation and ramp up, which has increased capacity and allowed us to increase our production volumes to better meet the high levels of customer demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Total net sales for IGT for the three months ended March 29, 2026 increased $21 million, or 29%, to $94 million compared to $73 million for the three months ended March 30, 2025. The increase in total net sales for IGT for the three months ended March 29, 2026 is primarily attributable to an increase in capacity which has driven greater output and therefore volume increases to meet the continued high levels of customer demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Total net sales for Transportation for the three months ended March 29, 2026 were $50 million, flat compared to $50 million for the three months ended March 30, 2025, reflecting a relatively stable end market.

#### Cost of sales
Cost of sales primarily consists of direct costs required to manufacture our products and provide our services. These costs include the cost of metal, direct labor, energy and utility costs, other materials and overhead costs directly related to our product and services. Overhead costs include depreciation of property, plant and equipment, sub-contract costs, freight costs and repairs and maintenance. The costs of metal, direct labor and energy account for the largest portion of our cost of sales.

Cost of sales for the three months ended March 29, 2026 increased by $34 million, or 23%, to $180 million compared to $146 million for the three months ended March 30, 2025. The increase in cost of sales for the three months ended March 29, 2026 is primarily attributable to increases in volume of parts sold into the Aerospace and IGT end markets and output, across both our IGT and Aerospace end markets.

#### Gross profit
Gross profit for the three months ended March 29, 2026 increased $15 million, or 36%, to $57 million compared to $42 million for the three months ended March 30, 2025. The increase in cost of sales for the three months ended March 29, 2026 of 23% was outpaced by our increase in net sales of 26%, leading to an increase in the gross profit percentage to 24.1% for the three months ended March 29, 2026 from 22.3% for the three months ended March 30, 2025.

#### Selling, general and administrative expenses
Selling, general and administrative, or SG&A, expense primarily consists of expenses related to the employment costs of the Company's management and other non-production individuals at the manufacturing facilities, along with the general costs of support functions such as finance, accounting, legal, information technology and human resources.

Selling, general and administrative expenses for the three months ended March 29, 2026 increased $3 million to $45 million compared to $42 million for the three months ended March 30, 2025, representing an increase of 7%. The increase in selling, general and administrative expenses for the three months ended March 29, 2026 is primarily attributable to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • one-time costs necessary to prepare for this offering, including audit and IPO readiness costs, of $8 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • increased recurring operational costs as the business prepares to operate as a public company post IPO; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • general inflationary increases; offset by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a reduction in the non-cash charge in relation to the management incentive plan of $8 million.

#### Interest expense
Interest expense for the three months ended March 29, 2026 increased $1 million, or 2%, to $53 million compared to $52 million for the three months ended March 30, 2025. The increase in interest expense for the three months ended March 29, 2026 is primarily attributable to the increased balance on the Shareholder PIK Loan as a result of the non-cash interest element which is capitalized to the loan amount.

#### Foreign currency gain/(loss), net
We recorded a foreign currency loss, net of $2 million for the three months ended March 29, 2026, as compared to a foreign currency gain, net of $8 million for the three months ended March 30, 2025. Foreign currency gains and losses are recognized in respect of our external and intra-Group financing structure. The loss for the three months ended March 29, 2026, related to the movement in the foreign exchange rate between USD and GBP.

#### Income tax expense
We recorded an income tax expense of $4 million for the three months ended March 29, 2026, compared to an income tax expense of $9 million for the three months ended March 30, 2025. The reduction in the tax expense in the three months ended March 29, 2026 compared to the three months ended March 30, 2025 is primarily attributable to the impact of changes in valuation allowances and the global mix of income.

#### Net loss
We recorded a net loss of $47 million for the three months ended March 29, 2026 versus a net loss of $53 million for the three months ended March 30, 2025, an improvement of $6 million, or 11%, for the reasons summarized above.

#### Year ended December 31, 2025 compared with the year ended December 31, 2024
The following discussion summarizes our results of operations for the years ended December 31, 2025 and 2024. This information should be read together with our consolidated financial statements and related notes included elsewhere in this prospectus.

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended <br> December 31,**  | **Year Ended <br> December 31,**  | **Change**  | **Change**  |
| | **2025**  | **2024**  | $**%**  | **%**  |
|  | **(in millions, except percentages)**  | **(in millions, except percentages)**  | **(in millions, except percentages)**  | **(in millions, except percentages)**  |
| Revenue  | $837 | $746 |  | 12% |
| Cost of sales  | (644) | (605) |  | 6% |
| **Gross profit**  | **193** | **141** |  | **37%** |
| Selling, general and administrative expenses  | (198) | (110) |  | 80% |
| Interest expense<sup>(1)</sup>  | (222) | (203) |  | 9% |
| Interest income  | 2 | 1 |  | 100% |
| Foreign currency gain/(loss), net  | 16 | 4 |  | 300% |
| Loss on debt modification  |  | (9) |  | n/m |
| Reversal/(Impairment) of disposal group held for sale  | 5 | (9) |  | n/m |
| **Loss before income tax**  | **(204)** | **(185)** |  | **10%** |
| Income tax benefit (expense)  | 31 | (8) |  | n/m |
| **Net Loss**  | $**(173)**  | $**(193)**  |  | **(10)%** |

---

n/m = not meaningful

(1) Includes $148 million and $121 million of interest in respect of the Shareholder PIK Loan in 2025 and 2024, respectively. The total outstanding principal balance was $878 million and $728 million, as of December 31, 2025 and 2024, respectively. In December 2025, our shareholders unanimously consented to reduce the outstanding principal balance of the Shareholder PIK Loan by 85%, which became effective on March 19, 2026. Following completion of the PIK Forgiveness, the outstanding principal balance of the Shareholder PIK Loan was $148 million, including accrued interest of $17 million, as at March 19, 2026. See "Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources" and Note 13 to our audited consolidated financial statements included elsewhere in this prospectus.

#### Revenue
 *Sources of Revenue* 

We generated revenue of $837 million for the year ended December 31, 2025, compared to revenue of $746 million for the year ended December 31, 2024, representing an increase of $91 million or 12%.

The following table sets forth the end market breakdown of revenue as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| **End Market**  | **Year ended <br> December 31, 2025 <br> (in millions)**  | **Year ended <br> December 31, 2024 <br> (in millions)**  |
| Aerospace  | $291 | $267 |
| IGT  | 351 | 280 |
| Transportation  | 195 | 199 |
| **Total Net Sales**  | $**837** | $**746** |

---

The principal drivers behind this increase in revenue consisted of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Total net sales for Aerospace for the year ended December 31, 2025 increased $24 million or 9% to $291 million compared to $267 million for the year ended December 31, 2024. The increase in total net sales for Aerospace for the year ended December 31, 2025 reflected continued high levels of customer demand, which drove greater output and therefore volume increases, with such volume increases limited by a temporary interruption of production at our Groton facility in 2025 in order to expand through the installation of new capital equipment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Total net sales for IGT for the year ended December 31, 2025 increased $71 million or 25% to $351 million compared to $280 million for the year ended December 31, 2024. The increase in total net sales for IGT for the year ended December 31, 2025 is primarily attributable to an increase in capacity leading to increased output and therefore volume increases to meet the higher levels of customer demand.

These increases were partially offset by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Total net sales for Transportation for the year ended December 31, 2025 decreased $4 million or 2% to $195 million compared to $199 million for the year ended December 31, 2024. The decrease in total net sales for Transportation for the year ended December 31, 2025 is primarily attributable to volume decreases as a result of decreases in end market demand.

#### Cost of sales
Cost of sales for the year ended December 31, 2025 increased by $39 million, or 6%, to $644 million compared to $605 million for the year ended December 31, 2024. The increase in cost of sales for the year ended December 31, 2025 is primarily attributable to increases in volume and output, primarily in our IGT business, consistent with the increase in our revenue during the same period.

#### Gross profit
Gross profit for the year ended December 31, 2025 increased $52 million, or 37%, to $193 million compared to $141 million for the year ended December 31, 2024. The increase in cost of sales for the year ended December 31, 2025 of 6% was outpaced by our increase in revenue of 12% during the period, leading to an increase in gross profit percentage to 23.1% for the year ended December 31, 2025 from 18.9% for the year ended December 31, 2024.

#### Selling, general and administrative expenses
Selling, general and administrative expenses for the year ended December 31, 2025 increased $88 million to $198 million compared to $110 million for the year ended December 31, 2024, representing an increase of 80%. The increase in selling, general and administrative expenses for the year ended December 31, 2025 is primarily attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • An increase in the non-cash charge in relation to the management incentive plan of $58 million from $29 million in 2024 to $87 million in 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • An increase in costs of $18 million primarily driven by one-time costs necessary to prepare for this offering, including audit and IPO readiness costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Inflationary and headcount increases in support of the growth of the business.

#### Interest expense
Interest expense for the year ended December 31, 2025 increased $19 million, or 9%, to $222 million compared to $203 million for the year ended December 31, 2024. The increase in interest expense for the year ended December 31, 2025 is primarily attributable to the increase in principal amount of the Shareholder PIK Loan and resulting higher interest charge. This was partially offset by a reduction in interest on the Term Loan and ABL facilities. The reduction in Term Loan interest was despite the additional $50 million that was drawn against the facility on April 25, 2025 and reflects the reduction in the applicable base interest rate. The reduction in ABL interest reflected both reductions in the applicable base interest rates and lower levels of drawings against the facility.

#### Foreign currency gain/(loss), net
We recorded foreign currency gain, net of $16 million in 2025, as compared to $4 million in 2024, representing an increase of $12 million. Foreign currency gains and losses are recognized in respect of our external and intra-Group financing structure. The gain in 2024 related the devaluation of U.S. dollars relative

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to GBP. The larger gain in 2025 related to a further devaluation of U.S. dollars relative to GBP and a one-off non-cash foreign currency gain in respect of a restructure of our intra-Group financing structure.

#### Loss on debt modification
We recorded a loss of $9 million in 2024 and we did not record anything in 2025. The loss in 2024 is attributable to the extension of the expiry date of the Shareholder PIK Loan which was extended on January 31, 2024 to March 2028. It was concluded that was a substantial modification with the extinguishment accounting resulting in the loss on debt modification recognized.

#### Reversal/(Impairment) of disposal group held for sale
During 2024, we committed to a plan to sell our Ivostud business. This decision was made as part of a strategic initiative. At December 31, 2024, classification as held for sale was deemed appropriate as we are firmly committed to the plan to sell the Ivostud business. The sale of the business was delayed beyond 12 months from the date of classification as an asset held for sale. However, we remain committed to securing the sale and the asset is available for immediate sale in its present condition. Accordingly, the assets and liabilities associated with that business were presented as a disposal group held for sale.

We have reviewed the carrying amount of the assets held for disposal. At December 31, 2024 we recorded a write down of $9 million upon initial classification of the disposal group at the lower of carrying amount and fair value less costs to dispose. Of this amount, approximately $4 million, $1 million and $1 million were allocated to the Property, Plant and Equipment, Right of Use assets and Other Intangible assets, respectively. The remaining impairment loss of $3 million has been recorded against the carrying amount of disposal group. At December 31, 2025 we recognized a subsequent gain of $5 million on remeasurement from the change in fair value of the disposal group. For more information, see Note 19 to our audited consolidated financial statements included elsewhere in this prospectus.

#### Income tax benefit (expense)
We recorded an income tax benefit of $31 million in 2025, compared to an income tax expense of $8 million in 2024, representing an improvement of $39 million. The movement to a tax credit in 2025 from a tax charge in 2024 is primarily driven by revisions to valuation allowances of $21 million against deferred tax assets due to changes in the recognition of UK prior year tax losses. In addition non-deductible expenses of $17 million contribute to the improvement between the years.

#### Net loss
We recorded a net loss of $173 million in 2025 versus a net loss of $193 million in 2024, an improvement of $20 million, or 10%, for the reasons summarized above.

#### Segment Information
Our operations consist of three reportable segments: Engine Products — North America, Engine Products — Europe and Turbo Wheels. Our Engine Products category is split into two operating segments to reflect the way in which the Company is managed and the vertically integrated nature of those regions with superalloy facilities in both segments supplying 100% of the internal superalloy demand for the casting facilities in those regions. Operating segments are defined as distinguishable components of the enterprise which are evident from internal organizational structure and for which separate financial information is evaluated regularly by our Chief Executive Officer who is our Chief Operating Decision Maker, or CODM. The measure of profit and loss that is used by the CODM to evaluate the performance of these operating segments is Segment Adjusted EBITDA. The CODM uses Segment Adjusted EBITDA to evaluate each segment's performance and allocate resources as it provides insight on segment profitability, operational effectiveness, and supports the CODM in monitoring the impact of strategic initiatives such as pricing adjustments, cost management, capital investments and capacity utilization. This measure is predominantly used in the annual budget and forecasting process, where the CODM considers Segment Adjusted EBITDA trends and variances to guide capital expenditure decisions, allocate personnel, and deploy other operational resources across the segments to drive overall company growth and profitability.

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The following table provides segment revenue and segment adjusted EBITDA by each reportable segment for the three months ended March 29, 2026:

---

| | | | |
|:---|:---|:---|:---|
| | **For the three months ended March 29, 2026**  | **For the three months ended March 29, 2026**  | **For the three months ended March 29, 2026**  |
| **($ in millions)**  | **Engine <br> Products – <br> Europe**  | **Engine <br> Products – <br> North America**  | **Turbo Wheels**  |
| Third-party revenue – consolidated  | $104 | $87 | $46 |
| Inter-segment sales  | $— | $— | $— |
| **Gross segment revenue**  | $**104** | $**87** | $**46** |
| Adjusted cost of sales<sup>(1)</sup>  | $(71) | $(60) | $(38) |
| Adjusted selling, general and administrative expenses<sup>(1)</sup>  | $(6) | $(4) | $(5) |
| Other segment items<sup>(2)</sup>  | $(4) | $(3) | $(1) |
| **Segment adjusted EBITDA**  | $**23** | $**20** | $**2** |
| **Segment adjusted EBITDA margin<sup>(3)</sup>**  | **22.4%** | **22.8%** | **3.7%** |

---

The following table provides segment revenue and segment adjusted EBITDA by each reportable segment for the three months ended March 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **For the three months ended March 30, 2025**  | **For the three months ended March 30, 2025**  | **For the three months ended March 30, 2025**  |
| **($ in millions)**  | **Engine <br> Products – <br> Europe**  | **Engine <br> Products – <br> North America**  | **Turbo Wheels**  |
| Third-party revenue – consolidated  | $80 | $61 | $47 |
| Inter-segment sales  | $— | $5 | $— |
| **Gross segment revenue**  | $**80** | $**66** | $**47** |
| Adjusted cost of sales<sup>(1)</sup>  | $(58) | $(47) | $(40) |
| Adjusted selling, general and administrative expenses<sup>(1)</sup>  | $(4) | $(3) | $(3) |
| Other segment items<sup>(2)</sup>  | $(3) | $(3) | $(1) |
| **Segment adjusted EBITDA**  | $**15** | $**13** | $**3** |
| **Segment adjusted EBITDA margin<sup>(3)</sup>**  | **18.7%** | **19.7%** | **6.8%** |

---

(1) Cost of sales and selling, general and administrative expenses have been adjusted to exclude depreciation and amortization, site closure, refinancing, and other re-organization costs, claims, settlements and litigation costs, and management incentive plan costs. The adjusted cost of sales includes adjustments for inter-segment sales.

(2) Other segment items include research and development costs, corporate expenses recharges and others.

(3) Segment adjusted EBITDA margin is the quotient of Segment adjusted EBITDA divided by Gross segment revenue for each of our Engine Products — Europe, Engine Products — North America and Turbo Wheels segments. Segment adjusted EBITDA margins are calculated based on the exact segment adjusted EBITDA and gross segment revenue and therefore may not calculate the same based off the rounded figures presented above.

The following table provides change comparisons in segment revenue and segment adjusted EBITDA by each reportable segment for the three months ended March 29, 2026 and March 30, 2025, by dollar and percentage:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Change for the three months ended March 29, 2026 versus March 30, 2025 <br> ($ and %)**  | **Change for the three months ended March 29, 2026 versus March 30, 2025 <br> ($ and %)**  | **Change for the three months ended March 29, 2026 versus March 30, 2025 <br> ($ and %)**  | **Change for the three months ended March 29, 2026 versus March 30, 2025 <br> ($ and %)**  | **Change for the three months ended March 29, 2026 versus March 30, 2025 <br> ($ and %)**  | **Change for the three months ended March 29, 2026 versus March 30, 2025 <br> ($ and %)**  |
| **($ in millions)**  | **Engine Products – <br> Europe**  | **Engine Products – <br> Europe**  | **Engine Products – <br> North America**  | **Engine Products – <br> North America**  | **Turbo Wheels**  | **Turbo Wheels**  |
| Third-party revenue – consolidated  | $24 | 30% | $26 | 43% | $(1) | (2)% |
| Inter-segment sales  | $— | n/m | $(5) | n/m | $— | n/m |
| **Gross segment revenue**  | $**24** | **30%** | $**21** | **32%** | $**(1)** | **(2)%** |

---

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Change for the three months ended March 29, 2026 versus March 30, <br> 2025 <br> ($ and %)**  | **Change for the three months ended March 29, 2026 versus March 30, <br> 2025 <br> ($ and %)**  | **Change for the three months ended March 29, 2026 versus March 30, <br> 2025 <br> ($ and %)**  | **Change for the three months ended March 29, 2026 versus March 30, <br> 2025 <br> ($ and %)**  | **Change for the three months ended March 29, 2026 versus March 30, <br> 2025 <br> ($ and %)**  | **Change for the three months ended March 29, 2026 versus March 30, <br> 2025 <br> ($ and %)**  |
| **($ in millions)**  | **Engine Products – <br> Europe**  | **Engine Products – <br> Europe**  | **Engine Products – <br> North America**  | **Engine Products – <br> North America**  | **Turbo Wheels**  | **Turbo Wheels**  |
| Adjusted cost of sales<sup>(1)</sup>  | $(13) | (22)% | $(13) | (28)% | $2 | 5% |
|  Adjusted selling, general and administrative <br> expenses<sup>(1)</sup>  | $(2) | (50)% | $(1) | (33)% | $(2) | (67)% |
| Other segment items<sup>(2)</sup>  | $(1) | (33)% | $(0) | —% | $(0) |  |
| **Segment adjusted EBITDA**  | $**8** | **53%** | $**7** | **54%** | $**(1)** | **(33)%** |

---

n/m = not meaningful

#### Engine Products — Europe
The Engine Products — Europe segment manufactures complex, highly engineered engine products which include complex precision cast components and superalloys which are primarily used in the IGT end market as well as the Aerospace end market and includes our Chard, Deritend, Bochum and R&C facilities. Gross segment revenue for Engine Products — Europe increased by $24 million, or 30%, to $104 million for the three months ended March 29, 2026 compared to $80 million for the three months ended March 30, 2025. Segment adjusted EBITDA for Engine Products — Europe increased by $8 million, or 53%, to $23 million for the three months ended March 29, 2026, compared to $15 million for the three months ended March 30, 2025. The increase in total net sales in the Engine Products — Europe segment for the three months ended March 29, 2026 is primarily attributable to continued increases in capacity in Engine Products — Europe leading to increased output and sales of our turbine airfoils to better meet the higher levels of customer demand. The increase in sales has dropped through to segment adjusted EBITDA at 33%. This resulted in an increase in segment adjusted EBITDA margin from 18.7% in 2025 to 22.4% in 2026.

#### Engine Products — North America
The Engine Products — North America segment manufactures complex, highly engineered engine products which include complex precision cast components and superalloys which are primarily used in the Aerospace end market as well as the IGT end market and includes our Groton, Oxford, Springfield, Mexicali and Long Beach facilities. Gross segment revenue for Engine Products — North America increased by $21 million, or 32%, to $87 million for the three months ended March 29, 2026 compared to $66 million for the three months ended March 30, 2025. Segment adjusted EBITDA for Engine Products — North America increased by $7 million, or 54%, to $20 million for the three months ended March 29, 2026, compared to $13 million for the three months ended March 30, 2025. The increase in total net sales in the Engine Products — North America segment for the three months ended March 29, 2026 is primarily attributable to the installation of new equipment leading to increased capacity and output of our structural castings. The increase in sales has dropped through to segment adjusted EBITDA at 33% demonstrating the operational leverage impact of increased volume. This resulted in an increase in segment adjusted EBITDA margin from 19.7% in 2025 to 22.8% in 2026.

#### Turbo Wheels
Our Turbo Wheels segment primarily serves the Transportation end market and includes our Trucast UK, Trucast US, Uni-Pol China, Uni-Pol India and Ivostud facilities. It focuses on serving the Transportation market and manufactures turbocharger wheels and other precision components for commercial vehicle and passenger car turbo engines, focusing on enhancing engine efficiency and performance. Gross segment revenue for Turbo Wheels decreased by $1 million, or 2%, to $46 million for the three months ended March 29, 2026 compared to $47 million for the three months ended March 30, 2025. Segment adjusted EBITDA for Turbo Wheels decreased by $1 million, or 33%, to $2 million for the three months ended March 29, 2026, compared to $3 million for the three months ended March 30, 2025. The decrease in total net sales in the Turbo Wheels segment for the three months ended March 29, 2026 is primarily attributable to softening end

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market demand. The decrease in sales has dropped through to segment adjusted EBITDA at 100%. This resulted in a decrease in segment adjusted EBITDA margin from 6.8% in 2025 to 3.7% in 2026.

#### Other segment items
Other segment items primarily relates to the recharge of corporate costs to the primary segments. The allocation is done based on an assessment of the services received by each primary segment. For more information regarding our segments, see Note 4 to our audited consolidated financial statements included elsewhere in this prospectus.

The following table provides segment revenue and segment adjusted EBITDA by each reportable segment for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **For the year ended December 31, 2025**  | **For the year ended December 31, 2025**  | **For the year ended December 31, 2025**  |
| **($ in millions)**  | **Engine <br> Products – <br> Europe**  | **Engine <br> Products – <br> North America**  | **Turbo Wheels**  |
| Third-party revenue – consolidated  | $386 | $266 | $185 |
| Inter-segment sales  | $1 | $17 | $— |
| **Gross segment revenue**  | $**387** | $**283** | $**185** |
| Adjusted cost of sales<sup>(1)</sup>  | $(277) | $(208) | $(154) |
| Adjusted selling, general and administrative expenses<sup>(1)</sup>  | $(15) | $(12) | $(17) |
| Other segment items<sup>(2)</sup>  | $(10) | $(12) | $(2) |
| **Segment adjusted EBITDA<sup>(3)</sup>**  | $**85** | $**51** | $**12** |
| **Segment adjusted EBITDA margin<sup>(4)</sup>**  | **21.9%** | **18.2%** | **6.5%** |

---

The following table provides segment revenue and segment adjusted EBITDA by each reportable segment for the year ended December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **For the year ended December 31, 2024**  | **For the year ended December 31, 2024**  | **For the year ended December 31, 2024**  |
| **($ in millions)**  | **Engine <br> Products – <br> Europe**  | **Engine <br> Products – <br> North America**  | **Turbo Wheels**  |
| Third-party revenue – consolidated  | $314 | $236 | $196 |
| Inter-segment sales  | $2 | $24 | $— |
| **Gross segment revenue**  | $**316** | $**260** | $**196** |
| Adjusted cost of sales<sup>(1)</sup>  | $(244) | $(197) | $(162) |
| Adjusted selling, general and administrative expenses<sup>(1)</sup>  | $(15) | $(11) | $(16) |
| Other segment items<sup>(2)</sup>  | $(5) | $(10) | $(8) |
| **Segment adjusted EBITDA**  | $**52** | $**42** | $**10** |
| **Segment adjusted EBITDA margin<sup>(3)</sup>**  | **16.5%** | **16.2%** | **5.1%** |

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(1) Cost of sales and selling, general and administrative expenses have been adjusted to exclude depreciation and amortization, site closure, refinancing, and other re-organization costs, claims, settlements and litigation costs, and management incentive plan costs. The adjusted cost of sales includes adjustments for inter-segment sales.

(2) Other segment items include research and development costs, corporate expenses recharges and others.

(3) Segment adjusted EBITDA margin is the quotient of Segment adjusted EBITDA divided by Gross segment revenue for each of our Engine Products — Europe, Engine Products — North America and Turbo Wheels segments. Segment adjusted EBITDA margins are calculated based on the exact segment adjusted EBITDA and gross segment revenue and therefore may not calculate the same based off the rounded figures presented above.

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The following table provides change comparisons in segment revenue and segment adjusted EBITDA by each reportable segment for the year ended December 31, 2025 and 2024, by dollar and percentage:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Change Between 2025 and 2024 by $ and %**  | **Change Between 2025 and 2024 by $ and %**  | **Change Between 2025 and 2024 by $ and %**  | **Change Between 2025 and 2024 by $ and %**  | **Change Between 2025 and 2024 by $ and %**  | **Change Between 2025 and 2024 by $ and %**  |
| **($ in millions)**  | **Engine Products – <br> Europe**  | **Engine Products – <br> Europe**  | **Engine Products – <br> North America**  | **Engine Products – <br> North America**  | **Turbo Wheels**  | **Turbo Wheels**  |
| Third-party revenue – consolidated  | $72 | 23% | 30 | 13% | (11) | (6)% |
| Inter-segment sales  | $(1) | (50)% | (7) | (29)% |  | n/m  |
| **Gross segment revenue**  | $**71** | **22%** | **23** | **9%** | **(11)** | **(6)%** |
| Adjusted cost of sales<sup>(1)</sup>  | $(33) | 14% | (11) | 6% | 8 | (5)% |
|  Adjusted selling, general and administrative expenses<sup>(1)</sup>  | $— |  | (1) | 9% | (1) | 6% |
| Other segment items<sup>(2)</sup>  | $(5) | 100% | (2) | 20% | 6 | (75)% |
| **Segment adjusted EBITDA**  | $**33** | **63%** | **9** | **21%** | **2** | **20%** |

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#### Engine Products — Europe
The Engine Products — Europe segment manufactures complex, highly engineered engine products which include complex precision cast components and superalloys which are primarily used in the IGT end market as well as the Aerospace end market and includes our Chard, Deritend, Bochum and R&C facilities. Gross segment revenue for Engine Products — Europe increased by $71 million, or 22%, to $387 million for the year ended December 31, 2025, compared to $316 million for the year ended December 31, 2024. Segment adjusted EBITDA for Engine Products — Europe increased by $33 million, or 63%, to $85 million for the year ended December 31, 2025, compared to $52 million for the year ended December 31, 2024. The increase in total net sales in the Engine Products — Europe segment for the year ended December 31, 2025 is primarily attributable to the increase in capacity in our Engine Products — Europe segment leading to increased output to better meet the higher levels of customer demand. Strong end market demand driven by IGT has led to increased volume and scarcity of supply. The increase in sales has dropped through to segment adjusted EBITDA at 46%, demonstrating the operational leverage impact of increased volume alongside increases in value-pricing. This resulted in an increase in segment adjusted EBITDA margin from 16.5% in 2024 to 21.9% in 2025.

#### Engine Products — North America
The Engine Products — North America segment manufactures complex, highly engineered engine products which include complex precision cast components and superalloys which are primarily used in the Aerospace end market as well as the IGT end market and includes our Groton, Oxford, Springfield, Mexicali and Long Beach facilities. Gross segment revenue for Engine Products — North America increased by $23 million, or 9%, to $283 million for the year ended December 31, 2025, compared to $260 million for the year ended December 31, 2024. Segment adjusted EBITDA for Engine Products — North America increased by $9 million, or 21%, to $51 million for the year ended December 31, 2025, compared to $42 million for the year ended December 31, 2024. The increase in gross segment revenue is primarily attributable to increased output against continued high levels of customer demand in Aerospace, with output limited by a temporary interruption of production in 2025 in order to expand through the installation of new capital equipment. The increase in sales has dropped through to segment adjusted EBITDA at 39%. This resulted in an increase in segment adjusted EBITDA margin from 16.2% in 2024 to 18.2% in 2025.

#### Turbo Wheels
Our Turbo Wheels segment primarily serves the Transportation end market and includes our Trucast UK, Trucast US, Uni-Pol China, Uni-Pol India and Ivostud facilities. It focuses on serving the Transportation market and solely manufactures turbocharger wheels and other precision components for commercial vehicle and passenger car turbo engines, focusing on enhancing engine efficiency and performance. Gross segment revenue for Turbo Wheels decreased by $11 million, or 6%, to $185 million for the year ended December 31, 2025, compared to $196 million for the year ended December 31, 2024. Segment adjusted

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EBITDA for Turbo Wheels increased by $2 million, or 20%, to $12 million for the year ended December 31, 2025, compared to $10 million for the year ended December 31, 2024. The decrease in gross segment revenue for the Turbo Wheels segment is primarily attributable to decreases in end market demand. Cost saving initiatives have offset the impact to segment adjusted EBITDA, resulting in an increase in segment adjusted EBITDA margin from 5.1% in 2024 to 6.5% in 2025.

#### Other segment items
Other segment items primarily relates to the recharge of corporate costs to the primary segments. The allocation is done based on an assessment of the services received by each primary segment. The reduction in other segment items in Turbo Wheels from $8 million in 2024 to $2 million in 2025 relates to a partial credit of certain costs recharged in 2024.

For more information regarding our segments, see Note 4 to our audited consolidated financial statements included elsewhere in this prospectus.

#### Liquidity and Capital Resources
Our principal historical cash requirements have been to fund working capital, capital expenditures and to service our indebtedness. We expect to satisfy our cash requirements with cash on hand, cash flows from operations and available borrowings under our external financing facilities.

#### Term Loan
In April 2024, we entered into a six-year, senior secured term note loan facility with a syndicate of financial institutions, which was subsequently amended in April 2025 (as amended, the "Term Loan") to refinance our then-existing indebtedness and increase liquidity. The interest on the outstanding principal balance of the Term Loan is payable quarterly and accrues at a variable rate based on Secured Overnight Financing Rate "SOFR" plus a 6.5% margin. The Term Loan is secured by our property, plant and equipment and the obligations are guaranteed by certain of our subsidiaries. As of December 31, 2025 and 2024, we had an outstanding balance of $517 million and $470 million, respectively, under the Term Loan and the effective interest rate was 10.8% and 11.6%, respectively. The maturity date of the Term Loan is April 23, 2030, provided that the maturity date under the Shareholder PIK Loan (in effect on or prior to December 5, 2027) is extended to July 23, 2030, otherwise the maturity date of the Term Loan will be December 5, 2027.

#### Shareholder PIK Loan
On March 6, 2020, we entered into a payment-in-kind loan facility, or the Shareholder PIK Loan, with a syndicate of financial institutions to refinance our then-existing indebtedness. We effected several amendments to the Shareholder PIK Loan, for instance we amended the Shareholder PIK Loan in 2024 to extend the maturity date from March 6, 2025 to March 6, 2028. The Shareholder PIK Loan bears interest at a fixed rate of 14% per annum, of which 0.5% is paid in cash and 13.5% accrues on the then-outstanding principal balance as PIK interest, in each case which is paid and capitalized (as applicable) quarterly, and the principal amount of the Shareholder PIK Loan is due at maturity. In December 2025, our shareholders unanimously consented to reduce the outstanding principal balance of the Shareholder PIK Loan by 85%, which became effective on March 19, 2026. As of December 31, 2025 and 2024, we had an outstanding balance of $878 million and $728 million, respectively, under the Shareholder PIK Loan and the effective interest rate was 14.0% per annum in both periods. Following completion of the PIK Forgiveness, the outstanding principal balance of the Shareholder PIK Loan was $148 million, including accrued interest of $17 million, as at March 19, 2026.

#### Revolving Credit Facility — ABL Facility
In March 2020, we entered a seven-year senior secured asset backed lending facility with Wells Fargo, which was subsequently amended in August 2022, or as amended, the ABL Facility, which provides for a maximum borrowing capacity of up to £90 million ($121 million using a conversion rate of £0.74 per U.S. dollar as at December 31, 2025) and was primarily intended to provide for our working capital needs. Interest on outstanding borrowings under the ABL is payable monthly and accrues at a variable rate based on

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SONIA/SOFR/EURIBOR plus 3.0%, and we pay a commitment fee of 0.9% per annum on the unused portion of the facility. The ABL Facility is secured by our accounts receivable and inventory and our obligations are guaranteed by certain of our subsidiaries. As of December 31, 2025, we had an outstanding balance of $1 million which compares to $40 million as of December 31, 2024 under the ABL Facility and the effective interest rates ranged from 5.3% – 7.3% for the year ended December 31, 2025 and (6.5% – 8.1%) for the year ended December 31, 2024.

At December 31, 2025, we had other loans of $38 million, as compared to $49 million at December 31, 2024. These consisted of a number of working capital and term loan facilities in India and China and some equipment financing in the United States and the United Kingdom.

At December 31, 2025, we had cash and cash equivalents of $32 million, as compared to $25 million at December 31, 2024, and $0 in restricted cash deposit as compared to $7 million at December 31, 2024.

#### Capital Expenditures
We have invested more than $170 million in our manufacturing facilities since 2020, which has expanded our capacity and replaced aged machinery with state of the art equipment which has and will improve operational performance and margins. We expect to incur approximately $58 million in capital expenditures over the next 12 months primarily to increase our capacity and capabilities.

#### Working Capital
We believe that our current cash and cash equivalents and the amounts available under our revolving credit facility will be sufficient to meet our anticipated cash needs for working capital and capital expenditures for at least the 12 months following this offering.

#### Cash Flows
The following table summarizes the major components of net cash flows for the periods presented:

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| | | |
|:---|:---|:---|
| | **Three months ended**  | **Three months ended**  |
| **($ in millions)**  | **March 29, 2026**  | **March 30, 2025**  |
| Net cash from/(used in) operating activities  | (7) | 19 |
| Net cash used in investing activities  | (10) | (4) |
| Net cash (used in)/generated from financing activities  | 18 | (22) |
|  Effect of exchange rate fluctuations on cash and cash equivalents and restricted cash deposit  |  | 8 |
|  Net increase/(decrease) in cash and cash equivalents and restricted cash deposit  | 1 | 1 |

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#### Operating Activities
Our primary source of operating cash inflows is customer receipts. Our primary uses of operating cash outflows are payments to suppliers, employees and utility providers, as well as for interest payments. As our business has expanded, our working capital requirements have grown. We expect our working capital to grow as we continue to grow our business.

For the three months ended March 29, 2026, net cash used in operating activities was $(7) million, primarily attributable to net income adjusted to remove non-cash items of $23 million and an increase in operating assets and liabilities of $30 million. The net cash used in operating activities in the three months to March 29, 2026 was negatively impacted by an increase in input metal costs, which is the key driver of the increase in inventories of $43 million. For the three months ended March 30, 2025, net cash from operating activities was $19 million, primarily attributable to net income adjusted to remove non-cash items of $26 million and an increase in operating assets and liabilities of $7 million. Net cash from/(used in) operating activities included $15 million and $3 million of interest paid for the three months ended March 29, 2026 and March 30, 2025, respectively.

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#### Investing Activities
Our investing activities have primarily consisted of purchases of property, plant and equipment. For the three months ended March 29, 2026, net cash used in investing activities was $(10) million, which was made up of $10 million of capital expenditures. For the three months ended March 30, 2025, net cash used in investing activities was $(4) million, which was made up of $4 million of capital expenditures.

#### Financing Activities
Our financing activities have primarily consisted of repayments of borrowings and proceeds from borrowings.

Our financing activities have primarily consisted of repayments of borrowings and proceeds from borrowings. Net cash provided by financing activities was $18 million for the three months ended March 29, 2026, primarily attributable to net drawdowns against the ABL Facility and other debt facilities. All customer receivables secured under the ABL agreement are paid back to the ABL Facility on a daily basis driving the majority of the $275 million of repayment of borrowings in the three months ended March 29, 2026 ($197 million in the three months ended March 30, 2025), alongside other repayments to our other debt facilities. This is offset by the proceeds of borrowings which primarily relates to draw downs against the ABL Facility of $293 million in the three months ended March 29, 2026 ($175 million in the three months ended March 30, 2025). Net cash used in financing activities was $(22) million for the three months ended March 30, 2025, primarily attributable to net repayments of borrowings under the ABL Facility and other debt facilities.

The following table summarizes the major components of net cash flows for the periods presented:

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| | | |
|:---|:---|:---|
| | **Year Ended December 31**  | **Year Ended December 31**  |
| **($ in millions)**  | **2025**  | **2024**  |
| Net cash from/(used in) operating activities  | 42 | (17) |
| Net cash used in investing activities  | (31) | (35) |
| Net cash (used in)/generated from financing activities  | (13) | 50 |
|  Effect of exchange rate fluctuations on cash and cash equivalents and restricted cash deposit  | 2 |  |
| Net decrease in cash and cash equivalents and restricted cash deposit  |  | (2) |

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#### Operating Activities
Our primary source of operating cash inflows is customer receipts. Our primary uses of operating cash outflows are payments to suppliers, employees and utility providers, as well as for interest payments. As our business has expanded, our working capital requirements have grown. We expect our working capital to grow as we continue to grow our business.

In 2025, net cash flows from operating activities was $42 million, primarily attributable to net income adjusted to remove non-cash items of $41 million and a $1 million decrease in operating assets and liabilities. In 2024, net cash used in operating activities was $17 million primarily attributable to net income adjusted to remove non-cash items of $19 million and an increase in operating assets and liabilities of $36 million. Net cash from / (used) in operating activities included $72 million and $71 million of interest paid in 2025 and 2024, respectively. The change in net cash from/(used) in operating activities is primarily attributable to an increase in customer receipts linked to the increase in revenue from payments, as well as an increase in supplier payments. Given that the increase in customer receipts exceeded the increase in supplier payments, net cash from operations is net up overall. This resulted in an increase in net income adjusted to remove non-cash items of $22 million and the increase in operating assets and liabilities in 2024 of $36 million compared to a $1 million decrease in 2025 which resulted in a $59 million improvement in net cash from operations.

#### Investing Activities
Our investing activities have primarily consisted of purchase of property, plant and equipment. In 2025, net cash used in investing activities was $31 million, which was made up of $31 million of capital

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expenditures. In 2024, net cash used in investing activities was $35 million, which included $37 million of capital expenditures, partially offset by proceeds received from fixed asset disposals.

#### Financing Activities
Our financing activities have primarily consisted of repayments of borrowings and proceeds from borrowings.

Net cash used by financing activities was $13 million for 2025 which is primarily attributable to the net repayment to our ABL Facility, partially offset by the additional draw down on the Term Loan facility on April 25, 2025. All customer receivables secured under the ABL agreement are paid back to the ABL Facility on a daily basis driving the majority of the $1,019 million of repayment of borrowings ($1,323 million in 2024), alongside other repayments to our other debt facilities. This is partially offset by the proceeds of borrowings which primarily relates to draw downs against the ABL Facility of $1,006 million ($1,384 million in 2024), alongside other drawdowns from our other debt facilities. Net cash provided by financing activities was $50 million for 2024 consisting primarily of the net position of proceeds from and repayments to our ABL Facility along with the proceeds from the refinancing of the Term Loan on April 23, 2024. The decrease in net cash generated by financing activities is primarily attributable to the improvements in net cash from operating activities in 2025 and the reduced need for net cash from financing activities. We expect the completion of this offering and the concurrent private placement to result in a material increase in our cash flows from financing activities.

#### Contractual Obligations
As of December 31, 2025 and 2024, there were $53 million and $11 million committed capital expenditure but not spent mainly related to Plant, machinery and equipment, respectively.

As of December 31, 2025, our total debt was $1,434 million, including $1,280 million in non-current borrowings and $154 million in current borrowings, as compared to total debt of $1,287 million, including $1,255 million in non-current borrowings and $32 million in current borrowings as of December 31, 2024. For more information on our non-current borrowings, see "— Liquidity and Capital Resources" and Note 13 to our audited consolidated financial statements included elsewhere in this prospectus. Our total lease obligations are $16 million, with $2 million due in less than one year. See Note 12 to our audited consolidated financial statements included elsewhere in this prospectus.

As of March 29, 2026, our total debt was $712 million, including $549 million in non-current borrowings and $163 million in current borrowings. Our total lease obligations are $18 million, with $5 million due in less than one year.

#### Other Obligations and Commitments
 *Management Incentive Plan* 

As part of the 2020 restructuring, we implemented a cash-based management incentive plan which was designed to provide incentives for our senior management and to deliver long-term shareholder returns. The total liability in respect of the MIP was $146 million and $54 million for the years ended December 31, 2025 and December 31, 2024, respectively, of which $132 million and $49 million, respectively, was separately presented on the consolidated balance sheet, and $14 million and $5 million, respectively, was recognized in accrued expenses and other current liabilities related to social security and sundry taxes. For more details, see Note 18 to our audited consolidated financial statements included elsewhere in this prospectus.

In addition, we have future obligations under various contracts relating to pensions and other post-retirement benefit plans. For more detailed information, see Note 16 to our audited consolidated financial statements included elsewhere in this prospectus.

#### Off-Balance Sheet Arrangements
We do not currently engage in off-balance sheet financing arrangements. In addition, we do not have any interest in entities referred to as variable interest entities, which includes special purpose entities and

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other structured finance entities. We have issued two letters of credit against the ABL Facility which relate to UK energy hedging contracts and intra-Group financing arrangements. These are not expected to have a material impact on us.

#### Quantitative and Qualitative Disclosure about Market Risk

#### Foreign Currency Risk
Our reporting currency is the U.S. dollar. The reporting and functional currency of our wholly-owned foreign subsidiaries is a combination of local currency and the U.S. dollar.

Our sales and operating expenses are generally denominated in the currencies of the countries in which our operations are located, which are in the United States, the United Kingdom, Germany, Mexico, China and India. Our consolidated results of operations and cash flows are, therefore, subject to fluctuations due to changes in foreign currency exchange rates and may be adversely affected in the future due to changes in foreign exchange rates. We hedge our exposure to fluctuations in foreign currency exchange rates through the use of forward foreign currency exchange contracts. A 10% increase or decrease in the relative value of the U.S. dollar for the year ended December 31, 2025 would not have resulted in a material impact on our operating results.

#### Interest Rate Risk
Our primary exposure to interest rate risk results from outstanding borrowings under the Term Loan and Revolving Credit Facility, which has a variable interest rate component. We estimate that a 1.0% increase in the applicable average interest rates for the year ended December 31, 2025 would have resulted in an estimated $5 million increase in interest expense. See "— Liquidity and Capital Resources" above.

We had cash of $32 million and $25 million as of December 31, 2025 and 2024, respectively, and restricted cash deposits of $0 and $7 million as of December 31, 2025 and 2024, respectively, which is held for working capital and general corporate purposes. We do not have cash equivalents, other restricted cash or marketable securities and we do not enter into investments for trading or speculative purposes. Our cash holdings in interest-bearing accounts are exposed to market risk due to fluctuations in interest rates, which may affect our interest income.

We will continue to monitor market risk due to fluctuations in interest rates and potential impacts to the fair value of our holdings and operating cash flows.

#### Inflation Risk
We have generally experienced increases in our costs of labor, materials and services consistent with overall rates of inflation, but we do not believe that inflation has had a material effect on our business, results of operations, or financial condition. We expect the impact of such increases will be mitigated by efforts to lower costs through manufacturing efficiencies and identifying alternative sourcing and pass-through clauses in our contracts, as we did in the year ended December 31, 2025. However, continued cost inflation and supply chain disruptions during 2026 may continue to require similar efforts to mitigate the impact of continued cost inflation and supply chain disruptions on our results of operations. Our inability or failure to offset cost increases could adversely affect our business, results of operations, or financial condition.

#### Credit Risk
Credit risk is the financial loss if a customer or counterparty to financial instruments fails to meet its contractual obligation. Credit risk arises from our cash and cash equivalents and trade and other balances. The concentration of our credit risk is considered by counterparty, geography and currency. We give careful consideration to which organizations we use for our banking services in order to minimize credit risk.

We use forward-looking information in our analysis of expected credit losses for all instruments, which is limited to the carrying value of cash and cash equivalents and trade and other balances. Our management considers the above measures to be sufficient to control the credit risk exposure.

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#### Application of Critical Accounting Policies and Estimates
Our accounting policies and their effect on our financial condition and results of operations are more fully described in our consolidated financial statements included elsewhere in this prospectus. We have prepared our financial statements in conformity with U.S. GAAP, which requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, revenue and expenses and disclosure of contingent assets and liabilities. These estimates are prepared using our best judgment, after considering past and current events and economic conditions. While management believes the factors evaluated provide a meaningful basis for establishing and applying sound accounting policies, management cannot guarantee that the estimates will always be consistent with actual results. In addition, certain information relied upon by us in preparing such estimates includes internally generated financial and operating information, external market information, when available, and when necessary, information obtained from consultations with third-parties. Actual results could differ in a material adverse manner from these estimates. See "Risk Factors" for a discussion of the possible risks which may affect these estimates.

We believe that the accounting policies discussed below are the most critical to our financial results and to the understanding of our past and future performance, as these policies relate to the more significant areas involving management's estimates and assumptions. We consider an accounting estimate to be critical if: (1) it requires us to make assumptions because information was not available at the time or it included matters that were highly uncertain at the time we were making our estimate; and (2) changes in the estimate could have a material impact on our financial condition or results of operations. For additional significant accounting policies, Note 2 to our audited consolidated financial statements included elsewhere in this prospectus.

#### Revenue
Revenue related to contracts with customers is recognized in accordance with ASC 606, Revenue from Contracts with Customers, when the associated performance obligation has been satisfied and the control of the goods has been transferred to customers, in an amount that reflects the consideration we expect to receive in exchange for those goods.

We follow the five-step model outlined in ASC 606 for revenue recognition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Identification of the contract(s) with the customer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Identification of the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Determination of the transaction price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Allocation of the transaction price to the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Recognition of revenue when, or as, a performance obligation is satisfied

 *Identification of Performance obligations* 

<u>Product sales</u> 

We produce Engine Products which include turbine airfoils and structural castings for the aeroengines and IGT power systems as well as turbocharger wheels for commercial vehicle and passenger car turbo engines.

<u>Consignment arrangements</u> 

We also have consignment inventory agreements whereby we provide goods to a consignee to sell, but we retain ownership of the goods until they are sold to an end-customer or we surrender control of the inventory to the consignee for payment.

 *Determining transaction price and standalone selling prices* 

The transaction price is determined upon establishment of the contract that contains the final terms of the sale, including the description, quantity, and price of each product purchased. Our contracts typically only have one performance obligation, such that we do not allocate components of the transaction price.

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 *Variable consideration* 

Certain contracts with customers give rise to variable consideration. At contract inception, we have the right to charge customers when the market price of certain metals and other alloys exceeds the price stated within the contract. At contract inception, we constrain all estimates of variable consideration and do not include the variable consideration in the transaction price. At each period end, we will recognize revenue for the amount in which the market price of the metals and other alloys exceeds the stated contract price. Variable consideration is estimated utilizing the most likely amount method that is expected to be earned as we are able to estimate within a sufficiently narrow range of possible outcomes based on observable market prices and the terms of the underlying contracts. Variable consideration is reassessed at each reporting date and adjustments are made, when necessary.

We also provide certain customers the right of return of scrap material, which we can use to fulfill future customer orders. Estimated scrap material returns are variable consideration recorded as a reduction in revenues at the time of sale, based using the expected value method. We estimate the variable consideration using historical return experience, adjusted for known trends, to arrive at the amount of consideration expected to be received. We evaluate the return liability at each reporting date, and adjustments, are made, when necessary. Liabilities for return allowances are included in other accrued and other current liabilities on the consolidated balance sheets. The rights to recover products from customers associated with its liabilities for return reserves are included in inventory on our consolidated balance sheets.

 *Satisfaction of performance obligations* 

For product sales, most of our revenue is derived from sales of goods under ex-works shipping terms, whereby control of the goods transfers to the customer when the products are made available for collection at our premises. At that point, the customer assumes the risks and rewards of ownership, including responsibility for transportation and handling. For non-ex works terms with customers, revenue is recognized at the time of delivery to, or collection by, the customer and when all performance obligations under the sale contract have been fulfilled and title has passed to the customer.

For consignment inventory agreements, revenue is recognized upon the end-customer receiving goods from the consignee, or when we surrender control of the inventory to the consignee.

 *Payment terms* 

Invoices are issued to and are due for payment by customers according to the terms of the contractual arrangement that exists. Contractual terms vary by customer and invoices are generally settled between the date of issue prior to delivery and up to 90 days after the invoice date (depending on the terms negotiated in advance). For revenue recognized over time, customers are billed based on the terms of the contract, which are typically monthly, or quarterly. Revenue is recognized net of taxes collected from customers, which are subsequently remitted to governmental authorities.

 *Contract assets and liabilities* 

We do not have material contract assets or contract liabilities associated with customer contracts. Our contracts with customers do not generally result in material amounts billed to customers in excess of recognizable revenue. We did not recognize material revenue during the years ended December 31, 2025 and 2024 that was included in the contract liability balance as of January 1, 2024 and January 1, 2025, respectively.

 *Costs to obtain or fulfill a customer contract* 

We have certain costs to obtain and fulfill a customer contract, such as shipping costs. We recognize the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that we otherwise would have recognized is one year or less. Incremental costs of obtaining contracts that would be recognized over greater than one year are not material.

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 *Significant estimates and judgments* 

The revenues accounted for under ASC 606 do not require significant estimates or judgments, primarily for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The transaction price is generally fixed and stated on our contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • As noted above, our contracts generally do not include multiple performance obligations, and accordingly do not generally require estimates of the standalone selling price for each performance obligation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Most of our revenue is recognized as of a point-in-time and the timing of the satisfaction of the applicable performance obligations is readily determinable. As noted above, revenue is generally recognized at the time of delivery to the customer, or in the case of ex-works contracts, when we make the product available to the customer.

#### Inventories
Inventories are stated at the lower of cost and net realizable value on a first-in, first-out basis. Cost comprises direct materials and, where applicable, direct labor costs and those overheads, including depreciation of property, plant and equipment, that have been incurred in bringing the inventories to their present location and condition. When cost is computed using standard cost, the standard cost approximates actual cost. Direct materials mainly consist of alloy which can either be 100% virgin or an approved blend, including the use of revert material which arises as a by-product of the production processes. Net realizable value represents the estimated selling prices less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

If we identify excess, obsolete or unsalable items, inventories are written down to their net realizable value in the period in which the impairment is identified. These adjustments are recorded based upon various factors, including the level of product manufactured by us, and current and projected demand.

#### Goodwill
Goodwill is the excess of the purchase price over the estimated fair values of the underlying net assets of an acquired business. At the time of acquisition, goodwill is allocated to reporting units based on the relative fair value of each reporting unit at the acquisition date. We assess goodwill for impairment at least annually, with the latest assessment performed as of December 31, or more frequently if conditions indicate that such impairment could exist. Impairment testing for goodwill is performed at the reporting unit level. We first evaluate qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment indicates potential impairment, or if we elect to bypass the qualitative assessment, a quantitative test is performed. The quantitative test calculates the excess of the reporting unit's fair value over its carrying amount, including goodwill, utilizing a discounted cash flow method. The test for impairment of goodwill requires us to make several assumptions and estimates regarding market conditions and our future profitability to determine the fair value of the reporting unit. Significant assumptions used in the reporting unit fair value measurements include forecasted cash flows, including revenue and expense growth rates, discount rates, and revenue and earnings multiples. An impairment loss is recognized when the carrying amount of the reporting unit net assets exceeds the estimated fair value of the reporting unit. The impairment loss is limited to the total amount of goodwill allocated to that reporting unit.

#### Impairment of long-lived assets
Long-lived assets consist primarily of property and equipment, right-of-use lease assets, and definite-lived intangible assets. We assess the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If indications of impairment exist, projected future undiscounted cash flows associated with the asset (or asset group) would be compared to the carrying value of the asset to determine whether the asset's value is recoverable. If impairment is determined, we record an impairment loss equal to the excess of the carrying value of the long-lived asset over its estimated fair value in the period at which such a determination is made.

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In assessing the level of the impairment, we compared the carrying value of our investment to its fair value, less costs to sell where the fair value less costs to sell was based on determined primarily based on the expected transaction price contemplated under the letter of intent. Upon classification of the Ivostud business as held for sale, its cumulative foreign currency translation adjustment within shareholders' equity was included with its carrying value.

#### Income Taxes
The taxation expense for the year represents the sum of current tax and deferred tax. The expense is recognized in the Consolidated Income Statements, in the Statements of Comprehensive Income or in equity depending on the accounting treatment of the related transaction.

 *Current Tax* 

Current tax is determined based on taxable income for the period, including adjustments for prior periods. It is calculated using tax rates that have been enacted at the end of the reporting period. We have elected to record penalties related to income tax within its income tax expense (benefit) and interest within its interest expense.

 *Deferred Tax* 

We account for income taxes in accordance with ASC 740, "Income Taxes" using the asset and liability method.

Under this method, deferred tax assets and liabilities are recognized based upon the estimated future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax basis, as well as operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense (benefit) in the period the tax rates are enacted.

Our deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the deferred tax assets will not be realized. We evaluate the realizability of deferred tax assets for each of the jurisdictions in which they operate by assessing all positive and negative evidence. This includes historical operating results, known or planned operating developments, the period of time over which certain temporary differences will reverse, consideration of the reversal of certain deferred tax liabilities, tax loss carryback capability in the particular country, and prudent and feasible tax planning strategies. After evaluation of these factors, if the deferred tax assets are expected to be realized within the tax carryforward period allowed for that specific country, we would conclude that no valuation allowance would be required. To the extent that the deferred tax assets exceed the amount that is expected to be realized within the tax carryforward period for a particular jurisdiction, we establish a valuation allowance.

 *Unrecognized Tax Benefits* 

We recognize benefits from tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the positions. The tax benefits recognized in the consolidated financial statements from such positions are measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement. Judgment is required in evaluating tax positions and determining unrecognized tax benefits. We re-evaluate the technical merits of our tax positions and may recognize the benefit of a tax position in certain circumstances, including when: (1) a tax examination is completed; (2) applicable tax laws change, including through a tax case ruling or legislative guidance; or (3) the applicable statute of limitations expires.

 *Residual Income Tax Effects* 

We allocate income taxes to other comprehensive income and income tax amounts accumulate in accumulated other comprehensive income, or AOCI, in accordance with ASC 740, Income Taxes. The

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income tax effects of items included in AOCI are released into the consolidated statement of income (loss) in the same period in which the related pre-tax amounts are reclassified using the specific identification method. When an event occurs that results in the partial or full reclassification of amounts from AOCI (such as disinvestment of foreign operations), the corresponding income tax effects are released from AOCI and recognized in income consistent with the underlying item.

#### Quarterly Results of Operations and Other Financial Data
The following tables set forth our historical unaudited consolidated statements of operations for each of the quarters indicated. The information for each quarter has been prepared on the same basis as our audited consolidated financial statements included elsewhere in this prospectus and reflects, in the opinion of management, all adjustments necessary for a fair presentation of the financial information presented. Our historical results are not necessarily indicative of future operating results, and our interim results are not necessarily indicative of the results to be expected for the full year or any other period. The quarterly financial data set forth below should be read together with our consolidated financial statements and related notes included elsewhere in this prospectus.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended**  | **Three months ended**  | **Three months ended**  | **Three months ended**  | **Three months ended**  |
| **($ in millions, except share and per share amounts)**  | **March 30, <br> 2025**  | **June 29, <br> 2025**  | **September 28, <br> 2025**  | **December 31, <br> 2025**  | **March 29, <br> 2026**  |
|  **Consolidated Statements of Income (Loss):**  |  |  |  |  |  |
| Revenue  | 188 | 201 | 221 | 227 | 237 |
| Cost of sales  | (146) | (150) | (168) | (180) | (180) |
| **Gross profit**  | **42** | **51** | **53** | **47** | **57** |
|  Selling, general and administrative expenses  | (42) | (45) | (50) | (61) | (45) |
| Interest expense  | (52) | (55) | (57) | (58) | (53) |
| Interest income  |  |  | 1 | 1 |  |
| Foreign currency gain/(loss), net  | 8 | 13 | (5) |  | (2) |
|  Reversal/(Impairment) of disposal group held for sale  |  | 3 |  | 2 |  |
| **Loss before income tax**  | **(44)** | **(33)** | **(58)** | **(69)** | **(43)** |
| Income tax benefit (expense)  | (9) | (16) | 16 | 40 | (4) |
| **Net loss**  | **(53)** | **(49)** | **(42)** | **(29)** | **(47)** |
|  Net loss per share attributable to ordinary shareholders – basic and diluted  | (0.47) | (0.43) | (0.37) | (0.26) | (0.42) |
|  Weighted-average shares outstanding <br> used in computing net loss per share <br> attributable to ordinary <br> shareholders – basic and diluted  | 112936894 | 112936894 | 112936894 | 112936894 | 112936894 |
|  **Other Data (in thousands, except percentages):**  |  |  |  |  |  |
| Adjusted EBITDA<sup>(1)</sup>  | 29 | 37 | 36 | 36 | 40 |
| Adjusted EBITDA Margin<sup>(1)</sup>  | 15.4% | 18.4% | 16.3% | 15.9% | 16.9% |

---

(1) See "— Non-GAAP Financial Measures" below for how we define and calculate adjusted EBITDA, adjusted EBITDA margin and adjusted net income (loss), a reconciliation of these non-GAAP financial measures to the most directly comparable U.S. GAAP measures, and a discussion about the limitations of these non-GAAP financial measures.

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#### Non-GAAP Financial Measures

#### Adjusted EBITDA and adjusted EBITDA margin
Adjusted EBITDA is a non-GAAP financial measure that we define as net loss before interest income, interest expense, income taxes, depreciation and amortization, and further adjusted for certain items that management believes are not indicative of our core operating performance, including site closure, refinancing, and other re-organization costs, legal and professional fees incurred on refinancing of the senior debt facility, receipt of an insurance claim, management incentive plan expenses which are not expected to continue at the same level in future periods, impairment of non-core assets held for sale or gains from remeasurements from the change in fair value of the disposal group, one-off costs related to the IPO, costs incurred in relation to the development of an upgraded ERP system, and foreign currency gains and losses that relate to our external and intra-Group financing structure. Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue.

The following table reconciles net loss, the most directly comparable U.S. GAAP measure, to adjusted EBITDA and adjusted EBITDA margin for the periods presented for each of the quarters indicated (in millions unless otherwise indicated):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Year Ended**  | **Year Ended**  |
| **($ in millions)**  | **March 30, <br> 2025**  | **June 29, <br> 2025**  | **September 28, <br> 2025**  | **December 31, <br> 2025**  | **March 29, <br> 2026**  | **December 31, <br> 2025**  | **December 31, <br> 2024**  |
| **Net income/(loss)**  | $**(53)** | $**(49)** | $**(42)** | $**(29)** | $**(47)** | $**(173)** | $**(193)** |
| Interest income  | (0) | (0) | (1) | (1) | (0) | (2) | (1) |
| Interest expense<sup>(1)</sup>  | 52 | 55 | 57 | 58 | 53 | 222 | 203 |
| Income taxes  | 9 | 16 | (16) | (40) | 4 | (31) | 8 |
| Depreciation and amortization  | 7 | 7 | 7 | 11 | 7 | 32 | 32 |
| Site closure and refinancing costs  | 0 | 1 | (1) | (1) | 0 | (1) | 7 |
| One-time costs related to the IPO  | 0 | 0 | 5 | 13 | 8 | 18 | 0 |
| Claims, settlements and litigation costs  | 0 | (2) | 1 | 3 | 0 | 2 | (2) |
| Long term management incentive plan<sup>(2)</sup>  | 21 | 24 | 20 | 22 | 13 | 87 | 29 |
| IT development project and others  | 1 | 1 | 1 | 2 | 0 | 5 | 0 |
| Loss on debt modification  |  |  |  |  |  |  | 9 |
|  Impairment/(reversal) of disposal group held for sale  | 0 | (3) | 0 | (2) | 0 | (5) | 9 |
| Foreign currency gain/(loss), net  | (8) | (13) | 5 | 0 | 2 | (16) | (4) |
| **Adjusted EBITDA**  | $**29** | $**37** | $**36** | $**36** | $**40** | $**138** | $**97** |
| Revenue  | $188 | $201 | $221 | $227 | $237 | $837 | $746 |
| **Adjusted EBITDA margin**  | **15.4%** | **18.4%** | **16.3%** | **15.9%** | **16.9%** | **16.5%** | **13.0%** |

---

(1) Includes $148 million and $121 million of interest in respect of the Shareholder PIK Loan in 2025 and 2024, respectively, and $40 million and $36 million for the three months ended March 29, 2026 and March 30, 2025, respectively. The total outstanding principal balance was $878 million and $728 million, as of December 31, 2025 and 2024, respectively. In December 2025, our shareholders unanimously consented to reduce the outstanding principal balance of the Shareholder PIK Loan by 85%, which became effective on March 19, 2026. Following completion of the PIK Forgiveness, the outstanding principal balance of the Shareholder PIK Loan was $148 million, including accrued interest of $17 million, as at March 19, 2026. See "Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources" and Note 13 to our audited consolidated financial statements included elsewhere in this prospectus.

(2) Relates to the non-cash MIP expenses which are not expected to continue at the same level in future periods.

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We present adjusted EBITDA and adjusted EBITDA margin as supplemental performance measures because we believe they facilitate operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures (affecting interest expenses, net and foreign currency gains and losses, net), tax positions (such as the impact on periods or companies of changes in effective tax rates), non-cash charges resulting from depreciation of long-lived assets (affecting relative depreciation and amortization expense) and other items that are not representative of core operating performance or items that we do not expect to continue at the same level in future periods. We believe that adjusted EBITDA and adjusted EBITDA margin provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. Nevertheless, this information should be considered as supplemental in nature and is not meant as a substitute for net loss recognized in accordance with U.S. GAAP.

We understand that although adjusted EBITDA and adjusted EBITDA margin are frequently used by securities analysts, lenders and others in their evaluation of companies, adjusted EBITDA and adjusted EBITDA margin have limitations as an analytical tool and you should not consider it in isolation, or as a substitute for analysis of our results as reported under U.S. GAAP. Some of these limitations are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • adjusted EBITDA and adjusted EBITDA margin do not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments, including depreciation and amortization of assets that often have to be replaced in the future, or amounts due under our MIP (see "Certain Relationships and Related Party Transactions — Management Incentive Plan"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • adjusted EBITDA and adjusted EBITDA margin do not reflect changes in, or cash requirements for, our working capital needs.

#### Adjusted net income/loss
Adjusted net income is a non-GAAP financial measure that we define as net income/loss adjusted for certain items that management believes are not indicative of our core operating performance, including site closure, refinancing, and other re-organization costs, legal and professional fees incurred on refinancing of the senior debt facility, the loss on debt modification following the refinancing activity, receipt of an insurance claim, management incentive plan expenses which are not expected to continue at the same level in future periods, impairment of non-core assets held for sale or gains from remeasurements from the change in fair value of the disposal group, one-off costs related to the IPO, costs incurred in relation to the development of an upgraded ERP system, foreign currency gains and losses that relate to our external and intra-Group financing structure, Shareholder PIK loan interest expense and tax adjustments.

The following table reconciles net loss, the most directly comparable U.S. GAAP measure, to adjusted net loss for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Year Ended <br> December 31,**  | **Year Ended <br> December 31,**  |
| **($ in millions)**  | **March 29, <br> 2026**  | **March 30, <br> 2025**  | **2025**  | **2024**  |
| **Net loss**  | (47) | (53) | (173) | (193) |
| Site closure and refinancing costs  |  |  | (1) | 7 |
| One-time costs related to the IPO  | 8 |  | 18 |  |
| Claims, settlements and litigation costs  |  |  | 2 | (2) |
| Long term management incentive plan  | 13 | 21 | 87 | 29 |
| IT development project and others  |  | 1 | 5 |  |
| Loss on debt modification  |  |  |  | 9 |
| Impairment of disposal group held for sale  |  |  | (5) | 9 |
| Foreign currency gain/(loss), net  | 2 | (8) | (16) | (4) |
| Shareholders PIK loan interest expense  | 40 | 36 | 148 | 121 |
| Tax charge relating to the above adjustments  | (4) | (4) | (20) | (11) |
| **Adjusted net income (Loss)**  | **12** | **(7)** | **45** | **(35)** |

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We present adjusted net income/(loss) as a supplemental measure because we believe it provides information to management and investors about operating performance across reporting periods on a consistent basis by excluding items that are not representative of core operating performance or items that we do not expect to continue at the same level in future periods. Nevertheless, this information should be considered as supplemental in nature and is not meant as a substitute for net income/(loss) recognized in accordance with U.S. GAAP. We understand that although adjusted net income/(loss) is frequently used by securities analysts, lenders and others in their evaluation of companies, adjusted net income/(loss) has limitations as an analytical tool and you should not consider it in isolation, or as a substitute for analysis of our net income/(loss) as reported under U.S. GAAP. Limitations associated with using adjusted net income/(loss) include that there may be additional adjustments in future periods that may be excluded from the measure. Management believes it is appropriate to also consider net income/(loss) as the most comparable U.S. GAAP measure. Other companies, including companies in our industry, may calculate adjusted net income/(loss) differently or not at all, which reduces their usefulness as a comparative measure. You should consider adjusted net income/(loss) along with other financial performance measures, including net income/(loss), and our financial results presented in accordance with U.S. GAAP. We understand that although adjusted net income/(loss) are frequently used by securities analysts, lenders and others in their evaluation of companies, adjusted net income/(loss) have limitations as an analytical tool and you should not consider it in isolation, or as a substitute for analysis of our results as reported under U.S. GAAP. Some of these limitations are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The exclusion of costs such as asset impairments, restructuring, refinancing and site closure costs which can impact on shareholder value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Where the exclusions relate to cash costs this can result in a disconnect between adjusted net income/(loss) performance and cash flow performance.

#### Adjusted net debt and adjusted net debt to adjusted EBITDA
Adjusted net debt is a non-GAAP financial measure we define as the sum of borrowings, current and non-current, or total debt, less the carrying amount of shareholder loan facilities, and less cash and cash equivalents and restricted cash deposit. Adjusted net debt to adjusted EBITDA is defined as adjusted net debt divided by adjusted EBITDA.

The following table reconciles total borrowings, the most directly comparable U.S. GAAP measure, to adjusted net debt and adjusted net debt to adjusted net EBITDA for the periods presented:

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months <br> Ended <br> March 29, <br> 2026**  | **Year Ended <br> December 31,**  | **Year Ended <br> December 31,**  |
| **($ in millions)**  | **Three Months <br> Ended <br> March 29, <br> 2026**  | **2025**  | **2024**  |
| Borrowings, current  | 163 | 154 | 32 |
| Borrowings, non-current  | 549 | 1280 | 1255 |
| Less: Shareholder PIK Loan  | (137) | (878) | (728) |
| Less: Cash and cash equivalents and restricted cash deposit  | (33) | (32) | (32) |
| **Adjusted net debt**  | **542** | **524** | **527** |
| Last 12 months Adjusted EBITDA  | 149 | 138 | 97 |
| **Adjusted net debt to adjusted EBITDA**  | **3.6** | **3.8** | **5.4** |

---

We present adjusted net debt and adjusted net debt to adjusted EBITDA as supplemental measures because we believe they are key indicators of our financial leverage and capital structure that provides view of our financial leverage by excluding shareholders' loan (Shareholder PIK Loan) as it offers a clearer picture of our third parties debt obligations that are typically subject to significant cash interest amounts. In December 2025, our shareholders unanimously consented to reduce the outstanding principal balance of the Shareholder PIK Loan by 85%, which became effective on March 19, 2026. Following completion of the PIK Forgiveness, the outstanding principal balance of the Shareholder PIK Loan was $148 million, including accrued interest of $17 million, as at March 19, 2026. See "— Liquidity and Capital Resources" and Note 13 to our audited consolidated financial statements included elsewhere in this prospectus.

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Additionally, we intend to use certain of the net proceeds from this offering and the concurrent private placement to repay the remaining balance of the Shareholder PIK Loan.

Nevertheless, this information should be considered as supplemental in nature and is not meant as a substitute for borrowings, current and non-current recognized in accordance with U.S. GAAP.

Other companies, including companies in our industry, may calculate adjusted EBITDA, adjusted EBITDA margin, adjusted net debt, adjusted net debt to adjusted EBITDA, and adjusted net income/(loss) differently or not at all, which reduces their usefulness as a comparative measure. You should consider adjusted EBITDA, adjusted EBITDA margin, adjusted net debt, adjusted net debt to adjusted EBITDA, and adjusted net income/(loss) along with other financial performance measures, including net income/(loss), net cash from/(used) in operating activities and total borrowings and our financial results presented in accordance with U.S. GAAP.

#### New and Revised Financial Accounting Standards
The JOBS Act permits emerging growth companies such as us to delay adopting new or revised accounting standards until such time as those standards apply to private companies.

#### Recently Issued and Adopted Accounting Pronouncements
The following standards have been recently issued which could be applicable to us.

 *Recently adopted accounting standards* 

In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280). ASU 2023-07 requires that a public entity disclose: (1) on an annual and interim basis, significant segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM") and included within each reported measure of segment profit or loss; (2) on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition; and (3) the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The other segment items category is the difference between segment revenue less the segment expenses disclosed and each reported measure of segment profit or loss. For public business entities, the new guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We adopted the new guidance in 2024. See Note 4 to our audited consolidated financial statements included elsewhere in this prospectus.

 *Accounting standards issued but not yet adopted* 

In December 2023, the Financial Accounting Standards Board, or FASB, issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance in this ASU enhances the transparency and decision functionality of income tax disclosures to provide investors information to better assess how an entity's operations and related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flow. The amendments in this ASU require public entities to disclose the following specific categories in the rate reconciliation by both percentages and reporting currency amounts: the effect of state and local income tax, net of federal (national) income tax, foreign tax effects, effects of changes in tax laws or rates enacted in the current period, effects of cross-border tax laws, tax credits, changes in valuation allowances, nontaxable or nondeductible items and changes in unrecognized tax benefits. The amendments in ASU 2023-09 also require public entities to provide additional information for reconciling items that meet the quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pre-tax income (loss) by the applicable statutory income tax rate). The ASU requires reporting entities to annually disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign localities. The amendments in this ASU should be applied on a prospective basis and retrospective application is permitted. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, entities other than public business entities have an additional year to adopt the guidance. We will apply the amendments in this ASU for the first time in the annual period ending December 31, 2026, under the non-public business entities adoption

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timeline available for an emerging growth company, and are currently assessing the impact of the adoption of ASU 2023-09 on the disclosures in the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03 Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The guidance in this ASU improves the disclosures about a public business entity's expense by requiring more detailed information about the types of expenses included within the income statement expense captions, such as: inventory purchases, employee compensation, depreciation and intangible asset amortization. This ASU does not change or remove current expense disclosure requirements, however, it does affect where this information appears in the notes to financial statements, as entities are required to include certain current disclosures in the same tabular format disclosure as the other disaggregation requirements in the amendments. For public business entities, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 is a requirement for additional disclosure. Additionally, in January 2025, the FASB issued ASU 2025-01 Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220- 40): Clarifying the Effective Date, which clarifies the effective date for non-calendar year-end entities. We will apply the amendments in this ASU for the first time in the annual period ending December 31, 2027, under the non-public business entities adoption timeline available for an emerging growth company, and currently assessing the impact of the adoption of ASU 2024-03 on the consolidated financial statements.

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#### Business

#### Our Company
We are a leading independent manufacturer of complex, highly engineered engine products which include complex precision cast components and nickel- and cobalt- based superalloys primarily serving the high growth Aerospace and IGT end markets. Both markets are supported by highly-attractive, long-term structural growth drivers and are experiencing demand super cycles, which we expect to create a very strong, long-term growth environment for our business. We believe we are one of a limited number of companies worldwide with the cutting-edge engineering, chemistry, and metallurgy expertise, along with the large-scale specialized casting equipment required to manufacture these mission-critical parts under strict environmental controls for the most demanding applications within our end markets. In 2025, we maintained 14 principal facilities and generated $837 million of revenue, of which approximately 70% was covered by LTAs. All of our LTAs are framework agreements which set out the terms and conditions under which customers place specific purchase orders for our parts. The LTAs set out specific part pricing which is typically fixed but subject to escalation clauses which allow for the pass through to the customer of movement in metal costs, and other inflationary cost increases which give protection against rising input costs including tariffs, other input materials, labor, energy and logistics in a number of cases through prices linked to published indices. Other key terms in the LTAs include payment terms, performance metrics and other terms of business. Our LTAs typically span 5 years or longer and those for the Aerospace and IGT end markets typically guarantee us a minimum level of market share for the applicable part but in certain cases they also include long term volume commitments for the life of the LTA as is the case in three of our strategic customer partnerships.

We primarily manufacture Engine Products that operate across some of the most in-demand aeroengine and gas turbine platforms, as characterized by the large number of installed units and the substantial amount of sales orders that have been committed to by customers, or backlogs of our customers, which include the world's leading global Aerospace and IGT OEMs. Through decades of operations, we have developed deep engineering expertise, technical know-how, and a collaborative, customer-centric culture that provides solutions to our OEM customers' most complex casting challenges. Our capabilities and operational expertise complement our advanced manufacturing assets, leading to best-in-class quality assurance processes that allow us to deliver reliable performance at scale.

We believe our unique, customer-oriented approach deeply entrenches us in our customers' manufacturing processes and has enabled our ongoing evolution from a transactional, individual parts supplier to a true, strategic partner. In 2024, we began expanding our existing strategic customer partnerships with a select number of key customers in the Aerospace and IGT end markets, including significant customer-funded investments to increase capacity at our manufacturing facilities. We expect the four strategic customer partnerships that have been fully agreed to date to deliver incremental annual revenue of more than $200 million when operating at full run rate. We believe we are currently the only competitor able to provide Aerospace and IGT OEMs with dedicated capacity and visibility into increased production planning. As we scale this approach, we believe it will drive larger portfolio-level awards and extended contracts with improved commercial terms and increased share-of-work, enabling us to win incremental business and take market share on priority programs.

The key to being able to facilitate customer demand in these supply-constrained markets is through owning our own supply chain. Our vertically integrated business model includes three superalloy manufacturing facilities which fulfill all our internal nickel- and cobalt-based superalloy requirements for our Engine Products for the Aerospace and IGT castings. We also operate integrated ceramic core production units at both of our large IGT facilities. High-performance nickel- and cobalt-based superalloys are extremely difficult to develop and manufacture but are essential to the casting production chain. Our vertical integration reduces our usage of external supply chains, which are currently experiencing significant capacity constraints, since our facilities produce the majority of the critical components that we require. Additionally, we also supply superalloys to a diverse set of external customers across the Aerospace and IGT end markets. Our vertical integration also includes key post-cast processes such as Hot Isostatic Pressing, heat treatment and X-Ray which are performed in-house at certain facilities. We have opportunities to further develop these capabilities and further reduce usage of external sub-contractors.

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Our product portfolio includes critical components of nearly every major commercial aircraft program, all categories of large and heavy-frame IGT platforms currently in production, including aftermarket content on legacy IGT platforms, and several defense and space programs, positioning us to capture a meaningful share of the multi-billion-dollar total addressable market across the Aerospace and IGT end markets. Many of the current and next-generation aeroengine and gas turbine platforms we serve are experiencing some of the highest build rates in the industry and our customers are actively working to further increase production on key platforms to meet exceptional demand. We work directly with the world's leading Aerospace and IGT OEMs such as GE Aerospace, Honeywell, Pratt & Whitney, Rolls-Royce, Safran, Ansaldo Energia, Doosan, GE Vernova and Siemens Energy. The majority of our Aerospace and IGT Engine Products operate in extreme environments, characterized by high temperature and pressure, and as such are safety-critical, integral components of our customers' supply chains. Our position as a key supplier is supported by our strong relationships and consistent track record of on-time delivery of highly advanced precision cast components across the world that enables our customers to fulfill their multi-year orderbooks. Diversification by product, customer, and platform provides resiliency across cycles and supports strong, recurring revenue. Our content is embedded in the most in-demand aeroengine and gas turbine platforms today. Within the Aerospace end market, our products are critical to CFM International's LEAP engine family and Pratt & Whitney's GTF engine family, which are two leading single aisle engine families in the world powering Boeing's 737 family and Airbus' A320 and A321 families, and GE Aerospace's GEnx engine, which powers the Boeing 787 Dreamliner. Within the IGT end market, our content is critical to major heavy-frame gas turbine programs such as the F-class and H-class turbines manufactured by Siemens Energy. Each of these aeroengine and gas turbine platforms are in high demand, with multi-year orderbook visibility.

Our key product groups of nickel-based and cobalt-based investment castings are used in a wide range of performance critical applications, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Engine Products — Aerospace:** We manufacture structural castings largely for engines in the Aerospace end market and are actively expanding our Aerospace capabilities. Stationary parts, including turbine center frames, bearing housings, combustion diffusers, fins inducers, near flow path seals, blade outer seals, combustion seal segments, injector housings and nozzles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Engine Products — IGT:** We manufacture turbine airfoils (blades and vanes) for the IGT end market and are actively expanding our Aerospace capabilities. This includes rotating and stationary parts that operate in the hot section of an aeroengine or industrial gas turbine, where they must withstand extreme temperatures and pressures, which require exceptionally tight dimensional and metallurgical control and are safety-critical.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Hot-Side Turbocharger Wheels:** We manufacture hot-side turbocharger wheels for the transportation end market for off-highway, commercial, and passenger vehicles. Turbocharging is one of the most powerful emissions reduction solutions for internal combustion engines and is universally used in hybrid powertrains.

The below two diagrams illustrate a selection of the products we manufacture, which primarily focus on the hot section of aeroengines and industrial gas turbines, respectively, with structural castings and torque bars being the key components of the engine products for Aerospace and turbine airfoils being the key components of the engine products for IGT:

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#### Engine Products — Aerospace:
![[MISSING IMAGE: ph_aerospace-4clr.jpg]](ph_aerospace-4clr.jpg)

#### Engine Products — IGT:
![[MISSING IMAGE: ph_industrigas-4clr.jpg]](ph_industrigas-4clr.jpg)

(1) Present throughout the entire engine

(2) Present both in high pressure and low pressure turbine section

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In 2025, approximately 70% of our revenue was covered by LTAs with our OEM customers, including our strategic customer partnerships, and approximately 30% of our revenue was derived from spot purchase orders. Our LTAs are framework agreements which set out the terms and conditions under which customers place specific purchase orders for our parts. The LTAs set out specific part pricing which is typically fixed but subject to escalation clauses which allow for the pass through to the customer of movement in metal costs, and other inflationary cost increases which give protection against rising input costs including tariffs, other input materials, labor, energy and logistics in a number of cases through prices linked to published indices. Other key terms in the LTAs include payment terms, performance metrics and other terms of business. Our LTAs typically span 5 years or longer; however, certain of our LTAs allow for termination by convenience by our customers. The LTAs for the Aerospace and IGT end markets typically guarantee us a minimum level of market share for the applicable part but in certain cases they also include long term volume commitments for the life of the LTA as is the case in three of our strategic customer partnerships. Our LTAs provide us with significant visibility on future volumes, revenue, and profitability with specific purchase orders being placed under these LTAs.

As at December 31, 2025, our order Backlog was $725 million, representing contractually firm purchase orders, which covers more than 12 months of production of Aerospace and IGT castings. As at March 29, 2026, our order backlog was $930 million, representing contractually firm purchase orders, which covers more than 12 months of production of Aerospace and IGT castings.

In 2024, we began expanding our strategic customer partnerships with a select number of key customers in the Aerospace and IGT end markets, including significant investments by the customer to increase the capacity at our manufacturing facilities. We expect the four strategic customer partnerships that have been fully agreed to date to deliver incremental annual revenue of more than $200 million when operating at full run rate. This revenue number is based on the specific parts set out in each of the agreements and either the volume commitment from the customer in the agreement or a demand forecast received from the customer applied to the contractual price as specified in the agreement. The structure of these strategic customer partnerships demonstrates the long-term commitment our customers are making to us and supports the capital investment necessary to increase our capacity. We believe these strategic customer partnerships will help us increase our market share of high-value content on key programs, which will be accretive to our overall adjusted EBITDA margin profile. We continue to build a pipeline of additional strategic customer partnerships which should offer a meaningful additional growth avenue for us moving forward.

Our revenue from spot purchase orders provides us with a high degree of flexibility in allocation of capacity and pricing. Given the current supply-constrained market conditions, we believe our mix of LTAs and spot purchase orders creates an optimal balance for our business.

We believe our OEM customers view us as a high-quality, scaled alternative to the two large industry participants, PCC and Howmet. This is evidenced by our continued volume growth across our Aerospace and IGT end markets, increased share capture on major platforms within these end markets, and the strategic customer partnerships including capital investment from major OEMs. We continue to proactively collaborate with customers, prioritize timelines, and have deepened trusted strategic customer partnerships that underpin our growth trajectory.

In 2025, approximately 40% of our castings revenue was generated from the aftermarket, currently weighted more to the IGT end market given our leading positions supplying airfoils which are routinely replaced over the typical 20-year lifecycle of a gas turbine. We expect our aftermarket revenue in the IGT end market to benefit from significant growth in the installed base of heavy-frame turbines and current robust OEM backlogs. We similarly expect our aftermarket revenue derived from the Aerospace end market to increase by 2030 due to our strategic partnership with a key Aerospace customer. This partnership includes an investment to substantially increase the capacity at two of our Aerospace manufacturing facilities to apply our directionally solidified and single crystal casting technologies to manufacture aerospace blades and vanes for both OEM and aftermarket applications.

Over our nearly 250-year history, we have built unmatched technical know-how, strong operational capabilities, collaborative relationships with our customers, and a strategically invested asset footprint, resulting in an attractive market position. In 2020, we underwent a change in ownership and initiated a

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management-led turnaround designed to create operational and financial improvements. Management drove this turnaround by focusing on the following four key strategic pillars:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To be customer-centric in all that we do, ensuring that customers receive the best service in respect of quality, on-time delivery and working together to achieve a mutually beneficial outcome;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Renewal of both the asset base and talent within the workforce which is fundamental to our successful operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To implement a continuous improvement mindset across all of our manufacturing facilities to drive operational performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To achieve a set of stretching financial targets including revenue and adjusted EBITDA growth, adjusted EBITDA margin improvement and improvements in cash generation.

Current management includes a refreshed leadership team that has refocused our business on operational excellence and customer centricity by implementing our "operational toolbox" across all our sites. Our operational toolbox includes daily and weekly monitoring of key performance indicators which help our site- and divisional-level management identify operational improvements to implement. Additionally, since 2020 we have deployed over $170 million in capital expenditures to expand our capacity and modernize our assets, which has led to an increase in productivity, reduction in scrap rates, and material improvement to our quality and on-time delivery rates. This turnaround allowed for strong margin expansion with an improvement in the net loss position from $193 million in 2024 to $173 million in 2025 and an improvement in adjusted EBITDA margin from the mid-single digits in 2020 to 16.5% in 2025.

For the year ended December 31, 2025, we generated $837 million of revenue, of which $291 million or 35% was generated in our Aerospace end market, $351 million or 42% was generated in our IGT end market, and $195 million or 23% was generated in our Transportation end market. Since 2020 and under the leadership of our current management team, our revenue has more than doubled, from approximately $365 million revenue in 2020, reflecting strong volume and price improvements supported by end market demand and stronger customer relationships driving increased platform and part participation. In 2025, our capital expenditures totaled $31 million, comprised of investment in capacity expansion, capability expansion, productivity initiatives, equipment upgrades across our manufacturing footprint, health and safety initiatives, and ordinary course maintenance activities to sustain production continuity. These investments are closely aligned with strategic customer partnerships and are a core component of our operating model. We generated a net loss of $173 million for the year ended December 31, 2025, and $138 million of adjusted EBITDA, the former largely reflecting the high and predominantly non-cash interest charge on the Shareholder PIK Loan. In 2025, our adjusted EBITDA margin of 16.5% was a significant increase from our mid-single digit adjusted EBITDA margin in 2020. In 2025, the segment adjusted EBITDA margins for our Engine Products — North America and Engine Products — Europe segments, which comprise of our sales into the Aerospace and IGT end markets, were 18.2% and 21.9%, respectively. The segment adjusted EBITDA margin for our Turbo Wheels segment, which comprises of our sales into the Transportation end market, was 6.5%. For a discussion of the use of adjusted EBITDA and adjusted EBITDA margin, and a reconciliation to the most directly comparable U.S. GAAP measures, see "Management's Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures." We have achieved this margin increase through operating leverage on higher volumes, improved operational execution, and value-based pricing initiatives. We expect these factors to continue to drive further margin expansion, while strong demand across our major end markets is expected to drive additional volume growth on recent capacity investment, producing further operating leverage and productivity gains.

#### Our Competitive Strengths

#### Leading Manufacturer of Complex and Highly Engineered Precision Castings
We believe we are a global leader in complex precision castings and one of a limited number of companies worldwide with the cutting-edge engineering and metallurgy expertise and the large-scale specialized casting equipment required to manufacture highly technical mission-critical parts under strict environmental controls required to meet stringent safety and regulatory standards for the most demanding applications within our end markets. Our Engine Products include high-pressure airfoils, engine structural

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castings, and superalloys that are crucial for modern aeroengines and heavy-frame industrial gas turbines. These parts typically operate in the hot section of an engine or turbine, an environment defined by extremely high temperature and pressure, and as a result require precise dimensional accuracy and cutting-edge casting processes to manufacture, which include single crystal and directionally solidified casting. We also manufacture hot-side turbocharger wheels, which are critical to enhancing automotive fuel efficiency and performance.

#### High Barriers to Entry
Our industry is defined by substantial barriers to entry, including specialized manufacturing technical know-how, deep engineering expertise, stringent safety-driven qualification requirements and customer approvals, large manufacturing assets with high capital expenditure requirements and long build times, and regulatory certifications. We believe these barriers provide us with a strong incumbency advantage, supported by our precision, quality, and customer trust built through decades of operations. Our infrastructure, processing capability, and OEM certifications enable us to operate as a scaled manufacturer of some of the largest and most complex castings, particularly large structural components as well as directionally solidified and single crystal airfoils. These components are not only essential to operations but they also help our OEM customers significantly improve their operational efficiency to the highest levels of aeroengine and gas turbine performance, which is a key factor driving competitiveness and product adoption.

#### Vertically Integrated Global Operations
We operate globally across 14 advanced manufacturing facilities that are strategically located near our key customers and in locations where we have access to available, cost-effective labor. A cornerstone of our strategy is our vertical integration model that includes three dedicated facilities supplying 100% of our internal demand for nickel- and cobalt-based superalloys for our Engine Products for the Aerospace and IGT end markets. To cover the requirements of both our internal and external superalloy customers, we have the ability to make more than 500 customized superalloy specifications. This vertical integration ensures the reliability of our supply of critical raw materials by eliminating dependence on the handful of external vendors that are able to produce these superalloys and allows us to capture additional profit in the casting value chain. Our vertical integration also includes key post-cast processes such as Hot Isostatic Pressing, heat treatment, X-Ray, non-destructive testing, and dimensional inspection which are performed in-house at certain facilities. We have opportunities to further develop these capabilities and further reduce usage of external sub-contractors. These processes being in addition to the core casting processes of wax assembly, shell and foundry. We believe our vertical integration, in combination with our global footprint and advanced facilities, positions us as a reliable supplier of highly specialized products to the leading OEMs in these capacity-constrained end markets. This enables us to execute on highly visible demand, maintain strong pricing power, and deliver resilient, growing margins which we expect to approach those of our larger peers over time.

#### Highly Diversified and Resilient Business Model Across Growth End Markets of Aerospace and IGT
We operate across both the Aerospace and IGT end markets, which combined accounts for 92% of our total segment adjusted EBITDA in the year ended December 31, 2025. See Note 4 to our audited consolidated financial statements included elsewhere in this prospectus. Our Engine Products are diversified across Aero engine platforms and heavy frame IGT products, with an estimated 60% of our castings revenue derived from OEM sales and 40% derived from aftermarket sales in 2025. We expect our aftermarket sales to grow with our revenue in future years as we expand our product offerings further into the Aerospace end market to include blades and vanes, which have a significant aftermarket component.

We reinforce our revenue with multi-decade relationships with leading Aerospace and IGT OEMs and LTAs that typically are 5 years or longer, guarantee a minimum market share, and occasionally guarantee future revenue. In 2025, approximately 70% of our revenue was generated from such LTAs. These agreements, combined with firm backlog and published OEM build schedules, give us clear line-of-sight to volumes and secure demand which allows our value creation to center on disciplined execution with upside from contract expansion, extension, or renewal. Our LTAs are framework agreements which set out the terms and conditions under which customers place specific purchase orders for our parts. The LTAs set out specific part pricing which is typically fixed but subject to escalation clauses which allow for the pass through to the

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customer of movement in metal costs, and other inflationary cost increases which give protection against rising input costs including tariffs in a number of cases. Other key terms in the LTAs include payment terms, performance metrics and other terms of business. Aerospace and IGT LTAs typically guarantee us a minimum level of market share for the applicable part but in certain cases they also include long term volume commitments as is the case in three of our strategic customer partnerships. Furthermore, in 2025, our top 10 customers accounted for 68% of sales, with no single engine or turbine program accounting for over 7% of sales. Furthermore, in the quarter ended March 29, 2026, our top 10 customers accounted for 70% of sales, with no single engine or turbine program accounting for over 7% of sales. Our resilience is further underpinned by our strong strategic partnerships with our customers which extend throughout the lifecycle of the product and span early engineering collaboration, new product introduction, and extensive process and product qualification for OEM fulfillment and recurring aftermarket demand. This results in diversified revenue across production ramp-up and in-service support. The lifecycle of both aeroengine and IGT programs can be in excess of 50 years from the point of entry into service through production ramp up of approximately 30 years, and aftermarket requirements of over 20 years.

#### Key Strategic Partner to Blue-Chip OEM Customers
Following our ownership change in 2020, we have executed upon a management-led operational turnaround involving significant investment in our core casting and alloy operations, renewed focus on operational excellence, and developed a nimbler, customer-centric culture across our organization. These actions have materially increased our capacity, and improved production quality, on-time delivery and financial performance. As a result, we are transitioning from a transactional, individual parts supplier to a true, strategic partner with our customers as demonstrated by our deeper integration into their production process through increased collaboration, single- and dual-source supplier positions, large orders reflecting portfolios of products, and LTAs. Having completed this turnaround, we believe we are recognized by our customers as a high-quality, scaled alternative to the two largest industry participants, PCC and Howmet. We continue to proactively collaborate with customers, prioritize timeliness, and deepen trusted strategic customer partnerships that underpin our growth trajectory.

The strategic nature of our customer relationships is further reinforced by the durability of these relationships. We have entered four strategic customer partnerships to date, two with major IGT customers and two with major Aerospace customers. We remain responsible for the full manufacturing process of the parts under each agreement with operating limitations being limited to specifically allocating the capacity to that customer only. Should the customer not require the full utilization of the dedicated equipment then we are allowed to use the capacity to manufacture parts for other customers subject to the specific terms and conditions of the agreements and approval and tooling requirements. Each of the four strategic customer partnerships are based on LTA agreements that have principal terms and conditions in line with our typical LTAs with additional features such as customer funded investment, capacity reservation payments, or volume commitments. These strategic customer partnerships are designed to address our customers' critical supply chain challenges for castings and position us as a long-term preferred solution partner. These recent strategic customer partnerships include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A 15-year agreement with a major Aerospace OEM customer for us to supply aeroengine blades and vanes, which includes an investment by the customer to significantly increase capacity in our manufacturing facilities. The agreement gives the customer security of supply and provides us with profitable revenue growth opportunity with the margins from the incremental revenue expected to be accretive to our current margins. The expected incremental revenue generated from the partnership is based on an agreed volume of specifically identified parts, with the manufacturing process development already underway. The program is expected to reach full run rate in 2028 with the full year effect recognized in 2029.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A 7-year extension of an existing agreement with a major IGT OEM customer for us to supply blades and vanes, with an expanded scope, an increased duration, a significant investment to increase capacity, and guaranteed volumes. The agreement provides the customer with dedicated capacity and therefore security of supply, whilst providing us with profitable revenue growth opportunity. The expected incremental revenue generated from the partnership is based on the volume commitment from the customer as specified in the agreement for parts which we already manufacture. We believe

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the margin on the contract is expected to be accretive to our existing business. The program is expected to reach full run rate in 2028 with the full year effect recognized in 2029.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A 9-year extension to an existing agreement with a major IGT OEM customer for us to supply guaranteed volumes of directionally solidified turbine airfoils with investment to further increase capacity in our IGT operations. The majority of incremental revenue expected to be generated from the partnership is based on both increased volumes of parts already manufactured along with new parts with the contract expected to be margin accretive to our existing business. The program is expected to reach full run rate in 2028 with the full year effect recognized in 2029.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Three signed agreements with an existing major Aerospace OEM customer to increase our supply of casting and superalloy volumes and margins while underwriting greenfield superalloy expansion. The agreement provides a volume commitment from the customer that is expected to underpin our capital investment in the greenfield facility. The new facility is expected to begin production in 2029 and is designed to meet both the demands of the Aerospace OEM customer and our growing internal demand.

We believe these strategic customer partnerships not only strengthen our position in a capacity-constrained market for years to come, with up to 80% of customer contribution to capital investment, but they also demonstrate the importance of our offer with OEMs in providing additional capacity and competition within these supply-constrained markets and a clear pathway to capture additional market share from our competitors at accretive margins. Our reputation and capabilities of being a leading independent, high-quality manufacturer of highly engineered critical parts to our customers reinforces our role as a scaled alternative to the larger incumbents in our end markets.

#### Proven Operating Model
We promote a culture that empowers our key employees at each of our facilities to act with the operational agility needed to quickly respond to evolving customer needs. Our ongoing expansion of traditional LTAs into broader strategic customer partnerships evidences the differentiating nature of our entrepreneurial culture. We believe we are unique in providing our OEM customers with dedicated capacity and visibility into increased production planning, which has enabled our single- and dual-source supplier positions and clear pathway to capture additional market share from our largest competitors at attractive margins. Our strong customer orientation is reinforced by a global manufacturing footprint that is strategically located near our major Aerospace and IGT OEM customers, allowing us to focus on customer requirements and rapidly deliver solutions. Accountability is maintained through a disciplined cadence of key performance indicator reviews at the site, divisional, and group levels, using real-time operational metrics to guide actions, seek continuous improvement, and drive measurable performance gains.

#### Proven Leadership Team Positioned to Drive Further Value Creation
We benefit from a management team with extensive leadership experience and deep industry expertise. Since 2020, our team has successfully driven our comprehensive operational turnaround that refocused our business on operational excellence and customer centricity, implementing our operational toolbox across all our sites, which has helped us evolve into a true, strategic partner that customers recognize as a high-quality, scaled alternative to the two largest industry participants, PCC and Howmet. Through deployment of our operational toolbox and disciplined capital investment, we have delivered strong adjusted EBITDA margin growth. In 2025, our adjusted EBITDA margin of 16.5% was a significant increase from our mid-single digit adjusted EBITDA margin in 2020 and we believe that we are on a clear path to further improvement in-line with our best-in-class casting peer. With strong topline growth, growing margins, and reduced debt, we expect significant earnings growth to drive value creation.

#### Growth Strategy
Our growth strategy prioritizes organic growth through volume, price, and operational excellence, complemented by strategic acquisitions. Our medium-term castings revenue growth forecast does not include any unidentified parts or "go-get" revenue.

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#### Our core growth value drivers are:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Operation Execution and Excellence:** We will continue to convert our firm order Backlog into profitable revenue through disciplined execution across our global operations, which is supported by our LTAs that provide significant business visibility. As at December 31, 2025 our purchase order Backlog was $725 million, representing contractually firm orders, which covers more than 12 months of production of Aerospace and IGT castings. As at March 29, 2026, our purchase order backlog was $930 million, representing contractually firm orders, which covers more than 12 months of production of Aerospace and IGT castings. As customers increase production rates across major Aerospace and IGT platforms, our focus on responsiveness, quality, and on-time delivery will reinforce customer confidence and support future contract renewals. Multi-year visibility into anticipated revenue provides a basis for improved operational planning, working capital management, and effective capital allocation. We are undertaking initiatives to strengthen supply chain resilience, such as enhanced supplier oversight, diversified sourcing strategies, and strategic inventory procurement for long-lead materials. Additionally, we are proactively aligning production capacity, labor planning, and supplier readiness with expected rate increases, while accelerating actions necessary to support growth with LTAs, multi-program volume commitments, and coordinated investment roadmaps with key OEMs. We are also enhancing program governance through our established project management office, which designs and implements key expansion initiatives by expanding capabilities and resources at this level and allowing the facilities to remain focused on operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Investment in Capacity to Meet Demand:** As customer demand continues to rise, we are strategically expanding production capacity through the commissioning of new equipment, production lines, and increased automation, a portion of which is funded through our strategic customer partnerships with key OEMs. Our strategy emphasizes early workforce training, process qualification, and capability validation to shorten the production ramp and support customer delivery schedules. Targeted debottlenecking and automation initiatives are expected to deliver continuous improvements in throughput and cost efficiency. We are continuing to implement lean facility layouts designed to reduce material movement, minimize product queue times, and improve flow through pre- and post-cast operations. Our capacity expansion roadmap aligns anticipated capital investments with customer demand profiles and emerging technological requirements. Project selection will be guided by defined return-thresholds, customer commitments, and strategic importance. We are also enhancing manufacturing flexibility through modular production cells for better responsiveness to shifting customer mix. Collectively, these actions position our network to support higher volumes, shorter lead times, and increased share-of-work on key platforms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Cutting-Edge Development and Expansion:** We expect to expand our market participation by increasing share on existing platforms and engagement on next generation Aerospace and IGT platforms as they arise. Our advanced manufacturing capability to produce precision castings provides a competitive advantage in winning these new platform opportunities. In the Aerospace end market, we are increasing our exposure to high-aftermarket content components through customer funded development partnerships that position us favorably for long-term recurring revenue streams. Our existing product portfolio already supports 40% of revenue from the aftermarket, especially within the IGT end market, and we believe there is a meaningful opportunity to increase the aftermarket exposure further in the Aerospace aftermarket, especially with airfoils for aeroengines. Leveraging these capabilities across end markets is expected to enhance our growth prospects, deepen customer integration, and expand lifetime value on key platforms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Drive Margin Expansion:** We are pursuing greater margins and aiming to enhance the long-term profitability of our business through the operating leverage impact of volume growth, value-based pricing, operational excellence, and margin-accretive strategic customer partnerships. As volumes increase, we will be able to deliver greater operating leverage of our current facilities and recent capacity expansion. We continue to strengthen our pricing practices to ensure commercial terms reflect the value we deliver to our customers through the complexity of our advanced precision manufacturing processes and market share, but also our strong performance in quality, responsiveness, and turnaround time. As part of these programs, we plan to expand further into next generation technologies such as robotics, digital shop floor analytics, and closed loop process controls to increase throughput, labor productivity and manufacturing yields, and reduce scrap. We are reinforcing

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functional excellence in engineering, operations, and quality through structured problem solving and rigorous root cause methodologies to improve process stability and compress cycle times while increasing equipment uptime. Capital expenditures will be prioritized toward equipment capacity and capability and digital systems that provide cost advantages and support scalable growth, governed by disciplined return on investment criteria. As we continue to invest in our growing Aerospace and IGT end markets, our Turbo Wheels business is expected to serve as a key cash generator to fund these investments with its robust cash-flow profile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Strategic Customer Partnership Growth:** We are continuing to widen and deepen our strategic customer partnerships with leading Aerospace and IGT OEMs through aligning long-term volume expectations with investment requirements. Our commercial strategy includes seeking multi-year customer agreements with balanced risk provisions and pricing structures that support sustainable margin expansion. We will continue to develop and expand our differentiated, OEM-supported capacity model where customers partner with us through contracted investment in our ongoing capacity expansion while we operate the assets under long-dated, margin-accretive LTAs across a multitude of platforms and sites. We believe we are the only competitor in our end markets able to provide OEMs with dedicated capacity and visibility into increased production planning. As we scale this approach, it will drive larger portfolio-level awards and extended contracts with improved commercial terms and increased share-of-work, enabling us to win incremental business and take market share on priority programs. We believe that consistent operational performance such as on-time delivery, quality, and engineering responsiveness will enable us to expand our share of work across priority platforms. We engage with our customers through early-stage engineering collaboration, including rapid prototyping, quality assessments, qualifications, and accelerated industrialization, as well as joint improvement initiatives and transparent communication on capacity and performance to support the long-term growth of next-generation hot section components. Through these actions, we aim to strengthen our position as a top supplier with differentiated capabilities in complex, high-precision castings. We expect the four strategic customer partnerships that have been fully agreed to date to deliver incremental annual revenue of more than $200 million when operating at full run rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Strong Cash Generation to Support Continued Investment:** We believe our key growth value drivers will combine to support strong cash generation to allow for continued investment into our business both in respect of continued organic expansion and inorganic opportunities. We expect the significant output and revenue growth to drop through at margin-accretive levels. Our continued strengthening of operational execution is expected to allow for an increase in current capacity utilization and optimum utilization of new capacity being brought online providing improved returns on invested capital. Opportunities also exist to optimize working capital levels to further enhance cash generation. Lastly, the strategic customer partnerships and associated capital contributions are expected to help ensure that the cash returns from these programs achieve our expectations. The greater level of cash generation will allow for flexibility with regards to further investment in capacity and capabilities thereby creating the flywheel effect of continued growth, margin expansion, cash generation, and ultimately value creation over the short, medium and long term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Complementary M&A Accelerating Growth:** We will continue to take a disciplined approach at evaluating both tactical and strategic acquisitions that accelerate our strategy, strengthen our core capabilities, expand vertical integration, and introduce internally designed process technologies that enhance product and competitive differentiation. We are also exploring tactical acquisitions that could expand our presence in adjacent high-growth segments including next-generation space and defense applications. Integration efforts will focus on capturing cost and revenue synergies through coordinated supply chain structures, optimized production footprints, and unified technology roadmaps. Our acquisition strategy will remain targeted and disciplined, with transactions evaluated against defined strategic criteria and financial thresholds to ensure alignment with organic growth objectives, returns, and preservation of financial flexibility. We expect to maintain a targeted pipeline of potential targets that may accelerate long-term growth, margin expansion, and competitive advantage.

#### Our Industry
For a description of the industry we operate in, the barriers to entry and our competitive landscape, see "Prospectus Summary — Our Industry."

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#### Our History
We have nearly 250 years of history. Doncasters Group was established in Sheffield, UK in 1778 by Daniel Doncaster. We began as a file-making business and, over time, expanded into steel converting, forging, and is now focused on the manufacturing of investment castings and superalloys. In 1902, we were incorporated as a limited company and subsequently broadened our operations to include forging and drop forging trades. Over the following decades, we expanded our footprint through the acquisition of facilities in the United States, the United Kingdom and mainland Europe, and diversified into the Aerospace and IGT end markets. In 2001, we merged with Ross Catherall Group and were acquired by the private equity arm of the Royal Bank of Scotland. In 2006, we were acquired by Dubai International Capital who later exited as part of the 2020 restructuring described below.

On March 6, 2020, a financial restructuring of the Group was completed by way of a Scheme of Arrangement sanctioned by the English Courts that transferred ownership of the Group to DPC Holdings Limited. Under the terms of the Scheme of Arrangement, (i) 50% of our first lien debt outstanding was reinstated and exchanged for a senior term facility and the remaining 50% was exchanged for a Shareholder PIK Loan, (ii) 20% of our second lien debt outstanding was reinstated and exchanged for the Shareholder PIK Loan, and (iii) the lenders were issued equity pro rata to their holdings of the Shareholder PIK Loan in DPC Holdings Limited. Pursuant to a consent letter, the Shareholder PIK Loan unanimously consented in December 2025 to reduce the outstanding principal balance of the Shareholder PIK Loan by 85% for no consideration, which was effected on March 19, 2026. Following completion of the PIK Forgiveness, the outstanding principal balance of the Shareholder PIK Loan was $148 million, including accrued interest of $17 million, as at March 19, 2026.

Following the 2020 restructuring, a new board and management team was put in place which implemented a new Group wide strategy based on four strategic pillars:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

renewal of talent and capital equipment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

improving customer experience,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

improving operational performance, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)

setting ambitious targets for the 5-year period.

We acquired Uni-Pol group in 2022 which was a turbo wheel business with operations in Mexico, China and India, in order to primarily address the strategic gap with respect to lack of low-cost manufacturing locations. The Mexico facility we own following the Uni-Pol acquisition is a key part of our strategy to increase capacity and is transitioning to an aerospace-lead facility to support our U.S. aerospace sites by performing labor intensive post cast finishing operations. Under our strategic partnership with a key OEM in the Aerospace end market, the Mexico facility is expected to become an end-to-end aerospace casting facility.

Today, we operate 14 advanced manufacturing facilities producing nickel-based and cobalt-based superalloys and investment castings and stud welding systems across North America, the United Kingdom, Europe and Asia, serving a broad blue-chip client base worldwide and maintaining a leading position in specialist manufacturing and casting of superalloys.

#### Our Segments, Core Capabilities and End Markets
We operate through three segments: Engine Products — North America, Engine Products — Europe, and Turbo Wheels, serving the Aerospace, IGT, and Transportation end markets.

Our Engine Products — North America segment predominantly serves the Aerospace end market and is vertically integrated through its superalloy production at our Long Beach facility and aerospace casting facilities in Groton, Connecticut; Springfield, Illinois, and Oxford, Alabama in the United States, and Mexicali, Mexico. Our Engine Products — Europe segment predominantly serves the IGT end market and is vertically integrated through superalloy production at R&C Sheffield, UK and Bochum, Germany, and casting facilities at Deritend, UK, Bochum, Germany, and Chard, UK. Our Turbo Wheels segment serves

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the passenger, commercial, and off-highway vehicle end markets with casting facilities in India, China, the United States, and the UK. This segment procures alloys required for its production externally.

The following table sets forth our end markets and key products and components:

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| | | |
|:---|:---|:---|
| **Engine Products**  | **Engine Products**  | **Turbo Wheels**  |
| **Aerospace**  | **Industrial Gas Turbines**  | **Transportation**  |
| Engine Structural Castings | Turbine Airfoils <br> (Blades and Vanes)  | Hot-side turbo wheels  |
| Turbine Airfoils <br> (Blades and Vanes) | Combustion Heat Tiles & <br> Near Flow Path Seals  |  |
| Torque Bars | Structural Castings  |  |
| VIM Superalloys | VIM Superalloys  |  |

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#### Core Capabilities: Investment Castings and Superalloys
We manufacture superalloy and castings. Metallurgy, the foundation for the performance of our core capabilities, includes the production of nickel-based and cobalt-based superalloys and highly complex, engineered precision investment castings for primary application mainly in the Aerospace and IGT end markets.

***Investment castings****.* We believe our investment castings are some of the most technically advanced investment castings in the world and are on the cutting edge of casting technology. Our investment castings are categorized into three types: equiax, directionally solidified, and single crystal, the latter of which are the most technologically demanding castings to make in the world. These castings are used across a wide range of performance critical applications, such as turbine blades and vanes, structural castings, and other components for aeroengines and airframes, industrial gas turbines, and "hot-side" turbo wheels and other special components requiring high metallurgical integrity. Our production facilities excel at vacuum-melting and use the highest quality materials through both the casting process and post-cast finishing operations that ensure we produce a consistent product that meets exact customer specifications and tightly controlled chemistry. Our manufacturing expertise and process know-how results in significant barriers to entry and make us a leader in our field.

In building our vertically integrated investment castings capabilities, we have improved and helped ensure material availability while shortening lead times, which has provided valuable supply chain resilience. Through our commitment to vertical integration of production, we internally supply 100% of the superalloy requirements of our aerospace and IGT casting facilities, showing a capacity to meet growing customer demand in these end markets.

Our castings are utilized in applications that require reliable performance under extreme temperature and pressure, such as the high-pressure sections of aeroengines and industrial gas turbines. These applications necessitate precise accuracy and adherence to customer specifications in the manufacturing process with minimal tolerance for deviation. Our manufactured parts operate in extreme environments at temperatures over 1,000 degrees Celsius and pressures up to 30 BAR.

***Superalloys****.* The reliable production of high-performance castings begins with precisely controlled alloys. Alloy quality — achieved through the precise understanding, targeting, and control of metallurgy — is essential to ensuring cast components achieve their performance requirements. We have made significant and strategic investments in this space to support our foundries and customers. Just as our portfolio of mission-critical components operates in extreme environments of pressure, temperature and mechanical stress, the underlying alloy and its metallurgy must meet the same demanding standards.

Our engine products include nickel-based and cobalt-based vacuum-melted superalloys in the form of ingots. We believe we manufacture some of the hardest to make superalloys in the industry with low sulfur levels of less than 0.5 parts per million. We consistently achieve this standard through tightly controlled raw material charge lot selections, technical knowledge of alloy sequencing, refined melt practice, and use of our low sulfur master heat library.

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Our superalloys are typically nickel or cobalt based and include minor elements such as tungsten, chromium, vanadium, ruthenium and hafnium to give the materials their high-performance attributes for performance critical applications. Our in-house melt operations — including Long Beach, R&C, and Bochum — anchor our vertically integrated approach. These facilities produce nickel-based superalloys and cobalt-based superalloys, providing supply for our aerospace and IGT investment casting facilities, as well as external superalloy supply to customers principally operating in the Aerospace and IGT end markets.

Our nickel-based and cobalt-based superalloys are produced via vacuum melting or air melting production methods. We primarily produce our superalloys via vacuum induction melting, or VIM. VIM, a vacuum melting process where base metal is melted into technically specific and complex metal products, requires tight process control and strict adherence to approved procedures. Our sites produce alloy recipes which are all individual and highly specific.

#### End Markets: Aerospace, Industrial Gas Turbines, and Transportation
Our key end markets are Aerospace and IGT, which combined generated 92% and 90% of our total segment adjusted EBITDA in 2025 and 2024 respectively, and 77% and 73% of our revenue in 2025 and 2024 respectively. See Note 4 to our audited consolidated financial statements included elsewhere in this prospectus. For the three months ended March 29, 2026 and 2025, the Aerospace and IGT markets generated 96% and 90% of our total segment adjusted EBITDA and 79% and 73% of our revenue, respectively. See Note 4 to our interim consolidated financial statements included elsewhere in this prospectus. We also operate in other end markets, including Transportation.

***Aerospace****.* The Aerospace end market represented 35% of our revenue for the year ended December 31, 2025 and 36% of our revenue for the year ended December 31, 2024. For the three months ended March 29, 2026 and March 30, 2025, the Aerospace end market represented 39% and 35% of our revenue, respectively. The key engine products we manufacture for our customers in the Aerospace end market include engine structural castings, blades and vanes, and airframe structural castings. We also produce VIM superalloy in the form of ingots to any customer specification in the Aerospace end market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • <u>Engine Structural Castings</u>. These products span a wide range of parts, including turbine center frames, bearing housings, combustion diffusers, fins inducers, near flow path seals, blade outer seals, combustion seal segments, injector housing and nozzles. Our combustion and engine structural components are typically made from high-strength vacuum cast nickel-based superalloys.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • <u>Turbine Airfoils (Blades and Vanes)</u>. Blades and vanes extract power from and control the air flow through a turbine. Blades are rotating parts and vanes are stationary. While currently most of our blade and vane production is for IGT applications, we are expanding capabilities to include aerospace blades and vanes and adding directionally solidified and single crystal capability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • <u>Torque Bars</u>. Structural castings that are primarily used in the braking systems of landing gear.

Today, we primarily produce parts for new build aeroengines with structural castings typically lasting for the life of an engine. We are increasing our capability in production of aerospace airfoils, which require replacement a number of times over the life of the engine and will increase our level of exposure to the aerospace aftermarket.

The commercial aerospace industry is experiencing significant order backlogs, with over 15,000 narrow-body and wide-body jets on order across both key OEMs in the Aerospace end market, Airbus and Boeing. The current build rates for both are significantly below their stated aims for the short- and medium-term targets and availability of engines is a key gating item with respect to their ability to ramp up output. Our confirmed-order book covers more than 12 months of aerospace castings production. A key determinant in engine availability is the availability of castings, such as the engine structural castings we produce. We predominantly manufacture parts for engine OEMs who supply Boeing's and Airbus' key growth platforms. While we are currently more balanced toward Boeing, we are targeting additional Airbus parts to achieve a more balanced portfolio across aircraft OEMs. Defense is a small but growing part of the business, which we expect to increase with rising global tensions. We also have exposure to the space end market supplying casting and alloys in production and for new parts in development.

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***Industrial Gas Turbines****.* The IGT end market represented 37% of our revenue in 2024 and 42% of our revenue in 2025. For the three months ended March 29, 2026 and March 30, 2025, the IGT end market represented 40% and 39% of our revenue, respectively. The key components we manufacture for customers in the IGT industry are mainly blades and vanes and engine structural castings. We also supply VIM superalloys for castings, forgings and coatings.

We have a specialized capability for large directionally solidified and single crystal blades and vanes which are focused on the heavy frame IGT platforms. These castings are some of the most complex IGT castings in the world with the ability to manufacture these limited to a small number of facilities globally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • <u>Turbine Airfoils (Blades and Vanes)</u>. We manufacture a broad range of investment cast turbine airfoils, commonly used in gas turbines. The airfoils are designed to control the flow of air and gas through the hot section of a turbine in order to convert the gas into energy and require replacements during the lifecycle of a turbine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • <u>Combustion Heat Tiles, Near Flow Path Seals and Other Engine Structural Castings</u>. We produce various configurations of casing, heat shield, seal segments, enclosures near flow pass seals, injection nozzles and static seals for IGT applications. We also produce structural castings which serve as structural parts in an IGT. These are stationary parts in the turbine onto which other components are built and typically last for the life of the engine or turbine. Structural castings are manufactured using the equiax method.

The main models we produce for the IGT airfoil (blades and vanes) market are heavy frame platforms. The significant level of demand for IGT castings is most acute for these heavy frame platforms. This reflects an increase in the average size and complexity of turbines given efficiency requirements which have an increased complexity of airfoils. As the installed base of these heavy frame platforms grows, the aftermarket requirement for these parts will also increase and which we expect will provide long-term revenue visibility. An operating life of an IGT typically exceeds 20 years with full sets of high-pressure turbine blades being replaced a number of times during that period depending on usage.

We have increased volume at our two key IGT facilities following investments in capacity and capability driven by our customers' requirements. This has driven operational leverage along with improvements in operational performance and commercial terms including pricing both in and out of our LTAs. Our confirmed-order book covers more than 12 months of IGT castings production and associated revenue through our two key IGT facilities via long-term contracts.

***Transportation****.* The Transportation end market represented 27% of our revenue in 2024 and 23% of our revenue in 2025. This is expected to grow by capturing market share in the medium term but will represent a smaller percentage of our overall revenue due to the expected growth of our Aerospace and IGT end markets. For the three months ended March 29, 2026 and March 30, 2025, the Transportation end market represented 21% and 26% of our revenue, respectively. The key products we manufacture for the commercial vehicle, off-highway and passenger car industry are hot-side turbo wheels, which convert exhaust gases into mechanical energy, increasing fuel efficiency and performance. The turbo wheels business has a balanced mix of commercial vehicle, off highway and passenger car applications allowing for diversification in the use of its parts. We produce large diameter turbo wheels for commercial vehicles and smaller diameter turbo wheels for passenger cars. Unlike our Aerospace and IGT castings, we source superalloy used in our turbo wheels production from third parties.

#### Customers and Suppliers

#### Customers
Our track record of success, on time delivery, proven quality levels and excellent service has driven strong customer retention. Our average customer tenure is more than 20 years.

Given the nature of our blue-chip OEM customer base, our top 10 customers account for 68% of our revenue in 2025 and approximately 66% of our revenue in 2024, with all key OEMs served. Furthermore, in the quarter ended March 29, 2026, our top 10 customers accounted for 70% of sales, with no single engine or turbine program accounting for over 7% of sales. During 2025 and 2024, our top two customers

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accounted for more than 30% of total revenues each year. Customer A accounted for 22% and 19% and Customer B accounted for 16% and 15% of our total revenue in 2025 and 2024, respectively. Our top two customers accounted for 43% of our revenues for the quarter ended March 29, 2026 and 36% of our revenues for the three months ended March 30, 2025. Growth opportunities above market growth rates reflect specific programs with certain of our current customers, as is the case with the strategic customer partnerships that we have entered into. We have also developed new customer relationships with newer entrants to the OEM market with a strategic partnership having been agreed with an OEM in the IGT end market which further diversifies our end-customer mix.

***Aerospace.*** We primarily sell our Aerospace castings to engine OEMs to supply engines to Boeing and Airbus, including: GE Aerospace, Honeywell, Pratt & Whitney, Rolls Royce, and Safran, and other Tier 1 suppliers such as Collins Aerospace. We also maintain aftermarket sales with certain of these customers. Our Aerospace business also supplies both external superalloy and castings to customers in the space and the defense markets, which currently make up a small proportion of our revenue though represent significant opportunities for growth.

***IGT.*** We sell our IGT products directly to OEMs, including Ansaldo Energia, Doosan, GE Vernova and Siemens Energy*.* We also maintain aftermarket sales with customers in IGT.

***Turbo Wheels****.* Our main turbo wheels customers are Borg Warner, Cummins and Garrett.

#### Key Suppliers and Raw Materials
Our key inputs are metal, energy and labor. We are vertically integrated through our ability to manufacture nickel and cobalt-based superalloys and to fulfill 100% of our internal demand in the Aerospace and IGT end markets through our superalloy manufacturing facilitates, which reduces the usage of individual suppliers given the limited number of companies globally that manufacture superalloys for sale in the external market.

The key raw materials we require are base elements which can be procured from a wide variety of different suppliers and geographic regions which establishes security of supply for the majority of elements that we purchase. We purchase these from a diverse mix of suppliers both through spot buys on a back-to-back basis with a customer order and through LTAs with pass-through clauses and provisions which provides certainty on pricing. We purchase from certain suppliers in China for certain metals and turbo wheels superalloy. A degree of supplier concentration also exists with external subcontractors for processes such as Hot Isostatic Pressing (HIP), X-ray, tooling manufacture and cores. We are developing a plan to diversify our subcontractor supply chain by bringing certain processes in house and contracting with new suppliers. See, "Risk Factors — We use third parties for certain processes that are critical to the manufacture of our products and we may experience significant disruptions if the third parties are unwilling or unable to meet our demand."

#### Sales and Marketing
Our customers are serviced through LTAs or purchase orders with associated terms and conditions. Approximately 70% of our revenue was generated under LTAs in 2025, which provide us certainty on pricing and margin, and the remaining revenue is generated under individual purchase orders not covered by an LTA. This provides us with flexibility to respond to market conditions and allows us to capture premium margins and opportunity. The commercial terms of all our key end market Aerospace and IGT LTAs have been renegotiated by our management team since 2020. The renegotiated LTAs typically include pass through on movements in metal costs, in line with industry standards, and our aerospace and IGT contracts have been significantly strengthened to include specific protections against increases in energy costs, labor costs, tariffs and general inflation through prices linked to published indices. Aerospace and IGT contracts guarantee minimum market share and in certain cases guaranteed volumes under the life of the LTA.

Long Beach and R&C sell our superalloys externally under different contractual arrangements, including a mix of LTAs and spot purchase orders. Subject to customer approval, production can be shifted between facilities depending on capacity, as certain superalloys can be produced at either location. Pricing

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is determined by the cost of base elements plus an added value processing cost, reflecting processing expenses and the use of facility-specific intellectual property to manufacture superalloys according to precise customer specifications.

#### Intellectual Property
We operate as a make-to-print manufacturer, with component designs provided by the customer. Intellectual property in the product design and tooling is owned by our customers and licensed to us for use in the manufacturing process.

Our intellectual property is primarily concentrated in the manufacturing process know-how, which is complex and developed over time by skilled and experienced engineers. Our over 385 engineers whose years of experience and know-how around casting processes helps differentiate our business and creates barriers to entry for competitors. Understanding the complexity of the process of both the manufacture of nickel-based and cobalt-based superalloys and of investment castings are skills developed over a number of years and cannot be easily recreated. Our trade secrets, mostly regarding manufacturing processes and material compositions give many of our businesses important advantages in their markets. We continue to develop these processes to drive operational performance improvements and efficiency gains which drives cost reductions and capacity increases as our customers continue on their innovation journey.

We believe our domestic and international patent, trade secret and trademark assets, and proprietary knowledge help us maintain a competitive advantage. Our rights under our patents, as well as the products made and sold under them, are important to us as a whole and, to varying degrees and depending on the products and end market they service, important to each business. Our patents generally concern particular products, manufacturing equipment, or techniques, however we are not materially dependent on any single patent or trade secret.

As of December 1, 2025, Uni-Pol China holds 34 Chinese issued patents, which will expire between 2035 and 2044. Uni-Pol China owns six Chinese pending patent applications, for which the rights and duration are pending grant of the patent by the applicable national or regional patent authority.

Additionally, as of March 29, 2026, we owned 37 registered U.S. and foreign trademarks and 5 pending trademark applications in Mexico, Hong Kong, UK and at WIPO (International).

#### Facilities
We maintain 14 principal manufacturing facilities globally. Of our 14 total sites, (i) we own five facilities and lease one facility in North America, with five of these in the United States and one in Mexico, (ii) we own four facilities in the United Kingdom, (iii) we own one facility and lease one facility in continental Europe and (iv) we own one facility in India and lease one facility in China.

Our facilities are geographically aligned with major OEM customers and Tier 1 suppliers. We operate a relatively decentralized model with sites predominantly responsible for their operations and manufacturing output, with Group oversight and support.

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A table of our sites by segment, their location and capabilities is set out below:

![[MISSING IMAGE: mp_location-4c.jpg]](mp_location-4c.jpg)

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| | | |
|:---|:---|:---|
| **Site**  | **Country of Operation**  | **Production Capabilities**  |
| **Engine Products — North America** |  |  |
| Oxford | USA | Aerospace, IGT |
| Groton | USA | Aerospace, IGT |
| Springfield | USA | Aerospace, IGT |
| Long Beach | USA | Superalloys |
| Mexicali | Mexico | Aerospace, Turbo Wheels |
| **Engine Products — Europe** |  |  |
| Chard | UK | IGT, Aerospace |
| Bochum | Germany | IGT, Aerospace, Superalloys |
| Deritend | UK | IGT |
| Ivostud | Germany | Turbo Wheels |
| R&C | UK | Superalloys |
| **Turbo Wheels** |  |  |
| Trucast | UK | Turbo Wheels |
| Trucast LLC | USA | Turbo Wheels |
| Uni-Pol China | China | Turbo Wheels |
| Uni-Pol India | India | Turbo Wheels |

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We have invested more than $170 million in our manufacturing facilities since 2020 as part of our strategic expansion, which has generated operational improvement and margin enhancement. See, "Management's Discussion and Analysis and Results of Operations — Capital Expenditures."

We expect to have significant new capacity coming online in the short and medium term, including some of which are being supported by capex investments of our customers. These investments ensure that our capacity expansion roadmap is in place out to 2028 with further investments in the planning and negotiation stages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A factory extension to our Groton facility to house a new state-of-the-art shell line system completed in the third quarter of 2025 along with a digital X-ray unit, doubling plant capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The installation of equipment at our Mexicali facility to perform labor intensive post-cast operations for our U.S. aerospace facilities to increase the capacity of our U.S. plants and take advantage of

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labor availability and lower rates in Mexico. The last key piece of equipment is expected to be installed in the second half of 2026 with qualification and ramp up to follow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Installation of new directionally solidified and single crystal equipment in Oxford. This expands our U.S. aerospace capability beyond equiax castings and represents our entry into the high-volume aerospace blades and vanes market with a significant aftermarket requirement. We expect the equipment to be installed and commissioned by the end of 2027 with production ramp up during 2028 such that the equipment can operate at full run rate in 2029.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Installation of equiax casting equipment at our Mexicali facility, which will see it become an end-to-end casting facility. We expect the timetable to be aligned to the Oxford expansion above with equipment installed and commissions in 2027, production ramp up in 2028, with full rate output occurring during 2029.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A major investment package into our Bochum facility to double capacity, which includes new shell line systems and 4 directional solidified and single crystal casting furnaces. This is alongside other equipment such as core kilns which will double the capacity of the facility. We expect a stage expansion program with the first two furnaces installed and commissioned by early 2027, the second two furnaces and new shell line by the end of 2027 such that production ramp up can occur during 2028 with the new equipment operating at rate in 2029.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A new 8,000lbs vacuum induction melt furnace at R&C, providing state-of-the-art technology which was installed and commissioned in 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A new greenfield superalloy facility in the USA which will allow us to continue to ramp up its manufacture of nickel- and cobalt-based superalloys to support the growing demand of our internal casting facilities as well as our external superalloy customers. We expect the new facility to begin production in 2029.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A facility extension to consolidate two sites and house new shell line systems and furnace overhauls at our Deritend facility, which was completed in 2023 to modernize and increase capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A new shell line system at our Chard facility to modernize and increase capacity. This was installed and commissioned in early 2026 with part qualification taking place during the balance of the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Utilization of a new 100,000 square foot manufacturing facility in India, representing a strategic asset for participation and opportunity for capacity expansion in the fast-growing aerospace industry in India. The plan for the utilization of the new facility is early stage with no set timetable at this point.

#### Government and Industry Regulation
As a global manufacturer of components used in aircraft and automotive engines and industrial gas turbines, we operate in a highly regulated environment. With operations, suppliers, and customers across multiple jurisdictions, we are subject to a broad range of domestic and international laws, regulations and industry standards governing safety, quality, defense contracting, export controls and manufacturing practices.

#### Aircraft and Aerospace
The components manufactured for our customers in the aerospace industry incorporate our parts into aircraft engines. Although we are not required to hold direct FAA production approvals, we must comply with extensive flow down requirements from our customers, including traceability, documentation, and quality system controls. Outside of the United States, we are subject to comparable regulatory frameworks administered by the European Union Aviation Safety Agency, United Kingdom Civil Aviation Authority and the Civil Aviation Administration of China. We maintain global certifications in the industry including AS 9001.

Because some of our components are used in military aircraft engines and defense related platforms, we are subject to OEM flow-down requirements under the Federal Acquisition Regulations, or FAR, and the Defense Federal Acquisition Regulation Supplement, or DFARS. These include FAR Part 52 clauses applicable to subcontractors, DFARS Cybersecurity requirements, including compliance with NIST

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SP 800-171, Specialty Metals Restrictions and the Buy American Act. Defense related activities outside of the United States may also be subject to foreign procurement regulations and national security requirements.

#### Transportation
Parts used in combustible engines are subject to certain regulatory frameworks related to safety, materials, and manufacturing practices. As a sub-supplier or Tier 2 supplier, we are not directly regulated by government agencies such as the National Highway Traffic Safety Administration, Environmental Protection Agency or the California Air Resource Board. However, Transportation OEMs and Tier 1 suppliers impose extensive quality, testing and traceability requirements for which we undergo routine audits to maintain approved supplier status. As part of the approved supplier status, we must also maintain certifications in global automotive standards such as ISO/TS 16949 and IATF 16949. We must also be compliant with international materials regulations such as the EU Regulation on the Registration, Evaluation, Authorization and Restriction of Chemicals, or REACH.

#### Industrial Gas Turbines
Our manufacturing processes for parts for use in IGT for power generation and mechanical drive applications are subject to regulatory and industry standards including materials integrity, customer specific qualification processes and international standards such as AS9100.

#### Export Controls and International Trade Compliance.
As a global supplier we are subject to U.S. export control laws, including the International Traffic in Arms Regulations, or ITAR, and the Export Administration Regulations, or EAR, as well as comparable foreign export control regimes. These laws govern the export, reexport, and transfer of controlled items, technical data, and services. Compliance obligations include licensing, foreign-person access controls, screening, and recordkeeping. In addition, we are subject to economic and trade sanctions administered by the U.S. Department of the Treasury's Office of Foreign Assets Control, or OFAC, as well as sanctions regimes imposed by the European Union, the United Kingdom, and other jurisdictions. These laws restrict dealings with certain countries, regions, entities, and individuals. We maintain processes to screen suppliers, customers, and transactions against applicable restricted-party lists.

We also maintain Know-Your-Supplier, or KYS, and Know-Your-Customer, or KYC procedures designed to mitigate risks related to supply chain integrity, diversion, counterfeit parts, and prohibited end-use or end-user activities. These procedures include due diligence, supplier onboarding controls, periodic reviews, and transaction monitoring.

We are further subject to U.S. anti-boycott laws, which prohibit participation in or cooperation with certain foreign boycotts not sanctioned by the United States, and we are required to report boycott-related requests to the U.S. government.

#### Data Protection and Privacy
As a global company, we are subject to numerous data protection, cybersecurity, and privacy laws that govern the collection, use, storage, transfer, and protection of personal information. These laws vary by jurisdiction and continue to evolve, creating a complex and expanding compliance environment. In the EU, we are subject to the General Data Protection Regulation, or GDPR, which imposes strict requirements on the processing of personal data including the lawful basis for processing, cross-border transfer restrictions, and breach notifications. In the UK, we are subject to the UK GDPR and Data Protection Act 2018 which mirrors many of the EU GDPR requirements. In the US, we are subject to a patchwork of federal and state privacy and cybersecurity laws including the aforementioned defense related FAR/DFAR requirements as well as the California Consumer Privacy Act as amended by the California Privacy Rights Act, or CPRA, which provides California residents with rights related to access, deletion and opt-out of certain data usage. In China, we are subject to the Personal Information Protection Law, or PIPL, and the Data Security Law which regulates local storage of data, cross-border transfers, security assessments and restrictions on providing data to foreign authorities. In India, we are subject to the Digital Personal Data

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Protection Act 2023, or DPDP Act, which regulates rights to access, correction, deletion and grievance and redressal, cross border transfers and breach notifications.

Our operations may in the future be subject to new and more stringent regulatory requirements, so in that regard, we closely monitor these regulatory frameworks and industry trade groups to attempt to understand how possible future regulations might impact us. See, "Risk Factors — Risks Related to Legal and Regulatory Matters — Our business may be adversely affected if we were to lose our government or industry accreditations, if more stringent government regulations were enacted or if industry oversight were to increase".

#### Environmental Matters and Risk Management
We are subject to a wide range of environmental, energy, safety and related regulatory requirements in the jurisdictions in which we operate, including the Health and Safety at Work Act 1974, Environmental Protection Acts 1990 and 2001, the Environmental Permitting (England and Wales) Regulations 2016 and Modern Slavery Act 2015 in England, CERCLA in the United States, EU Conflict Minerals Regulation (Regulation (EU) 2017/821) in Germany and the Environment (Protection) Act, 1986 in India. These govern, among other things, employee health and safety, discharges of pollutants into the air and water, the generation, handling, storage, transportation, treatment, release, disposal of, and exposure to, hazardous materials and wastes, and the investigation and remediation of certain materials, substances and wastes. Environmental laws and regulations have generally become more stringent over time, and this trend is likely to continue. We are committed to monitoring our business's environmental performance, and to the health and safety of our employees, and as such we continually make efforts to strive for our operations to be in substantial compliance with all applicable environmental laws and regulations. Environmental laws and regulations or claims from governmental authorities or third parties may require that we investigate and/or remediate or otherwise be responsible for the effects of any releases or disposal of materials at sites associated with past or present operations, including at third-party sites, such as third-party disposal sites.

Certain of our stakeholders, such as customers, investors, lenders, and employees have sustainability-related expectations for our operations, including certain customers who impose supply chain due diligence requirements and environmental, health and safety audit rights.

The nature of our business exposes us to a range of environmental, climate-related and sustainability-related risks and opportunities that may affect our cost base, capital requirements and long-term strategy. These include physical risks from climate change, such as extreme weather events and longer-term shifts in temperature and precipitation, which may disrupt manufacturing activities, supply chains, logistics or workforce safety across certain locations, as well as transition risks arising from evolving climate-related legislation, regulation, taxation, customer requirements and market expectations across the jurisdictions in which we operate. For further information on environmental-related risks, including climate change, see "Risk Factors — We are exposed to environmental, health, and safety risks and are subject to a broad range of health, safety, and environmental laws and regulations which may result in substantial costs, obligations and liabilities."

We recognize the need to embed sustainable practices into our business operations and we have implemented centrally coordinated governance, risk identification and reporting processes integrated into our broader enterprise risk management framework, including the use of climate-related risk assessment and scenario analysis that seeks to align with recognized approaches such as the Task Force on Climate-related Financial Disclosures (TCFD). While we continue to develop and refine our assessment and financial quantification of these environmental risks and opportunities, certain physical climate-related risks at specific locations have already been assessed and quantified based on observed conditions and current climate projections, while the scale and timing of other impacts remain dependent on external regulatory, market and technological developments. Actual outcomes, however, may differ from current assessments.

#### Employees
As of March 29, 2026, we had approximately 3,077 employees (including 169 Ivostud employees), including part-time and temporary employees, with 1,408 employees in Engine Products — Europe, 696 employees in Engine Products — North America and 869 employees supporting our Turbo Wheels segment.

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Of those employees, approximately 37% were unionized, with unionized employees at the Chard, Bochum, Springfield, Ivostud, R&C and Uni-Pol India sites.

Our employees are critical to our long-term success and are essential to helping us meet our goals. Our workforce is 59% production employees, 12% engineering, technical and quality assurance employees, 11% operational support and 12% general and administrative employees. Our employee base includes over 380 highly skilled and experienced engineers, metallurgists and technical employees across our manufacturing sites, with an average tenure of 9.5 years and an average tenure of all employees of 8.5 years.

It is crucial that we continue to attract, retain and motivate exceptional and high-performing employees by providing opportunities available for all our employees to contribute to the Company and to grow and develop in their careers. We offer training and development programs to encourage advancement from within and to support our employees' growth. We leverage both formal and informal programs to identify, foster, and retain top talent at the corporate and operating unit levels. We believe we offer competitive compensation programs to help attract and retain our employees.

#### Legal Proceedings
From time to time, we may be party to litigation or subject to claims incident to the ordinary course of business. We are not subject to any litigation the outcome of which would be reasonably expected to have a material adverse effect on our business, operating results or financial condition.

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#### Management

#### Executive Officers and Directors
The following table sets forth the name, age and position of each of our executive officers and directors as of the date of this prospectus:

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| | | |
|:---|:---|:---|
| **Name**  | **Age**  | **Position**  |
|  ***Executive officers*** |  |  |
| Michael Joseph Quinn | 57  | Chief Executive Officer and Executive Director |
| David John Egan | 58  | Chief Financial Officer and Executive Director |
| Jason Mays | 55  | Chief Operating Officer |
|  ***Directors*** |  |  |
| Dirkson Charles<sup>(1)</sup> | 62  | Director and Co-Chairperson |
| Nicholas Sanders<sup>(1)(2)(3)(4)</sup> | 64  | Director and Co-Chairperson |
| Henry F. Brooks<sup>(1)(2)</sup> | 66  | Director |
| Taiwo K. Danmola<sup>(1)(4)</sup> | 66  | Director |
| Stanley Deal<sup>(1)(2</sup><sup>)(5</sup><sup>)</sup>  | 62  | Director |
| C. Alexander Harman<sup>(5)</sup> | 50  | Director |
| Willibald Meixner<sup>(1)(3)(4)</sup> | 61  | Director |

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(1) Independent director under the NYSE listing requirements

(2) Member of our compensation committee.

(3) Member of our nominating and governance committee.

(4) Member of our audit and risk committee.

(5) Nominated pursuant to our Shareholder Director Nominee agreement. See "— Shareholder Director Nominee Agreement."

#### Executive Officers
***Michael Joseph Quinn*** currently serves as Chief Executive Officer and Executive Director of DPC Holdings Limited, positions he has held since March 2020. Prior to joining the Company, Mr. Quinn served as Chief Operating Officer of WElink Energy, a global renewables company, from April 2019 to March 2020. From November 2017 to April 2019, Mr. Quinn served as Chief Executive Officer of Ervia, the parent company of Irish Water and Gas Networks Ireland. From January 2015 to November 2017, he served as Chief Executive Officer of Bord na Móna, a renewable energy company. Mr. Quinn also previously held the role of Group Vice President at Precision Castparts Corporation from 2005 to 2014, where he had responsibility for five operating businesses across 10 locations. Mr. Quinn is a Non-Executive Director of BNRG renewables, a global solar developer. Mr. Quinn holds a degree in Applied Physics and Electronics from Dublin City University and a Post Graduate Diploma in Project Management from University of Limerick; he has also completed advanced leadership programs at Harvard and Michigan University and holds the Institute of Directors Diploma in Company Direction from the Irish Management Institute.

Mr. Quinn's prior high-level leadership positions across the industrial and utilities sectors make him an essential Board member.

***David John Egan*** currently serves as Chief Financial Officer and Executive Director of DPC Holdings Limited, positions he has held since May 2024. Prior to joining the Company, Mr. Egan served as Group Chief Financial Officer and director of RS Group plc (LSE:RS1), product and service solutions distributor company serving both industrial and electronic customers globally, from March 2016 to May 2023. During this period, he also briefly served as the interim Chief Executive Officer. Mr. Egan has held extensive senior executive and board-level roles, having served as a Non-Executive Director and audit committee

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chairman at Tribal Group, Finance Director at Alent PLC, and Group Chief Financial Officer at ESAB, a subsidiary of Colfax Corporation. Mr. Egan holds a Bachelor of Administration from Griffith University, Australia, and is a fellow certified practicing accountant (FCPA) with a C.P.A. licensed in Australia.

Mr. Egan's financial and business experience, prior high-level leadership positions and C.P.A. license make him an essential Board member.

***Jason Mays*** has been currently serving as Chief Operating Officer since January 2025. Prior to becoming COO Mr. Mays served as President of Americas and has been with Doncasters for over 13 years. Prior to joining the Company, Mr. Mays served as the General Manager of U.S. Casting & Machining Operations for Hitchiner manufacturing company, from 2006 to 2012. Prior to that Mr. Mays held various technical and operations roles within Howmet from 1990 to 2006. Mr. Mays holds a Bachelor of Applied Arts and Sciences degree from Midwestern State University. Mr. Mays also completed the Alcoa Executive Leadership Program at Case Western Reserve University. Currently, Mr. Mays serves as a Board member for the Investment Casting Institute.

#### Non-Employee Directors
***Dirkson Charles*** currently serves as the Non-Executive Director and Co-Chairperson of the Board of DPC Holdings Limited, positions he has held since March 2020 and February 2026, respectively. In addition, Mr. Charles, the founder of Loar Group Inc., has served as its President, Chief Executive Officer and Executive Co-Chairman of Loar since 2012. He has also served as President, Chief Executive Officer and Executive Co-Chairman of Loar Holdings Inc., formerly known as Loar Holdings, LLC, or Loar, since 2017. He has also served as Executive Manager and Co-Chairman of the Board of Managers of LA 13 since its inception in 2017. From May 2007 to December 2010, Mr. Charles served as an Executive Vice President of McKechnie responsible for all aspects of financial operations for this multinational organization. From February 1989 to May 2007, Mr. Charles was Executive Vice President and Chief Financial Officer with K&F, a leading manufacturer of aviation wheels, brakes, fuel tanks and brake control systems. In addition, Mr. Charles was with Arthur Andersen and Company for five years where he supervised audit engagements and acquired expertise in the Securities and Exchange Commission rules and regulations. Mr. Charles has also served as a Director of Builders FirstSource, Inc. since June 2022. Mr. Charles holds an undergraduate degree in public accounting and an M.B.A. in finance from Pace University. He is a certified public accountant in the State of New York.

Mr. Charles' service as a member of the board of directors of a public company, prior high-level leadership positions and his critical accounting skills as a licensed C.P.A. and from his prior experience in public accounting make him an essential Board member.

***Nicholas Sanders*** currently serves as Non-Executive Director and Co-Chairperson of DPC Holdings Limited, positions he has held since March 2020. Mr. Sanders has held various roles in the aerospace industry, most recently serving as Executive Chairman of Gardner Aerospace from 2010 to 2019. Mr. Sanders began his career at Rolls Royce spending 13 years working on engine development and technical support. He then spent almost a decade at Lucas Aerospace where he was made Group VP Operations in 1996 and where he gained foundational experience of driving major turnaround programs. In 2002, he became CEO of CompAir, leading a buyout with Alchemy Partners. He also served as interim CEO of Deloro Stellite (a Duke Street investment) before co-founding Better Capital. Mr. Sanders is also the chairman of Latecoere Air (EPA:LAT), a French aerospace manufacturing company, the chairman of Walker Precision, a private high-precision manufacturing services company, and the chairman of Lonestar Fasteners, a private manufacturer and supplier of high-performance, specialty fasteners. Mr. Sanders holds a B.S.C. in Mechanical Engineering from Manchester University.

Mr. Sanders' extensive aerospace industry experience and engineering knowledge and board director roles make him an essential board member.

***Henry F. Brooks*** currently serves as a Non-Executive Director of DPC Holdings Limited, a position he has held since March 2026. Previously, Mr. Brooks served as President — Power & Controls, Collins Aerospace, an RTX Company (f/k/a United Technologies Corporation) (NYSE:RTX), and served as a special advisor from July 2025 through March 15, 2026. He has over 40 years of experience across the

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engineering, operations and business unit management industries, including positions at Brooks Precision Machining, Inc. and Sundstrand Corporation. Mr. Brooks also serves as a Non-Executive Director of Badger Meter Inc. (NYSE:BMI), a manufacturer of flow measurement and water quality monitoring, where he serves on the Compensation and Human Resources Committee. Mr. Brooks is the immediate past Chairman of the General Aviation Manufacturers Association (LON: GAMA). Mr. Brooks earned his executive MBA from Northeastern University in Boston, Massachusetts, a bachelor's degree in manufacturing engineering technology and his associate's degree in metal casting engineering technology from the Milwaukee School of Engineering.

Mr. Brooks' extensive experience across engineering, operations, M&A, customer account management and business unit leadership in the aerospace and defense industry, as well as his experience as a member of public company boards, make him an essential board member.

***Taiwo Danmola*** currently serves as Non-Executive Director of DPC Holdings Limited, a position he has held since January 1, 2026. Mr. Danmola has served as the Managing Member of Taiwo Danmola LLC since January 2021. He has also served as a Financing and Accounting Consultant at Global Infrastructure Solutions Inc. since 2021. Mr. Danmola has also served as Director of Loar Holdings Inc. since 2024 and of Security Mutual Life Insurance Company of New York since September 2022. Prior to his current positions, Mr. Danmola served as Assurance Partner at Ernst & Young, LLP from 2002 to 2020 and at Arthur Andersen, LLP from 1997 to 2002. Since 2022, Mr. Danmola served as a non-Trustee member of the audit committee of the Brooklyn Public Library and was appointed, effective April 2023, to its Board of Trustees. Mr. Danmola holds a B.S. in Accounting and a Minor in Economics from St. John's University. Mr. Danmola is a Certified Public Accountant in New York State.

Mr. Danmola has vast experience in accounting and auditing. Through his previous experience as an Assurance Partner at large auditing firms, he brings valuable knowledge to the board and the audit and risk committee.

***Stanley Deal*** currently serves as Non-Executive Director of DPC Holdings Limited, a position he has held since February 1, 2026 and sits on the Compensation Committee. Previously, he was the Executive Vice President, President and Chief Executive Officer, Boeing Commercial Airplanes from October 2019 to March 2024. Mr. Deal joined Boeing in 1986, and his previous positions include Executive Vice President, President and Chief Executive Officer, Boeing Global Services from November 2016 to October 2019; Senior Vice President of Commercial Aviation Services from March 2014 to November 2016; Vice President and General Manager of Supply Chain Management and Operations for Commercial Airplanes from September 2011 to February 2014; Vice President of Supplier Management from February 2010 to August 2011; and Vice President of Asia Pacific Sales from December 2006 to January 2010. He previously served as a member of Boeing's Executive Council and founded and led Boeing Global Services as its inaugural President and Chief Executive Officer. Mr. Deal currently serves as an Operating Executive Board Member for JFLCO, a position he has held since April 2025, and he serves on many of the boards with JFLCO's investments, including CTS Engines, Wellman Dynamics and Forged Solutions. He is also a member of the board of CTS Engines, a privately-owned aerospace company owned by JFLCO, a position he has held since June 2025. Mr. Deal holds a B.S. in Aerospace, Aeronautical and Astronautical Engineering from the University of Illinois Urbana-Champaign and an MBA from Pepperdine Graziadio Business School.

Mr. Deal's extensive aerospace industry experience and leadership experience make him an essential board member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***C. Alexander Harman*** currently serves as Non-Executive Director of DPC Holdings Limited, a position he has held since February 1, 2026. Mr. Harman is currently Managing Partner at J.F. Lehman & Company, or JFLCO, an alternative asset manager, and is a member of JFLCO's Management Committee and Private Equity and Credit Investment Committees. He shares overall responsibility for the firm's management, capital formation and investment activities. He has primary responsibility for the acquisition, oversight and disposition of private equity and credit portfolio investments and operational oversight of the firm. Prior to JFLCO, Mr. Harman was a member of the Global Energy Group at J.P. Morgan & Company, where he focused on natural resources and utility-related M&A as well as debt- and equity-financings. He has served on many of the boards for JFLCO's investments, including currently serving as Chairman of CodeMettle, NorthStar Group, TMS Group and Wellman Dynamics and as a director of

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Atlas Air Worldwide, Atomic Transport, CTS Engines, Mission Microwave, Trillium Engineering and Wrist Group. Mr. Harman graduated cum laude from Williams College, where he earned a B.A. in history.

Mr. Harman's extensive experience as an institutional investor in both private equity and credit and experience serving as a member of multiple boards and as a committee member on several of such boards make him an essential board member.

***Willibald Meixner*** currently serves as a Non-Executive Director of DPC Holdings Limited, a position he has held since February 2026. Mr. Meixner has over 30 years of experience in the global energy industry working in service and new equipment businesses for steam turbine generators, turbo compressors, gas turbines and power plants. He has held multiple leadership positions, including as Chief Executive Officer of the Power and Gas Division from 2015 to 2019, at Siemens until 2021. He is also a Non-Executive Director of SolydEra SpA, a technology leader in the field of fuel cell development and manufacturing, since 2024. Mr. Meixner holds a degree in mechanical engineering from the University of the German Army, Neubiberg, as well as a Master of Business Administration from the European School of Management and Technologies in Berlin.

Mr. Meixner's extensive leadership experience in the aerospace and IGT industries make him an essential board member.

#### Board Composition
Our business affairs are managed under the direction of our board of directors. The number of directors will be fixed by our board of directors, subject to the terms of our amended and restated Articles of Association that will become effective upon the closing of this offering. Upon the closing of this offering, our board of directors will consist of 9 directors, 6 of whom will qualify as "independent" under the NYSE listing standards.

Our Articles of Association will provide that the number of our directors shall be fixed from time to time by a resolution of our board of directors. Our Articles of Association will also provide for a classified board of directors, with directors in Class I (expected to be Messrs. Sanders, Brooks and Egan), directors in Class II (expected to be Messrs. Deal, Danmola and Meixner) and directors in Class III (expected to be Messrs. Charles, Quinn and Harman). See "Description of Share Capital."

Each of our executive officers serves at the discretion of our board of directors and holds office until his or her successor is duly appointed and qualified or until his or her earlier resignation or removal. There are no family relationships among any of our directors or executive officers.

#### Director Independence
Under the rules of the NYSE, independent directors must comprise a majority of a listed company's board of directors. In addition, the rules of the NYSE require that, subject to specified exceptions, each member of a listed company's audit, compensation and nominating and corporate governance committees must be independent. Under the rules of the NYSE, a director is independent only if our board of directors makes an affirmative determination that the director has no relationship which would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. Although the NYSE permits certain phase-ins with respect to board and committee independence requirements following the completion of an initial public offering for compliance with these independence requirements, we will comply with all of them immediately following the listing of our ordinary shares in connection with this offering.

Prior to this offering, our board of directors undertook a review of its composition, the composition of its committees and the independence of each director. Based on information provided by each director concerning his background, employment and affiliations, including family relationships, our board of directors has determined that Messrs. Charles, Sanders, Brooks, Danmola, Deal and Meixner do not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director and that each of these directors is "independent" as that term is defined under the NYSE listing standards. In making these determinations, our board of directors considered the current and prior relationships that each non-employee director has with our company and all other facts and circumstances our board of directors deemed relevant in determining their independence, including the beneficial

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ownership of our share capital by each non-employee director, and the transactions involving them described in the section titled "Certain Relationships and Related Party Transactions."

#### Board Committees
Our board of directors has the authority to appoint committees to perform certain management and administration functions. Upon the closing of this offering, our board of directors will have an audit and risk committee, a compensation committee, and a nominating and corporate governance committee. The composition and responsibilities of each committee are described below. Members will serve on these committees until their resignation or until otherwise determined by the board of directors.

#### Audit and Risk Committee
Our audit and risk committee oversees our accounting and financial reporting process and the audit of our financial statements and assists our board of directors in monitoring our financial systems and our legal and regulatory compliance. Our audit and risk committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • appointing, compensating and overseeing the work of our independent auditors, including resolving disagreements between management and the independent registered public accounting firm regarding financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • approving engagements of the independent registered public accounting firm to render any audit or permissible non-audit services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing the qualifications and independence of the independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing our financial statements and related disclosures and reviewing our critical accounting policies and practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing the adequacy and effectiveness of our internal control over financial reporting, including oversight of our internal audit processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • establishing procedures for the receipt, retention and treatment of accounting and auditing related complaints and concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • preparing the audit committee report required by SEC rules to be included in our annual proxy statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and discussing with management and the independent registered public accounting firm the results of our annual audit, our quarterly financial statements and our publicly filed reports; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and approving in advance any proposed related person transactions.

Our audit and risk committee consists of Messrs. Sanders, Danmola and Meixner with Mr. Danmola serving as the committee's chairperson. Each member of the committee is "independent" as defined under NYSE listing standards and Rule 10A-3(b)(1) of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Each member of the audit and risk committee meets the requirements for financial literacy under the applicable rules and regulations of the SEC and the NYSE. In addition, our board of directors has determined that Mr. Danmola is an audit committee financial expert within the meaning of Item 407(d) of Regulation S-K under the Securities Act of 1933, as amended, or the Securities Act. Our audit and risk committee will operate under a written charter that will satisfy the applicable standards of the SEC and the NYSE.

#### Compensation Committee
Our compensation committee oversees our compensation policies, plans and programs. Our compensation committee charter will provide that our compensation committee has responsibility for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and recommending policies, plans and programs relating to compensation and benefits of our directors, officers and employees;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and recommending compensation and the corporate goals and objectives relevant to compensation of our Chief Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and approving compensation and corporate goals and objectives relevant to compensation for executive officers other than our Chief Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • evaluating the performance of our Chief Executive Officer and other executive officers in light of established goals and objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • administering our equity compensations plans for our employees and directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and recommending indemnification and insurance matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • administering our clawback policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and overseeing reports and disclosures related to compensation required by the SEC.

Our compensation committee consists of Messrs. Sanders, Brooks and Deal, with Mr. Sanders serving as the committee's chairperson. Our board of directors has considered the independence and other characteristics of each member of our compensation committee. Compensation committee members must satisfy the NYSE independence requirements and additional independence criteria set forth under Rule 10C-1 of the Exchange Act. In order to be considered independent for purposes of Rule 10C-1, our board of directors must consider whether the director has accepted, other than in his capacity as a member of the board, consulting, advisory or other fees from us or whether he or she is an affiliated person of us. Each of the members of our compensation committee qualifies as an independent director pursuant to the NYSE rules and Rule 10C-1. Each member of our compensation committee is also a non-employee director, as defined pursuant to Rule 16b-3 promulgated under the Exchange Act, or Rule 16b-3, and an outside director, as defined pursuant to Section 162(m) of the Code, or Section 162(m).

#### Nominating and Corporate Governance Committee
Our nominating and corporate governance committee oversees and assists our board of directors in reviewing and recommending corporate governance policies and nominees for election to our board of directors and its committees. Our nominating and corporate governance committee charter will provide that our nominating and corporate governance committee has responsibility for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • evaluating and making recommendations regarding the organization and governance of our board of directors and its committees and changes to our certificate of incorporation and bylaws and shareholder communications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • assessing the performance of board members and making recommendations regarding committee and chair assignments and composition and the size of our board of directors and its committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • recommending desired qualifications for board and committee membership and conducting searches for potential members of our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • evaluating and making recommendations regarding the creation of additional committees or the change in mandate or dissolution of committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and making recommendations with regard to our corporate governance guidelines and compliance with laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing succession planning for our executive officers and evaluating potential successors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and approving conflicts of interest of our directors and corporate officers, other than related person transactions reviewed by the audit and risk committee.

Our nominating and corporate governance committee consists of Messrs. Sanders, Harman and Meixner, with Mr. Sanders serving as the committee's chairperson. Our board of directors has determined that Messrs. Sanders and Meixner are "independent" as defined under the NYSE listing standards.

Our board of directors may from time to time establish other committees.

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#### Code of Business Conduct and Ethics
We have adopted a code of business conduct and ethics that is applicable to all of our employees, officers and directors, including our chief executive and senior financial officers. The code of business conduct and ethics will be available on our website at www.doncasters.com. We expect that any amendment to the code, or any waivers of its requirements, will be disclosed on our website. The inclusion of our website in this prospectus does not include or incorporate by reference the information on our website into this prospectus.

#### Compensation Committee Interlocks and Insider Participation
None of the members of our compensation committee is an officer or employee of our company. In 2025, the members of our then Nominating and Remuneration Committee consisted of Mr. Charles, Mr. Sanders and Mr. Quinn. Mr. Quinn was and is our CEO.

#### Shareholder Director Nominee Agreement
Pursuant to our Shareholder Director Nominee agreement with J.F. Lehman & Company, LLC (together with its related investment funds, "JFL"), so long as JFL beneficially owns 10% or more of our total outstanding voting share capital, JFL has the right but not the obligation to have two director nominees on our Board, subject to such directors meeting certain requirements. Additionally, so long as JFL beneficially owns between 5% to 10% of our total outstanding voting share capital, JFL is entitled to have one director nominee on our Board, subject to such directors meeting certain requirements. Once JFL owns less than 10% of our total outstanding voting share capital, one of its two director nominees shall not stand for re-election at the next annual shareholder meeting, unless by vote of the majority of the then existing Board (other than the directors nominated by JFL). Similarly, so long as JFL beneficially owns below 5% total outstanding voting share capital, the remaining JFL director nominee on the Board will not stand for re-election at the next annual shareholder meeting unless by vote of the majority of the then existing Board other than the affected director for such director to continue his or her service.

The foregoing description of the Shareholder Director Nominee agreement is intended as a summary only and is qualified in its entirety by reference to the Shareholder Director Nominee agreement which is filed as an exhibit to the registration statement of which this prospectus forms a part.

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#### Executive Compensation

#### Introduction
The primary objectives of our executive compensation programs are to attract and retain talented executives to effectively manage and lead our company. The compensation packages for our named executive officers generally include a base salary, annual cash bonuses and other benefits and perquisites.

Our named executive officers for 2025 are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Michael Joseph Quinn, our Chief Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • David John Egan, our Chief Financial Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Jason Mays, our Chief Operating Officer.

#### Summary Compensation Table
The following table provides summary information concerning compensation of our named executive officers for services rendered to us during 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position**  | **Year**  | **Salary<sup>(1)</sup> <br> ($)**  | **Bonus<sup>(2)</sup> <br> ($)**  | **Stock <br> Award <br> ($)**  | **All Other <br> Compensation<sup>(3)</sup> <br> ($)**  | **Total <br> ($)**  |
|  Michael Joseph Quinn, <br> Chief Executive Officer  | 2025 | $672679 | $470269 | &nbsp;&nbsp; – &nbsp;&nbsp; – &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – &nbsp;&nbsp;&nbsp; | $151207 | $1294155 |
|  David John Egan, <br> Chief Financial Officer  | 2025 | $645095 | $450995 | &nbsp;&nbsp; – &nbsp;&nbsp; – &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – &nbsp;&nbsp;&nbsp; | $120873 | $1216963 |
|  Jason Mays, <br> Chief Operating Officer  | 2025 | $362422 | $174343 | &nbsp;&nbsp; – &nbsp;&nbsp; – &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – &nbsp;&nbsp;&nbsp; | $15853 | $552618 |

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(1) Amounts reflect the named executive officer's base salary earned during the fiscal year presented, using a conversion rate of £0.75 pounds to one dollar and €0.87 euros to one dollar, as at close of business 29<sup>th</sup> March 2026, as applicable.

(2) For a further discussion of the Company's cash bonuses, see "— Bonus Compensation" below.

(3) All other compensation amounts include 401(k) and pension contributions by the Company.

#### 2026 Compensation Changes
Effective April 1, 2026, annual salary and bonus targets were increased for our key employees, including our named executive officers. The increased base salaries and annualized bonus targets for our named executive officers are summarized below, with 2026 base salaries going into effect as of April 1, 2026.

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| | | |
|:---|:---|:---|
| **Name and Principal Position**  | **2026 Base <br> Salary<sup>(1)</sup>**  | **2026 Annual <br> Bonus Target<sup>(2)</sup>**  |
|  Michael Joseph Quinn, <br> Chief Executive Officer  | $940754 | $858483 |
|  David John Egan, <br> Chief Financial Officer  | $703877 | $510311 |
|  Jason Mays, <br> Chief Operating Officer  | $500000 | $337500 |

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(1) Amounts reflect the named executive officer's updated 2026 annualized base salary, using a conversion rate of £0.75 pounds to one dollar and €0.87 euros to one dollar, as at close of business 29<sup>th</sup> March 2026, as applicable.

(2) 2026 annual bonus targets are pro-rated based on the named executive officer's target bonus in effect through 31<sup>st</sup> March 2026 and the updated target bonus that went into effect April 1, 2026.

#### Narrative Disclosure to Summary Compensation Table

#### Senior Management Employment Agreements
Each of our named executive officers is party to employment contracts, the terms of each of which are described below.

 *Michael Joseph Quinn Employment Agreement* 

Effective as of February 10, 2020, Mr. Quinn entered into an employment agreement with Doncasters, which agreement was amended on July 30, 2025 (together, the "Quinn Employment Agreement"), pursuant to which Mr. Quinn serves as our Chief Executive Officer.

The Quinn Employment Agreement provides for (i) an annual base salary subject to annual review and increase based on company performance and Mr. Quinn's performance, (ii) eligibility to receive a discretionary annual cash bonus, subject to his continued employment, (iii) eligibility to participate in our management incentive plan on the same terms as similarly situated employees and subject to the rules of the plan, (iv) eligibility to participate in our health care scheme at no cost to self, spouse or dependents, (v) salary continuation during times of illness for up to 12 weeks, subject to a maximum of 12 weeks' payment over any 12 month period, (vi) a car allowance, and (vii) eligibility to participate in a pension scheme pursuant to statutory requirements. Pursuant to the Quinn Employment Agreement, Mr. Quinn is subject to perpetual confidentiality restrictions, non-competition restrictions for three months following his termination and non-solicitation of customers or employees and non-interference restrictions for twelve months following his termination. Doncasters must provide Mr. Quinn six months' written notice of the termination of his employment and may place Mr. Quinn on garden leave during such time or provide a payment in lieu of such notice period.

 *David John Egan Employment Agreement* 

Effective as of March 19, 2024, Mr. Egan entered into an employment agreement with Doncasters, pursuant to which he was appointed to serve as our CFO and member of our board of directors, or the Egan Employment Agreement.

The Egan Employment Agreement provides for (i) an annual base salary, subject to review from time to time, (ii) eligibility to participate in our discretionary annual bonus program, (iii) eligibility to participate in our life assurance scheme and health and welfare programs at no cost, (iv) annual contributions to Mr. Egan's personal pension arrangements, (v) guaranteed salary continuation during times of illness for up to 26 weeks, subject to a maximum of 26 weeks' payment over any 12 month period, in addition to discretionary salary continuation for any extended period, and (vi) statutory benefits including various family and personal leaves. Pursuant to the Egan Employment Agreement, Mr. Egan is subject to perpetual confidentiality restrictions, non-competition restrictions for six months following his termination and non-solicitation of customers or employees and non-interference restrictions for twelve months following his termination. Doncasters must provide Mr. Egan six months' written notice of the termination of his employment and may place Mr. Egan on garden leave during such time or provide a payment in lieu of such notice period.

 *Jason Mays Employment Agreement* 

Effective as of February 21, 2018, Mr. Mays entered into a letter agreement with Doncasters, which agreement was amended to appoint Mr. Mays as our Chief Operating Officer effective January 1, 2025, or

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the Mays Agreement. The Mays Agreement provides that Mr. Mays is eligible to participate in our discretionary annual bonus program. Doncasters must provide Mr. Mays three months' written notice of the termination of his employment and may provide a payment in lieu of such notice period. Severance payments Mr. Mays is entitled to upon a termination of his employment other than for Cause (as defined in the Mays Agreement) is described in "— Termination and Change in Control Provisions" below.

#### Outstanding Equity Awards at December 31, 2025
We had no outstanding equity awards as of December 31, 2025.

#### Termination and Change in Control Provisions
 *Severance Payments and Benefits* 

If Mr. Mays' employment is terminated for a reason other than Cause (as defined in the Mays Employment Agreement), subject to Mr. Mays execution of a release of claims and compliance with post-termination restrictive covenants, Mr. Mays will be paid an amount equal to six months' base salary, which will be paid in accordance with our regular payroll practices. Mr. Mays is subject to post-termination non-competition and non-solicitation (of customers, prospective customers and employees) restrictions for a period of six months.

 *Management Incentive Plan* 

In the event our named executive officers' employment is terminated due to (i) redundancy (within the meaning of the Employment Rights Act of 1996 (or any applicable equivalent overseas legislation)), (ii) retirement as agreed between the named executive officer and the board, (iii) the named executive officer's death, (iv) the named executive officers inability to perform duties for at least six (6) months due to physical or mental incapacity, (v) any dismissal by DPC Holdings Limited or any of its subsidiaries that is later determined by a court to be unfair (other than for a procedural reason), or (vi) as otherwise determined by the board, the named executive officer will remain eligible to receive payment under the MIP.

#### Bonus Compensation
 *Annual Bonuses* 

Each of our named executive officers is eligible to earn a discretionary cash bonus in accordance with the terms of their employment agreements, in order to reward them for their performance during the fiscal year and to recognize their contributions to the growth of our business. The bonus amounts earned for fiscal 2025 service are reflected in the "Bonus" column in the Summary Compensation Table above.

 *Management Incentive Plan* 

Our Management Incentive Plan, or MIP, is a form of cash incentive program in which our named executive officers and directors are eligible to participate. This offering will constitute a payment triggering event under the MIP. To provide greater certainty to our investors as to the magnitude of the MIP payouts, our Board and our shareholders approved an amendment to the MIP such that the payouts thereunder will be determined based on the initial public offering price set forth on the cover page of this prospectus.

Each participant in the MIP will be eligible to receive an allocated portion of the funds available for payout under the MIP, subject to their continued employment and there being no notice to terminate their employment (except as otherwise described in "Termination and Change in Control Provisions" above) through the applicable payment trigger, including this offering.

Gross payouts, before any applicable tax withholdings or payments, under the MIP to our named executive officers are estimated to be: $78.1 million, $34.7 million, and $23.1 million for Mr. Quinn, Mr. Egan, and Mr. Mays, respectively, based on the midpoint of the estimated price range set forth on the cover page of this prospectus. For tax purposes, the MIP payments will be taxable as compensation and the net amount actually received by each of Mr. Quinn, Mr. Egan, and Mr. Mays will reflect their respective

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federal, state, local, payroll and social security tax obligations. Certain MIP participants, including Mr. Quinn, Mr. Egan and Mr. Mays have agreed to reinvest in the Company and purchase ordinary shares, using approximately 35%, 45% and 20%, of their after-tax MIP proceeds for Mr. Quinn, Mr. Egan and Mr. Mays, respectively, as part of the directed share program in connection with this offering described under "Underwriting — Directed Share Program".

In addition, our Board and our shareholders also approved the termination of the MIP in connection with this offering, subject only to the payment of the MIP amounts owe thereunder at the time of this offering, as described above.

#### Director Compensation

---

| | | | |
|:---|:---|:---|:---|
| **Name**  | **Fees Earned or <br> Paid in Cash <br> ($)**  | **Stock <br> Awards <br> ($)**  | **Total <br> ($)**  |
| Dirkson Charles  | $200000 | &nbsp;&nbsp; – &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $200000 |
| Nicholas Sanders  | $125000 | &nbsp;&nbsp; – &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $125000 |

---

#### Narrative to Director Compensation Table
During the year ended December 31, 2025, Dirkson Charles and Nicholas Sanders received cash compensation to compensate them for their service as non-employee directors and are also eligible to participate in the MIP.

Gross payouts, before any applicable tax withholdings or payments, under the MIP to Mr. Charles and Mr. Sanders are estimated to be approximately $27.3 million and $21.8 million, respectively, based on the midpoint of the estimated price range set forth on the cover page of this prospectus. Mr. Charles has agreed to reinvest in the Company and purchase ordinary shares using approximately 100% of his MIP proceeds, and Mr. Sanders has agreed to reinvest in the Company and purchase ordinary shares using approximately 75% of his after-tax MIP proceeds, in each case, as part of the directed share program in connection with this offering described under "Underwriting — Directed Share Program" including as part of the Director Share Program and Matching Grant Share scheme under the EIP described below.

In connection with this offering, our Board adopted the following annual cash retainers for each of our non-employee directors, excluding C. Alexander Harman, which are paid on a monthly basis:

---

| | |
|:---|:---|
| **Role**  | **Amount**  |
| Board member and Co-Chair of the Board  | $300000 |
| Chair of the Audit & Risk Committee\*  | $225000 |
| Chair of the Compensation Committee\*  | $225000 |
| Chair of the Nominations & Corporate Governance Committee\*  | $225000 |
| Chair of the Strategy Committee\*  | $225000 |
| Board and Committee member  | $175000 |

---

\*

not payable to Co-Chairs of the Board

 *Director Share Program Under Equity Incentive Plan and Participation in Directed Share Program* 

Pursuant to the terms of the Equity Incentive Plan (as defined below), we intend to offer our independent directors the opportunity to make a one-time election to participate in a share purchase and matching grant program, which provides that if the independent director purchases ordinary shares (the "Purchased Shares") (the date of the first such purchase, the "Purchase Date") as part of the directed share program in connection with this offering as described under "Underwriting — Directed Share Program" or, with respect to an individual who becomes a non-employee director after the closing of this offering, at fair value within 30 days following the date the individual becomes a non-employee director, then the company will issue pursuant to the Equity Incentive Plan a matching grant of fully vested ordinary shares (the "Matching Grant Shares").

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Under the directed share program, Mr. Charles, Mr. Sanders, Mr. Brooks, Mr. Danmola, Mr. Deal and Mr. Meixner will be eligible, have, severally and not jointly, indicated an interest in purchasing, in the aggregate, up to 250,000 ordinary shares, reflecting the Reverse Share Split, and in connection with this offering, up to 62,500 ordinary shares, reflecting the Reverse Share Split, under the Equity Incentive Plan may become Matching Grant Shares. The ordinary shares available for purchase under the directed share program and the corresponding Matching Grant Shares will be available to such directors on a pro-rata basis and, to the extent any director does not purchase their full pro-rata allocation, the remaining portion of their ordinary shares eligible for purchase under the directed share program will be available for purchase by directors who elect to purchase their maximum pro-rata allocation. Because these indications of interest are not binding agreements or commitments to purchase, the directors may determine to purchase more, less or no shares in this offering. The number of Matching Grant Shares to each director will equal the number of ordinary shares having an aggregate fair market value that is equal to 25% of the aggregate fair market value of the shares purchased by the director. While Purchased Shares purchased under the directed share program will be subject to lock-up agreements restricting their sale for 180 days after the date of this prospectus as described in "Underwriting — Directed Share Program", such Purchased Shares are generally restricted for sale pursuant to the terms of the Equity Incentive Plan as described below.

For the purchase of ordinary shares under the director share program not in connection with this offering, the number of Matching Grant Shares will equal the lesser of (i) the number of ordinary shares having an aggregate fair market value that is equal to 25% of the aggregate fair market value of the shares purchased by the director or (ii) the number of ordinary shares having an aggregate value equal to the product of (a) 10,417, reflecting the Reverse Share Split, multiplied by (b) the initial public offering price set forth on the cover page of this prospectus.

If an eligible director elects to participate in this program, the Matching Grant Shares and Purchased Shares will be restricted from sale pursuant to the terms of the Equity Incentive Plan as follows: all Matching Grant Shares will be restricted from sale prior to the third anniversary of such director's Purchase Date and Purchased Shares will be restricted from sale prior to the first anniversary of such director's Purchase Date.

Mr. Harman is not eligible to participate in the director share purchase program.

Our directors will be reimbursed for travel, food, lodging and other expenses directly related to their activities as directors. Our Board may revise the compensation arrangements for our directors from time to time.

#### Compensation Arrangements to be Adopted in Connection with this Offering
 *Equity Incentive Plan* 

In order to incentivize our employees following the completion of this offering, our Board adopted, and our shareholders approved, the DPC Holdings Limited 2026 Equity Incentive Plan (the "Equity Incentive Plan") for employees, consultants and/or directors. Our named executive officers will be eligible to participate in the Equity Incentive Plan. The Equity Incentive Plan provides for the grant of options and matching share awards, intended to align the interests of service providers, including our named executive officers and directors, with those of our shareholders.

#### Summary of the Equity Incentive Plan
In connection with this offering, our Board adopted, and our shareholders have approved the Equity Incentive Plan, pursuant to which employees, consultants and directors of our company and employees, consultants and directors of our affiliates performing services for us, including our executive officers, will be eligible to receive awards. The Equity Incentive Plan provides for the grant of share options to eligible participants and matching share awards to non-employee directors, in each case, intended to align the interests of participants with those of our shareholders.

 *Share Reserve* 

An aggregate of 13,812,500 ordinary shares, reflecting the Reverse Share Split, will be available for issuance under the Equity Incentive Plan. Shares issued under the Equity Incentive Plan may be authorized

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but unissued shares or treasury shares. Of these shares, (1) 62,500 ordinary shares, reflecting the Reverse Share Split, may be granted as Matching Grant Shares described above in connection with the directors' participation in the directed share program in connection with this offering, (2) 7,500,000 ordinary shares, reflecting the Reverse Share Split, may be granted immediately following the effectiveness of the Equity Incentive Plan, subject to the occurrence of this offering occurring within five business days following pricing, (3) 1,250,000 ordinary shares, reflecting the Reverse Share Split, may be granted when all lock-up and similar restrictions agreed in connection with this offering by the shareholders as of the date of adoption of the Equity Incentive Plan have been irrevocably and unconditionally released, and (4) a further 1,250,000 ordinary shares, reflecting the Reverse Share Split, may be granted on or following each anniversary of this offering; provided, that, following the first anniversary of this offering, the annual grant limitations will not apply once the trading price of an ordinary share trades at or above two times the offering price of a share as set forth on the cover page of this prospectus.

If an award under the Equity Incentive Plan expires, terminates, or is forfeited, settled in cash, or canceled without having been fully exercised, any unused shares subject to the award will be available for new grants under the Equity Incentive Plan. If shares issuable upon exercise, vesting, or settlement of an award are surrendered or tendered to the Company in payment of the purchase or exercise price of an award or any taxes required to be withheld in respect of an award, in each case, in accordance with the terms of the Equity Incentive Plan, such surrendered or tendered shares will be added back to the share reserve. Awards granted under the Equity Incentive Plan in substitution for any options or other share or share-based awards granted by an entity before the entity's merger or consolidation with us or our acquisition of the entity's property or shares will not reduce the shares available for grant under the Equity Incentive Plan, but may count against the maximum number of shares that may be issued upon the exercise of incentive share options.

 *Administration* 

The Equity Incentive Plan will be administered by our compensation committee, or by our Board, to the extent appropriate (such body administering the plan, the "EIP Administrator"). The EIP Administrator has the authority to construe and interpret the Equity Incentive Plan, grant awards and make all other determinations necessary or advisable for the administration of the plan. Awards under the Equity Incentive Plan may be made subject to "performance conditions" and other terms.

 *Eligibility* 

Our employees, consultants and directors, and employees, consultants and directors of our affiliates, will be eligible to receive awards under the Equity Incentive Plan. The EIP Administrator will determine who will receive awards, and the terms and conditions associated with such award subject to the terms and conditions of the Equity Incentive Plan.

 *Term* 

The Equity Incentive Plan will terminate ten years from the date our Board approved the plan unless it is terminated earlier by our Board.

 *Share Options* 

Options granted under the Equity Incentive Plan may be granted as incentive share options under the Code (as defined below) or nonstatutory share options and may be exercisable at such times and subject to such terms and conditions of the Equity Incentive Plan and as the EIP Administrator determines. The maximum term of options granted under the Equity Incentive Plan is the earlier of (i) 10 years from the grant date (or 5 years from the grant date, in the case of an incentive share option granted to an employee who owns ordinary shares possessing more than 10% of the total combined voting power of all classes of shares of the Company, its subsidiaries or any parent) or (ii) unless otherwise provided for the in award agreement, (a) 90 days after the date of termination of employment other than upon death, disability or cause, (b) one year after the date of separation from service for death or disability, or (c) upon termination for cause.

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The Equity Incentive Plan also contains a UK sub-plan, which is intended to qualify as a company share option plan, or CSOP, that meets the requirements of Schedule 4 to the Income Tax (Earnings and Pensions) Act 2003, or ITEPA. Options granted as CSOP options are, subject to certain qualifying conditions being met, potentially U.K. tax favored options up to an individual limit of £60,000 calculated by reference to the market value of the shares under option at the date of grant. Options granted as CSOP options must have an exercise price equal to or more than the market value of a share on the date of grant and, where the exercise of an option is to be satisfied by newly issued shares, the exercise price must not be less than the nominal value of a share. CSOP options can only be granted for so long as we continue to meet the criteria under the CSOP regime.

 *Matching Share Awards* 

Fully vested ordinary shares consisting of matching share grants described under "— Director Compensation" are available to incentivize non-employee directors to invest in ordinary shares.

 *Additional Provisions* 

Awards granted under the Equity Incentive Plan may not be transferred in any manner other than by will or by the laws of descent and distribution, and all such rights will be exercisable, during the participant's lifetime, only by the participant, except for certain non-statutory share options that may be transferred to certain family members as the EIP Administrator determines.

In the event of a change in control (as defined in the Equity Incentive Plan), all outstanding share options will become immediately exercisable with respect to all of the shares subject to such share options. In the event of any change to our outstanding ordinary shares or capital structure, such as a share split, Reverse Share Split, recapitalization, reorganization, merger, consolidation, combination, division, exchange, spin off, share dividend, or extraordinary cash or non-cash dividend or other relevant change in capitalization or any extraordinary cash or non-cash dividend, all awards will be equitably adjusted or substituted (which may include cash payments) to the extent necessary to preserve the economic intention of such awards. A committee or subcommittee appointed by the Board may establish a program under which dividend equivalent rights may be granted in conjunction with other awards, and it is intended that any such dividend equivalent rights would be either exempt from, or in compliance with, Section 409A of the Code.

 *IPO Grants* 

In connection with this offering, we anticipate granting an aggregate of 6,249,995 options to purchase ordinary shares to certain employees and our non-employee directors, other than Mr. Harman, divided into five equal size tranches: Tranche A, Tranche B, Tranche C, Tranche D and Tranche E. Tranche A vests on the first anniversary of the grant date with an exercise price set at the initial public offering price. Tranche B vests on the second anniversary of the grant date with an exercise price set at the product of 1.10 and the initial public offering price. Tranche C vests on the third anniversary of the grant date with an exercise price set at the product of 1.21 and the initial public offering price. Tranche D vests on the fourth anniversary of the grant date with an exercise price set at the product of 1.331 and the initial public offering price. Tranche E vests on the fifth anniversary of the grant date with an exercise price set at the product of 1.464 and the initial public offering price. The options will expire on the earlier of (i) ten years from the grant date or (ii) 90 days after termination of employment other than upon death, disability or cause.

Included in the options we anticipate granting as described above, we anticipate granting 1,674,144, 1,004,485 and 803,589 options to Mr. Quinn, Mr. Egan, and Mr. Mays, respectively, and 104,146 options to each of Mr. Charles, Mr. Sanders, Mr. Brooks, Mr. Danmola, Mr. Deal and Mr. Meixner. These options are subject to the same terms and conditions as set forth above. All awards granted in connection with this offering will be subject to the terms of the Equity Incentive Plan and individual award agreements. To the extent these options become exercisable prior to the end of the 180-day lock-up period, the number of net ordinary shares received upon exercise (after taking into account any net-settlement related to payment of the exercise price or required tax withholdings) will be subject to lock-up agreements restricting their sale for 180 days after the date of this prospectus.

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Of the shares proposed to be placed under option for Mr. Egan, a certain amount of these will be granted as CSOP options, up to the maximum limit(s) permitted by Schedule 4 of ITEPA or such other applicable law.

 *MIP Recognition Grants* 

In addition, in connection with the amendment to the MIP described above, such that the payouts thereunder will be determined based on the initial public offering price set forth on the cover page of this prospectus, we anticipate granting approximately 1,250,000 options to MIP participants, including 458,470, 203,804, 135,869, 160,190 and 127,989 options to Mr. Quinn, Mr. Egan, Mr. Mays, Mr. Charles and Mr. Sanders, respectively. These options will be subject to the terms of the Equity Incentive Plan and individual award agreements and will be immediately vested on grant but subject to lock-up agreements restricting their sale for 180 days after the date of this prospectus.

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#### Certain Relationships and Related Party Transactions
In addition to the compensation arrangements, including employment, termination of employment and change in control arrangements, discussed in the sections titled "Management" and "Executive Compensation". The following is a description of each transaction since January 1, 2023 and each currently proposed transaction in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we have been or are to be a participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the amount involved exceeded or exceeds $120,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any of our directors, executive officers or holders of more than 5% of our outstanding share capital, or any immediate family member of, or person sharing the household with, any of these individuals or entities, had or will have a direct or indirect material interest.

#### Transactions with Entities Affiliated with J F Lehman
Entities affiliated with J.F. Lehman & Company, LLC currently hold more than 5% of our outstanding ordinary shares. C. Alexander Harman, a member of our board of directors, is a Managing Partner at J.F. Lehman & Company, LLC, or JFLCO, an alternative asset manager, and is a member of JFLCO's Management Committee and Private Equity and Credit Investment Committees. In connection with the concurrent private placement, funds affiliated with JFLCO intend to purchase up to approximately $42 million of ordinary shares from us.

#### Transactions with Our Directors in the Concurrent Private Placement
Our director and co-chairperson, Dirkson Charles, through an entity wholly-owned by him, will enter into a subscription agreement, the form of which is filed as an exhibit to the registration statement of which this prospectus forms a part, to purchase approximately 218,750 ordinary shares, from us at the price to the public set forth on the cover of this prospectus in the concurrent private placement described on the cover of this prospectus. This transactions was reviewed and approved by our board of directors in accordance with our related party transactions policy.

Additionally, our director and co-chairperson, Nicholas Sanders, through an entity wholly-owned by him, will enter into a subscription agreement, the form of which is filed as an exhibit to the registration statement of which this prospectus forms a part, to purchase approximately 6,250 ordinary shares, from us at the price to the public set forth on the cover of this prospectus in the concurrent private placement described on the cover of this prospectus. This transactions was reviewed and approved by our board of directors in accordance with our related party transactions policy.

#### Indemnification of Officers and Directors and Insurance
Following completion of this offering, our Articles of Association will provide that we will indemnify each of our directors and officers to the fullest extent permitted by Jersey law. In addition, we have entered, or will enter, into indemnification agreements with each of our directors and executive officers. See "Description of Share Capital — Comparison of Delaware Corporate Law and Jersey Corporate Law — Indemnification of directors and executive officers and limitation of liability" below for more details. We also have purchased directors' and officers' liability insurance.

#### Directed Share Program
At our request, the underwriters have reserved up to 2,365,000 shares or approximately 10% of the shares offered by this prospectus, for sale at the initial public offering price through a directed share program to certain of our non-employee directors, management, employees, friends and family. We anticipate that the vast majority of the shares reserved under this directed share program will be purchased by members of our board of directors and management through reinvestment of their MIP payments and by our non-executive directors as part of our Director Share Program. See "Executive Compensation — Narrative to Director Compensation Table — Director Share Program Under Equity Incentive Plan and Participation in Directed Share Program." The remaining reserved shares, if any, may be offered to certain of our officers,

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employees, business associates, and other individuals who have a relationship with us, as designated by us. Any reserved shares not so purchased will be offered by the underwriters to the general public on the same basis as the other shares offered by this prospectus. Morgan Stanley & Co. LLC will administer our directed share program. See "Underwriting — Directed Share Program" for additional information.

#### Related Persons Transaction Policy
We have adopted formal written procedures for the review, approval, or ratification of transactions with related persons, or the Related Persons Transaction Policy. The Related Persons Transaction Policy will provide that the audit and risk committee of our board of directors will be charged with reviewing for approval or ratification all transactions with "related persons" (as defined in paragraph (a) of Item 404 of Regulation S-K) that are brought to the audit and risk committee's attention. We also maintain certain compensation agreements and other arrangements with certain of our executive officers, which are described under "Executive Compensation" elsewhere in this prospectus.

#### Management Incentive Plan
As part of the 2020 restructuring, we implemented a cash-based management incentive plan, or MIP, which was designed to provide incentives for our senior management and board members, including our named executive officers who are eligible to participate, and to deliver long-term shareholder returns. For further details, see "Executive Compensation — Narrative Disclosure to Summary Compensation Table — Termination and Change in Control Provisions — Management Incentive Plan." As of December 31, 2025, we had a $132 million liability in respect of the MIP recognized on the face of the balance sheet. An additional $14 million was recognized in accrued expenses and other current liabilities related to social security and sundry taxes in 2025. See Note 18 to our audited consolidated financial statements included elsewhere in this prospectus. As of March 29, 2026, we had a $144 million liability in respect of the MIP recognized on the face of the balance sheet. An additional $15 million was recognized in accrued expenses and other current liabilities related to social security and sundry taxes. See Note 10 to our unaudited condensed consolidated financial statements included elsewhere in this prospectus.

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#### Principal Shareholders
The following table sets forth the beneficial ownership of our ordinary shares (i) as of and (ii) immediately following this offering, as adjusted to reflect the sale of ordinary shares, in each case, by the following individuals or groups:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each of our named executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all of our current directors and named executive officers as a group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each person known by us to be the beneficial owner of more than 5% of the outstanding ordinary shares.

The percentage ownership information shown in the table prior to this offering is based upon 112,936,894 ordinary shares outstanding as of June 15, 2026. The percentage ownership information shown in the table after this offering and concurrent private placement is based upon 138,470,227 ordinary shares outstanding as of June 15, 2026 after giving effect to the sale of ordinary shares by us in this offering and assuming no exercise of the underwriters' option to purchase additional ordinary shares.

We have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities, or have the right to acquire such powers within 60 days. Under these rules, more than one person may be deemed beneficial owner of the same securities, and a person may be deemed to be a beneficial owner of securities as to which such person has no economic interest. In addition, the rules include ordinary shares issuable pursuant to the exercise of share options that are either immediately exercisable or exercisable on or before August 14 2026, which is 60 days after the date of this prospectus. These shares are deemed to be outstanding and beneficially owned by the person holding those options for the purpose of computing the percentage ownership of that person, but they are not treated as outstanding for the purpose of computing the percentage ownership of any other person. The information contained in the following table is not necessarily indicative of beneficial ownership for any other purpose, and the inclusion of any shares in the table does not constitute an admission of beneficial ownership of those shares. Unless otherwise indicated, the persons or entities identified in this table have sole voting and investment power with respect to all shares shown as beneficially owned by them, subject to applicable community property laws. The information set forth below regarding the beneficial ownership for each of our principal shareholders has been furnished by such shareholders. In addition, the following table does not reflect any ordinary shares that may be purchased in this offering or pursuant to our directed share program described under "Underwriting — Directed Share Program."

Except as otherwise indicated in the table below, addresses of named beneficial owners are care of DPC Holdings Limited., 2nd Floor, Donington Court, Pegasus Business Park, Herald Way, Derby, DE742UZ.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Shares Beneficially Owned <br> Prior to Offering**  | **Shares Beneficially Owned <br> Prior to Offering**  | **Shares Beneficially Owned <br> After Offering and <br> Concurrent Private Placement**  | **Shares Beneficially Owned <br> After Offering and <br> Concurrent Private Placement**  |
| **Name of Beneficial Owner**  | **Number**  | **%**  | **Number**  | **%**  |
| **5% Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; J F Lehman<sup>(1)</sup>  | 18893122 | 16.73% | 23268122 | 16.82% |
| &nbsp;&nbsp;&nbsp;&nbsp; Searchlight Opportunities<sup>(</sup><sup>2</sup><sup>)</sup>  | 10457602 | 9.26% | 10516838 | 7.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hill City Capital<sup>(</sup><sup>3</sup><sup>)</sup>  | 7493606 | 6.64% | 7493606 | 5.42% |
| &nbsp;&nbsp;&nbsp; UBS Asset Management<sup>(4)</sup>  | 7206378 | 6.38% | 5127853 | 3.71% |
| &nbsp;&nbsp;&nbsp; Lord Abbett & Co LLC<sup>(5)</sup>  | 6844314 | 6.06% | 6844314 | 4.95% |
| &nbsp;&nbsp;&nbsp; Bardin Hill (Man Group)<sup>(6)</sup>  | 6735520 | 5.96% | 5725192 | 4.14% |
| &nbsp;&nbsp;&nbsp; Mudrick Capital Management<sup>(7)</sup>  | 6402671 | 5.67% | 6402671 | 4.63% |
| &nbsp;&nbsp;&nbsp; Corre Opportunities Fund<sup>(8)</sup>  | 6356725 | 5.63% | 6356725 | 4.60% |
| &nbsp;&nbsp;&nbsp; Kinetic Partners<sup>(9)</sup>  | 6173583 | 5.47% | 6954833 | 5.03% |
| **Named Executive Officers and Directors:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Michael Joseph Quinn  | \* | \* | \* | \* |
| &nbsp;&nbsp;&nbsp; David John Egan  | \* | \* | \* | \* |
| &nbsp;&nbsp;&nbsp; Jason Mays  | \* | \* | \* | \* |
| &nbsp;&nbsp;&nbsp; Dirkson Charles<sup>(10)</sup>  | \* | \* | 1609267 | 1.16% |
| &nbsp;&nbsp;&nbsp; Nicholas Sanders<sup>(11)</sup>  | \* | \* | \* | \* |
| &nbsp;&nbsp;&nbsp; Henry F. Brooks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Taiwo K. Danmola  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Stanley Deal<sup>(1)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; C. Alexander Harman<sup>(1)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Willibald Meixner  |  |  |  |  |
| All executive officers and directors as a group (10 persons)  |  |  |  |  |

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\*

Less than 1%.

(1) Represents ownership by entities affiliated with J.F. Lehman & Company, LLC ("JFLCo"), including 16,458,614 ordinary shares directly held by JFL Fund VI Alloy Holdings, LLC ("Alloy Holdings"), and 2,434,509 ordinary shares directly held by TPCI LLC ("TPCI"). Alloy Holdings may be deemed to be controlled by JFL Equity Investors VI, L.P. ("JFL Fund VI"), JFL Parallel Fund VI, L.P. ("JFL Parallel VI"), and JFL Executive Investors VI, L.P. ("JFL Executive VI") and their general partner, JFL GP Investors VI, LLC ("Investors GP VI"). The managing members of Investors GP VI are Messrs. Stephen L. Brooks, C. Alexander Harman, Louis N. Mintz, and Glenn M. Shor. TPCI may be deemed to be controlled by Tamarac Holdings, LLC ("Tamarac"), which may be deemed to be controlled by JFL Fund VI Credit Opps Cayman Holdings, LLC ("JFL Fund VI Cayman"), which may deemed to be controlled by JFL Fund VI Credit Opps Holdings, LLC ("Fund VI Credit Opps I"), which may be deemed to be controlled by JFL Credit Opportunities Fund I, L.P. ("Credit Opps I LP"), JFL Credit Opportunities Fund GP Rollover LP and their general partner, JFL Credit GP Investors I, LLC ("Credit GP I"). The managing members of Credit GP I are Messrs. C. Alexander Harman, Lionel Jolivot, Evan Lederman, and Glenn M. Shor. None of Messrs. Brooks, Harman, Mintz, Shor, Jolivot or Lederman individually directs the voting or disposition of the ordinary shares held or controlled by entities affiliated with JFLCo, including Alloy Holdings and/or TPCI. Each of Messrs. Brooks, Harman, Mintz, Shor, Jolivot and Lederman and the funds affiliated with JFLCo disclaims beneficial ownership, as determined under Rule 13d-3, of any of the ordinary shares except to the extent of their respective pecuniary interests. Mr. Harman is the Managing Partner at JFLCo and serves on the board of directors of the Company. The principal business address of each entity is c/o J.F. Lehman & Company, LLC, 55 Hudson Yards, 23rd Floor, New York, NY 10001. Pursuant a shareholder transfer agreement, to be entered into prior to the effectiveness of the registration statement

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this prospectus forms a part, certain existing shareholders are expected to sell approximately 3,088,853 of their existing shares at the price to the public set forth on the cover of this prospectus to entities affiliated with JFLCo. Additionally, such entities affiliated with JFLCo is expected to enter into the subscription agreement, the form of which is filed as an exhibit to the registration statement of which this prospectus forms a part, to purchase approximately 1,286,147 shares from the Company in the concurrent private placement described on the cover of this prospectus at the price to the public set forth on the cover of this prospectus. The beneficial ownership figures set forth in the table above reflect such transfer at the midpoint of the estimated price range set forth on the cover of this prospectus.

(2) Includes (i) 1,432,321 ordinary shares held by SOF Holdings, L.P., (ii) 208,006 ordinary shares held by Searchlight Opportunities Master Fund II-A, L.P., and (iii) 8,817,277 ordinary shares held by SOF II DBT I, L.P. As members of the board of managers of Searchlight Opportunities Fund GP, LLC, which has the power to vote or dispose of the securities held by SOF Holdings, L.P., and Searchlight Opportunities Fund II GP, LLC, which has the power to vote or dispose of the securities held by Searchlight Opportunities Master Fund II-A, L.P. and SOF II DBT I, L.P., Erol Uzumeri, Eric Zinterhofer and Oliver Haarmann may be deemed to have shared voting and investment power with respect to such securities. The principal business address of each of SOF Holdings, L.P., Searchlight Opportunities Master Fund II-A, L.P., SOF II DBT I, L.P., Searchlight Opportunities Fund GP, LLC, Searchlight Opportunities Fund II GP, LLC, Erol Uzumeri, Eric Zinterhofer and Oliver Haarmann is 745 Fifth Avenue, 27th Floor, New York, NY 10151. Searchlight Opportunities is expected to enter into the subscription agreement, the form of which is filed as an exhibit to the registration statement of which this prospectus forms a part, to purchase approximately 59,236 shares from the company in the concurrent private placement described on the cover of this prospectus at the price to the public set forth on the cover of this prospectus. The beneficial ownership figures set forth in the table above reflect such transfer at the midpoint of the estimated price range set forth on the cover of this prospectus.

(3) Includes 7,493,606 ordinary shares held by Hill City Capital Master Fund LP ("HCCMF"). Hill City Capital GP LLC serves as the general partner of HCCMF. Hill City Capital LP serves as the investment manager of HCCMF. Hill City GP LLC serves as the general partner of Hill City Capital LP. Herbert Frazier serves as the managing member of each of Hill City Capital GP LLC and Hill City GP LLC. By virtue of these relationships, each of Hill City Capital GP LLC, Hill City Capital LP, Hill City GP LLC and Mr. Frazier may be deemed to share voting and dispositive power over the 7,493,606 ordinary shares held by HCCMF. Each of the foregoing disclaims beneficial ownership of these shares except to the extent of its or his pecuniary interest therein, if any. The principal business address of HCCMF is c/o Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman KY1-9009. The principal business address of each of Hill City Capital GP LLC, Hill City Capital LP, Hill City GP LLC and Mr. Frazier is 121 High Street, 3rd Floor, Boston, Massachusetts 02110.

(4) Includes 7,206,378 ordinary shares held by various accounts managed by UBS Asset Management (Americas) LLC ("UBS AM Americas") or UBS Asset Management (UK) Ltd ("UBS AM UK"). UBS AM Americas or UBS AM UK exercises investment discretion over such ordinary shares. John Popp is the manager for UBS AM Americas with the ultimate power to exercise voting and dispositive power over the ordinary shares managed by UBS AM Americas; Andrew Marshak is the manager for UBS AM UK with the ultimate power to exercise voting and dispositive power over the ordinary shares managed by UBS AM UK. The business address of UBS AM Americas is 1285 Avenue of the Americas, 10019 New York, USA. The business address of UBS AM UK is 5 Broadgate, London EC2M 2QS. Pursuant a shareholder transfer agreement, to be entered into prior to the effectiveness of the registration statement this prospectus forms a part, UBS Asset Management is expected to sell approximately 2,078,525 of its existing ordinary shares at the price to the public set forth on the cover of this prospectus of its ordinary shares to certain existing shareholders, including JFLCo. The beneficial ownership figures set forth in the table above reflect such transfer at the midpoint of the estimated price range set forth on the cover of this prospectus. UBS Asset Management does not retain any voting or dispositive power over the transferred shares following completion of the transfer.

(5) Includes 6,844,314 ordinary shares held by various accounts managed by Lord, Abbett & Co. LLC, over which Lord, Abbett & Co. LLC exercises investment discretion. Douglas Sieg is the managing member of Lord, Abbett & Co. LLC with the power to exercise voting and dispositive power over the 6,844,314 ordinary shares of Lord, Abbett & Co. LLC. The business address of each of Lord, Abbett & Co. LLC, Mr. Sieg, and the various managed accounts is 30 Hudson Street, Jersey City, NJ 07302.

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(6) Includes 6,735,520 ordinary shares held by investment funds (the "Man (US) Funds") to which Man Investment Partners (US) LP serves as investment manager. Man Investment Partners (US) LP has investment and voting power with respect to such shares. The principal business address of the Man (US) Funds is c/o Man Investment Partners (US) LP, 299 Park Avenue, 24th Floor, New York, NY 10171. Man Investment Partners (US) LP is an indirect subsidiary of Man Group PLC. In accordance with SEC Release No. 34-39538 (January 12, 1998), the beneficial ownership reported herein does not include securities, if any, beneficially owned by other affiliates or business units whose beneficial ownership of securities are disaggregated from that of Man Investment Partners (US) LP in accordance with such release. Pursuant a shareholder transfer agreement, to be entered into prior to the effectiveness of the registration statement this prospectus forms a part, the Man (US) Funds is expected to sell approximately 1,010,328 of their existing ordinary shares at the price to the public set forth on the cover of this prospectus to certain existing shareholders, including JFLCo. The beneficial ownership figures set forth in the table above reflect such transfer at the midpoint of the estimated price range set forth on the cover of this prospectus. The Man (US) Funds do not retain any voting or dispositive power over the transferred shares following completion of the transfer.

(7) Includes 6,402,671 ordinary shares held by certain funds, investors, entities or accounts that are managed, sponsored or advised by Mudrick Capital Management, L.P. or its affiliates. Jason Mudrick is the founder, general partner and Chief Investment Officer of Mudrick Capital Management, L.P. Scott Bynum is a Portfolio Manager of Mudrick Capital Management, L.P. Each of Mr. Mudrick and Mr. Bynum, through Mudrick Capital Management, L.P., is responsible for the voting and investment decisions relating to such securities. Each of the aforementioned entities and individuals disclaims beneficial ownership of the securities held of record by any other entity or individual explicitly named in this footnote except to the extent of such entity or individual's pecuniary interest therein, if any. The principal business address of each of Mudrick Capital Management, L.P., Mr. Mudrick and Mr. Bynum is c/o Mudrick Capital Management, L.P., 31 West 52nd Street, 16th Floor, New York, NY 10019.

(8) Corre Opportunities Qualified Master Fund, LP ("Corre Opportunities Fund") has shared voting power and shared dispositive power with respect to 6,356,725 ordinary shares; Corre Partners Advisors, LLC (the "General Partner") has shared voting power and shared dispositive power with respect to 6,356,725 ordinary shares; Corre Partners Management, LLC (the "Investment Advisor") has shared voting power and shared dispositive power with respect to 6,356,725 ordinary shares; John Barrett has shared voting power and shared dispositive power with respect to 6,356,725 ordinary shares. The General Partner serves as the general partner to the Funds, the Investment Advisor has been delegated investment authority over the assets of the Funds by the General Partner. Each of the General Partner, the Investment Adviser and Mr. Barrett may be deemed to be the beneficial owner of 6,356,725 ordinary shares. The business address of the Funds is c/o Corre Partners Management, LLC, 12 East 49th Street, 40th Floor, New York, New York 10017. Each of (i) the General Partner, which serves as the general partner of the Funds, (ii) the Investment Advisor, which has been delegated investment authority over the assets of the Funds by the General Partner, and (iii) Mr. John Barrett, who serves as the managing member of the General Partner and the Investment Adviser, has shared power to vote or direct the vote, and shared power to dispose or direct the disposition of, the ordinary shares beneficially owned or to be owned by the Funds.

(9) Includes 6,173,583 ordinary shares held by Kinetic Partners Master Fund, LP (the "Fund"). Kinetic Partners GP, LLC (the "General Partner") serves as the general partner to the Fund, and Kinetic Partners Management, LP (the "Investment Manager") has been delegated investment authority over the assets of the Fund by the General Partner. Christopher Golden serves as the managing member the General Partner and the managing member of the general partner of the Investment Manager. Each of the General Partner, the Investment Manager and Mr. Golden may be deemed to be the beneficial owner of 6,173,583 ordinary shares. Each of (i) the General Partner, which serves as the general partner of the Funds, (ii) the Investment Manager, which has been delegated investment authority over the assets of the Funds by the General Partner, and (iii) Mr. Golden, who serves as the managing member of the General Partner and the general partner of the Investment Manager, has shared power to vote or direct the vote, and shared power to dispose or direct the disposition of, the ordinary shares beneficially owned or to be owned by the Fund. The principal business address of Kinetic Partners is 2850 Tigertail Avenue, 5th Floor, Miami, Florida 33133. Pursuant a shareholder transfer agreement, to be entered into

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prior to the effectiveness of the registration statement this prospectus forms a part, certain existing shareholders are expected to sell approximately 500,946 of their existing shares at the price to the public set forth on the cover of this prospectus to the Fund. Additionally, the Fund will enter into the subscription agreement, the form of which is filed as an exhibit to the registration statement of which this prospectus forms a part, to purchase approximately 280,304 shares from the company in the concurrent private placement described on the cover of this prospectus at the price to the public set forth on the cover of this prospectus. The beneficial ownership figures set forth in the table above reflect such transfer at the midpoint of the estimated price range set forth on the cover of this prospectus.

(10) Includes (i) 299,345 shares held by an entity wholly-owned by Mr. Charles, (ii) 160,190 shares underlying options to be issued as MIP Recognition Grants (see "Executive Compensation — Summary of the Equity Incentive Plan — MIP Recognition Grants"), (iii) 817,857 shares to be issued, based on the midpoint of the estimated price range set forth on the cover of this prospectus, pursuant to the amount of MIP proceeds Mr. Dirkson expects to reinvest in our shares (see "Executive Compensation — Narrative to Director Compensation Table"), (iv) 113,125 shares Mr. Charles intends to purchase and also the related Matching Grant Shares in connection with the Director Share Program (see "Executive Compensation — Narrative to Director Compensation Table — Director Share Program Under Equity Incentive Plan and Participation in Directed Share Program"). Additionally, pursuant a shareholder transfer agreement, to be entered into prior to the effectiveness of the registration statement this prospectus forms a part, Dirkson Charles, through an entity wholly-owned by him, is expected to purchase approximately 218,750 ordinary shares from us at the price to the public set forth on the cover of this prospectus. The beneficial ownership figures set forth in the table above reflect such transfer at the midpoint of the estimated price range set forth on the cover of this prospectus.

(11) Pursuant a shareholder transfer agreement, to be entered into prior to the effectiveness of the registration statement this prospectus forms a part, Nicholas Sanders, through an entity wholly-owned by him, is expected to purchase approximately 6,250 ordinary shares from us at the price to the public set forth on the cover of this prospectus. The beneficial ownership figures set forth in the table above reflect such transfer at the midpoint of the estimated price range set forth on the cover of this prospectus.

#### Registration Rights Agreement
In connection with this offering, we intend to enter into a Registration Rights Agreement with holders of 5% or more of our ordinary shares, or the Reporting Holders. With the exception of underwriting discounts, commissions, and certain other expenses, we will pay all expenses related to any demand registration, takedown request or piggyback rights described below, subject to reasonable fees and disbursements of one counsel for the selling holders. The registration rights described below will expire upon the earliest to occur of: (i) seven years after the completion of this offering or (ii) as to a given holder of registration rights, the date after the completion of this offering when such holder of registration rights hold below 1% of our total outstanding ordinary shares and can sell all of such holder's registrable securities during any three-month period pursuant to Rule 144 promulgated under the Securities Act. Following this offering, holders of an aggregate of approximately 76,563,521 of our ordinary shares will be entitled to the registration rights described below.

*Demand Registrations.* Beginning 180 days following the pricing of this offering, or earlier if the lock-up agreement entered into in connection with this offering is waived by the underwriters for all lock-up parties pro rata, Reporting Holders holding an aggregate of 10% or more of our ordinary shares may request the registration of a portion of their ordinary shares, or the Registrable Securities, on a Form S-3, or if not available, on a Form S-1, or a Demand Registration. Reporting Holders may make up to three Demand Registration requests on Form S-3 or two Demand Registration requests on Form S-1, as long as at least $50 million of Registrable Securities are being registered, with the limit of only one Demand Registration at a time and no Demand Registration requests within four months of another request having been fulfilled. Once a Demand Registration request is received, we will provide notice to non-demanding shareholders holding 1% or more of our ordinary shares and director and management holders, who may elect to join in the registration.

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*Takedown Requests.* If a shelf registration statement is effective and available for use, Reporting Holders holding an aggregate of 10% or more of our Ordinary Shares may request, a Takedown Request, that we conduct a registered takedown offering to one or more underwriters on a firm commitment basis. Reporting Holders may make up to three Takedown Requests per year, as long as at least $50 million of Registrable Securities are being offered, with the limit of only one Takedown at a time and no Takedown Requests within four months of another request having been fulfilled. Once a Takedown Request is received (other than a Takedown Request for a block trade), we will provide notice to non-requesting shareholders holding 1% or more of our ordinary shares and director and management holders, who may elect to join in the offering, subject to cutbacks. If the Takedown Request is for a block trade, we will give notice to non-requesting shareholders holding 5% or more of our ordinary shares and institutional shareholders that may be deemed our affiliates, who may elect to join in the block trade.

*Piggyback Rights.* In addition to the above, if we file a prospectus supplement to an effective shelf registration statement or a registration statement (other than pursuant to certain exceptions) for an offering by us one or more underwriters on a firm commitment basis we will provide notice to shareholders holding 1% or more of our ordinary shares and director and management holders and offer them the opportunity to include Registrable Securities in the offering, subject to cutback and certain customary exceptions.

*Cutbacks.* If the managing underwriters advise that the number of Registrable Securities proposed to be included in an offering exceeds the number of Registrable Securities which can be sold in the market in an orderly fashion, then (i) in the case of an offering initiated by us, all other holders will be cut back pro rata to allow us to proceed with the offering, and (ii) in the case of an offering pursuant to a request by one or more Reporting Holders, the demanding holders will be able to include their Registrable Securities and reduce the Registrable Securities of other holders on a pro rata basis.

All holders of Registrable Securities under the Registration Rights Agreement who join an offering will agree to customary lock-ups of up to 90 days in connection with any underwritten offering, so long as our executive officers and directors agree to a similar lock-up. All Demand Registrations and Takedown Requests will be subject to (i) customary black-out periods as part of our policy, and (ii) deferral at our sole discretion for up to 90 days in each 360-day period.

The foregoing description of the Registration Rights Agreement is intended as a summary only and is qualified in its entirety by reference to the form of Registration Rights Agreement expected to be in effect at the closing of this offering, which is filed as an exhibit to the registration statement of which this prospectus forms a part.

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#### Description of Share Capital
 *The following descriptions are summaries of the material terms of our Articles of Association and Memorandum of Association (as amended, our "Articles of Association" and "Memorandum of Association," respectively). Reference is made to the more detailed provisions of, and the descriptions are qualified in their entirety by reference to, the Articles of Association and Memorandum of Association, copies of which are filed with the SEC together as an exhibit to the registration statement of which this prospectus is a part, and applicable law.* 

Our authorized share capital will consist of an unlimited number of ordinary shares, no par value and, if authorized in the future, an unlimited number of preferred shares, no par value.

Our share capital is governed by the Companies (Jersey) Law 1991 and our articles of association. Prior to the completion of this offering, our shareholders approved, by way of special resolution dated June 5, 2026, the Share Consolidation at a ratio of 4-to-1, with effect from the same date.

As a result of the Share Consolidation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the number of our issued and outstanding ordinary shares was reduced from 451,747,577 to 112,936,894;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our articles of association do not provide for an authorized share capital, and accordingly no amendment to the authorized share capital was required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ordinary shares have no par value, which remained unchanged.

In accordance with the Company's Articles of Association, the Directors resolved to sell the fractional entitlements arising from the Reverse Share Split, which in aggregate amounted to 70 ordinary shares, at the IPO price. As the net proceeds from the sale are immaterial and the cost of distributing such proceeds to individual shareholders would be disproportionate, the Directors have determined that the proceeds will instead be donated to an internationally recognized charitable organization.

All share and per share information set forth in this prospectus reflects the Share Consolidation.

#### Ordinary Shares
All outstanding ordinary shares are validly issued, fully paid and non-assessable. The ordinary shares do not have pre-emptive, subscription or redemption rights. Neither our Memorandum of Association or Articles of Association nor the laws of Jersey restrict in any way the ownership or voting of ordinary shares held by non-residents of Jersey.

Our board of directors may issue authorized but unissued ordinary shares without further shareholder action, unless shareholder action is required by applicable law or by the rules of a stock exchange or quotation system on which any series of our shares may be listed or quoted.

*Dividend and Liquidation Rights*. Holders of ordinary shares are entitled to receive equally, share for share, any dividends that may be declared in respect of our ordinary shares by the board of directors out of funds legally available therefore. In the event of our liquidation, after satisfaction of liabilities to creditors, holders of ordinary shares are entitled to share pro rata in our net assets. Such rights may be affected by the grant of preferential dividend or distribution rights to the holders of a class or series of preferred shares that may be authorized in the future.

*Shareholder Meetings and Quorum*. Pursuant to Jersey law, an annual general meeting shall be held once every calendar year at the time (within a period of not more than 18 months after the last preceding annual general meeting) and at the place as may be determined by the board of directors. The quorum required for a general meeting of shareholders consists of shareholders present in person or by proxy who hold or represent between them a majority of the outstanding shares entitled to vote at such meeting.

*Voting Rights.* Holders of ordinary shares have one vote for each ordinary share held on all matters submitted to a vote of holders of ordinary shares. These voting rights may be affected by the grant of any special voting rights to the holders of a class or series of preferred shares that may be authorized in the future.

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An ordinary resolution requires approval by the holders of a majority of the voting rights represented at a meeting, in person or by proxy, and voting thereon.

A special resolution, which will be required for important matters (such as, for example, a resolution amending our Memorandum of Association or Articles of Association or approving any change in authorized capitalization, or distributing the Company's assets in connection with a liquidation or winding-up), requires approval by the holders of two-thirds (66.67%) of the voting rights represented at a meeting, in person or by proxy, and voting thereon.

*Requirements for Advance Notification of Shareholder Nominations and Proposals*. Our Articles of Association establish advance notice and related procedures with respect to shareholder proposals and nomination of candidates for election as directors.

*Modification of Class Rights*. The rights attached to any class (unless otherwise provided by the terms of issue of that class), such as voting, dividends and the like, may be varied with the sanction of an ordinary resolution passed at a separate general meeting of the holders of the shares of that class.

#### Directors

#### Appointment and removal
The management of the Company is vested in its board of directors. The articles of association provide that there shall be a board of directors consisting of no fewer than two directors and the size of the board of directors shall not be subject to a maximum.

The directors are divided into three classes designated as Class I, Class II and Class III, respectively. Class I directors shall initially serve until the first annual general meeting following the initial effectiveness of the articles of association (expected in 2026), Class II directors shall initially serve until the second annual general meeting following the initial effectiveness of the articles of association (expected in 2026) and Class III directors shall initially serve until the third annual general meeting following the initial effectiveness of the articles of association (expected in 2026). At each succeeding annual general meeting, directors will be elected for a full term of three years to succeed the directors of the class whose terms expire at such annual general meeting.

Ordinary shareholders may nominate directors pursuant to the advance notice provisions of the articles of association (including the requirements for timely notice and other obligatory information regarding the nominating shareholder and the nominee). If a vacancy arises on the board of directors, the vacancy may be filled only by the affirmative vote of a majority of the directors then in office, even though less than a quorum, or by a sole remaining director, and not by the vote of shareholders. The appointment and removal of directors is also subject to the applicable rules of the NYSE and to the provisions of the Shareholder Director Nominee Agreement.

The detailed procedures for the nomination of persons proposed to be elected as directors at any general meeting of the Company are set out in the articles of association.

#### Indemnification of Directors and Officers
To the fullest extent permitted by law, the articles of association provide that the directors and officers of the Company shall be indemnified from and against all liability which they incur in execution of their duty in their respective offices.

#### Exclusive Forum Provisions
Unless the Company consents in writing to the selection of an alternative forum, the courts of the Island of Jersey are the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Company to the Company or the Company's shareholders, (iii) any action asserting a claim arising pursuant to any provision of Jersey law or the articles of association or (iv) any action asserting a claim in any way relating to the constitution or conduct of the Company (or, if

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such courts do not have subject matter jurisdiction thereof, the jurisdiction that does have jurisdiction). Unless the Company selects or consents in writing to the selection of an alternative forum, the federal district courts of the United States of America shall, to the fullest extent permitted by applicable law, be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the United States federal securities laws of the United States of America, including, in each case, the Securities Act and the Exchange Act and the applicable rules and regulations promulgated thereunder.

#### Other Jersey, Channel Islands Law Considerations
 *Purchase of Own Shares* 

As with declaring a dividend, we may not buy back or redeem (to the extent redeemable) our shares unless our directors who are to authorize the buyback or redemption have made a statutory solvency statement that, immediately following the date on which the buyback or redemption is proposed, the Company will be able to discharge its liabilities as they fall due and, having regard to prescribed factors, we will be able to continue to carry on business and discharge its liabilities as they fall due for the 12 months immediately following the date on which the buyback or redemption is proposed (or until we are dissolved on a solvent basis, if earlier).

If the above conditions are met, we may purchase shares in the manner described below.

We may purchase on a securities exchange our own shares pursuant to a resolution of our shareholders. The resolution authorizing the purchase must specify the maximum number of shares to be purchased; the maximum and minimum prices which may be paid; and a date, not being later than five years after the passing of the resolution, on which the authority to purchase is to expire.

We may, subject to the law, purchase our own shares otherwise than on a securities exchange as determined by the directors under a written purchase contract pre-approved by an ordinary resolution of our shareholders or by a resolution of the directors, or if the shares are to be purchased for nil consideration, by a resolution of our directors. The shareholder from whom we propose to purchase or redeem shares is not entitled to take part in such shareholder vote in respect of the shares to be purchased.

We may fund a redemption or purchase of our own shares from any source. We cannot purchase our shares if, as a result of such purchase, only treasury shares would remain in issue.

If it is not prohibited by our Articles of Association, any shares that we redeem or purchase may be held by us as treasury shares. Any shares held by us as treasury shares may be cancelled, transferred for any purposes (for or without consideration), or held without cancelling or transferring them. Shares redeemed or purchased by us are cancelled where we have not been authorized to hold these as treasury shares.

 *Mandatory Purchases and Acquisitions* 

The Jersey Companies Law provides that where a person has made an offer to acquire a class of all of our outstanding shares not already held by the person and has as a result of such offer acquired or contractually agreed to acquire 90% or more of such outstanding shares to which the offer relates, that person is then entitled (and may be required) to acquire the remaining shares of such shares. In such circumstances, a holder of any such remaining shares may apply to the Jersey court for an order that the person making such offer not be entitled to purchase the holder's shares or that the person purchases the holder's shares on terms different to those under which the person made such offer.

 *Compromises and Arrangements* 

Where we and our creditors or shareholders or a class of either of them propose a compromise or arrangement between us and our creditors or our shareholders or a class of either of them (as applicable), the Jersey court may order a meeting of the creditors or class of creditors or of our shareholders or class of shareholders (as applicable) to be called in such a manner as the court directs. Any compromise or arrangement approved by a majority in number representing 75% or more in value of the creditors or a member or members representing 75% or more of the voting rights of shareholders or class of either of them

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(as applicable) if sanctioned by the court, is binding upon us and all the creditors, shareholders or members of the specific class of either of them (as applicable).

Whether our capital is to be treated as being divided into a single or multiple class(es) of shares is a matter to be determined by the court. The court may in its discretion treat a single class of shares as multiple classes, or multiple classes of shares as a single class, for the purposes of the shareholder approval referred to above taking into account all relevant circumstances, which may include circumstances other than the rights attaching to the shares themselves.

 *Conflicts of Interest* 

Jersey law permits companies to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to us or our officers, directors or shareholders. Subject to applicable law, our articles of association renounce any interest or expectancy that we have in, or right to be offered an opportunity to participate in, specified business opportunities that are from time to time presented to certain directors, principals, members, officers, associated funds, employees and/or representatives of a member or its affiliates, and directors who are not employees. Our articles of association provide that, subject to applicable law, the foregoing persons will not have any duty to refrain from (i) engaging in a corporate opportunity in the same or similar lines of business in which we or our affiliates now engage or propose to engage or (ii) otherwise competing with us or our affiliates.

In addition, subject to applicable law, in the event that the foregoing persons acquire knowledge of a potential transaction or other business opportunity which may be a corporate opportunity for itself or themselves, such person will have no duty to communicate or offer such transaction or business opportunity to us or any of our affiliates and they may take any such opportunity for themselves or direct it to another person or entity. Our articles of association do not renounce our interest in any business opportunity that is expressly offered to such persons solely in his or her capacity as a director of our Company.

#### Market Listing
We have been approved for listing on the NYSE under the symbol "DPC."

#### Transfer Agent and Registrar
The transfer agent and registrar for our ordinary shares will be Equiniti Trust Company. The transfer agent and registrar's address is 28 Liberty Street, New York 11717.

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#### COMPARISON OF DELAWARE CORPORATE LAW AND JERSEY CORPORATE LAW
Jersey companies are governed by the Jersey Companies Law. The Jersey Companies Law differs from laws applicable to Delaware corporations and their shareholders. For comparison purposes, set forth below is a summary of some significant differences between the laws applicable to companies incorporated in the State of Delaware and the provisions of the Jersey Companies Law applicable to us.

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|:---|:---|
| **DELAWARE CORPORATE LAW**  | **JERSEY CORPORATE LAW**  |
|  ***Mergers and similar arrangements; Appraisal rights***  |  ***Mergers and similar arrangements; Appraisal rights***  |
| Under the Delaware General Corporation Law, with certain exceptions, a merger, consolidation, sale, lease or transfer of all or substantially all of the assets of a corporation must be approved by the board of directors and a majority of the outstanding shares entitled to vote thereon. A shareholder of a Delaware corporation participating in certain major corporate transactions may, under certain circumstances, be entitled to appraisal rights pursuant to which such shareholder may receive cash in the amount of the fair value of the shares held by such shareholder (as determined by a court) in lieu of the consideration such shareholder would otherwise receive in the transaction. The Delaware General Corporation Law also provides that a parent corporation, by resolution of its board of directors, may merge with any subsidiary, of which it owns at least 90.0% of each class of capital stock, without a vote by the shareholders of such subsidiary. Upon any such merger, dissenting shareholders of the subsidiary would have appraisal rights. | A sale or disposal of all or substantially all the assets of a Jersey company must be approved by the board of directors and, only if our Articles of Association require, by the shareholders in a general meeting. A merger involving a Jersey company must be generally documented in a merger agreement which must be approved by special resolution (being a two-thirds majority, if our Articles of Association do not specify a greater majority) of shareholders of that company. <br> There are no appraisal rights under the Jersey Companies Law.  |
|  ***Shareholders' suits***  |  ***Shareholders' suits***  |
| Class actions and derivative actions generally are available to shareholders of a Delaware corporation for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable law. In such actions, the court has discretion to permit the winning party to recover attorneys' fees incurred in connection with such action. | Under Article 141 of the Jersey Companies Law, a shareholder may apply to court for relief on the ground that the conduct of a company's affairs, including a proposed or actual act or omission by a company, is "unfairly prejudicial" to the interests of shareholders generally or of some part of shareholders, including at least the shareholder making the application. <br> There may also be customary law personal actions available to shareholders. Under Article 143 of the Jersey Companies Law (which sets out the types of relief a court may grant in relation to an action brought under Article 141 of the Jersey Companies Law), the court may make an order regulating the affairs of a company, requiring a company to refrain from doing or continuing to do an act complained of, authorizing civil proceedings and providing for the purchase of shares by a company or by any of its other shareholders.  |

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| | |
|:---|:---|
| **DELAWARE CORPORATE LAW**  | **JERSEY CORPORATE LAW**  |
|  ***Shareholder vote on board and management compensation***  |  ***Shareholder vote on board and management compensation***  |
| Under the Delaware General Corporation Law, the board of directors has the authority to fix the compensation of directors, unless otherwise restricted by the certificate of incorporation or bylaws. | Subject to restrictions in our Articles of Association, the board of directors may set the compensation of directors and members of management.  |
|  ***Classified Board***  |  ***Classified Board***  |
| A classified board is permitted under both Delaware corporate law and the Jersey Companies Law. | Our articles of association provided that our board of directors is comprised of three classes, each serving a three-year term, one class being elected each third year. See "— Directors — Appointment and Removal" above. |
|  ***Indemnification of directors and executive officers and limitation of liability***  |  ***Indemnification of directors and executive officers and limitation of liability***  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Delaware General Corporation Law provides that a certificate of incorporation may contain a provision eliminating or limiting the personal liability of directors and officers of the corporation for monetary damages for breach of a fiduciary duty as a director or officer, except no provision in the certificate of incorporation may eliminate or limit the liability of a director or officer for: <br> &nbsp;&nbsp;&nbsp;&nbsp; • any breach of the duty of loyalty to the corporation or its shareholders; <br>&nbsp;&nbsp;&nbsp;&nbsp; • acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law; <br>&nbsp;&nbsp;&nbsp;&nbsp; • statutory liability for unlawful payment of dividends or unlawful share purchase or redemption; or <br>&nbsp;&nbsp;&nbsp;&nbsp; • any transaction from which the director or officer derived an improper personal benefit. <br>A Delaware corporation may indemnify any person who was or is a party or is threatened to be made a party to any proceeding, other than an action by or on behalf of the corporation, because the person is or was a director or officer, against liability incurred in connection with the proceeding if the director or officer acted in good faith and in a manner reasonably believed to be in, or not opposed to, the best interests of the corporation; and the director or officer, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. <br> Unless ordered by a court, any foregoing indemnification is subject to a determination that the director or officer has met the applicable standard of conduct:  | The Jersey Companies Law does not contain any provision permitting Jersey companies to limit the liabilities of directors for breach of fiduciary duty. <br> However, a Jersey company may exempt from liability, and indemnify directors and officers, for liabilities incurred in connection with any proceedings (including legal fees, judgments, fines, settlement amounts and costs reasonably incurred in connection with the proceedings) by reason of the fact that the person is or was an officer of the company/serving as an officer of another entity at the request of the company. <br> An indemnity would be unenforceable under the Jersey Companies Law against the company to the extent it purports to indemnify a person who did not act honestly, in good faith and in what they believed to be in the best interests of the company and, in the case of criminal proceedings, if the person had reasonable cause to believe that their conduct was unlawful. <br> Our articles of association provided that our directors and officers are indemnified to the fullest extent permitted by law. See "— Directors — Indemnification of Directors and Officers" above.  |

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| | |
|:---|:---|
| **DELAWARE CORPORATE LAW**  | **JERSEY CORPORATE LAW**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • by a majority vote of the directors who are not parties to the proceeding, even though less than a quorum; <br>&nbsp;&nbsp;&nbsp;&nbsp; • by a committee of directors designated by a majority vote of the eligible directors, even though less than a quorum; <br>&nbsp;&nbsp;&nbsp;&nbsp; • by independent legal counsel in a written opinion if there are no eligible directors, or if the eligible directors so direct; or <br>&nbsp;&nbsp;&nbsp;&nbsp; • by the shareholders. <br>Moreover, a Delaware corporation may not indemnify a director or officer in connection with any proceeding in which the director or officer has been adjudged to be liable to the corporation unless and only to the extent that the court determines that, despite the adjudication of liability but in view of all the circumstances of the case, the director or officer is fairly and reasonably entitled to indemnity for those expenses which the court deems proper.  | |
|  ***Directors' fiduciary duties***  |  ***Directors' fiduciary duties***  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: <br> &nbsp;&nbsp;&nbsp;&nbsp; • the duty of care; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • the duty of loyalty. <br>The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself or herself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. <br> The duty of loyalty requires that a director act in a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use his or her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Under the Jersey Companies Law, a director of a Jersey company, in exercising the director's powers and discharging the director's duties, has a duty to <br> &nbsp;&nbsp;&nbsp;&nbsp; • act honestly and in good faith with a view to the best interests of the company; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. <br>Customary law is also an important source of law in the area of directors' duties in Jersey as it expands upon and provides a more detailed understanding of the general duties and obligations of directors. The Jersey courts view English common law as highly persuasive in this area. <br> In summary, the following duties will apply as manifestations of the general fiduciary duty under the Jersey Companies Law: a duty to act in good faith and in what he or she bona fide considers to be the best interests of the company; a duty to exercise powers for a proper purpose; a duty to avoid any actual or potential conflict between his or her own and the company's interests; and a duty to account for profits and not take personal profit from any opportunities arising from his or her directorship, even if he or she is acting honestly and for the good of the company. However, the articles of association of a company may permit the director to be  |

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| | |
|:---|:---|
| **DELAWARE CORPORATE LAW**  | **JERSEY CORPORATE LAW**  |
| fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation. | personally interested in arrangements involving the company (subject to the requirement to have disclosed such interest). <br> Our articles of association provide that certain directors and officers are permitted to engage in certain corporate opportunities. See "— Other Jersey, Channel Islands Law Considerations — Conflicts of Interest" above.  |
|  ***Shareholder action by written consent***  |  ***Shareholder action by written consent***  |
| A Delaware corporation may, in its certificate of incorporation, eliminate the right of shareholders to act by written consent.  | If permitted by the articles of association of a company, a written consent signed and passed by the specified majority of members may affect any matter that otherwise may be brought before a shareholders' meeting, except for the removal of a company's auditors. Such consent shall be deemed effective when the instrument, or the last of several instruments, is signed by the specified majority of members or on such later date as is specified in the resolution. |
|  ***Shareholder proposals; Special meetings of shareholders***  |  ***Shareholder proposals; Special meetings of shareholders***  |
| A shareholder of a Delaware corporation has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. <br> A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.  | The Jersey Companies Law does not provide for a shareholder right to put a proposal before the shareholders at the annual general meeting. <br> Shareholders holding 10% or more of a Jersey company's voting rights and entitled to vote at the relevant meeting may legally require such company's directors to call a meeting of shareholders. The Jersey Financial Services Commission, or the JFSC, may, at the request of any officer, secretary or shareholder, call or direct the calling of an annual general meeting. Failure to call an annual general meeting in accordance with the requirements of the Jersey Companies Law is a criminal offence on the part of a Jersey company and its directors and secretary.  |
|  ***Cumulative voting***  |  ***Cumulative voting***  |
| Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation provides for it. | There are no provisions in the Jersey Companies Law relating to cumulative voting. |
|  ***Removal of directors***  |  ***Removal of directors***  |
| A director of a Delaware corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. | There is no statutory right under Jersey Companies Law for shareholders to nominate, appoint or remove directors of a company. <br> If provided for in the articles of association, a director may be removed from office by the holders of ordinary shares by special resolution or other threshold only for "cause" (as defined in the articles of association). In addition, a director may be  |

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|:---|:---|
| **DELAWARE CORPORATE LAW**  | **JERSEY CORPORATE LAW**  |
|  | removed from office by the board of directors by resolution made by the board of directors for "cause" if the articles of association provide for such a right. <br> Our articles of association do not specify that directors may only be removed for "cause" by the holders of ordinary shares. <br> Our articles of association provide that any director may be removed if the director (i) becomes bankrupt, (ii) is subject to a court order on the ground of mental disorder for their detention or for the appointment of a guardian, (iii) is absent from meetings for six months without leave and the board of directors resolves that their office be vacated, (iv) is the subject of certain investigations and the board of directors resolve that it is undesirable that the director remain a director of the Company, (v) has notice served upon them, signed by all other directors, that the director shall be vacated or (vi) for directors other than a co-chair or a director holding an executive office, is required by the other directors to resign from office after notice provided by the director to resign from office and fails to do so within 30 days of a resolution of the board of directors.  |
|  ***Transactions with interested directors***  |  ***Transactions with interested directors***  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interested director transactions are permissible and may not be legally voided if: <br> &nbsp;&nbsp;&nbsp;&nbsp; • either a majority of disinterested directors, or a majority in interest of holders of shares of the corporation's capital stock entitled to vote upon the matter, approves the transaction upon disclosure of all material facts; or <br>&nbsp;&nbsp;&nbsp;&nbsp; • the transaction is determined to have been fair as to the corporation as of the time it is authorized, approved or ratified by the board of directors, a committee thereof or the shareholders. <br>| An interested director must disclose to the company the nature and extent of any interest in a transaction with the company, or one of its subsidiaries, which to a material extent conflicts or may conflict with the interests of the company and of which the director is aware. <br> Failure to disclose an interest entitles the company or a shareholder to apply to the court for an order setting aside the transaction concerned and directing that the director account to the company for any profit. <br> A transaction is not voidable and a director is not accountable notwithstanding a failure to disclose an interest if the transaction is confirmed by special resolution of shareholders or the nature and extent of the director's interest in the transaction are disclosed in reasonable detail to all the other directors, if a majority of the directors without a conflicting interest in the transaction authorize the transaction. <br> Although it may still order that a director account for any profit, a court will not set aside a transaction unless it is satisfied that the interests of third parties who have acted in good faith would not  |

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| | |
|:---|:---|
| **DELAWARE CORPORATE LAW**  | **JERSEY CORPORATE LAW**  |
|  | thereby be unfairly prejudiced and the transaction was not reasonable and fair in the interests of the company at the time it was entered into. <br> Under our articles of association, directors are permitted to be interested in transactions with the Company, however, they must declare the nature of their interest to the board of directors, provided, however, that directors are not required to disclose any information confidential to a third party or relating to a corporate interest if such disclosure would result in a breach of duty or obligation owed to such third party or in connection with such corporate interest.  |
|  ***Transactions with interested shareholders***  |  ***Transactions with interested shareholders***  |
| The Delaware General Corporation Law generally prohibits a Delaware corporation from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or group who or which owns or owned 15.0% or more of the corporation's outstanding voting shares within the past three years. <br> This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.  | The Jersey Companies Law has no comparable provision. As a result, a Jersey company cannot avail itself of the types of protections afforded by the Delaware business combination statute. However, although Jersey law does not regulate transactions between a company and its significant shareholders, as a general matter, such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders. |
|  ***Dissolution; Winding up***  |  ***Dissolution; Winding up***  |
| Unless the board of directors of a Delaware corporation approves the proposal to dissolve, dissolution must be approved by shareholders holding 100.0% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board. | Under the Jersey Companies Law, a Jersey company may be voluntarily dissolved, liquidated or wound up by a special resolution of the shareholders. In addition, a company may be wound up by the courts of Jersey if the court is of the opinion that it is just and equitable to do so or that it is expedient in the public interest to do so. <br> Alternatively, a creditor with a claim against a Jersey company of not less than £3,000 may apply to the Royal Court of Jersey for the property of that company to be declared *en désastre* (being the Jersey law equivalent of a declaration of bankruptcy). Such an application may also be made by the Jersey  |

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| | |
|:---|:---|
| **DELAWARE CORPORATE LAW**  | **JERSEY CORPORATE LAW**  |
|  | company itself without having to obtain any shareholder approval. |
|  ***Variation of rights of shares***  |  ***Variation of rights of shares***  |
| A Delaware corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. | Under Jersey law, the rights attached to any class of shares may only be varied (unless otherwise provided in the articles of association or by the terms of issue of that class) with the written consent of the holders of two-thirds of the shares of such class or with the sanction of a special resolution passed at a general meeting of the holders of the shares of that class. <br> The articles of association may specify what is, or is not to be, regarded as a variation of the rights of any class of members of the company.  |
|  ***Amendment of governing documents***  |  ***Amendment of governing documents***  |
| A Delaware corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. | The memorandum of association and the articles of association of a Jersey company may only be amended by special resolution (being a two-thirds majority if the articles of association of the company do not specify a greater majority) passed by shareholders in general meeting or by written resolution (if not prohibited by the articles of association) signed by either all the shareholders entitled to vote or, if authorized by the articles of association, the specified majority (being a two-thirds majority if the articles of association of the company do not specify a greater majority). |
|  ***Blank check preferred stock/shares***  |  ***Blank check preferred stock/shares***  |
| A Delaware corporation's certificate of incorporation may give the board of directors the right to issue new classes of preferred shares with voting, conversion dividend distribution, and other rights to be determined by the board of directors at the time of issuance, which could prevent a takeover attempt and thereby preclude shareholders from realizing a potential premium over the market value of their shares. <br> In addition, Delaware law does not prohibit a corporation from adopting a shareholder rights plan, or "poison pill," which could prevent a takeover attempt and also preclude shareholders from realizing a potential premium over the market value of their shares.  | Where the United Kingdom City Code on Takeovers and Mergers does not apply to a company, Jersey law does not prohibit a company from adopting a shareholder rights plan, or "poison pill," which could prevent a takeover attempt and also preclude shareholders from realizing a potential premium over the market value of their shares. <br> Our articles of association provide that the board of directors is authorized to issue preferred shares in one or more series or classes and determine, from time to time before issuance, the number of shares to be included in any such series or class and the designation, powers, preferences, rights and qualifications, limitations or restrictions of such series or class.  |
|  ***Inspection of books and records***  |  ***Inspection of books and records***  |
| Shareholders of a Delaware corporation, upon written demand under oath stating the purpose thereof, have the right during the usual hours for business to inspect for any proper purpose, and to | The register of shareholders and books containing the minutes of general meetings or of meetings of any class of shareholders of a Jersey company must during business hours be open to the inspection of a |

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| | |
|:---|:---|
| **DELAWARE CORPORATE LAW**  | **JERSEY CORPORATE LAW**  |
| obtain copies of list(s) of shareholders and other books and records of the corporation and its subsidiaries, if any, to the extent the books and records of such subsidiaries are available to the corporation. | shareholder of the company without charge. <br> The register of directors and secretaries must during business hours (subject to such reasonable restrictions as the company may by its articles of association or in general meeting impose, but so that not less than two hours in each working day be allowed for inspection) be open to the inspection of a shareholder or director of the company without charge.  |
|  ***Payment of dividends***  |  ***Payment of dividends***  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The board of directors may approve a dividend without shareholder approval. Subject to any restrictions contained in its certificate of incorporation, the board may declare and pay dividends upon the shares of its capital stock either: <br> &nbsp;&nbsp;&nbsp;&nbsp; • out of its surplus; or <br>&nbsp;&nbsp;&nbsp;&nbsp; • in case there is no such surplus, out of its net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year. <br>Shareholder approval is required to authorize capital stock in excess of that provided in the charter. Directors may issue authorized shares without shareholder approval.  | Subject to restrictions in our Articles of Association, under Jersey Companies Law, a Jersey company may make a distribution at any time and out of any source (other than the nominal capital account or capital redemption reserve) provided that the directors of the company who authorize the distribution make a solvency statement in the prescribed form confirming that they have formed the opinion that immediately following the date on which the distribution is proposed and for a 12 month period thereafter the company will be able to discharge its liabilities as they fall due. <br> Likewise, authorizing directors must also make a statutory solvency statement in the event of redeeming or purchasing the company's shares.  |
|  ***Creation and issuance of new shares***  |  ***Creation and issuance of new shares***  |
| All creation of shares requires the board of directors to adopt a resolution or resolutions, pursuant to authority expressly vested in the board of directors by the provisions of the company's certificate of incorporation. | Pursuant to authority vested in the board under the memorandum and articles of association, the board of directors may authorize the issuance of new shares through a resolution. |

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#### Shares Eligible for Future Sale
Immediately prior to this offering, there was no public market for our ordinary shares. Future sales of substantial amounts of ordinary shares in the public market, or the perception that such sales may occur, could adversely affect the market price of our ordinary shares. Furthermore, because only a limited number of shares will be available for sale shortly after this offering due to contractual and legal restrictions on resale as described below, there may be sales of substantial amounts of our ordinary shares in the public market after the restrictions lapse. This may adversely affect the prevailing market price and our ability to raise equity capital in the future. Although we have been approved for listing on the NYSE, we cannot assure you that there will be an active public market for our ordinary shares. Additionally, the share information set forth below gives effect to the 4-to-1 Reverse Share Split, and all historical share and per share information has been adjusted retroactively to reflect the Reverse Share Split.

Upon completion of this offering and the concurrent private placement and after giving effect to the sale by us of our ordinary shares at an assumed initial public offering price of $30.00 per share, which is the midpoint of the estimated offering price range reflected on the cover page of this prospectus and the concurrent private placement based upon 112,936,894 shares outstanding as of June 15, 2026, we will have outstanding an aggregate of 138,470,227 ordinary shares, assuming no exercise of the underwriters' option to purchase additional shares. Of these shares, all of the shares sold in this offering by us will be freely tradable without restriction or further registration under the Securities Act, except for any shares purchased in this offering by our "affiliates," as that term is defined in Rule 144 under the Securities Act, whose sales would be subject to certain limitations and restrictions described below. The remaining 112,936,894 ordinary shares held by existing shareholders and the 2,200,000 shares to be sold in the concurrent private placement, assuming an initial public offering price of $30.00 per share, which is the midpoint of the estimated offering price range reflected on the cover page of this prospectus, will be restricted securities as that term is defined in Rule 144 under the Securities Act. Restricted securities may be sold in the public market only if registered or if they qualify for exemption under Rules 144 or 701 under the Securities Act, which rules are summarized below, or another exemption.

As a result of the lock-up agreements described below and the provisions of Rule 144 and Rule 701 under the Securities Act, our ordinary shares (excluding the shares sold in this offering) that will be available for sale in the public market are as follows:

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| | |
|:---|:---|
| **Date of Availability of Sale**  | **Approximate Number of <br> Shares Eligible for Sale**  |
| On the date of this prospectus  |  |
| Between 90 and 180 days from the date of this prospectus  |  |
|  At various times after 180 days from the date of this prospectus (subject, in some cases, to volume limitations)  |  |

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#### Equity Compensation Plans
We intend to file one or more registration statements on Form S-8 under the Securities Act to register all our ordinary shares issuable or reserved for issuance under our equity incentive plans. This amounted to 13,812,500 shares as of the date of this prospectus. The first such registration statement is expected to be filed soon after the date of this prospectus and will automatically become effective upon filing with the SEC. Accordingly, shares registered under such registration statement will be available for sale in the open market, unless such shares are subject to vesting restrictions with us or the lock-up restrictions described below.

#### Lock-Up Agreements
We, our officers, directors and holders of substantially all of our ordinary shares and securities convertible into, or exercisable for, ordinary shares, have agreed with the underwriters, subject to certain exceptions, not to dispose of or hedge any of their ordinary shares or securities convertible into or exchangeable for ordinary shares during the period from the date of this prospectus continuing through the date 180 days after the date of this prospectus, except with the prior written consent of Jefferies LLC and

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Morgan Stanley & Co. LLC. This consent may be given at any time. There are no agreements among Jefferies LLC and Morgan Stanley & Co. LLC, us and any of our security holders or affiliates releasing them from these lock-up agreements prior to the expiration of the 180-day period.

#### Rule 144
In general, under Rule 144, beginning 90 days after the effective date of the registration statement of which this prospectus is a part, a person who is not our affiliate and has not been our affiliate at any time during the preceding three months and who is not a party to a lock-up agreement as described above will be entitled to sell any our ordinary shares that such person has beneficially owned for at least six months, including the holding period of any prior owner other than one of our affiliates, without regard to volume limitations. Sales of our ordinary shares by any such person would be subject to the availability of current public information about us if the shares to be sold were beneficially owned by such person for less than one year.

In addition, under Rule 144, a person may sell our ordinary shares acquired from us immediately upon the closing of this offering, without regard to volume limitations or the availability of public information about us, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the person is not our affiliate and has not been our affiliate at any time during the preceding three months; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the person has beneficially owned the shares to be sold for at least one year, including the holding period of any prior owner other than one of our affiliates.

Beginning 90 days after the date of this prospectus, our affiliates who have beneficially owned our ordinary shares for at least six months, including the holding period of any prior owner other than one of our affiliates, will be entitled to sell within any three-month period a number of shares that does not exceed the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 1% of the number of our ordinary shares then outstanding, which will equal 1,384,702 ordinary shares immediately after this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the average weekly trading volume in our ordinary shares on such date during the four calendar weeks preceding the date of filing of a Notice of Proposed Sale of Securities Pursuant to Rule 144 with respect to the sale.

Sales under Rule 144 by our affiliates are also subject to manner of sale provisions and notice requirements and to the availability of current public information about us.

#### Rule 701
In general, under Rule 701, any of our employees, directors, officers, consultants or advisors who purchase shares from us in connection with a compensatory stock or option plan or other written agreement before the effective date of this offering is entitled to sell such shares 90 days after the effective date of this offering in reliance on Rule 144, without having to comply with the holding period requirements of Rule 144 and, in the case of non-affiliates, without having to comply with the holding period, public information, volume limitation or notice filing provisions of Rule 144. The SEC has indicated that Rule 701 will apply to typical stock options granted by an issuer before it becomes subject to the reporting requirements of the Exchange Act, as amended, along with the shares acquired upon exercise of such options, including exercises after the date of this prospectus.

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#### Taxation
The following discussion of taxation is of a general nature and does not purport to be a complete analysis of all tax considerations that may be relevant to a particular prospective investor in connection with the acquisition, ownership or disposition of ordinary shares. The tax consequences applicable to any particular investor will depend on that investor's individual circumstances, status, residence and the laws and practices of the jurisdictions in which such investor is subject to taxation. In particular, prospective investors may be subject to tax consequences under the laws of jurisdictions other than the United States or the UK. The following sections describe certain U.S. federal income tax considerations and certain UK tax considerations only and do not address the tax treatment of investors under the laws of any other jurisdiction. Prospective investors are advised to consult their own professional tax advisors as to the tax consequences applicable to them of the acquisition, ownership and disposition of the ordinary shares, including the applicability and effect of any state, local, foreign or other tax laws and any changes in applicable tax laws or administrative practice.

#### Certain U.S. Federal Income Tax Considerations for U.S. Holders of Ordinary Shares
The following is a discussion of certain U.S. federal income tax consequences to U.S. Holders (defined below) of acquiring, owning and disposing of ordinary shares, but it does not purport to be a comprehensive discussion of all tax considerations that may be relevant to a particular person's decision to acquire ordinary shares. This discussion applies only to a U.S. Holder that acquires ordinary shares in this offering and that owns ordinary shares as capital assets for U.S. federal income tax purposes. This discussion is based on the U.S. Internal Revenue Code of 1986, as amended, or the Code, its legislative history, U.S. Treasury regulations promulgated under the Code, and administrative rulings and judicial interpretations thereof, in each case as in effect of the date of this prospectus. Except as expressly described herein, this discussion does not address the U.S. federal income tax consequences that may apply to U.S. Holders under the Convention Between the Government of the United States of America and the Government of the United Kingdom of Great Britain and Northern Ireland for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and on Capital Gains, or the Treaty. All of the foregoing authorities are subject to change, which change could apply retroactively and could affect the tax consequences described below. No ruling will be sought from the U.S. Internal Revenue Service, or the IRS, with respect to any statement or conclusion in this discussion, and there can be no assurance that the IRS will not challenge such statement or conclusion in the following discussion or, if challenged, that a court will uphold such statement or conclusion.

In addition, this discussion does not describe all of the tax consequences that may be relevant in light of a U.S. Holder's particular circumstances, including any U.S. state, local or non-U.S. tax law, the Medicare tax on net investment income, and any estate or gift tax laws, and it does not describe differing tax consequences applicable to U.S. Holders subject to special rules, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • certain banks or financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • regulated investment companies and real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • dealers or traders in securities that use a mark-to-market method of tax accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons holding ordinary shares as part of a hedge, straddle, constructive sale, wash sale, or conversion, integrated or similar transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons liable for the alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons required for U.S. federal income tax purposes to accelerate the recognition of any item of gross income with respect to ordinary shares as a result of such income being recognized on an applicable financial statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • entities or arrangements classified as partnerships or pass-through entities for U.S. federal income tax purposes or holders of equity interests therein;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • tax-exempt entities, "individual retirement accounts" or "Roth IRAs";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • certain U.S. expatriates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons that own, directly, indirectly or constructively, ten percent (10%) or more of the total voting power or value of all of our outstanding shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons owning ordinary shares in connection with a trade or business conducted outside the United States.

U.S. Holders should consult their tax advisors concerning the U.S. federal, state, local and non-U.S. tax consequences of acquiring, owning and disposing of ordinary shares in their particular circumstances.

For purposes of this discussion, a "U.S. Holder" is a person that, for U.S. federal income tax purposes, is a beneficial owner of ordinary shares and is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an individual citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state therein or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a trust if a court within the United States is able to exercise primary supervision over its administration and one or more United States persons have the authority to control all substantial decisions of the trust or otherwise if the trust has a valid election in effect under current Treasury regulations to be treated as a United States person.

If an entity or arrangement that is classified as a partnership for U.S. federal income tax purposes owns ordinary shares, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the status and activities of the partnership. Partnerships owning ordinary shares and partners in such partnerships should consult their tax advisors as to the particular U.S. federal income tax consequences of acquiring, owning and disposing of the ordinary shares.

THE DISCUSSION OF U.S. FEDERAL INCOME TAX CONSIDERATIONS SET OUT BELOW IS FOR GENERAL INFORMATION ONLY. ALL PROSPECTIVE PURCHASERS SHOULD CONSULT THEIR TAX ADVISORS CONCERNING THE TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP, OR DISPOSITION OF ORDINARY SHARES IN LIGHT OF THEIR PARTICULAR CIRCUMSTANCES, INCLUDING THE APPLICABILITY AND EFFECT OF OTHER FEDERAL, STATE, LOCAL, NON-U.S. AND OTHER TAX LAWS, INCLUDING THE TREATY, AND POSSIBLE CHANGES IN TAX LAW.

#### Taxation of Distributions
Subject to the discussion below under "— Passive Foreign Investment Company Rules," the gross amount of any distribution of cash or property paid with respect to ordinary shares will generally be included in a U.S. Holder's gross income as dividend income on the date actually or constructively received to the extent such distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Distributions in excess of our current and accumulated earnings and profits will be treated first as a non-taxable return of capital, thereby reducing the U.S. Holder's adjusted tax basis in the ordinary shares (but not below zero), and thereafter as either long-term or short-term capital gain depending upon whether the U.S. Holder held the ordinary shares for more than one year as of the time such distribution is actually or constructively received. Because we do not prepare calculations of its earnings and profits using U.S. federal income tax principles, it is expected that distributions generally will be taxable to U.S. Holders as dividends, and taxable at ordinary income tax rates.

Dividends on ordinary shares generally will not be eligible for the dividends-received deduction generally available to U.S. corporations with respect to dividends received from other U.S. corporations. With respect to certain non-corporate U.S. Holders, including individual U.S. Holders, dividends will be generally taxed at the lower capital gains rate applicable to "qualified dividend income," provided that (i) our ordinary shares are readily tradable on an established securities market in the United States or we are

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eligible for the benefits of the Treaty, (ii) we are not a PFIC (as discussed below under "— Passive Foreign Investment Company Rules") for our taxable year in which the dividend is paid and the preceding taxable year, and (iii) certain holding period and other requirements are met.

A U.S. Holder may be entitled, subject to certain conditions and limitations, to a credit against its U.S. federal income tax liability, or to a deduction, if elected, in computing its U.S. federal taxable income, for non-refundable UK income taxes withheld from dividends, if any, at a rate not exceeding the rate provided in the Treaty (if applicable). For purposes of the foreign tax credit limitation, dividends we pay generally will constitute foreign source income in the "passive category income" basket. However, there are significant complex limitations on a U.S. Holder's ability to claim such a credit or deduction. U.S. Holders should consult their tax advisors concerning their availability in their particular circumstances.

#### Sale or Other Taxable Disposition of Ordinary Shares
Subject to the discussion below under "— Passive Foreign Investment Company Rules," a U.S. Holder generally will recognize gain or loss for U.S. federal income tax purposes on the sale, exchange or other taxable disposition of ordinary shares in an amount equal to the difference between the amount realized on the disposition and the U.S. Holder's adjusted tax basis in the ordinary shares disposed of, in each case as determined in U.S. dollars. Such gain or loss generally will be capital gain or loss and will be long-term capital gain or loss if the U.S. Holder's holding period for the ordinary shares exceeds one year. Long-term capital gains of certain non-corporate U.S. Holders (including individuals) are generally eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations.

If any UK tax is imposed on the sale or other disposition of ordinary shares, a U.S. Holder's amount realized will include the gross amount of the proceeds of the sale or other disposition before deduction of the UK tax. See "— Certain United Kingdom Tax Considerations — UK Taxation of Capital Gains" for a description of when a disposition may be subject to UK taxation. U.S. Holders should consult their own tax advisors concerning the creditability or deductibility of any UK income tax imposed on the disposition of ordinary shares in their particular circumstances.

#### Passive Foreign Investment Company Rules
In general, a corporation organized outside the United States will be treated as a passive foreign investment company, or PFIC, for U.S. federal income tax purposes in any taxable year in which (a) 75% or more of its gross income is passive income, or the income test, or (b) 50% or more of its assets by value either produce passive income or are held for the production of passive income, based on the quarterly average of the fair market value of such assets, or the asset test. For this purpose, "gross income" generally includes all sales revenues less the cost of goods sold, plus income from investments and from incidental or outside operations or sources, and "passive income" generally includes, for example, dividends, interest, certain rents and royalties, certain gains from the sale of stock and securities, and certain gains from commodities transactions. For purposes of the PFIC income test and asset test described above, if we own, directly or indirectly, 25% or more of the total value of the outstanding shares of another corporation, we will be treated as if we (a) held a proportionate share of the assets of such other corporation and (b) received directly a proportionate share of the income of such other corporation.

Based on the nature of our business, the composition of our income and assets, the value of our assets, our intended use of the proceeds from the offering, and the expected price of ordinary shares, we do not believe that we were a PFIC for our most recently ended taxable year, or expect that we will be a PFIC for our current taxable year or in the foreseeable future. However, because a determination of whether we are a PFIC must be made annually after the end of each taxable year and our PFIC status for each taxable year will depend on facts, including the composition of our income and assets and the value of our assets (which may be determined in part by reference to the market value of the ordinary shares) at such time, there can be no assurance that we will not be a PFIC for the current or any future taxable year. If we are a PFIC for any taxable year during which a U.S. Holder holds ordinary shares and any of our non-U.S. subsidiaries is also a PFIC, such U.S. Holder will be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders are urged to consult their tax advisors about the application of the PFIC rules to any of our subsidiaries.

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Generally, if we are a PFIC for any taxable year during which a U.S. Holder holds ordinary shares, the U.S. Holder may be subject to adverse tax consequences. Generally, gain recognized by a U.S. Holder upon a disposition (including, under certain circumstances, a pledge) of ordinary shares by the U.S. Holder would be allocated ratably over the U.S. Holder's holding period for such ordinary shares. The amounts allocated to the taxable year of disposition (or the taxable year of receipt, in the case of an excess distribution) and to years before we became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect for that taxable year for individuals or corporations, as appropriate, and an interest charge would be imposed on the tax attributable to the allocated amount. Further, to the extent that any distribution received by a U.S. Holder on the ordinary shares exceeds 125% of the average of the annual distributions on such ordinary shares received during the preceding three years or the U.S. Holder's holding period, whichever is shorter, that distribution would be subject to taxation in the same manner as gain, described immediately above. Certain elections may be available that would result in alternative treatments of the ordinary shares if the Company was a PFIC.

If we were a PFIC for any year during which a U.S. Holder owned ordinary shares, we would generally continue to be treated as a PFIC with respect to such U.S. Holder for all succeeding years during which such U.S. Holder held the ordinary shares, even if we ceased to meet the threshold requirements for PFIC status.

If a U.S. Holder owns ordinary shares during any year in which we are a PFIC, the U.S. Holder generally will be required to file an IRS Form 8621 annually with respect to us, generally with the U.S. Holder's U.S. federal income tax return for that year unless specified exceptions apply.

U.S. Holders should consult their tax advisors regarding our PFIC status for any taxable year and the potential application of the PFIC rules.

#### Information Reporting and Backup Withholding
Payments of dividends and sales proceeds from a sale, exchange or other taxable disposition (including redemption) of ordinary shares that are made within the United States, by a U.S. payor or through certain U.S.-related financial intermediaries to a U.S. Holder generally are subject to information reporting, unless the U.S. Holder is a corporation or other exempt recipient, and if required, demonstrates that fact. In addition, such payments may be subject to backup withholding, unless (1) the U.S. Holder is a corporation or other exempt recipient or (2) the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding in the manner required.

Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a U.S. Holder will generally be allowed as a credit against the U.S. Holder's U.S. federal income tax liability or may entitle the U.S. Holder to a refund, provided that the required information is timely furnished to the IRS.

#### Foreign Financial Asset Reporting
Certain U.S. Holders who are individuals or certain specified entities that own "specified foreign financial assets" with an aggregate value in excess of $50,000 at the end of the taxable year or $75,000 at any time during the taxable year (and in some circumstances, a higher threshold) may be required to report information relating to the ordinary shares by attaching a complete IRS Form 8938, Statement of Specified Foreign Financial Assets (which requires U.S. Holders to report "foreign financial assets," which generally include financial accounts held at a non-U.S. financial institution, interests in non-U.S. entities, as well as stock and other securities issued by a non-U.S. person), to their tax return for each year in which they hold the ordinary shares, subject to certain exceptions (including an exception for the ordinary shares held in accounts maintained by U.S. financial institutions). U.S. Holders should consult their tax advisors regarding their reporting obligations with respect to their acquisition, ownership, and disposition of the ordinary shares.

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#### Certain United Kingdom Tax Considerations
 *The following statements are of a general nature and do not purport to be a complete analysis of all potential United Kingdom, or UK, tax consequences of acquiring, holding and disposing of the ordinary shares or of the UK tax position of the Company or any other member of the Group. They are based on current UK tax law and on the current published practice of His Majesty's Revenue and Customs, or HMRC, (which may not be binding on HMRC), as of the date of this prospectus, all of which are subject to change, possibly with retrospective effect. The statements relating to the UK tax position of the Company are intended to be a general summary of certain UK tax considerations applicable to the Company and do not constitute, and should not be relied upon as, tax advice. They are intended to address only certain UK tax consequences for holders of ordinary shares who are tax resident in (and only in) the UK (except where expressly stated otherwise) who are the absolute beneficial owners of the ordinary shares and any dividends paid on them and who hold the ordinary shares as investments (other than in an individual savings account or a self-invested personal pension). They do not address the UK tax consequences which may be relevant to certain classes of shareholders such as traders, brokers, dealers, banks, financial institutions, insurance companies, investment companies, collective investment schemes, tax-exempt organizations, trustees, persons connected with the Company, persons holding their ordinary shares as part of hedging or conversion transactions, shareholders who have (or are deemed to have) acquired their ordinary shares by virtue of an office or employment, and shareholders who are or have been officers or employees of the Company.* 

 *The following is intended only as a general guide and is not intended to be, nor should it be considered to be, legal or tax advice to any particular prospective subscriber for, or purchaser of, any ordinary shares. Accordingly, prospective subscribers for, or purchasers of, any ordinary shares persons concerned with the tax position of the Company who are in any doubt as to their tax position regarding the acquisition, ownership or disposition of any ordinary shares or who are subject to tax in a jurisdiction other than the UK should consult their own tax advisors.* 

#### UK Taxation of the Company
The Company is incorporated in Jersey, but it is anticipated that it will be managed and operated in such a way that it is, and will remain, treated as resident in the United Kingdom for UK tax purposes by reason of its central management and control being exercised in the UK.

As a UK tax resident company, the Company is subject to UK corporation tax on its worldwide profits and gains, subject to the availability of any applicable reliefs, exemptions and allowances under UK tax law and, where relevant, double taxation treaties. The Company is also subject to the general body of UK tax legislation applicable to UK-resident multinational groups, including rules relating to transfer pricing, controlled foreign companies, interest deductibility, hybrid mismatches and other UK anti-avoidance provisions.

The determination of a company's tax residence and the application of UK tax law depend on the particular facts and circumstances and involve the exercise of judgment. Although it is anticipated that the Company will be managed and operated in a manner intended to ensure compliance with applicable UK tax law, there can be no assurance that the Company's tax residence position, or the application of relevant UK tax rules to the Company or other members of the Group, will not be challenged by HMRC or affected by changes in law, judicial interpretation or administrative practice.

#### UK Taxation of Dividends

#### Withholding Tax
The Company will not be required to withhold UK tax at source when paying dividends. The amount of any liability to UK tax on dividends paid by the Company will depend on the individual circumstances of a shareholder.

#### Individual Shareholders
Different rates of UK income tax apply to different bands of a UK resident individual's dividend income, which for these purposes includes UK and non-UK source dividends and certain other distributions in respect of shares.

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An individual shareholder who is resident for tax purposes in the UK may, depending on his or her particular circumstances, be subject to UK tax on dividends received from the Company. An individual shareholder who is not resident for tax purposes in the UK should not be chargeable to UK income tax on dividends received from the Company unless he or she carries on (whether solely or in partnership) any trade, profession or vocation in the UK through a branch or agency to which the ordinary shares are attributable. There are certain exceptions for trading in the UK through independent agents, such as some brokers and investment managers.

All dividends received by a UK tax resident individual holder of any ordinary shares from the Company or from other sources will form part of the shareholder's total income for income tax purposes and will constitute the top slice of that income. A nil rate of income tax will apply to the first £500 (for tax year 2025/2026 and based on current law, expected to apply for the tax year 2026/2027) of taxable dividend income received by the shareholder in a tax year (the "dividend allowance"). Income within the dividend allowance will be taken into account in determining whether income in excess of the dividend allowance falls within the basic rate, higher rate or additional rate tax bands. Dividend income in excess of the dividend allowance will be taxed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

for the tax year 2025/2026 at 8.75% to the extent that the excess amount falls within the basic rate tax band, 33.75% to the extent that the excess amount falls within the higher rate tax band and 39.35% to the extent that the excess amount falls within the additional rate tax band; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

based on current law, expected to apply for the tax year 2026/2027, at 10.75% to the extent that the excess amount falls within the basic rate tax band, 35.75% to the extent that the excess amount falls within the higher rate tax band and 39.35% to the extent that the excess amount falls within the additional rate tax band.

#### Corporate Shareholders
Corporate shareholders which are resident for tax purposes in the UK should not be subject to UK corporation tax on any dividend received from the Company so long as the dividends qualify for exemption (as is likely) and certain conditions are met. However, it should be noted that the exemptions are not comprehensive and are also subject to anti avoidance rules. If the conditions for exemption are not met or cease to be satisfied, or such a shareholder elects for an otherwise exempt dividend to be taxable, the shareholder will be subject to UK corporation tax on dividends received from the Company, at the rate of corporation tax applicable to that shareholder (the main rate of UK corporation tax is currently 25%.

Corporate shareholders who are not resident in the UK will not generally be subject to UK corporation tax on dividends unless they are carrying on a trade, profession or vocation in the UK through a permanent establishment in connection with which the ordinary shares are used, held, or acquired.

A shareholder who is resident outside the UK may be subject to non-UK taxation on dividend income under local law.

#### UK Taxation of Capital Gains

#### UK Resident Shareholders
A disposal or deemed disposal of ordinary shares by an individual or corporate shareholder who is resident in the UK may, depending on the shareholder's circumstances and subject to any available exemptions or reliefs, give rise to a chargeable gain or allowable loss for the purposes of UK taxation of chargeable gains.

For individual shareholders who are resident in the UK, any chargeable gain arising on a disposal of ordinary shares will be subject to UK capital gains tax at the rate of 18% to the extent that the gain falls within the income tax basic rate band and at the rate of 24% to the extent that it exceeds the income tax basic rate band (in each case when treated as received on top of any taxable income and other chargeable gains in that tax year and each such rate as applicable in the tax year 2025/2026 and based on current law, expected to apply for the tax year 2026/2027). For UK resident corporate shareholders, any chargeable gain will be

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subject to corporation tax, in the absence of any relief such as the substantial shareholding exemption, at the prevailing rate (the main rate of UK corporation tax is currently 25%).

#### Non-UK Shareholders
Shareholders who are not resident in the UK and, in the case of an individual shareholder, not temporarily non-resident, should not be liable for UK tax on capital gains realized on a sale or other disposal of ordinary shares unless (i) such ordinary shares are used, held or acquired for the purposes of a trade, profession or vocation carried on in the UK through a branch or agency or, in the case of a corporate shareholder, through a permanent establishment or (ii) where certain conditions are met, the Company derives 75% or more of its gross value from UK land. Shareholders who are not resident in the UK may be subject to non-UK taxation on any gain under local law.

Generally, an individual shareholder who has ceased to be resident in the UK for UK tax purposes for a period of five years or less and who disposes of any ordinary shares during that period may be liable on their return to the UK to UK taxation on any capital gain realized (subject to any available exemption or relief).

#### UK Stamp Duty and UK Stamp Duty Reserve Tax, or SDRT
UK stamp duty will not be payable on the issuance of any ordinary shares. Assuming that any document effecting a transfer of ordinary shares, or containing an agreement to transfer an equitable interest in ordinary shares, is neither: (i) executed in the UK; nor (ii) relates to any property situate, or to any matter or thing done or to be done, in the UK (noting that the term "matter or thing done or to be done" is very wide and may include involvement of UK bank accounts in payment mechanics), then no UK stamp duty should be payable on such document.

Even if a document effecting a transfer of ordinary shares, or containing an agreement to transfer an equitable interest in the Shares, is: (i) executed in the UK; and/or (ii) relates to any property situate, or to any matter or thing done or to be done, in the UK, in practice it should not be necessary to pay any UK stamp duty on such document unless the document is required for any official purposes in the UK. If it is necessary to pay UK stamp duty, it may also be necessary to pay interest and penalties.

No SDRT should be payable in respect of the issuance of or any agreement to transfer ordinary shares, provided that the ordinary shares are not registered in a register kept in the UK nor paired with shares issued by a body corporate incorporated in the UK. It is not intended that such a register will be kept in the UK nor that the ordinary shares will be paired with shares issued by a body corporate incorporated in the UK.

#### Certain Jersey Tax Considerations
 *The following summary contains a description of certain Jersey income tax consequences of the acquisition, ownership and disposition of ordinary shares, but it does not purport to be a comprehensive description of all the tax considerations that may be relevant to a decision to purchase ordinary shares. The summary is based upon the tax laws of and regulations thereunder as of the date hereof, which are subject to change. This summary of Jersey taxation issues can only provide a general overview of this area and it is not a description of all the tax considerations that may be relevant to a decision to invest in the Company.* 

 *The following summary of the anticipated treatment of the Company and holders of ordinary shares (other than residents of Jersey) is based on Jersey taxation law and practice as it is understood to apply at the date of this document and may be subject to any changes in Jersey law occurring after such date. It does not constitute legal or tax advice and does not address all aspects of Jersey tax law and practice (including such tax law and practice as it applies to any land or building situate in Jersey). Legal advice should be taken with regard to individual circumstances. Prospective investors in the ordinary shares should consult their professional advisors on the implications of acquiring, buying, selling or otherwise disposing of ordinary shares in the Company under the laws of any jurisdiction in which they may be liable to taxation.* 

 *Shareholders should note that tax law and interpretation can change and that, in particular, the levels and basis of, and reliefs from, taxation may change and may alter the benefits, if any, of investment in the Company. Any person who is in any doubt about their tax position or who is subject to taxation in a jurisdiction other than Jersey should consult their own professional advisor.* 

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#### Company Residence
Under the Income Tax (Jersey) Law 1961 (as amended), or Tax Law, a company shall be regarded as resident in Jersey if it is incorporated under the Jersey Companies Law unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • its business is centrally managed and controlled outside Jersey in a country or territory where the highest rate at which any company may be charged to tax on any part of its income is 10% or higher; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the company is resident for tax purposes in that country or territory.

It is intended that the Company will not be resident for tax purposes in Jersey and not subject to any rate of tax in Jersey as it will instead be resident in the United Kingdom where the tax rate is in excess of 10%.

#### Summary
Under current Jersey law, there are no capital gains, capital transfer, gift, wealth or inheritance taxes, or any death or estate duties. No capital or stamp duty is levied in Jersey on the issue, conversion, redemption, or transfer of ordinary shares. On the death of an individual holder of ordinary shares (whether or not such individual was domiciled in Jersey), duty at rates of up to 0.75% of the value of the relevant ordinary shares may be payable on the registration of any Jersey probate or letters of administration which may be required in order to transfer, convert, redeem, or make payments in respect of, ordinary shares held by a deceased individual sole shareholder, subject to a cap of £100,000.

#### Income Tax
The general rate of income tax under the Tax Law on the profits of companies regarded as resident in Jersey or having a permanent establishment in Jersey is 0% ("zero tax rating") though certain exceptions from zero tax rating might apply.

#### Withholding Tax
For so long as the Company is subject to a zero-tax rating or is not deemed to be resident for tax purposes in Jersey, no withholding in respect of Jersey taxation will be required on payments in respect of the ordinary shares to any holder of the ordinary shares not resident in Jersey.

#### Stamp Duty
In Jersey, no stamp duty is levied on the issue or transfer of the ordinary shares except that stamp duty is payable on Jersey grants of probate and letters of administration, which will generally be required to transfer ordinary shares on the death of a holder of such ordinary shares if such holder was entered as the holder of the shares on the register maintained in Jersey. In the case of a grant of probate or letters of administration, stamp duty is levied according to the size of the estate (wherever situated in respect of a holder of ordinary shares domiciled in Jersey, or situated in Jersey in respect of a holder of ordinary shares domiciled outside Jersey) and is payable on a sliding scale at a rate of up to 0.75% on the value of an estate up to a maximum stamp duty charge of £100,000. The rules for joint holders through a nominee are different and advice relating to this form of holding should be obtained from a professional advisor.

Jersey does not otherwise levy taxes upon capital, inheritances, capital gains or gifts nor are there otherwise estate duties.

#### Substance Legislation
With effect from January 1, 2019, Jersey has implemented legislation designed to ensure that companies carrying on certain activities have adequate substance on the island. Broadly, the legislation applies to holding companies which are resident for tax purposes on the island. As discussed above at 'Company Residence,' it is intended that the company is tax resident in the United Kingdom and, if and for so long as this is the case, the legislation will not apply to the Company.

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#### Underwriting
Subject to the terms and conditions set forth in the underwriting agreement, dated , 2026, among us and Jefferies LLC and Morgan Stanley & Co. LLC, as the representatives of the underwriters named below and the joint book-running managers of this offering, we have agreed to sell to the underwriters, and each of the underwriters has agreed, severally and not jointly, to purchase from us, the respective number of ordinary shares shown opposite its name below:

---

| | |
|:---|:---|
| **Underwriter**  | **Number of Shares**  |
| Jefferies LLC  |  |
| Morgan Stanley & Co. LLC  |  |
| Barclays Capital Inc.  |  |
| Moelis & Company LLC  |  |
| RBC Capital Markets, LLC  |  |
| Rothschild & Co US Inc.  |  |
| &nbsp;&nbsp;&nbsp; Total  |  |

---

The underwriting agreement provides that the obligations of the several underwriters are subject to certain conditions precedent such as the receipt by the underwriters of officers' certificates and legal opinions and approval of certain legal matters by their counsel. The underwriting agreement provides that the underwriters will purchase all of the ordinary shares if any of them are purchased. If an underwriter defaults, the underwriting agreement provides that the purchase commitments of the non-defaulting underwriters may be increased or the underwriting agreement may be terminated. We have agreed to indemnify the underwriters and certain of their controlling persons against certain liabilities, including liabilities under the Securities Act, and to contribute to payments that the underwriters may be required to make in respect of those liabilities.

The underwriters have advised us that, following the completion of this offering, they currently intend to make a market in the ordinary shares as permitted by applicable laws and regulations. However, the underwriters are not obligated to do so, and the underwriters may discontinue any market-making activities at any time without notice in their sole discretion. Accordingly, no assurance can be given as to the liquidity of the trading market for the ordinary shares, that you will be able to sell any of the ordinary shares held by you at a particular time or that the prices that you receive when you sell will be favorable.

The underwriters are offering the shares of ordinary shares subject to their acceptance of the shares of ordinary shares from us and subject to prior sale. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part. In addition, the underwriters have advised us that they do not intend to confirm sales to any account over which they exercise discretionary authority except sales to accounts over which they have discretionary authority to exceed 5% of the ordinary shares being offered.

#### Commission and Expenses
The underwriters have advised us that they propose to offer the shares of ordinary shares to the public at the initial public offering price set forth on the cover page of this prospectus and to certain dealers, which may include the underwriters, at that price less a concession not in excess of $ per share of ordinary shares. After the offering, the initial public offering price, concession and reallowance to dealers may be reduced by the representatives. No such reduction will change the amount of proceeds to be received by us as set forth on the cover page of this prospectus.

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The following table shows the public offering price, the underwriting discounts and commissions that we are to pay the underwriters and the proceeds, before expenses, to us in connection with this offering. Such amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase additional shares.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Per Share**  | **Per Share**  | **Total**  | **Total**  |
| | **Without <br> Option to <br> Purchase <br> Additional <br> Shares**  | **With Option <br> to Purchase <br> Additional <br> Shares**  | **Without <br> Option to <br> Purchase <br> Additional <br> Shares**  | **With Option <br> to Purchase <br> Additional <br> Shares**  |
| Public offering price  |  | $&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp; |
| Underwriting discounts and commissions paid by us  |  | $&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp; |
| Proceeds to us, before expenses  |  | $&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp; |

---

We estimate expenses payable by us in connection with this offering, other than the underwriting discounts and commissions referred to above, will be approximately $14 million. We have agreed to reimburse the underwriters for certain of their expenses in an amount up to $50,000.

#### Determination of Offering Price
Prior to this offering, there has not been a public market for our ordinary shares. Consequently, the initial public offering price for our ordinary shares will be determined by negotiations between us and the representatives. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that we and the underwriters believe to be comparable to us, estimates of our business potential, the present state of our development and other factors deemed relevant.

We offer no assurances that the initial public offering price will correspond to the price at which the ordinary shares will trade in the public market subsequent to the offering or that an active trading market for the ordinary shares will develop and continue after the offering.

#### Listing
We have been approved for listing on the NYSE under the trading symbol "DPC."

#### Stamp Taxes
If you purchase ordinary shares offered in this prospectus, you may be required to pay stamp taxes and other charges under the laws and practices of the country of purchase, in addition to the offering price listed on the cover page of this prospectus.

#### Option to Purchase Additional Shares
We have granted to the underwriters an option, exercisable for 30 days from the date of this prospectus, to purchase, from time to time, in whole or in part, up to an aggregate of 3,499,999 shares from us at the public offering price set forth on the cover page of this prospectus, less underwriting discounts and commissions. If the underwriters exercise this option, each underwriter will be obligated, subject to specified conditions, to purchase a number of additional shares proportionate to that underwriter's initial purchase commitment as indicated in the table above. This option may be exercised only if the underwriters sell more shares than the total number set forth on the cover page of this prospectus.

#### No Sales of Similar Securities
We and all directors and officers and the holders of substantially all of our outstanding ordinary shares and securities exercisable into ordinary shares have agreed that, without the prior written consent of Jefferies LLC and Morgan Stanley & Co. LLC on behalf of the underwriters, we and they will not, and will not publicly disclose an intention to, during the period ending 180 days after the date of this registration statement, or the restricted period:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, any ordinary shares or any securities convertible into or exercisable or exchangeable for ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • file any registration statement with the Securities and Exchange Commission relating to the offering of ordinary shares or any securities convertible into or exercisable or exchangeable for ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the ordinary shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • publicly announce any intention to do any of the foregoing;

whether any such transaction described above is to be settled by delivery of ordinary shares or such other securities, in cash or otherwise. In addition, we and each such person agrees that, without the prior written consent of Jefferies LLC and Morgan Stanley & Co. LLC on behalf of the underwriters, we or such other person will not, during the restricted period, make any demand for, or exercise any right with respect to, the registration of any shares of ordinary shares or any security convertible into or exercisable or exchangeable for ordinary shares that would cause a registration statement to be publicly filed.

The restrictions described in the immediately preceding paragraph do not apply to transfers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • as a bona fide gift or to charitable organizations or educational institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • by will, other testamentary document or intestate succession to the legal representative, heir, beneficiary or any immediate family member of the securityholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to an immediate family member or dependent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to a trust whose beneficiaries consist exclusively of one or more of the securityholder and/or an immediate family member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to a nominee or custodian acting on behalf of someone who would themselves be eligible to receive shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • by operation of law pursuant to a qualified domestic order, divorce settlement, divorce decree or separation agreement, or related court order related to the distribution of assets in connection with the dissolution of a marriage or civil union;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to a corporation, partnership, limited liability company or other entity of which the securityholder or any immediate family member is the legal and beneficial owner of all of the outstanding equity securities or similar interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if the securityholder is a trust, to a trustor, trustee or beneficiary of the trust or to the estate of a beneficiary of such trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if the securityholder is a corporation, partnership, limited liability company, trust or other business entity, to any shareholder, partner, or member of, or owner of a similar equity interest in, the securityholder, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if the securityholder is a corporation, partnership, limited liability company, trust or other business entity, (A) to another corporation, partnership, limited liability company, trust or other business entity so long as the transferee is an affiliate of the securityholder (including where the securityholder is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership) or (B) as part of a distribution or other transfer or distribution to general or limited partners, members or shareholders of, or other holders of equity interest in, the securityholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to an existing shareholder of the Company pursuant to the terms of a share transfer agreement entered into prior to the date of the Underwriting Agreement.

with the understanding that for all of the above exceptions, no payment or value is received in return, and the transferee executes the same lock-up agreement. Further, with respect to the first ten bullets above, no

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voluntary public disclosure or filing is made during the restricted period. Additionally, the restrictions described in the paragraph above do not apply to transfers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • where the securityholder may purchase ordinary shares (A) from the underwriters in this offering (if the securityholder is not our officer or director) or (B) in open market transactions after the completion of the offering; provided that no public disclosure or filing under the Exchange Act shall be required or shall be voluntarily made reporting a reduction in beneficial ownership in connection with subsequent sales of ordinary shares or other securities acquired in this offering or in such open market transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in connection with the exercise, vesting or settlement of options or other rights to purchase ordinary shares or any options or warrants or other rights to acquire s ordinary shares or any securities exchangeable or exercisable for or convertible into ordinary shares, or to acquire other securities or rights ultimately exchangeable or exercisable for or convertible into ordinary shares (including, in each case, by way of "net" or "cashless" exercise), including for the payment of exercise price and tax and remittance payments due as a result of the exercise, vesting or settlement of such options or rights; provided that any ordinary shares or any options or other rights to acquire ordinary shares or any securities exchangeable or exercisable for or convertible into ordinary shares, or to acquire other securities or rights ultimately exchangeable or exercisable for or convertible into ordinary shares received as a result of such exercise, vesting or settlement shall remain subject to the terms of the lock-up agreement; and provided further that any such options or rights are held by the securityholder pursuant to an agreement or equity award granted under a equity incentive plan or other equity award plan, each such agreement or plan which is described herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • pursuant to a bona fide third-party tender offer, merger, amalgamation, consolidation or other similar transaction that is approved by the Board and made to all holders of our share capital after the offering involving a change of control of us (including, without limitation, the entering into any lock-up, voting or similar agreement pursuant to which the securityholder may agree to transfer, sell, tender or otherwise dispose of ordinary shares or any options or warrants or other rights to acquire ordinary shares or any securities exchangeable or exercisable for or convertible into ordinary shares, or to acquire other securities or rights ultimately exchangeable or exercisable for or convertible into ordinary shares or other such securities in connection with such transaction, or vote any shares or units or any options or warrants or other rights to acquire ordinary shares or any securities exchangeable or exercisable for or convertible into ordinary shares, or to acquire other securities or rights ultimately exchangeable or exercisable for or convertible into ordinary shares or other such securities in favor of any such transaction), provided that in the event that such tender offer, merger, amalgamation, consolidation or other similar transaction is not completed, the securityholder's ordinary shares or any options or warrants or other rights to acquire ordinary shares or any securities exchangeable or exercisable for or convertible into ordinary shares, or to acquire other securities or rights ultimately exchangeable or exercisable for or convertible into ordinary shares, shall remain subject to the provisions of this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to us in connection with the conversion, exchange or reclassification of existing equity securities into shares, provided that any shares received upon such conversion, exchange or reclassification remain subject to the transfer restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to us in connection with (A) the termination of the securityholder's employment with us, (B) the securityholder's death or disability or (C) pursuant to agreements under which we have the option to repurchase such ordinary shares or any options or warrants or other rights to acquire ordinary shares or any securities exchangeable or exercisable for or convertible into ordinary shares, or to acquire other securities or rights ultimately exchangeable or exercisable for or convertible into ordinary shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • facilitating the establishment of a trading plan on behalf of our shareholder, officer or director pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of ordinary shares, provided that (i) such plan does not provide for the transfer of ordinary shares during the restricted period and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by us regarding the establishment of such plan, such announcement or

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filing shall include a statement to the effect that no transfer of ordinary shares may be made under such plan during the restricted period.

If Jefferies LLC and Morgan Stanley & Co. LLC waive or release all or any portion of the securities subject to lock-up agreements, the release has to be made on a pro rata basis with all the securityholders other than (i) releases for a transfer without consideration and the transferee signs a lock-up agreement, (ii) releases pursuant to an underwritten offering pursuant to the registration rights agreement described herein where the lock-up party is offered to participate on a pro rata basis, or (iii) releases for 1% or less of our total outstanding ordinary shares immediately following the consummation of this offer.

#### Stabilization
The underwriters have advised us that they, pursuant to Regulation M under the Exchange Act, and certain persons participating in the offering may engage in short sale transactions, stabilizing transactions, syndicate covering transactions or the imposition of penalty bids in connection with this offering. These activities may have the effect of stabilizing or maintaining the market price of the ordinary shares at a level above that which might otherwise prevail in the open market. Establishing short sales positions may involve either "covered" short sales or "naked" short sales.

"Covered" short sales are sales made in an amount not greater than the underwriters' option to purchase additional shares of our ordinary shares in this offering. The underwriters may close out any covered short position by either exercising their option to purchase additional shares of our ordinary shares or purchasing shares of our ordinary shares in the open market. In determining the source of shares to close out the covered short position, the underwriters will consider, among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase shares through the option to purchase additional shares.

"Naked" short sales are sales in excess of the option to purchase additional shares of our ordinary shares. The underwriters must close out any naked short position by purchasing shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the shares of our ordinary shares in the open market after pricing that could adversely affect investors who purchase in this offering.

A stabilizing bid is a bid for the purchase of shares of ordinary shares on behalf of the underwriters for the purpose of fixing or maintaining the price of the ordinary shares. A syndicate covering transaction is the bid for or the purchase of shares of ordinary shares on behalf of the underwriters to reduce a short position incurred by the underwriters in connection with the offering. Similar to other purchase transactions, the underwriter's purchases to cover the syndicate short sales may have the effect of raising or maintaining the market price of our ordinary shares or preventing or retarding a decline in the market price of our ordinary shares. As a result, the price of our ordinary shares may be higher than the price that might otherwise exist in the open market. A penalty bid is an arrangement permitting the underwriters to reclaim the selling concession otherwise accruing to a syndicate member in connection with the offering if the ordinary shares originally sold by such syndicate member are purchased in a syndicate covering transaction and therefore have not been effectively placed by such syndicate member.

Neither we nor any of the underwriters, make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our ordinary shares. The underwriters are not obligated to engage in these activities and, if commenced, any of the activities may be discontinued at any time.

#### Electronic Distribution
A prospectus in electronic format may be made available by e-mail or on the web sites or through online services maintained by one or more of the underwriters or their affiliates. In those cases, prospective investors may view offering terms online and may be allowed to place orders online. The underwriters may agree with us to allocate a specific number of shares of ordinary shares for sale to online brokerage account holders. Any such allocation for online distributions will be made by the underwriters on the same basis as other allocations. Other than the prospectus in electronic format, the information on the underwriters'

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web sites and any information contained in any other web site maintained by any of the underwriters is not part of this prospectus, has not been approved and/or endorsed by us or the underwriters and should not be relied upon by investors.

#### Other Activities and Relationships
The underwriters and certain of their affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. The underwriters and certain of their affiliates have, from time to time, performed, and may in the future perform, various commercial and investment banking and financial advisory services for us and our affiliates, for which they received or will receive customary fees and expenses.

In the ordinary course of their various business activities, the underwriters and certain of their affiliates and employees may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers, and such investment and securities activities may involve securities and/or instruments issued by us and our affiliates. If the underwriters or their respective affiliates have a lending relationship with us, they routinely hedge their credit exposure to us consistent with their customary risk management policies. The underwriters and their respective affiliates may hedge such exposure by entering into transactions which consist of either the purchase of credit default swaps or the creation of short positions in our securities or the securities of our affiliates, including potentially the ordinary shares offered hereby. Any such short positions could adversely affect future trading prices of the ordinary shares offered hereby. The underwriters and certain of their respective affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

#### Directed Share Program
At our request, the underwriters have reserved up to 2,365,000 or approximately 10% of the ordinary shares offered by this prospectus, for sale at the public offering price through a directed share program to certain of our non-employee directors, management, employees, friends and family. If purchased, the shares purchased by our non-employee directors and management will be subject to the terms of any lock-up agreements.

The number of ordinary shares available for sale to the general public will be reduced to the extent that such persons purchase such reserved shares. Any reserved shares not so purchased will be offered by the underwriters to the general public on the same basis as the other ordinary shares offered by this prospectus. Other than the underwriting discount described on the front cover of this prospectus, the underwriters will not be entitled to any commission with respect to ordinary shares sold pursuant to the directed share program. We will agree to indemnify the underwriters against certain liabilities and expenses, including liabilities under the Securities Act, in connection with sales of the ordinary shares reserved for the directed share program. Morgan Stanley & Co. LLC will administer our directed share program.

#### Selling Restrictions
 *Canada* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A)

Resale Restrictions

The distribution of the shares in Canada is being made only in the provinces of Ontario, Quebec, Alberta and British Columbia on a private placement basis exempt from the requirement that we prepare and file a prospectus with the securities regulatory authorities in each province where trades of these securities are made. Any resale of the shares in Canada must be made under applicable securities laws which may vary depending on the relevant jurisdiction, and which may require resales to be made under available statutory exemptions or under a discretionary exemption granted by the applicable Canadian securities regulatory authority. Purchasers are advised to seek legal advice prior to any resale of the securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B)

Representations of Canadian Purchasers

By purchasing shares in Canada and accepting delivery of a purchase confirmation, a purchaser is representing to us and the dealer from whom the purchase confirmation is received that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the purchaser is entitled under applicable provincial securities laws to purchase the shares without the benefit of a prospectus qualified under those securities laws as it is an "accredited investor" as defined under National Instrument 45-106 — *Prospectus Exemptions*,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the purchaser is a "permitted client" as defined in National Instrument 31-103 — *Registration Requirements, Exemptions and Ongoing Registrant Obligations*,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • where required by law, the purchaser is purchasing as principal and not as agent, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the purchaser has reviewed the text above under Resale Restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (C)

Conflicts of Interest

Canadian purchasers are hereby notified that certain of the underwriters are relying on the exemption set out in section 3A.3 or 3A.4, if applicable, of National Instrument 33-105 — *Underwriting Conflicts* from having to provide certain conflict of interest disclosure in this document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (D)

Statutory Rights of Action

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if the prospectus (including any amendment thereto) such as this document contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser of these securities in Canada should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (E)

Enforcement of Legal Rights

All of our directors and officers as well as the experts named herein may be located outside of Canada and, as a result, it may not be possible for Canadian purchasers to effect service of process within Canada upon us or those persons. All or a substantial portion of our assets and the assets of those persons may be located outside of Canada and, as a result, it may not be possible to satisfy a judgment against us or those persons in Canada or to enforce a judgment obtained in Canadian courts against us or those persons outside of Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (F)

Taxation and Eligibility for Investment

Canadian purchasers of the shares should consult their own legal and tax advisors with respect to the tax consequences of an investment in shares in their particular circumstances and about the eligibility of the shares for investment by the purchaser under relevant Canadian legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (G)

Language of Documents

 *The purchaser confirms its express wish and that it has requested that this document, all documents evidencing or relating to the sale of the securities described herein and all other related documents be drawn up exclusively in the English language. L'acquéreur confirme sa volonté expresse et qu'il a demandé que le présent document, tous les documents attestant de la vente des titres décrits dans le présent document ou s'y rapportant ainsi que tous les autres documents s'y rattachant soient rédigés exclusivement en langue anglaise.* 

#### Australia
This prospectus is not a disclosure document for the purposes of Australia's Corporations Act 2001 (Cth) of Australia, or Corporations Act, has not been lodged with the Australian Securities & Investments Commission and is only directed to the categories of exempt persons set out below. Accordingly, if you receive this prospectus in Australia:

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You confirm and warrant that you are either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a "sophisticated investor" under section 708(8)(a) or (b) of the Corporations Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a "sophisticated investor" under section 708(8)(c) or (d) of the Corporations Act and that you have provided an accountant's certificate to the Company which complies with the requirements of section 708(8)(c)(i) or (ii) of the Corporations Act and related regulations before the offer has been made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a person associated with the Company under Section 708(12) of the Corporations Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a "professional investor" within the meaning of section 708(11)(a) or (b) of the Corporations Act;

To the extent that you are unable to confirm or warrant that you are an exempt sophisticated investor, associated person or professional investor under the Corporations Act any offer made to you under this prospectus is void and incapable of acceptance.

You warrant and agree that you will not offer any of the securities issued to you pursuant to this prospectus for resale in Australia within 12 months of those securities being issued unless any such resale offer is exempt from the requirement to issue a disclosure document under section 708 of the Corporations Act.

#### European Economic Area
In relation to each Member State of the European Economic Area (each, a "Relevant State"), no shares have been offered or will be offered pursuant to the offering to the public in that Relevant State prior to the publication of a prospectus in relation to the shares which have been approved by the competent authority in that Relevant State or, where appropriate, approved in another Relevant State and notified to the competent authority in that Relevant State, all in accordance with the Prospectus Regulation, except that the shares may be offered to the public in that Relevant State at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) to any legal entity which is a "qualified investor" as defined under Article 2 of the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the Prospectus Regulation), subject to obtaining the prior consent of representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) in any other circumstances falling within Article 1(4) of the Prospectus Regulation,

provided that no such offer of the shares shall require us or any of the representatives to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.

For the purposes of this provision, the expression "offer to the public" in relation to the shares in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer and any shares to be offered so as to enable an investor to decide to purchase or subscribe for any shares, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

#### Hong Kong
No securities have been offered or sold, and no securities may be offered or sold, in Hong Kong, by means of any document, other than to persons whose ordinary business is to buy or sell shares or debentures, whether as principal or agent; or to "professional investors" as defined in the Securities and Futures Ordinance, or SFO, (Cap. 571) of Hong Kong and any rules made under that Ordinance; or in other circumstances which do not result in the document being a "prospectus" as defined in the Companies Ordinance, or CO, (Cap. 32) of Hong Kong or which do not constitute an offer or invitation to the public for the purpose of the CO or the SFO. No document, invitation or advertisement relating to the securities has been issued or may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted under the securities laws of Hong Kong)

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other than with respect to securities which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the SFO and any rules made under that Ordinance.

This prospectus has not been registered with the Registrar of Companies in Hong Kong. Accordingly, this prospectus may not be issued, circulated or distributed in Hong Kong, and the securities may not be offered for subscription to members of the public in Hong Kong. Each person acquiring the securities will be required, and is deemed by the acquisition of the securities, to confirm that he is aware of the restriction on offers of the securities described in this prospectus and the relevant offering documents and that he is not acquiring, and has not been offered any securities in circumstances that contravene any such restrictions.

#### Israel
This document does not constitute a prospectus under the Israeli Securities Law, 5728-1968, or the Securities Law, and has not been filed with or approved by the Israel Securities Authority. In Israel, this prospectus is being distributed only to, and is directed only at, and any offer of the shares is directed only at, (i) a limited number of persons in accordance with the Israeli Securities Law and (ii) investors listed in the first addendum, or the Addendum, to the Israeli Securities Law, consisting primarily of joint investment in trust funds, provident funds, insurance companies, banks, portfolio managers, investment advisors, members of the Tel Aviv Stock Exchange, underwriters, venture capital funds, entities with equity in excess of NIS 50 million and "qualified individuals," each as defined in the Addendum (as it may be amended from time to time), collectively referred to as qualified investors (in each case, purchasing for their own account or, where permitted under the Addendum, for the accounts of their clients who are investors listed in the Addendum). Qualified investors are required to submit written confirmation that they fall within the scope of the Addendum, are aware of the meaning of same and agree to it.

#### Japan
The offering has not been and will not be registered under the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948 of Japan, as amended), or FIEL, and the underwriters will not offer or sell any securities, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the FIEL and any other applicable laws, regulations and ministerial guidelines of Japan.

#### Singapore
This prospectus has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares may not be circulated or distributed, nor may the shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act, or SFA, Chapter 289 of Singapore, (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275, of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where the shares are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, securities

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(as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the shares pursuant to an offer made under Section 275 of the SFA except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) to an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) where no consideration is or will be given for the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) where the transfer is by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) as specified in Section 276(7) of the SFA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore.

#### Switzerland
The securities may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange, or SIX, or on any other stock exchange or regulated trading facility in Switzerland. This prospectus has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this prospectus nor any other offering or marketing material relating to the securities or the offering may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this prospectus nor any other offering or marketing material relating to the offering, the Company or the securities have been or will be filed with or approved by any Swiss regulatory authority. In particular, this prospectus will not be filed with, and the offer of securities will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA, and the offer of securities has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes, or CISA. The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of securities.

#### United Kingdom
No shares have been offered or will be offered pursuant to the offering to the public in the United Kingdom except that the shares the shares may be offered to the public in the United Kingdom at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

to any qualified investor as defined in paragraph 15 of Schedule 1 to the POATRs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

to fewer than 150 persons (other than qualified investors as defined in paragraph 15 of Schedule 1 to the POATRs) in the United Kingdom subject to obtaining the prior consent of the relevant Manager or Managers nominated by the Issuer for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

in any other circumstances falling within Part 1 of Schedule 1 to the POATRs.

For the purposes of this provision, the expression an "offer to the public" in relation to any shares in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and the securities to be offered so as to enable an investor to decide to buy or subscribe for the securities and the expression "POATRs" means the Public Offers and Admissions to Trading Regulations 2024.

This prospectus and other material in relation to the shares described herein is directed at and is being distributed in the United Kingdom only to "qualified investors" within the meaning of paragraph 15 of Schedule 1 of the POATR that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 ("Order"), (ii) high net worth entities falling within article 49(2)(a) to (d) of the Order, or (iii) other persons to whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets

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Act 2000) may lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). In the United Kingdom, any investment or investment activity to which this prospectus relates will only be available to and will only be engaged in with relevant persons. Any person in the United Kingdom who is not a relevant person should not act or rely on this prospectus or any of its contents.

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#### Legal Matters
The validity of the ordinary shares offered by this prospectus will be passed upon for us by Carey Olsen Jersey LLP, Channel Islands. Certain other matters will be passed upon for us by White & Case LLP, New York, New York. Certain matters in connection with this offering will be passed upon for the underwriters by Davis Polk & Wardwell LLP, New York, New York.

#### Notices under Jersey Law
The directors of the Company have taken all reasonable care to ensure that the facts stated in this document are true and accurate in all material respects, and that there are no other facts the omission of which would make misleading any statement in the document, whether of facts or of opinion. All of the directors accept responsibility accordingly.

A copy of this document has been delivered to the registrar of companies in Jersey, or the Jersey Registrar, in accordance with Article 5 of the Companies (General Provisions) (Jersey) Order 2002, as amended, and the Jersey Registrar has given, and has not withdrawn, his consent to its circulation.

The JFSC has given, and has not withdrawn, its consent under Article 2 of the Control of Borrowing (Jersey) Order 1958 to the issue of securities in the company.

The JFSC is protected by the Control of Borrowing (Jersey) Law 1947, as amended, against liability arising from the discharge of its functions under that law. It must be distinctly understood that, in giving these consents, neither the Jersey Registrar nor the JFSC take any responsibility for the financial soundness of the Company or for the correctness of any statements made or opinions expressed, with regard to it.

If you are in any doubt about the contents of this document you should consult your stockbroker, bank manager, solicitor, accountant or other financial adviser.

It should be remembered that the price of securities and the income from them can go down as well as up. Our company secretary is Gen II Corporate Services (Jersey) Limited, whose current business address is 47 Esplanade, St Helier, Jersey JE1 0BD, Channel Islands. Our registered office is 47 Esplanade, St Helier, Jersey JE1 0BD, Channel Islands.

#### Experts
The consolidated financial statements of DPC Holdings Limited and its subsidiaries as of December 31, 2025 and 2024, and for each of the years in the two-year period ended December 31, 2025, have been included herein and in the registration statement in reliance upon the report of KPMG LLP, independent registered public accounting firm, appearing elsewhere herein, and upon the authority of said firm as experts in accounting and auditing.

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#### Enforcement of Civil Liabilities
U.S. laws do not necessarily extend either to us or our officers or directors. We are organized under the laws of Jersey. Many of our directors and officers reside outside of the United States. Substantially all the assets of both us and our directors and officers are located outside the United States. As a result, it may not be possible for investors to effect service of process on either us or our officers and directors within the United States, or to enforce against these persons or us, either inside or outside the United States, a judgment obtained in a U.S. court predicated upon the civil liability provisions of the federal securities or other laws of the United States or any U.S. state.

We have appointed Corporation Service Company as our agent to receive service of process with respect to any action brought against us in the United States under the federal securities laws of the United States or of the laws of any state of the United States.

A judgment of a U.S. court is not directly enforceable in Jersey, but constitutes a cause of action which will be enforced by Jersey courts provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the applicable U.S. courts had jurisdiction over the case, as recognized under Jersey law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the judgment is given on the merits and is final, conclusive and non-appealable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the judgment relates to the payment of a sum of money, not being taxes, fines or similar governmental penalties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the defendant is not immune under the principles of public international law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the same matters at issue in the case were not previously the subject of a judgment or disposition in a separate court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the judgment was not obtained by fraud or duress and was not based on a clear mistake of fact; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the recognition and enforcement of the judgment is not contrary to public policy in Jersey, including observance of the principles of what are called "natural justice," which among other things require that documents in the U.S. proceeding were properly served on the defendant and that the defendant was given the right to be heard and represented by counsel in a free and fair trial before an impartial tribunal.

It is the policy of Jersey courts to award compensation for the loss or damage actually sustained by the person to whom the compensation is awarded. Although the award of punitive damages is generally unknown to the Jersey legal system that does not mean that awards of punitive damages are not necessarily contrary to public policy. Whether a judgment was contrary to public policy depends on the facts of each case. Exorbitant, unconscionable, or excessive awards will generally be contrary to public policy. Moreover, if a U.S. court gives a judgment for multiple damages against a qualifying defendant the amount which may be payable by such defendant may be limited by virtue of the Protection of Trading Interests Act 1980, an Act of the UK extended to Jersey by the Protection of Trading Interests Act 1980 (Jersey) Order, 1983, which provides that such qualifying defendant may be able to recover such amount paid by it as represents the excess of such multiple damages over the sum assessed as compensation by the court that gave the judgment. A "qualifying defendant" for these purposes is a citizen of the UK and Colonies, a body corporate incorporated in the UK, Jersey or other territory for whose international relations the UK is responsible or a person carrying on business in Jersey.

Jersey courts cannot enter into the merits of the foreign judgment and cannot act as a court of appeal or review over the foreign courts. In addition, a plaintiff who is not resident in Jersey may be required to provide a security bond in advance to cover the potential of the expected costs of any case initiated in Jersey. In addition, we have been further advised by our legal counsel in Jersey, that it is uncertain as to whether the courts of Jersey would entertain original actions based on U.S. federal or state securities laws, or enforce judgments from U.S. courts against us or our officers and directors which originated from actions alleging civil liability under U.S. federal or state securities laws.

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#### Where You Can Find Additional Information
We have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the ordinary shares offered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all the information set forth in the registration statement, some of which is contained in exhibits to the registration statement as permitted by the rules and regulations of the SEC. For further information with respect to us and our ordinary shares, we refer you to the registration statement, including the exhibits filed as a part thereof. Statements contained in this prospectus concerning the contents of any contract or any other document are not necessarily complete. If a contract or document has been filed as an exhibit to the registration statement, please see the copy of the contract or document that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit is qualified in all respects by the filed exhibit. The SEC maintains an internet website that contains reports and other information about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov.

Upon the completion of this offering, we will be subject to the information reporting requirements of the Exchange Act, and we will file reports, proxy statements, and other information with the SEC. These reports, proxy statements, and other information will be available on the website of the SEC referred to above.

We also maintain a website at www.doncasters.com, at which you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. Information contained on, or that can be accessed through, our website is not incorporated by reference in this prospectus, and you should not consider information on our website to be part of this prospectus and the inclusion of our website address in this prospectus is an inactive textual reference only.

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#### DPC HOLDINGS LIMITED

#### INDEX TO FINANCIAL STATEMENTS

---

| | |
|:---|:---|
| | **Page**  |
| DPC HOLDINGS LIMITED |  |
| *Audited Consolidated Financial Statements* |  |
| &nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#fREPO)  | [F-2](#fREPO) |
| &nbsp;&nbsp;&nbsp; [Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024](#tCBS)  | [F-3](#tCBS) |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Income (Loss) for the Years Ended December 2025 and 2024](#tCSOI)  | [F-4](#tCSOI) |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 2025 and 2024](#tCSOC)  | [F-5](#tCSOC) |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Cash Flow Statements for the Years Ended December 2025 and <br> 2024](#tCCFS)  | [F-6](#tCCFS) |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Shareholders' Equity (Deficit) for the Years Ended December 2025 and 2024](#tCSOC1)  | [F-7](#tCSOC1) |
| &nbsp;&nbsp;&nbsp; [Notes to the Consolidated Financial Statements](#tNTTC)  | [F-8](#tNTTC) |
| *Unaudited Condensed Consolidated Financial Statements* |  |
| &nbsp;&nbsp;&nbsp; [Consolidated Balance Sheet as of March 29, 2026](#tUCCS)  | [F-48](#tUCCS) |
| &nbsp;&nbsp;&nbsp; [Consolidated Statement of Income (Loss) for the Three Months Ended March 29, 2026 and March 30, 2025](#tUCCS1)  | [F-49](#tUCCS1) |
| &nbsp;&nbsp;&nbsp; [Consolidated Statement of Comprehensive Income (Loss) for the Three Months Ended March 29, 2026 and March 30, 2025](#tUCCB)  | [F-50](#tUCCB) |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Cash Flow Statements for the Three Months Ended March 29, 2026 and March 30, 2025](#tUCCC)  | [F-51](#tUCCC) |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Shareholders' Equity (Deficit) for the Three Months Ended March 29, 2026 and March 30, 2025](#tUCCS2)  | [F-52](#tUCCS2) |
| &nbsp;&nbsp;&nbsp; [Notes to the Consolidated Financial Statements](#tNTTU)  | [F-53](#tNTTU) |

---

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![[MISSING IMAGE: hd_kpmg-4c.jpg]](hd_kpmg-4c.jpg)

#### Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors

DPC Holdings Limited:

 *Opinion on the Consolidated Financial Statements* 

We have audited the accompanying consolidated balance sheets of DPC Holdings Limited and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income (loss), comprehensive income (loss), changes in shareholders' equity (deficit), and cash flows for each of the years in the two-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

 *Basis for Opinion* 

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the Company's auditor since 2021.

Birmingham, United Kingdom

April 14, 2026, except for Note 21 as to which the date is June 15, 2026

![[MISSING IMAGE: ft_kpmg-bw.jpg]](ft_kpmg-bw.jpg)

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#### DPC HOLDINGS LIMITED

#### CONSOLIDATED BALANCE SHEET (in millions)

---

| | | |
|:---|:---|:---|
| | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 32 | 25 |
| &nbsp;&nbsp;&nbsp; Restricted cash deposit  |  | 7 |
| &nbsp;&nbsp;&nbsp; Accounts receivables, less allowances for credit losses of $0 million and $0 million of December 31, 2025 and 2024  | 156 | 119 |
| &nbsp;&nbsp;&nbsp; Inventories  | 181 | 146 |
| &nbsp;&nbsp;&nbsp; Prepayments and other current assets  | 42 | 28 |
| &nbsp;&nbsp;&nbsp; Assets held for sale  | 20 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current assets**  | **431** | **339** |
| Property, plant and equipment, net  | 221 | 205 |
| Right-of-use assets  | 15 | 16 |
| Deferred tax assets  | 44 | 7 |
| Goodwill  | 78 | 73 |
| Other intangible assets, net  | 96 | 98 |
| Other non-current assets  | 10 | 9 |
| **Total assets**  | **895** | **747** |
| **LIABILITIES AND EQUITY** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable, trade  | 106 | 67 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities  | 116 | 58 |
| &nbsp;&nbsp;&nbsp; Liability for management incentive plan (related party balance)  | 132 | 49 |
| &nbsp;&nbsp;&nbsp; Borrowings, current  | 154 | 32 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities, current  | 2 | 1 |
| &nbsp;&nbsp;&nbsp; Liabilities directly associated with the assets held for sale  | 6 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current liabilities**  | **516** | **212** |
| Borrowings, non-current  | 1280 | 1255 |
| Operating lease liabilities, non-current  | 14 | 15 |
| Deferred tax liabilities  | 2 | 4 |
| Pension liabilities, non-current  | 26 | 26 |
| Other non-current liabilities  | 21 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities**  | **1859** | **1537** |
| Commitments and contingencies (refer to Note 17) |  |  |
| **Shareholders' equity (deficit)** |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary shares, nil par value, 112,936,894 shares authorized, 112,936,894 shares issued and 112,936,894 shares outstanding as of December 31, <br> 2024;\*  |  |  |
| Accumulated deficit  | (936) | (763) |
| Accumulated other comprehensive loss  | (28) | (27) |
| &nbsp;&nbsp;&nbsp; **Total shareholders deficit**  | (964) | (**790)** |
| Total Liabilities and equity  | **895** | **747** |

---

\*

Refer to note 21 for further information on share capital.

The accompanying notes form an integral part of these consolidated financial statements.

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#### DPC HOLDINGS LIMITED

#### CONSOLIDATED STATEMENT OF INCOME (LOSS) (in millions, except for loss per share and weighted-average shares outstanding)

---

| | | |
|:---|:---|:---|
| | **Year Ended <br> December 31, <br> 2025**  | **Year Ended <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Revenue  | 837 | 746 |
| Cost of sales  | (644) | (605) |
| **Gross profit**  | **193** | **141** |
| Selling, general and administrative expenses  | (198) | (110) |
| Interest expense  | (222) | (203) |
| Interest income  | 2 | 1 |
| Foreign currency gain/(loss), net  | 16 | 4 |
| Loss on debt modification  |  | (9) |
| Reversal/ (Impairment) of disposal group held for sale  | 5 | (9) |
| **Loss before income tax**  | **(204)** | **(185)** |
| Income tax benefit (expense)  | 31 | (8) |
| **Net Loss**  | **(173)** | **(193)** |
| **Net Loss per share\*** |  |  |
| **Basic**  | (1.53) | (1.71) |
| **Diluted**  | (1.53) | (1.71) |
| **Weighted-average shares outstanding\*** |  |  |
| **Basic**  | 112936894 | 112936894 |
| **Diluted**  | 112936894 | 112936894 |

---

\*

Refer to note 21 for further information on share capital.

The accompanying notes form an integral part of these consolidated financial statements.

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#### DPC HOLDINGS LIMITED

#### CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (in millions)

---

| | | |
|:---|:---|:---|
| | **Year Ended <br> December 31, <br> 2025**  | **Year Ended <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Net Loss  | (173) | (193) |
| **Other comprehensive income/(loss), net of tax:** |  |  |
| Exchange gain / (loss) on translation of foreign operations (net of tax)  | (1) | (9) |
| **Total other comprehensive income/(loss) for the year, net of tax**  | **(1)** | **(9)** |
| **Total comprehensive income/(loss) for the year, net of tax**  | **(174)** | **(202)** |

---

The accompanying notes form an integral part of these consolidated financial statements.

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#### DPC HOLDINGS LIMITED

#### CONSOLIDATED CASH FLOW STATEMENTS (in millions)

---

| | | |
|:---|:---|:---|
| | **Year Ended <br> December 31, 2025**  | **Year Ended <br> December 31, 2024**  |
|  | **$ millions**  | **$ millions**  |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp; **Net loss**  | (173) | (193) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation of property, plant and equipment  | 23 | 22 |
| &nbsp;&nbsp;&nbsp; Amortization of intangible assets and cloud computing arrangements  | 9 | 10 |
| &nbsp;&nbsp;&nbsp; Deferred income tax benefits  | (40) | (4) |
| &nbsp;&nbsp;&nbsp; Operating lease expense  | 3 | 3 |
| &nbsp;&nbsp;&nbsp; Foreign currency (gain)/loss, net  | (16) | (4) |
| &nbsp;&nbsp;&nbsp; (Reversal)/Impairment of disposal group held for sale  | (5) | 9 |
| &nbsp;&nbsp;&nbsp; Loss on debt modification  |  | 9 |
| &nbsp;&nbsp;&nbsp; Inventory provision  | 3 | 6 |
| &nbsp;&nbsp;&nbsp; Long term management incentive plan  | 87 | 29 |
| &nbsp;&nbsp;&nbsp; Non-cash interest expense  | 150 | 132 |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Receivable, prepayments and other current assets  | (40) | 14 |
| &nbsp;&nbsp;&nbsp; Inventories  | (28) | 6 |
| &nbsp;&nbsp;&nbsp; Payables, accrued expenses and other liabilities  | 70 | (48) |
| &nbsp;&nbsp;&nbsp; Pensions assets and liabilities  | (2) | (3) |
| &nbsp;&nbsp;&nbsp; Derivatives assets and liabilities  | 5 | (1) |
| &nbsp;&nbsp;&nbsp; Operating lease assets and liabilities  | (4) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash from / (used) in operating activities**  | **42** | **(17)** |
| **Cash flows from investing activities** |  |  |
| Proceeds from disposal of property, plant and equipment  |  | 2 |
| Purchase of property, plant and equipment  | (31) | (36) |
| Purchase of intangible assets  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in investing activities**  | **(31)** | **(35)** |
| **Cash flows from financing activities** |  |  |
| Proceeds from borrowings  | 1006 | 1384 |
| Repayment of borrowings  | (1019) | (1323) |
| Payment of issuance costs  |  | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash (used) / provided by financing activities**  | **(13)** | **50** |
| Effect of exchange rate fluctuations on cash and cash equivalents held  | 2 | 0 |
|  (Decrease)/Increase in cash and cash equivalents and restricted cash deposit  |  | (2) |
| **Cash and cash equivalents and restricted cash deposit at beginning of year**  | **32** | **34** |
| **Cash and cash equivalents and restricted cash deposit at end of year**  | **32** | **32** |
| **Reconciliation to consolidated balance sheet** |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 32 | 25 |
| &nbsp;&nbsp;&nbsp; Restricted cash deposit  |  | 7 |
| **Total** | **32** | **32** |
| **Supplemental disclosures of cash flow information:** |  |  |
| Income taxes paid  | (6) | (6) |
| Interest paid  | (72) | (71) |
| Capital expenditures incurred but not yet paid  |  | 1 |

---

The accompanying notes form an integral part of these consolidated financial statements.

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#### DPC HOLDINGS LIMITED

#### CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (in millions, except number of shares)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ordinary shares\***  | **Ordinary shares\***  | **Accumulated <br> Deficit**  | **Accumulated <br> Other <br> Comprehensive <br> Income**  | **Total <br> Equity**  |
| | **Number of Shares**  | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  |
| **Balance as of January 1, 2024**  | **112936894** |  | (570) | (18) | (588) |
| Net income (loss)  |  |  | (193) |  | (193) |
| Currency translation adjustment  |  |  |  | (9) | (9) |
| **Balance as of December 31, 2024**  | **112936894** |  | (763) | (27) | (790) |
| Net income (loss)  |  |  | (173) |  | (173) |
| Currency translation adjustment  |  |  |  | (1) | (1) |
| **Balance as of December 31, 2025**  | **112936894** |  | **(936)** | **(28)** | **(964)** |

---

\*

Refer to note 21 for further information on share capital.

The accompanying notes form an integral part of these consolidated financial statements.

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#### DPC HOLDINGS LIMITED

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. Nature of the business

DPC Holdings Limited (the "Company") is the ultimate holding Company within the Doncasters Group which trades under the "Doncasters" brand name. Doncasters is a vertically integrated manufacturer of high-quality engineered precision components for aeroengines, industrial gas turbines and other specialist high performance applications. Doncasters operates from fourteen principal manufacturing facilities across the UK, Europe, North America and Asia. The consolidated financial statements for the year ended December 31, 2025 and 2024 comprise the Company and its subsidiaries (together referred to as the "Group").

2. Summary of Significant Accounting Policies

#### Basis of preparation
The Group's consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"), and have been prepared on a going concern basis. The Group's fiscal year ends on December 31. Any reference in these notes to the applicable guidance is meant to refer to authoritative U.S. GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB").

#### Principles of consolidation
The consolidated financial statements comprises the financial information of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated on consolidation.

#### Use of estimates
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in the Group's consolidated financial statements include, but are not limited to, impairment of non-current assets, management incentive plan, inventory provision, and Unrecognized Tax benefits related to income taxes. The Group bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they are identified. Actual results could differ materially from those estimates upon subsequent resolution of the identified matters.

#### Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand, short-term deposits with original maturities of three months or less from the origination date.

#### Restricted cash deposit
Restricted cash deposit consists primarily of cash that collateralize our borrowings. Restricted cash is recorded as current or non-current assets in the consolidated balance sheets depending on the duration of the restriction and the purpose for which the restriction exists. There are no restrictions as at 31 December 2025.

#### Inventories
Inventories are stated at the lower of cost and net realizable value on a first-in, first-out basis. Cost comprises direct materials and, where applicable, direct labor costs and those overheads, including

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depreciation of property, plant and equipment, that have been incurred in bringing the inventories to their present location and condition. When cost is computed using standard cost, the standard cost approximates actual cost. Direct materials mainly consist of alloy which can either be 100% virgin or an approved blend, including the use of revert material which arises as a by-product of the production processes. Net realizable value represents the estimated selling prices less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

If the Group identifies excess, obsolete or unsalable items, inventories are written down to their net realizable value in the period in which the impairment is identified. These adjustments are recorded based upon various factors, including the level of product manufactured by the Group, and current and projected demand.

#### Property, plant and equipment
Property, plant and equipment are stated at cost less depreciation and impairment. Property, plant, and equipment is depreciated on a straight-line basis over their estimated useful lives as follows:

Buildings 20 – 25 years <br> Plant, machinery and equipment 3 – 25 years <br> Freehold land Not depreciated

Costs incurred in the repair and maintenance of property and equipment are charged to the income statement as incurred and are included in "Selling, general and administrative expenses" and "Cost of sales".

#### Goodwill
Goodwill is the excess of the purchase price over the estimated fair values of the underlying net assets of an acquired business. At the time of acquisition, goodwill is allocated to reporting units based on the relative fair value of each reporting unit at the acquisition date. The Group assesses goodwill for impairment at least annually as of December 31, or more frequently if conditions indicate that such impairment could exist. Impairment testing for goodwill is performed at the reporting unit level. The Group first evaluates qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment indicates potential impairment, or if the Group elects to bypass the qualitative assessment, a quantitative test is performed. The quantitative test calculates the excess of the reporting unit's fair value over its carrying amount, including goodwill, utilizing a discounted cash flow method. The test for impairment of goodwill requires the Group to make several assumptions and estimates regarding market conditions and our future profitability to determine the fair value of the reporting unit. Significant assumptions used in the reporting unit fair value measurements include forecasted cash flows, including revenue and expense growth rates, discount rates, and revenue and earnings multiples. An impairment loss is recognized when the carrying amount of the reporting unit net assets exceeds the estimated fair value of the reporting unit. The impairment loss is limited to the total amount of goodwill allocated to that reporting unit.

#### Other intangible assets
On acquisition of a business, the Group recognizes any specifically identifiable intangible assets separately from goodwill, initially measuring the intangible assets at fair value. Separately purchased intangible assets are initially measured at cost. Costs incurred to renew or extend the term of recognized intangible assets are expensed as incurred within selling, general and administrative expenses in the consolidated statements of income (loss). Amortization is charged to cost of goods sold in the consolidated statements of income (loss) on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. The Group does not have any intangible assets (other than goodwill) with an indefinite useful life. Other intangible assets are amortized from the date they are available for use. The estimated useful lives are as follows:

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---

| | |
|:---|:---|
| Software costs | 3 – 5 years |
| Customer contracts and related customer relationships | 10 – 20 years |
| Non contractual customer relationships | 10 – 20 years |
| Trade names | 25 years |
| Technology and know-how | 1 – 10 years |

---

Costs associated with research and development activities are treated as an expense in the period in which they are incurred.

 *Internal-Use Software* 

The Group follows ASC 350-40, "Internal-Use Software" ("ASC-350-40") to account for development costs incurred for the costs of computer software developed or obtained for internal use. ASC 350-40 requires such costs to be capitalized once certain criteria are met. Capitalized internal-use software costs are primarily comprised of direct and contracted labor, and related expenses. Capitalized employee costs are limited to the time directly spent on such projects. ASC 350-40 includes specific guidance on costs not to be capitalized, such as overhead, general and administrative, and training costs. Internal-use software includes software utilized for internal systems and tools. Costs are capitalized once the project is defined, funding is committed, and it is confirmed the software will be used for its intended use. Capitalization of these costs concludes once the project is substantially complete and the software is ready for its intended purpose. Post-configuration training and maintenance costs are expensed as incurred. Internal-use software is included in "Other intangible assets, net" in the consolidated balance sheets once available for its intended use. Amortization expense for internal-use software utilized for internal systems and tools is included in "selling, general, and administrative expense", in the consolidated statements of income (loss).

 *Cloud computing arrangements* 

The Group capitalizes implementation costs associated with its Cloud Computing Arrangements ("CCA") consistent with costs capitalized for internal-use software. Capitalized CCA implementation costs are included in "prepayments and other current assets" and "Other non-current assets" in the Group's consolidated balance sheet. The CCA implementation costs are amortized over the term of the related hosting agreement, including renewal periods that are reasonably certain to be exercised. Amortization expense of CCA implementation costs is recorded to "selling, general, and administrative expense" in the Group's consolidated statement of income (loss). The CCA implementation costs are included within operating activities in the Company's consolidated statements of cash flows.

Amortization expense for capitalized CCA was $0.9 million and $0 million for the year ended December 31, 2025 and 2024 respectively.

#### Leases
The Group determines if an agreement is a lease at inception. The Group's material lease contracts are generally for offices, vehicles and machinery. The Group considers the contractual terms to determine the lease term used to record each lease agreement. The lease terms may include options, at the Group's sole discretion, to extend or terminate the lease that it is reasonably certain to exercise. The Group determines the lease term used to record each lease by including the initial lease term and, in the case where there are options to extend, will include the option to extend if it has determined that it reasonably certain that the Group would exercise those options. The Group's lease contracts are typically between 1 and 9 years.

Leases are classified as either finance or operating at inception of the lease and reassessed each time a lease is modified, with classification affecting the pattern of expense recognition in the consolidated statement of income (loss). Operating and finance leases result in the recognition of right-of-use ("ROU") assets and lease liabilities on the balance sheet. ROU assets represent the Group's right to use the leased asset for the lease term and lease liabilities represent the obligation to make lease payments. The ROU assets also include any lease payments made in advance and less any lease incentives received.

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As the implicit rate of most of the Group's leases is not readily determinable, the liability is calculated as the present value of the remaining minimum lease payments using the Group's incremental borrowing rate at the commencement of the lease. The determination of the incremental borrowing rate takes into consideration the expected term of the lease, the currency in which the lease is denominated, and a financing spread adjustment based on the actual borrowing rate incurred by the Group. Operating lease expense is recorded on a straight-line basis over the lease term. Finance lease cost includes amortization of the ROU assets on a straight-line basis over the shorter of the lease term or the useful life of the underlying asset and interest on the lease liabilities using the effective interest method. Certain leases contain variable lease payments,, such as common area maintenance, property taxes, and usage-based amounts, which are recognized when the associated activity occurs.

Leases with a lease term of 12 months or less are not recorded on the balance sheet. Short term lease expense is recognized on a straight-line basis over the lease term. The Group elected the practical expedient to not separate lease components from non-lease components for all asset classes.

#### Impairment of long-lived assets
Long-lived assets consist primarily of property and equipment, right-of-use lease assets, and definite-lived intangible assets. The Group assesses the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If indications of impairment exist, projected future undiscounted cash flows associated with the asset (or asset group) would be compared to the carrying value of the asset to determine whether the asset's value is recoverable. If impairment is determined, the Group records an impairment loss equal to the excess of the carrying value of the long-lived asset over its estimated fair value in the period at which such a determination is made.

#### Commitments and contingencies
The Group is subject to various claims, lawsuits, and other proceedings that arise in the ordinary course of business, including those related to product liability, environmental matters, intellectual property, and contractual disputes. The Group also enters into various commitments in the normal course of business.

In accordance with ASC 450, "Contingencies," the Group accrues for loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a range of loss can be reasonably estimated, and no amount within the range is a better estimate than any other, the Group accrues the minimum amount of the range. If the Group determines that a loss is reasonably possible but not probable, or if the loss is probable but not reasonably estimable, the Group discloses the nature of the contingency and provides an estimate of the possible loss or range of loss, if such an estimate can be made. Gain contingencies are not recognized until they are realized.

Legal costs associated with defending claims are expensed as incurred.

The Group's significant commitments, including contractual obligations for future purchases of goods or services, capital expenditures, and other long-term agreements, are disclosed in the notes to the consolidated financial statements. These commitments are evaluated periodically for potential impact on the Group's consolidated balance sheet and consolidated statement of income (loss).

#### Revenue recognition
Revenue related to contracts with customers is recognized in accordance with ASC 606, Revenue from Contracts with Customers, when the associated performance obligation has been satisfied and the control of the goods has been transferred to customers, in an amount that reflects the consideration the Group expects to receive in exchange for those services.

The Group follows the five-step model outlined in ASC 606 for revenue recognition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Identification of the contract(s) with the customer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Identification of the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Determination of the transaction price

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Allocation of the transaction price to the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Recognition of revenue when, or as, a performance obligation is satisfied

 *Identification of Performance obligations* 

<u>Product Sales:</u> 

The Group's revenues are recorded for the sale of components from its two product categories (i) Engine Products, which include turbine airfoils and structural components for the Aerospace market and Industrial Gas Turbine end markets, and (ii) turbocharger wheels for the Transportation end market. Contracts with customers consist of accepted Purchase Orders, which may be governed by long term agreements for larger customers. These contracts with customers consist of the manufacturing of products which represent single performance obligations.

<u>Consignment arrangements:</u> 

The Group also has consignment inventory agreements whereby the Group provides goods to a consignee to sell, but the Group retains ownership of the goods until they are sold to an end customer or the Group surrenders control of the inventory to the consignee for payment. The performance obligation is as per product sales noted above.

 *Determining transaction price and standalone selling prices* 

The transaction price is determined upon establishment of the contract that contains the final terms of the sale, including the description, quantity, and price of each product purchased. The Group's contracts typically only have one performance obligation, such that the Group does not allocate components of the transaction price.

 *Variable consideration* 

Certain contracts with customers give rise to variable consideration. At contract inception, the Group has the right to charge customers when the market price of certain metals and other alloys exceeds the price stated within the contract. At contract inception, the Group constrains all estimates of variable consideration and does not include the variable consideration in the transaction price. At each period end, the Group will recognize revenue for the amount in which the market price of the metals and other alloys exceeds the stated contractual price. Variable consideration is estimated utilizing the most likely amount method that is expected to be earned as the Group is able to estimate within a sufficiently narrow range of possible outcomes based on observable market prices and the terms of the underlying contracts. Variable consideration is reassessed at each reporting date and adjustments are made, when necessary.

The Group also provides certain customers the right of return of scrap material, which the Group can use to fulfill future customer orders. Estimated scrap material returns are variable consideration recorded as a reduction in revenues at the time of sale, based using the expected value method. The Group estimates the variable consideration using historical return experience, adjusted for known trends, to arrive at the amount of consideration expected to be received. The Group evaluates the return liability at each reporting date, and adjustments, are made, when necessary. Liabilities for return allowances are included in other accrued and other current liabilities on the consolidated balance sheets. The rights to recover products from customers associated with its liabilities for return reserves are included in inventory on the Group's consolidated balance sheets.

 *Satisfaction of performance obligations* 

For product sales, most of the Group's revenue is derived from sales of goods under ex-works shipping terms, whereby control of the goods transfers to the customer when the products are made available for collection at the Group's premises. At that point, the customer assumes the risks and rewards of ownership, including responsibility for transportation and handling. For non-ex works terms with customers, revenue is recognized at the time of delivery to, or collection by, the customer and when all performance obligations under the sale contract have been fulfilled and title has passed to the customer.

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For consignment inventory agreements, revenue is recognized upon the end customer receiving goods from the consignee, or when the Group surrenders control of the inventory to the consignee.

 *Payment terms* 

Invoices are issued to and are due for payment by customers according to the terms of the contractual arrangement that exists. Contractual terms vary by customer and invoices are generally settled between the date of issue prior to delivery and up to 90 days after the invoice date (depending on the terms negotiated in advance). For revenue recognized over time, customers are billed based on the terms of the contract, which are typically monthly, or quarterly. Revenue is recognized net of taxes collected from customers, which are subsequently remitted to governmental authorities.

 *Contract assets and liabilities* 

The Group does not have material contract assets or contract liabilities associated with customer contracts. The Group's contracts with customers do not generally result in material amounts billed to customers in excess of recognizable revenue. The Group did not recognize material revenue during the year ended December 31, 2025 and 2024 that were included in the contract liability balance as of January 1, 2025 and 2024 respectively.

 *Costs to obtain or fulfill a customer contract* 

The Group has certain costs to obtain and fulfill a customer contract, such as shipping costs. The Group recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Group otherwise would have recognized is one year or less. Incremental costs of obtaining contracts that would be recognized over greater than one year are not material.

 *Significant estimates and judgments* 

The revenues accounted for under ASC 606 do not require significant estimates or judgments, primarily for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The transaction price is generally fixed and stated on the Group's contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • As noted above, the Group's contracts generally do not include multiple performance obligations, and accordingly do not generally require estimates of the standalone selling price for each performance obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Group's revenues do not include material amounts of variable consideration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Most of the Group's revenue is recognized as of a point-in-time and the timing of the satisfaction of the applicable performance obligations is readily determinable. As noted above, the ASC 606 revenue is generally recognized at the time of delivery to the customer, or in the case of ex-works contracts, when the Group makes the product available to the customer.

#### Income Taxes
The taxation expense for the year represents the sum of current tax and deferred tax. The expense is recognized in the Consolidated Income Statements, in the Statements of Comprehensive Income or in equity depending on the accounting treatment of the related transaction.

 *Current Tax* 

Current tax is determined based on taxable income for the period, including adjustments for prior periods. It is calculated using tax rates that have been enacted at the end of the reporting period. The Company has elected to record penalties related to income tax within its income tax expense (benefit) and interest within its interest expense.

 *Deferred Tax* 

The Group accounts for income taxes in accordance with ASC 740, "Income Taxes" using the asset and liability method.

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Under this method, deferred tax assets and liabilities are recognized based upon the estimated future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax basis, as well as operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense (benefit) in the period the tax rates are enacted.

The Group's deferred tax assets are reduced by a valuation allowance if, based on the weight of all available positive and negative evidence, it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the deferred tax assets will not be realized. A valuation allowance may be required if the weight of positive evidence is insufficient to overcome strong negative evidence such as a history of cumulative losses in recent years. The Group evaluates the realizability of deferred tax assets for each of the jurisdictions in which they operate by assessing all positive and negative evidence. This includes historical operating results, known or planned operating developments, the period of time over which certain temporary differences will reverse, consideration of the reversal of certain deferred tax liabilities, tax law carryback capability in the particular country, and prudent and feasible tax planning strategies. After evaluation of these factors, if the deferred tax assets are expected to be realized within the tax carryforward period allowed for that specific country, the Group would conclude that no valuation allowance would be required. To the extent that the deferred tax assets exceed the amount that is expected to be realized within the tax carryforward period for a particular jurisdiction, the Group establishes a valuation allowance.

 *Unrecognized Tax Benefits* 

The Group recognizes benefits from tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the positions. The tax benefits recognized in the consolidated financial statements from such positions are measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement. Judgment is required in evaluating tax positions and determining unrecognized tax benefits. The Group re-evaluates the technical merits of its tax positions and may recognize the benefit of a tax position in certain circumstances, including when: (1) a tax examination is completed; (2) applicable tax laws change, including through a tax case ruling or legislative guidance; or (3) the applicable statute of limitations expires.

 *Residual Income Tax Effects* 

The Group allocates income taxes to other comprehensive income and income tax amounts accumulate in accumulated other comprehensive income ("AOCI"), in accordance with ASC 740, Income Taxes. The income tax effects of items included in AOCI are released into the consolidated statement of income (loss) in the same period in which the related pre-tax amounts are reclassified using the specific identification method. When an event occurs that results in the partial or full reclassification of amounts from AOCI (such as disinvestment of foreign operations), the corresponding income tax effects are released from AOCI and recognized in income consistent with the underlying item.

#### Foreign currency translation and transactions
The Consolidated Financial Statements are presented in U.S. dollars, which is the Group's reporting currency. The functional currency of the Company is also U.S. dollars. The financial statements of the Group's subsidiaries are maintained in their respective functional currencies based on their primary economic environment. In preparing the Consolidated Financial Statements, the financial statements of foreign subsidiaries are translated into U.S. dollars in accordance with ASC 830, Foreign Currency Matters.

Assets and liabilities of foreign subsidiaries that have a functional currency other than U.S. dollars are translated into U.S. dollars using exchange rates at the balance sheet date. Revenues and expenses are translated at average exchange rates effective during the year. Equity items are translated at historical exchange rates. Translation adjustments arising from the process of converting the functional currency into the presentation currency are accumulated in other comprehensive income (loss) as a component of equity in the Consolidated Balance Sheets.

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#### Business Combinations
Business combinations are accounted for using the acquisition method. The cost of an acquisition is determined as the total of the consideration transferred, measured at its fair value on the acquisition date, along with the fair value of any non-controlling interests in the acquiree.

The acquisition method of accounting requires the recognition of assets acquired and liabilities assumed at their fair values as of the acquisition date. Goodwill is measured as the excess of consideration transferred over the acquisition date net fair values of the assets acquired and the liabilities assumed. The determination of the fair value requires the estimation of fair values based on non-observable inputs that are included in valuation models. An income approach, which generally relies upon projected cash flow models, is used in estimating the fair value of the acquired intangible assets. The fair value of acquired inventory is based on inventory cost and other assumptions. The cash flow projections are based on management's estimates of economic and market conditions including the estimated future cash flows from revenues of acquired assets, the timing and projection of costs and expenses and the related profit margins, tax rates, and an appropriate discount rate. Although the Group's fair value estimates are based upon assumptions believed to be reasonable, these estimates and assumptions are inherently uncertain and subject to refinement. As a result, during the measurement period of one year from the acquisition date, the Group may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon conclusion of the measurement period or final determination of fair values of the purchase price of an acquisition, whichever comes first, any subsequent adjustments are recorded in earnings on the income statement.

Acquisition-related expenses are recognized separately from the business combination and expensed as selling, general and administrative expenses in the consolidated statement of income (loss) as incurred.

#### Classification of assets held for sale
The Group classifies long-lived assets (or disposal groups) as held for sale when certain criteria are met, in accordance with ASC 360 "Property, Plant, and Equipment". These criteria include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Management is committed to a plan to sell the asset (or disposal group).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The asset (or disposal group) is available for immediate sale in its present condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • An active program to locate a buyer and other actions required to complete the plan to sell the asset (or disposal group) have been initiated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The sale of the asset (or disposal group) is considered probable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The sale is expected to be completed within one year from the date of classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Actions required to complete the plan indicate that it is unlikely that the plan will be significantly changed or withdrawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Upon classification as held for sale, the asset (or disposal group) is measured at the lower of its carrying amount or its fair value less costs to sell. An impairment loss is recognized for any initial write-down to fair value less costs to sell. Depreciation and amortization cease once an asset (or disposal group) is classified as held for sale.

Subsequent to initial classification, the asset (or disposal group) continues to be measured at the lower of its carrying amount or fair value less costs to sell. Any subsequent increases in fair value less costs to sell are recognized as a gain, but not in excess of any cumulative impairment loss previously recognized.

Assets classified as held for sale are presented separately on the consolidated balance sheets under current assets. Liabilities directly associated with assets held for sale are presented separately under current liabilities.

If the criteria for classification as held for sale are no longer met, the asset (or disposal group) is reclassified as held and used. Upon reclassification, the asset (or disposal group) is measured at the lower of its carrying amount before being classified as held for sale (adjusted for any depreciation, amortization, or impairment that would have been recognized had it not been classified as held for sale) or its fair value at the date of the subsequent decision not to sell.

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#### Functional and reporting currency
The reporting currency of the consolidated financial statements is the U.S. Dollars ("USD" or "$"). The functional currency of the Group's subsidiaries is the currency of the primary economic environment in which they operate. All amounts disclosed have been rounded to the nearest millions, unless otherwise stated.

#### Fair value measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance prioritizes the inputs used in measuring fair value into the following hierarchy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Level 3 measurements often involve significant management judgment or estimation, and include assets or liabilities valued using pricing models or discounted cash flow techniques.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

As of December 31, 2025 and 2024, the carrying amounts of the cash and cash equivalents, account receivables, account payables, and other liabilities approximated the estimated fair values. There were no financial assets or liabilities carried at fair value.

#### Accounts receivable and allowance for credit losses
Accounts receivable, less allowances on the consolidated balance sheets include amounts billed and currently due from customers and do not bear interest. The allowances for credit losses is assessed at least annually and reflect the Group's estimate of the amount of receivables that it will be unable to collect based on historical write-off experience reflecting the level of uncollected receivables over the contractual life of the receivables, adjusted for factors that are specific to the receivables, the industry in which the Group operates and the economic environment. Adjustments to the loss allowances are recognized in the consolidated statement of income (loss). Accounts receivables are written off when recoverability is assessed as being remote while subsequent recoveries of amounts previously written off are credited to the consolidated statement of income (loss).

#### Borrowings
Borrowings are recognized at the proceeds received at issuance, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost. Any difference between the proceeds and the redemption value is recognized in the consolidated statement of income (loss) over the period of the borrowings using the effective interest method. Those borrowings are also recorded on an amortized cost basis. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent that there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates.

Under ASC 470-50, any substantial modification of the terms of an existing financial liability, is accounted for as an extinguishment of the original financial liability and the recognition of a new financial

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liability. The difference between the carrying value of the financial liability extinguished and the consideration paid, in respect of the new liability, is recognized in the statement of income/(loss). If a modification is determined not to be substantial, then a new effective interest rate shall be determined based on the amended term of the financial liability.

For substantial modifications (extinguishments), fees paid directly to creditors are included in the calculation of the gain or loss on extinguishment of the original debt. Fees paid to third parties that are directly attributable to the issuance of the new debt are capitalized as part of the carrying amount of new debt, and amortized using the effective interest method over the term of the new debt. In addition to this, cash paid to creditors and third-party service providers in connection with a debt extinguishment is classified as a financing cash outflow, consistent with the treatment of costs incurred for the issuance of a new debt instrument.

For non-substantial modifications, fees paid to existing creditors are capitalized as an adjustment to the carrying amount of the modified debt and amortized as interest expense using the revised effective interest rate. Fees paid to third parties in connection with non-substantial modifications are expensed as incurred. Such expenses are recognized within Selling, general and administrative expenses in the consolidated statement of income (loss). For non-substantial modifications, cash paid to creditors is classified as a financing cash outflow, while cash paid to third-party advisors is classified as an operating cash outflow, consistent with the respective treatments of capitalized and expensed costs.

An embedded derivative is separated from its host contract and accounted for as a standalone derivative financial instrument pursuant to ASC 815. Accordingly, the Group has assessed if embedded derivatives should be separated from its host contract and accounted for as a derivative instrument based on whether all three ASC 815 criteria are met: (1) the economic characteristics and risks of the embedded derivative are not clearly and closely related to the economic characteristics and risks of the host contract, (2) the hybrid instrument is not remeasured at fair value under GAAP with changes in fair value reported in earnings as they occur, and (3) a separate instrument with the same terms as the embedded derivative would be a derivative instrument. The Group considers any call (put) options that can accelerate the settlement of debt instruments against the four step criteria prescribed by ASC 815 in the assessment of closely and clearly criteria noted above. The Group assessed its debt instruments for embedded derivatives that may require bifurcation from their host contracts and determined that no derivative require bifurcation.

#### Government grants
Government grants received for research and development expenditure credits are recorded in the consolidated statement of income (loss) in the period in which the grants are earned.

#### Management incentive plan
The cash-based Management Incentive Plan ("MIP") has been accounted for under ASC 710, "Compensation". The expected liability is charged to the income statement over the MIP service period. Refer to Note 18 — Management Incentive Plan in the Notes to the consolidated financial statements for additional information.

#### Employee benefits
The Group sponsors various employee benefit plans, including defined contribution plans and defined benefit plans, in accordance with local regulations and practices.

 *Defined contribution plans* 

The Group sponsors defined contribution plans for eligible employees. Under these plans, the Group makes contributions to individual employee accounts, typically based on a percentage of the employee's eligible compensation. The Group's contributions are expensed as incurred. Once the contributions have been made, the Group has no further legal or constructive obligation to pay further contributions. The Group's contributions to defined contribution plans are recognized as expense the Consolidated statements of Income (Loss) during the period in which the employee renders service.

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 *Defined benefit plans* 

The Group sponsors defined benefit pension plans for certain eligible employees. The accounting for these plans is performed in accordance with ASC 715, "Compensation — Retirement Benefits." The Group recognizes the funded status of its defined benefit pension plans (the difference between the fair value of plan assets and the projected benefit obligation) on its consolidated balance sheets. The funded status is measured as of December 31 of each year based on actuarial valuations carried out by independent qualified actuaries. Plan assets (if any) are measured at their fair values at the balance sheet date. Benefit obligations are measured using the projected unit credit method.

<u>Net Periodic Benefit Cost:</u> 

The net periodic benefit cost for defined benefit plans is recognized in the consolidated statements of income (loss) and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Service Cost: The actuarial present value of benefits attributed to employee service during the current period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Interest Cost: The increase in the projected benefit obligation due to the passage of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Expected Return on Plan Assets: The expected return on the fair value of plan assets, calculated using the expected long-term rate of return on plan assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Prior Service Cost/Credit: The cost of retroactive benefits granted in a plan amendment. Retroactive benefits are benefits granted in a plan amendment (or initiation) that are attributed by the benefit formula to employee services rendered in periods before the amendment. Prior service costs/credits are recognized in the income statement in the relevant period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Actuarial Gains and Losses: Recognized in the income statement in the relevant period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Plan Administration Expenses: Expenses incurred in administering the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Gains and Losses on Curtailments and Settlements: Recognized in the period in which the curtailment or settlement occurs.

Note 16 discloses where each component of net periodic benefit cost is recognized within the consolidated statements of income (expense).

<u>Actuarial Assumptions</u> 

The measurement of the projected benefit obligation and net periodic benefit cost is based on various actuarial assumptions, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Discount Rate: Determined by reference to market yields on high-quality corporate bonds at the balance sheet date, with maturities that correspond to the expected timing of benefit payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Expected Return on Plan Assets: Based on historical returns, current market conditions, and the expected future asset allocation of the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Mortality Rates: Based on published mortality tables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Rate of Compensation Increase: Reflects the Group's long-term view of salary increases.

<u>Plan Assets</u> 

Plan assets are held in trust and are measured at fair value. The fair value of plan assets is determined using quoted market prices when available. For assets without quoted market prices, fair value is determined using valuation techniques that consider observable inputs.

All benefit plans are invested in accordance with the Scheme's investment policy. The investment policy outlines the investment objectives, strategies and target asset allocations. The Investment Manager of the Scheme has control over the operation, funding and investment strategy of the Scheme and but works closely with the Group to agree funding and investment strategy.

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The investment philosophies for the Group's benefit plans support the allocation of assets to minimize risks and optimize net returns. Strategies used include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Increase the value of assets to equal or exceed the present value of the liabilities, while controlling volatility within asset allocation guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Grow the Plan funding level such that investment risk can be progressively reduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Provide sufficient liquidity to meet anticipated cash needs.

Strategic Asset Allocation —

The investment portfolio is split into Liability Matching Portfolio (48%), Return Seeking Portfolio (50%) and Liquidity Portfolio (2%).

Tactical Asset Allocation —

The Investment Manager will have discretionary authority to construct and manage the Liability Matching, Return Seeking and Liquidity portfolios based on the limits and restrictions as below —

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a)

Within the Liability Matching Assets, the following direct allocation limits will apply:

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| | | |
|:---|:---|:---|
| **Asset Class**  | **Minimum %**  | **Maximum %**  |
| US Treasury or Agency Bonds  | 0 | 80 |
| Short Duration Investment Grade Bonds  | 0 | 50 |
| Intermediate Duration Investment Grade Bonds  | 0 | 50 |
| Long Duration Investment Grade Bonds  | 20 | 100 |
| High Yield Bonds  | 0 | 30 |
| Cash  | 0 | 5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b)

Return Seeking Portfolio is designed to provide returns in excess of the performance of the underlying instruments over a 3-5 year horizon with the objective of improving the Plan's funding level. Within the Return Seeking Portfolio, the following direct asset allocation guidelines will be used:

---

| | | |
|:---|:---|:---|
| **Asset Class**  | **Minimum %**  | **Maximum %**  |
| Domestic Equity  | 20 | 60 |
| Foreign Equity  | 20 | 60 |
| High Yield / Convertible Bonds  | 0 | 20 |
| Emerging Market Bonds  | 0 | 20 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c)

The benchmark for the Liquidity Portfolio will consist of the following market index: 100% FTSE 3-Month T-Bill Index.

 *Other long-term employee benefit obligations* 

In some countries, the Group also has liabilities for long service leave and annual leave that are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. These obligations are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognized in in the consolidated statement of income (loss).

#### Equity
Ordinary shares are determined using the nominal value of shares that have been issued. Accumulated deficit includes all current and prior period results as disclosed in the consolidated statements of income

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(loss). The Group's equity consists of 112,936,894 ordinary share which are allotted, called up, and with nil par value as of December 31, 2025 and 2024.

See note 21 for further information.

#### Loss per share
Loss per share is computed by dividing net loss available to common shareholders by the weighted-average number of ordinary shares outstanding. There are no potential ordinary shares nor any dilutive instruments outstanding during the year ended December 31, 2025 and 2024.

#### Concentrations
The Group evaluates concentrations of risk in accordance with ASC 275-10 — "Risks and Uncertainties". A concentration exists when a single customer, supplier, geographic region, or other external factor accounts for a significant portion of revenues, receivables, or supply chain activity (typically >10%).

 *Customer and sales concentrations* 

The Group extends credit to customers based on their financial strength, payment history, and other relevant factors. A significant concentration of accounts receivable Group a limited number of customers could expose the Group to credit risk and potential collection issues. The Group has the following concentrations related to its accounts receivables and sales greater than 10% of their respective totals:

---

| | | |
|:---|:---|:---|
| **Year Ended December 31, 2025**  | **Accounts <br> receivables**  | **Sales**  |
| **Customer A**  | 17% | 22% |
| **Customer B**  | 16% | 16% |
| **Total**  | 33% | 38% |

---

---

| | | |
|:---|:---|:---|
| **Year Ended December 31, 2024**  | **Accounts <br> receivables**  | **Sales**  |
| **Customer A**  | 12% | 19% |
| **Customer B**  | 10% | 15% |
| **Total**  | 22% | 34% |

---

 *Other concentrations* 

As of December 31, 2025 and 2024, the Group has evaluated its supplier, and geographic exposures and determined that no additional concentrations exist.

#### Recently Issued Accounting Pronouncements
The following standards have been recently issued which could be applicable to the Group.

 *Accounting standards issued but not yet adopted* 

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance in this ASU enhances the transparency and decision functionality of income tax disclosures to provide investors information to better assess how an entity's operations and related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flow. The amendments in this ASU require public entities to disclose the following specific categories in the rate reconciliation by both percentages and reporting currency amounts: the effect of state and local income tax, net of federal (national) income tax, foreign tax effects, effects of changes in tax laws or rates enacted in the current period, effects of cross-border tax laws, tax credits, changes in valuation allowances, nontaxable or nondeductible items and changes

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in unrecognized tax benefits. The amendments in ASU 2023-09 also require public entities to provide additional information for reconciling items that meet the quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pre-tax income (loss) by the applicable statutory income tax rate). The ASU requires reporting entities to annually disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign localities. The amendments in this ASU should be applied on a prospective basis and retrospective application is permitted. For public business entities, ASU 2023-09 is effective for annual periods beginning after December 15, 2024, entities other than public business entities have an additional year to adopt the guidance. The Group will apply the amendments in this ASU for the first time in the annual period ending December 31, 2026, under the non-public business entities adoption time line available for emerging growth company, and currently assessing the impact of the adoption of ASU 2023-09 on the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03 Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The guidance in this ASU improves the disclosures about a public business entity's expense by requiring more detailed information about the types of expenses included within the income statement expense captions, such as: inventory purchases, employee compensation, depreciation and intangible asset amortization. This ASU does not change or remove current expense disclosure requirements, however, it does affect where this information appears in the notes to financial statements, as entities are required to include certain current disclosures in the same tabular format disclosure as the other disaggregation requirements in the amendments. For public business entities, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 is a requirement for additional disclosure. Additionally, in January 2025, the FASB issued ASU 2025-01 Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220- 40): Clarifying the Effective Date, which clarifies the effective date for non-calendar year-end entities. The Group will apply the amendments in this ASU for the first time in the annual period ending December 31, 2027, under the non-public business entities adoption time line available for emerging growth company, and currently assessing the impact of the adoption of ASU 2024-03 on the consolidated financial statements.

3. Revenue

The Group generates revenue in a diverse number of markets and geographical areas. The principal geographical areas are the United Kingdom, the Rest of Europe, the United States of America and the Rest of the World. The Group produces two product categories being Engine Products, which include turbine airfoils and structural components for the Aerospace market and Industrial Gas Turbine ("IGT") end markets, and turbocharger wheels for the Transportation end market. The Group is vertically integrated with the production of advanced superalloy materials, which are used to supply the Group's key end markets.

Revenue is disaggregated by diversified end-use markets and by geographical locations based on the location of the customers.

Information of the Group's overall revenue by geographic locations are as follows:

---

| | | |
|:---|:---|:---|
| **Geographic location**  | **Year ended <br> December 31, <br> 2025**  | **Year ended <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Rest of Europe  | 328 | 289 |
| United States of America  | 298 | 240 |
| Rest of the World  | 140 | 153 |
| United Kingdom  | 71 | 64 |
| **Total Net Sales**  | **837** | **746** |

---

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Information of the Group's overall revenue by end-use markets are as follows:

---

| | | |
|:---|:---|:---|
| **End-Use Market**  | **Year ended <br> December 31, <br> 2025**  | **Year ended <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Aerospace  | 291 | 267 |
| IGT  | 351 | 280 |
| Transportation  | 195 | 199 |
| **Total Net Sales**  | **837** | **746** |

---

The following table contains a roll forward of deferred revenue for the year ended December 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
| **Deferred revenue**  | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Beginning balance, January 1  | **4** | **3** |
| Revenue (cash) received in advance  | **13** | **3** |
| &nbsp;&nbsp;&nbsp; Less: revenue recognized  | (3) | (2) |
| Ending Balance  | **14** | **4** |

---

4. Segment reporting

Operating segments are defined as distinguishable components of the enterprise which are evident from internal organizational structure and for which separate financial information is evaluated regularly by the Group's Chief Operating Decision Maker ("CODM") in order to assess each segment's performance and to allocate resources to them. The CODM of the Group is the Chief Executive Officer.

The Group used the management approach to identify its reportable segments, as required by ASC 280. The management approach is based on the way the Group's management organizes and evaluates its operations and based on the way the Group's operations are managed and reported in its internal financial reporting system. The determination of the Group's operating segments is mainly based on a mix of geography and nature of products / services and have been identified as: Engine Products — North America, Engine Products — Europe and Turbo Wheels. The Group has concluded that their operating segments are consistent with their reportable segments.

 *Engine Products — North America* 

The Engine Products — North America segment comprises of the sites Groton, Oxford, Springfield, Unipol Mexico, DPC New England, and Long Beach. The segment manufactures complex, highly engineered precision cast components and superalloys which are primarily used in the Aerospace end market with some elements of IGT.

 *Engine Products — Europe* 

The Engine Products — Europe segment comprises of the sites Chard, Deritend, Bochum and Ross & Catherall. The segment manufactures complex, highly engineered precision cast components and superalloys which are primarily used in the IGT end market with some elements of Aerospace.

 *Turbo Wheels* 

Whilst the other two operating segments are formed based on geographical location of the sites, this segment is based on the market served, i.e. automotive. The Turbo Wheels segment manufactures turbocharger wheels and other precision components for commercial vehicle and passenger car turbo engines, focusing

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on enhancing engine efficiency and performance. Turbo Wheels segment comprises of the sites Trucast UK, Trucast US, Uni-Pol China, Uni-Pol India and Ivostud (all locations).

The measure of profit and loss that is used by the CODM to evaluate the performance of these operating segments is segment Adjusted EBITDA. The CODM uses segment Adjusted EBITDA when making decisions about capital and resource allocation and in performance assessment process.

Segment results includes any support function costs that are directly attributable to the relevant segment, and excludes any central support costs that are not directly attributable are shown as a reconciling item. Central costs are shown separately from the segments as these costs cannot be allocated to individual segments. Transactions between operating segments are accounted for under the same basis as other independent third -party transactions.

The following table provides segment revenue and segment performance measure by each reportable segment for the year ended December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As at December 31, 2025**  | **Engine <br> Products – <br> Europe**  | **Engine <br> Products – <br> North <br> America**  | **Turbo <br> Wheels**  | **Total**  |
| **3<sup>rd</sup> party Revenue – consolidated**  | **386** | **266** | **185** | **837** |
| Inter-segment sales  | 1 | 17 |  | 18 |
| **Gross segment Revenue**  | **387** | **283** | **185** | **855** |
| Adjusted Cost of Sales\*  | (277) | (208) | (154) |  |
| Adjusted Selling, general and administrative expenses\*  | (15) | (12) | (17) |  |
| Other segment items\*\*  | (10) | (12) | (2) |  |
| **Segment Adjusted EBITDA**  | **85** | **51** | **12** | **148** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As at December 31, 2024**  | **Engine <br> Products – <br> Europe**  | **Engine <br> Products – <br> North <br> America**  | **Turbo <br> Wheels**  | **Total**  |
| **3<sup>rd</sup> party Revenue – consolidated**  | **314** | **236** | **196** | **746** |
| Inter-segment sales  | 2 | 24 |  | 26 |
| **Gross segment Revenue**  | **316** | **260** | **196** | **772** |
| Adjusted Cost of Sales\*  | (244) | (197) | (162) |  |
| Adjusted Selling, general and administrative expenses\*  | (15) | (11) | (16) |  |
| Other segment items\*\*  | (5) | (10) | (8) |  |
| **Segment Adjusted EBITDA**  | **52** | **42** | **10** | **104** |

---

\*

Cost of sales and selling, general and administrative expenses have been adjusted to exclude depreciation and amortization, restructure and other reorganization costs, claims, settlements and litigation costs, long term management incentive plan. The adjusted cost of sales includes adjustments for inter-segment sales.

\*\*

Other segment items including research and development costs, corporate expenses recharges.

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The following table reconciles segment performance measure to loss before income tax for the year ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
| <br> **Total Segment Adjusted EBITDA**  | **$ millions** <br>**148** | **$ millions** <br>**104** |
| Unallocated corporate expenses  | (10) | (7) |
| Site closure and refinancing costs  | 1 | (7) |
| One-time costs related to the IPO  | (18) |  |
| Claims, settlements, litigation costs  | (2) | 2 |
| Long-term management incentive plan  | (87) | (29) |
| IT Development Project & others  | (5) |  |
| Loss on debt modification  |  | (9) |
| Impairment of disposal group held for sale  | 5 | (9) |
| Foreign currency gain/(loss), net  | 16 | 4 |
| Interest expense\*  | (222) | (203) |
| Interest income  | 2 | 1 |
| Depreciation and amortization  | (32) | (32) |
| **Loss before income tax**  | **(204)** | **(185)** |

---

\*

Interest expense includes Shareholder PIK interest of $148 million and $121 million for the year ended December 31, 2025 and 2024.

Additional data by segment for the year ended December 31, 2025 and 2024, is as follows:

---

| | | |
|:---|:---|:---|
| **Depreciation and Amortization**  | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ million**  | **$ million**  |
| Engine Products – Europe  | 14 | 14 |
| Engine Products – North America  | 10 | 8 |
| Turbo Wheels  | 6 | 7 |
| Unallocated  | 2 | 3 |
| **Consolidated depreciation and amortization**  | **32** | **32** |

---

---

| | | |
|:---|:---|:---|
| **Addition to long lived asset\***  | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ million**  | **$ million**  |
| Engine Products – Europe  | 18 | 16 |
| Engine Products – North America  | 12 | 14 |
| Turbo Wheels  | 1 | 6 |
| Unallocated  |  |  |
| **Consolidated long lived assets**  | **31** | **36** |

---

\*

Long lived assets include property, plant, and equipment, and right-of-use lease assets.

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---

| | | |
|:---|:---|:---|
| **Total Assets**  | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ million**  | **$ million**  |
| Engine Products – Europe  | 430 | 350 |
| Engine Products – North America  | 200 | 175 |
| Turbo Wheels  | 218 | 217 |
| Corporate  | 47 | 5 |
| **Consolidated assets**  | **895** | **747** |

---

#### Geographical Financial Information

---

| | | |
|:---|:---|:---|
| **Long-lived assets\***  | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ million**  | **$ million**  |
| Rest of Europe  | 49 | 39 |
| United States of America  | 96 | 90 |
| Rest of the World  | 17 | 24 |
| United Kingdom  | 74 | 68 |
| **Consolidated long-lived assets**  | **236** | **221** |

---

\*

Long lived assets include property, plant, and equipment, and right-of-use lease assets.

5. Income taxes

The components of loss before income taxes for the years ended December 31, 2025 and 2024, are as follows:

---

| | | |
|:---|:---|:---|
| **Income (loss) before income taxes**  | **Year Ended <br> December 31, <br> 2025**  | **Year Ended <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| United Kingdom  | (215) | (161) |
| United States  | (4) | (18) |
| Other countries  | 15 | (6) |
| **Total** | **(204)** | **(185)** |

---

The components of income tax expense (benefit) / expense for the years ended December 31, 2025 and 2024, are as follows:

---

| | | |
|:---|:---|:---|
| **Current tax**  | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| United Kingdom  | 3 |  |
| United States  | 4 | 6 |
| Other Countries  | 2 | 6 |
| **Total current tax expense**  | **9** | **12** |
| **Deferred tax** |  |  |
| United Kingdom  | (33) | (1) |
| United States  | (3) | (3) |
| Other Countries  | (4) |  |
| **Total deferred tax (benefit)**  | **(40)** | **(4)** |
| **Total income tax (benefit) / expense**  | **(31)** | **8** |

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A reconciliation of the reported income tax (benefit) / expense and the amount computed by applying the UK statutory income tax rate of 25% (25% in 2024), the income tax rate in our country of tax domicile, to the loss before income taxes for year ended December 31, 2025 and 2024, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended <br> December 31, <br> 2025**  | **Year Ended <br> December 31, <br> 2025**  | **Year Ended <br> December 31, <br> 2024**  | **Year Ended <br> December 31, <br> 2024**  |
| | **$ million**  | **%**  | **$ million**  | **%**  |
| **Loss before income tax**  | **(204)** |  | **(185)** |  |
| Computed tax at statutory income tax rate  | (51) | 25.0% | (46) | 24.9% |
| Tax effect of: |  |  |  |  |
| Other expenses not deducted for income tax purposes  | 12 | (5.9)% | 28 | (15.1)% |
| Overseas taxation  | 8 | (3.9)% | 6 | (3.2)% |
| Interest not deducted for income tax purposes  |  |  | 1 | (0.5)% |
| Adjustments in respect of prior periods  | 3 | (1.5)% | (3) | 1.6% |
| Changes in valuation allowance  | (6) | 2.9% | 15 | (8.1)% |
| Changes in unrecognized tax benefits  | 3 | (1.5)% | 7 | (3.8)% |
| **Total income tax (benefit) / expense**  | **(31)** | **15.2%** | **8** | **(4.3)%** |

---

There are no effects of changes in tax law or rates enacted in the periods, effects of cross-border tax laws, or tax credits, which are material for separate disclosure.

The components of deferred income tax assets (liabilities) are as follows:

---

| | | |
|:---|:---|:---|
| | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| **Deferred tax assets:** |  |  |
| Other intangible assets  | 5 | 5 |
| Property, plant and equipment  |  | 2 |
| Operating lease liabilities  | 5 | 5 |
| Accrued expenses  | 5 | 9 |
| Pension liabilities  | 3 | 6 |
| Management incentive plan  | 24 | 10 |
| Others  | 6 | 1 |
| Operating loss and tax credit carryforwards  | 91 | 65 |
| &nbsp;&nbsp;&nbsp; **Total deferred tax assets**  | **139** | **103** |
| &nbsp;&nbsp;&nbsp; Less: valuation allowance  | (40) | (42) |
| &nbsp;&nbsp;&nbsp; **Total deferred tax assets, net of valuation allowance**  | **99** | **61** |
| **Deferred tax liabilities:** |  |  |
| Other intangible assets  | (25) | (26) |
| Property, plant and equipment  | (23) | (20) |
| Accrued expenses  |  | (4) |
| Right of use assets  | (5) | (5) |
| Others  | (2) | (3) |
| **Total deferred tax liability**  | **(55)** | **(58)** |
| **Total net deferred tax asset**  | **44** | **3** |

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As of December 31, 2025, the Group has UK non-trading tax loss carryforwards of $219 million (2024: $89 million), UK capital loss carryforwards of $35 million (2024: $39 million), UK R&D carryforwards of $0.4 million (2024: $2 million) and $105 million of tax loss carryforwards related to Germany (2024:$64 million). All of the UK and German carryforwards do not expire. As of December 31, 2025 the Group also has UK interest carryforwards of $110 million (2024:$86 million), which do not expire, and interest carryforwards in Germany of $74 million (2024: $67 million) which do not expire.

$23.8 million deferred tax asset has been recognized in the period in relation to historic losses in the UK due to the implementation of restructuring which has resulted in additional taxable income against which the losses can be offset.

A valuation allowance has been provided where it is more likely than not that the deferred tax assets will not be realized. The following table presents the changes in the carrying amount of the valuation allowance for year ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Beginning balance  | 42 | 60 |
| Additions recognized in income  | 28 | 15 |
| Reductions recognized in income  | (34) |  |
| Translation Adjustments  | 3 | (2) |
| Deferred tax assets written off  |  | (19) |
| Assets held for sale  | 1 | (12) |
| **Net change in the valuation allowance**  | **(2)** | **(18)** |
| **Ending balance**  | **40** | **42** |

---

The Group has recorded deferred tax liabilities of $1 million (2024: $3 million) for investments in foreign subsidiaries in jurisdictions where foreign earnings are not indefinitely reinvested.

The Group conducts operations globally, and, as part of our global business, files numerous tax returns. The Group is routinely examined by various taxing authorities. The Group's global tax positions are reviewed by management on a regular basis. Based on these reviews, the results of discussions and resolutions of matters with certain tax authorities, tax rulings and court decisions and the expiration of statute of limitations, unrecognized tax benefits are adjusted as necessary.

The tax years that remain subject to examination by tax authorities as of December 31, 2025, are the financial years ending March 31, 2018 onwards in India; the years ended December 31, 2018 onwards for Germany; the years ended December 31, 2023 onwards in the United Kingdom; and the year ended December 31, 2022 onwards in the United States.

The following table provides a reconciliation of the total amounts of unrecognized tax benefits:

---

| | | |
|:---|:---|:---|
| | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| **Balance at beginning of year**  | 30 | 24 |
| Gross increases related to prior period positions  | 1 |  |
| Gross increases related to tax positions taken in the current year  | 2 | 9 |
| Gross decreases related to expiration of statute of limitations  | (2) | (1) |
| Gross decreases related to prior period positions  | (5) |  |
| Foreign exchange  | 2 | (2) |
| **Balance at end of year**  | **28** | **30** |

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As of December 31, 2025, there are $28.2 million of unrecognized tax benefits that would favorably impact the effective tax rate if recognized. As of December 31, 2024, there are $30.3 million of unrecognized tax benefits that would favorably impact the effective tax rate if recognized.

The Group recognizes penalties associated with income taxes in income tax expense (benefit), and interest within its interest expense in the consolidated statement of income (loss). The Group had accrued interest and penalties relating to unrecognized tax benefits of $8.0 million and $8.6 million for the year ended December 31, 2025 and 2024 respectively. The Group had recorded $0.2m and $0.6m of interest and $0.8m and $0.6m of penalties to the consolidated statement of income/(loss) for the year ended December 31, 2025, and 2024 respectively.

6. Loss per share (basic and diluted)

Basic earnings per share is computed by dividing net income available to shareholders for the period by the weighted average number of ordinary shares outstanding for the period. As the Group has no outstanding instruments that could result in the issuance of additional ordinary shares, there are no potential ordinary shares. Therefore, diluted loss per share is equal to basic loss per share. The computation of net loss per share for the years ended December 31, 2025 and 2024 respectively was as follows:

---

| | | |
|:---|:---|:---|
| | **Year ended <br> December 31, <br> 2025**  | **Year ended <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Net loss  | (173) | (193) |
|  Weighted average number of ordinary shares outstanding (basic and diluted)  | 112936894 | 112936894 |
| Net loss per share (basic and diluted)  | (1.53) | (1.71) |

---

See also note 21 for further information on the calculation of loss per share.

7. Accounts receivable, Net

---

| | | |
|:---|:---|:---|
| | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Accounts receivables  | 156 | 119 |
| Less: Allowances  | 0 | 0 |
| **Accounts Receivable, Net**  | **156** | **119** |

---

The Group has applied the current expected credit loss model to the balance and determined that a provision of $0 million and $0 million were required for the years ended December 31, 2025 and 2024 respectively

8. Inventories

Inventories consisted of the following components at December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Raw materials and supplies  | 52 | 50 |
| Work in process  | 91 | 71 |
| Finished products  | 30 | 26 |
| Right of return assets  | 13 | 6 |
| Subtotal  | **186** | **153** |
| Less: Allowance for excess and obsolete inventory  | (5) | (7) |
| **Total Inventories, net**  | **181** | **146** |

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The expenses related to excess and obsolete inventory impairment were $3 million and $6 million for the year ended December 31, 2025 and December 31, 2024 respectively, and these are included in "Cost of sales" in the Group's consolidated statements of income (loss).

9. Property, Plant and Equipment

Property, Plant and Equipment consisted of the following components as at December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Land and Buildings  | 112 | 103 |
| Plant, machinery and equipment  | 193 | 161 |
| Construction in progress  | 32 | 40 |
| Subtotal  | **337** | **304** |
| Less: accumulated depreciation  | (116) | (99) |
| &nbsp;&nbsp;&nbsp; **Total Property, Plant and Equipment, net**  | **221** | **205** |

---

Depreciation was $23 million and $22 million for the year ended December 31, 2025 and 2024 respectively, and is included in cost of sales and selling, general, and administrative expense, in the Group's consolidated statements of income (loss).

10. Goodwill

Goodwill is not amortized but instead is tested at least annually for impairment as of December 31, or more frequently if events or circumstances indicate that the carrying amount of goodwill may be impaired by performing a multi-step impairment test. As of December 31, 2025, the Group has seven reporting units with goodwill recorded.

---

| | | | |
|:---|:---|:---|:---|
| **Reporting Unit**  | **Operating segment**  | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  |  | **$ millions**  | **$ millions**  |
| Ross & Catherall  | Engine Products – Europe  | 19 | 17 |
| DPC Bochum  | Engine Products – Europe  | 18 | 15 |
| Groton  | Engine Products – North America  | 6 | 6 |
| Long Beach  | Engine Products – North America  | 7 | 7 |
| Oxford  | Engine Products – North America  | 0 | 0 |
| Unipol Mexico  | Engine Products – North America  |  |  |
| Turbo Wheels  | Turbo Wheels  | 28 | 28 |
| **Total Goodwill**  |  | **78** | **73** |

---

During the year ended December 31, 2024, the Group reorganized its reporting units. The Trucast UK, Trucast US, Uni-Pol China, and Uni-Pol India reporting units, which were separate reporting units in the prior year, were aggregated into a single "Turbo Wheels" reporting unit. This change reflects how management manage and monitor the operations of these businesses year ended December 31, 2024. The goodwill previously allocated to Trucast UK ($6 million), Trucast US ($4 million), Uni-Pol China ($8 million), and Uni-Pol India ($9 million) has been reallocated to the new Turbo Wheels reporting unit.

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[**TABLE OF CONTENTS**](#TOC2)

The changes in the carrying amount of goodwill by reporting units during the year ended December 31, 2024 and 2025 are as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Legacy Reporting Units**  | **Legacy Reporting Units**  | **Legacy Reporting Units**  | **Legacy Reporting Units**  | **Reporting Units**  | **Reporting Units**  | **Reporting Units**  | **Reporting Units**  | **Reporting Units**  | **Reporting Units**  | **Reporting Units**  | **Reporting Units**  |
| **Reporting Unit**  | **Trucast <br> UK**  | **Trucast <br> US**  | **Uni-Pol <br> China**  | **Uni-Pol <br> India**  | **Turbo <br> Wheels**  | **Long <br> Beach**  | **Ross & <br> Catherall**  | **DPC <br> Bochum**  | **Groton**  | **Unipol <br> Mexico**  | **Oxford**  | **Total**  |
| Balance as of January 1, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross goodwill  | 6 | 4 | 8 | 9 |  | 7 | 18 | 16 | 6 | 9 | 0 | **83** |
| Transfers  | (6) | (4) | (8) | (9) | 27 |  |  |  |  |  |  |  |
| Accumulated Impairment Losses  |  |  |  |  |  |  |  |  |  | (9) |  | (9) |
| Impairment Losses  |  |  |  |  |  |  |  |  |  |  |  | **—** |
| Exchange difference  |  |  |  |  | 1 |  | (1) | (1) |  |  |  | (1) |
| Balance as of December 31, 2024  |  |  |  |  | 28 | 7 | 17 | 15 | 6 |  | 0 | **73** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reporting Unit**  | **Turbo <br> Wheels**  | **Long <br> Beach**  | **Ross & <br> Catherall**  | **DPC <br> Bochum**  | **Groton**  | **Unipol <br> Mexico**  | **Oxford**  | **Total**  |
| **Balance as of January 1, 2025** |  |  |  |  |  |  |  |  |
| Gross goodwill  | **27** | **7** | **18** | **16** | **6** | **9** | **0** | **83** |
| Accumulated Impairment Losses  |  |  |  |  |  | (9) |  | (9) |
| Impairment Losses  |  |  |  |  |  |  |  | **—** |
| Exchange difference  | 1 |  | 1 | 2 |  |  |  | **4** |
| **Balance as of December 31, 2025**  | **28** | **7** | **19** | **18** | **6** | **—** | **0** | **78** |

---

During the year ended December 31, 2025 and 2024, the fair value for the Group's reporting units was estimated using an income approach by projecting discounted cash flows of the reporting units. When preparing the quantitative impairment test, potential impairment is identified by comparing the fair value of a reporting unit to its carrying value. If the carrying value of the reporting unit exceeds its fair value, any impairment loss is measured by the difference between the carrying value of the reporting unit and its fair value, not to exceed the carrying amount of goodwill. The determination of the fair value of a reporting unit requires significant estimates and assumptions, including significant unobservable inputs. The key inputs included, but were not limited to, discount rates, terminal growth rates, management's internal forecasts which include numerous assumptions such as projected net sales, gross profit, sales mix, operating and capital expenditures and earnings before interest and taxes, among others. No impairment resulted from the quantitative annual goodwill impairment test as the reporting units had excess of fair value over carrying value.

11. Other intangible assets, Net

Other intangible assets, net consisted of the following as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2025**  | **Useful life (in Years)**  | **Gross <br> Carrying <br> Amount**  | **Accumulated <br> Amortization**  | **Net <br> Carrying <br> Amount**  |
|  |  | **$ millions**  | **$ millions**  | **$ millions**  |
| Software  | 3 – 5 years  | 9 | (7) | 2 |
| Customer Relationships  | 10 – 20 years  | 66 | (23) | 43 |
| Customer Contracts  | 10 – 20 years  | 61 | (19) | 42 |
| Brands  | 25 years  | 13 | (4) | 9 |
| Total other intangibles, Net  |  | **149** | (53) | **96** |

---

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[**TABLE OF CONTENTS**](#TOC2)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024**  | **Useful life (in Years)**  | **Gross <br> Carrying <br> Amount**  | **Accumulated <br> Amortization**  | **Net <br> Carrying <br> Amount**  |
|  |  | **$ millions**  | **$ millions**  | **$ millions**  |
| Software  | 3 – 5 years  | 9 | (6) | 3 |
| Customer Relationships  | 10 – 20 years  | 62 | (18) | 44 |
| Customer Contracts  | 10 – 20 years  | 57 | (15) | 42 |
| Brands  | 25 years  | 13 | (4) | 9 |
| Total other intangibles, Net  |  | **141** | (43) | **98** |

---

The Group does not have any indefinite-lived intangible assets other than Goodwill.

The Group recorded amortization expense of $9 million and $10 million during fiscal year 2025 and 2024 respectively related to intangible assets. The estimated annual amortization expense related to intangible assets for each of the succeeding five fiscal years is $8 million in fiscal year 2027, $8 million in 2028, and $23 million in fiscal years 2029, 2030 and 2031.

12. Leases

The Group's leases comprise office premises, vehicles and machinery. The tables below present financial information associated with the lease balances and related expenses for the year ended December 31, 2025 and 2024.

Variable lease payments that do not depend on an index or a rate, are not included in the operating lease right-of-use asset or operating lease liability balances and are recognized in the period in which the expenses are incurred. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain they will be exercised or not, respectively. Options to extend lease terms that are reasonably certain of exercise are recognized as part of the operating lease right-of-use asset and operating lease liability balances.

---

| | | | |
|:---|:---|:---|:---|
| | **Classification**  | **As of December 31, <br> 2025**  | **As of December 31, <br> 2024**  |
|  |  | **$ millions**  | **$ millions**  |
| **Assets** | | | |
| Operating lease assets  | Right-of-use assets | 15 | 16 |
| **Total lease assets**  |  | **15** | **16** |
| **Liabilities** |  |  |  |
| **Current**  | Operating lease liabilities  | (2) | (1) |
| **Non-Current**  | Operating lease liabilities  | (14) | (15) |
| **Total lease liabilities**  |  | **(16)** | **(16)** |

---

The Group recorded operating lease costs of $3 million and $3 million for the years ended December 31, 2025 and 2024, respectively. Variable lease costs were $0 million and $0 million, and short-term lease costs were $0 million and $0 million for the years ended December 31, 2025 and 2024, respectively.

---

| | | |
|:---|:---|:---|
| | **Year Ended <br> December 31, <br> 2025**  | **Year Ended <br> December 31, <br> 2024**  |
| **Weighted-average remaining lease term (years)**  | **7.3** | **8.1** |
| **Weighted-average discount rate**  | **13.0%** | **12.6%** |

---

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[**TABLE OF CONTENTS**](#TOC2)

---

| | | |
|:---|:---|:---|
| **Maturity of lease liabilities as of December 31, 2025 and 2024**  | **Year Ended <br> December 31, <br> 2025**  | **Year Ended <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Due within 1 year  | 4 | 3 |
| Due within 2 years  | 3 | 3 |
| Due within 3 years  | 3 | 3 |
| Due within 4 years  | 3 | 3 |
| Due within 5 years  | 3 | 3 |
| Thereafter  | 7 | 10 |
| Total  | 23 | 25 |
| Less amount representing interest  | (7) | (9) |
| **Present value of lease liabilities**  | **16** | **16** |

---

During the year ended December 31, 2025 and December 31, 2024, the Group has made payment of $4 million and $4 million respectively in relation to the operating lease liabilities, it is recorded as part of the cashflows from operating activities.

13. Borrowings

Borrowings, net of unamortized original issue premiums and unamortized debt issuance costs, consists of the following:

As of December 31, 2025 and 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **2025**  | **2025**  | **2025**  | **2024**  | **2024**  | **2024**  |
| **Currency**  | **Category**  | **Floating <br> rate**  | **Fixed rate**  | **Total**  | **Floating <br> rate**  | **Fixed rate**  | **Total**  |
|  |  | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  |
| US$  | Term Loan | 517 |  | **517** | 470 |  | **470** |
| Multi-currency  | Shareholder PIK Loan  |  | 878 | **878** |  | 728 | **728** |
| Multi-currency  | Revolving credit facility  | 1 |  | **1** | 40 |  | **40** |
| Multi-currency  | Other loans | 11 | 27 | **38** | 20 | 29 | **49** |
| Total  |  | **529** | **905** | **1434** | **530** | **757** | **1287** |
| Current  |  | **14** | **140** | **154** | **20** | **12** | **32** |
| Non-current  |  | **515** | **765** | **1280** | **510** | **745** | **1255** |

---

Future principal repayments of the Group's borrowings are as follows as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended December 31, 2025**  | **Term loan**  | **PIK Loan**  | **Revolving <br> credit <br> facility**  | **Other loans**  |
|  | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  |
| &nbsp;&nbsp;&nbsp; 2026  |  | 131 |  | 23 |
| &nbsp;&nbsp;&nbsp; 2027  |  |  | 1 | 6 |
| &nbsp;&nbsp;&nbsp; 2028  |  | 747 |  | 5 |
| &nbsp;&nbsp;&nbsp; 2029  |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp; 2030  | 517 |  |  | 2 |
| &nbsp;&nbsp;&nbsp; Thereafter  |  |  |  |  |
| Total before unamortized discount and issuance costs  | 517 | 878 | 1 | 38 |
| &nbsp;&nbsp;&nbsp; Less: unamortized discount and issuance costs  |  |  |  |  |
| Total borrowings  | 517 | 878 | 1 | 38 |

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[**TABLE OF CONTENTS**](#TOC2)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended December 31, 2024**  | **Term loan**  | **PIK Loan**  | **Revolving <br> credit <br> facility**  | **Other loans**  |
|  | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  |
| &nbsp;&nbsp;&nbsp; 2025  | 1 |  |  | 31 |
| &nbsp;&nbsp;&nbsp; 2026  | 1 |  |  | 7 |
| &nbsp;&nbsp;&nbsp; 2027  |  |  | 40 | 6 |
| &nbsp;&nbsp;&nbsp; 2028  |  | 728 |  | 4 |
| &nbsp;&nbsp;&nbsp; 2029  |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp; Thereafter  | 468 |  |  |  |
| Total before unamortized discount and issuance costs  | 470 | 728 | 40 | 49 |
| &nbsp;&nbsp;&nbsp; Less: unamortized discount and issuance costs  |  |  |  |  |
| Total borrowings  | 470 | 728 | 40 | 49 |

---

The following table presents the total interest expense related to the Group's borrowings during the year ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **Year Ended <br> December 31, <br> 2025**  | **Year Ended <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Contractual interest expense  | 222 | 203 |
| Amortization of debt issuance costs  |  |  |
| Total interest expense  | 222 | 203 |

---

 *Term Loan* 

On April 23, 2024 the Group entered into a senior secured term note loan facility (the "Term Loan Agreement") with a syndicate of financial institutions. The Term Loan Agreement provides for a six-year term loan facility, maturing in April 2030.

The proceeds from the Term Loan Agreement were primarily utilized to refinance existing indebtedness, and to provide increased levels of liquidity to the Group.

Interest on the outstanding principal balance of the term loan is payable quarterly and accrues at a variable rate based on Secured Overnight Financing Rate "SOFR" plus a 6.5% margin.

The Term Loan Agreement is secured by the Group's property, plant and equipment. subject to certain exclusions. The obligations under the Term Loan Agreement are guaranteed by certain of the Group's wholly owned subsidiaries.

The Term Loan Agreement contains customary affirmative and negative covenants, including, but not limited to, restrictions on the Group's ability to incur additional indebtedness, create liens, make investments, pay dividends or other distributions, and engage in certain merger or acquisition transactions. The agreement also includes financial covenants, under which the Group's net debt cannot exceed a certain multiple of the adjusted measure of EBITDA, which is tested quarterly. As of the reporting date the Group was in compliance with all applicable covenants.

The principal amount of the term loan is repayable in quarterly instalments, with the remaining unpaid principal balance due at maturity. The Group may, at its option, prepay the term loan in whole or in part, subject to certain conditions and, in some cases, prepayment premiums.

On April 25, 2025, the Group drew down an additional $50 million on the term loan facility on the same terms. The proceeds were primarily utilized to repay amounts owed on the ABL facility.

Additionally, the Term Loan Agreement also provided the Group a committed revolving credit facility of $50 million, which expires on the same date as the loan. The interest rate on the revolving credit facility

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[**TABLE OF CONTENTS**](#TOC2)

is the same as for the existing term loan. In conjunction with the draw down of the term loan facility, the limit of the committed revolving credit facility increased to $75 million. At December 31, 2025 and 2024, there were no borrowings under the committed revolving credit facility, and the entire committed amount was available for borrowing.

As of December 31, 2025, the effective interest rate on the Term Loan was 10.8%. (December 31, 2024: 11.6%)

Prior to the refinancing on 23 April 2024 the loan was denominated in Sterling, US Dollar and Euro tranches. The Sterling term loan bore interest at SONIA plus a credit adjustment spread, which was 12.1% at December 31, 2023. The US dollar term loan bore interest at SOFR plus a credit adjustment spread, which was 12.07% at December 31, 2023. The 1st lien EURO term loan bore interest at EURIBOR (provided that such rate shall not be less than 0 % per annum with respect to any term loan) plus 6.0% at December 31, 2023.

 *Shareholder PIK loan* 

On 6 March 2020 the Group entered into a Payment in Kind — Shareholder PIK loan facility with a syndicate of financial institutions. The proceeds from the Shareholder PIK Loan Agreement were utilized to refinance existing indebtedness.

The Shareholder PIK facility term loan bears interest at a fixed rate of 14% per annum (13.5% payment-in-kind interest that rolls up with the principal debt amount and 0.5% cash payment interest). Interest is calculated quarterly and becomes part of the loan principal under the payment-in-kind arrangement. For the year ended December 31, 2025 and 2024, $148 million and $121 million, respectively, of interest expense has been incurred for such Shareholder PIK loan.

The principal amount of the Shareholder PIK Loan is repayable in one instalment due at maturity. The Group may, at its option, prepay the term loan in whole or in part, subject to certain conditions. On 23 April 2024 a partial Shareholder PIK repayment of $50 million was made using part of the proceeds from the enlarged term loan facility.

The original maturity of the facility was 31 March 2025, and the Group has amended the term of the Shareholder PIK loan during 2024 and the maturity was extended to March 2028. The Group evaluated this amendment and considered whether it is a substantial modification. This evaluation included comparing the net present value of cash flows of the amended debt to the original debt to determine if changes greater than 10 percent occurred. The Group concluded that it was a substantial modification and applied the extinguishment accounting, resulting a loss of debt modification of $9 million in the year ended December 31, 2024.

As of December 31, 2025, the effective interest rate on the Shareholder PIK Loan was 14.0%. (December 31, 2024: 14.0%). Please also refer to subsequent event disclosure (note 20) for information on the forgiveness of the outstanding principal balance of the PIK Loan, which became effective on March 19, 2026.

 *Revolving credit facility* 

On 6 March 2020 the Group entered into a senior secured asset backed lending facility (the "ABL") with Wells Fargo. The ABL provides for a maximum borrowing capacity of up to £90.0 million and expires in July 2027.

The ABL is primarily intended to provide liquidity for the Group's working capital needs.

Interest on outstanding borrowings under the ABL is payable monthly and accrues at a variable rate based on SONIA/SOFR/EURIBOR plus 3.0%, being 3.0% at December 31, 2025

In addition to interest, the Group pays a commitment fee of 0.9% per annum on the unused portion of the facility.

The ABL is secured by the Group's accounts receivable and inventory subject to certain exclusions. The obligations under the ABL are guaranteed by certain of the Group's wholly owned subsidiaries.

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The ABL contains customary affirmative and negative covenants, including, but not limited to, restrictions on the Group's ability to incur additional indebtedness, create liens, make investments, pay dividends or other distributions, and engage in certain merger or acquisition transactions.

As of December 31, 2025, the Group had £1 million outstanding under the ABL, resulting in £78.4 million being available for future borrowings. As of December 31, 2024, the Group had £31.7 million outstanding under the ABL, resulting in £39.9 million being available for future borrowings.

As of December 31, 2025, the effective interest rates on the ABL were ranged from 5.3% – 7.3%. (December 31, 2024: 6.5% – 8.1%)

 *Other loans* 

Other loans consist of a number of working capital and term loan facilities in India and China and some equipment financing in the United States and the United Kingdom.

As of December 31, 2025, the range of effective interest rates on the Other Loans ranged from 4.8% to 11.2%. (December 31, 2024: 4.8% to 11.2%)

14. Prepayments and other current assets

---

| | | |
|:---|:---|:---|
| | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Prepayments  | 13 | 12 |
| Income taxes refundable  | 3 | 2 |
| Other receivables  | 25 | 13 |
| Cloud computing arrangements – current  | 1 | 1 |
| **Total Prepayments and other current assets**  | **42** | **28** |

---

Other receivables represent receivable of research and development expenditure credits, other sundry debtors and other financial assets.

#### Cloud Computing Agreement
The Group is a party to certain cloud computing arrangements in relation to their Enterprise Resource Planning (ERP) system. The Group amortize the capitalized costs for cloud computing arrangements on a straight-line basis and the amortization period is 7.6 years. The amortization expenses for the year ended December 31, 2025 was $0.9 million and was recorded under selling, general and administrative expenses in the consolidated statements of income (loss).

---

| | | |
|:---|:---|:---|
| | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Implementation costs capitalized  | 10 | 8 |
| Accumulated amortization  | 1 | 0 |
| Total  | 9 | 8 |
| Current  | 1 | 1 |
| Non-Current  | 8 | 7 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

15. Accrued expenses and other current liabilities

---

| | | |
|:---|:---|:---|
| | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Accruals and deferred income  | 75 | 35 |
| Social security and sundry taxes  | 15 | 8 |
| Other payables and provisions  |  | 6 |
| Income taxes payable  | 9 | 1 |
| Refund liability  | 17 | 8 |
| Total Accrued Expenses and other current liabilities  | **116** | **58** |

---

16. Pensions and Other Postretirement Benefits

#### United Kingdom
In the United Kingdom, most employees are covered by either defined benefit or defined contribution pension plans. The defined contribution plan complies with the UK Government's auto enrolment legislation and applies to the vast majority of employees. There has been minimal 'opt out' by employees. Since 1993, all new entrants join defined contribution plans with all contributions being invested with a financial institution.

As of December 31, 2025 and 2024, the company's legacy defined benefit pension plans, comprising the Triplex and Doncasters schemes, have been entirely de-risked and fully bought out by insurance companies, with all associated liabilities transferred. As a result, the Group has no remaining defined benefit obligation. The remaining UK pension assets held by the Group as of December 31, 2025 and 2024 include only cash, which is stated at market value.

#### United States
In the United States, pension benefits are provided to employees by either defined benefit or defined contribution pension plans. The Group operates defined benefit plans across a number of its sites. Benefits in respect of these plans are based primarily on either years of service and employees' average pay or a stated amount for each year of service. Pension costs are calculated and funded based on annual actuarial estimates, except that funding is subject to limitations under applicable tax regulations. Plan assets consist primarily of cash, equity, and fixed income securities.

The Group provides unfunded health care and life insurance benefits to retired US employees. Accrued obligations are recognized on the balance sheet, using accrual accounting and actuarial methods. No assets are set aside for these obligations. Plan amendments and experience gains/losses are recognized immediately in consolidated statement of income/(loss) in accordance with ASC 715 requirements.

#### Germany
In Germany, pension benefits are provided to employees through defined benefit plans. The Group operates defined benefit plans across a number of its sites. Benefits in respect of these plans are based primarily on either years of service and employees' average pay or a stated amount for each year of service. Pension costs are calculated and funded based on annual actuarial estimates, except that funding is subject to limitations under applicable tax regulations. These pension plans are principally unfunded.

The Group also offers an early retirement program, ATZ (Altersteilzeit), which provides certain employees bonus payments for a reduction in working hours. The ATZ plan had a net liability of $2 million and $1 million as of December 31, 2025 and December 31, 2024 respectively.

The vested benefit obligation for a defined-benefit pension or other retirement plan is the actuarial present value of the vested benefits to which the employee is currently entitled based on the employee's expected date of separation or retirement.

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The following provides a reconciliation of benefit obligations, plan assets and funded status of the funded plans:

---

| | | | |
|:---|:---|:---|:---|
| **As of December 31, 2025 <br> Funded plans**  | **Funded pension plans**  | **Funded pension plans**  | **Funded pension plans**  |
| **As of December 31, 2025 <br> Funded plans**  | **$ millions**  | **$ millions**  | **$ millions**  |
| **As of December 31, 2025 <br> Funded plans**  | **UK**  | **US**  | **Total**  |
| **Change in projected benefit obligation:** |  |  |  |
| Projected benefit obligation at beginning of year  | **—** | (19) | (19) |
| Service Cost  | **—** | **—** |  |
| Interest Cost  | **—** | (1) | (1) |
| Amendments  | **—** | **—** | **—** |
| Actuarial gains and (losses)  | **—** | (1) | (1) |
| Settlements  | **—** | **—** | **—** |
| Participant contributions  | **—** | **—** | **—** |
| Benefits paid  | **—** | 2 | 2 |
| Currency translation and others  | **—** | 1 | 1 |
| Projected benefit obligation at end of year  | **—** | (18) | (18) |
| **Change in plan assets:** |  |  |  |
| Fair value of plan assets at beginning of year  | **1** | **11** | 12 |
| Actual return on plan assets  | **—** | 1 | 1 |
| Administrative expenses  | **—** | **—** | **—** |
| Settlements  | **—** | **—** | **—** |
| Contributions by the employer  | **—** | 1 | 1 |
| Participant contributions  | **—** | **—** | **—** |
| Benefits paid  | **—** | (2) | (2) |
| Foreign currency exchange rate changes  | **—** |  |  |
| Fair value of plan assets at the end of year  | **1** | **11** | **12** |
| **Funded Status of the plans**  | **1** | **(7)** | **(6)** |
| **Amounts recognized in the consolidated balance sheets** |  |  |  |
| Pension and other non-current assets  | 1 |  | **1** |
| Pension liabilities – non-current  |  | (7) | (7) |
| **Funded Status of the plans**  | **1** | **(7)** | **(6)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **As of December 31 2024 <br> Funded plans**  | **Funded pension plans**  | **Funded pension plans**  | **Funded pension plans**  |
| **As of December 31 2024 <br> Funded plans**  | **$ millions**  | **$ millions**  | **$ millions**  |
| **As of December 31 2024 <br> Funded plans**  | **UK**  | **US**  | **Total**  |
| **Change in projected benefit obligation:** |  |  |  |
| Projected benefit obligation at beginning of year  | **0** | (21) | (21) |
| Service Cost  |  |  |  |
| Interest Cost  | 0 | (1) | (1) |
| Amendments  |  |  |  |
| Actuarial gains and (losses)  | 0 | 1 | 1 |
| Settlements  |  |  |  |
| Participant contributions  |  |  |  |
| Benefits paid  | 0 | 2 | 2 |
| Currency translation and others  | 0 | 0 | 0 |
| Projected benefit obligation at end of year  | **0** | (19) | (19) |

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| | | | |
|:---|:---|:---|:---|
| **As of December 31 2024 <br> Funded plans**  | **Funded pension <br> plans**  | **Funded pension <br> plans**  | **Funded pension <br> plans**  |
| **As of December 31 2024 <br> Funded plans**  | **$ millions**  | **$ millions**  | **$ millions**  |
| **As of December 31 2024 <br> Funded plans**  | **UK**  | **US**  | **Total**  |
| **Change in plan assets:** |  |  |  |
| Fair value of plan assets at beginning of year  | **1** | **11** | 12 |
| Actual return on plan assets  | 0 | 1 | 1 |
| Actuarial gains and (losses)  | 0 |  | 0 |
| Administrative expenses  | 0 |  | 0 |
| Settlements  |  |  |  |
| Contributions by the employer  |  | 1 | 1 |
| Participant contributions  |  |  |  |
| Benefits paid  | 0 | (2) | (2) |
| Foreign currency exchange rate changes  | 0 | 0 | 0 |
| Fair value of plan assets at the end of year  | **1** | **11** | 12 |
| **Funded Status of the plans**  | **1** | (8) | (7) |
| **Amounts recognized in the consolidated balance sheets** |  |  |  |
| Pension and other non-current assets  | 1 |  | 1 |
| Pension liabilities – non-current  |  | (8) | (8) |
| **Funded Status of the plans**  | **1** | **(8)** | **(7)** |

---

The following provides a reconciliation of benefit obligations, plan assets and unfunded status of the unfunded plans:

---

| | | | |
|:---|:---|:---|:---|
| **As of December 31, 2025 <br> Unfunded plans**  | **Unfunded pension plans**  | **Unfunded pension plans**  | **Unfunded pension plans**  |
| **As of December 31, 2025 <br> Unfunded plans**  | **$ millions**  | **$ millions**  | **$ millions**  |
| **As of December 31, 2025 <br> Unfunded plans**  | **US**  | **Germany**  | **Total**  |
| **Change in projected benefit obligation:** |  |  |  |
| Projected benefit obligation at beginning of year  | (1) | (14) | (15) |
| Service Cost  | **—** | **—** |  |
| Interest Cost  | **—** | (1) | (1) |
| Amendments  | **—** | **—** | **—** |
| Actuarial gains and (losses)  | **—** | 1 | 1 |
| Settlements  | **—** | **—** | **—** |
| Participant contributions  | **—** | **—** | **—** |
| Benefits paid  | **—** | 1 | 1 |
| Currency translation and others  | **—** | (1) | (1) |
| **Projected benefit obligation at end of year**  | **(1)** | **(14)** | **(15)** |
| **Unfunded Status of the plans**  | **(1)** | **(14)** | **(15)** |
| **Amounts recognized in the consolidated balance sheets** |  |  |  |
| Pension liabilities – non-current  | (1) | (14) | (15) |
| **Unfunded Status of the plans**  | **(1)** | **(14)** | **(15)** |

---

------

[**TABLE OF CONTENTS**](#TOC2)

---

| | | | |
|:---|:---|:---|:---|
| **As of December 31, 2024 <br> Unfunded plans**  | **Unfunded pension plans**  | **Unfunded pension plans**  | **Unfunded pension plans**  |
| **As of December 31, 2024 <br> Unfunded plans**  | **$ millions**  | **$ millions**  | **$ millions**  |
| **As of December 31, 2024 <br> Unfunded plans**  | **US**  | **Germany**  | **Total**  |
| **Change in projected benefit obligation:** |  |  |  |
| Projected benefit obligation at beginning of year  | (1) | (16) | (17) |
| Service Cost  | **—** | **—** |  |
| Interest Cost  | **—** | (0) | (0) |
| Amendments  | **—** | **—** | **—** |
| Actuarial gains and (losses)  | **—** | 1 | 1 |
| Settlements  | **—** | **—** | **—** |
| Participant contributions  | **—** | **—** | **—** |
| Benefits paid  | **—** | 1 | 1 |
| Currency translation and others  | **—** |  |  |
| **Projected benefit obligation at end of year**  | **(1)** | **(14)** | **(15)** |
| **Unfunded Status of the plans**  | **(1)** | **(14)** | **(15)** |
| **Amounts recognized in the consolidated balance sheets** |  |  |  |
| Pension liabilities – non-current  | (1) | (14) | (15) |
| **Unfunded Status of the plans**  | **(1)** | **(14)** | **(15)** |

---

The following provides a reconciliation of benefit obligations, plan assets and funded status of the other long-term benefit plan in Germany (ATZ):

---

| | |
|:---|:---|
| **As of December 31, 2025**  | **Other long term benefit <br> plan — Germany <br> ATZ**  |
|  | **In $ million <br> Total**  |
| **Change in benefit obligation:** |  |
| Benefit obligation at beginning of year  | (2) |
| Service Cost  | (2) |
| Interest Cost  |  |
| Amendments  | **—** |
| Actuarial gains and (losses)  |  |
| Settlements  | **—** |
| Participant contributions  | **—** |
| Benefits paid  | 1 |
| Currency translation and others  | **—** |
| Benefit obligation at end of year  | (3) |
| **Change in plan assets:** |  |
| Fair value of plan assets at beginning of year  | 1 |
| Actual return on plan assets  |  |
| Administrative expenses  | **—** |
| Settlements  | **—** |
| Contributions by the employer  |  |
| Participant contributions  | **—** |

---

------

[**TABLE OF CONTENTS**](#TOC2)

---

| | |
|:---|:---|
| **As of December 31, 2025**  | **Other long term benefit <br> plan — Germany <br> ATZ**  |
|  | **In $ million <br> Total**  |
| Benefits paid  |  |
| Foreign currency exchange rate changes  |  |
| Fair value of plan assets at the end of year  | **1** |
| **Funded Status of the plan**  | **(2)** |
| **Amounts recognized in the consolidated balance sheets** |  |
| Pension liabilities – non-current  | (2) |
| **Funded Status of the plans**  | **(2)** |

---

---

| | |
|:---|:---|
| **As of December 31, 2024**  | **Other long term benefit <br> plan — Germany <br> ATZ**  |
|  | **In $ million <br> Total**  |
| **Change in benefit obligation:** |  |
| **Benefit obligation at beginning of year**  | **(2)** |
| Service Cost  | (1) |
| Interest Cost  | (0) |
| Amendments  |  |
| Actuarial gains and (losses)  | 0 |
| Settlements  |  |
| Participant contributions  |  |
| Benefits paid  | 1 |
| Currency translation and others  |  |
| **Benefit obligation at end of year**  | **(2)** |
| **Change in plan assets:** |  |
| **Fair value of plan assets at beginning of year**  | **1** |
| Actual return on plan assets  |  |
| Administrative expenses  |  |
| Settlements  |  |
| Contributions by the employer  |  |
| Participant contributions  |  |
| Benefits paid  |  |
| Foreign currency exchange rate changes  |  |
| **Fair value of plan assets at the end of year**  | **1** |
| **Funded Status of the plan**  | (1) |
| **Amounts recognized in the consolidated balance sheets** |  |
| Pension liabilities – non-current  | (1) |
| **Funded Status of the plans**  | (1) |

---

------

[**TABLE OF CONTENTS**](#TOC2)

The following provides a reconciliation of accumulated postretirement benefit obligations for unfunded plans:

---

| | |
|:---|:---|
| **As of December 31, 2025**  | **Other Postretirement <br> Benefit Plans**  |
|  | **$ million <br> US**  |
| **Unfunded plans** | |
| **Change in accumulated postretirement benefit obligation:** |  |
| Accumulated postretirement benefit obligation at beginning of year  | (2) |
| Service Cost  |  |
| Interest Cost  |  |
| Amendments  |  |
| Actuarial gains and (losses)  |  |
| Settlements  |  |
| Participant contributions  |  |
| Benefits paid  |  |
| Currency translation and others  |  |
| Accumulated postretirement benefit obligation at end of year  | (2) |
| **Unfunded Status at end of year**  | **(2)** |
| **Amounts recognized in the consolidated balance sheets** |  |
| Pension liabilities – non-current  | (2) |
| **Net (Liability) Recognized**  | (2) |

---

---

| | |
|:---|:---|
| **As of December 31, 2024**  | **Other Postretirement <br> Benefit Plans**  |
|  | **$ million <br> US**  |
| **Unfunded plans** | |
| **Change in accumulated postretirement benefit obligation:** |  |
| Projected benefit obligation at beginning of year  | (2) |
| Service Cost  |  |
| Interest Cost  |  |
| Amendments  |  |
| Actuarial gains and (losses)  |  |
| Settlements  |  |
| Participant contributions  |  |
| Benefits paid  |  |
| Currency translation and others  |  |
| Accumulated postretirement benefit obligation at end of year  | (2) |
| **Unfunded Status of the plans**  | **(2)** |
| **Amounts recognized in the consolidated balance sheets** |  |
| Pension liabilities – non-current  | (2) |
| **Net (Liability) Recognized**  | **(2)** |

---

------

[**TABLE OF CONTENTS**](#TOC2)

The following additional information is for plans with projected benefit obligations in excess of plan assets for funded and unfunded pension plans as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2025**  | **Funded and Unfunded <br> Pension Plans**  | **Funded and Unfunded <br> Pension Plans**  | **Funded and Unfunded <br> Pension Plans**  | **Total**  |
| | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  |
| | **UK**  | **US**  | **Germany**  | |
| Projected benefit Obligation  |  | &nbsp;&nbsp;&nbsp;&nbsp;(18) | &nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;&nbsp;&nbsp;(32) |
| Fair value of plan assets  |  | 10 |  | 10 |
| PBO in excess of plan assets  |  | (18) | (14) | (22) |

---

---

| | | | |
|:---|:---|:---|:---|
| **As of December 31, 2024**  | **Funded and Unfunded <br> Pension Plans**  | **Funded and Unfunded <br> Pension Plans**  | **Total**  |
| | **$ millions**  | **$ millions**  | **$ millions**  |
| | **US**  | **Germany**  | |
| Projected benefit Obligation  | &nbsp;&nbsp;&nbsp;&nbsp;(20) | &nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;&nbsp;&nbsp;(34) |
| Fair value of plan assets  | 11 |  | 11 |
| PBO in excess of plan assets  | (9) | (14) | (23) |

---

The following additional information is for plans with accumulated postretirement benefit obligations ("APBO") in excess of plan assets as of December 31, 2025 and December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **As of December 31, 2025**  | **Other postretirement <br> benefit plans**  | **Other postretirement <br> benefit plans**  | **Total**  |
| | **$ millions**  | **$ millions**  | **$ millions**  |
| | **US**  | **Germany**  | |
| Accumulated postretirement benefit obligation  | &nbsp;&nbsp;&nbsp;&nbsp;(2) |  | &nbsp;&nbsp;&nbsp;&nbsp;(2) |
| Fair value of plan assets  |  |  |  |
| APBO in excess of plan assets  | (2) |  | (2) |

---

---

| | | |
|:---|:---|:---|
| **As of December 31, 2024**  | **Other postretirement <br> benefit plans**  | **Total**  |
| | **$ millions**  | **$ millions**  |
| | **US**  | |
| Accumulated postretirement benefit obligation  | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;(2) |
| Fair value of plan assets  |  |  |
| APBO in excess of plan assets  | (2) | (2) |

---

------

[**TABLE OF CONTENTS**](#TOC2)

The components of the net periodic pension expense (income) related to the Company's pension and other postretirement benefits for the year ended December 31, 2025 and December 31, 2024 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year ended December 31, 2025**  | **Income Statement line item**  | **Pension Plans, <br> Other long <br> term benefit <br> plans & Other <br> postretirement <br> benefit Plans**  | **Pension Plans, <br> Other long <br> term benefit <br> plans & Other <br> postretirement <br> benefit Plans**  | **Pension Plans, <br> Other long <br> term benefit <br> plans & Other <br> postretirement <br> benefit Plans**  | **Total**  |
| | | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  |
| | | **UK**  | **US**  | **Germany**  | |
| Service Cost  | Cost of Sales |  |  | (2) | (2) |
| Interest Cost  | Interest expense | 0 | (1) | (1) | (2) |
| Administrative Expenses  | Selling, general, and administrative expense  | (0) | (0) |  | (0) |
|  Expected return on plan assets  | Selling, general, and administrative expense  |  | 1 |  | 1 |
| Actuarial gains and (losses)  | Selling, general, and administrative expense  | (0) | (1) | 1 | 0 |
| Other  | Selling, general, and administrative expense  |  | (0) | (0) | (0) |
|  **Net pension expense <br> (income)**  |  | **(0)** | **(1)** | **(2)** | **(3)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year ended December 31, 2024**  | **Income Statement line item**  | **Pension Plans, <br> Other long <br> term benefit <br> plans & Other <br> postretirement <br> benefit Plans**  | **Pension Plans, <br> Other long <br> term benefit <br> plans & Other <br> postretirement <br> benefit Plans**  | **Pension Plans, <br> Other long <br> term benefit <br> plans & Other <br> postretirement <br> benefit Plans**  | **Total**  |
| | | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  |
| | | **UK**  | **US**  | **Germany**  | |
| Service Cost  | Cost of Sales |  |  | (1) | (1) |
| Interest Cost  | Interest expense | (0) | (1) | (0) | (1) |
| Administrative Expenses  | Selling, general, and administrative expense  | (0) | (0) |  | (0) |
|  Expected return on plan assets  | Selling, general, and administrative expense  |  | 1 | 0 | 1 |
| Actuarial gains and (losses)  | Selling, general, and administrative expense  | (0) | 1 | 1 | 2 |
| Other  | Selling, general, and administrative expense  |  |  | (0) | (0) |
|  **Net pension expense <br> (income)**  |  | **(0)** | **1** | **(0)** | **1** |

---

Weighted-average assumptions used by the plans are as follows:

#### Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost at fiscal year end

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Pension Plans**  | **Pension Plans**  | **Pension Plans**  | **Postretirement <br> Plans**  |
| **Year ended 31 December 2025**  | **UK**  | **US**  | **Germany**  | **Postretirement <br> Plans**  |
| Discount rate  | n/a | 5.13% | 4.25% | 5.13% |
| Inflation rate  | n/a | 0% | 2% | n/a |
| Expected long-term rate of return on plan assets  | n/a | 5.13% | 4.25% | 5.13% |
| Long-term rate of compensation increase  | n/a | 0% | 3% | n/a |

---

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[**TABLE OF CONTENTS**](#TOC2)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Pension Plans**  | **Pension Plans**  | **Pension Plans**  | **Postretirement <br> Plans**  |
| **Year ended 31 December 2024**  | **UK**  | **US**  | **Germany**  | **Postretirement <br> Plans**  |
| Discount rate  | n/a | 5.37% | 3.45% | 5.37% |
| Inflation rate  | n/a | 0% | 2% | n/a |
| Expected long-term rate of return on plan assets  | n/a | 5.37% | 3.45% | 5.37% |
| Long-term rate of compensation increase  | n/a | 0% | 3% | n/a |

---

The discount rate is determined by reference to market yields on high quality corporate bonds, where available, or government bonds at the balance sheet date.

The Group's pension plans' target and actual weighted-average asset allocations as at December 31, 2025 and December 31, 2024, by asset category are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Targeted**  | **Targeted**  | **Actual**  | **Actual**  | **Actual**  |
| | **UK**  | **US**  | **Germany**  | **UK**  | **US**  | **Germany**  |
| **As at December 31, 2025**  | **2025**  | **2025**  | **2025**  | **2025**  | **2025**  | **2025**  |
| Cash  | 100% | 4% | 100% | 100% | 4% | 100% |
| Equity securities  |  | 43% |  |  | 78% |  |
| Fixed Income securities  |  | 53% |  |  | 18% |  |
| **Total**  | 100% | 100% | 100% | 100% | 100% | 100% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Targeted**  | **Targeted**  | **Actual**  | **Actual**  | **Actual**  |
| | **UK**  | **US**  | **Germany**  | **UK**  | **US**  | **Germany**  |
| **As at December 31, 2024**  | **2024**  | **2024**  | **2024**  | **2024**  | **2024**  | **2024**  |
| Cash  | 100% | 4% | 100% | 100% | 3% | 100% |
| Equity securities  |  | 43% |  |  | 77% |  |
| Fixed Income securities  |  | 53% |  |  | 20% |  |
| **Total**  | 100% | 100% | 100% | 100% | 100% | 100% |

---

The fair values of the Group's pension plan assets as of December 31, 2025 and December 31, 2024, by asset category and by the levels of inputs used to determine fair value were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  |
| | **Fair value measurements <br> using input type**  | **Fair value measurements <br> using input type**  | | |
| **($ millions)**  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Cash  | 2 |  |  | **2** |
| Equity securities  | 5 | 3 |  | **8** |
| Fixed Income securities  | 2 |  |  | **2** |
| **Fair value of plan assets at end of year**  | 9 | 3 |  | **12** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2024**  |
| | **Fair value measurements <br> using input type**  | **Fair value measurements <br> using input type**  | | |
| **($ millions)**  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Cash  | 2 |  |  | 2 |
| Equity securities  | 5 | 3 |  | 8 |
| Fixed Income securities  | 3 |  |  | 3 |
| **Fair value of plan assets at end of year**  | 10 | 3 |  | 13 |

---

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[**TABLE OF CONTENTS**](#TOC2)

#### Cash Flows — Employer Contributions
The Group made contributions to the funded defined benefit pension plans of $1 million during fiscal year 2025. During the fiscal years ended December 31, 2025, the Group made contributions of nil, to unfunded pension plans. For the year ended 31 December 2026, the contributions paid over to the plan are expected to be $1 million (2025: $1 million).

17. Capital commitments and contingent liabilities

 *Commitments* 

As of December 31, 2025 and 2024, there were $53 million and $11 million committed capital expenditure but not spent mainly related to Plant, machinery and equipment, respectively.

 *Contingent liabilities: Legal Proceedings and others* 

In addition to the matters discussed above, various other lawsuits, claims, and proceedings have been or may be instituted or asserted against the Group, including those pertaining to environmental, product liability, safety and health, employment, tax and antitrust matters. While the amounts claimed in these other matters may be substantial, the ultimate liability cannot currently be determined because of the considerable uncertainties that exist. Therefore, it is possible that the Company's liquidity or results of operations in a period could be materially affected by one or more of these other matters. However, based on facts currently available, management believes that the disposition of these other matters that are pending or asserted will not have a material adverse effect, individually or in the aggregate, on the results of operations, financial position or cash flows of the Group.

 *Legacy Provisions* 

Legacy provisions are contingent liabilities which were recognized as part of the business acquisition accounting. These provisions relate to legacy historical issues that the former employee may claim against the Group, and will be carried until the possible liability is settled, cancelled or expires.

18. Management Incentive Plan — related party transaction

The shareholders of DPC Holdings Limited, implemented a cash-based Management Incentive Plan ("MIP") as part of the financial restructuring of the Doncasters Group in March 2020. The plan is designed to provide incentives for senior managers and above (including executive and non-executive directors) to deliver long-term shareholder returns. Under the plan, individuals are entitled to receive a cash sum payable by the Company which is only paid out if certain conditions are met.

Individual payments are equal to a percentage of the amounts repaid on the DPC Holdings Limited PIK facility loan, with varying percentages depending on whether repayment on the loan exceeds certain thresholds. These thresholds increased by 13.5% on a quarterly basis with the first increase taking place on 30 September 2020. The rules of the plan were updated in March 2024 such that the 13.5% compounding was removed. This led to a significant increase in the charge and liability for the year ended December 31, 2024.

Participation in the plan is at the board of directors and shareholder discretion and no individual has a contractual right to participate in the plan or to receive any guaranteed benefits. The amount of the expected liability has been calculated by estimating the enterprise value ("EV") of DPC Holdings Limited on an assumed future exit date of 1 March 2026, by applying an EV/EBITDA multiple to the Group's estimated EBITDA (as defined in the Management Incentive Plan for DPC Holdings) for the 12 months prior to exit.

The resulting future MIP value has been discounted to present value on December 31, 2025 using a 25% required rate of return. As of December 31, 2025, the MIP had been awarded to nine participants and the charge to the consolidated statement of income (loss) in the period relating to the MIP and associated social security was $87 million. As of December 31, 2024, the MIP had been awarded to nine participants and the charge to the consolidated statement of income (loss) in the period relating to the MIP and associated social security was $29 million.

------

[**TABLE OF CONTENTS**](#TOC2)

Five participants in the MIP also each have a fractional shareholding in DPC Holdings Limited, the ultimate parent undertaking. As of December 31, 2025, those directors and key management personnel of the Group (two of whom are non-executive directors) control 0.44% of the voting shares of DPC Holdings Limited, the ultimate parent undertaking, with some shareholdings owned through companies.

The total liability in respect of the MIP as of December 31, 2025 was $146 million, of which $132 million was separately presented on the consolidated balance sheet, and $14 million was recognized in accrued expenses and other current liabilities related to social security and sundry taxes.

The total liability in respect of the MIP as of December 31, 2024 was $54 million, of which $49 million was separately presented on the consolidated balance sheet, and $5 million was recognized in accrued expenses and other current liabilities related to social security and sundry taxes.

19. Disposal group held for sale

During 2024, the Group's management committed to a plan to sell its Ivostud business. This decision was made as part of a strategic initiative. While the sale did not close within twelve months of the original date of classification, the Group continued negotiations with a committed buyer throughout 2025. Therefore, at December 31, 2025, classification as held for sale was deemed appropriate as management is firmly committed to the plan to sell the Ivostud business, and the business is available for immediate sale in its present condition. The sale is considered highly probable, with management expecting completion within one year of the balance sheet date. Furthermore, the actions undertaken to facilitate the sale indicate that it is unlikely the plan will be significantly changed or withdrawn. Accordingly, the assets and liabilities associated with that business are presented as a disposal group held for sale as of December 31, 2025.

This disposal group does not represent a strategic shift that will have a major effect on the Group's operations and financial results and therefore does not meet the criteria for presentation of a discontinued operation.

The Group has reviewed the carrying amount of the assets held for disposal and concluded that an impairment should be taken in the amount of $9 million as at December 31, 2024. Of this amount, approximately $4 million, $1 million and $1 million were allocated to the Property, Plant and Equipment, Right of Use assets and Other Intangible assets respectively, which has been fully written down. The remaining impairment loss of $3 million has been recorded against the carrying amount of the disposal group. As at 31 December 2025, the Group recognized a gain on remeasurement from the change in fair value of the disposal group of $5 million.

In assessing the level of the impairment, management compared the carrying value of its investment to its fair value less costs to sell, where the fair value less costs to sell was determined primarily based on the expected transaction price contemplated under the letter of intent. Upon classification of the Ivostud business as held for sale, its cumulative foreign currency translation adjustment within shareholders' equity was included with its carrying value.

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[**TABLE OF CONTENTS**](#TOC2)

The major classes of assets and liabilities classified as held for sale as of December 31, 2025 and December 31, 2024, are as follows:

---

| | | |
|:---|:---|:---|
| | **2025**  | **2024**  |
|  | **$ million**  | **$ million**  |
| Property, plant equipment  | 2 |  |
| Inventories  | 11 | 11 |
| Trade and other receivables  | 4 | 4 |
| Cash and cash equivalents  | 3 | 2 |
| Less: Impairment loss  | (0) | (3) |
| **Assets held for sale**  | **20** | **14** |
| Trade and other payables  | (3) | (2) |
| Operating lease liabilities  | (1) | (1) |
| Other liabilities  | (1) | (1) |
| Pension liabilities  | (1) | (1) |
| **Liabilities held for sale**  | **(6)** | **(5)** |

---

The results of operations of the Ivostud business continue to be included in the Group's consolidated statements of income. Similarly, the cash flows generated by or used in the operations of the Ivostud business are included within the respective categories of the consolidated statements of cash flows.

20. Subsequent events

The Group has evaluated subsequent events that occurred from January 1, 2026 through April 14, 2026, which is the date that the consolidated financial statements were available to be issued, and determined that there were no subsequent events or transactions that required recognition or disclosure in the financial statements, except as discussed below.

On December 2, 2025, our shareholders unanimously consented to reduce the outstanding principal balance of the Shareholder PIK Loan by 85%, which became effective on March 19, 2026 (the "PIK Forgiveness"). As of December 31, 2025 and 2024, we had an outstanding balance of $878 million and $728 million, respectively, under the Shareholder PIK Loan and the effective interest rate was 14.0% per annum in both periods.

Following completion of the PIK Forgiveness, the outstanding principal balance of the Shareholder PIK Loan was $148 million, including accrued interest of $17 million, as at March 19, 2026.

21. Subsequent events to the original issuance of the Consolidated Financial Statements

On June 5, 2026, the Company effected a 1-for-4 Reverse Share Split of its authorized and issued ordinary shares. Accordingly, all share and per share amounts for all periods presented in the consolidated financial statements and notes have been retrospectively adjusted, where applicable, to reflect this reverse share split.

------

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#### DPC HOLDINGS LIMITED

#### UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS) (in millions, except for loss per share and weighted-average shares outstanding)

---

| | | |
|:---|:---|:---|
| | **Quarter ended**  | **Quarter ended**  |
| | **March 29, 2026**  | **March 30, 2025**  |
|  | **$ millions**  | **$ millions**  |
| Revenue  | 237 | 188 |
| Cost of sales  | (180) | (146) |
| **Gross profit**  | **57** | **42** |
| Selling, general and administrative expenses  | (45) | (42) |
| Loss on sale of property, plant and equipment  | 0 |  |
| Interest expense  | (53) | (52) |
| Interest income  | 0 | 0 |
| Foreign currency gain/(loss), net  | (2) | 8 |
| **Loss before income tax benefit/(expense)**  | **(43)** | **(44)** |
| Income tax expense  | (4) | (9) |
| **Net Loss**  | **(47)** | **(53)** |
| **Net Loss per share\*** |  |  |
| **Basic**  | (0.42) | (0.47) |
| **Diluted**  | (0.42) | (0.47) |
| **Weighted-average shares outstanding\*** |  |  |
| **Basic**  | 112936894 | 112936894 |
| **Diluted**  | 112936894 | 112936894 |

---

\*

Refer to note 12, Subsequent Events, for further information on share capital.

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.

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#### DPC HOLDINGS LIMITED

#### UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (in millions)

---

| | | |
|:---|:---|:---|
| | **Quarter ended**  | **Quarter ended**  |
| | **March 29, 2026**  | **March 30, 2025**  |
|  | **$ millions**  | **$ millions**  |
| Net Loss  | (47) | (53) |
| **Other comprehensive income/(loss), net of tax:** |  |  |
| Exchange gain / (loss) on translation of foreign operations (net of tax)  | (0) | 0 |
| **Total other comprehensive income/(loss) for the period, net of tax**  | **(0)** | **0** |
| **Total comprehensive income/(loss) for the period, net of tax**  | **(47)** | **(53)** |

---

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.

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#### DPC HOLDINGS LIMITED

#### UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET (in millions)

---

| | | |
|:---|:---|:---|
| | **As of March 29 <br> 2026**  | **As of December 31 <br> 2025**  |
|  | **$ millions**  | **$ millions**  |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 30 | 32 |
| &nbsp;&nbsp;&nbsp; Restricted cash deposit  | 3 |  |
| &nbsp;&nbsp;&nbsp; Accounts receivables, less allowances for credit losses of $0 million and $0 million as of March 29, 2026 and December 31, 2025  | 168 | 156 |
| &nbsp;&nbsp;&nbsp; Inventories  | 217 | 181 |
| &nbsp;&nbsp;&nbsp; Prepayments and other current assets  | 38 | 42 |
| &nbsp;&nbsp;&nbsp; Assets held for sale  | 18 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current assets**  | **474** | **431** |
| Property, plant and equipment, net  | 224 | 221 |
| Right-of-use assets  | 17 | 15 |
| Deferred tax assets  | 43 | 44 |
| Goodwill  | 78 | 78 |
| Other intangible assets, net  | 93 | 96 |
| Other noncurrent assets  | 10 | 10 |
| **Total Assets**  | **939** | **895** |
| **LIABILITIES AND EQUITY** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable, trade  | 119 | 106 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities  | 127 | 116 |
| &nbsp;&nbsp;&nbsp; Liability for management incentive plan  | 144 | 132 |
| &nbsp;&nbsp;&nbsp; Borrowings, current  | 163 | 154 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities, current  | 5 | 2 |
| &nbsp;&nbsp;&nbsp; Liabilities directly associated with the assets held for sale  | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current liabilities**  | **564** | **516** |
| Borrowings, non-current  | 549 | 1280 |
| Operating lease liabilities, non-current  | 13 | 14 |
| Deferred tax liabilities  | 1 | 2 |
| Pension liabilities, non-current  | 26 | 26 |
| Other non-current liabilities  | 23 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities**  | **1176** | **1859** |
| Commitments and contingencies (refer to Note 9) |  |  |
| **Shareholders' deficit** |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary shares, nil par value 112,936,894 shares authorized, 112,936,894 shares issued and 112,936,894 shares outstanding as of March 29, 2026 and December 31, 2025\*;  |  |  |
| Accumulated deficit  | (983) | (936) |
| Additional paid in capital  | 774 |  |
| Accumulated other comprehensive loss  | (28) | (28) |
| &nbsp;&nbsp;&nbsp; **Total shareholders deficit**  | **(237)** | **(964)** |
| **Total Liabilities and Equity**  | **939** | **895** |

---

\*

Refer to note 12, Subsequent Events, for further information on share capital.

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.

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#### DPC HOLDINGS LIMITED

#### UNAUDITED CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (in millions)

---

| | | |
|:---|:---|:---|
| | **Quarter ended**  | **Quarter ended**  |
| | **March 29, 2026**  | **March 30, 2025**  |
|  | **$ millions**  | **$ millions**  |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp; **Net loss**  | **(47)** | **(53)** |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation of property, plant and equipment  | 5 | 5 |
| &nbsp;&nbsp;&nbsp; Amortization of intangible assets and cloud computing arrangements  | 2 | 2 |
| &nbsp;&nbsp;&nbsp; Loss on the sale of property, plant and equipment  | (0) |  |
| &nbsp;&nbsp;&nbsp; Deferred income tax benefits  | 4 | 9 |
| &nbsp;&nbsp;&nbsp; Operating lease expense  | 2 | 1 |
| &nbsp;&nbsp;&nbsp; Foreign currency (gain)/loss, net  | 2 | (8) |
| &nbsp;&nbsp;&nbsp; Inventory provision  | 4 |  |
| &nbsp;&nbsp;&nbsp; Management incentive plan  | 13 | 21 |
| &nbsp;&nbsp;&nbsp; Non-cash interest expense  | 38 | 49 |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Receivable, prepayments and other current assets  | (10) | (13) |
| &nbsp;&nbsp;&nbsp; Inventories  | (43) | (2) |
| &nbsp;&nbsp;&nbsp; Income tax receivable and payable  | (0) | (1) |
| &nbsp;&nbsp;&nbsp; Payables, accrued expenses and other liabilities  | 25 | 9 |
| &nbsp;&nbsp;&nbsp; Deferred consideration  | (1) |  |
| &nbsp;&nbsp;&nbsp; Operating lease assets and liabilities  | (1) | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash (used)/from in operating activities**  | **(7)** | **19** |
| **Cash flows from investing activities** |  |  |
| Proceeds from disposal of property, plant and equipment  | 0 | 0 |
| Purchase of property, plant and equipment  | (10) | (4) |
| Purchase of intangible assets  |  | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in investing activities**  | **(10)** | **(4)** |
| **Cash flows from financing activities** |  |  |
| Proceeds from borrowings  | 293 | 175 |
| Repayment of borrowings  | (275) | (197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided/(used) by financing activities**  | **18** | **(22)** |
| Effect of exchange rate fluctuations on cash and cash equivalents held  | (0) | 8 |
| Increase/(Decrease) in cash and cash equivalents and restricted cash deposit  | 1 | (7) |
| **Cash and cash equivalents and restricted cash deposit at beginning of period**  | **32** | **32** |
| **Cash and cash equivalents and restricted cash deposit at end of period**  | **33** | **33** |
| **Reconciliation to consolidated balance sheet** |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 30 | 26 |
| &nbsp;&nbsp;&nbsp; Restricted cash deposit  | 3 | 7 |
| **Total** | **33** | **33** |
| **Supplemental disclosures of cash flow information:** |  |  |
| Income taxes paid  | (1) | (1) |
| Interest paid  | (15) | (3) |
| PIK forgiveness  | 774 |  |

---

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.

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#### DPC HOLDINGS LIMITED

#### UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (in millions)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Ordinary shares\***  | **Ordinary shares\***  | **Additional <br> paid in <br> capital**  | **Accumulated <br> Deficit**  | **Accumulated <br> Other <br> Comprehensive <br> Income**  | **Total Equity**  |
| | **Number of Shares**  | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  |
| **Balance at December 31, 2025**  | **112936894** |  | **—** | **(936)** | **(28)** | **(964)** |
| Net income (loss)  |  |  |  | (47) |  | (47) |
| Capital contribution  |  |  | 774 |  |  | 774 |
| Currency translation adjustment  |  |  |  |  | (0) | (0) |
| **Balance as of March 29, 2026**  | **112936894** |  | **774** | **(983)** | **(28)** | **(237)** |

---

\*

Refer to note 12, Subsequent Events, for further information on share capital.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ordinary shares\***  | **Ordinary shares\***  | **Accumulated Deficit**  | **Accumulated Other <br> Comprehensive <br> Income**  | **Total <br> Equity**  |
| | **Number of Shares**  | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  |
| **Balance at December 31, 2024**  | **112936894** |  | **(763)** | **(27)** | **(790)** |
| Net income (loss)  |  |  | (53) |  | (53) |
| Currency translation adjustment  |  |  |  | 0 | 0 |
| **Balance as of March 30, 2025**  | **112936894** |  | **(816)** | **(27)** | **(843)** |

---

\*

Refer to note 12, Subsequent Events, for further information on share capital.

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.

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#### DPC HOLDINGS LIMITED

#### NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Nature of the business

DPC Holdings Limited (the "Company") is the ultimate holding Company within the Doncasters Group which trades under the "Doncasters" brand name. Doncasters is a vertically integrated manufacturer of high-quality engineered precision components for aeroengines, industrial gas turbines and other specialist high performance applications. Doncasters operates from fourteen principal manufacturing facilities across the UK, Europe, North America and Asia.

2. Summary of Significant Accounting Policies

#### Basis of preparation
The unaudited condensed consolidated financial statements should be read together with our audited financial statements and accompanying notes for year ended December 31, 2025, included in our Registration Statement on S-1 (the "Registration Statement"), filed with the U.S. Securities and Exchange Commission (the "SEC") on 15 April 2026. The Group's unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and the rules and regulations of the SEC regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2025 included herein has been derived from the audited financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Group's annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments which are necessary for a fair statement of the Group's financial information. The interim results of operations for the quarter ended March 29, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other interim period or for any other future year. The Group prepares its interim financial information using a 4-4-5 reporting calendar, whereby each of the first three quarters comprises two four-week periods and one five-week period, with each quarter ending on the last Sunday of the relevant reporting period. The fourth quarter is aligned to the statutory year end and therefore reflects the period to 31 December. Accordingly, interim reporting periods do not correspond to calendar months, and year-to-date results for the interim periods are based on the 4-4-5 calendar, with the final quarter adjusting to align the full financial year with the calendar year end. The unaudited condensed consolidated financial statements comprise the financial statements of the Company and its subsidiaries (together referred to as the "Group"), after elimination of intercompany accounts and transactions. Any reference in these notes to the applicable guidance is meant to refer to authoritative U.S. GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB").

Unless otherwise stated, the accounting policies of the Group are consistent with those described in Note 2 of the consolidated financial statements included within the Registration Statement.

#### Use of estimates
The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in the Group's condensed consolidated financial statements include, but are not limited to, impairment/(reversal) of disposal group held-for-sale, management incentive plan, inventory provision, and Unrecognized Tax benefits related to income taxes. The Group bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in

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circumstances, facts and experience. Changes in estimates are recorded in the period in which they are identified. Actual results could differ materially from those estimates upon subsequent resolution of the identified matters.

#### Recently Issued Accounting Pronouncements
 *Accounting standards issued but not yet adopted* 

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU should be applied on a prospective basis and retrospective application is permitted. For public business entities, ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Group will apply the amendments in this ASU for the first time in the annual period ending December 31, 2026, under the non-public business entities adoption time line available for emerging growth company, and currently assessing the impact of the adoption of ASU 2023-09 on the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, *Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.* The amendments in this update require disclosure of specified information about certain costs and expenses. The guidance is effective for fiscal years beginning after December 15, 2026 on a prospective basis. Early adoption is permitted. The Group will apply the amendments in this ASU for the first time in the annual period ending December 31, 2027, under the non-public business entities adoption time line available for emerging growth company, and currently assessing the impact of the adoption of ASU 2024-03 on the consolidated financial statements.

3. Revenue

The Group generates revenue in a diverse number of markets and geographical areas. The principal geographical areas are the United Kingdom, the Rest of Europe, the United States of America and the Rest of the World. The Group produces two product categories being Engine Products, which include turbine airfoils and structural components for the Aerospace and Industrial Gas Turbine ("IGT") end markets, and turbocharger wheels for the Transportation end market. The Group is vertically integrated with the production of advanced superalloy materials, which are used to supply the Group's key end markets.

Revenue is disaggregated by diversified end-use markets and by geographical locations based on the location of the customers.

Information of the Group's overall revenue by geographic locations are as follows:

---

| | | |
|:---|:---|:---|
| | **Quarter ended**  | **Quarter ended**  |
| **Geographic location**  | **March 29, 2026**  | **March 30, 2025**  |
|  | **$ millions**  | **$ millions**  |
| Rest of Europe  | 86 | 73 |
| United States of America  | 94 | 64 |
| Rest of the World  | 45 | 40 |
| United Kingdom  | 12 | 11 |
| **Total Net Sales**  | **237** | **188** |

---

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Information of the Group's overall revenue by end-use markets is as follows:

---

| | | |
|:---|:---|:---|
| | **Quarter ended**  | **Quarter ended**  |
| **End-Use Market**  | **March 29, 2026**  | **March 30, 2025**  |
|  | **$ millions**  | **$ millions**  |
| Aerospace  | 93 | 65 |
| IGT  | 94 | 73 |
| Transportation  | 50 | 50 |
| **Total Net Sales**  | **237** | **188** |

---

The following table contains a roll forward of deferred revenue for the quarter ended March 29, 2026 and year end December 31, 2025.

---

| | | |
|:---|:---|:---|
| **Deferred revenue**  | **March 29, 2026**  | **December 31, 2025**  |
|  | **$ millions**  | **$ millions**  |
| Beginning balance, January 1  | **14** | **4** |
| Revenue (cash) received in advance  | 0 | 13 |
| Less: revenue recognized  | (1) | (3) |
| Ending Balance  | **13** | **14** |

---

4. Segment reporting

Operating segments are defined as distinguishable components of the enterprise which are evident from internal organizational structure and for which separate financial information is evaluated regularly by the Group's Chief Operating Decision Maker ("CODM") in order to assess each segment's performance and to allocate resources to them. The CODM of the Group is the Chief Executive Officer.

The Group used the management approach to identify its reportable segments, as required by ASC 280. The management approach is based on the way the Group's management organizes and evaluates its operations and based on the way the Group's operations are managed and reported in its internal financial reporting system. The determination of the Group's operating segments is based on its major product categories, which are Engine Products and Turbo Wheels. Engine Products is split into two operating segments of Engine Products — Europe and Engine Products — North America reflecting the vertically integrated nature of the supply chains within those regions. The third operating segment being Turbo Wheels. The Group has concluded that their operating segments are consistent with their reportable segments.

 *Engine Products — North America* 

The Engine Products — North America segment comprises of the sites Groton, Oxford, Springfield, Unipol Mexico, DPC New England, and Long Beach. The segment manufactures complex, highly engineered precision cast components and superalloys which are primarily used in the Aerospace end market with some elements of IGT.

 *Engine Products — Europe* 

The Engine Products — Europe segment comprises of the sites Chard, Deritend, Bochum and Ross & Catherall. The segment manufactures complex, highly engineered precision cast components and superalloys which are primarily used in the IGT end market with some elements of Aerospace.

 *Turbo Wheels* 

Whilst the other two operating segments are formed based on geographical location of the sites, this segment is based on the market served, i.e. automotive. The Turbo Wheels segment manufactures turbocharger wheels and other precision components for commercial vehicle and passenger car turbo engines, focusing on enhancing engine efficiency and performance. Turbo Wheels segment comprises of the sites Trucast UK, Trucast US, Uni-Pol China, Uni-Pol India and Ivostud (all locations).

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The measure of profit and loss that is used by the CODM to evaluate the performance of these operating segments is Segment Adjusted EBITDA. The CODM uses Segment Adjusted EBITDA to evaluate segment's performance and allocate resources as it provides insight on segment profitability, operational effectiveness, and supports the CODM in monitoring the impact of strategic initiatives such as pricing adjustments, cost management, capital investments and capacity utilization. This measure is predominantly used in the annual budget and forecasting process, where the CODM considers Segment Adjusted EBITDA trends and variances to guide capital expenditure decisions, allocate personnel, and deploy other operational resources across the segments to drive overall company growth and profitability.

Segment results include any support function costs that are directly attributable to the relevant segment, and exclude any central support costs that are not directly attributable are shown as a reconciling item. Central costs are shown separately from the segments as these costs cannot be allocated to individual segments. Transactions between operating segments are accounted for under the same basis as other independent third-party transactions.

The following tables provide segment revenue and segment performance measure by each reportable segment for the quarters ended March 29, 2026 and March 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Quarter Ended March 29, 2026**  | **Engine <br> Products — <br> Europe**  | **Engine <br> Products — <br> North America**  | **Turbo <br> Wheels**  | **Total**  |
| **3<sup>rd</sup> party Revenue – consolidated**  | 104 | 87 | 46 | 237 |
| Inter-segment sales  |  |  |  |  |
| **Gross segment Revenue**  | **104** | **87** | **46** | **237** |
| Adjusted Cost of Sales\*  | (71) | (60) | (38) |  |
| Adjusted Selling, general and administrative expenses\*  | (6) | (4) | (5) |  |
| Other segment items\*\*  | (4) | (3) | (1) |  |
| **Segment Adjusted EBITDA**  | **23** | **20** | **2** | **45** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Quarter Ended March 30, 2025**  | **Engine <br> Products — <br> Europe**  | **Engine <br> Products — <br> North America**  | **Turbo <br> Wheels**  | **Total**  |
| **3<sup>rd</sup> party Revenue – consolidated**  | 80 | 61 | 47 | 188 |
| Inter-segment sales  |  | 5 |  | 5 |
| **Gross segment Revenue**  | **80** | **66** | **47** | **193** |
| Adjusted Cost of Sales\*  | (58) | (47) | (40) |  |
| Adjusted Selling, general and administrative expenses\*  | (4) | (3) | (3) |  |
| Other segment items\*\*  | (3) | (3) | (1) |  |
| **Segment Adjusted EBITDA**  | **15** | **13** | **3** | **31** |

---

\*

Cost of sales and selling, general and administrative expenses have been adjusted to exclude depreciation and amortization, restructure and other reorganization costs, claims, settlements and litigation costs, long term management incentive plan. The adjusted cost of sales includes adjustments for inter-segment sales.

\*\*

Other segment items including research and development costs, corporate expenses recharges.

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The following table reconciles segment performance measure to loss before income tax the quarters ended March, 29, 2026 and March 30, 2025:

---

| | | |
|:---|:---|:---|
| | **Quarter Ended <br> March 29, 2026**  | **Quarter Ended <br> March 30, 2025**  |
| <br> **Total Segment Adjusted EBITDA**  | **$ millions** <br>**45** | **$ millions** <br>**31** |
| Unallocated corporate expenses  | (5) | (2) |
| One-time costs related to the IPO  | (8) |  |
| Management incentive plan  | (13) | (21) |
| IT Development Project & others  |  | (1) |
| Impairment of disposal group held for sale  | (0) | (0) |
| Foreign currency gain/(loss), net  | (2) | 8 |
| Interest expense\*  | (53) | (52) |
| Interest income  | 0 | 0 |
| Depreciation and amortization  | (7) | (7) |
| **Loss before income tax**  | **(43)** | **(44)** |

---

\*

Interest expense includes Shareholder PIK interest of $40 million and $36 million for the quarter ended March 29, 2026 and March 30, 2025.

Additional data by segment for the quarter ended March 29, 2026, and March 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| **Depreciation and Amortization**  | **Quarter ended <br> March 29, 2026**  | **Quarter ended <br> March 30, 2025**  |
|  | **$ million**  | **$ million**  |
| Engine Products – Europe  | 4 | 3 |
| Engine Products – North America  | 2 | 2 |
| Turbo Wheels  | 1 | 1 |
| Unallocated  | 0 | 1 |
| **Consolidated depreciation and amortization**  | **7** | **7** |

---

---

| | | |
|:---|:---|:---|
| **Addition to long lived asset\***  | **Quarter ended <br> March 29, 2026**  | **Quarter ended <br> March 30, 2025**  |
|  | **$ million**  | **$ million**  |
| Engine Products – Europe  | 7 | 2 |
| Engine Products – North America  | 2 | 2 |
| Turbo Wheels  |  |  |
| Unallocated  |  |  |
| **Consolidated long lived assets**  | **9** | **4** |

---

\*

Long lived assets include property, plant, and equipment, and right-of-use lease assets.

---

| | | |
|:---|:---|:---|
| **Total Assets**  | **March 29, <br> 2026**  | **December 31, <br> 2025**  |
|  | **$ million**  | **$ million**  |
| Engine Products – Europe  | 461 | 430 |
| Engine Products – North America  | 215 | 200 |
| Turbo Wheels  | 211 | 218 |
| Unallocated  | 52 | 47 |
| **Consolidated assets**  | **939** | **895** |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. Income taxes

The Company's effective tax rate (ETR) was (9.3%) and (20.5)% for the three months ended March 29, 2026 and March 30, 2025 ,respectively.

For the three months ended March 29, 2026 and March 30, 2025, the primary drivers of the effective tax rate were

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

the impact of changes in valuation allowances in the United Kingdom and Ivostud Germany business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

the impact of non-deductible interest and other expenses in the United Kingdom.

The main reason for the difference in the effective tax rates between March 30, 2025 and March 29, 2026 was the impact of changes in valuation allowances and the global mix of income.

The Company may settle certain tax examinations for different amounts than the Company has accrued as uncertain tax benefits. Consequently, the Company may need to accrue and ultimately pay additional amounts or pay lower amounts than previously estimated and accrued when positions are settled in the future. For the three months ended March 29, 2026 and March 30, 2025, the Company's liability for uncertain tax benefits decreased by $0.1 million and $3.5 million respectively (excluding interest and penalties and related tax attributes).

6. Loss per share (basic and diluted)

---

| | | |
|:---|:---|:---|
| | **Quarter ended**  | **Quarter ended**  |
| | **March 29, 2026**  | **March 30, 2025**  |
|  | **$ millions**  | **$ millions**  |
| **Basic and diluted net loss per common share:** |  |  |
| Net loss  | (47) | (53) |
|  Weighted average number of ordinary shares outstanding (basic and diluted)  | 112936894 | 112936894 |
| Net loss per share (basic and diluted)  | (0.42) | (0.47) |

---

Refer also to note 12, Subsequent Events, for further information on share capital.

7. Inventories

Inventories consisted of the following components at March 29, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
| | **As of <br> March 29, 2026**  | **As of <br> December 31, 2025**  |
|  | **$ millions**  | **$ millions**  |
| Raw materials and supplies  | 79 | 52 |
| Work in process  | 98 | 91 |
| Finished products  | 34 | 30 |
| Right of return assets  | 15 | 13 |
| Subtotal  | **226** | **186** |
| Less: Allowance for excess and obsolete inventory  | (9) | (5) |
| **Total Inventories, net**  | **217** | **181** |

---

The expenses related to excess and obsolete inventory impairment were $4 million and $0 million for the quarter ended March 29, 2026 and March 30, 2025 respectively, and these are included in "Cost of sales" in the Group's consolidated statements of income (loss).

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[**TABLE OF CONTENTS**](#TOC2)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8. Borrowings

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Currency**  | **Category**  | **Floating**  | **Fixed**  | **March 29, 2026**  |
|  |  | **$ millions**  | **$ millions**  | **$ millions**  |
| US$  | Term loan | 515 |  | 515 |
| Multi-currency  | Shareholder PIK Loan  |  | 137 | 137 |
|  | Revolving credit facility  | 19 |  | 19 |
|  | Other loans | 15 | 26 | 41 |
| **Total** |  | **549** | **163** | **712** |
| **Current** |  | **13** | **150** | **163** |
| **Non-current** |  | **536** | **13** | **549** |
| **Total Borrowings**  |  | **549** | **163** | **712** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Currency**  | **Category**  | **Floating**  | **Fixed**  | **December 31, 2025**  |
|  |  | **$ millions**  | **$ millions**  | **$ millions**  |
| US$  | Term loan | 517 |  | **517** |
| Multi-currency  | Shareholder PIK Loan  |  | 878 | **878** |
|  | Revolving credit facility  | 1 |  | **1** |
|  | Other loans | 11 | 27 | **38** |
| **Total** |  | **529** | **905** | **1434** |
| **Current** |  | **14** | **140** | **154** |
| **Non-current** |  | **515** | **765** | **1280** |
| **Total Borrowings**  |  | **529** | **905** | **1434** |

---

Future principal repayments of the Group's borrowings are as follows as of March 29, 2026 and December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Term loan**  | **PIK Loan**  | **Revolving <br> credit <br> facility**  | **Other loans**  |
|  | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  |
| 9 months ended 31 December 2026  |  | 137 |  | 26 |
| Year ended 31 December 2027  |  |  | 19 | 7 |
| Year ended 31 December 2028  |  |  |  | 5 |
| Year ended 31 December 2029  |  |  |  | 2 |
| Year ended 31 December 2030  | 515 |  |  | 1 |
| Thereafter  |  |  |  |  |
| Total before unamortized discount and issuance costs  | 515 | 137 | 19 | 41 |
| &nbsp;&nbsp;&nbsp; Less: unamortized discount and issuance costs  |  |  |  |  |
| Total borrowings  | 515 | 137 | 19 | 41 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended December 31**  | **Term loan**  | **PIK Loan**  | **Revolving <br> credit <br> facility**  | **Other loans**  |
|  | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  |
| &nbsp;&nbsp;&nbsp; 2026  |  | 131 |  | 23 |
| &nbsp;&nbsp;&nbsp; 2027  |  |  | 1 | 6 |
| &nbsp;&nbsp;&nbsp; 2028  |  | 747 |  | 5 |
| &nbsp;&nbsp;&nbsp; 2029  |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp; 2030  | 517 |  |  | 2 |
| &nbsp;&nbsp;&nbsp; Thereafter  |  |  |  |  |
| Total before unamortized discount and issuance costs  | 517 | 878 | 1 | 38 |
| &nbsp;&nbsp;&nbsp; Less: unamortized discount and issuance costs  |  |  |  |  |
| Total borrowings  | 517 | 878 | 1 | 38 |

---

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[**TABLE OF CONTENTS**](#TOC2)

The following table presents the total interest expense related to the Group's borrowings during the period ended March 29, 2026 and March 30, 2025:

---

| | | |
|:---|:---|:---|
| | **Quarter ended <br> March 29, 2026**  | **Quarter ended <br> March 30, 2025**  |
|  | **$ millions**  | **$ millions**  |
| Contractual interest expense  | 53 | 52 |
| Amortization of debt issuance costs  | (0) | (0) |
| Total interest expense  | 53 | 52 |

---

 *Shareholder PIK loan* 

On December 2, 2025, our shareholders unanimously consented to reduce the outstanding principal balance of the Shareholder PIK Loan by 85%, which became effective on March 19, 2026 (the "PIK Forgiveness").

Following completion of the PIK Forgiveness, the outstanding principal balance of the Shareholder PIK Loan was $148 million, including accrued interest of $17 million, as of March 19, 2026. The gain on extinguishment of the debt has been recognized through the Unaudited Condensed Consolidated Statement of Changes in Shareholders' Equity, as additional paid in capital.

As of March 29, 2026, we had an outstanding balance of $137 million, under the Shareholder PIK Loan and the effective interest rate was 14.0% per annum. As of December 31, 2025, we had an outstanding balance of $878 million, and the effective interest rate was 14.0% per annum.

9. Capital commitments and contingent liabilities

 *Commitments* 

As of March 29, 2026 and December 31, 2025, there were $97 million and $53 million committed capital expenditure but not spent mainly related to Plant, machinery and equipment, respectively.

 *Contingent liabilities: Legal Proceedings and others* 

In addition to the matters discussed above, various other lawsuits, claims, and proceedings have been or may be instituted or asserted against the Group, including those pertaining to environmental, product liability, safety and health, employment, tax and antitrust matters. While the amounts claimed in these other matters may be substantial, the ultimate liability cannot currently be determined because of the considerable uncertainties that exist. Therefore, it is possible that the Company's liquidity or results of operations in a period could be materially affected by one or more of those other matters. However, based on facts currently available, management believes that the disposition of these other matters that are pending or asserted will not have a material adverse effect, individually or in aggregate, on the results of operations, financial position or cash flows of the Group.

 *Legacy provisions* 

Legacy provisions are contingent liabilities which are recognized as part of business acquisition accounting. These provisions relate to legacy historical issues that the former employee may claim against the Group and will be carried until the possible liability is settled, cancelled or expires.

10. Management Incentive Plan — Related Party Transaction

The shareholders of DPC Holdings Limited, implemented a cash-based Management Incentive Plan ("MIP") as part of the financial restructuring of the Doncasters Group in March 2020. The plan is designed to provide incentives for senior managers and above (including executive and non-executive directors) to deliver long-term shareholder returns. Under the plan, individuals are entitled to receive a cash sum payable by the Company which is only paid out if certain conditions are met.

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[**TABLE OF CONTENTS**](#TOC2)

Individual payments are equal to a percentage of the amounts repaid on the DPC Holdings Limited PIK facility loan, with varying percentages depending on whether repayment on the loan exceeds certain thresholds. These thresholds increased by 13.5% on a quarterly basis with the first increase taking place on 30 September 2020. The rules of the plan were updated in March 2024 such that the 13.5% compounding was removed.

Participation in the plan is at the board of directors and shareholder discretion, and no individual has a contractual right to participate in the plan or to receive any guaranteed benefits. The amount of the expected liability has been calculated by estimating the enterprise value ("EV") of DPC Holdings Limited on an assumed future exit date of 31 May 2026, by applying an EV/EBITDA multiple to the Group's estimated EBITDA (as defined in the Management Incentive Plan for DPC Holdings) for the 12 months prior to exit.

The resulting future MIP value has been discounted to present value on March 29, 2026, using a 25% required rate of return. As of March 29, 2026, 100% of the maximum MIP value had been awarded to 9 participants. The charge to the consolidated statement of income (loss) in the period ended March 29, 2026 relating to the MIP and associated social security was $13 million (March 30, 2025: $21 million).

Five participants in the MIP also each have a fractional shareholding in DPC Holdings Limited, the ultimate parent undertaking. As of March 29, 2026, those directors and key management personnel of the Group (two of whom are non-executive directors) control 0.44% of the voting shares of DPC Holdings Limited, the ultimate parent undertaking, with some shareholdings owned through companies.

The total liability in respect of the MIP as of March 29, 2026 was $159 million, of which $144 million was separately presented on the consolidated balance sheet, and $15 million was recognized in accrued expenses and other current liabilities related to social security and sundry taxes.

The total liability in respect of the MIP as of December 31, 2025, was $146 million, of which $132 million was separately presented on the consolidated balance sheet, and $14 million was recognized in accrued expenses and other current liabilities related to social security and sundry taxes.

11. Disposal group held for sale

During 2024, the Group's management committed to a plan to sell its Ivostud business. This decision was made as part of a strategic initiative. While the sale did not close within twelve months of the original date of classification, the Group continued negotiations with a committed buyer through the quarter ended March 29, 2026. Therefore, at March 29, 2026, classification as held for sale was deemed appropriate as management remains firmly committed to the plan to sell the Ivostud business, and the business is available for immediate sale in its present condition. Further, the sale is considered probable, with management expecting completion within one year of the balance sheet date. During the quarter ended March 29, 2026 the Group continued to maintain active negotiations with one potential buyer to facilitate the sale, indicating that it is unlikely the plan will be significantly changed or withdrawn. Accordingly, the assets and liabilities associated with that business are presented as a disposal group held for sale as of March 29, 2026.

At the reporting date, Ivostud business unit was measured at the lower of its carrying amount or fair value less costs to sell. As of March 29, 2026, the estimated fair value less costs to sell was determined to be $15 million, which did not result in any impairment/(reversals) during the period.

The major classes of assets and liabilities classified as held for sale as of March 29, 2026 and December 31, 2025, are as follows:

---

| | | |
|:---|:---|:---|
| | **March 29, 2026**  | **December 31, 2025**  |
|  | **$ million**  | **$ million**  |
| Property, plant equipment  | 3 | 2 |
| Inventories  | 9 | 11 |
| Trade and other receivables  | 4 | 4 |
| Cash and cash equivalents  | 2 | 3 |
| **Assets held for sale**  | **18** | **20** |

---

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[**TABLE OF CONTENTS**](#TOC2)

---

| | | |
|:---|:---|:---|
| | **March 29, 2026**  | **December 31, 2025**  |
|  | **$ million**  | **$ million**  |
| Trade and other payables  | (3) | (3) |
| Operating lease liabilities  | (1) | (1) |
| Other liabilities  | (1) | (1) |
| Pension liabilities  | (1) | (1) |
| **Liabilities held for sale**  | **(6)** | **(6)** |

---

The results of operations of the Ivostud business continue to be included in the Group's consolidated statements of income. Similarly, the cash flows generated by or used in the operations of the Ivostud business are included within the respective categories of the consolidated statements of cash flows.

12. Subsequent events

The Group has evaluated subsequent events that occurred from March 29, 2026 through June 15, 2026, which is the date that the unaudited condensed consolidated financial statements were available to be re-issued, and determined that there were no subsequent events or transactions that required recognition or disclosure in the financial statements, except as discussed below.

On May 22, 2026 the Board adopted, and our shareholders approved, the DPC Holdings Limited 2026 Equity Incentive Plan (the "Equity Incentive Plan") for employees, consultants and/or directors. The Equity Incentive Plan provides for the grant of options and matching share awards, intended to align the interests of service providers, including our named executive officers and directors, with those of our shareholders.

On June 5, 2026, the Company effected a 1-for-4 Reverse Share Split of its authorized and issued ordinary shares. Accordingly, all share and per share amounts for all periods presented in the unaudited condensed consolidated financial statements and notes have been retrospectively adjusted, where applicable, to reflect this reverse share split.

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[**TABLE OF CONTENTS**](#TOC)

### 23,333,333 Ordinary Shares
![[MISSING IMAGE: lg_doncasters-4clr.jpg]](lg_doncasters-4clr.jpg)

(\*lead bookrunners listed in alphabetical order)

---

| | |
|:---|:---|
| **Jefferies\***  | **Morgan Stanley\***  |
| **Barclays**  | **Moelis & Company**  |
| **RBC Capital Markets**  | **Rothschild & Co**  |

---

#### Prospectus dated , 2026
Until , 2026 (25 days after the date of this prospectus), all dealers that buy, sell or trade our ordinary shares, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

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[**TABLE OF CONTENTS**](#TOC)

#### Part II Information not required in prospectus

#### Item 13. Other Expenses of Issuance and Distribution.

---

| | |
|:---|:---|
| | **Amount <br> to be Paid**  |
| Registration fee  | $111170 |
| FINRA filing fee  | $129300 |
| Listing fees  | $325000 |
| Transfer agent's fees  | $3500 |
| Printing and engraving expenses  | $155000 |
| Legal fees and expenses  | $5294000 |
| Accounting fees and expenses  | $7359000 |
| Blue Sky fees and expenses  | $N/A |
| Miscellaneous  | $969950 |
| &nbsp;&nbsp;&nbsp; Total  | $14346840 |

---

Each of the amounts set forth above, other than the Registration fee and the FINRA filing fee, is an estimate.

#### Item 14. Indemnification of Directors and Officers.
Our Articles of Association to be filed as an exhibit to this registration statement will provide for indemnification of the officers and directors to the fullest extent permitted by applicable law.

In addition, we will (to the fullest extent permitted by applicable law) enter into agreements to indemnify our directors and executive officers containing provisions, which are in some respects broader than the specific indemnification provisions contained in our Articles of Association. The indemnification agreements may require us, among other things, to indemnify such persons against expenses, including attorneys' fees, judgments, liabilities, fines and settlement amounts incurred by any such person in actions or proceedings, including actions by us or in our right, that may arise by reason of their status or service as our director or executive officer and to advance expenses incurred by them in connection with any such proceedings. The proposed form of such indemnification agreement is filed as Exhibit 10.12 to this registration statement.

The proposed form of the Underwriting Agreement, filed as Exhibit 1.1 to this registration statement, will provide for indemnification of the registrant and its officers and directors for certain liabilities arising under the Securities Act, or otherwise.

#### Item 15. Recent Sales of Unregistered Securities.
None.

#### Item 16. Exhibits and Financial Statement Schedules.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

The Exhibit Index is hereby incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

All schedules have been omitted because they are not required, are not applicable or the information is otherwise set forth in the Consolidated Financial Statements and related notes thereto.

#### Item 17. Undertakings .
The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

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[**TABLE OF CONTENTS**](#TOC)

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration Statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

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[**TABLE OF CONTENTS**](#TOC)

#### EXHIBIT INDEX

---

| | |
|:---|:---|
| **Exhibit <br> No.**  | **Description**  |
| &nbsp;&nbsp;&nbsp; 1.1 | [Form of Underwriting Agreement.](tm269965d7_ex1-1.htm)  |
| &nbsp;&nbsp;&nbsp; 3.1\* | [Memorandum and Articles of Association of the Registrant.](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965d4_ex3-1.htm)  |
| &nbsp;&nbsp;&nbsp; 3.2\* | [Form of Amended and Restated Memorandum and Articles of Association to become effective upon closing of this offering.](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965d4_ex3-2.htm)  |
| &nbsp;&nbsp;&nbsp; 5.1 | [Opinion of Carey Olsen Jersey LLP](tm269965d7_ex5-1.htm)  |
| &nbsp;&nbsp; 10.1\* | [Credit Agreement, dated as of April 23, 2024, by and among Alloy Parent Limited, as Holdings, Doncasters US Finance LLC and Doncasters US LLC, as Borrowers, the Lenders party thereto, GLAS USA LLC, as Administrative Agent, and GLAS Americas LLC, as Collateral Agent](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965d4_ex10-1.htm)  |
| &nbsp;&nbsp; 10.2\* | [Amendment to Credit Agreement (Letter Amendment), dated June 7, 2024, by and among Alloy Parent Limited, as Holdings, Doncasters US Finance LLC and Doncasters US LLC, as Borrowers, GLAS USA LLC, as Administrative Agent, and the Consenting Lenders party thereto](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965d4_ex10-2.htm) |
| &nbsp;&nbsp; 10.3\* | [Amendment No. 2 to Credit Agreement, dated as of April 25, 2025, by and among Alloy Parent Limited, as Holdings, Doncasters US Finance LLC and Doncasters US LLC, as Borrowers, the other Loan Parties party thereto, the Term Lenders party thereto, GLAS USA LLC, as Administrative Agent, and GLAS Americas LLC, as Collateral Agent](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965d4_ex10-3.htm) |
| &nbsp;&nbsp; 10.4 | [Second Amendment and Restatement Agreement to ABL Facilities Agreement, dated as of April 23, 2024, by and among Alloy Parent Limited, as Parent, Dundee Pikco Limited and others, as the Company, and Wells Fargo Capital Finance (UK) Limited, as Agent and Security Agent](tm269965d7_ex10-4.htm) |
| &nbsp;&nbsp; 10.5\* | [Employment Agreement, as amended, of Michael Quinn†](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965d4_ex10-4.htm)  |
| &nbsp;&nbsp; 10.6\* | [Employment Agreement of David Egan†](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965d4_ex10-5.htm)  |
| &nbsp;&nbsp; 10.7\* | [Employment Agreement, as amended, of Jason Mays†](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965d4_ex10-6.htm)  |
| &nbsp;&nbsp; 10.8\* | [DPC Holdings Limited 2026 Equity Incentive Plan and UK Sub-Plan†](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965d4_ex10-7.htm)  |
| &nbsp;&nbsp; 10.9 | [Form of Award Agreements†](tm269965d7_ex10-9.htm)  |
| &nbsp;&nbsp; 10.10 | [Form of MIP Deed and Reinvestment Agreement†](tm269965d7_ex10-10.htm)  |
| &nbsp;&nbsp; 10.11\* | [Shareholder Director Nominee Agreement](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965d4_ex10-10.htm)  |
| &nbsp;&nbsp; 10.12\* | [Form of Registration Rights Agreement](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965d4_ex10-11.htm)  |
| &nbsp;&nbsp; 10.13 | [Form of Private Placement Subscription Agreement](tm269965d7_ex10-13.htm)  |
| &nbsp;&nbsp; 10.14\* | [Form of Indemnification Agreement between the Registrant and its directors and officers](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965d4_ex10-12.htm)  |
| &nbsp;&nbsp; 21.1 | [List of Subsidiaries of the Registrant.](tm269965d7_ex21-1.htm) |
| &nbsp;&nbsp; 23.1 | [Consent of KPMG LLP, independent registered public accountants.](tm269965d7_ex23-1.htm)  |
| &nbsp;&nbsp; 23.2 | [Consent of Carey Olsen Jersey LLP (included in Exhibit 5.1).](tm269965d7_ex5-1.htm)  |
| 24.1\* | [Power of Attorney (included in signature page to Registration Statement).](https://www.sec.gov/Archives/edgar/data/2107018/000110465926066058/tm269965-2_s1.htm#tPOA1)  |
| 107  | [Filing Fee Table](tm269965d6_ex-filingfees.htm)  |

---

†

Compensatory plan or agreement.

\*

Previously filed.

------

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#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in New York, New York on this day of June 15, 2026.

#### DPC HOLDINGS LIMITED
By:

/s/ Michael Joseph Quinn

Name:

Michael Joseph Quinn

Title:

Chief Executive Officer and Executive Director

#### POWER OF ATTORNEY
Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons on June 15, 2026 in the capacities indicated:

---

| | |
|:---|:---|
| **Signatures**  | **Title**  |
| /s/ Michael Joseph Quinn <br>Michael Joseph Quinn  | Chief Executive Officer and Executive Director <br> (Principal Executive Officer)  |
| /s/ David John Egan <br>David John Egan  | Chief Financial Officer and Executive Director <br> (Principal Financial Officer and Principal <br> Accounting Officer)  |
| \* <br>Dirkson Charles  | Director  |
| \* <br>Nicholas Sanders  | Director  |
| \* <br>Henry F. Brooks  | Director  |
| \* <br>Taiwo K. Danmola  | Director  |
| \* <br>Stanley Deal  | Director  |
| \* <br>C. Alexander Harman  | Director  |
| \* <br>Willibald Meixner  | Director  |

---

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[**TABLE OF CONTENTS**](#TOC)

---

| | | |
|:---|:---|:---|
| By:  | /s/ David John Egan <br>|  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Name: <br>David John Egan <br> *Attorney-in-Fact* <br>|  |
| **Doncasters Inc.**  | **Doncasters Inc.**  |  |
| By:  | /s/ Joseph Joseph <br>| Authorized Representative in the U.S.  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: <br>Joseph Joseph <br>|  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: <br>Corporate Secretary <br>|  |

---

------

## Exhibit 1.1

**Exhibit 1.1**

**[·] Shares**

**DPC HOLDINGS LIMITED**

**ORDINARY SHARES, NO PAR VALUE**

**FORM OF UNDERWRITING AGREEMENT**

June [·], 2026

June [·], 2026

Jefferies LLC<br> Morgan Stanley & Co. LLC

c/o Jefferies LLC<br> 520 Madison Avenue<br> New York, New York 10022

and

c/o Morgan Stanley & Co. LLC<br> 1585 Broadway<br> New York, New York 10036

As representatives (the "**Representatives**") of the several<br> Underwriters named in Schedule I hereto.

Ladies and Gentlemen:

DPC Holdings Limited, a Jersey, Channel Islands company(the "**Company**"), proposes to issue and sell to the several Underwriters named in Schedule I hereto (the "**Underwriters**"), an aggregate of [·] shares of its ordinary shares, no par value (the "**Firm Shares**"). The Company also proposes to issue and sell to the several Underwriters not more than an additional [·] shares of its ordinary shares, no par value (the "**Additional Shares**") if and to the extent that Jefferies LLC ("**Jefferies**") and Morgan Stanley & Co. LLC ("**Morgan Stanley**"), as representatives of the offering, shall have determined to exercise, on behalf of the Underwriters, the right to purchase such ordinary shares granted to the Underwriters in Section ‎2 hereof. The Firm Shares and the Additional Shares are hereinafter collectively referred to as the "**Shares.**" The ordinary shares, no par value of the Company to be outstanding after giving effect to the sales contemplated hereby are hereinafter referred to as the "**Ordinary Shares**."

The Company has filed with the Securities and Exchange Commission (the "**Commission**") a registration statement on Form S-1 (File No. 333-296215), including a preliminary prospectus, relating to the Shares. The registration statement as amended to the date of this Agreement, including the information (if any) deemed to be part of the registration statement at the time of effectiveness pursuant to Rule 430A under the Securities Act of 1933, as amended (the "**Securities Act**"), is hereinafter referred to as the "**Registration Statement**"; the prospectus in the form first used to confirm sales of Shares (or in the form first made available to the Underwriters by the Company to meet requests of purchasers pursuant to Rule 173 under the Securities Act) is hereinafter referred to as the "**Prospectus**." If the Company has filed an abbreviated registration statement to register additional Ordinary Shares pursuant to Rule 462(b) under the Securities Act (a "**Rule 462 Registration Statement**"), then any reference herein to the term "**Registration Statement**" shall be deemed to include such Rule 462 Registration Statement.

For purposes of this Agreement, "**free writing prospectus**" has the meaning set forth in Rule 405 under the Securities Act, "**preliminary prospectus**" shall mean each prospectus used prior to the effectiveness of the Registration Statement, and each prospectus that omitted information pursuant to Rule 430A under the Securities Act that was used after such effectiveness and prior to the execution and delivery of this Agreement, "**Time of Sale Prospectus**" means the preliminary prospectus contained in the Registration Statement at the time of its effectiveness together with the documents and pricing information set forth in Schedule II hereto, and "**broadly available road show**" means a "bona fide electronic road show" as defined in Rule 433(h)(5) under the Securities Act that has been made available without restriction to any person. As used herein, the terms "Registration Statement," "preliminary prospectus," "Time of Sale Prospectus" and "Prospectus" shall include the documents, if any, incorporated by reference therein as of the date hereof. The term "**Time of Sale**" means [·] [a.m. / p.m.], New York City time, on [·], 2026.

Morgan Stanley has agreed to reserve a portion of the Shares to be purchased by it under this Agreement for sale to the Company's directors, officers, employees and business associates and other parties related to the Company (collectively, "**Participants**"), as set forth in each of the Time of Sale Prospectus and the Prospectus under the heading "Underwriters" (the "**Directed Share Program**"). The Shares to be sold by Morgan Stanley and its affiliates, pursuant to the Directed Share Program, at the direction of the Company, are referred to hereinafter as the "**Directed Shares**". Any Directed Shares not orally confirmed for purchase by any Participant by the end of the business day on which this Agreement is executed will be offered to the public by the Underwriters as set forth in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Representations and Warranties of the Company*. The Company represents and warrants to and agrees with each of the Underwriters that, as of the date hereof, the Time of Sale and the Closing Date (as defined in Section 4):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement has become effective; no stop order suspending the effectiveness of the Registration Statement is in effect, and no proceedings for such purpose or pursuant to Section 8A under the Securities Act are pending before or, to the Company's knowledge, threatened by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) The Registration Statement, when it became effective, did not contain and, as amended or supplemented, if applicable, when such amendment or supplement becomes effective, will not contain, any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) the Registration Statement and the Prospectus comply and, as amended or supplemented, if applicable, as of the date of such amendment or supplement, will comply in all material respects with the Securities Act and the applicable rules and regulations of the Commission thereunder, (iii) the Time of Sale Prospectus does not, and at the time of each sale of the Shares in connection with the offering when the Prospectus is not yet available to prospective purchasers, and at the Closing Date (as defined in Section **‎**4), the Time of Sale Prospectus, as then amended or supplemented by the Company, if applicable, as of the date of such amendment or supplement, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, (iv) each broadly available road show, if any, does not conflict with the Time of Sale Prospectus and, when considered together with the Time of Sale Prospectus, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading and (v) the Prospectus, as of its date, does not contain and, as amended or supplemented, if applicable, as of the date of such amendment or supplement or as of the Closing Date, will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that the representations and warranties set forth in this paragraph do not apply to statements or omissions in the Registration Statement, the Time of Sale Prospectus or the Prospectus made in reliance upon and in conformity with any Underwriter Furnished Information (as defined in Section **‎**8(b) below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company is not an "ineligible issuer" in connection with the offering pursuant to Rules 164, 405 and 433 under the Securities Act. Any free writing prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities Act has been, or will be, filed with the Commission in accordance with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. Each free writing prospectus, if any, that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act or that was prepared by or on behalf of or used or referred to by the Company complies or, if filed after the date of this Agreement and prior to the Closing Date, will comply as of the date of such filing, in all material respects with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. Except for the free writing prospectuses, if any, identified in Schedule II hereto, and electronic road shows, if any, each furnished to the Representatives before first use, the Company has not prepared, used or referred to, and will not, without the Representatives' prior consent, prepare, use or refer to, any free writing prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company has been duly incorporated, is validly existing as a company in good standing under the laws of Jersey, Channel Islands, has the corporate power and authority necessary to own or lease its property and to conduct its business as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus and is duly qualified to transact business and is in good standing in each jurisdiction (to the extent such concept of good standing or equivalent concept is applicable in such jurisdiction) in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not, singly or in the aggregate, reasonably be expected to have a material adverse effect on the condition, financial or otherwise, or on the earnings, business or operations of the Company and its subsidiaries, taken as a whole (a "**material adverse effect**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each significant subsidiary, which has the meaning set forth in Rule 1-02 of Regulation S-X under the Exchange Act, (a "**Significant Subsidiary**") of the Company has been duly incorporated, organized or formed, as applicable, is validly existing as a corporation or other business entity in good standing (to the extent such concept of good standing or equivalent concept is applicable in such jurisdiction) under the laws of the jurisdiction of its incorporation, organization or formation, as applicable, has the corporate or other business entity power and authority, as applicable, to own or lease its property and to conduct its business as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus and is duly qualified to transact business and is in good standing (to the extent such concept of good standing or equivalent concept is applicable in such jurisdiction) in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing (to the extent that such concepts or equivalent concepts are applicable in such jurisdiction) would not, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole; all of the issued share capital or other equity interests of each subsidiary of the Company have been duly and validly authorized and issued, are fully paid and non-assessable (to the extent such concepts or equivalent concepts are applicable in such jurisdiction) and are owned directly or indirectly by the Company and free and clear of all liens, encumbrances, equities or claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement and the performance by the Company of its obligations hereunder has been duly authorized by all necessary corporate action, and this Agreement has been duly executed and delivered by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The authorized share capital of the Company conforms as to legal matters to the description thereof contained in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Ordinary Shares outstanding prior to the issuance of the Shares to be sold by the Company have been duly authorized and are validly issued, fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Shares have been duly authorized and, when issued, delivered and paid for in accordance with the terms of this Agreement, will be validly issued, fully paid and non-assessable, and the issuance of the Shares will not be subject to any preemptive or similar rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Neither the Company nor any of its Significant Subsidiaries is currently in violation of, and the execution and delivery by the Company of, and the performance by the Company of its obligations under, this Agreement will not contravene (i) any provision of applicable law, (ii) the Articles of Association (or similar organizational documents) of the Company or any such subsidiary, (iii) any agreement or other instrument binding upon the Company or any of its Significant Subsidiaries that is material to the Company and its subsidiaries, taken as a whole, or (iv) any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Company or any Significant Subsidiary, except that in the case of clauses (i), (iii), and (iv) as would not, singly or in the aggregate, reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole, and no consent, approval, authorization or order of, or qualification with, any governmental body, agency or court is required for the performance by the Company of its obligations under this Agreement, except such as have been obtained or waived or as may be required by the securities or Blue Sky laws of the various states, the rules and regulations of the Financial Industry Regulatory Authority ("**FINRA**") and the rules and regulations of the New York Stock Exchange (the "**NYSE**") in connection with the offer and sale of the Shares, and except with respect to such consent, authorization, order or filing that would not reasonably be expected to have a material adverse change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) There has not occurred any material adverse change, or any development involving a prospective material adverse change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company and its subsidiaries, taken as a whole, from that set forth in the Time of Sale Prospectus. There have been no transactions entered into by the Company or any of its subsidiaries, other than those in the ordinary course of business, which are material with respect to the Company and its subsidiaries, taken as a whole. There has been no dividend or distribution of any kind declared, paid or made by the Company on any class of its share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) There are no legal or governmental proceedings pending or, to the Company's knowledge, threatened in writing, to which the Company or any of its Significant Subsidiaries is a party or to which any of the properties of the Company or any of its subsidiaries is subject other than proceedings (i) accurately described in all material respects in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, and (ii) that would not, singly or in the aggregate, reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole, or on the power or ability of the Company to perform its obligations under this Agreement or to consummate the transactions contemplated by each of the Registration Statement, the Time of Sale Prospectus and the Prospectus. There are no legal or governmental proceedings that are required to be described in the Registration Statement, the Time of Sale Prospectus or the Prospectus and are not so described; and there are no statutes, regulations, contracts or other documents that are required to be described in the Registration Statement, the Time of Sale Prospectus or the Prospectus or to be filed as exhibits to the Registration Statement that are not described in all material respects or filed as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Each preliminary prospectus filed as part of the Registration Statement as originally filed or as part of any amendment thereto, or filed pursuant to Rule 424 under the Securities Act, complied when so filed and, at the Time of Sale and on the Closing Date, will comply, in all material respects with the Securities Act and the applicable rules and regulations of the Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Except as permitted under Regulation M under the Exchange Act, neither the Company nor an affiliate of the Company has taken, directly or indirectly, any action designed to cause or result in, or which has constituted or which would reasonably be expected to constitute, the stabilization or manipulation of the price of any Shares of the Company, to facilitate the sale or resale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Company is not, and after giving effect to the offering and sale of the Shares and the application of the proceeds thereof as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus will not be, required to register as an "investment company" as such term is defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) (i) The Company and each of its subsidiaries (A) are and have been in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to pollution, human health and safety (as such pertains to exposures to Hazardous Materials, defined below), the environment (including, without limitation, indoor or outdoor air, surface water, groundwater, drinking water supply, sediment, land surface, or subsurface strata), and natural resources, including, without limitation, laws and regulations governing the release or threatened release of, or exposure to, any chemical, substance, material or waste that is regulated or defined as hazardous, toxic or radioactive, or as a pollutant or contaminant, or words of similar meaning, in or under any such law or regulation, and any petroleum or petroleum products, asbestos-containing materials, mold, or per- or polyfluoroalkyl substances, ("**Hazardous Materials**") (any such laws or regulations, "**Environmental Laws**"), (B) hold all permits, licenses, registrations, or other approvals required of them under applicable Environmental Laws to conduct their respective businesses, (C) are and have been in compliance with all terms and conditions of any such permit, license, registration or approval, and (D) have not received, are not a party to, and are not aware of any pending or threatened administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, notices of liability, investigations or proceedings relating to any Environmental Law or any permit, license, registration or other approval required thereunder; and (ii) there are no events or circumstances that have formed the basis of, or would reasonably be expected to form the basis of, an order for clean-up or remediation, or an action, suit or proceeding by any private party or governmental body, against or affecting the Company or any of its subsidiaries, relating to Hazardous Materials or any Environmental Laws, except in the case of any and all of the foregoing (i) and (ii), as would not, singly or in the aggregate, reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) There are no costs or liabilities associated with Environmental Laws (including, without limitation, any capital or operating expenditures required for clean-up; closure of facilities or properties; compliance with Environmental Laws or any permit, license, registration or other approval, required thereunder; constraints on operating or production activities; or any potential liabilities to third parties) which would, singly or in the aggregate, reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Except as described in the Registration Statement and the Prospectus, there are no proceedings that are pending, or that are known to be contemplated, against the Company or any of its subsidiaries under any Environmental Laws in which a governmental entity is also a party, other than such proceedings regarding which it is reasonably believed no monetary sanctions of $300,000 or more will be imposed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Except as described in the Registration Statement, the Time of Sale Prospectus and Prospectus, there are no contracts, agreements or understandings between the Company and any person granting such person the right to require the Company to file a registration statement under the Securities Act with respect to any securities of the Company or to require the Company to include such securities with the Shares registered pursuant to the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Neither the Company nor any of its subsidiaries or controlled affiliates, nor any director, officer, or employee thereof, nor, to the Company's knowledge, any agent or representative of the Company or of any of its subsidiaries or controlled affiliates (acting in their capacity as such), has taken any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment, giving or receipt of money, property, gifts or anything else of value, directly or indirectly, to any person to improperly influence official action by that person for the benefit of the Company or its subsidiaries or affiliates, or to otherwise secure any improper advantage or to any person in violation of (i) the U.S. Foreign Corrupt Practices Act of 1977, (ii) the UK Bribery Act 2010, or (iii) any other applicable law, regulation, order, decree or directive having the force of law and relating to bribery or corruption (collectively, the "**Anti-Corruption Laws**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) The operations of the Company and each of its subsidiaries are and have been conducted at all times in compliance with all applicable anti-money laundering laws, rules, and regulations, including the financial recordkeeping and reporting requirements contained therein, and including the Bank Secrecy Act of 1970, applicable provisions of the USA PATRIOT Act of 2001, the Money Laundering Control Act of 1986, and the Anti-Money Laundering Act of 2020 (collectively, the "**Anti-Money Laundering Laws**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) (i) Neither the Company nor any of its subsidiaries, nor any director, officer, employee, or, to the Company's knowledge, agent, affiliate, or representative of the Company or any of its subsidiaries, is an individual or entity ("**Person**") that is, or is owned or controlled by one or more Persons that are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the subject of any sanctions administered or enforced by the United States Government (including the U.S. Department of the Treasury's Office of Foreign Assets Control and the U.S. Department of State), the United Nations Security Council, the European Union, His Majesty's Treasury, or any other applicable sanctions authority (collectively, "**Sanctions**"), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) located, organized or ordinarily resident in a country or territory that is the subject of comprehensive territorial Sanctions (at the time of this Agreement, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, Crimea, Cuba, Iran, and North Korea) (a "**Sanctioned Country**") (together with (A), a "**Sanctioned Person**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company and each of its subsidiaries (A) have not (since April 24, 2019 with respect to Sanctions and in the last five (5) years with respect to Export Controls), engaged in, (B) are not now engaged in, and (C) will not engage in, any dealings or transactions with any Person that at the time of the dealing or transaction is or was, or whose government is or was, a Sanctioned Person, or with any country or territory, that at the time of the dealing or transaction is or was, a Sanctioned Country, in violation of applicable Sanctions, or in any manner that would violate applicable **"Export Controls"** (meaning all export control laws and regulations administered or enforced by (1) the United States Government (including by the U.S. Department of Commerce or the U.S. Department of State), including the Arms Export Control Act (22 U.S.C. § 2778), the Export Control Reform Act of 2018 (50 U.S.C. §§ 4801-4861), the International Traffic in Arms Regulations (22 C.F.R. Parts 120–130), and the Export Administration Regulations (15 C.F.R. Parts 730-774), and (2) any other applicable export control governmental authority, including (to the extent applicable) EU Regulation 2021/821 (as amended), the Export Control Order 2008, or any other applicable export control legislation or regulation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) The Company will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is, or whose government is, a Sanctioned Person, or in any country or territory that, at the time of such funding or facilitation, is a Sanctioned Country, in violation of applicable Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to fund or facilitate any money laundering or terrorist financing activities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any other manner that would cause or result in a violation of any applicable Anti-Corruption Laws, Anti-Money Laundering Laws, Sanctions by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Company and its subsidiaries have (since April 24, 2019 and in the last five (5) years, with respect to Export Controls) conducted and will conduct their businesses in compliance with the applicable Anti-Corruption Laws, the Anti-Money Laundering Laws, Sanctions, and Export Controls, and no investigation, inquiry, action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to applicable Anti-Corruption Laws, the Anti-Money Laundering Laws, Sanctions, or Export Controls is pending or, to the knowledge of the Company, threatened. The Company and its subsidiaries and affiliates have instituted and maintained and will continue to maintain policies and procedures reasonably designed to promote and achieve compliance with applicable Anti-Corruption Laws, the Anti-Money Laundering Laws, Sanctions, Export Controls, and with the representations and warranties contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Subsequent to the respective dates as of which information is given in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, (i) the Company and its subsidiaries, taken as a whole, have not incurred any material liability or obligation, direct or contingent, nor entered into any material transaction; (ii) the Company has not purchased any of its outstanding share capital, nor declared, paid or otherwise made any dividend or distribution of any kind on its share capital other than ordinary and customary dividends, other than as described in the Registration Statement; and (iii) the Time of Sale Prospectus and the Prospectus, there has not been any material change in the share capital, short-term debt or long-term debt of the Company and its subsidiaries, taken as a whole, other than as described in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Neither the Company nor any of its subsidiaries is a "covered foreign person", as that term is defined in 31 C.F.R. § 850.209, or currently engages, or has plans to engage, directly or indirectly, in a "covered activity", as that term is defined in 31 C.F.R. § 850.208.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) The Company and each of its Significant Subsidiaries have good and marketable title to all real property owned by them and good and marketable title to all personal property owned by them which is material to the business of the Company and its subsidiaries, in each case free and clear of all liens, encumbrances and defects except such as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and its subsidiaries; and any real property and buildings held under lease by the Company and its subsidiaries are held by them in full force and effect and under valid, subsisting and enforceable leases, and neither the Company nor any such subsidiary has any notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Company or any subsidiary under any of the leases or subleases mentioned above, or affecting or questioning the rights of the Company or such subsidiary to the continued possession of the leased or subleased premises under any such lease or sublease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) (i) The Company and its Significant Subsidiaries own or have a valid license to use or possess all patents, inventions, copyrights (including rights in software), know how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures), domain names, trademarks, service marks and trade names and all other worldwide intellectual property and proprietary rights (including all registrations and applications for registration of, and all good will associated with, any of the foregoing) (collectively, "**Intellectual Property Rights**") used or held for use in, or reasonably necessary to, the conduct of their respective businesses as now conducted by them, and as proposed to be conducted in the Registration Statement, the Time of Sale Prospectus or the Prospectus (the "**Company IP**"); (ii) the Intellectual Property Rights owned by the Company or any of its Significant Subsidiaries and, to the Company's knowledge, the Intellectual Property Rights licensed to the Company and its Significant Subsidiaries, are valid, subsisting and, to the Company's knowledge, enforceable, and there is no pending or, to the Company's knowledge, threatened action, suit, proceeding or claim by others challenging the validity, ownership, registrability, scope or enforceability of any such Intellectual Property Rights, and neither the Company nor any of its Significant Subsidiaries are aware of any facts which would form a reasonable basis for any such claim; (iii) neither the Company nor any of its Significant Subsidiaries has received any written notice alleging any infringement, misappropriation or other violation of Intellectual Property Rights of any Person by the Company or any of its Significant Subsidiaries; (iv) to the Company's knowledge, no Person is infringing, misappropriating or otherwise violating, or has infringed, misappropriated or otherwise violated, any Company IP; (v) to the Company's knowledge, neither the Company nor any of its Significant Subsidiaries infringes, misappropriates or otherwise violates, or has infringed, misappropriated or otherwise violated, any Intellectual Property Rights of any Person; (vi) the Company and each of its Significant Subsidiaries are in compliance in all material respects with all licenses and other agreements governing the use of Intellectual Property Rights to which the Company or any of its Significant Subsidiaries is a party, or under which any of the Company's or any of its Significant Subsidiaries' assets are bound (collectively, the "**Intellectual Property Contracts**"), and neither the Company nor any of its Significant Subsidiaries has received any written notice alleging any such noncompliance and or is aware of any facts which would form a reasonable basis for any such claim; (vii) all Intellectual Property Contracts are in full force and effect; (viii) all employees and contractors who are or have been engaged in the development of Intellectual Property Rights on behalf of the Company or any of its Significant Subsidiaries of the Company have executed a valid assignment agreement whereby such employees or contractors presently and effectively assign all of their right, title and interest in and to such Intellectual Property Rights to the Company or its applicable subsidiary, and to the Company's knowledge, no such agreement has been breached or violated; and (ix) the Company and its Significant Subsidiaries take, and have taken, all reasonable steps necessary to maintain and protect the confidentiality of all Intellectual Property Rights of the Company and its Significant Subsidiaries the value of which to the Company or any of its Significant Subsidiaries is contingent upon maintaining the confidentiality thereof, and, to the Company's knowledge, no such Intellectual Property Rights have been disclosed other than to employees, representatives and agents of the Company or any of its Significant Subsidiaries, all of whom are bound by written confidentiality agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Neither the Company nor any of its Significant Subsidiaries develop, use or distribute, or have developed, used or distributed, any software or other materials under a "free," "open source," or similar licensing model (including but not limited to the MIT License, Apache License, GNU General Public License, GNU Lesser General Public License and GNU Affero General Public License) ("**Open Source Software**") in any manner that requires or has required (A) the Company or any of its Significant Subsidiaries to permit reverse engineering of any software code or other technology owned by the Company or any of its Significant Subsidiaries or (B) any software code or other technology owned by the Company or any of its Significant Subsidiaries to be (1) disclosed, delivered, licensed, distributed or otherwise made available to any other person in source code form, (2) licensed for the purpose of making derivative works or (3) redistributed at no charge. None of the software developed or owned by the Company or its Significant Subsidiaries is subject to any escrow obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) (i) The Company and each of its Significant Subsidiaries have complied and are presently in compliance, in all material respects, with all internal and external privacy policies of the Company or any of its subsidiaries, contractual obligations, fiduciary obligations, applicable industry standards, applicable Data Protection Laws (as defined below), judgments and orders of any court or arbitrator or other governmental or regulatory authority and any other legal obligations, in each case, relating to the collection, use, transfer, storage, protection, disposal, disclosure or other processing by the Company or any of its Significant Subsidiaries of personal, personally identifiable, household, sensitive, confidential or regulated data or information ("**Data Security Obligations**", and such data and information, "**Personal Data**"); (ii) neither the Company nor any of its Significant Subsidiaries has received any notification of or complaint regarding, and neither the Company nor any of its Significant Subsidiaries is aware of any other facts that, individually or in the aggregate, would reasonably indicate, non-compliance with any Data Security Obligation by the Company or any of its Significant Subsidiaries; (iii) there is no investigation, inquiry, action, suit or proceeding by or before any court or governmental agency, authority or body pending or to the Company's knowledge, threatened alleging non-compliance with any Data Security Obligation by the Company or any of its Significant Subsidiaries; and (iv) the Company and its subsidiaries have not been required to notify any individual or data protection authority of any information security breach, compromise or incident involving any Data. "**Data Protection Laws**" means any and all applicable laws, rules and regulations related to data privacy, data protection or data security (including Regulation (EU) 2016/79 of the European Parliament and of the Council (General Data Protection Regulation) and any implementation acts related thereto and the California Consumer Privacy Act of 2018 and the California Privacy Rights Act of 2020), Federal Trade Commission and applicable European Union data protection authorities, in each case of the foregoing, as amended, replaced or updated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) (i) The Company and its Significant Subsidiaries respective information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, technology, data and databases (including Personal Data and the data and information of their respective customers, employees, suppliers, vendors and any third party data maintained, processed or stored by or on behalf of the Company and its Significant Subsidiaries) used in connection with the operation of the Company's and its Significant Subsidiaries' respective businesses ("**IT Systems and Data**") are adequate for, and operate and perform in all material respects as required in connection with the operation of the business of the Company and its Significant Subsidiaries as currently conducted, and the Company's knowledge are free and clear of material bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants; (ii) the Company and each of its Significant Subsidiaries have all taken technical and organizational measures necessary to maintain and protect the Company's IT Systems and Data; (iii) without limiting the foregoing, the Company and its Significant Subsidiaries have established, maintained, implemented and complied with reasonable information technology, information security, cyber security and data protection controls, policies and procedures, consistent with industry standards and practices, and as required by Data Security Obligations that are designed to protect against and prevent breach, destruction, loss, unauthorized distribution, disclosure use, access, disablement, misappropriation or unauthorized modification, or other compromise or misuse of or relating to any IT Systems and Data ("**Breach**"); and (iv) there has been no such Breach, and the Company and its Significant Subsidiaries have not been notified of and have no knowledge of any event or condition that would reasonably be expected to result in, any such Breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) The Company and its Significant Subsidiaries have implemented and maintained policies, practices, and procedures to prevent unlawful harassment, discrimination, or retaliation in the workplace and have taken appropriate steps to assure compliance with such policies and procedures, and (i) neither the Company nor its Significant Subsidiaries has had any material labor disputes and none currently exists of is threatened; (ii) neither the Company nor any of its Significant Subsidiaries has any knowledge of any existing, threatened or imminent labor disturbance by the employees of any of its principal vendors, partners or contractors; and (iii) the Company and its Significant Subsidiaries are and have been in material compliance with all applicable laws pertaining to employment and employment practices, wages and hours, terms and conditions of employment, and immigration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) Except as would not reasonably be expected to result in a material adverse effect, any "Employee Benefit Plan" (as defined under the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively, "**ERISA**")) established or maintained by the Company, its subsidiaries or their "ERISA Affiliates" (as defined below) (each, a "**Plan**") is and has been operated in compliance with its terms and all applicable laws, including ERISA and the Internal Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder (the "**Code**"). Except as would not, singly or in the aggregate, reasonably be expected to result in a material adverse effect on the Company and its subsidiaries, (a) no "reportable event" (as defined under ERISA) has occurred or is reasonably expected to occur with respect to any Plan and no Plan, if terminated, would have any "amount of unfunded benefit liabilities" (as defined under ERISA), as the fair market value of the assets under each Plan (excluding for these purposes accrued but unpaid contributions) exceeds the present value of all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan), (b) neither the Company, its subsidiaries nor any of their ERISA Affiliates has incurred or reasonably expects to incur any liability under (i) Title IV of ERISA with respect to termination of, or withdrawal from, any Plan, (ii) Sections 412 and 430, 4971, 4975 or 4980B of the Code or (iii) Sections 302 and 303, 406, 4063 and 4064 of ERISA, (c) each Plan that is intended to be qualified under Section 401(a) of the Code is so qualified, and nothing has occurred, whether by action or failure to act, that would reasonably be expected to cause the loss of such qualification, (d) there is no pending audit or investigation by the Internal Revenue Service, the U.S. Department of Labor, the Pension Benefit Guaranty Corporation or any other governmental or other regulatory entity or agency with respect to any Plan that could reasonably be expected to result in liability to the Company or any of its subsidiaries, and (e) neither the Company nor any of its subsidiaries have any "accumulated post-retirement benefit obligations" (within the meaning of Statement of Financial Accounting Standards 106). "**ERISA Affiliate**" means, with respect to the Company or any of its subsidiaries, any member of any group of organizations described in Sections 414(b), (c), (m) or (o) of the Code of which the Company or such subsidiary is a member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company and each of its Significant Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as, in the reasonable judgment of the Company, are prudent and customary in the businesses in which they are engaged; neither the Company nor any of its Significant Subsidiaries has been refused any insurance coverage sought or applied for; and neither the Company nor any of its Significant Subsidiaries has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain comparable coverage from similar insurers as may be necessary to continue its business at a cost that would not, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) The Company and each of its Significant Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct their respective businesses, as currently conducted, except where the failure to obtain such certificates, authorizations and permits would not, singly or in the aggregate, reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole, and neither the Company nor any of its Significant Subsidiaries has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) The financial statements included in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, together with the related schedules and notes thereto, comply as to form in all material respects with the applicable accounting requirements of the Securities Act and present fairly in all material respects the consolidated financial position of the Company and its consolidated subsidiaries as of the dates shown and its results of operations and cash flows for the periods shown, and such financial statements have been prepared in conformity with generally accepted accounting principles in the United States ("**U.S. GAAP**") applied on a consistent basis throughout the periods covered thereby except for any normal year-end adjustments in the Company's quarterly financial statements. The other financial information included in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus has been derived from the accounting records of the Company and its consolidated subsidiaries and presents fairly in all material respects the information shown thereby. The statistical, industry-related and market-related data included in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus are based on or derived from sources which the Company reasonably and in good faith believes are reliable and accurate and such data is consistent with the sources from which they are derived, in each case in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) KPMG LLP, who have certified certain financial statements of the Company and its consolidated subsidiaries and delivered its report with respect to the audited consolidated financial statements filed with the Commission as part of the Registration Statement and included in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, is an independent registered public accounting firm with respect to the Company within the meaning of the Securities Act and the applicable rules and regulations thereunder adopted by the Commission and the Public Company Accounting Oversight Board (United States).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) Except as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus, Company and each of its consolidated subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with U.S. GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Since the end of the Company's most recent audited fiscal year, there has been (A) no material weakness in the Company's internal control over financial reporting (whether or not remediated) and (B) no change in the Company's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) The Company has not sold, issued or distributed any Ordinary Shares during the six-month period preceding the date hereof, including any sales pursuant to Rule 144A under, or Regulation D or S of, the Securities Act, other than shares issued pursuant to employee benefit plans, qualified share option plans or other employee compensation plans or pursuant to outstanding options, rights or warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) The Registration Statement, the Prospectus, the Time of Sale Prospectus and any preliminary prospectus comply, and any amendments or supplements thereto will comply, with any applicable laws or regulations of foreign jurisdictions in which the Prospectus, the Time of Sale Prospectus or any preliminary prospectus, as amended or supplemented, if applicable, are distributed in connection with the Directed Share Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) No consent, approval, authorization or order of, or qualification with, any governmental body or agency, other than those obtained, is required in connection with the offering of the Directed Shares in any jurisdiction where the Directed Shares are being offered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) The Company has not offered, or caused Morgan Stanley or any Morgan Stanley Entity as defined in Section **‎**9 to offer, Shares to any person pursuant to the Directed Share Program with the specific intent to unlawfully influence (i) a customer or supplier of the Company to alter the customer's or supplier's level or type of business with the Company or (ii) a trade journalist or publication to write or publish favorable information about the Company or its products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) The Company and each of its subsidiaries have timely, and on a materially correct basis, filed all federal, state, local and foreign tax returns required to be filed by them through the date of this Agreement or have requested extensions thereof (except where the failure to accurately file would not, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries) and have paid all material taxes (including social security contributions or any related fines, costs, penalties or interest) required to be paid thereon (except for cases in which the failure to file or pay would not, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries, or, except as currently being contested in good faith and for which adequate reserves required by U.S. GAAP have been created in the financial statements of the Company), and no tax deficiency has been determined adversely to the Company or any of its subsidiaries which, singly or in the aggregate, has had (nor does the Company nor any of its subsidiaries have any notice or knowledge of any tax deficiency which could reasonably be expected to be determined adversely to the Company or its subsidiaries and which could reasonably be expected to have) a material adverse effect on the Company and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) From the time of initial confidential submission of the Registration Statement to the Commission through the date hereof, the Company has been and is an "emerging growth company," as defined in Section 2(a) of the Securities Act (an "**Emerging Growth Company**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) The Company (i) has not alone engaged in any Testing-the-Waters Communication with any person other than Testing-the-Waters Communications with the consent of the Representatives with entities that are reasonably believed to be qualified institutional buyers within the meaning of Rule 144A under the Securities Act or institutions that are reasonably believed to be accredited investors within the meaning of Rule 501 under the Securities Act and (ii) has not authorized anyone other than the Representatives to engage in Testing-the-Waters Communications. The Company reconfirms that the Representatives have been authorized to act on its behalf in undertaking Testing-the-Waters Communications. The Company has not distributed any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Securities Act other than those listed on Schedule III hereto. "**Testing-the-Waters Communication**" means any communication with potential investors undertaken in reliance on Section 5(d) or Rule 163B of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) As of the time of each sale of the Shares in connection with the offering when the Prospectus is not yet available to prospective purchasers, none of (i) the Time of Sale Prospectus, (ii) any free writing prospectus, when considered together with the Time of Sale Prospectus, and (iii) any individual Testing-the-Waters Communication, when considered together with the Time of Sale Prospectus, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; *provided* that the Company makes no representation and warranty with respect to any statements or omissions in the Time of Sale Prospectus, any free writing prospectus or any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Securities Act based upon the Underwriter Furnished Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) Under the current laws and regulations of Jersey all dividends and other distributions declared and payable on the Shares in cash may be freely remitted out of Jersey and may be paid in, or freely converted into, United States dollars, in each case without there being required any consent, approval, authorization or order of, or qualification with, any court or governmental agency or body in Jersey; and except as disclosed in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, all such dividends and other distributions paid by the Company will not be subject to withholding under the laws and regulations of Jersey.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) The descriptions in the Prospectus appearing under the caption "Taxation", insofar as they purport to describe the provisions of the laws and documents referred to therein, in each case, not misleading and are fair and accurate summaries, in each case, in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) No stamp, documentary, issuance, registration or transfer, duties are payable by or on behalf of the Underwriters, the Company or any of its subsidiaries under the laws of Jersey or the United Kingdom or to any political subdivision or taxing authority thereof or therein in connection with (i) the execution, delivery or consummation of this Agreement, (ii) the creation, allotment and issuance of the Shares (iii) solely by virtue of the sale and delivery of the Shares to or for the account of the Underwriters or purchasers procured by the Underwriters, or (iv) the resale and delivery of the shares by the Underwriters in the manner contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) The Shares are not registered in any register kept in the United Kingdom by or on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) The Company is, and will remain until the Closing Date, resident in the United Kingdom for tax purposes and it does not expect to be or become residence for tax purposes in any jurisdiction other than the United Kingdom in the foreseeable future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) To the extent that any entity in which the Company has an equity interest is, with respect to the Company, a CFC, the Company has a reasonable expectation that it will not be subject to a material CFC charge under section 371BC of the United Kingdom Taxation (International and Other Provisions) Act 2010 ("**TIOPA**") in the current taxable year or in the foreseeable future (the term "CFC" to be read in accordance with section 371VA TIOPA and "CFC charge" as defined in section 371AA TIOPA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) Neither the Company, nor any entity in which the Company has an equity interest, has or reasonably expects to have any material liability to account for any multinational top-up tax or domestic top-up tax (as the case may be) under Parts 3 or 4 (as applicable) of the United Kingdom Finance (No. 2) Act 2023 in the current taxable year or in the foreseeable future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) The Company believes, based on the nature of its business, the composition of its income and assets, the value of its assets, its intended use of the proceeds from the offering, and the expected price of ordinary shares, as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, that it was not a "passive foreign investment company" ("**PFIC**") for U.S. federal income tax purposes for its most recent taxable year and it does not expect to be a PFIC for its current taxable year or in the foreseeable future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) Any waiver, relief, concession, or preferential treatment relating to taxes granted to the Company or any subsidiary by any Jersey or United Kingdom taxing authority is valid and in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) It is not necessary under the laws of Jersey (i) to enable the Underwriters to enforce their rights under this Agreement, *provided* that they are not otherwise engaged in business in Jersey, or (ii) solely by reason of the execution, delivery or consummation of this Agreement or the offering, for any of the Underwriters to be qualified or entitled to carry out business in Jersey.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) This Agreement is in proper form under the laws of Jersey for the enforcement thereof against the Company, and to ensure the legality, validity, enforceability or admissibility into evidence in Jersey of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) The courts of Jersey would recognize as a valid judgment any final monetary judgment obtained against the Company in the courts of the State of New York, subject to the restrictions described under the caption "Enforcement of Civil Liabilities" in the Registration Statement, the Time of Sale Prospectus and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) Neither the Company nor any of its Significant Subsidiaries has any immunity from the jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise) under the laws of Jersey to enforce this Agreement in respect of itself or its property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The choice of law of the State of New York as the governing law of this Agreement is a valid choice of law under the laws of Jersey and courts of Jersey should honor this choice of law, subject to mandatory choice of law rules and constitutional limitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Agreements to Sell and Purchase.* The Company hereby agrees to sell to the several Underwriters, and each Underwriter, upon the basis of the representations and warranties herein contained, but subject to the terms and conditions hereinafter stated, agrees, severally and not jointly, to purchase from the Company at $[·] a share (the "**Purchase Price**"). For the avoidance of doubt, the Purchase Price for the Directed Share Purchase shall be the Public Offering Price.

On the basis of the representations and warranties contained in this Agreement, and subject to its terms and conditions, the Company agrees to sell to the Underwriters the Additional Shares, and the Underwriters shall have the right to purchase, severally and not jointly, up to [·] Additional Shares at the Purchase Price, *provided*, *however*, that the amount paid by the Underwriters for any Additional Shares shall be reduced by an amount per share equal to any dividends declared by the Company and payable on the Firm Shares but not payable on such Additional Shares. The Representatives may exercise this right on behalf of the Underwriters in whole or from time to time in part by giving written notice not later than 30 days after the date of this Agreement. Any exercise notice shall specify the number of Additional Shares to be purchased by the Underwriters and the date on which such shares are to be purchased. Each purchase date must be at least one business day after the written notice is given and may not be earlier than the closing date for the Firm Shares or later than ten business days after the date of such notice. Additional Shares may be purchased as provided in Section ‎4 hereof solely for the purpose of covering over-allotments made in connection with the offering of the Firm Shares. On each day, if any, that Additional Shares are to be purchased (an "**Option Closing Date**"), each Underwriter agrees, severally and not jointly, to purchase the number of Additional Shares (subject to such adjustments to eliminate fractional shares as the Representatives may determine) that bears the same proportion to the total number of Additional Shares to be purchased on such Option Closing Date as the number of Firm Shares set forth in Schedule I hereto opposite the name of such Underwriter bears to the total number of Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Terms of Public Offering*. The Company is advised by the Representatives that the Underwriters propose to make a public offering of their respective portions of the Shares as soon after the Registration Statement and this Agreement have become effective as in the Representatives' judgment is advisable. The Company is further advised by the Representatives that the Shares are to be offered to the public initially at $[·] a share (the "**Public Offering Price**") and to certain dealers selected by the Representatives at a price that represents a concession not in excess of $[·] a share under the Public Offering Price, and that any Underwriter may allow, and such dealers may reallow, a concession, not in excess of $[·] a share, to any Underwriter or to certain other dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Payment and Delivery.* Payment for the Firm Shares shall be made to the Company in Federal or other funds immediately available in New York City against delivery of such Firm Shares for the respective accounts of the several Underwriters at 10:00 a.m., New York City time, on [·], 2026, or at such other time on the same or such other date, not later than [·], 2026, as shall be designated in writing by the Representatives. The time and date of such payment are hereinafter referred to as the "**Closing Date**."

Payment for any Additional Shares shall be made to the Company in Federal or other funds immediately available in New York City against delivery of such Additional Shares for the respective accounts of the several Underwriters at 10:00 a.m., New York City time, on the date specified in the corresponding notice described in Section ‎2 or at such other time on the same or on such other date, in any event not later than [·], 2026, as shall be designated in writing by the Representatives.

The Firm Shares and Additional Shares shall be registered in such names and in such denominations as the Representatives shall request in writing not later than one full business day prior to the Closing Date or the applicable Option Closing Date, as the case may be. The Firm Shares and Additional Shares shall be delivered to the Representatives on the Closing Date or an Option Closing Date, as the case may be, for the respective accounts of the several Underwriters, with any transfer or other taxes payable in connection with the transfer of the Shares to the Underwriters duly paid, against payment of the Purchase Price therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Conditions to the Underwriters' Obligations*. The obligations of the Company to sell the Shares to the Underwriters and the several obligations of the Underwriters to purchase and pay for the Shares on the Closing Date are subject to the condition that the Registration Statement shall have become effective not later than 5:30pm ET (New York City time) on the date hereof.

The several obligations of the Underwriters are subject to the following further conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subsequent to the execution and delivery of this Agreement and prior to the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no order suspending the effectiveness of the Registration Statement shall be in effect, and no proceeding for such purpose or pursuant to Section 8A under the Securities Act shall be pending before or threatened by the Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading or of any review for a possible change that does not indicate the direction of the possible change, in the rating accorded any of the securities of the Company or any of its subsidiaries by any "nationally recognized statistical rating organization," as such term is defined in Section 3(a)(62) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there shall not have occurred any change, or any development involving a prospective change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company and its subsidiaries, taken as a whole, from that set forth in the Time of Sale Prospectus that, in the Representatives' judgment, is material and adverse and that makes it, in the Representatives' judgment, impracticable to market the Shares on the terms and in the manner contemplated in the Time of Sale Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters shall have received on the Closing Date a certificate, dated the Closing Date and signed by an executive officer of the Company, to the effect set forth in Sections **‎**5(a)(i) and **‎**5(a)(ii) above and to the effect that the representations and warranties of the Company contained in this Agreement are true and correct as of the Closing Date and that the Company has complied with all of the agreements and satisfied all of the conditions on its part to be performed or satisfied hereunder on or before the Closing Date.

The officer signing and delivering such certificate may rely upon the best of his or her knowledge as to proceedings threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Underwriters shall have received on the Closing Date an opinion and negative assurance letter of White & Case LLP, outside counsel for the Company, dated the Closing Date, in form and substance reasonably satisfactory to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Underwriters shall have received on the Closing Date an opinion letter of Carey Olsen Jersey LLP, outside Jersey counsel for the Company, dated the Closing Date, in form and substance reasonably satisfactory to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Underwriters shall have received on the Closing Date an opinion and negative assurance letter of Davis Polk & Wardwell LLP, counsel for the Underwriters, dated the Closing Date, in form and substance reasonably satisfactory to the Representatives.

With respect to the negative assurance letters to be delivered pursuant to Sections ‎5(c), and ‎5(e), above, each of White & Case LLP and Davis Polk & Wardwell LLP may state that their opinions and beliefs are based upon their participation in the preparation of the Registration Statement, the Time of Sale Prospectus and the Prospectus and any amendments or supplements thereto and review and discussion of the contents thereof, but are without independent check or verification, except as specified.

The opinion of each of White & Case LLP and Carey Olsen Jersey LLP, described in Sections ‎5(c) and ‎5(d) above shall be rendered to the Underwriters at the request of the Company, as the case may be, and shall so state therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Underwriters shall have received, on each of the date hereof and the Closing Date, a letter dated the date hereof or the Closing Date, as the case may be, in form and substance satisfactory to the Underwriters, from KPMG LLP, independent public accountants, containing statements and information of the type ordinarily included in accountants' "comfort letters" to underwriters with respect to the financial statements and certain financial information contained in the Registration Statement, the Time of Sale Prospectus and the Prospectus; *provided* that the letter delivered on the Closing Date shall use a "cut-off date" not earlier than the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Underwriters shall have received, on the date hereof and the Closing Date, a certificate, dated the respective dates of delivery thereof and addressed to the Underwriters, of the Company's chief financial officer with respect to certain financial data contained in the Time of Sale Prospectus and the Prospectus, providing "management comfort" with respect to such information, in form and substance reasonably satisfactory to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The "lock-up" agreements, each substantially in the form of Exhibit A hereto, between the Representatives and certain shareholders, officers and directors of the Company relating to restrictions on sales and certain other dispositions of Ordinary Shares or certain other securities, delivered to the Representatives on or before the date hereof (the "**Lock-up Agreements**"), shall be in full force and effect on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Shares shall have been approved for listing on the NYSE, subject only to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The several obligations of the Underwriters to purchase Additional Shares hereunder are subject to the delivery to the Representatives on the applicable Option Closing Date of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a certificate, dated the Option Closing Date and signed by an executive officer of the Company, confirming that the certificate delivered on the Closing Date pursuant to Section **‎**5(b) hereof remains true and correct as of such Option Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an opinion and negative assurance letter of White & Case LLP, outside counsel for the Company, dated the Option Closing Date, relating to the Additional Shares to be purchased on such Option Closing Date and otherwise to the same effect as the opinion required by Section **‎**5(c) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an opinion of Carey Olsen, outside Jersey counsel for the Company, dated the Option Closing Date, relating to the Additional Shares to be purchased on such Option Closing Date and otherwise to the same effect as the opinion required by Section **‎**5(c) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an opinion and negative assurance letter of Davis Polk & Wardwell LLP, counsel for the Underwriters, dated the Option Closing Date, relating to the Additional Shares to be purchased on such Option Closing Date and otherwise to the same effect as the opinion required by Section **‎**5(e) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a letter dated the Option Closing Date, in form and substance satisfactory to the Underwriters, from KPMG LLP, independent public accountants, substantially in the same form and substance as the letter furnished to the Underwriters pursuant to Section **‎**5(f) hereof; *provided* that the letter delivered on the Option Closing Date shall use a "cut-off date" not earlier than two business days prior to such Option Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a certificate of the Company's chief financial officer, dated the Option Closing Date, substantially in the same form and substance as the certificate furnished to the Underwriters pursuant to Section **‎**5(i) hereof, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) such other documents as the Representatives may reasonably request with respect to the good standing of the Company, the due authorization and issuance of the Additional Shares to be sold on such Option Closing Date and other matters related to the issuance of such Additional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Covenants of the Company*. The Company covenants with each Underwriter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To furnish to the Representatives, without charge, signed copies of the Registration Statement (including exhibits thereto) and for delivery to each other Underwriter a conformed copy of the Registration Statement (without exhibits thereto) and to furnish to the Representatives in New York City, without charge, prior to 10:00 a.m. New York City time on the business day next succeeding the date of this Agreement and during the period mentioned in Section **‎**6(f) or **‎**6(g) below, as many copies of the Time of Sale Prospectus, the Prospectus and any supplements and amendments thereto or to the Registration Statement as the Representatives may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Before amending or supplementing the Registration Statement, the Time of Sale Prospectus or the Prospectus, to furnish to the Representatives a copy of each such proposed amendment or supplement and not to file any such proposed amendment or supplement to which the Representatives reasonably object, and to file with the Commission within the applicable period specified in Rule 424(b) under the Securities Act any prospectus required to be filed pursuant to such Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To prepare and file with the Commission pursuant to Rule 424(b), as promptly as possible and in any event no later than the Closing, the Prospectus setting forth the amount of Shares covered thereby and the terms thereof not otherwise specified in the preliminary prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To furnish to the Representatives a copy of each proposed free writing prospectus to be prepared by or on behalf of, used by, or referred to by the Company and not to use or refer to any proposed free writing prospectus to which the Representatives reasonably object.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not to take any action that would result in an Underwriter or the Company being required to file with the Commission pursuant to Rule 433(d) under the Securities Act a free writing prospectus prepared by or on behalf of the Underwriter that the Underwriter otherwise would not have been required to file thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the Time of Sale Prospectus is being used to solicit offers to buy the Shares at a time when the Prospectus is not yet available to prospective purchasers and any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Time of Sale Prospectus in order to make the statements therein, in the light of the circumstances, not misleading, or if any event shall occur or condition exist as a result of which the Time of Sale Prospectus conflicts with the information contained in the Registration Statement then on file, or if, in the opinion of counsel for the Underwriters, it is necessary to amend or supplement the Time of Sale Prospectus to comply with applicable law, forthwith to prepare, file with the Commission and furnish, at its own expense, to the Underwriters and to any dealer upon request, either amendments or supplements to the Time of Sale Prospectus so that the statements in the Time of Sale Prospectus as so amended or supplemented will not, in the light of the circumstances when the Time of Sale Prospectus is delivered to a prospective purchaser, be misleading or so that the Time of Sale Prospectus, as amended or supplemented, will no longer conflict with the Registration Statement, or so that the Time of Sale Prospectus, as amended or supplemented, will comply with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If, during such period after the first date of the public offering of the Shares if, in the opinion of counsel for the Underwriters, the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is required by law to be delivered in connection with sales by an Underwriter or dealer, any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Prospectus in order to make the statements therein, in the light of the circumstances when the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is delivered to a purchaser, not misleading, or if, in the opinion of counsel for the Underwriters, it is necessary to amend or supplement the Prospectus to comply with applicable law, forthwith to prepare, file with the Commission and furnish, at its own expense, to the Underwriters and to the dealers (whose names and addresses the Representatives will furnish to the Company) to which Shares may have been sold by the Representatives on behalf of the Underwriters and to any other dealers upon request, either amendments or supplements to the Prospectus so that the statements in the Prospectus as so amended or supplemented will not, in the light of the circumstances when the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is delivered to a purchaser, be misleading or so that the Prospectus, as amended or supplemented, will comply with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If required by applicable law, to endeavor to qualify the Shares for offer and sale under the securities or Blue Sky laws of such jurisdictions as the Representatives shall reasonably request; provided that in no event shall the Company be obligated to qualify to do business in any jurisdiction where it is not now so qualified or to take any action that would subject it to service of process in suits, other than those arising out of the offering or sale of the Shares, or taxation in any jurisdiction where it is not now so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To make generally available to the Company's security holders and to the Representatives as soon as practicable an earnings statement covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the date of this Agreement which shall satisfy the provisions of Section 11(a) of the Securities Act and the rules and regulations of the Commission thereunder (including, at the Company's option, Rule 158 of the Securities Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To comply with all applicable securities and other laws, rules and regulations in each jurisdiction in which the Directed Shares are offered in connection with the Directed Share Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Whether or not the transactions contemplated in this Agreement are consummated or this Agreement is terminated, to pay or cause to be paid all expenses incident to the performance of its obligations under this Agreement, including: (i) the fees, disbursements and expenses of the Company's counsel and the Company's accountants in connection with the registration and delivery of the Shares under the Securities Act and all other fees or expenses in connection with the preparation and filing of the Registration Statement, any preliminary prospectus, the Time of Sale Prospectus, the Prospectus, any free writing prospectus prepared by or on behalf of, used by, or referred to by the Company and amendments and supplements to any of the foregoing, including all printing costs associated therewith, and the mailing and delivering of copies thereof to the Underwriters and dealers, in the quantities hereinabove specified, (ii) all costs and expenses related to the transfer and delivery of the Shares to the Underwriters, including any transfer or other taxes payable thereon, (iii) the cost of printing or producing any Blue Sky or Legal Investment memorandum in connection with the offer and sale of the Shares under state securities laws and all expenses in connection with the qualification of the Shares for offer and sale under state securities laws as provided in Section **‎**6(g) hereof, including filing fees and the reasonable fees and disbursements of counsel for the Underwriters in connection with such qualification and in connection with the Blue Sky or Legal Investment memorandum, (iv) all filing fees and the reasonable and documented fees and disbursements of counsel to the Underwriters incurred in connection with the review and qualification of the offering of the Shares by FINRA (provided that the amount payable by the Company with respect to fees and disbursements of counsel for the Underwriters pursuant to subsection (iii) and (iv) shall not exceed $50,000), (v) all fees and expenses in connection with the preparation and filing of the registration statement on Form 8-A relating to the Ordinary Shares and all costs and expenses incident to listing the Shares on the NYSE, (vi) the cost of printing certificates representing the Shares, (vii) the costs and charges of any transfer agent, registrar or depositary, (viii) the costs and expenses of the Company relating to investor presentations on any "road show" undertaken in connection with the marketing of the offering of the Shares, including, without limitation, expenses associated with the preparation or dissemination of any electronic road show, expenses associated with the production of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road show presentations with the prior approval of the Company, travel and lodging expenses of the representatives and officers of the Company and any such consultants, and one-half of the cost of any aircraft chartered in connection with the road show, (ix) the document production charges and expenses associated with printing this Agreement, (x) all reasonable and documented fees and disbursements of counsel incurred by the Underwriters in connection with the Directed Share Program not to exceed $20,000 and stamp duties similar taxes or duties or other taxes, if any, incurred by the Underwriters in connection with the Directed Share Program and (xi) all other costs and expenses incident to the performance of the obligations of the Company hereunder for which provision is not otherwise made in this Section. It is understood, however, that except as provided in this Section, Section **‎**8 entitled "Indemnity and Contribution," Section 9 entitled "Directed Share Program Indemnification" and the last paragraph of Section 14 below, the Underwriters will pay all of their costs and expenses, including fees and disbursements of their counsel, share transfer taxes payable on resale of any of the Shares by them and any advertising expenses connected with any offers they may make.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company will promptly notify the Representatives if the Company ceases to be an Emerging Growth Company at any time prior to the later of (i) completion of the distribution of the Shares within the meaning of the Securities Act and (ii) completion of the Restricted Period (as defined in this Section **‎**6).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) If at any time following the distribution of any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Securities Act there occurred or occurs an event or development as a result of which such Testing-the-Waters Communication included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Company will promptly notify the Representatives and will promptly amend or supplement, at its own expense, such Testing-the-Waters Communication to eliminate or correct such untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Company will deliver to each Underwriter (or its agent), on or prior to the date of execution of this Agreement, a properly completed and executed Certification Regarding Beneficial Owners of Legal Entity Customers, together with copies of identifying documentation, and the Company undertakes to provide such additional supporting documentation as each Underwriter may reasonably request in connection with the verification of the foregoing Certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Company shall pay, and shall indemnify and hold the Underwriters harmless against any stamp, issue, registration, documentary, sales, transfer or other similar taxes or duties (and any related fines, costs, penalties or interest) imposed under the laws of Jersey and/or the United Kingdom or any political sub-division or taxing authority thereof or therein that is payable in connection with (i) the execution, delivery, consummation or enforcement of this Agreement, (ii) the creation, allotment and issuance of the Shares (iii) the sale and delivery of the Shares to the Underwriters or purchasers procured by the Underwriters, or (iv) the resale and delivery of the Shares by the Underwriters in the manner contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) All sums payable by the Company under this Agreement shall be paid free and clear of and without deductions or withholdings for or on account of any present or future taxes or duties of whatever nature and any related interest, fines, surcharges, penalties or similar liabilities, unless the deduction or withholding is required by law, in which case the Company shall pay such additional amount as will result in the receipt by each Underwriter of the full amount that would have been received had no deduction or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) All sums payable to an Underwriter shall be considered exclusive of any value added or similar taxes ("**VAT**"). Where the Company is obliged to pay VAT on any amount payable hereunder to an Underwriter, the Company shall, subject to the receipt of a valid VAT invoice, in addition to the sum payable hereunder pay an amount equal to any applicable VAT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Where under the terms of this Agreement the Company is liable to indemnify or reimburse an Underwriter in respect of any costs, charges or expenses, the payment shall include an amount equal to any irrecoverable VAT thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The Company will use its best efforts to effect and maintain the listing of the Shares on the NYSE.

The Company also covenants with each Underwriter that, without the prior written consent of the Representatives on behalf of the Underwriters, it will not, and will not publicly disclose an intention to, during the period ending 180 days after the date of the Prospectus (the "**Restricted Period**"), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares or (2) enter into any swap, loan or other arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward or any other derivative transaction or instrument, however described or defined) that transfers to another, in whole or in part, directly or indirectly, any of the economic consequences of ownership of the Ordinary Shares, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Ordinary Shares or such other securities, in cash or otherwise or (3) publicly file any registration statement with the Commission relating to the offering of any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares.

The restrictions contained in the preceding paragraph shall not apply to (A) the Shares to be sold hereunder, (B) the issuance by the Company of Ordinary Shares upon the exercise of an option or warrant or the conversion of a security outstanding on the date hereof as described in each of the Time of Sale Prospectus and Prospectus, (C) any share-based awards granted under an employee benefit or share-based compensation plan or agreement described in the Time of Sale Prospectus and the Prospectus, (D) the filing of a registration statement on Form S-8 to register Ordinary Shares issuable pursuant to any employee benefit plans, qualified share option plans, or other employee compensation plans, described in the Time of Sale Prospectus, (E) facilitating the establishment of a trading plan on behalf of a shareholder, officer or director of the Company pursuant to Rule 10b5-1 under the Exchange Act for the transfer of Ordinary Shares, *provided* that (i) such plan does not provide for the transfer of Ordinary Shares during the Restricted Period and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by the Company regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of Ordinary Shares may be made under such plan during the Restricted Period, (F) the entry by the Company into and settlement of any accelerated share repurchase plan by the Company, (G) the confidential submission with the Commission of any registration statement under the Securities Act or (H) the issuance by the Company of Ordinary Shares or any securities convertible into, or exercisable or exchangeable for, Ordinary Shares, in connection with any merger, joint venture, strategic alliances, commercial or other collaborative transaction or the acquisition or license of the business, property, technology or other assets of another individual or entity or the assumption of an employee benefit plan in connection with a merger or acquisition; *provided* that the aggregate number of Ordinary Shares or any securities convertible into, or exercisable or exchangeable for, Ordinary Shares that the Company may issue or agree to issue pursuant to this clause (H) shall not exceed ten percent (10%) of the total number of Ordinary Shares outstanding immediately following the issuance of the Shares hereunder; and provided further, that, the recipients thereof provide to the Representatives an agreement substantially in the form of Exhibit A hereto if such recipient has not already delivered one.

If Jefferies and Morgan Stanley, in their sole discretion, agree to release or waive the restrictions on the transfer of Shares set forth in a Lock-up Agreement for an officer or director of the Company and provides the Company with notice of the impending release or waiver at least three business days before the effective date of the release or waiver, the Company agrees to announce the impending release or waiver by a press release substantially in the form of Exhibit B hereto through a major news service at least two business days before the effective date of the release or waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *Covenants of the Underwriters*. Each Underwriter, severally and not jointly, covenants with the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not to take any action that would result in the Company being required to file with the Commission under Rule 433(d) a free writing prospectus prepared by or on behalf of such Underwriter that otherwise would not be required to be filed by the Company thereunder, but for the action of the Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is not subject to any pending proceeding under Section 8A of the Securities Act with respect to the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *Indemnity and Contribution.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees to indemnify and hold harmless each Underwriter, each person, if any, who controls any Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act and each affiliate of any Underwriter within the meaning of Rule 405 under the Securities Act from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim) that arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any amendment thereof, any preliminary prospectus, the Time of Sale Prospectus or any amendment or supplement thereto, any issuer free writing prospectus as defined in Rule 433(h) under the Securities Act, any Company information that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act, any road show as defined in Rule 433(h) under the Securities Act (a "road show"), the Prospectus or any amendment or supplement thereto, or any Testing-the-Waters Communication, or arise out of, or are based upon, any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any such untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use therein, it being understood and agreed that the only such information furnished by the Underwriters through the Representatives consists of the Underwriter Furnished Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, its directors, its officers who sign the Registration Statement and each person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim) that arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any amendment thereof, any preliminary prospectus, the Time of Sale Prospectus or any amendment or supplement thereto, any issuer free writing prospectus as defined in Rule 433(h) under the Securities Act, any Company information that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act, any road show or the Prospectus or any amendment or supplement thereto, or arise out of, or are based upon, any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, but only with reference to information relating to such Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use in the Registration Statement, any preliminary prospectus, the Time of Sale Prospectus, any issuer free writing prospectus, road show or the Prospectus or any amendment or supplement thereto (the "**Underwriter Furnished Information**"), it being understood and agreed that the only such information furnished by any Underwriter consists of the following information in the Prospectus furnished on behalf of each Underwriter: the second sentence of the third paragraph under the caption "Underwriting," the concession and reallowance amounts, if any, in the first paragraph under the caption "Underwriting—Commission and Expenses," and the first sentence under the caption "Underwriting—Stabilization," in the Preliminary Prospectus, the Time of Sale Prospectus and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to Section **‎**8(a) or **‎**8(b), such person (the "**indemnified party**") shall promptly notify the person against whom such indemnity may be sought (the "**indemnifying party**") in writing and the indemnifying party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for (i) the reasonably incurred and reasonably documented fees and expenses of more than one separate firm (in addition to any local counsel) for all such indemnified parties and that all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be designated in writing by the the Representatives, in the case of parties indemnified pursuant to Section 8(a), and by the Company, in the case of parties indemnified pursuant to Section 8(b). The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second and third sentences of this paragraph, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding, does not include a statement as to, or an admission of fault, wrongdoing, culpability or a failure to act by or on behalf of any indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent the indemnification provided for in Section **‎**8(a) or 8(b) is unavailable to an indemnified party or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each indemnifying party under such paragraph, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other hand from the offering of the Shares or (ii) if the allocation provided by clause **‎**8(d)(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause **‎**8(d)(i) above but also the relative fault of the Company on the one hand and of the Underwriters on the other hand in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Underwriters on the other hand in connection with the offering of the Shares shall be deemed to be in the same respective proportions as the net proceeds from the offering of the Shares (before deducting expenses) received by the Company and the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover of the Prospectus, bear to the aggregate Public Offering Price of the Shares. The relative fault of the Company on the one hand and the Underwriters on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or by the Underwriters and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Underwriters' respective obligations to contribute pursuant to this Section **‎**8 are several in proportion to the respective number of Shares they have purchased hereunder, and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company and the Underwriters agree that it would not be just or equitable if contribution pursuant to this Section **‎**8 were determined by *pro rata* allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in Section **‎**8(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in Section **‎**8(d) shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section **‎**8, no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Shares underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages that such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for in this Section **‎**8 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The indemnity and contribution provisions contained in this Section **‎**8 and the representations, warranties and other statements of the Company contained in this Agreement shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Underwriter, any person controlling any Underwriter or any affiliate of any Underwriter or by or on behalf of the Company, its officers or directors or any person controlling the Company and (iii) acceptance of and payment for any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *Directed Share Program Indemnification*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees to indemnify and hold harmless Morgan Stanley, each person, if any, who controls Morgan Stanley within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act and each affiliate of Morgan Stanley within the meaning of Rule 405 of the Securities Act ("**Morgan Stanley Entities**") from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim) (i) that arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in any material prepared by or with the consent of the Company for distribution to Participants in connection with the Directed Share Program or arise out of, or are based upon, any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii) that arise out of, or are based upon, the failure of any Participant to pay for and accept delivery of Directed Shares that the Participant agreed to purchase; or (iii) related to, arising out of, or in connection with the Directed Share Program, other than losses, claims, damages or liabilities (or expenses relating thereto) that are finally judicially determined to have resulted from the bad faith or gross negligence of Morgan Stanley Entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In case any proceeding (including any governmental investigation) shall be instituted involving any Morgan Stanley Entity in respect of which indemnity may be sought pursuant to Section **‎**9(a), the Morgan Stanley Entity seeking indemnity, shall promptly notify the Company in writing and the Company, upon request of the Morgan Stanley Entity, shall retain counsel reasonably satisfactory to the Morgan Stanley Entity to represent the Morgan Stanley Entity and any others the Company may designate in such proceeding and shall pay the reasonably incurred and reasonably documented fees and disbursements of such counsel related to such proceeding. In any such proceeding, any Morgan Stanley Entity shall have the right to retain its own counsel, but the reasonably incurred and reasonably documented fees and expenses of such counsel shall be at the expense of such Morgan Stanley Entity unless (i) the Company shall have agreed to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both the Company and the Morgan Stanley Entity and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Company shall not, in respect of the legal expenses of the Morgan Stanley Entities in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonably incurred and reasonably documented fees and expenses of more than one separate firm (in addition to any local counsel) for all Morgan Stanley Entities. Any such separate firm for the Morgan Stanley Entities shall be designated in writing by Morgan Stanley. The Company shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Company agrees to indemnify the Morgan Stanley Entities from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time a Morgan Stanley Entity shall have requested the Company to reimburse it for fees and expenses of counsel as contemplated by the second and third sentences of this paragraph, the Company agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by the Company of the aforesaid request and (ii) the Company shall not have reimbursed the Morgan Stanley Entity in accordance with such request prior to the date of such settlement. The Company shall not, without the prior written consent of Morgan Stanley, effect any settlement of any pending or threatened proceeding in respect of which any Morgan Stanley Entity is or could have been a party and indemnity could have been sought hereunder by such Morgan Stanley Entity, unless such settlement includes an unconditional release of the Morgan Stanley Entities from all liability on claims that are the subject matter of such proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent the indemnification provided for in Section **‎**9(a) is unavailable to a Morgan Stanley Entity or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then the Company in lieu of indemnifying the Morgan Stanley Entity thereunder, shall contribute to the amount paid or payable by the Morgan Stanley Entity as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Morgan Stanley Entities on the other hand from the offering of the Directed Shares or (ii) if the allocation provided by clause 11(c)(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause 11(c)(i) above but also the relative fault of the Company on the one hand and of the Morgan Stanley Entities on the other hand in connection with any statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Morgan Stanley Entities on the other hand in connection with the offering of the Directed Shares shall be deemed to be in the same respective proportions as the net proceeds from the offering of the Directed Shares (before deducting expenses) and the total underwriting discounts and commissions received by the Morgan Stanley Entities for the Directed Shares, bear to the aggregate Public Offering Price of the Directed Shares. If the loss, claim, damage or liability is caused by an untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact, the relative fault of the Company on the one hand and the Morgan Stanley Entities on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement or the omission or alleged omission relates to information supplied by the Company or by the Morgan Stanley Entities and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company and the Morgan Stanley Entities agree that it would not be just or equitable if contribution pursuant to this Section **‎**9 were determined by pro rata allocation (even if the Morgan Stanley Entities were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in Section **‎**9(c). The amount paid or payable by the Morgan Stanley Entities as a result of the losses, claims, damages and liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by the Morgan Stanley Entities in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section **‎**9, no Morgan Stanley Entity shall be required to contribute any amount in excess of the amount by which the total price at which the Directed Shares distributed to the public were offered to the public exceeds the amount of any damages that such Morgan Stanley Entity has otherwise been required to pay. The remedies provided for in this Section **‎**9 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The indemnity and contribution provisions contained in this Section **‎**9 shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Morgan Stanley Entity or the Company, its officers or directors or any person controlling the Company and (iii) acceptance of and payment for any of the Directed Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. *Submission to Jurisdiction; Appointment of Agents for Service*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company irrevocably submits to the non-exclusive jurisdiction of any New York State or United States Federal court sitting in The City of New York (the "**Specified Courts**") over any suit, action or proceeding arising out of or relating to this Agreement, the Time of Sale Prospectus, the Prospectus, the Registration Statement or the offering of the Shares (each, a "**Related Proceeding**"). The Company irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any Related Proceeding brought in such a court and any claim that any such Related Proceeding brought in such a court has been brought in an inconvenient forum. To the extent that the Company has or hereafter may acquire any immunity (on the grounds of sovereignty or otherwise) from the jurisdiction of any court or from any legal process with respect to itself or its property, the Company irrevocably waives, to the fullest extent permitted by law, such immunity in respect of any such suit, action or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company hereby irrevocably appoints CSC, with offices at 251 Little Falls Drive, Wilmington, New Castle County, Delaware 19808 as its agent for service of process in any Related Proceeding and agrees that service of process in any such Related Proceeding may be made upon it at the office of such agent. The Company waives, to the fullest extent permitted by law, any other requirements of or objections to personal jurisdiction with respect thereto. The Company represents and warrants that such agent has agreed to act as the Company's agent for service of process, and the Company agrees to take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. *Taxes*. If any sum payable by the Company under this Agreement is subject to tax in the hands of an Underwriter or taken into account as a receipt in computing the taxable income, profit or gains of that Underwriter (excluding net income taxes on underwriting commissions payable hereunder), the sum payable to the Underwriter under this Agreement shall be increased to such sum as will ensure that the Underwriter shall be left with the sum it would have had in the absence of such tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. *Judgment Currency*. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder into any currency other than United States dollars, the parties hereto agree, to the fullest extent permitted by law, that the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Underwriters could purchase United States dollars with such other currency in The City of New York on the business day preceding that on which final judgment is given. The obligation of the Company with respect to any sum due from it to any Underwriter or any person controlling any Underwriter shall, notwithstanding any judgment in a currency other than United States dollars, not be discharged until the first business day following receipt by such Underwriter or controlling person of any sum in such other currency, and only to the extent that such Underwriter or controlling person may in accordance with normal banking procedures purchase United States dollars with such other currency. If the United States dollars so purchased are less than the sum originally due to such Underwriter or controlling person hereunder, the Company agrees as a separate obligation and notwithstanding any such judgment, to indemnify such Underwriter or controlling person against such loss. If the United States dollars so purchased are greater than the sum originally due to such Underwriter or controlling person hereunder, such Underwriter or controlling person agrees to pay to the Company, as applicable, an amount equal to the excess of the dollars so purchased over the sum originally due to such Underwriter or controlling person hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. *Termination*. The Underwriters may terminate this Agreement by notice given by the Representatives to the Company, if after the execution and delivery of this Agreement and prior to or on the Closing Date or any Option Closing Date, as the case may be, (i) trading generally shall have been suspended or materially limited on, or by, as the case may be, any of the New York Stock Exchange, the NYSE American, the NASDAQ Market, (ii) trading of any securities of the Company shall have been suspended on any exchange or in any over-the-counter market, (iii) a material disruption in securities settlement, payment or clearance services in the United States shall have occurred, (iv) any moratorium on commercial banking activities shall have been declared by Federal or New York State authorities or (v) there shall have occurred any outbreak or escalation of hostilities, or any change in financial markets or any calamity or crisis that, in the Representatives' and Company's judgment, is material and adverse and which, singly or together with any other event specified in this clause (v), makes it, in the Representatives' and Company's judgment, impracticable or inadvisable to proceed with the offer, sale or delivery of the Shares on the terms and in the manner contemplated in the Time of Sale Prospectus or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. *Effectiveness; Defaulting Underwriters*. This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.

If, on the Closing Date or an Option Closing Date, as the case may be, any one or more of the Underwriters shall fail or refuse to purchase Shares that it has or they have agreed to purchase hereunder on such date, and the aggregate number of Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is not more than one-tenth of the aggregate number of the Shares to be purchased on such date, the other Underwriters shall be obligated severally in the proportions that the number of Firm Shares set forth opposite their respective names in Schedule I bears to the aggregate number of Firm Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as the Representatives may specify, to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date; *provided* that in no event shall the number of Shares that any Underwriter has agreed to purchase pursuant to this Agreement be increased pursuant to this Section 14 by an amount in excess of one-ninth of such number of Shares without the written consent of such Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Firm Shares and the aggregate number of Firm Shares with respect to which such default occurs is more than one-tenth of the aggregate number of Firm Shares to be purchased on such date, and arrangements satisfactory to the Representatives and the Company for the purchase of such Firm Shares are not made within 36 hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter or the Company. In any such case either the Representatives or the Company shall have the right to postpone the Closing Date, but in no event for longer than seven days, in order that the required changes, if any, in the Registration Statement, in the Time of Sale Prospectus, in the Prospectus or in any other documents or arrangements may be effected. If, on an Option Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Additional Shares and the aggregate number of Additional Shares with respect to which such default occurs is more than one-tenth of the aggregate number of Additional Shares to be purchased on such Option Closing Date, the non-defaulting Underwriters shall have the option to (i) terminate their obligation hereunder to purchase the Additional Shares to be sold on such Option Closing Date or (ii) purchase not less than the number of Additional Shares that such non-defaulting Underwriters would have been obligated to purchase in the absence of such default. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.

If this Agreement shall be terminated by the Underwriters, or any of them, because of any failure or refusal on the part of the Company to comply with the terms or to fulfill any of the conditions of this Agreement, or if for any reason the Company shall be unable to perform its obligations under this Agreement, the Company will reimburse the Underwriters or such Underwriters as have so terminated this Agreement with respect to themselves, severally, for all out-of-pocket expenses (including the fees and disbursements of their counsel) reasonably incurred by such Underwriters in connection with this Agreement or the offering contemplated hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. *Entire Agreement*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement, together with any contemporaneous written agreements and any prior written agreements (to the extent not superseded by this Agreement) that relate to the offering of the Shares, represents the entire agreement between the Company, on the one hand, and the Underwriters, on the other, with respect to the preparation of any preliminary prospectus, the Time of Sale Prospectus, the Prospectus, the conduct of the offering, and the purchase and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company acknowledges that in connection with the offering of the Shares: (i) the Underwriters have acted at arm's length, are not agents of, and owe no fiduciary duties to, the Company or any other person, (ii) the Underwriters owe the Company only those duties and obligations set forth in this Agreement, any contemporaneous written agreements and prior written agreements (to the extent not superseded by this Agreement), if any, (iii) the Underwriters may have interests that differ from those of the Company, and (iv) none of the activities of the Underwriters in connection with the transactions contemplated herein constitutes a recommendation, investment advice, or solicitation of any action by the Underwriters with respect to any entity or natural person. The Company waives to the full extent permitted by applicable law any claims it may have against the Underwriters arising from an alleged breach of fiduciary duty in connection with the offering of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. *Recognition of the U.S. Special Resolution Regimes*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

For purposes of this Section a "**BHC Act Affiliate**" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k). "**Covered Entity**" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). "**Default Right**" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. "**U.S. Special Resolution Regime**" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. *Counterparts*. This Agreement may be signed in two or more counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. The words "execution," "signed," "signature," and words of like import in this Agreement or in any instruments, agreements, certificates, officers' certificates, Company orders, legal opinions, negative assurance letters or other documents entered into or delivered pursuant to or in connection with this Agreement shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, "pdf," "tif" or "jpg") and electronic signatures (including, without limitation, DocuSign and AdobeSign), and this Agreement and any instruments, agreements, certificates, officers' certificates, legal opinions, Company orders, negative assurance letters or other documents entered into or delivered pursuant to or in connection with this Agreement may be executed, attested and transmitted by any of the foregoing electronic means and formats. The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. *Applicable Law*. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. *Headings*. The headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. *Notices*. All communications hereunder shall be in writing and effective only upon receipt and if to the Underwriters shall be delivered, mailed or sent to Jefferies in care of Jefferies LLC, 520 Madison Avenue, New York, New York 10022, Attention: General Counsel, Morgan Stanley in care of Morgan Stanley & Co. LLC, 1585 Broadway, New York, New York 10036, Attention: Equity Syndicate Desk, with a copy to the Legal Department; and if to the Company shall be delivered, mailed, emailed or sent to Helen Barrett-Hague, General Counsel & Chief Risk Officer, at DPC Holdings Limited, Donington Court, 2<sup>nd</sup> Floor, Pegasus Business Park, Herald Way, Derby DE742UZ, United Kingdom with a copy to Richard Browne and Jessica Y. Chen at White & Case LLP, 1221 Avenue of the Americas, New York, NY 10020.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| DPC Holdings Limited | DPC Holdings Limited |
| By: |  |
|  | Name: |
|  | Title: |

---

[*Signature Page to Underwriting Agreement*]

Accepted as of the date hereof

Jefferies LLC<br> Morgan Stanley & Co. LLC

Acting severally on behalf of themselves and the<br> several Underwriters named in Schedule I hereto.

---

| | |
|:---|:---|
| By: | Jefferies LLC |
| By: |  |
|  | Name: |
|  | Title: |
| By: | Morgan Stanley & Co. LLC |
| By: |  |
|  | Name: |
|  | Title: |

---

**SCHEDULE I**

---

| | |
|:---|:---|
| **Underwriter** | **Number of Firm Shares To Be<br> Purchased** |
| Jefferies LLC |  |
| Morgan Stanley & Co. LLC |  |
| Barclays Capital Inc. |  |
| Moelis & Company LLC |  |
| RBC Capital Markets, LLC |  |
| Rothschild & Co US Inc. |  |
| Total: |  |

---

**SCHEDULE II**

**Time of Sale Prospectus**

1. Preliminary Prospectus issued [•]

2. [identify all free writing prospectuses filed by the Company under Rule 433(d) of the Securities Act]

3. [free writing prospectus containing a description of terms that does not reflect final terms, if the Time of Sale Prospectus does
not include a final term sheet]

4. [orally communicated pricing information such as price per share and size of offering if a Rule 134 pricing term sheet is used
at the time of sale instead of a pricing term sheet filed by the Company under Rule 433(d) as a free writing prospectus]

**SCHEDULE III**

**Written Testing-the-Waters Communications**

None.

**EXHIBIT A**

**FORM OF LOCK-UP AGREEMENT**

______, 2026

Jefferies LLC

Morgan Stanley & Co. LLC

As Representatives of the Several Underwriters

c/o Jefferies LLC

520 Madison Avenue

New York, New York 10022

and

c/o Morgan Stanley & Co. LLC

1585 Broadway

New York, New York 10036

RE: Proposed Public Offering by DPC Holdings Limited

Ladies & Gentlemen:

The undersigned is a director, director nominee or officer of DPC Holdings Limited, a Jersey, Channel Islands, corporation (the "**Company**"), and/or a holder of ordinary shares in the Company (each a "**Share**" and collectively, "**Shares**"). The Company proposes to conduct a public offering of Shares (the "**Offering**") for which Jefferies LLC ("**Jefferies**") and Morgan Stanley & Co. LLC ("**Morgan Stanley**") will act as representatives of the underwriters. The undersigned recognizes that the Offering will benefit each of the Company and the undersigned. The undersigned acknowledges that the underwriters are relying on the representations and agreements of the undersigned contained in this letter agreement in conducting the Offering and, at a subsequent date, in entering into an underwriting agreement (the "**Underwriting Agreement**") and other underwriting arrangements with the Company with respect to the Offering.

Annex A sets forth definitions for capitalized terms used in this letter agreement that are not defined in the body of this letter agreement. Those definitions are a part of this agreement.

In consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees that, during the Lock-up Period, the undersigned will not (and, if the undersigned is a natural person, will cause any Family Member not to), subject to the exceptions set forth in this agreement, without the prior written consent of Jefferies and Morgan Stanley, which may withhold their consent in their sole discretion:

Sell or Offer to Sell any Shares or Related Securities currently or hereafter owned either of record or beneficially (as defined in Rule 13d-3 under the Exchange Act) by the undersigned or such Family Member,

enter into any Swap,

make any demand for, or exercise any right with respect to, the registration under the Securities Act of the offer and sale of any Shares or Related Securities, or cause to be filed a registration statement, prospectus or prospectus supplement (or an amendment or supplement thereto) with respect to any such registration; *provided* that the undersigned may make a demand for and exercise its rights under any registration rights agreement with respect to the registration of Shares that does not require the filing of any registration statement or any public announcement regarding such registration during the Lock-Up Period (and no such public announcement shall be made or taken by the undersigned during the Lock-Up Period); *provided* that any such registration rights agreement with the Company is described in the prospectus for the Offering, or

publicly announce any intention to do any of the foregoing.

The foregoing will not apply to the registration of the offer and sale of the Shares, and the sale of the Shares to the underwriters, in each case as contemplated by the Underwriting Agreement. In addition, the foregoing restrictions shall not apply to the transfer of Shares or Related Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as a bona
 fide gift, or for bona fide estate planning purposes, including, without limitation to charitable
 organization or educational institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to any member
 of the undersigned's immediate family or other dependent of the undersigned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by will, other testamentary document or intestate succession to the
 legal representative, heir, beneficiary or any immediate family member of the undersigned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to a trust for the direct or indirect benefit of the undersigned
and/or an immediate family member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to a corporation, partnership,
 limited liability company or other entity of which the undersigned or any immediate family
 member is the legal and beneficial owner of all of the outstanding equity securities or similar
 interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to a nominee
 or custodian of a person or entity to whom a disposition or transfer would be permissible
 under clauses (i) through (v) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) by operation of law, including pursuant to an order of a court
or regulatory authority, including a qualified domestic order, divorce settlement, divorce decree or separation agreement, or related
court order related to the distribution of assets in connection with the dissolution of a marriage or civil union;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) if the undersigned is a trust, to a trustor, trustee or beneficiary
of the trust or to the estate of a beneficiary of such trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) if the undersigned is a corporation,
partnership, limited liability company, trust or other business entity, to any shareholder, partner, or member of, or owner of a similar
equity interest in, the undersigned, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) if the undersigned is a corporation, partnership, limited liability
 company, trust or other business entity, (A) to another corporation, partnership, limited
 liability company, trust or other business entity so long as the transferee is an affiliate
 of the undersigned, or to any investment fund or other entity controlling, controlled by,
 managing or managed by or under common control with the undersigned or affiliates of the
 undersigned (including where the undersigned is a partnership, to its general partner or
 a successor partnership or fund, or any other funds managed by such partnership) or to any
 investment fund or other entity which fund or entity is controlled or managed by the undersigned
 or affiliates of the undersigned or as part of a distribution by the undersigned to its shareholders,
 partners, members or other equityholders or to the estate of any such shareholders, partners,
 members or other equityholders or any subsequent transfer to any direct or indirect partner,
 member, shareholder or other equityholders of the undersigned, any direct or indirect partner,
 member, shareholder or other equityholder of such transferee until such Shares or Related
 Securities come to be held by a natural person or (B) as part of a distribution or other
 transfer or distribution to general or limited partners, members or shareholders of, or other
 holders of equity interest in, the undersigned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) in connection with the exercise, vesting or settlement of options
 or other rights to purchase Shares or Related Securities (including, in each case, by way
 of "net" or "cashless" exercise) and remittance payments due as a
 result of the exercise, vesting or settlement of such options or rights; *provided* that
 any Shares or Related Securities received as a result of such exercise, vesting or settlement
 shall remain subject to the terms of this agreement; and *provided further* that any
 such options or rights are held by the undersigned pursuant to an agreement or equity award
 granted under an equity incentive plan or other equity award plan, each such agreement or plan which is described in the Prospectus (as defined
in the Underwriting Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) to the Company in connection with the conversion, exchange or
reclassification of any outstanding equity securities of the Company into shares, or any reclassification, exchange or conversion of
shares, in each case as described and as contemplated in the Prospectus; *provided* that any such shares received upon such conversion,
exchange or reclassification shall be subject to the terms of this letter agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) pursuant to a bona fide third-party tender offer, merger, amalgamation,
consolidation or other similar transaction that is approved by the Board of Directors of the Company and made to all holders of the Company's
share capital after the Offering involving a Change of Control of the Company (including, without limitation, the entering into any lock-up,
voting or similar agreement pursuant to which the undersigned may agree to transfer, sell, tender or otherwise dispose of Shares or Related
Securities or other such securities in connection with such transaction, or vote any Shares or Related Securities or other such securities
in favor of any such transaction), *provided* that in the event that such tender offer, merger, amalgamation, consolidation or other
similar transaction is not completed, the undersigned's Shares and Related Securities shall remain subject to the provisions of
this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) to the Company in connection with (A) the termination of the
undersigned's employment with, or provision of services to, the Company, (B) the undersigned's death, disability or breach
of any restrictive covenants in any agreement between the undersigned and the Company or any of its affiliates or (C) pursuant to agreements
under which the Company has the option to repurchase such Shares or Related Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) that the undersigned may purchase (A) from the underwriters
in the Offering (except to the extent the undersigned is an officer or director of the Company and such purchase is part of the directed
share program as provided above) or (B) in open market transactions after the completion of the Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) to an existing shareholder of the Company pursuant to the terms
of a share transfer agreement entered into prior to the date of the Underwriting Agreement.

*Provided, however*, that in any such case, it shall be a condition to such transfer that:

in the case of any transfer pursuant to clauses (i) through (x) and (xvi) above, each transferee executes and delivers to Jefferies and Morgan Stanley an agreement in form and substance satisfactory to Jefferies and Morgan Stanley stating that such transferee is receiving and holding such Shares and/or Related Securities subject to the provisions of this letter agreement and agrees not to Sell or Offer to Sell such Shares and/or Related Securities, engage in any Swap or engage in any other activities restricted under this letter agreement except in accordance with this letter agreement (as if such transferee had been an original signatory hereto); and

in the case of any transfer pursuant to clauses (i) through (x) above, such transfer shall not involve a disposition for value;

in the case of any transfer pursuant to clauses (i) through (xii) and (xiv) above, prior to the expiration of the Lock-up Period, it shall be a condition to such transfer that no public disclosure or filing under the Exchange Act by any party to the transfer (donor, donee, transferor or transferee) shall be made voluntarily during the Lock-up Period, and if the undersigned is required to file a report under the Exchange Act reporting a change in beneficial ownership of Shares or Related Securities during the Lock-up Period, the undersigned shall include a statement in such report indicating the circumstances of such transfer and, in the case of a transfer pursuant to clauses (i) through (x), that the transferee has agreed to be bound by the terms of this letter agreement; and

in the case of any transfer pursuant to clause (xv) above, prior to the expiration of the Lock-up Period, it shall be a condition to such transfer that no public disclosure or filing under the Exchange Act shall be required or made voluntarily during the Lock-up Period.

Furthermore, notwithstanding the restrictions imposed by this agreement, the undersigned may establish or amend a written trading plan meeting the requirements of Rule 10b5-1 (a "**Plan**") under the Exchange Act relating to the transfer of Shares or Related Securities, provided that such plan does not provide for any transfers of Shares or Related Securities during the Lock-up Period, no voluntary announcement regarding the Plan is made during the Lock-Up Period, and any required public disclosure, announcement or filing under the Exchange Act made by the Company or any person regarding the establishment or amendment of such plan during the Lock-Up Period shall include a statement that the undersigned is not permitted to transfer, sell or otherwise dispose of securities under such plan during the Lock-Up Period in contravention of this letter agreement. If the undersigned is an officer or director of the Company, the undersigned further agrees that the foregoing provisions shall be equally applicable to any Company-directed Shares the undersigned may purchase or otherwise receive in the Offering (including pursuant to a directed share program).

In the event that, during the Lock-Up Period, Jefferies and Morgan Stanley waive or terminate any of the restrictions set forth in this letter agreement on the transfer of Shares or Related Securities held by any director, officer or other person or entity (any such release, a "**Triggering Release**," and the party receiving such release, the "**Triggering Release Party**"), then a number of the undersigned's Shares or Related Securities shall also be released from the restrictions set forth in this lock-up agreement, such number of Shares or Related Securities released being the total number of the undersigned's Shares or Related Securities held on the date of such Triggering Release multiplied by a fraction, the numerator of which shall be the number of Shares or Related Securities released pursuant to the Triggering Release, and the denominator of which shall be the total number of Shares or Related Securities held by the Triggering Release Party on such date. The provisions of this paragraph shall not apply if (i) (a) the release or waiver is effected solely to permit a transfer not for consideration and (b) the transferee has agreed in writing to be bound by the same terms described in this letter agreement to the extent and for the duration that such terms remain in effect at the time of the transfer, (ii) in the case of any underwritten public offering that is wholly or partially a secondary offering of Shares (an "**Underwritten Sale**") conducted in compliance with the registration rights agreement described in the prospectus, provided that the undersigned shall be offered the opportunity to participate on a pro rata basis in such Underwritten Sale or (iii) the aggregate number of Shares or Related Securities affected by such releases or waivers (whether in one or multiple releases or waivers) is less than or equal to 1.0% of the total number of Shares outstanding immediately following the closing of the Offering. Jefferies and Morgan Stanley shall use commercially reasonable efforts to notify the Company at least two business days before the effective date of any such release or waiver, which shall then use commercially reasonable efforts to notify the undersigned of any such release or waiver described in this paragraph at least two business days before the effective date of any such release or waiver, provided that, in the absence of bad faith, the failure to provide such notice shall not give rise to any claim or liability against Jefferies, Morgan Stanley or the Company. The undersigned further acknowledges that Jefferies and Morgan Stanley are under no obligation to inquire into whether, or to ensure that, the Company notifies the undersigned of the delivery by Jefferies and Morgan Stanley of any such notice, which is a matter between the undersigned and the Company.

The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of Shares or Related Securities held by the undersigned and the undersigned's Family Members, if any, except in compliance with the foregoing restrictions.

The undersigned acknowledges and agrees that the underwriters have not provided any recommendation or investment advice nor have the underwriters solicited any action from the undersigned with respect to the Offering and the undersigned has consulted their own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate. The undersigned further acknowledges and agrees that, although the underwriters may provide certain Regulation Best Interest and Form CRS disclosures or other related documentation to you in connection with the Offering, the underwriters are not making a recommendation to you to participate in the Offering or sell any Shares at the price determined in the Offering, and nothing set forth in such disclosures or documentation is intended to suggest that any underwriter is making such a recommendation.

Whether or not the Offering occurs as currently contemplated or at all depends on market conditions and other factors. The Offering will only be made pursuant to the Underwriting Agreement, the terms of which are subject to negotiation between the Company and the underwriters.

The undersigned acknowledges and agrees that the foregoing precludes the undersigned from engaging in any hedging or other transaction designed or intended, or which could reasonably be expected to lead to or result in, a sale or disposition of any Shares and/or Related Securities, even if any such sale or disposition transaction or transactions would be made or executed by or on behalf of someone other than the undersigned.

If (i)(a) prior to the execution of the Underwriting Agreement, the Company notifies Jefferies and Morgan Stanley in writing that it does not intend to proceed with the Offering or (b) prior to the execution of the Underwriting Agreement, Jefferies and Morgan Stanley notify the Company in writing that the underwriters do not intend to proceed with the Offering, (ii) the Underwriting Agreement is not executed by July 31, 2026, (iii) the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated for any reason prior to payment for and delivery of any Shares to be sold thereunder, or (iv) the registration statement filed with the Securities and Exchange Commission (the "**SEC**") in connection with the Offering is withdrawn, then this agreement shall immediately be terminated and the undersigned shall automatically be released from all of his, her or its obligations under this agreement.

The undersigned hereby represents and warrants that the undersigned has full power, capacity and authority to enter into this letter agreement. This letter agreement is irrevocable and will be binding on the undersigned and the successors, heirs, personal representatives and assigns of the undersigned.

This letter agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

*[Remainder of Page Intentionally Left Blank]*

---

| |
|:---|
| Signature |
| Printed Name of Person Signing |
| (Indicate capacity of person signing if signing as custodian or trustee, or on behalf of an entity) |

---

**Certain Defined Terms**

**Used in Lock-up Agreement**

For purposes of the letter agreement to which this Annex A is attached and of which it is made a part:

"**Call Equivalent Position**" shall have the meaning set forth in Rule 16a-1(b) under the Exchange Act.

"**Change of Control**" means any bona fide third party tender offer, merger, amalgamation, consolidation or other similar transaction, in one transaction or a series of related transactions, the result of which is that any "person" (as defined in Section 13(d)(3) of the Exchange Act), or group of persons, other than the Company or its subsidiaries, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 of the Exchange Act) of 50% or more of the total voting power of the voting shares of the Company (or the surviving entity).

"**Exchange Act**" shall mean the Securities Exchange Act of 1934, as amended.

![](image_011.jpg)

"**Family Member**" shall mean the spouse of the undersigned, an immediate family member of the undersigned or an immediate family member of the undersigned's spouse, in each case living in the undersigned's household or whose principal residence is the undersigned's household (regardless of whether such spouse or family member may at the time be living elsewhere due to educational activities, health care treatment, military service, temporary internship or employment or otherwise). "**Immediate family member**" as used herein shall mean any relationship by blood, current or former marriage, domestic partnership or adoption, not more remote than first cousin.

"**Lock-up Period**" shall mean the period commencing on the date of the start of the roadshow for the Offering and ending at the close of the Trading Day on the 180<sup>th</sup> day after the date of the Prospectus (as defined in the Underwriting Agreement) (the "**180<sup>th</sup> Day**") or, if the 180<sup>th</sup> Day is not a Trading Day, immediately after the close of the last Trading Day immediately preceding the 180<sup>th</sup> Day, unless an earlier date is otherwise agreed with Jefferies and Morgan Stanley.

"**Put Equivalent Position**" shall have the meaning set forth in Rule 16a-1(h) under the Exchange Act.

"**Related Securities**" shall mean any options or other rights to acquire Shares or any securities exchangeable or exercisable for or convertible into Shares, or to acquire other securities or rights ultimately exchangeable or exercisable for or convertible into Shares.

"**Securities Act**" shall mean the Securities Act of 1933, as amended.

"**Sell or Offer to Sell**" shall mean to:

sell, offer to sell, contract to sell or lend,

effect any short sale or establish or increase a Put Equivalent Position or liquidate or decrease any Call Equivalent Position

pledge, hypothecate or grant any security interest in, or

in any other way transfer or dispose of,

in each case whether effected directly or indirectly.

"**Swap**" shall mean any swap, hedge or similar arrangement or agreement that transfers, in whole or in part, the economic risk of ownership of Shares or Related Securities, regardless of whether any such transaction is to be settled in securities, in cash or otherwise.

"**Trading Day**" is a day on which the New York Stock Exchange is open for the buying and selling of securities.

Capitalized terms not defined in this Annex A shall have the meanings given to them in the body of this lock-up agreement.

**EXHIBIT B**

**FORM OF WAIVER OF LOCK-UP**

[Name and Address of<br> Officer or Director<br> Requesting Waiver]

Dear Mr./Ms. [Name]:

This letter is being delivered to Jefferies LLC ("**Jefferies**") and Morgan Stanley & Co. LLC ("**Morgan Stanley**") in connection with the offering by DPC Holdings Limited (the "**Company**") of _____ ordinary shares (the "**Ordinary Shares**"), of the Company and the lock-up agreement dated ____, 20__ (the "Lock-up Agreement"), executed by you in connection with such offering, and your request for a [waiver] [release] dated ____, 20__, with respect to ____ Ordinary Shares (the "**Shares**").

Jefferies and Morgan Stanley hereby agree to [waive] [release] the transfer restrictions set forth in the Lock-up Agreement, but only with respect to the Shares, effective _____, 20__; provided, however, that such [waiver] [release] is conditioned on the Company announcing the impending [waiver] [release] by press release through a major news service at least two business days before effectiveness of such [waiver] [release]. This letter will serve as notice to the Company of the impending [waiver] [release].

Except as expressly [waived] [released] hereby, the Lock-up Agreement shall remain in full force and effect.

Very truly yours

---

| | |
|:---|:---|
| Jefferies LLC | Jefferies LLC |
| Morgan Stanley & Co. LLC | Morgan Stanley & Co. LLC |
| Acting severally on behalf of themselves and the several Underwriters named in Schedule I hereto. | Acting severally on behalf of themselves and the several Underwriters named in Schedule I hereto. |
| By: | Jefferies LLC |
| By: |  |
|  | Name: |
|  | Title: |
| By: | Morgan Stanley & Co. LLC |
| By: |  |
|  | Name: |
|  | Title: |

---

cc: Company

**FORM OF PRESS RELEASE**

DPC Holdings Limited

[Date]

DPC Holdings Limited (the "**Company**") announced today that Jefferies LLC and Morgan Stanley & Co. LLC, lead book-running managers in the Company's recent public sale of _____ its ordinary shares [waiving][releasing] a lock-up restriction with respect to ____ shares of the Company's ordinary shares held by [certain officers or directors] [an officer or director] of the Company. The [waiver][release] will take effect on ____, 20__ , and the shares may be sold on or after such date.

**This press release is not an offer for sale of the securities in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.**

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![](tm269965d4_ex5-1img002.jpg) | ![](tm269965d4_ex5-1img001.jpg) |

---

---

| | | |
|:---|:---|:---|
| Our ref<br> Your ref | JMW/CBO/1073811/0003/J26585463 v3<br>|  |
| DPC Holdings Limited<br> 47 Esplanade,<br> St. Helier,<br> JE1 0BD,<br> Jersey. | DPC Holdings Limited<br> 47 Esplanade,<br> St. Helier,<br> JE1 0BD,<br> Jersey. | June 15 2026 |
| Dear Sirs | Dear Sirs |  |
| **DPC Holdings Limited** **(the "Company") - Registration of Securities under the US Securities Act of 1933, as amended (the "Securities Act")** | **DPC Holdings Limited** **(the "Company") - Registration of Securities under the US Securities Act of 1933, as amended (the "Securities Act")** | **DPC Holdings Limited** **(the "Company") - Registration of Securities under the US Securities Act of 1933, as amended (the "Securities Act")** |

---

1. **Background** 

1.1 We have acted as the Company's Jersey legal advisers in connection with the registration statement
 on Form S-1 dated June 15 2026 filed with the United States Securities and Exchange Commission (the "**Registration Statement**") related to the initial public offering (the "**IPO**") and the proposed registration under the
 Securities Act by the Company of 23,333,333 ordinary shares of no par value in the capital of the Company (the
 "**Shares** "), and 3,500,000 additional Shares to cover the underwriters' option to purchase additional Shares, if any.

1.2 The Company has asked us to provide this Opinion in connection with the registration of the Shares under
the Securities Act.

1.3 In this Opinion, "**non-assessable**" means, in relation to a share in the share
 capital of the Company, that the purchase price for which the Company agreed to issue and sell that share has been paid in full to
 the Company, so that no further sum is payable to the Company or its creditors by any holder of that share solely because of being
 the holder of such share.

1.4 Pursuant to the Underwriting Agreement, the Shares will be sold to the underwriters through the facilities
of the Depositary Trust Company for the respective accounts of the underwriters.

---

| | |
|:---|:---|
| ![](tm269965d4_ex5-1img003.jpg) | ![](tm269965d4_ex5-1img004.jpg) |

---

DPC Holdings Limited June 15 2026 Page 2

1.5 We have not been responsible for investigating
or verifying the accuracy of the facts (including statements of foreign law), or the reasonableness of any statement of opinion or intention,
contained in or relevant to any document referred to in this Opinion, or that no material facts have been omitted therefrom, save
as expressly set out herein.

1.6 We express no opinion as to whether the documents
listed at paragraph ‎ 2 below, singular or together, contain all the information required by the Securities Act and/or any other
applicable foreign laws, regulations, orders or rules nor whether the persons responsible for the documents, the Securities Act and/or
any other applicable foreign laws, regulations, orders or rules have discharged their obligations thereunder.

2. **Documents Examined** 

2.1 We have examined all such documents as we have considered necessary or advisable for the purpose of giving
this Opinion, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 a copy of the written resolutions of the board of the Company dated 25 May 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 a form of underwriting agreement to be entered into among the Company, Jefferies LLC and Morgan Stanley &
Co LLC for themselves and as representatives of the several underwriters named therein (the "**Underwriting Agreement** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4 the Company's certificate of incorporation and memorandum and articles of association as in force as at
the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.5 a consent in connection with the Registration Statement issued to the Company by the Jersey Financial
Services Commission pursuant to the Companies (General Provisions) (Jersey) Order 2002, as amended, dated 6 May 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.6 the Company's register of members dated the date of this Opinion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.7 a consent to issue shares dated 29 November 2019 issued to the Company by the Jersey Financial
 Services Commission under the Control of Borrowing (Jersey) Order 1958.

2.2 For the purposes of this opinion, we have, with the Company's consent, relied upon certificates and other
assurances of directors and other officers of the Company as to matters of fact, without having independently verified such factual matters.

2.3 We have not examined or relied on any other documents for the purpose of this Opinion.

![](tm269965d4_ex5-1img004.jpg)

DPC Holdings Limited June 15 2026 Page 3

3. **Assumptions** 

3.1 For the purposes of giving this opinion we have assumed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 the authenticity, accuracy, completeness and conformity to original documents of all copy documents and
certificates of officers of the Company examined by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 that the signatures on all documents examined by us are the genuine signatures of persons authorised to
execute or certify such documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3 the accuracy and completeness in every respect of all certificates and other assurances of directors or
other officers of the Company given to us for the purposes of giving this opinion and that (where relevant) such certificates would be
accurate if they had been given as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.4 that the Company will not issue any shares in excess of the authorised share capital of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.5 that the directors have not exceeded any applicable allotment authority conferred on the directors by
the shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.6 that the closing of the IPO occurs and that no other event occurs after the date hereof which would affect
anything in this Opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.7 that the Company has received or will receive in full the consideration for which the Company agreed to
issue the relevant Shares;

3.1.8 that the Selling Shareholders have received or will receive in full the consideration for which the Selling Shareholders have agreed to
sell the relevant Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.9 all due action by the board of directors of the Company or a duly appointed committee thereof shall be
taken prior to the closing of the IPO to determine the price per share of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.10 the Underwriting Agreement will be duly executed and delivered prior to the closing of the IPO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.11 each person named as a member of the Company in the Company's register of members has agreed to become
a member of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.12 the Company is not carrying on a business that is regulated by Jersey law so that it is (or ought to be)
subject to the terms of one or more other consents, licences, permits or equivalent under such regulatory legislation;

![](tm269965d4_ex5-1img004.jpg)

DPC Holdings Limited June 15 2026 Page 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.13 that each of the above assumptions is accurate at the date of this Opinion, and has been accurate at all
other relevant times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.14 that all documents or information required to be filed or registered by or in relation to the Company
with the Registrar of Companies have been so filed or registered and appear on the Public Records of the Companies and are accurate and
complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.15 that we have been provided with copies or originals of all documents that are relevant to and/or that
might affect the opinions expressed in this Opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.16 that in resolving that the Company enter into any documents and the transaction(s) documented or
contemplated by such documents relating to the issue of the Shares, the directors of the Company were acting with a view to the best interests
of the Company and were otherwise exercising their powers in accordance with their duties under all applicable laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.17 that there is no provision of any law (other than Jersey law) that would affect anything in this Opinion.

3.2 We have not independently verified the above assumptions.

4. **Opinion** 

4.1 As a matter of Jersey law, and on the basis of and subject to the above and the qualifications below,
we are of the opinion that once:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 the issue and sale of the Shares in accordance with the terms of the Underwriting Agreement has been duly
authorised;

4.1.2 the Shares to be sold by the Selling Shareholder pursuant to the Underwriting Agreement have been validly issued and are fully paid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3 when the Shares have been sold, delivered against payment and registered in the register of members of
the Company, the Shares will be validly issued, fully paid and non-assessable.

5. **Qualification** 

5.1 This Opinion is subject to any matter of fact not disclosed to us.

5.2 This Opinion is limited to matters of and is interpreted in accordance with Jersey law as at the date
of this Opinion. We express no opinion with respect to the laws of any other jurisdiction. We assume no obligation to update or supplement
this opinion to reflect any facts or circumstances which may come to our attention, or any changes in law which may occur, after the date
of this Opinion.

![](tm269965d4_ex5-1img004.jpg)

DPC Holdings Limited June 15 2026 Page 5

6. **Governing Law, Limitations, Benefit and Disclosure** 

6.1 This Opinion shall be governed by and construed in accordance with the laws of Jersey and is limited to
the matters expressly stated herein.

6.2 This Opinion is limited to matters of Jersey law and practice as at the date hereof and we have made no
investigation and express no opinion with respect to the law or practice of any other jurisdiction.

6.3 We assume no obligation to advise you (or any other person who may rely on this Opinion in accordance
with this paragraph), or undertake any investigations, as to any legal developments or factual matters arising after the date of this
Opinion that might affect the opinions expressed herein.

6.4 This Opinion is addressed to the Company in connection with the sale and registration of the Shares under the Securities Act.

6.5 We consent to the filing of a copy of this opinion as Exhibit 5.1 to the Registration Statement
 and to reference to us being made in the paragraph of the base prospectus forming part of the Registration Statement headed
 "Legal Matters". In giving this consent, we do not admit that we are included in the category of persons whose consent is
 required under Section 7 of the Securities Act or the rules and regulations promulgated by the US Securities and Exchange
 Commission under the Securities Act.

Yours faithfully

*/s/ Carey Olsen Jersey LLP*

**Carey Olsen Jersey LLP**

![](tm269965d4_ex5-1img004.jpg)

## Exhibit 10.4

**Exhibit 10.4**

Execution version

Dated 23 April 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Alloy Parent Limited** (as the Parent)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Dundee Pikco Limited and others** (as the Company)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **Wells Fargo Capital Finance (UK) Limited** (as Agent and
Security Agent)

SECOND AMENDMENT AND RESTATEMENT<br> AGREEMENT

![](tm269965d7_ex10-4img01.jpg)

**CONTENTS**

---

| | | |
|:---|:---|:---|
| **Clause** | **Clause** | **Page** |
| 1. | Interpretation | 2 |
| 2. | Effectiveness of Agreement | 3 |
| 3. | Representations | 3 |
| 4. | Release and Waiver | 3 |
| 5. | Refinance and 2020 Intercreditor Agreement | 4 |
| 6. | Costs and Expenses | 5 |
| 7. | Guarantee Confirmation | 6 |
| 8. | Security Confirmation | 6 |
| 9. | Ucc Filings | 6 |
| 10. | No Novation | 6 |
| 11. | Assignments and Transfers by Obligors | 6 |
| 12. | Assignments and Transfers by the Lenders | 6 |
| 13. | Counterparts and Delivery | 7 |
| 14. | Governing Law | 7 |
| 15. | Jurisdiction of English Courts | 7 |
| 16. | Service of Process | 7 |

---

**Schedules**

---

| | |
|:---|:---|
| Schedule 1 The Parties | 8 |
| Part 1 The Borrowers | 8 |
| Part 2 The Guarantors | 8 |
| Part 3 The Lenders | 10 |
| Schedule 2 Conditions Precedent | 11 |
| Schedule 3 Second Amended and Restated Facility Agreement | 14 |

---

i

**THIS AGREEMENT** is dated 23 April 2024 and made between:

**(1)** **ALLOY PARENT LIMITED**, a private
 company limited by shares incorporated in Jersey under the number 130426 (the "**Parent** ");

**(2)** **ALLOY MIDCO LIMITED**, a limited
 company incorporated in Jersey with company number 130425 (the "**Subordinated Creditor** ");

**(3)** **DUNDEE PIKCO LIMITED**, a company
 incorporated in England & Wales under the number 06123931 (the "**Company** ");

**(4)** **THE AFFILIATES** of the Parent
 listed in Schedule 1, Part 1 (*The Parties*) as borrowers (the "**Borrowers** ");

**(5)** **THE AFFILIATES** of the Parent
 listed in Schedule 1, Part 2 (*The Parties*) as guarantors (together with the Parent,
 the "**Guarantors** ");

**(6)** **THE FINANCIAL INSTITUTIONS** listed
 in Schedule 1, Part 3 (*The Parties*) as lenders (the "**Lenders** ");

**(7)** **WELLS FARGO CAPITAL FINANCE (UK) LIMITED** registered in England and Wales with company number 2656007 as agent for the
 Lenders (the "**Agent** "); and

**(8)** **WELLS FARGO CAPITAL FINANCE (UK) LIMITED** registered in England and Wales with company number 2656007 as security trustee
 for the Secured Parties (the "**Security Agent** ").

**BACKGROUND**:

The purpose of this Agreement is to amend and restate the terms of a facility agreement between, among others, the Parent and the Agent originally dated 3 March 2020, as amended and restated on 31 August 2022 and/or further amended and restated from time to time (the "**Facility Agreement**").

**IT IS AGREED that**:

**1.** **Interpretation** 

1.1 In this Agreement:

"**Effective Date**" means the date that the Agent confirms in writing to the Parent that the conditions precedent set out in Schedule 2 (*Conditions Precedent*) to this Agreement have been satisfied or waived by the Agent.

"**2020 Facilities Agreement**" has the meaning given to the term "*Facilities Agreement*" in the 2020 Intercreditor Agreement.

"**2020 Intercreditor Agreement**" means the intercreditor agreement dated 6 March 2020 between, amongst others, the Parent, the WCF Agent and the WCF Security Agent (as such terms are defined therein).

"**2024 Facilities Agreement**" has the meaning given to the term "Senior Facilities Agreement" in the 2024 Intercreditor Agreement.

"**2024 Intercreditor Agreement**" means the intercreditor agreement dated on or about the date of this Agreement, between, amongst others, the Parent, the ABL Agent and the WCF Agent (as such terms are defined therein).

"**2024 Senior Refinancing**" means the voluntary prepayment of all outstanding Loans and voluntary cancellation of any Available Commitments under the 2020 Facilities Agreement (as such terms are defined in the 2020 Facilities Agreement) on or about the date of this Agreement pursuant to the 2024 Facilities Agreement.

1.2 Unless otherwise defined in this Agreement
 and subject to Clause 5 (*Refinance and 2020 Intercreditor Agreement*), terms defined
 in the Second Amended Facility Agreement (as defined in Clause 2.1) bear the same meaning
 in this Agreement.

1.3 Without prejudice to Clause 5 (*Refinance and 2020 Intercreditor Agreement*), all the provisions of the Finance Documents shall
 remain in full force and effect in accordance with their terms and all references in and
 to the Facility Agreement and the other Finance Documents or any derivative terms shall,
 unless the context otherwise requires, be taken as references to the Facility Agreement as
 amended and restated pursuant to this Agreement.

1.4 The provisions of clause 1.2 (*Construction*)
 of the Second Amended Facility Agreement are incorporated in this Agreement as if fully set
 out in it and as if references in that clause to "this Agreement" were references
 to this Agreement and otherwise mutatis mutandis.

1.5 Each of the Agent and the Parent designate
 this Agreement as a Finance Document.

**2.** **Effectiveness of Agreement** 

2.1 With effect from (and including) the Effective
 Date, the Facility Agreement shall be amended and restated so that it is read and construed
 for all purposes as set out in Schedule 3 (*Second Amended and Restated Facility Agreement*)
 to this Agreement (the "**Second Amended Facility Agreement** ").

2.2 The Facility Agreement and this Agreement
 will, from (and including) the Effective Date, be read and construed as one document.

**3.** **Representations** 

For the purposes of this Agreement and the Facility Agreement, on the date of this Agreement and the Effective Date, but without prejudice to or derogation from the representations made by the Obligors in respect of the Facility Agreement prior to the Effective Date, the Obligors make the representations set out in clause 21 (*Representations*) of the Facility Agreement (other than in relation to the 2020 Intercreditor Agreement) by reference to the facts and circumstances as at the Effective Date and as if references therein to "Agreement" or "Finance Documents" and any derivative terms were references to (a) the Second Amended Facility Agreement and separately (b) this Agreement.

**4.** **Release and Waiver** 

4.1 Notwithstanding any provision to the contrary
 in the Facility Agreement, the Agent hereby waives any Default and Event of Default which
 may occurred or subsisted under the Facility Agreement, or, is continuing as at the Effective
 Date, as a result of the liquidation and dissolution of the following Guarantors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Doncasters 456 Limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Leatherbay Limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Ross Catherall (Holdings) Limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Ross Catherall Castings Limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Ross Catherall Group Limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Ross Catherall Metals (Holdings) Limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Ross Catherall Metals Limited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Ross Catherall Superalloys Limited,

together, the "**Released Guarantors**".

4.2 The Agent and Security Agent irrevocably and
 unconditionally (without recourse, representation or warranty):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) surrender, discharge and release to the
 Released Guarantors all of the Security Agent's rights in and to the undertaking, property,
 assets and securities of the Released Guarantors, free and clear from all Security constituted
 under the Transaction Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (to the extent applicable) reassigns and
 retransfers absolutely to the Released Guarantors all rights, title and interest in and to
 the undertaking, property, assets and securities of the Released Guarantors assigned or transferred
 by the Released Guarantors (or expressed to be so assigned and/or conveyed) to the Security
 Agent pursuant to the Transaction Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) releases each Released Guarantor from
 all present and future obligations, liabilities, covenants, undertakings and guarantees (whether
 actual, contingent, sole, joint and/or several or otherwise) subsisting under the Transaction
 Security Documents to which the Released Guarantors granted security to secure the Secured
 Obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) confirms the revocation of any power of
 attorney contained in the Transaction Security Documents, and every power and authority thereby
 conferred.

4.3 Notwithstanding any provision to the contrary
 in the Finance Documents, the Agent hereby waives any Default and Event of Default which
 may occur or subsist under the Finance Documents, as a result of the German Security Documents
 comprising (i) the German-law account pledge agreement dated 6 March 2020, (ii) the
 German-law share pledge agreement dated 5/6 March 2020 and (iii) the German-law
 account pledge agreement dated on or around 31 August 2022 ceasing to be legal, valid,
 binding, enforceable and/or effective as a result of the resignation of the Agent and Security
 Agent from the 2020 Intercreditor Agreement and any other matters referred to in Clause 5.2
 below.

4.4 Save as expressly set out above, nothing in
 this Agreement shall be deemed to be an amendment to the terms of any Finance Document or
 a waiver or consent by the Secured Parties to any breach or potential breach (present or
 future) of any provision of the Finance Documents or any waiver of a Default or Event of
 Default (howsoever described) or a waiver of any of the Secured Parties' rights.

**5.** **Refinance and 2020 Intercreditor Agreement** 

5.1 Unless the contrary appears, terms defined
 in the 2020 Intercreditor Agreement shall have the same meaning when used in this Clause

5.2 With simultaneous effect from (and including)
 the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent (acting on the instructions
 of the Majority Lenders) and the Parent agree that the 2024 Intercreditor Agreement is designated
 as the "Intercreditor Agreement" as defined in and for the purposes of the Second
 Amended Facility Agreement and respective Finance Documents to the extent that the applicable
 Finance Document continues to contain a reference to the 2020 Intercreditor Agreement following
 the Effective Date and any requirement in the Finance Documents that the Intercreditor Agreement
 is or remains in full force and effect (or any equivalent expression) shall be deemed to
 be satisfied if the 2024 Intercreditor Agreement is in full force and effect (or any equivalent
 expression); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon completion of the 2024 Senior Refinancing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Parent represents that the Senior Discharge
 Date has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each of the Senior Debtors, Intra-Group
 Lenders, the Subordinated Creditor, the WCF Lender, the WCF Agent and the WCF Security Agent
 acknowledge and agree:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) that the Instructing Group comprises the
 Majority WCF Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) pursuant to Clause 22.11 (*Resignation of a Senior Debtor*) of the 2020 Intercreditor Agreement, each Senior Debtor requests
 that all Senior Debtors be released from their obligations as a Senior Debtor under the 2020
 Intercreditor Agreement and confirms that the Senior Lender Liabilities have been fully and
 finally discharged and no Senior Lender is under an obligations to provide any financial
 accommodation to the Senior Debtors under any Debt Document and no Senior Debtor has any
 actual or contingent obligations in respect of the Senior Lender Liabilities (the "**1<sup>st</sup> ICA Resignation** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) each WCF Creditor waives paragraph (b)(iii) and
 (v) of Clause 22.11 (*Resignation of Senior Debtor*) of the 2020 Intercreditor
 Agreement and accepts the 1st ICA Resignation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Intra-Group Lenders and the Subordinated
 Creditor acknowledge the 1<sup>st</sup> ICA Resignation of the Senior Debtors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) pursuant to Clause 28.1(d) (*Required Consents*) of the 2020 Intercreditor Agreement, each Intra-Group Lender unilaterally waives
 all of its rights solely under the 2020 Intercreditor Agreement (the **2<sup>nd</sup> ICA Waiver**) and the Parent consents to such 2nd ICA Waiver;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) the Intra-Group Lenders and the Subordinated
 Creditor (party to this Agreement) hereby resign from the 2020 Intercreditor Agreement in
 their respective capacities and the Parent and each WCF Creditor consent to each Intra-Group
 Lender and Subordinated Creditor resigning from the 2020 Intercreditor Agreement in such
 capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) pursuant to Clause 28.1(d) (*Required Consents*) of the 2020 Intercreditor Agreement, each WCF Creditor unilaterally waives
 all of their rights solely under the 2020 Intercreditor Agreement and the Parent consents
 to such 1st ICA Waiver; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) each WCF Creditor party hereto hereby
 irrevocably resigns from the 2020 Intercreditor Agreement in their respective capacities
 and to the extent applicable, each other Party party to this Agreement consents to such resignation.

5.3 To the extent necessary, the Agent hereby
 consents to the 2024 Senior Refinancing.

**6.** **Costs and Expenses** 

The Parent shall, within three Business Days of demand, pay the Administrative Parties the amount of all costs and expenses (including, without limitation, legal and valuation fees) reasonably incurred by any of them in connection with the negotiation, preparation and execution of this Agreement and the transactions contemplated by this Agreement.

**7.** **Guarantee Confirmation** 

Each Guarantor, by executing this Agreement, acknowledges and agrees to all of the terms of this Agreement and confirms that the guarantee and indemnity contained at clause 20 (*Guarantee and Indemnity*) of the Facility Agreement continues in full force and effect and, as of the Effective Date, extends to all obligations under the Second Amended Facility Agreement.

**8.** **Security Confirmation** 

**9.** **Ucc Filings** 

Further, each Obligor hereby authorizes the Agent at any time and from time to time to file in any relevant jurisdiction any initial financing statements with respect to any collateral and amendments thereto and continuations thereof that contain the information required by Article 9 of the Uniform Commercial Code of each applicable jurisdiction. Such financing statements may describe any such collateral in the same manner as described in this Agreement or in any other Finance Document or may describe such property as "all assets" or "all personal property, whether now owned or hereafter acquired" of such Obligor or words of similar effect. Each Obligor acknowledges that it is not authorized to file any amendment or termination statement with respect thereto any Uniform Commercial Code financing statement filed in connection with this Agreement or any other Finance Document without the prior written consent of the Agent, subject to such Obligor's rights under Article 9 of the Uniform Commercial Code.

**10.** **No Novation** 

This Agreement shall not extinguish the obligations for the payment of money outstanding under the Facility Agreement or discharge or release the liens or priority of any Finance Document or any other security therefor or any guarantee thereof. Nothing herein contained shall be construed as a substitution or novation of the obligations outstanding under the Facility Agreement or instruments guaranteeing or securing the same, which shall remain in full force and effect, except as modified hereby or by instruments executed concurrently herewith. Nothing expressed or implied in this Agreement or any other document contemplated hereby shall be construed as a release or other discharge of the Borrowers under the Facility Agreement or any other Obligor under any other Finance Document from any of its obligations and liabilities thereunder.

**11.** **Assignments and Transfers by Obligors** 

No Obligor may assign any of its rights or transfer any of its rights or obligations under this Agreement other than as permitted by and in accordance with the terms of the Second Amended Facility Agreement.

**12.** **Assignments and Transfers by the Lenders** 

The Lenders may at any time assign, transfer or delegate all or any of its rights, benefits and/or obligations under this Agreement as permitted by and in accordance with the terms of the Second Amended Facility Agreement.

**13.** **Counterparts and Delivery** 

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and which together shall constitute one and the same agreement.

**14.** **Governing Law** 

This Deed and any non-contractual obligations arising out of or in connection with this Deed shall be governed by and construed in accordance with English law.

**15.** **Jurisdiction of English Courts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The courts of England have exclusive jurisdiction
 to settle any dispute arising out of or in connection with this Agreement (including a dispute
 relating to the existence, validity or termination of this Agreement or any non-contractual
 obligation arising out of or in connection with this Agreement) (a "**Dispute** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties agree that the courts of England
 are the most appropriate and convenient courts to settle Disputes and accordingly no Party
 will argue to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding paragraph (a) above,
 no Finance Party or Secured Party shall be prevented from taking proceedings relating to
 a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Finance
 Parties and Secured Parties may take concurrent proceedings in any number of jurisdictions.

**16.** **Service of Process** 

Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in England and Wales):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) irrevocably appoints the Company as its
 agent for service of process in relation to any proceedings before the English courts in
 connection with this Agreement (and the Company by its execution of this Agreement, accepts
 that appointment); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) agrees that failure by an agent for service
 of process to notify the relevant Obligor of the process will not invalidate the proceedings
 concerned.

This Agreement has been entered into on the date stated at the beginning of this Agreement.

**Schedule 1<br> The Parties**

**Part 1<br> The Borrowers**

---

| | |
|:---|:---|
| **Name of Borrower** | **Registration number (or equivalent, if any)** |
| Certified Alloy Products, Inc. | California |
| Chard Precision Castings Limited | 12023013, England & Wales |
| Deritend International Limited | 00450905, England & Wales |
| Doncasters Inc. | Delaware |
| Doncasters Limited | 00321992, England & Wales |
| DONCASTERS Precision Castings – Bochum GmbH | Local court of Bochum, HRB 5748, Germany |
| IVOSTUD GmbH | Local court of Hagen, HRB 10912, Germany |
| IVOSTUD LLC | Delaware |
| Ross & Catherall Limited | 04110786, England & Wales |
| Southern Tool, LLC | Alabama |
| TruCast, LLC | Delaware |
| Trucast Limited | 04110903, England & Wales |

---

**Part 2<br> The Guarantors**

---

| | |
|:---|:---|
| **Name of Guarantor** | **Registration number (or equivalent, if any)** |
| The Parent | 130426, Jersey |
| The Company | 06123931, England & Wales |
| Certified Alloy Products, Inc. | California |
| Chard Precision Castings Limited | 12023013, England & Wales |
| Clovepark Limited | 04167062, England & Wales |
| Deritend International Limited | 00450905, England & Wales |
| Doncasters Inc. | Delaware |
| Doncasters Limited | 00321992, England & Wales |
| DONCASTERS Precision Castings – Bochum GmbH | Local court of Bochum, HRB 5748, Germany |
| Doncasters UK Finance Limited | 08440818, England & Wales |

---

---

| | |
|:---|:---|
| **Name of Guarantor** | **Registration number (or equivalent, if any)** |
| Doncasters UK Holdings Limited | 03468793, England & Wales |
| Doncasters US 2 LLC | Delaware |
| Doncasters US Finance LLC | Delaware |
| Doncasters US Holdings 2018 Inc. | Delaware |
| Doncasters US LLC | Delaware |
| Dundee Holdco 3 Limited | 05651578, England & Wales |
| Dundee Holdco 4 Limited | 05651583, England & Wales |
| Dundee Holdco GmbH | Local court of Bochum, HRB 11033, Germany |
| Erie Bolt Corporation | Pennsylvania |
| IVOSTUD GmbH | Local court of Hagen, HRB 10912, Germany |
| IVOSTUD LLC | Delaware |
| RCG Holdings Limited | 04166900, England & Wales |
| Ross & Catherall Limited | 04110786, England & Wales |
| Southern Tool, LLC | Alabama |
| Triplex Lloyd Limited | 00319762, England & Wales |
| Trucast (North America) LLC | Delaware |
| Trucast Limited | 04110903, England & Wales |
| TruCast, LLC | Delaware |

---

**Part 3<br> The Lenders**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Original Lender** | &nbsp;&nbsp;**ABL Commitment** | &nbsp;&nbsp;**DTTP scheme passport number and jurisdiction of tax residence (if applicable)** | &nbsp;&nbsp;**Lender status confirmation (German Qualifying Lender, not a German Qualifying Lender, UK Qualifying Lender, UK Treaty Lender, German Treaty Lender, not a UK Qualifying Lender, US Qualifying Lender, not a US Qualifying Lender)** |
| &nbsp;&nbsp;Wells Fargo Bank N.A., London Branch | &nbsp;&nbsp;£90,000,000 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;UK Qualifying Lender, US Qualifying Lender and a German Treaty Lender |

---

**Schedule 2<br> Conditions Precedent**

---

| | |
|:---|:---|
| **1** | **Obligors** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the constitutional documents
 of each Obligor which shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in case of an Obligor incorporated or established,
 as applicable, under the laws of the Federal Republic of Germany, include a commercial register
 excerpt (*Handelsregisterauszug*) of recent date, the articles of association (*Gesellschaftsvertrag*),
 a list of its shareholders (*Gesellschafterliste*) and any bylaws, if applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of an Obligor incorporated
 or established, as applicable, in Jersey, include any consent issued to or in respect of
 it pursuant to the Control of Borrowing (Jersey) Order 1958; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of an Obligor incorporated
 or formed, as applicable, in the United States, include recently certified charter documents,

or confirmation that there have been no changes to the constitutional documents of such Obligor since they were last delivered to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A copy of a resolution of the board of
 directors of each Obligor (or, in relation to any German Obligor, a copy of the resolution
 of its shareholders'):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) approving the terms of, and the transactions
 contemplated by, this Agreement and the other Finance Documents to which it is a party and
 resolving that it execute, deliver and perform this Agreement and the other Finance Documents
 to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) authorising a specified person or persons
 to execute this Agreement and the other Finance Documents to which it is a party on its behalf;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) authorising a specified person or persons,
 on its behalf, to sign and/or despatch all documents and notices (including, if relevant,
 any Utilisation Request) to be signed and/or despatched by it under or in connection with
 this Agreement and the other Finance Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A specimen of the signature of each person
 authorised by the resolution referred to in Paragraph 1(b) in relation to the Finance
 Documents and related documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent required by law or the articles
 of association, certificate of incorporation or limited liability company or operating agreement,
 a copy of a resolution signed by all the holders of the issued shares in each Guarantor (other
 than any Obligor incorporated under the laws of the United States) approving the terms of,
 and the transactions contemplated by, this Agreement and the other Finance Documents to which
 such Guarantor is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent required by law of the articles
 of association, certificate of incorporation or limited liability company or operating agreement,
 a copy of a resolution of the board of directors of each corporate shareholder of each Guarantor
 (other than the Parent and any German Obligor) approving the terms of the resolution referred
 to in Paragraph 1(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent required by law of the articles
 of association, certificate of incorporation or limited liability company or operating agreement,
 a copy of a resolution of any supervisory board, advisory board or similar corporate body
 of each Guarantor approving the terms of, and the transactions contemplated by, this Agreement
 and the other Finance Documents to which such Guarantor is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A certificate of each Obligor signed by
 a director confirming that borrowing or guaranteeing or securing, as appropriate, the Total
 Commitments would not cause any borrowing, guarantee, security or similar limit binding on
 any Obligor to be exceeded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) A certificate of an authorised signatory
 of each Obligor certifying that each copy document relating to it specified in this Schedule
 2 is correct, complete and in full force and effect and has not been amended or superseded
 as at a date no earlier than the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Good standing certificates as the Agent
 may reasonably require to evidence that each Obligor is duly organized or formed, and that
 each of them is validly existing and (where applicable) in good standing and that each of
 them is duly authorised to execute and deliver this Agreement and the other Finance Documents
 to which such Obligor is party and perform their respective obligations thereunder as customary
 in the relevant jurisdiction (other than in relation to each Obligor incorporated or established,
 as applicable, under the laws of the Federal Republic of Germany or England and Wales or
 Jersey).

---

| | |
|:---|:---|
| **2** | **Finance Documents** |

---

Each of the following documents executed by all parties thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the 2024 Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Fee Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the following Transaction Security Documents:

---

| | |
|:---|:---|
| **Name of security provider** | **Transaction Security Document** |
| Parent and each Obligor incorporated in England | English law governed deed of amendment, confirmation and supplemental debenture |
| Each Obligor incorporated in Germany | German law governed confirmation agreement with respect to the global assignment of receivables and with respect to the security transfer over inventory |
|  | German law governed junior ranking account pledge agreement |
| Doncasters Limited and each Obligor incorporated in the US | Amended and Restated Security Agreement |
| Doncasters Limited | Amended and Restated Notice and Confirmation of Grant of Security Interest in Trademarks |
| Doncasters Blaenavon Limited, Doncasters Limited, Doncasters UK Finance Limited, Doncasters US Finance LLC, Doncasters US Holdings 2018 Inc., Doncasters US LLC; Doncasters US 2 LLC, Erie Bolt Corporation, Trucast (North America) LLC and the Company | Amended and Restated Pledge Agreement |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Evidence that all other actions, recordings
 and filings of or with respect to each Transaction Security Document described in Paragraph
 2(d) that the Security Agent may deem reasonably necessary or desirable in order to
 perfect and protect the Security created thereby shall have been taken, completed or otherwise
 provided for, in respect of the German Security Documents, in accordance with the terms of
 such documents and, in respect of all other Transaction Security Documents, in a manner reasonably
 satisfactory to the Security Agent (including receipt of customary lien searches).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Satisfactory UK, Jersey and US insolvency,
 Security and IP searches completed by the Agent.

---

| | |
|:---|:---|
| **3** | **Other Documents and Evidence** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Signed and dated copies of all release
 documentation in respect of the 2024 Senior refinancing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Evidence that the fees, costs and expenses
 payable to the Finance Parties under the Fee Letter has been paid or will be paid on or about
 the Amendment and Restatement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A legal opinion of Mayer Brown LLP, legal
 advisers to the Lenders in relation to German law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A legal opinion of Paul Hastings LLP,
 legal advisers to the Parent in relation to New York, Delaware and California law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A legal opinion of Phelps Dunbar LLP,
 legal advisers to the Parent in relation to Alabama law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A legal opinion of Pinsent Masons Rechtasnwälte
 Steuerberater Solicitors Partnerschaft mbB, legal advisers to the Parent as to German law,
 regarding the capacity and authority of the German Obligors to enter into this Agreement
 and the Transaction Security Documents referred to in Paragraph 2(d) to which they are
 to be a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Satisfaction with the terms of the Term
 Loan Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Copy of the funds flow statement.

**Schedule 3<br> Second Amended and Restated Facility Agreement**

**Originally dated 3 March 2020 and amended and restated on 31 August 2022 and further amended and<br> restated on ___________ 2024**

**ABL FACILITIES AGREEMENT**

**between**

**ALLOY PARENT LIMITED<br> (as the Parent)**

**DUNDEE PIKCO LIMITED<br> (as the Company)**

**with**

**WELLS FARGO CAPITAL FINANCE (UK) LIMITED<br> (acting as Agent)**

**and**

**WELLS FARGO CAPITAL FINANCE (UK) LIMITED<br> (acting as Security Agent)**

**TABLE OF CONTENTS**

**Page No.**

---

| | | |
|:---|:---|:---|
| 1 | DEFINITIONS AND INTERPRETATION | 1 |
| 2 | THE FACILITIES | 52 |
| 3 | PURPOSE | 55 |
| 4 | CONDITIONS OF UTILISATION | 55 |
| 5 | UTILISATION | 56 |
| 6 | LETTERS OF CREDIT | 59 |
| 7 | OPTIONAL CURRENCIES | 64 |
| 8 | REPAYMENT | 64 |
| 9 | ILLEGALITY, VOLUNTARY PREPAYMENT AND CANCELLATION | 65 |
| 10 | MANDATORY PREPAYMENT AND CANCELLATION | 67 |
| 11 | RESTRICTIONS | 67 |
| 12 | INTEREST | 69 |
| 13 | FALLBACK REFERENCE RATE | 70 |
| 14 | FEES | 70 |
| 15 | TAX GROSS-UP AND INDEMNITIES | 71 |
| 16 | INCREASED COSTS | 82 |
| 17 | OTHER INDEMNITIES | 84 |
| 18 | MITIGATION BY THE LENDERS | 86 |
| 19 | COSTS AND EXPENSES | 86 |
| 20 | GUARANTEE AND INDEMNITY | 87 |
| 21 | REPRESENTATIONS | 97 |
| 22 | INFORMATION UNDERTAKINGS | 105 |
| 23 | FINANCIAL COVENANT | 111 |
| 24 | GENERAL UNDERTAKINGS | 115 |
| 25 | EVENTS OF DEFAULT | 131 |
| 26 | CHANGES TO THE LENDERS | 138 |
| 27 | RESTRICTION ON DEBT PURCHASE TRANSACTIONS | 144 |
| 28 | CHANGES TO THE OBLIGORS | 144 |
| 29 | ROLE OF THE ADMINISTRATIVE PARTIES | 147 |
| 30 | CONDUCT OF BUSINESS BY THE FINANCE PARTIES | 157 |
| 31 | SHARING AMONG THE FINANCE PARTIES | 157 |
| 32 | PAYMENT MECHANICS | 159 |
| 33 | SET-OFF | 162 |
| 34 | NOTICES | 163 |
| 35 | CALCULATIONS AND CERTIFICATES | 166 |
| 36 | PARTIAL INVALIDITY | 166 |
| 37 | REMEDIES AND WAIVERS | 166 |
| 38 | AMENDMENTS AND WAIVERS | 166 |
| 39 | CONFIDENTIAL INFORMATION | 172 |
| 40 | DISCLOSURE OF LENDER DETAILS BY AGENT | 176 |
| 41 | COUNTERPARTS | 177 |
| 42 | CONTRACTUAL RECOGNITION OF BAIL IN | 177 |

---

i

---

| | | |
|:---|:---|:---|
| 43 | GOVERNING LAW | 178 |
| 44 | ENFORCEMENT | 178 |
| Schedule 1 THE ORIGINAL PARTIES | Schedule 1 THE ORIGINAL PARTIES | 180 |
| Schedule 2 CONDITIONS PRECEDENT [*INCLUDED FOR REFERENCE ONLY*] | Schedule 2 CONDITIONS PRECEDENT [*INCLUDED FOR REFERENCE ONLY*] | 182 |
| Schedule 3 FORM OF CASH REQUEST | Schedule 3 FORM OF CASH REQUEST | 189 |
| Schedule 4 FORM OF TRANSFER CERTIFICATE | Schedule 4 FORM OF TRANSFER CERTIFICATE | 190 |
| Schedule 5 FORM OF ASSIGNMENT AGREEMENT | Schedule 5 FORM OF ASSIGNMENT AGREEMENT | 193 |
| Schedule 6 FORM OF ACCESSION DEED | Schedule 6 FORM OF ACCESSION DEED | 197 |
| Schedule 7 FORM OF RESIGNATION LETTER | Schedule 7 FORM OF RESIGNATION LETTER | 200 |
| Schedule 8 FORM OF COMPLIANCE CERTIFICATE | Schedule 8 FORM OF COMPLIANCE CERTIFICATE | 201 |
| Schedule 9 FORM OF L/C REQUEST | Schedule 9 FORM OF L/C REQUEST | 202 |
| Schedule 10 MATERIAL COMPANIES | Schedule 10 MATERIAL COMPANIES | 203 |
| Schedule 11 AGREED SECURITY PRINCIPLES | Schedule 11 AGREED SECURITY PRINCIPLES | 204 |
| Schedule 12 FORM OF INCREASE CONFIRMATION | Schedule 12 FORM OF INCREASE CONFIRMATION | 212 |
| Schedule 13 FORM OF BORROWING BASE CERTIFICATE | Schedule 13 FORM OF BORROWING BASE CERTIFICATE | 215 |
| Schedule 14 ABL CONTROLLED ACCOUNTS | Schedule 14 ABL CONTROLLED ACCOUNTS | 216 |
| Schedule 15 BANK PRODUCT PROVIDER CONFIRMATION | Schedule 15 BANK PRODUCT PROVIDER CONFIRMATION | 217 |

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[The schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant hereby agrees to furnish a copy of any omitted schedule or exhibit to the Securities and Exchange Commission or its staff upon request.]

ii

**THIS AGREEMENT** is originally dated 3 March 2020 and amended and restated on 31 August 2022 and further amended and restated on _____________ 2024 between the following parties

**(1)** **ALLOY PARENT LIMITED** a private
 company limited by shares incorporated in Jersey under the number 130426 ()"**Parent** ");

**(2)** **DUNDEE PIKCO LIMITED**, a company
 incorporated in England & Wales under the number 06123931 (the "**Company** ");

**(3)** **THE ENTITIES** listed in Part 1
 of Schedule 1 (*The Original Parties*) as original borrowers (the "**Original Borrowers** ");

**(4)** **THE ENTITIES** listed in Part 1
 of Schedule 1 (*The Original Parties*) as original guarantors (the "**Original Guarantors** ");

**(5)** **THE FINANCIAL INSTITUTIONS** listed
 in Part 2 of Schedule 1 (*The Original Parties*) as lenders (the "**Original Lenders** ");

**(6)** **WELLS FARGO CAPITAL FINANCE (UK) LIMITED** as agent of the other Finance Parties (the "**Agent** "); and

**(7)** **WELLS FARGO CAPITAL FINANCE (UK) LIMITED** as security trustee for the Secured Parties (the "**Security Agent** ").

**IT IS AGREED** as follows

**SECTION 1**

**INTERPRETATION**

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| | |
|:---|:---|
| **1** | **DEFINITIONS AND INTERPRETATION** |

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**1.1** **Definitions** 

In this Agreement:

"**2020 Annual Reporting Timetable**" means a copy of the annual and quarterly accounting and reporting timetable for the financial year commencing 1 January 2020 (the "**2020 Financial Year**") delivered to the Agent in accordance with Clause 4.1 (*Initial conditions precedent*).

"**2020 Financial Year**" has the meaning given to such term in the definition of 2020 Annual Reporting Timetable.

"**2020 ICA Resignations and Waivers**" means the steps set out in Clause 5 (*Refinance and 2020 Intercreditor Agreement*) of the Second Amendment and Restatement Agreement.

"**2020 Intercreditor Agreement**" means the intercreditor agreement dated on or about the Original Signing Date and made between, among others, the Parent, the Company, the Debtors (as defined in the 2020 Intercreditor Agreement), GLAS USA LLC as Security Agent, GLAS USA LLC as senior agent, the Lenders (as Senior Lenders) and the Intra-Group Lenders (as defined in the 2020 Intercreditor Agreement) and the Agent as WCF Agent and the Security Agent as WCF Security Agent.

"**ABL Commitment**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to an Original Lender, the
 amount set out opposite its name under the heading ABL Commitment in Part 2 of Schedule
 1 (*The Original Parties*) of the Second Amendment and Restatement Agreement or assumed
 by it in accordance with Clause 2.4 (*Increase*) together with the amount of any other
 ABL Commitment transferred to it under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any other Lender, the amount
 of any ABL Commitment transferred to it under this Agreement or assumed by it in accordance
 with Clause 2.4 (*Increase*),

to the extent not cancelled, reduced or transferred to it under this Agreement.

"**ABL Controlled Accounts**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the accounts specified in Schedule 14
 (ABL Controlled Accounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the "Controlled Account" as
 defined in any Transaction Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the "Pledged Accounts" as
 defined in any German Security Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such other bank accounts of the Borrowers
 that are secured by way of an English law charge (or equivalent Security) pursuant to which
 only the proceeds of WCF Receivables and WCF Inventory are paid.

"**ABL Priority Security**" has the meaning given to that term in the Intercreditor Agreement. "**Acceptable Bank**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a bank or financial institution which
 has a rating for its long-term unsecured and non credit-enhanced debt obligations of BBB
 or higher by Standard & Poor's Rating Services or Fitch Ratings Ltd or Baa2
 or higher by Moody's Investors Service Limited or a comparable rating from an internationally
 recognised credit rating agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Finance Party or any Affiliate of
 a Finance Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other bank or financial institution
 approved by the Agent (acting reasonably).

"**Access Agreement**" means an access agreement in a form as may be reasonably acceptable to the Agent and the Obligors' Agent.

"**Accession Deed**" means a document substantially in the form set out in Schedule 6 (*Form of Accession Deed*) or any other form agreed by the Agent and the Parent (in each case acting reasonably).

"**Accounting Principles**" means IFRS.

"**Accounting Reference Date**" means 31 December.

"**Acquired Indebtedness**" means Financial Indebtedness of any person that becomes a member of the Group after the Completion Date as a result of a Permitted Acquisition, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Financial Indebtedness was not incurred
 or increased (other than as a result of capitalisation of interest and accrual of any default
 interest), or the maturity of such Financial Indebtedness was not extended, at the time such
 person became a member of the Group and was not incurred or increased in anticipation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Financial Indebtedness is discharged
 within six Months of the date on which such person becomes a Subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the aggregate outstanding amount of Financial
 Indebtedness under this paragraph does not exceed £5,000,000 (or its equivalent of
 other currencies) at any time.

"**Additional Borrower**" means a company which becomes an Additional Borrower in accordance with Clause 28 (*Changes to the Obligors*).

"**Additional Guarantor**" means a company which becomes an Additional Guarantor in accordance with Clause 28 (*Changes to the Obligors*).

"**Additional Obligor**" means an Additional Borrower or an Additional Guarantor.

"**Administrative Parties**" means the Agent and the Security Agent.

"**Advance Rate**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of Eligible Receivables, 85%;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of Eligible Inventory, 70%.

"**Affiliate**" means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company.

"**Agent's Spot Rate of Exchange**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent's spot rate of exchange;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (if the Agent does not have an available
 spot rate of exchange) any other publicly available spot rate of exchange selected by the
 Agent (acting reasonably),

for the purchase of the relevant currency with the Base Currency in the London foreign exchange market on the date on which any conversion or calculation in any currency is to be made under this Agreement.

"**Agreed Security Principles**" means the principles set out in Schedule 11 (*Agreed Security Principles*).

"**Annual Financial Statements**" has the meaning given to that term in Clause 22 (*Information Undertakings*).

"**Annual Reporting Timetable**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the 2020 Annual Reporting Timetable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a copy of the annual and quarterly accounting
 and reporting timetable for each financial year commencing after the 2020 Financial Year
 delivered to the Agent at the beginning of each relevant financial year, each substantially
 in the same form as the 2020 Annual Reporting Timetable.

"**Anti-Corruption Laws**" means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the US Foreign Corrupt Practices Act of
 1977, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the UK Bribery Act 2010, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any applicable laws, regulations or codes
 which address bribery or corruption in any jurisdiction in which any Obligor or any member
 of the Borrowing Group is located or doing business that relate to bribery or corruption.

"**Anti-Money Laundering Laws**" means applicable laws or regulations in any jurisdiction in which any Obligor or any member of the Borrowing Group is located or doing business that relate to money laundering, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto.

"**Assignment Agreement**" means an agreement substantially in the form set out in Schedule 5 (*Form of Assignment Agreement*) or any other form agreed between the relevant assignor and assignee provided that if that other form does not contain the undertaking set out in the form set out in Schedule 5 (*Form of Assignment Agreement*) it shall not be a Creditor Accession Undertaking as defined in, and for the purposes of, the Intercreditor Agreement.

"**Authorisation**" means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration.

"**Availability**" means, at any time, an amount equal to: (a) the Facility Cap as then in effect *minus* (b) the Total Outstandings at such time.

"**Availability Period**" means the period from and including the Original Signing Date to and including the date falling five Business Days prior to the Termination Date.

"**Available Commitment**" means a Lender's Commitment minus (subject as set out below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Base Currency Amount of its participation
 in any outstanding Utilisations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any proposed Utilisation,
 the Base Currency Amount of its participation in any other Utilisations that are due to be
 made on or before the proposed Utilisation Date.

For the purposes of calculating a Lender's Available Commitment in relation to any proposed Utilisation, that Lender's participation in any Utilisations that are due to be repaid or prepaid on or before the proposed Utilisation Date shall not be deducted from that Lender's Commitment.

"**Available Facility**" means, in relation to a Facility, the aggregate for the time being of each Lender's Available Commitment in respect of that Facility.

"**Bank Levy**" means any amount payable by any Finance Party or any of its Affiliates on the basis of, or in relation to, its balance sheet or capital base or any part of that person or its liabilities or assets or minimum regulatory capital or any combination thereof, including, without limitation, the UK bank levy as set out in the Finance Act 2011, the French taxe bancaire de risque systémique as set out in Article 235 ter ZE of the French Code Général des impôts, the German bank levy as set out in the German Restructuring Fund Act 2010 (Restrukturierungsfondsgesetz) (as amended), the Dutch bankenbelasting as set out in the bank levy act (Wet bankenbelasting), the Swedish bank levy as set out in the Swedish Act on State Support to Credit Institutions (Sw. lag (2008:814) (lag om statligt stöd till kreditinstitut)), or the Spanish bank levy (Impuesto sobre los Depósitos en las Entidades de Crédito) as set out in the Law 16/2012 of 27 December 2012, and any other levy or tax of a similar nature in any jurisdiction.

"**Bank of England Base Rate**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the rate announced from time to time by
 the Monetary Policy Committee of the Bank of England as the official dealing rate, being
 the rate at which the Bank of England is willing to enter into transactions for providing
 short-term liquidity in the money markets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if an order under section 19 (reserve
 powers) of the Bank of England Act 1998 is in force, any equivalent rate determined by the
 Treasury under that section.

"**Bank Product Agreements**" means all agreements relating to the provision of Bank Products by a Bank Product Provider to an Obligor.

"**Bank Product Provider**" means any Lender or any Affiliate of a Lender which provides Bank Products to any Obligor with the consent of the Agent and which, in the case of any Bank Product Provider which is not also a Lender, has executed a Bank Product Provider Confirmation.

"**Bank Product Provider Confirmation**" means a confirmation in the form set out in Schedule 15 (*Bank Product Provider Confirmation*) executed by any Bank Product Provider which is not also a Lender.

"**Bank Product Reserve**" means the amount established by the Agent in its Reasonable Credit Judgment in consultation with the Bank Product Providers from time to time to reflect the then outstanding potential liability of the Obligors in relation to any Bank Products.

"**Bank Products**" means any ancillary financial products or accommodations made available to any Obligor by a Bank Product Provider including any credit or debit cards, credit or debit card processing services, Cash Management Services, foreign exchange facilities, interest rate hedging and other derivative products.

"**Base Currency**" means sterling.

"**Base Currency Amount**" means, in relation to a Utilisation, the amount specified in the Utilisation Request delivered by a Borrower for that Utilisation (or, if the amount requested is not denominated in the Base Currency, that amount converted into the Base Currency at the Agent's Spot Rate of Exchange on the date which is three Business Days before the Utilisation Date or, if later, on the date the Agent receives the Utilisation Request in accordance with the terms of this Agreement) and, in the case of a Letter of Credit, as adjusted under Clause 6.8 (*Revaluation of Letters of Credit*).

"**Beneficial Ownership Certification**" means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.

"**Beneficial Ownership Regulation**" means United States 31 C.F.R. § 1010.230.

"**Blocking Law**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any provision of EU Regulation (EC) No. 2271/96;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) section 7 of the German Foreign Trade
 Ordinance (Verordnung zur Durchführung des *Auβenwirtschaftsgesetzes* (*Auβenwirtschaftsverordnung*));
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any similar blocking or anti-boycott law,
 regulation or statute in force from time to time.

"**Borrower**" means an Original Borrower or an Additional Borrower unless it has ceased to be a Borrower in accordance with Clause 28 (*Changes to the Obligors*).

"**Borrowing Base**" means the aggregate of the US/UK Borrowing Base and the German Borrowing Base.

"**Borrowing Base Certificate**" means a certificate, signed and certified as accurate and complete in all material respects, by the Chief Financial Officer of the Group, substantially in the form set out in Schedule 13 (*Form of Borrowing Base Certificate*).

"**Borrowings**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

"**Borrowing Group**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower and each other Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Affiliate of each person referred
 to in paragraph (a) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any officer, director or agent acting
 on behalf of any of the persons referred to in paragraphs (a) and/or (b) above
 with respect to the Facility, this Agreement or any of the other Finance Documents.

"**Budget**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to the period beginning on
 1 January 2020 and ending on 31 December 2020 (i) the preliminary budget for
 the financial year ending 31 December 2020 delivered by the Parent to the Agent pursuant
 to Clause 4.1 (*Initial conditions precedent*) and (ii) the final budget for the
 financial year ending 31 December 2020 delivered pursuant to paragraph (a) Clause
 24.37 (*Conditions subsequent*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any other period, any budget
 delivered by the Parent to the Agent in respect of that period pursuant to Clause 22.4 (*Budget*).

"**Business Day**" means a day (other than a Saturday or Sunday) on which banks are open for general business in London, New York, Jersey, Frankfurt am Main and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (in relation to any date for payment or
 purchase of a currency other than euro) in any country in which a transfer or payment of
 funds is required to be made on that day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (in relation to determining Daily SOFR),
 a day other than one in which the Securities Industry and Financial Markets Association (or
 any successor organisation) recommends that the fixed income departments of its members be
 closed for the entire day for purposes of trading in US Government securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (in relation to any date for payment or
 purchase of euro or determining EURIBOR) any TARGET Day.

"**Cash**" means, at any time, any cash in hand or at bank and (in the latter case) credited to an account in the name of an Obligor with an Acceptable Bank and to which a member of the Group is alone beneficially entitled and for so long as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that cash is repayable on demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) repayment of that cash is not contingent
 on the prior discharge of any other indebtedness of any member of the Group or of any other
 person whatsoever or on the satisfaction of any other condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there is no Security over that cash except
 for Transaction Security or any Permitted Security constituted by a netting or set-off arrangement
 entered into by members of the Group in the ordinary course of their banking arrangements;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the cash is freely and immediately convertible
 into dollars and Sterling and available to be applied in repayment or prepayment of the Facilities.

"**Cash Collateral Agreements**" means the cash collateral agreements dated 15 November 2019 between, amongst others, various financial institutions and the Parent.

"**Cash Dominion Action**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent and/or the Security Agent dealing
 with the ABL Controlled Accounts and WCF Receivables in accordance with the provisions of
 Clause 24.38 (*Cash Management, Cash Dominion, Receivables and Inventory*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the receipt and application of proceeds
 in respect of WCF Receivables and the amount standing to the credit of the ABL Controlled
 Accounts in accordance with the terms of this Agreement and the terms of any applicable Transaction
 Security Document; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Agent and/or the Security Agent exercising
 its rights to exercise or spring control in respect of, or over, any ABL Controlled Account.

"**Cash Equivalent Investments**" means at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) certificates of deposit maturing within
 one year after the relevant date of calculation and issued by an Acceptable Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any investment in marketable debt obligations
 issued or guaranteed by the government of the United States of America, the United Kingdom,
 any member state of the European Economic Area or any Participating Member State or by an
 instrumentality or agency of any of them having an equivalent credit rating, maturing within
 one year after the relevant date of calculation and not convertible or exchangeable to any
 other security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) commercial paper not convertible or exchangeable
 to any other security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for which a recognised trading market exists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) issued by an issuer incorporated in the
 United States of America, the United Kingdom, any member state of the European Economic Area
 or any Participating Member State;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) which matures within one year after the
 relevant date of calculation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) which has a credit rating of either A-1
 or higher by Standard & Poor's Rating Services or F1 or higher by Fitch Ratings
 Ltd or P-1 or higher by Moody's Investors Service Limited, or, if no rating is available
 in respect of the commercial paper, the issuer of which has, in respect of its long-term
 unsecured and non-credit enhanced debt obligations, an equivalent rating;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sterling bills of exchange for rediscount
 at the Bank of England and accepted by an Acceptable Bank (or their dematerialised equivalent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any investment in money market funds which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have a credit rating of either A-1 or higher
 by Standard & Poor's Rating Services or F1 or higher by Fitch Ratings Ltd
 or P-1 or higher by Moody's Investors Service Limited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) invest substantially all their assets in
 securities of the types described in paragraphs (a) to (c) above,

to the extent that investment can be turned into cash on not more than 60 days' notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any other debt security approved by the
 Majority Lenders,

in each case denominated in any currency fully and immediately convertible into dollars and Sterling and, to which any member of the Group is alone beneficially entitled at that time and which is not issued or guaranteed by any member of the Group or subject to any Security (other than Security arising under the Transaction Security Documents).

"**Cash Management Services**" means any cash management or related services including treasury, depository, return items, overdraft, controlled disbursement, merchant store value cards, e-payables services, electronic funds transfer, depository network, automatic clearing house transfer, BACS facilities and other cash management arrangements.

"**Cash Request**" means a request in the form set out in Schedule 3 (*Form of Cash Request*).

"**Change of Control**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Topco ceases to own directly 100% of the
 total issued share capital or voting rights in New Midco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) New Midco ceases to own directly 100%
 of the total issued share capital or voting rights in the Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Parent ceases to own directly 100%
 of the total issued share capital or voting rights in the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at any time prior to a Listing, any person
 or group of persons acting in concert (together, in each case, with their Affiliates and
 Related Funds):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) gains control directly or indirectly of
 50% or more of the total issued share capital or voting rights of Topco or the Borrowers;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) gains control over the ability to appoint
 a majority of the board of directors of Topco or the Borrowers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) at any time after a Listing, any person
 or group of persons acting in concert (together, in each case, with their Affiliates and
 Related Funds):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) gains control directly or indirectly of
 30% or more of the total issued share capital or voting rights of Topco or the Borrowers;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) gains control over the ability to appoint
 a majority of the board of directors of Topco or the Borrowers.

For the purposes of this definition, "**acting in concert**" means, a group of persons who, pursuant to an agreement or understanding (whether formal or informal), actively co-operate, through the acquisition directly or indirectly of shares in a person by any of them, either directly or indirectly, to obtain or consolidate control of such person.

"**Charged Property**" means all of the assets of the Obligors and the Parent which from time to time are, or are expressed to be, the subject of the Transaction Security.

"**Code**" means the US Internal Revenue Code of 1986, as amended.

"**Commitment**" means an ABL Commitment.

"**Companies Act**" means the Companies Act 2006 as modified, amended or re-enacted from time to time.

"**Competitor, Customer or Supplier**" means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any person who operates or plans to operate
 in the same industry or sector as the Group in any jurisdiction at the relevant time, in
 particular by providing or planning to provide products or services that are the same as,
 or substitutes for, the products and services provided by the Group at the relevant time;
 and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any person who is a material customer,
 supplier, contractor or sub-contractor of one or more members of the Group at the relevant
 time,

together with such person's Affiliates, Related Funds, agents or proxies, or any person who, either alone or acting together with any other person, including any Affiliate of such person, holds greater than 25% direct or indirect ownership or controls more than 25% of the direct or indirect voting rights of any such person in (a) or (b), but excluding any person or any of its Affiliates that is, or whose interests are managed by, a bona fide Fund Manager (each, an "**Interested Party**") regularly engaged in or established for the purposes of making, purchasing or investing in loans, debt securities or other financial assets, which has not been established for the primary or main purpose of investing in the share capital of companies or to obtain a control position in any company, which, either alone or acting together with any other person, including any Affiliate of such person, holds greater than 25% direct or indirect ownership or controls more than 25% of the direct or indirect voting rights in any operating or portfolio company (being a subsidiary undertaking or group of subsidiary undertakings trading as a separate and distinct going concern) that would otherwise be a person falling within (a) or (b) above, where bona fide customary information barriers are in place between such operating or portfolio company and the Interested Party which restrict the sharing of information between such operating or portfolio company and the Interested Party with regards to the Group and such operating or portfolio company.

"**Completion Date**" means 6 March 2020.

"**Compliance Certificate**" means a certificate substantially in the form set out in Schedule 8 (*Form of Compliance Certificate*).

"**Confidential Information**" means all information relating to the Parent, any Obligor, the Group, the Finance Documents or a Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or a Facility from either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any member of the Group, the Parent or
 any of their advisers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) another Finance Party, if the information
 was obtained by that Finance Party directly or indirectly from any member of the Group or
 the Parent or any of their advisers,

in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or becomes public information other
 than as a direct or indirect result of any breach by that Finance Party of Clause 39 (Confidential
 Information); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is identified in writing at the time of
 delivery as non-confidential by any member of the Group or the Parent or any of their advisers;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is known by that Finance Party before
 the date the information is disclosed to it in accordance with paragraphs (a) or (b) above
 or is lawfully obtained by that Finance Party after that date, from a source which is, as
 far as that Finance Party is aware, unconnected with the Group or the Parent and which, in
 either case, as far as that Finance Party is aware, has not been obtained in breach of, and
 is not otherwise subject to, any obligation of confidentiality.

"**Confidentiality Undertaking**" means a confidentiality undertaking substantially in a recommended form of the LMA as at the Completion Date or in any other form agreed between the Parent and the Agent.

"**Constitutional Documents**" means the constitutional documents of the Company and the Parent.

"**Currency Reserve**" means a reserve for currency volatility in respect of any Eligible Receivables not denominated in Dollars, Pounds Sterling or Euro.

"**Daily €STR**" means the euro short-term rate published on each TARGET Day by the European Central Bank (or any other person which takes over the administration of that rate) on its MID platform (or any successor platform) and if such rate is less than zero, the rate shall be deemed to be zero.

"**Daily SOFR**" means the secured overnight financing rate published by the Federal Reserve Bank of New York as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York's Website and if such rate is less than zero Daily SOFR shall be adjusted to zero.

"**Daily SONIA**" means the Sterling Overnight Index Average administered by the Bank of England (or any other person which takes over the administration of that rate) displayed (before any correction, recalculation or republication by the administrator) on the relevant screen by any authorised redistributor of that rate and if such rate is less than zero, Daily SONIA shall be adjusted to zero.

"**Debt Purchase Transaction**" means, in relation to a person, a transaction where such person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) purchases by way of assignment or transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enters into any sub-participation in respect
 of; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) enters into any other agreement or arrangement
 having an economic effect substantially similar to a sub-participation in respect of,

any Commitment or amount outstanding under this Agreement.

"**Default**" means an Event of Default or any event or circumstance specified in Clause 25 (*Events of Default*) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default.

"**Defaulting Lender**" means any Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) which has failed to make its participation
 in a Utilisation available or has notified the Agent or the Parent (which has notified the
 Agent) that it will not make its participation in a Utilisation available by the Utilisation
 Date of that utilisation in accordance with Clause 5.5 (*Lenders' participation*)
 or which has failed to provide cash collateral (or has notified the L/C Issuer or the Parent
 (which has notified the Agent) that it will not provide cash collateral) in accordance with
 Clause 6.5 (*Cash collateral by Non-Acceptable L/C Lender and Borrower's option to provide cash cover*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) which has otherwise rescinded or repudiated
 a Finance Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which is an L/C Issuer which has failed
 to issue a Letter of Credit (or has notified the Agent or the Parent (which has notified
 the Agent) that it will not issue a Letter of Credit) in accordance with Clause 5.5 (*Lenders' participation*) or which has failed to pay a claim (or has notified the Agent or the Parent
 (which has notified the Agent) that it will not pay a claim) in accordance with (and as defined
 in) Clause 6.3 (*Payment of L/Cs against demand*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) with respect to which an Insolvency Event
 has occurred and is continuing,

unless, in the case of paragraphs (a) and (c) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its failure to pay, or to issue a Letter
 of Credit, is caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) administrative or technical error; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a Disruption Event; and

payment is made within 3 Business Days of its due date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Lender is disputing in good faith whether
 it is contractually obliged to make the payment in question.

"**Delegate**" means any delegate, agent, attorney or co-trustee appointed by the Security Agent.

"**Deposit Account Control Agreement**" means a deposit account control agreement (or similar agreement) to be executed by each institution maintaining a ABL Controlled Account in the United States, in each case as required by and in accordance with Clause 24.38 (*Cash Management, Cash Dominion, Receivables and Inventory*).

"**Designated Website**" means the Commercial Electronic Office website, Wells Fargo Bank N.A. or such other website as the Agent may specify to the Company in writing.

"**Determination Date**" has the meaning ascribed to such term in the definition of Disposals Prepayment Test.

"**Dilution**" means for any period with respect to any Borrower, the fraction, expressed as a percentage, the numerator of which is the aggregate amount of reductions in the WCF Receivables of such Borrower for such period other than by reason of sterling (or other currency) for sterling (or such other currency) cash payment and the denominator of which is the aggregate sterling (or other currency) amount of the sales of such Borrower for such period.

"**Dilution Reserve**" means on any date of determination, a reserve established and revised from time to time by the Agent in such amount as it may determine in its Reasonable Credit Judgment reflects the Dilution as of any date with respect to the WCF Receivables for the immediately preceding 12-month period, to the extent such Dilution exceeds 5% and thereafter shall not exceed more than 1.0% for each incremental percentage in dilution over 5.0%.

"**Disposal**", "**Disposition**" or "**Dispose**" means the sale, transfer, license, lease or other disposition of any property by any person (including any sale and leaseback transaction and any issuance of equity interests by a Subsidiary of such person), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith; provided, however, that "Disposal", "Disposition" and "Dispose" shall not be deemed to include any issuance by a Borrower of any of its equity interests to another person.

"**Disposals Prepayment Test**" means, as at the date of determination (the "**Determination Date**"), Availability is equal to or no less than the higher of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the lower of £8,750,000 and 15%
 of the Facility Cap; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) £7,000,000,

during the period of 30 consecutive calendar days preceding such Determination Date and the Parent has provided forecasts which are satisfactory to the Agent in its Reasonable Credit Judgement demonstrating that Availability will not be less than such amount for a period of 6 months after the Determination Date.

"**Disruption Event**" means either or both of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a material disruption to those payment
 or communications systems or to those financial markets which are, in each case, required
 to operate in order for payments to be made in connection with the Facilities (or otherwise
 in order for the transactions contemplated by the Finance Documents to be carried out) which
 disruption is not caused by, and is beyond the control of, any of the Parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the occurrence of any other event which
 results in a disruption (of a technical or systems-related nature) to the treasury or payments
 operations of a Party preventing that, or any other Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) from performing its payment obligations
 under the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) from communicating with other Parties in
 accordance with the terms of the Finance Documents,

and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted.

"**Dormant Subsidiary**" means a member of the Group which does not trade (for itself or as agent for any person) and does not own, legally or beneficially, assets (including, without limitation, indebtedness owed to it).

"**EBITDA**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

"**Eligible Book Value**" means, at any date and with respect to any WCF Inventory and contracts with customers for the sale or lease of WCF Inventory, the net book value in place of such WCF Inventory and contracts, expected to be realised at a sale of such WCF Inventory and contracts that is held within a reasonable period time, as such amount is determined by the Agent from the most recent appraisal performed by an appraiser (reasonably satisfactory to the Agent) received by the Agent on or before such date.

"**Eligible Institution**" means any Lender or other bank, financial institution, trust, fund or other entity selected by the Parent and which, in each case, is not a member of the Group or the Parent.

"**Eligible Inventory**" means, at any time, the WCF Inventory of a Borrower that is not excluded as ineligible by virtue of one or more of the excluding criteria set forth below. In determining the amount to be so included, WCF Inventory shall be valued at the lower of cost or market value on a basis consistent with the Borrowers' historical accounting practices. "Eligible Inventory" shall not include any WCF Inventory:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) which is not subject to a first ranking
 Security in favour of the Security Agent (subject to security (i) arising solely by
 operation of Law; and/or (ii) pursuant to or in connection with the Term Loan Credit
 Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) which is subject to any Security other
 than a Security permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which is, in the Agent's Reasonable
 Credit Judgment, determined to be obsolete, unmerchantable, defective or unfit for sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) which does not conform in all material
 respects to the representations and warranties in respect of WCF Inventory contained in this
 Agreement or the applicable Transaction Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in which any person other than any Borrower
 shall have any direct or indirect ownership, interest or claim to title;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) which constitutes work-in-process or raw
 materials, supplies or inventory in each case, only where designated as (i) research
 and development parts, (ii) quarantined goods, (iii), maintenance parts, (iv) wax
 assemblies, (v) tooling or (vi) other similar items dedicated for internal use
 by the Borrowers (including spare parts or supplies used or consumed in the ordinary course
 of business of the Borrowers), bill-and-hold goods, goods held on consignment, or goods which
 are not of a type held for sale in the ordinary course of business of the Borrowers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) which (i) is not located in continental
 United States, England & Wales or Germany or (ii) is in transit outside any
 premises owned or leased by an Obligor or a third party storage operated on behalf of any
 Obligor except in cases where they are in transit between such locations within continental
 United States of America or England & Wales, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) which is being processed offsite by a
 third party at a third party location or outside processor, or is in transit to or from such
 third party location or outside processor (other than to the extent permitted pursuant to
 paragraph (g) above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) which is a discontinued product or component
 thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) which is damaged or defective, in each
 case, in any material respect, or which does not meet all material standards imposed by any
 applicable Governmental Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) which is not reflected in a current perpetual
 inventory report of such Borrower (unless such WCF Inventory is reflected in a report to
 the Agent as "in transit" WCF Inventory);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) for which reclamation or similar rights
 have been asserted by the seller; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) which is located on any Real Property
 leased by such Borrower or in a third party warehouse to the extent that the aggregate value
 of all such WCF Inventory, in respect of each such location, is in excess of £150,000
 at any given time unless, in each case, it is subject to an Access Agreement in form and
 substance satisfactory to the Agent in its Reasonable Credit Judgment executed by the lessor
 or warehouseman, as the case may be (provided, however, that, (x) during the 90-day
 period immediately following the Completion Date, such leased Real Property or warehouse
 need not be subject to an Access Agreement and (y) during all times thereafter, such
 leased Real Property or warehouse must be subject to an Access Agreement, or if such leased
 Real Property or warehouse is not subject to an Access Agreement, the failure to have a Access
 Agreement will not, in and itself, render the Inventory ineligible, but the Security Agent
 may, in its Reasonable Credit Judgment, establish a Reserve in an aggregate amount equal
 two months' rent under the lease for each location (or, if applicable, 2 months of
 storage fees under the warehouse agreement for each warehouse) that is not subject to an
 Access Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) which is in the possession of a bailee
 or customer to the extent that the aggregate value of all such WCF Inventory, in respect
 of each such bailee or customer, is in excess of £50,000 at any given time, unless
 (i) such bailee or customer has delivered to the Agent an Access Agreement and such
 other documentation as the Agent may require in its Reasonable Credit Judgment, in each case
 in form and substance satisfactory to the Agent in its Reasonable Credit Judgment or (ii) an
 appropriate Reserve has been established by the Agent in its Reasonable Credit Judgment;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) which contains or bears any intellectual
 property rights licensed to such Borrower by any Person other than a member of the Group
 unless the Agent is satisfied that they may sell or otherwise dispose of such WCF Inventory
 without (i) infringing the rights of such licensor, (ii) violating any contract
 with such licensor, or (iii) incurring any liability with respect to payment of royalties
 other than royalties incurred pursuant to sale of such WCF Inventory under the current licensing
 agreement,

provided that no WCF Inventory acquired in a Permitted Acquisition or the WCF Inventory of an Additional Borrower shall be considered for inclusion as Eligible Inventory until the Agent, in its Reasonable Credit Judgment, has received an acceptable inventory appraisal and, as applicable, conducted a satisfactory field examination of such Additional Borrower.

"**Eligible Receivables**" means at any time, any WCF Receivables of a Borrower, provided however, that Eligible Receivables shall not include any WCF Receivables:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) which does not arise from the actual and
 bona fide sale and delivery of goods or rendering of services in the ordinary course of the
 business of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) which is not subject to a valid, first
 ranking charge, assignment or equivalent Security under the Transaction Security Documents
 (subject to security arising: (i) solely by operation of Law; and/or (ii) pursuant
 to or in connection with the Term Loan Credit Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which (i) is unpaid for more than
 60 days after the original due date therefor or if no payment date is specified, after the
 date of the original invoice therefor or (ii) is with dated terms more than 120 days
 from the invoice date with respect to any other account debtor or (iii) has been written
 off the books of the Borrowers or otherwise designated as uncollectible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) which is owing by a single account debtor
 if WCF Receivables representing 50% or more of the aggregate balance owing by such account
 debtor to the Borrowers are not Eligible Receivables by reason of the operation of paragraph
 (c) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) which is owing by a single account debtor
 to the extent the aggregate amount of WCF Receivables owing from such account debtor and
 its affiliates to any Borrower exceeds 25% of the aggregate Eligible Receivables, but only
 to the extent of such excess;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) which do not conform in all material respects
 to the representations and warranties in respect of the WCF Receivables contained in this
 Agreement or the applicable Transaction Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) which (i) do not arise from the sale
 of goods or performance of services in the ordinary course of business, (ii) is not
 evidenced by an invoice or other form of documentation that is satisfactory to the Agent
 in its Reasonable Credit Judgment which has been sent to the account debtor (other than goods
 shipped but not invoiced so long as such ship date is no more than thirty (30) days prior
 to the applicable Borrowing Base Certificate), (iii) represents a progress billing,
 (iv) is contingent upon such Borrower's completion of any further performance,
 (v) represents a sale on a bill-and-hold, guaranteed sale, sale-and-return, sale on
 approval, consignment, cash-on-delivery or any other repurchase or return basis, or (vi) relates
 to payments of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) for which (i) the goods giving rise
 to such WCF Receivables have not been shipped and billed to the account debtor (except to
 the extent the applicable Borrower has shipped such goods in accordance with the written
 instructions of such account debtor and such account debtor has agreed in writing that such
 shipment constitutes delivery of such goods by such Borrower) or (ii) the services giving
 rise to such WCF Receivables have not been performed and billed to the account debtor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to which any cheque or other
 accepted instrument of payment has been returned uncollected for any reason;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) which involves an account debtor which
 is the subject of any winding up, administration or similar procedure indicative of insolvency
 to the extent that such procedure is not frivolous or vexatious;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) which is owed by any account debtor which
 has sold all or substantially all of its assets; unless in each case such account debtor
 has caused the issuance of a letter of credit or bank guarantee in favour of the applicable
 Borrower fully securing the payment of such WCF Receivables, which letter of credit or bank
 guarantee is reasonably satisfactory to the Agent in its Reasonable Credit Judgment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) which is owed by an account debtor which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) does not maintain its principal office,
 assets or place of business in the United States, United Kingdom, Ireland or Canada;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) does not maintain its principal office,
 assets or place of business in a Tier 1 Jurisdiction or is an Investment Grade Debtor (in
 each case, the "**Relevant Account Debtor**") provided that (x) WCF Receivables
 owing by such Relevant Account Debtor may not exceed 55% of the value of all Eligible Receivables
 and (y) WCF Receivables owing by such Relevant Account Debtor located in a Tier 1 Jurisdiction
 which are not Investment Grade Debtors may not exceed 10% of the value of all Eligible Receivables,
 in each in any period with respect to which a Borrowing Base Certificate is delivered pursuant
 to Clause 22.7 (*Borrowing Base Certificate*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) which is owed in any currency other than
 Dollars, Pounds Sterling, Euros or in the Currency of any Tier 1 Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) which is owed by (i) the government
 (or any department, agency, public corporation, or instrumentality thereof) of any country
 other than the federal government of the United States or the United Kingdom unless such
 WCF Receivables is backed by a letter of credit acceptable to the Agent in its Reasonable
 Credit Judgment and, if reasonably requested by the Agent, which is in the possession of,
 and is directly drawable by, the Agent or (ii) the federal government of the United
 States, or any department, agency, public corporation, or instrumentality thereof, unless
 the Federal Assignment of Claims Act of 1940 (31 U.S.C. § 3727 et seq. and 41 U.S.C.
 § 15 et seq.), and any other steps necessary to perfect the first ranking Security of
 the Agent in such WCF Receivable, have been complied with to the Agent's reasonable
 satisfaction; provided, that a WCF Receivable that otherwise constitutes an Eligible Receivable
 shall only be rendered ineligible by virtue of this paragraph (n)(ii) if, and to the
 extent, the aggregate amount of all such WCF Receivables is in excess of £2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) which is owed by any Affiliate, employee,
 officer, director or agent of any Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) which is owed by an account debtor to
 which such Borrower is indebted, but only to the extent of such Financial Indebtedness or
 is subject to any security, deposit, progress payment, retainage or other similar advance
 made by or for the benefit of an account debtor, in each case to the extent thereof; provided,
 that no WCF Receivable that otherwise constitutes an Eligible Receivable shall be rendered
 ineligible by virtue of this paragraph (p) to the extent, but only to the extent, that
 the account debtor's right of setoff is limited by an agreement that is reasonably
 satisfactory to the Agent in its Reasonable Credit Judgment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) which is evidenced by any promissory note,
 bill of exchange, chattel paper, or instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) which does not comply in all material
 respects with the requirements of all applicable laws and regulations, whether federal, state,
 provincial, territorial or local;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) which is for goods that have been sold
 under a purchase order or pursuant to the terms of a contract or other agreement or understanding
 (written or oral) that indicates any party other than such Borrower as payee or remittance
 party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) which is an Excluded Receivable,

provided that no WCF Receivables acquired in a Permitted Acquisition or the WCF Receivables of an Additional Borrower shall be considered for inclusion as Eligible Receivables until the Agent in its Reasonable Credit Judgment, has a satisfactory field examination of such WCF Receivables and, as applicable, that Additional Borrower.

"**Enterprise Act Reserves**" means, at any time, with respect to each UK Borrower, the maximum amount which would be required to be made available by such UK Borrower to unsecured creditors if Section 176A of the Insolvency Act of 1986 and the Insolvency Act 1986 (Prescribed Part) (Amendment) Order 2020 applied without duplication of any such amounts used in determining Net Orderly Liquidation Value.

"**Environment**" means humans, animals, plants and all other living organisms including the ecological systems of which they form part and the following media:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) air (including, without limitation, air
 within natural or man-made structures, whether above or below ground);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) water (including, without limitation,
 territorial, coastal and inland waters, water under or within land and water in drains and
 sewers); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) land (including, without limitation, land
 under water).

"**Environmental Claim**" means any claim, proceeding, formal notice or investigation by any person in respect of any Environmental Law.

"**Environmental Law**" means any applicable law or regulation which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the pollution or protection of the Environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the conditions of the workplace; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the generation, handling, storage, use,
 release or spillage of any substance which, alone or in combination with any other, is capable
 of causing harm to the Environment, including, without limitation, any waste.

"**Environmental Permits**" means any permit and other Authorisation and the filing of any notification, report or assessment required under any Environmental Law for the operation of the business of any member of the Group conducted on or from the properties owned or used by any member of the Group.

"**ERISA**" means the United States Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder by the United States Department of Labor, as from time to time in effect.

"**ERISA Affiliate**" means, in relation to a member of the Group, each person (as defined in Section 3(9) of ERISA) which together with that member of the Group would be deemed to be a "single employer" within the meaning of Section 414(b), (c), (m) or (o) of the Code.

"**ERISA Event**" means: (a) the occurrence of a reportable event, within the meaning of Section 4043 of ERISA, with respect to any Single Employer Plan unless the 30 day notice requirement with respect to such event has been waived; (b) the application for a minimum funding waiver under Section 302 of ERISA with respect to a Single Employer Plan; (c) the provision by the administrator of any Single Employer Plan of a notice of intent to terminate such Single Employer Plan, pursuant to Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment referred to in Section 4041(e) of ERISA); (d) the cessation of operations at a facility of any Obligor or any ERISA Affiliate in the circumstances described in Section 4062(e) of ERISA; (e) a lien under Section 303 of ERISA or Section 403(k) or 436(f) of the Code shall have occurred with respect to any Single Employer Plan; (f) the termination of a Single Employer Plan pursuant to Section 4042 of ERISA; (g) an action, suit, proceeding, hearing, audit or investigation with respect to the administration, operation or the investment of assets of any Single Employer Plan (other than routine claims for benefits) is pending, expected or threatened; (h) the incurrence by any Obligor or any ERISA Affiliate of any withdrawal liability (as specified in Part I of Subtitle E of Title IV of ERISA) to any Multiemployer Plan; and (i) the notification of any Obligor or any ERISA Affiliate by the sponsor of a Multiemployer Plan that such Multiemployer Plan is insolvent or has been terminated, within the meaning of Title IV of ERISA or a determination that a Multiemployer Plan is, or is expected to be, in endangered status or critical status, within the meaning of Section 432 of the Code or Section 305 of ERISA.

"**EURIBOR**" means the one month euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate) for the relevant period displayed (before any correction, recalculation or republication by the administrator) on page EURIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) and if the rate is less than zero, EURIBOR shall be deemed to be zero.

"**Erroneous Payment**" has the meaning given to that term in clause 29.21 (*Amounts paid in error*).

"**Event of Default**" means any event or circumstance specified as such in Clause 25 (*Events of Default*).

"**Excluded Companies**" means the Project Asia Targets and their Subsidiaries.

"**Excluded Receivable**" any receivable directly or indirectly involving a Restricted Party or that otherwise would result in any Finance Party violating any Sanctions.

"**Expiry Date**" means, in relation to a Letter of Credit, the last day of its Term.

"**Facility**" means the revolving credit facility made available under this Agreement as described in paragraph (a) of Clause 2.1 (*The Facilities*).

"**Facility Cap**" means, as of any date of determination, an amount equal to the lower of: (a) the Total Commitments; and (b) the Borrowing Base.

"**Facility Limit**" means £90,000,000.

"**Facility Office**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of a Lender, the office or
 offices notified by that Lender to the Agent in writing on or before the date it becomes
 a Lender (or, following that date, by not less than five Business Days' written notice)
 as the office or offices through which it will perform its obligations under this Agreement;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of any other Finance Party,
 the office in the jurisdiction in which it is resident for tax purposes.

"**Fair Market Value**" means, with respect to any asset or group of assets on any date of determination, the value of the consideration obtainable in a sale of such asset at such date of determination assuming a sale by a willing seller to a willing purchaser dealing at arm's length and arranged in an orderly manner over a reasonable period of time having regard to the nature and characteristics of such asset, as reasonably determined by the Parent in good faith.

"**FATCA**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sections 1471 to 1474 of the Code or any
 associated regulations or other official guidance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any treaty, law or regulation of any other
 jurisdiction, or relating to an intergovernmental agreement between the US and any other
 jurisdiction, which (in either case) facilitates the implementation of any law or regulation
 referred to in paragraph (a) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any agreement pursuant to the implementation
 of any treaty, law or regulation referred to in paragraphs (a) or (b) above with
 the US Internal Revenue Service, the US government or any governmental or taxation authority
 in any other jurisdiction.

"**FATCA Application Date**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a "**withholdable payment**" described in section 1473(1)(A)(i) of the Code (which relates to
 payments of interest and certain other payments from sources within the US), 1 July 2014;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a "**passthru payment** "
 described in section 1471(d)(7) of the Code not falling within paragraph (a) above,
 the first date from which such payment may become subject to a deduction or withholding required
 by FATCA.

"**FATCA Deduction**" means a deduction or withholding from a payment under a Finance Document required by FATCA.

"**FATCA Exempt Party**" means a Party that is entitled to receive payments free from any FATCA Deduction.

"**Fed Target Rate**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the short-term interest rate target set
 by the US Federal Open Market Committee as published by the NY Federal Reserve, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if that target is not a single figure,
 the arithmetic mean of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the upper bound of the short-term interest
 rate target range set by the US Federal Open Market Committee and published by the Federal
 Reserve Bank of New York; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the lower bound of that target range.

"**Fee Letter**" means any letter or letters dated on or about the Original Signing Date, the First Amendment and Restatement Date and the Second Amendment and Restatement Date between the Original Lenders and the Parent (or the Agent and the Parent or the Security Agent and the Parent) setting out any of the fees referred to in Clause 14 (*Fees*) and any agreement setting out fees payable to a Finance Party in relation to the Finance Documents.

"**Finance Document**" means this Agreement, the First Amendment and Restatement Agreement, the Second Amendment and Restatement Agreement, any Accession Deed, any Compliance Certificate, any Fee Letter, the 2020 Intercreditor Agreement, the Intercreditor Agreement, any Resignation Letter, any Transaction Security Document, any Utilisation Request and any other document designated as a "**Finance Document**" by the Agent and the Parent.

"**Finance Lease**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

"**Finance Party**" means the Agent, the Security Agent, a Lender and any Bank Product Provider.

"**Financial Indebtedness**" means any indebtedness for or in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) moneys borrowed and debit balances at
 banks or other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any acceptance under any acceptance credit
 or bill discounting facility (or dematerialised equivalent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any note purchase facility or the issue
 of bonds, notes, debentures, loan stock or any similar instrument (but not Trade Instruments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amount of any liability in respect
 of Finance Leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) receivables sold or discounted (other
 than any receivables to the extent they are sold on a non-recourse basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any Treasury Transaction (and, when calculating
 the value of that Treasury Transaction, only the marked to market value (or, if any actual
 amount is due as a result of the termination or close-out of that Treasury Transaction, that
 amount) shall be taken into account);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any counter-indemnity obligation in respect
 of a guarantee, bond, standby or documentary letter of credit or any other instrument issued
 by a bank or financial institution in respect of an underlying liability (excluding any Trade
 Instruments) of an entity which is not a member of the Group which liability would fall within
 one of the other paragraphs of this definition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any amount raised by the issue of shares
 which are redeemable (other than at the option of the issuer) before the Termination Date
 or are otherwise classified as borrowings under the Accounting Principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any amount of any liability under an advance
 or deferred purchase agreement if (i) one of the primary reasons behind entering into
 the agreement is to raise finance or to finance the acquisition or construction of the asset
 or service in question or (ii) the agreement is in respect of the supply of assets or
 services and payment is due more than 120 days after the date of supply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any amount raised under any other transaction
 (including any forward sale or purchase, sale and sale back or sale and leaseback agreement)
 having the commercial effect of a borrowing or otherwise classified as borrowings under the
 Accounting Principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the amount of any liability in respect
 of any guarantee for any of the items referred to in paragraphs (a) to (j) above.

"**Financial Quarter**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

"**Financial Reporting Package**" means a financial reporting package in the form of the template agreed between the Parent and the Agent (acting on the instructions of the Majority Lenders (acting reasonably)) which includes a breakdown of key financial and operational metrics and performance indicators by site and which is (i) in preliminary form delivered to the Agent in accordance with Clause 4.1 (*Initial conditions precedent*); and (ii) in full form as a condition subsequent pursuant to paragraph (b) of Clause 24.37 (*Conditions subsequent*).

"**Financial Restructuring**" means the financial restructuring of the Doncasters Group Limited and its Subsidiaries in accordance with the Implementation Documents (as defined in the original form of this Agreement).

"**Financial Year**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

"**First Amendment and Restatement Agreement**" means the amendment and restatement agreement between the parties to this Agreement dated 31 August 2022 pursuant to which this Agreement was amended and restated.

"**First Amendment and Restatement Date**" means 31 August 2022.

"**Fund Manager**" means any appropriately licensed and/or regulated person who acts for and on behalf of third party investors (and related investment arrangements) on a discretionary or nondiscretionary basis pursuant to a management or advisory agreement in consideration for receipt of a management fee, advisory fee, carried interest and/or other similar form of remuneration.

"**Funds Flow Statement**" means a funds flow statement in agreed form between the Parent and the Agent (acting on the instructions of the Majority Lenders) and delivered to the Agent in accordance with Clause 4.1 (*Initial conditions precedent*).

"**German Account Pledge Agreement**" has the meaning given to that term in Clause 24.38 (*Cash Management, Cash Dominion, Receivables and Inventory*).

"**German Administration Reserve**" means, on any date of determination, a reserve established by the Agent in an amount up to 15.0% of the sum of (i) the Eligible Receivables of each German Borrower at such time and (ii) the greater of (x) the Eligible Book Value of the Eligible Inventory of each German Borrower at such time and (y) the Net Orderly Liquidation Value of the Eligible Inventory of each German Borrower at such time.

"**German Borrower**" means each Borrower incorporated under the laws of the Federal Republic of Germany.

"**German Borrowing Base**" means at any time of calculation, an amount equal to (but not less than zero):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the product of: (A) the applicable
 Advance Rate multiplied by (B) the Eligible Receivables of the German Borrowers at such
 time;

*plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the lower of (A) product of (x) the
 applicable Advance Rate multiplied by (y) the Eligible Book Value of the Eligible Inventory
 of the German Borrowers at such time and (B) the product of (x) 85% multiplied
 by (y) the Net Orderly Liquidation Value Percentage of the Eligible Inventory of the
 German Borrowers;

*minus*

without duplication, Reserves established by the Agent in its Reasonable Credit Judgment.

"**German Obligor**" means any Obligor incorporated in Federal Republic of Germany.

"**German Security Documents**" means any Transaction Security Document governed by German law.

"**Governmental Authority**" means any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union of the European Central Bank).

"**Group**" means the Parent and each of its Subsidiaries for the time being.

"**Group Structure Chart**" means the group structure chart in the agreed form between the Parent and the Agent (acting on the instructions of the Majority Lenders).

"**Guarantor**" means an Original Guarantor or an Additional Guarantor, unless it has ceased to be a Guarantor in accordance with Clause 28 (*Changes to the Obligors*).

"**Holding Company**" means, in relation to a person, any other person in respect of which it is a Subsidiary.

"**IFRS**" means international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements.

"**Impaired Agent**" means the Agent at any time when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has failed to make (or has notified
 a Party that it will not make) a payment required to be made by it under the Finance Documents
 by the due date for payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent otherwise rescinds or repudiates
 a Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (if the Agent is also a Lender) it is
 a Defaulting Lender under paragraph (a) or (b) of the definition of "**Defaulting Lender** "; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an Insolvency Event has occurred and is
 continuing with respect to the Agent;

unless, in the case of paragraph (a) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its failure to pay is caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) administrative or technical error; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a Disruption Event; and

payment is made within three Business Days of its due date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Agent is disputing in good faith whether
 it is contractually obliged to make the payment in question.

"**Increase Confirmation**" means a confirmation substantially in the form set out in Schedule 12 (*Form of Increase Confirmation*).

"**Increase Lender**" has the meaning given to that term in Clause 2.4 (*Increase*)

"**Insolvency Event**" in relation to an entity means that the entity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is dissolved (other than pursuant to a
 consolidation, amalgamation or merger);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) becomes insolvent or is unable to pay
 its debts or fails or admits in writing its inability generally to pay its debts as they
 become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) makes a general assignment, arrangement
 or composition with or for the benefit of its creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) institutes or has instituted against it,
 by a regulator, supervisor or any similar official with primary insolvency, rehabilitative
 or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation
 or the jurisdiction of its head or home office or otherwise under any liquidation, conservatorship,
 bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership,
 insolvency, reorganization or similar debtor relief law, a proceeding seeking a judgment
 of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or
 other similar law affecting creditors' rights, or a petition is presented for its winding-up
 or liquidation by (or consented to by) it or such regulator, supervisor or similar official;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) has instituted against it a proceeding
 seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or
 insolvency law or other similar law affecting creditors' rights, or a petition is presented
 for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted
 or presented against it, such proceeding or petition is instituted or presented by a person
 or entity not described in paragraph (d) above and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) results in a judgment of insolvency or bankruptcy
 or the entry of an order for relief or the making of an order for its winding-up or liquidation;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is not dismissed, discharged, stayed or
 restrained in each case within 30 days of the institution or presentation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with respect to a Finance Party, has exercised
 in respect of it one or more of the stabilisation powers pursuant to Part 1 of the Banking
 Act 2009 and/or has instituted against it a bank insolvency proceeding pursuant to Part 2
 of the Banking Act 2009 or a bank administration proceeding pursuant to Part 3 of the
 Banking Act 2009;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) has a resolution passed for its winding-up,
 official management or liquidation (other than pursuant to a consolidation, amalgamation
 or merger);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) seeks or becomes subject to the appointment
 of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or
 other similar official for it or for all or substantially all its assets (other than, for
 so long as it is required by law or regulation not to be publicly disclosed, any such appointment
 which is to be made, or is made, by a person or entity described in paragraph (d) above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has a secured party take possession of
 all or substantially all its assets or has a distress, execution, attachment, sequestration
 or other legal process levied, enforced or sued on or against all or substantially all its
 assets and such secured party maintains possession, or any such process is not dismissed,
 discharged, stayed or restrained, in each case within 30 days thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) causes or is subject to any event with
 respect to it which, under the applicable laws of any jurisdiction, has an analogous effect
 to any of the events specified in paragraphs (a) to (i)above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) takes any action in furtherance of, or
 indicating its consent to, approval of, or acquiescence in, any of the foregoing acts.

"**Instruction Mandate**" means each mandate (incorporating a telephone, fax and e-mail indemnity) in the Agent's preferred form executed by a Borrower.

"**Insurance Manual**" means the insurance manual of the Borrowers prepared by the Borrowers' insurance broker from time to time.

"**Intellectual Property**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any patents, trade marks, service marks,
 designs, business names, copyrights, database rights, design rights, domain names, moral
 rights, inventions, confidential information, knowhow and other intellectual property rights
 and interests (which may now or in the future subsist), whether registered or unregistered;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the benefit of all applications and rights
 to use such assets of each member of the Group (which may now or in the future subsist).

"**Intercreditor Agreement**" means the intercreditor agreement dated on or about the Second Amendment and Restatement Date and made between, among others, the Parent, the Company, the Debtors (as defined in the Intercreditor Agreement), GLAS USA LLC as Security Agent, GLAS USA LLC as senior agent, the Lenders (as Senior Lenders) and the Intra-Group Lenders (as defined in the Intercreditor Agreement) and the Agent as ABL Agent and the Security Agent as ABL Security Agent.

"**Inventory Insurance Proceeds**" means any proceeds of insurance relating to Eligible Inventory in respect of which a Loan has been made.

"**Investment Grade Debtor**" means an account debtor who has a credit rating of "BBB-" or better by S&P or "Baa3" or better by Moody's, any account debtor agreed by the Agent prior to the Completion Date or such other account debtor which the Agent agrees in writing in its Reasonable Credit Judgement is an Investment Grade Debtor from time to time.

"**Joint Venture**" means any joint venture entity, whether a company, unincorporated firm, undertaking, association, joint venture or partnership or any other entity.

"**L/C Exposure**" means the face amount of such Letter of Credit and other commitments assumed by the Agent or the relevant Lender with respect thereto.

"**L/C Issuer**" means any Finance Party which issues a Letter of Credit (which includes the giving of any indemnity or guarantee to any third party issuer of any underlying instrument).

"**L/C Limit**" means £15,000,000 (or such higher limit as the Lenders may from time to time agree).

"**L/C Request**" means a request in the form set out in Schedule 9 (*Form of L/C Request*)*.*

"**Legal Opinion**" means any legal opinion delivered to the Agent under Clause 4.1 (*Initial conditions precedent*) Clause 28 (*Changes to the Obligors*) or pursuant to the First Amendment and Restatement Agreement or the Second Amendment and Restatement Agreement.

"**Legal Reservations**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the principle that equitable remedies
 may be granted or refused at the discretion of a court and the limitation of enforcement
 by laws relating to insolvency, reorganisation and other laws generally affecting the rights
 of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the time barring of claims under the Limitation
 Acts, the possibility that an undertaking to assume liability for or indemnify a person against
 non-payment of UK stamp duty may be void and defences of set-off or counterclaim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the principle that in certain circumstances
 Security granted by way of fixed charge may be recharacterised as a floating charge or that
 Security purported to be constituted as an assignment may be recharacterised as a charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the principle that interest on interest
 or additional interest imposed pursuant to any relevant agreement may be held to be unenforceable
 on the grounds that it is a penalty and thus void;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the principle that an English court may
 not give effect to an indemnity for legal costs incurred by an unsuccessful litigant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the principle that the creation or purported
 creation of Security over any contract or agreement which is subject to a prohibition on
 transfer, assignment or charging may be void, ineffective or invalid and may give rise to
 a breach of the contract or agreement over which Security has purportedly been created;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the accessory nature of certain German
 law governed Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) under German law, the fact that a court
 may limit the concept of irrevocability by applying restrictions based on cogent reasons
 for the respective concerned party to withdraw from the right irrevocably granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) similar principles, rights and defences
 under the laws of any Relevant Jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any other matters which are set out as
 qualifications or reservations as to matters of law of general application in the Legal Opinions.

"**Lender**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Original Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any bank, financial institution, trust,
 fund or other entity which has become a Party as a "**Lender**" in accordance
 with Clause 2.4 (*Increase*) or Clause 26 (*Changes to the Lenders*),

which in each case has not ceased to be a Party as such in accordance with the terms of this Agreement.

"**Letter of Credit**" means a letter of credit, performance bond, guarantee, documentary credit or similar assurance which is from time to time either (i) opened or issued by any L/C Issuer for the account of a Borrower or (ii) with respect to which an L/C Issuer has agreed to indemnify the issuer or to guarantee the obligations of a Borrower to such issuer.

"**Limitation Acts**" means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984.

"**Listing**" means a listing or admission to trading of all or any part of the share capital of any member of the Group or any direct or indirect Holding Company of any member of the Group on any recognised investment exchange (as that term is used in the Financial Services and Markets Act 2000) or in or on any other exchange or market in any jurisdiction or any other sale or issue by way of listing, flotation or public offering or any equivalent circumstances in relation to any member of the Group or any such Holding Company of any member of the Group in any jurisdiction or country.

"**LMA**" means the Loan Market Association.

"**Loan**" means a loan made or to be made under a Facility or the principal amount outstanding for the time being of that Loan.

"**Majority Lenders**" means a Lender or Lenders whose Commitments aggregate more than 50 per cent. of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 50 per cent. of the Total Commitments immediately prior to that reduction).

"**Management Incentive Plan**" means the management incentive plan as in effect on the Second Amendment and Restatement Date as amended, amended and restated, supplemented, varied or otherwise modified.

"**Margin**" means 3.00% per annum.

"**Material Adverse Effect**" means in the reasonable opinion of the Majority Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a material adverse effect on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the business, operations, property, condition
 (financial or otherwise) or prospects of the Group taken as a whole; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the ability of the Obligors (taken as a
 whole) to meet any of the payment obligations of the Obligors under any Finance Document
 and to comply with the financial covenant under Clause 23.2 (*Financial condition*);
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to Legal Reservations and Perfection
 Requirements which are not overdue, a material adverse effect on the validity or enforceability
 of, or the effectiveness or ranking of any Security granted or purporting to be granted pursuant
 to any of, the Finance Documents or the rights or remedies of the Finance Parties under any
 of the Finance Documents taken as a whole and if capable of remedy, is not remedied within
 20 Business Days (without duplication with any other cure period) of the earlier of the relevant
 Obligor becoming aware of such event or of the request of the Agent or Security Agent.

For the purposes of Clause 25.18 (*Material adverse change*) only, paragraph (a)(ii) above shall be deemed to include the words "or the ability of the Borrowers (individually) to comply with their material obligations under the Finance Documents" immediately after the words "Clause 23.2 (*Financial condition*)."

"**Material Company**" means, at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a member of the Group that is a Holding
 Company of an Obligor or another Material Company referred to in paragraph (c)(ii) below;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a Subsidiary of the Parent which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is listed in Schedule 10 (*Material Companies*);
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has earnings before interest, tax, depreciation
 and amortisation calculated on the same basis as EBITDA representing 5 per cent. or more
 of EBITDA of the Group or has gross assets or gross turnover (excluding intra-group items)
 representing 5 per cent. or more of the gross assets or gross turnover of the Group, calculated
 on a consolidated basis.

Compliance with the conditions set out in paragraph (c)(ii) above shall be determined by reference to the most recent Compliance Certificate supplied by the Parent and/or the latest financial statements of that Subsidiary (consolidated in the case of a Subsidiary which itself has Subsidiaries) and the latest consolidated financial statements of the Group.

"**Month**" means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the numerically corresponding day is
 not a Business Day, that period shall end on the next Business Day in that calendar month
 in which that period is to end if there is one, or if there is not, on the immediately preceding
 Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if there is no numerically corresponding
 day in the calendar month in which that period is to end, that period shall end on the last
 Business Day in that calendar month.

The above rules will only apply to the last Month of any period.

"**Month End Date**" has the meaning given to that term in Clause 23.1 (*Financial Definitions*).

"**Multiemployer Plan**" means a multiemployer plan, as defined in Section 3(37) of ERISA, subject to Title IV of ERISA, contributed to for any employees of an Obligor or any ERISA Affiliate.

"**Net Orderly Liquidation Value Percentage**" means the net orderly liquidation value of WCF Inventory, expressed as a percentage, expected to be realised at an orderly, negotiated sale held within a reasonable period of time, net of all liquidation costs and expenses, as determined from the most recent appraisal of such WCF Inventory, performed by an appraiser reasonably satisfactory to the Security Agent.

"**New Controlled Accounts**" has the meaning given to that term in Clause 24.38(c)(iv).

"**New Lender**" has the meaning given to that term in Clause 26 (*Changes to the Lenders*).

"**New Finco**" means Alloy Finco Limited, a private company limited by shares incorporated in Jersey with company number 130427, whose shares are held 100% directly by Topco.

"**New Midco**" means Alloy Midco Limited, a private company limited by shares incorporated in Jersey with company number 130425, which directly holds 100% of the shares in the Parent.

"**New Shareholder Injection**" means any amount subscribed for in the Parent after the Completion Date for any Permitted Share Issue of the Parent or made available by way of Subordinated Shareholder Funding to the Parent, and which is (in each case) received in cash by the Parent, in each case to the extent not included in the Funds Flow Statement.

"**Non-Acceptable L/C Lender**" means a Lender which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is not an Acceptable Bank within the meaning
 of paragraph (a) of the definition of "Acceptable Bank" (other than a Lender
 which each L/C Issuer has agreed is acceptable to it notwithstanding that fact);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is a Defaulting Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has failed to make (or has notified the
 Agent that it will not make) a payment to be made by it under Clause 6.4 (*Indemnities*)
 or Clause 29.11 (*Lenders' indemnity*) or any other payment to be made by it under
 the Finance Documents to or for the account of any other Finance Party in its capacity as
 Lender by the due date for payment.

"**Non-Consenting Lender**" has the meaning given to that term in Clause 38.7 (*Replacement of Lender*).

"**Obligor**" means a Borrower or a Guarantor.

"**Obligor to Non-Obligor Amount**" means, at any time, the aggregate amount of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the market value (as determined by the
 Company acting reasonably and in good faith by reference to the date of such disposal and
 any application of the Agent's Spot Rate of Exchange as at such date) of all assets
 disposed of for no cash consideration or cash consideration less than such determined market
 value by Obligors to non-Obligors during the life of the Facilities less the aggregate of
 the cash consideration paid to the Obligors by the non-Obligors in respect of such assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any outstanding loans made during the
 life of the Facilities by an Obligor to a non-Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any outstanding guarantees given during
 the life of the Facilities by Obligors in respect of non-Obligors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the cash paid during the life of the Facilities
 by Obligors for shares issued to them by any members of the Group that are non-Obligors,

comprising, for the purposes of this definition, (i) any Permitted Disposal falling under paragraph (n) of the definition of Permitted Disposal, (ii) any Permitted Loan (and related Permitted Financial Indebtedness) falling under paragraph (d) of the definition of Permitted Loan; (iii) any Permitted Guarantee falling under paragraph (k)(iii) of the definition of Permitted Guarantee; (iv) any subsequent issue of shares as a result of a disposal permitted pursuant to paragraph (p) of the definition of Permitted Disposal; and (v) any Permitted Share Issue falling under paragraph (b)(iii) of the definition of Permitted Share Issue, and provided that,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if any Non-Obligor subsequently (i) accedes
 to this Agreement as an Obligor, any items which would, prior to such accession, have fallen
 within paragraphs (a) to (d) above in respect of or in connection with that Non-Obligor
 shall be ignored for the purposes of this definition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if any relevant Obligor subsequently resigns
 as an Obligor, any items which would not, prior to such resignation, have fallen within paragraphs
 (a) to (d) above in respect of or in connection with that member of the Group as
 an Obligor shall be included for the purposes of this definition.

"**Obligor/Non-Obligor Basket**" means £10,000,000 (or its equivalent in other currencies).

"**Obligors' Agent**" means the Parent, appointed to act on behalf of each Obligor in relation to the Finance Documents pursuant to Clause 2.3 (*Obligors' Agent*).

"**OFAC**" means the U.S. Treasury Department's Office of Foreign Asset Control.

"**Optional Currency**" means a currency (other than the Base Currency) which complies with the conditions set out in Clause 4.3 (*Conditions relating to Optional Currencies*).

"**Original Financial Statements**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to each Original Obligor,
 the consolidated audited financial statements of Doncasters Group Limited for the Financial
 Year ended 31 December 2018; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any other Obligor, its
 audited financial statements delivered to the Agent as required by Clause 28 (*Changes to the Obligors*).

"**Original Jurisdiction**" means, in relation to an Obligor, the jurisdiction under whose laws that Obligor is incorporated as at the Original Signing Date or, in the case of an Additional Obligor, as at the date on which that Additional Obligor becomes Party as a Borrower or a Guarantor (as the case may be).

"**Original Obligor**" means an Original Borrower or an Original Guarantor.

"**Original Signing Date**" means 3 March 2020.

"**Parent's Auditors**" means PricewaterhouseCoopers or any other firm appointed by the Parent to act as its statutory auditors.

"**Participant Register**" has the meaning given to that term in Clause 26.11 (*Participant Register*).

"**Participating Member State**" means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.

"**Party**" means a party to this Agreement (excluding, for the avoidance of doubt, the Bank Product Providers).

"**Perfection Reserve**" means, on a date of determination, a reserve established and revised from time to time by the Security Agent in such amount as it may determine in its Reasonable Credit Judgment reflects the WCF Inventory or WCF Receivables that are not subject to a perfected Security in favour of the Lenders as a result of (a) any landlord lien waiver, estoppel, warehouseman waiver or other collateral access or similar letter or agreement, required for perfection, not being delivered to the Agent (in form and substance reasonably satisfactory to the Agent) or (b) any cash and cash equivalents, deposit, securities and commodities accounts (including securities entitlements and related assets) not being subject to (x) in respect of any ABL Controlled Account maintained in the United States, Deposit Account Control Agreements, (y) in respect of any German ABL Controlled Account, German Account Pledge Agreements or (z) in respect of any ABL Controlled Account in the United Kingdom, a fixed charge.

"**Permitted Acquisition**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an acquisition by a member of the Group
 of an asset sold, leased, transferred or otherwise disposed of by another member of the Group
 in circumstances constituting a Permitted Disposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an acquisition of shares or securities
 pursuant to a Permitted Share Issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an acquisition of an asset, shares or
 securities sold, leased, transferred or otherwise disposed of pursuant to a Permitted Reorganisation,
 a Permitted Transaction or a Permitted Joint Venture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an acquisition of securities which are
 Cash Equivalent Investments so long as those Cash Equivalent Investments become subject to
 the Transaction Security as soon as is reasonably practicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the incorporation of a company which on
 incorporation becomes a member of the Group, but only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that company is incorporated in the European
 Union, the United Kingdom, Jersey or the United States of America with limited liability;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the shares in the company are owned
 by an Obligor, Security over the shares of that company, in form and substance satisfactory
 to the Agent, is created in favour of the Security Agent within 30 days of the date of its
 incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) an acquisition (not being an acquisition
 by the Parent), for cash consideration, of (A) more than 50 per cent. of the issued
 share capital and voting rights of a limited liability company or (B) (if the acquisition
 is made by a limited liability company which is wholly owned by a member of the Group whose
 sole purpose is to make the acquisition) a business or undertaking carried on as a going
 concern (each a "**Proposed Target** "), but only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Event of Default has occurred and is
 continuing on the date such legally binding commitment to make the acquisition is entered
 into or on the closing date for the acquisition or would occur as a result of the acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Proposed Target is incorporated or
 established, and carries on its principal business in, Jersey, the European Union, the United
 Kingdom or the United States of America and is engaged in a business substantially the same
 or complementary to as that carried on by the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the consideration (including associated
 costs and expenses) for the acquisition and any Financial Indebtedness or other assumed actual
 or contingent liability, in each case remaining in the acquired company (or any such business)
 at the date of acquisition (when aggregated with the consideration (including associated
 costs and expenses) for any other Permitted Acquisition and any Financial Indebtedness or
 other assumed actual or contingent liability, in each case remaining in any such acquired
 companies or businesses at the time of acquisition (the "**Total Purchase Price** ")
 together with the amount of any investment in any Permitted Joint Venture) does not in any
 Financial Year of the Parent exceed in aggregate £20,000,000 or its equivalent in other
 currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) there are no material contingent liabilities
 which would be required to be included in the financial statements of the Proposed Target
 (or, in the case of an acquisition of a business or undertaking, the financial statements
 of the acquiring member of the Group) in accordance with the Accounting Principles, unless
 adequately covered by indemnities or insurance, reflected in the amounts paid in respect
 of the aggregate of (without double counting):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all amounts paid or to be paid to the
 relevant vendor in connection with such acquisition including any deferred consideration,
 but excluding any contingent consideration arrangements (including earn outs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the liabilities assumed in respect of
 Financial Indebtedness (whether by way of novation, guarantee or otherwise) by any member
 of the Group as part of the consideration for that acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) all Financial Indebtedness of the Proposed
 Target; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any contingent liabilities of the Proposed
 Target which are of a type or nature that are required to be shown in its financial statements
 (or, in the case of an acquisition of a business or undertaking, the financial statements
 of the acquiring member of the Group) in accordance with the Accounting Principles, (the
 "**Consideration**") or adequate reserves are maintained by the Proposed Target;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Parent has provided a certificate to
 the Agent not later than 10 Business Days prior to the completion of the relevant acquisition,
 attaching the latest audited financial statements of the Proposed Target (or if not available,
 its management accounts), and which gives calculations showing in reasonable detail:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) pro forma compliance with the covenants
 set out in Clause 23.2 (*Financial condition*) on the Month End Date immediately preceding
 the completion date of the acquisition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) forecast pro forma compliance with the
 covenants set out in Clause 23.2 (*Financial condition*) on each Month End Date falling
 within the 12-month period from the completion date of the acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Proposed Target has positive earnings
 before interest, tax, depreciation and amortisation (calculated on the same basis as EBITDA)
 in the immediately preceding financial year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if the Consideration exceeds £10,000,000
 (or its equivalent in other currencies), at least ten Business Days prior to entering into
 the proposed acquisition the Parent has provided copies of any external legal and accounting
 due diligence reports provided to or commissioned by the Group in respect of the acquisition
 and has used its reasonable efforts to procure that such reports are provided on a reliance
 basis (subject to the Agent signing any required release or engagement letter required by
 the relevant report provider) provided it is customary for such report providers to provide
 reliance rights to finance providers in relation to transactions of a similar nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the acquisition of minority interests
 in members of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) an acquisition or redemption of shares
 (directly or indirectly) of directors and employees whose appointment and/or contract is
 terminated if such amount, when aggregated with all amounts paid under this paragraph (h),
 all loans under paragraph (f) of the definition of Permitted Loans, all guarantees and
 indemnities under paragraph (r) of the definition of Permitted Guarantees and all amounts
 paid pursuant to paragraph (b)(iii) of the definition of Permitted Payments does not
 exceed £2,000,000 (or its equivalent in other currencies) at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any acquisition of shares following the
 conversion of an intra-Group loan into equity provided that such share issuance constitutes
 a Permitted Share Issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Project Asia; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any acquisition approved by the Majority
 Lenders.

"**Permitted Disposal**" means any sale, lease, licence, transfer or other disposal which, except in the case of paragraph (b), is on arm's length terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of trading stock or cash made by any member
 of the Group in the ordinary course of trading of the disposing entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of any asset by a member of the Group
 (the "**Disposing Company**") to another member of the Group (the "**Acquiring Company** "), but if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Disposing Company is an Obligor, the
 Acquiring Company must also be an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Disposing Company had given Security
 over the asset, the Acquiring Company must give equivalent Security over that asset; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Disposing Company is a Guarantor,
 the Acquiring Company must be a Guarantor guaranteeing at all times an amount no less than
 that guaranteed by the Disposing Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of assets (other than shares, businesses,
 Real Property or Intellectual Property) in exchange for other assets comparable or superior
 as to type, value and quality (other than an exchange of a non-cash asset for cash);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) of tangible assets which are obsolete
 for purpose for which such assets are normally utilised or which are no longer required for
 the purpose of the relevant person's business or operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) of Cash Equivalent Investments for cash
 or in exchange for other Cash Equivalent Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) constituted by a licence of intellectual
 property rights permitted by Clause 24.28 (*Intellectual Property*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to a Joint Venture, to the extent permitted
 by Clause 24.11 (*Joint ventures*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) arising as a result of any Permitted Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of assets which are seized, expropriated
 or acquired by compulsory purchase by or by the order of any central or local governmental
 agency or authority which individually or together would not result in a breach of Clause
 25.17 (*Compulsory Acquisition*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) pursuant to the grant or termination of
 leasehold interests in, or licences of, real property in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) made pursuant to a contractual arrangement
 already in existence on the Completion Date provided that with sufficient written notice
 details of such disposal have been provided to the Agent at least 5 Business Days prior to
 the Completion Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) of assets subject to a Permitted Sale
 and Leaseback;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) arising as a result of a Permitted Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) of assets by an Obligor to a Non-Obligor
 provided that the aggregate market value of all such assets disposed of does not result in
 the Obligor to Non-Obligor Amount exceeding the Obligor/Non-Obligor Basket at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) of an intra-Group loan as a result of
 a conversion of an intra-Group loan into equity in the borrower of that intra-Group loan
 pursuant to paragraph (i) of the definition of Permitted Acquisition, provided that
 if the existing equity in such entity or existing intra-Group loan were subject to Transaction
 Security, the resultant equity will be subject to Transaction Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) to which the Majority Lenders shall have
 given their prior written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) arising pursuant to paragraph (e) of
 the definition of the Permitted Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) of Chard Precision Castings Limited (including
 assets thereof); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) any Disposal at Fair Market Value where
 (i) at the time of such Disposal (other than any such Disposal made pursuant to a legally
 binding commitment entered into at a time when no Event of Default exists), no Event of Default
 is continuing or would result from such Disposal; (ii) at least 75% of the consideration
 of such Disposal shall be paid in cash to the Group; (iii) any non-cash consideration
 in respect of such Disposal having an aggregate Fair Market Value, taken together with the
 any other non-cash consideration in respect of all other Disposals made pursuant to this
 paragraph does not exceed £5,000,000 (or its equivalent in other currencies) (with
 the Fair Market Value of each item of non-cash consideration being measured as of the time
 received); (iv) such proceeds from any such disposal are applied to prepay the Term
 Loans if required pursuant to the provisions of Section 2.11 (c) of the Term Loan
 Credit Agreement; and (v) the Parent can demonstrate to the satisfaction of the Agent
 (acting reasonably) that, at the time of the Disposal, it meets the Disposals Prepayment
 Test (unless the Agent, in its sole discretion, waives the requirements of the Disposals
 Prepayment Test) and the Parent has provided a financial forecast signed by a director of
 the Parent confirming sufficient liquidity of the Borrowers to meet the cash requirements
 for two years following the date of any such Disposal.

"**Permitted Financial Indebtedness**" means Financial Indebtedness:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) arising under or pursuant to: (i) the
 Term Loan Credit Agreement and Term Loan Finance Documents provided the Intercreditor Agreement
 is in full force and effect; and (ii) the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) arising under a foreign exchange transaction
 for spot or forward delivery entered into in connection with protection against fluctuation
 in currency rates where that foreign exchange exposure arises in the ordinary course of trade,
 but not a foreign exchange transaction for investment or speculative purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) arising under a Permitted Loan, a Permitted
 Sale and Leaseback or a Permitted Guarantee or as permitted by Clause 24.32 (*Treasury Transactions*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) arising under any Acquired Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) under Finance Leases of vehicles, plant,
 equipment or computers, provided that the aggregate capital value of all such items so leased
 under outstanding leases by members of the Group (other than the Project Asia Targets and
 their Subsidiaries) does not exceed £16,000,000 (or its equivalent in other currencies)
 at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) under Finance Leases of Real Property,
 provided that the aggregate capital value of all such Finance Leases does not exceed £5,000,000(or
 its equivalent in other currencies) at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) arising as a result of intra-day exposures
 of any member of the Group in respect of banking arrangements entered into in the ordinary
 course of its treasury activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) under any local working capital, overdraft
 and corporate credit card facilities provided that the aggregate outstanding principal amount
 under such facilities does not exceed £5,000,000 (or its equivalent in other currencies)
 at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) arising under any Subordinated Shareholder
 Funding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) arising as a result of any borrowings,
 loan, deferred consideration, or earn out arrangement made available by the relevant vendor
 in connection with: (i) any Permitted Acquisition; or (ii) purchase of any other
 assets not exceeding an aggregate amount of £10,000,000 (or its equivalent in other
 currencies) at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) arising from any deposit made with a member
 of the Group by any customer in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) incurred within 180 days of the acquisition,
 construction or improvement of fixed or capital assets to finance the acquisition, construction
 or improvement thereof subject to an annual aggregate limit of £10,000,000 (or its
 equivalent in other currencies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) arising from the (i) financing of
 insurance premiums, (ii) take-or pay obligations contained in supply arrangements, in
 each case in the ordinary course of business and/or (iii) obligation to acquire assets
 or inventory in connection with customer financing arrangements in the ordinary course of
 business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) arising from the Cash Collateral Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) already in existence on the Completion
 Date provided that with sufficient written notice details of such Financial Indebtedness
 have been provided to the Agent at least 5 Business Days prior to the Completion Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) arising from any indebtedness owing from
 one member of the Group to another to the extent pursuant to a Permitted Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) incurred pursuant to the German Old Age
 Employees Part Time Act (*Altersteilzeitgesetz*) or the Fourth Book of the German
 Social Code (*Sozialgesetzbuch IV*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) to which the Agent (on the instructions
 of the Majority Lenders) has given its prior written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) any indebtedness incurred to satisfy a
 liability imposed on or a requirement of the Group by the Pension Benefit Guaranty Corporation,
 other than any indebtedness subject to Section 403(k) or 436(f) of the Code
 or Section 303 of ERISA provided that the aggregate principal amount thereof does not
 exceed $15,000,000 (or its equivalent in other currencies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) arising under the Bank Product Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Project Asia Financial Indebtedness;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) not permitted by the preceding paragraphs or as a Permitted Transaction and the outstanding amount of
which does not exceed £10,000,000 (or its equivalent in other currencies) in aggregate for the Group at any time.

"**Permitted Guarantee**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any guarantee under or pursuant to: (i) Term Loan Credit Agreement and the Term Loan Finance Documents
provided the Intercreditor Agreement is in full force and effect; and (ii) the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the endorsement of negotiable instruments in the ordinary course of trade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any performance or similar bond or letter of credit guaranteeing performance by a member of the Group
under any contract entered into in the ordinary course of trade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any guarantee which, if it were a loan, would be a Permitted Loan to the extent the issuer of the relevant
guarantee would have been entitled to make a loan in an equivalent amount under the definition of Permitted Loan to the person whose obligations
are being guaranteed (provided that the amount of such guarantee counts towards the calculation of the relevant basket under the definition
of Permitted Loans);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any guarantee of Treasury Transactions which is permitted under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any guarantee to landlords and counter-indemnities in favour of financial institutions which have guaranteed
rent obligations of a member of the Group or guarantees or counter indemnities for the lease obligations of suppliers, customers, franchisees
and licensees, in each case, in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any guarantee given in respect of cash pooling, netting or set-off arrangements permitted pursuant to
paragraph (m) under the definition of Permitted Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) indemnities given to professional advisers and consultants in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) guarantees given to creditors of members of the Group pursuant to Permitted Reorganisations and capital
reductions to the extent required by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) customary guarantees given in connection with a Permitted Disposal or a Permitted Acquisition up to a
maximum amount equal to the consideration for that disposal or acquisition (as the case may be) and to the extent that such customary
guarantees are given by the Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any guarantee by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any non-Obligor in respect of the obligations or Financial Indebtedness of another non-Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any member of the Group in respect of obligations or Financial Indebtedness of an Obligor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Obligor in respect of obligations or Financial Indebtedness of non-Obligor to the extent that the
aggregate amount outstanding of all such guarantees does not give rise to the Obligor to Non-Obligor Amount exceeding the Obligor/Non-Obligor
Basket at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any counter-indemnity given by members of the Group in favour of financial institutions which have given
a guarantee (or analogous instrument) in respect of Finance Leases permitted under the definition of Permitted Financial Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any unsecured guarantee or indemnity in respect of unfunded pension funds and other employee benefit plan
obligations and liabilities to the extent they are permitted to remain unfunded under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any guarantee that is in place before the Completion Date including in relation to head office utilities
provided that a written notice is provided to the Agent 5 Business Days' prior to the Completion Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any guarantee of a Joint Venture to the extent permitted by Clause 24.11 (*Joint ventures*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any guarantee in respect of any indebtedness permitted pursuant to Clause 24.22 (*Financial Indebtedness*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) any guarantee given in respect of the netting or set-off arrangements permitted pursuant to paragraph
(n) of the definition of Permitted Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) any guarantees or indemnities given in favour of employees or directors of any member of the Group in
respect of their liabilities in such capacities granted in the ordinary course of business if the outstanding amount of any such guarantees
when aggregated with the outstanding amount of loans to employees or directors under this paragraph (r), all amounts paid pursuant to
paragraph (h) of the definition of Permitted Acquisition, all loans under paragraph (f) of the definition of Permitted Loans
and all amounts paid pursuant to paragraph (b)(iii) of definition of Permitted Payments does not exceed £2,000,000 (or its
equivalent in other currencies) at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) any indemnity given in the ordinary course of the documentation of an acquisition or disposal transaction
which is a Permitted Acquisition or Permitted Disposal which indemnity is in a customary form and subject to customary limitations, and
provided the maximum potential liability under any such guarantee or indemnity does not exceed the aggregate consideration received by
members of the Group for that disposal (or, as the case may be, payable by members of the Group for that acquisition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) customary indemnities in mandate and commitment letters entered into in respect or in contemplation of
any refinancing of the Facility or the PIK Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) any guarantee or indemnity given or arising pursuant to the German Old Age Employees Part Time Act
(*Altersteilzeitgesetz*) or the Fourth Book of the German Social Code (*Sozialgesetzbuch IV*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any guarantee to which the Agent (on the instructions of the Majority Lenders) has given its prior written
consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) any guarantee or indemnity given under or arising pursuant to a Permitted Sale and Leaseback;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any guarantee or indemnity given under or arising pursuant to a Bank Product Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) any guarantee or indemnity given by an Excluded Company in respect of the Project Asia Financial Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) the unsecured guarantee given by Doncasters Limited in respect of the Project Asia Financial Indebtedness;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) guarantees not otherwise permitted by the preceding paragraphs, the aggregate principal outstanding amount
guaranteed by which (when aggregated with all other guarantees incurred under this paragraph does not exceed £5,000,000 (or its
equivalent in other currencies) at any time.

"**Permitted Joint Venture**" means any investment in any Joint Venture where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Joint Venture is a limited liability corporation and is incorporated, or established, and carries
on its principal business, in the European Union, the United Kingdom or the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Joint Venture is engaged in a business substantially the same as that carried on by the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any Financial Year of the Parent, the aggregate (the "**Joint Venture Investment** ")
of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all amounts subscribed for shares in, lent to, or invested in all such Joint Ventures by any member of
the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the contingent liabilities of any member of the Group under any guarantee given in respect of the liabilities
of any such Joint Venture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the book value of any assets transferred by any member of the Group to any such Joint Venture,

when aggregated with the Total Purchase Price in respect of Permitted Acquisitions in that Financial Year permitted pursuant to paragraph (f) of the definition of Permitted Acquisition does not exceed £20,000,000 (or its equivalent in other currencies).

"**Permitted Loan**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any loan or trade credit extended by any member of the Group to its customers on normal commercial terms
and in the ordinary course of its trading activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a loan made to a Joint Venture to the extent permitted under Clause 24.11 (*Joint ventures*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a loan made by an Obligor (other than the Parent) to another Obligor (other than the Parent) or made by
a member of the Group which is not an Obligor to another member of the Group (other than the Parent) or a loan made by the Parent to the
Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any loan made by an Obligor (other than the Parent) to a member of the Group which is not an Obligor (including
by way of any loan made in the ordinary course of intra-Group cash pooling arrangements) provided that the aggregate amount outstanding
of all such loans does not give rise to the Obligor to Non-Obligor Amount exceeding the Obligor/Non-Obligor Basket at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any loan to the extent that if such loan were a distribution or other payment, such distribution or other
payment would constitute a Permitted Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a loan made by a member of the Group to an employee or director of any member of the Group if the amount
of that loan when aggregated with the amount of all loans to employees and directors by members of the Group under this paragraph (f),
all amounts paid pursuant to paragraph (h) of the definition of Permitted Acquisition, all guarantees and indemnities to employees
or directors under paragraph (r) of the definition of Permitted Guarantee and all amounts paid pursuant to paragraph (b)(iii) of
definition of Permitted Payment does not exceed £2,000,000 (or its equivalent in other currencies) at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any advance payments made in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any loan to the Parent to fund a Permitted Payment by the Parent or to make on-loans to fund a Permitted
Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any loan by an Obligor to an entity or business acquired pursuant to Permitted Acquisitions for working
capital requirements provided that such entity shall accede as a Guarantor within 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any loan comprising deferred consideration in respect of a Permitted Disposal provided that the aggregate
amount of loans provided pursuant to this paragraph does not exceed £10,000,000 (or its equivalent in other currencies) at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any loan required to be made by mandatory provisions of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any loan to which the Majority Lenders have given their prior written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any loan outstanding on Completion Date provided that a written notice is provided to the Agent 5 Business
Days' prior to the Completion Date;

(n) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any loan to New Finco to service the cash interest payable under the PIK Facility by New Finco and for
New Finco to maintain its Jersey residence for tax purposes and general Holding Company costs and expenses, provided that (i) any
such loan shall not be permitted if an Event of Default has occurred and is continuing; and (ii) the maximum amount of such loan
to service the cash interest payable under the PIK Facility shall not exceed US$4,000,000 in the first Financial Year following the Second
Amendment and Restatement Date, and thereafter increasing by 14% per annum (inclusive of any amounts that have previously increased the
amount in this paragraph (n)(i));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any loan to New Finco to prepay principal outstanding under the PIK Facility by New Finco using proceeds
drawn under the Term Loan Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any loan made by a member of the Group to another member of the Group for the purpose of satisfying a
liability imposed on or a requirement of the Senior Group by the Pension Benefit Guaranty Corporation provided that the aggregate principal
amount of such Loans shall not exceed $15,000,000 (or its equivalent in other currencies); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) any loan (other than a loan made by a member of the Group to another member of the Group) so long as the
aggregate amount of the Financial Indebtedness under any such loans does not exceed £5,000,000 (or its equivalent in other currencies)
at any time,

so long as in the case of paragraphs (c) and (d) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the creditor of such Financial Indebtedness shall (if it is an Obligor) grant security over its rights
in respect of such Financial Indebtedness in favour of the Secured Parties on terms acceptable to the Agent (acting on the instructions
of the Majority Lenders); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the extent required by the Intercreditor Agreement, the creditor and (if the debtor is a member of
the Group) the debtor of such Financial Indebtedness are or become party to the Intercreditor Agreement as an Intra-Group Lender and a
Debtor (as defined, in each case, in the Intercreditor Agreement) respectively.

"**Permitted Payment**" means any payment, distribution, repayment, prepayment, purchase, redemption, buy-back or other acquisition or retirement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of a dividend to the Parent or any of its wholly-owned Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) required:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (directly or indirectly) to fund payment of costs (including professional fees, regulatory fees, insurance
costs, establishment costs, central management services cost), fees, expenses, taxes and the like (including directors' and employees'
remuneration) reasonably incurred by the Parent, any Holding Company of the Parent, Topco, New Midco or New Finco in order to maintain
its existence or in acting as a Holding Company of the Group in an aggregate amount not exceeding £2,000,000 (or its equivalent
in other currencies) in any Financial Year of the Parent (for the purpose of this cap, excluding any regulatory fees and tax paid pursuant
to this paragraph);

(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to service the cash interest payable under the PIK Facility by New Finco and for New Finco to maintain
its Jersey residence for tax purposes and general Holding Company costs and expenses, provided that (i) any such payment shall not
be permitted if an Event of Default is outstanding; and (ii) the maximum amount of such payment to service the cash interest payable
under the PIK Facility shall not exceed US$4,000,000 in the first Financial Year following the Second Amendment and Restatement Date,
and thereafter increasing by 14% per annum (inclusive of any amounts that have previously increased the amount in this paragraph (ii)(A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) to prepay principal outstanding under the PIK Facility by New Finco using proceeds drawn under the Term
Loan Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to make payments to leavers of any member of the Group for the acquisition or redemption of their shares
pursuant to paragraph (h) of the definition of Permitted Acquisition if such amount, when aggregated with all amounts paid under
this paragraph (b)(iii), all amounts paid under to paragraph (h) of the definition of Permitted Acquisition, all loans under paragraph
(f) of the definition of Permitted Loans and all guarantees and indemnities paragraph (r) of the definition of Permitted Guarantee
in an aggregate amount not exceeding £2,000,000 (or its equivalent in other currencies) at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to be made to the Holding Company of the Parent to enable the relevant Holding Company to make payment
of any underwriting, commitment, arrangement or other fees, costs or expenses incurred in connection with a Listing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any repayment of Subordinated Shareholder Funding or intra-group loans in the form of Permitted Share
Issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any payment to which the Majority Lenders have given their prior written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to be paid in connection with the Management Incentive Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which is permitted or required under the form of Term Loan Credit Agreement in force as at the Second
Amendment and Restatement Date including any prepayment and/or repayment of the Term Loans thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Reserved]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any other payment not permitted by the preceding paragraphs, provided that the aggregate principal amount
of such payments does not exceed £2,000,000 (or its equivalent in other currencies) in each Financial Year,

*provided that* such payment is made when (x) (except in the case of paragraph (a) above) no Default is continuing or would occur immediately after the making of the payment; and (y) such payment is not in breach of the Intercreditor Agreement.

"**Permitted Reorganisation**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a solvent re-organisation (including pursuant to a solvent winding-up where the assets of the relevant
company, after paying its liabilities, are distributed to its shareholders, as well as any amalgamation, demerger, merger, consolidation
or other corporate reconstruction) involving the business or assets of, or shares of (or other interests in), any member of the Group
(other than the Parent or the Company) where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all of the business, assets and shares of (i) (or other interests in) the relevant member of the
Group continues to be owned directly or indirectly by the Company in the same or a greater percentage as prior to such reorganisation,
save for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the shares of (or other interests in) any member of the Group which has been merged into another member
of the Group or which has otherwise ceased to exist (including, for example, by way of the collapse of a solvent partnership or solvent
winding up of a corporate entity) as a result of a such reorganisation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any business, assets and shares of (or other interests in) relevant members of the Group which cease to
be owned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) as a result of a disposal or merger or other step permitted under, but subject always to the terms of,
this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) as a result of a cessation of business or solvent winding-up of a member of the Group in conjunction with
a distribution of all or substantially all of its assets remaining after settlement of its liabilities to its immediate shareholder(s) or
other persons directly holding partnership or other ownership interests in it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) as a result of a disposal of shares (or partnership or other ownership interests) in a member of the Group
required to comply with applicable laws, provided that any such disposal is limited to the minimum amount required to comply with such
applicable laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Finance Parties (or the Security Agent on their behalf) will continue to have the same or substantially
equivalent ((a) ignoring for the purposes of assessing such equivalency any limitations required in accordance with the Agreed Security
Principles or hardening periods; and (b) other than from any entity which has ceased to exist as contemplated in paragraph (i) above
or is not or has ceased to be a member of the Group) guarantees and security over the same or substantially equivalent assets and over
the shares (or other interests) in the transferee or the entity surviving as a result of such reorganisation save to the extent such assets
or shares (or other interests) cease to exist or to be owned by members of the Group as contemplated in paragraph (i) above, in each
case, to the extent such assets, shares or other interests are not disposed of as permitted under but always subject to the terms of this
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any reorganisation involving the business or assets of, or shares of (or other interests in) any member
of the Group (other than the Parent or the Company) which is implemented to comply with any applicable law or regulation (including all
intermediate steps or actions necessary to implement such reorganisation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Reserved]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any other reorganisation involving one or more members of the Group approved by the Majority Lenders,

*provided that* nothing in this definition shall permit any reorganisation which results in an Change of Control.

"**Permitted Sale and Leaseback**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sale or disposal of the assets set out in Schedule 1 to the debenture waiver letter annexed to the
consent request addressed to the Agent on 21 December 2023 in connection with hire purchase agreements entered into between Ross &
Catherall Limited and Close Leasing Limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sale or disposal of the assets set out in Exhibit A (as may be amended or updated from time to
time pursuant to clause 2.2 of the consent request) to the consent request addressed to the Agent on 9 December 2022 in relation
to a sale and leaseback arrangement entered into between Doncasters Inc, Southern Tool LLC, Certified Allow Products, Inc. and Post
Road Equipment Finance, LLC (formerly known as Encina Equipment Finance SPV, LLC) (ii) the assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any sale or disposal of any asset on terms whereby such asset is or may be leased back to or re-acquired
by any member of the Group, the aggregate cash consideration for all such assets disposed (and which have not been re-acquired by the
Group at the end of the applicable lease) does not exceed £15,000,000 (or its equivalent in other currencies).

"**Permitted Security**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any lien arising by operation of law and in the ordinary course of trading and not as a result of any
default or omission by any member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) rights of set-off existing in the ordinary course of business between any member of the Group and its
respective suppliers or customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Security or Quasi-Security arising under or in connection with a Permitted Sale and Leaseback, purchase,
conditional sale agreements or other agreements for the acquisition of assets on deferred payment terms in the ordinary course of business,
to the extent such Security is granted by the relevant member of the Group over assets comprised within or constituted by or in connection
with such arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Transaction Security, Security and Quasi-Security arising under the Transaction Security Documents or
other Security or Quasi Security arising in connection with the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Security or Quasi-Security over goods and documents of title to goods arising in the ordinary course of
letter of credit transactions entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any (i) Security over shares in a Permitted Joint Venture to secure obligations to other joint venture
partner; and (ii) customary rights of first refusal and tag, drag and similar rights in the joint venture agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Security over rental deposits placed by a member of the Group with a lessor pursuant to a property lease
entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any lien arising under the general terms and conditions of banks with whom any member of the Group maintains
a banking relationship in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any Security or Quasi-Security created as a result of, or arising in connection with, cash collateralisation
of bonding lines in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) security over bank accounts (other than any ABL Controlled Account) where cash collateral is held to cover
letters of credit and other ancillary facilities pursuant to the Cash Collateral Agreements in an amount no greater than £10,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any netting or set-off arrangement entered into by any member of the Group in the ordinary course of its
banking arrangements for the purpose of netting debit and credit balances of members of the Group but only so long as (i) such arrangement
does not permit credit balances of Obligors to be netted or set off against debit balances of members of the Group which are not Obligors,
(ii) such arrangement does not give rise to other Security over the assets of Obligors in support of liabilities of members of the
Group which are not Obligors except, in the case of (i) and (ii) above, to the extent such netting, set-off or Security relates
to, or is granted in support of, a loan permitted pursuant to paragraph (d) of the definition of Permitted Loan and (iii) such
arrangements do not apply to any ABL Controlled Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any payment or close out netting or set-off arrangement pursuant to any Treasury Transaction or foreign
exchange transaction entered into by a member of the Group which constitutes Permitted Financial Indebtedness, excluding any Security
or Quasi Security under a credit support arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any Security or Quasi-Security over or affecting any asset acquired by a member of the Group after the
Completion Date if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Security or Quasi-Security was not created in contemplation of the acquisition of that asset by a
member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the principal amount secured has not been increased in contemplation of or since the acquisition of that
asset by a member of the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Security or Quasi-Security is removed or discharged within two months of the date of acquisition of
such asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any Security or Quasi-Security over or affecting any asset of any company which becomes a member of the
Group after the Completion Date, where the Security or Quasi Security is created prior to the date on which that company becomes a member
of the Group if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Security or Quasi-Security was not created in contemplation of the acquisition of that company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the principal amount secured has not increased in contemplation of or since the acquisition of that company;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Security or Quasi-Security is removed or discharged within two months of that company becoming a member
of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) any Security or Quasi-Security arising under any retention of title, hire purchase or conditional sale
arrangement or arrangements having similar effect in respect of goods supplied to a member of the Group in the ordinary course of trading
and on the supplier's standard or usual terms and not arising as a result of any default or omission by any member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) any Security or Quasi-Security (existing as at the Original Signing Date) over assets of any member of
the Group so long as the Security or Quasi-Security is irrevocably removed or discharged by no later than the Completion Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) any Quasi-Security arising as a result of a disposal which is a Permitted Disposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Security or Quasi-Security over cash paid by any third party into an escrow account of any member of the
Group pursuant to any deposit or retention of purchase price arrangements entered into by a member of the Group in connection with a Permitted
Disposal or a Permitted Acquisition otherwise than in the ordinary course of trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) any Security or Quasi-Security arising as a consequence of any Finance Lease permitted pursuant to paragraph
(e) of the definition of Permitted Financial Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Security or Quasi-Security arising automatically by operation of law in favour of any taxation or any
government authority or organisation in respect of taxes, assessments or governmental charges which are being contested or required in
order to effect a good faith challenge by the relevant member of the Group in respect of such taxes, assessments or charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Security or Quasi-Security created pursuant to a court order or judgment or as security for costs arising
pursuant to court proceedings being contested by the relevant member of the Group in good faith by appropriate proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) any Security or Quasi-Security created pursuant to the German Old Age Employees Part Time Act (*Altersteilzeitgesetz*)
or the Fourth Book of the German Social Code (*Sozialgesetzbuch IV*);

pursuant to Section 22 of the German Reorganization Act (*Umwandlungsgesetz*) and/or (ii) the termination of a domination
and profit and loss pooling agreement (*Beherrschungs- und Gewinnnabführungsvertrag*) pursuant to Section 303 of the German
Stock Corporation Act (*Aktiengesetz*) ()"**AktG** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) any Security or Quasi-Security over real estate located in Germany which may not be prohibited pursuant
to Section 1136 German Civil Code (*Bürgerliches Gesetzbuch*);

and the Term Loan Finance Documents provided the Intercreditor Agreement is in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) any payment or close out netting or set-off arrangement pursuant to any Bank Product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) any Security or Quasi-Security to which the Majority Lenders have given their prior written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) any Security granted by an Excluded Company which secures the Project Asia Financial Indebtedness; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) any Security securing indebtedness the outstanding principal amount of which (when aggregated with the
outstanding principal amount of any other indebtedness which has the benefit of Security given by any member of the Group other than any
permitted under paragraphs (a) to (ee) above) does not exceed £10,000,000 (or its equivalent in other currencies).

"**Permitted Share Issue**" means an issue of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ordinary shares by the Parent to the New Midco, paid for in full in cash upon issue and which by their
terms are not redeemable and where (i) such shares are of the same class and on the same terms as those initially issued by the Parent
and (ii) such issue does not lead to a Change of Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shares by a member of the Group (other than the Parent) which is a Subsidiary to its immediate Holding
Company where (if the existing shares of the Subsidiary are the subject of the Transaction Security) the newly-issued shares also become
subject to the Transaction Security on the same terms and either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the shares are issued by an Obligor to its Holding Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the shares are issued by a non-Obligor to another non-Obligor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the shares are issued by a non-Obligor to an Obligor and the aggregate amount subscribed by Obligors for
shares in non-Obligors does not result in the Obligor to Non-Obligor Amount exceeding the Obligor/non-Obligor Basket (or its equivalent
in other currencies) at any time after the Completion Date.

"**Permitted Transaction**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any disposal required, Financial Indebtedness incurred, guarantee, indemnity or Security or Quasi-Security
given, or other transaction arising, under or pursuant to the terms of the Finance Documents or Bank Product Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any transaction or arrangement entered into pursuant to any Permitted Reorganisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any conversion of a loan, credit or any other indebtedness outstanding which is permitted under any Finance
Document into distributable reserves or share capital of any member of the Group or any other capitalisation, forgiveness, waiver, release
or other discharge of that loan, credit or indebtedness, in each case on a cashless basis and provided that only in the case of any such
conversion referred to above, such issuance of shares is a Permitted Share Issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the solvent liquidation or reorganisation of any member of the Group which is not an Obligor so long as
any payments or assets distributed as a result of such liquidation or reorganisation are distributed to other members of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the liquidation or reorganisation of Ross & Catherall Superalloys (China) Co., Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) transactions (other than (i) any sale, lease, license, transfer or other disposal and (ii) the
granting or creation of Security or the incurring or permitting to subsist of Financial Indebtedness) conducted in the ordinary course
of trading on arm's length terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) [Reserved]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any transaction permitted by Majority Lenders.

"**PIK Facility**" means the PIK facility made under the PIK Facility Agreement.

"**PIK Facility Agent**" means GLAS USA LLC.

"**PIK Facility Agreement**" means the PIK facility agreement dated on or about the Original Signing Date and made between, among others, New Finco as the Borrower and GLAS USA LLC as the agent and security agent.

"**PIK Termination Date**" means the "Termination Date" as defined in the PIK Facility Agreement.

"**Preferential Creditor/Expense Reserve**" means a reserve to reflect the full amount of any liabilities or amounts which may (by virtue of any Security granted to any person other than the Finance Parties, any other statutory provision or otherwise) rank equally with or in priority to the Security granted to the Secured Agent under the Transaction Security Documents or to reflect any Security intended to be created pursuant to the Transaction Security Documents and which may be unavailable to the Secured Parties in the event of an insolvency.

"**Project Asia**" means the acquisition by Doncasters Limited (company number 00321992) of Jiangyin Unipol Co. Ltd, China (JV) and Unipol Holdings Limited (company number 12900476) and its English subsidiaries Polycast Limited (company number 01851411) and Polycast International Limited (company number 05431698) and the payment of up to US$7,800,000 as deferred consideration in connection with such acquisition.

"**Project Asia Financial Indebtedness**" means Financial Indebtedness of the Project Asia Targets and their Subsidiaries in an amount not exceeding US$33,000,000 plus the amount of Financial Indebtedness incurred under Finance Leases of vehicles, plant, equipment or computers by such entities.

"**Project Asia Targets**" means Jiangyin Unipol Co. Ltd, China (JV) and Unipol Holdings Limited (company number 12900476).

"**Pro Rata Share**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Lender and its participation in a Utilisation of a Facility, the proportion which the
Commitment of that Lender bears to the Total Commitments immediately prior to the intended Utilisation Date (provided that, if the Commitment
of such Lender has been terminated, the numerator of such proportion shall be the outstanding amount of such Lender's participation
in such Utilisations and the denominator of such proportion shall be the aggregate amount of such Utilisations); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other case, in relation to a Lender, the fraction (expressed as a percentage) obtained by dividing
(i) such Lender's Commitment by (ii) the Total Commitments, provided that, if all of the Commitments have been terminated,
the numerator of such fraction shall be the outstanding amount of such Lender's participation in the outstanding Utilisations and
the denominator of such fraction shall be the aggregate amount of all outstanding Utilisations at the relevant time.

"**Quarter Date**" means the month end quarterly reporting date for each of March, June, September and December as identified in the relevant Annual Reporting Timetable for the relevant calendar year.

"**Quasi-Security**" has the meaning given to that term in Clause 24.15 (*Negative pledge*).

"**Real Property**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any freehold, leasehold or immovable property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any buildings, fixtures, fittings, fixed plant or machinery from time to time situated on or forming part
of that freehold, leasehold or immovable property.

"**Reasonable Credit Judgment**" means a determination made by the Agent or the Security Agent, as applicable, in the exercise of its reasonable credit judgment from the viewpoint of a secured asset based lender, exercised in good faith in accordance with customary business practices for comparable asset based lending transactions in the relevant industry.

"**Receiver**" means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged Property.

"**Reference Day**" has the meaning given to such term in Clause 12.1(b).

"**Reference Rate**" means:

(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of Utilisations denominated in Sterling, Daily SONIA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in respect of Utilisations denominated in USD, Daily SOFR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in respect of Utilisations denominated in euro, one month EURIBOR,

determined daily on each Reference Day and before any correction, re-calculation or re-publication by the administrator; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if, for any reason, the applicable rate set out in paragraph (a) above is unavailable or the applicable
administrator fails to publish such rate, the rate ascertained in accordance with Clause 13 (*Fallback Reference Rate*).

"**Register**" has the meaning given to that term in Clause 26.10 (*Register*).

"**Related Fund**" in relation to a fund (the "**first fund**"), means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund.

"**Relevant Jurisdiction**" means, in relation to an Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its Original Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any jurisdiction where any asset subject to or intended to be subject to the Transaction Security to be

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any jurisdiction where it conducts its business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the jurisdiction whose laws govern the perfection of any of the Transaction Security Documents entered
into by it.

"**Relevant Market**" means the London interbank market.

"**Relevant Period**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

"**Repeating Representations**" means each of the representations set out in Clause 21.2 (*Status*) to Clause 21.7 (*Governing law and enforcement*), Clause 21.10 (*No default*), Clause 21.11 (*No misleading information*), Clause 21.12 (*Financial Statements*), Clause 21.17 (*Anti-Corruption Laws, Anti-Money Laundering Laws*), Clause 21.18 (*Sanctions*), Clause 21.20 (*Ranking*) to Clause 21.22 (*Legal and beneficial ownership*) and Clause 21.29 (*Centre of main interests and establishments*).

"**Representative**" means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.

"**Reserves**" means the reserves which the Agent, from time to time, deems necessary, in its Reasonable Credit Judgment, to establish including: (i) amounts owing by any Borrower to any person to the extent secured by a Security on any ABL Priority Security; (ii) reserves for rent at locations leased by any Borrower and for consignee's, warehousemen's and bailee's charges (iii) ROT Reserves; (iv) the Enterprise Act Reserves; (iv) the Bank Product Reserves; (v) Perfection Reserves; (vi) Dilution Reserves, (vii) Preferential Creditor/Expense Reserves; (viii) the German Administration Reserve and (ix) Currency Reserves (provided, however, that the Agent may not implement Reserves with respect to matters which are already specifically reflected as not being Eligible Receivables or Eligible Inventory).

"**Resignation Letter**" means a letter substantially in the form set out in Schedule 7 (*Form of Resignation Letter*).

"**Restricted Party**" means a person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whose name is listed on, or is owned or controlled by a person whose name is listed on, or acting on behalf
of a person whose name is listed on, any sanctions list;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that is a target of any country-wide or territory-wide Sanctions program, or owned or controlled by, or
acting on behalf of, a target of country-wide or territory-wide Sanctions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that is otherwise the target of any Sanctions.

"**ROT Reserve**" means an amount reasonably estimated by the Borrowers in consultation with the Agent to be equal to the amount of WCF Inventory owned by the Borrowers or WCF Receivables of the German Borrowers that is subject to retention of title or extended reservation of title but only to the extent of any payables due or outstanding that are secured by such WCF Inventory or WCF Receivables.

"**Sanctions**" means any and all economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and restrictions and anti-terrorism laws imposed, administered or enforced from time to time by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the United States of America, including those administered by the U.S. Department of the Treasury's
Office of Foreign Assets Control (OFAC), the U.S. Department of State, the U.S. Department of Commerce, or through any existing or future
statute or Executive Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the United Nations Security Council;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the European Union;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the United Kingdom; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any other governmental authority with jurisdiction over Borrower or any member of the Borrowing Group.

"**Second Amendment and Restatement Agreement**" means the second amendment and restatement agreement between the parties to this Agreement dated _________ 2024 pursuant to which this Agreement was amended and restated.

"**Second Amendment and Restatement Date**" has the meaning given to the term in the "Effective Date" in the Second Amendment and Restatement Agreement.

"**Secured Obligations**" means all present and future obligations and liabilities, whether actual or contingent and whether owed jointly or severally or in any other capacity whatsoever, of each Obligor to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Finance Parties under the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Bank Product Provider under any Bank Product Agreement.

"**Secured Parties**" means each Finance Party from time to time party to this Agreement, any Receiver or Delegate and the Bank Product Providers.

"**Security**" means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect.

"**Single Employer Plan**" means a single employer plan, as defined in Section 4001(a)(15) of ERISA, subject to Title IV of ERISA, that is maintained or contributed to by any Obligor or any ERISA Affiliate for employees of any Obligor or any ERISA Affiliate and no person other than the Obligors and the ERISA Affiliates.

"**Subordinated Shareholder Funding**" has the meaning given to that term in Clause 23.1 (*Financial definitions*).

"**Subsidiary**" means, in relation to any company, corporation or legal entity (a "**holding company**"), any company, corporation or legal entity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) which is controlled, directly or indirectly, by the holding company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) more than half of the issued share capital of which is beneficially owned, directly or indirectly, by
the holding company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which is a subsidiary of another subsidiary of the holding company,

and, for these purposes, a company, corporation or legal entity shall be treated as being controlled by another if that other company, corporation or legal entity is able to direct its affairs and/or control the composition of its board of directors or equivalent body.

"**Super Majority Lenders**" means a Lender or Lenders whose Commitments aggregate more than 85 per cent. of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 85 per cent. of the Total Commitments immediately prior to that reduction.)

"**T2**" means the real time gross settlement system operated by the Eurosystem, or any successor system.

"**TARGET Day**" means any day on which T2 is open for the settlement of payments in euro.

"**Tax**" means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).

"**Term**" means each period determined under this Agreement for which the Agent or any Lender is under a liability under or with respect to a Letter of Credit.

"**Term Loan Agent**" means GLAS USA LLC in its capacity as administrative agent under the Term Loan Finance Documents or its equivalent under any Permitted Senior Facilities Agreement provided such person has acceded to the Intercreditor Agreement in such capacity.

"**Term Loan Credit Agreement**" means the credit agreement made between, among others, the Parent, GLAS USA LLC as the administrative agent and GLAS AMERICAS LLC as the collateral agent dated on or about the Second Amendment and Restatement Date and any Permitted Senior Facilities Agreement under and as defined in the Intercreditor Agreement which supersedes, replaces or is incremental thereto.

"**Term Loan Security Agent**" means GLAS AMERICAS LLC in its capacity as collateral agent under the Term Loan Finance Documents.

"**Term Loans**" has the meaning given to that term in the Term Loan Credit Agreement or any equivalent term in a Permitted Senior Facilities Agreement.

"**Term Loan Finance Documents**" has the meaning given to the term "Loan Documents" in the Term Loan Credit Agreement or any equivalent term in a Permitted Senior Facilities Agreement.

"**Term Loan Termination Date"** has the meaning given to the term "Termination Date" in the Term Loan Credit Agreement or any equivalent term in a Permitted Senior Facilities Agreement.

"**Termination Date**" means 20 July 2027.

"**Test Condition**" has the meaning set out in Clause 23.1 (*Financial Definitions*).

"**Tier 1 Jurisdiction**" means Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, The Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden and Switzerland.

"**Topco**" means Alloy Topco Limited, a company limited by shares incorporated in Jersey with company number 130424, which directly holds 100% of the shares in New Midco.

"**Total Commitments**" means the aggregate of the ABL Commitments, being £90,000,000 at the Second Amendment and Restatement Date.

"**Total Outstandings**" means, at any time, the aggregate amount of all Utilisations outstanding under this Agreement.

"**Trade Instruments**" means any performance bonds, advance payment bonds or documentary or stand-by letters of credit issued in respect of the obligations of any member of the Group arising in the ordinary course of trading of that member of the Group.

"**Transaction Documents**" means the Finance Documents and the Constitutional Documents.

"**Transaction Security**" means the Security created or expressed to be created in favour of the Security Agent and/or other Secured Parties pursuant to the Transaction Security Documents.

"**Transaction Security Documents**" means each of the documents listed as being a Transaction Security Document in Schedule 2 (*Conditions Precedent*) of the First Amendment and Restatement Agreement, Schedule 2 (*Conditions Precedent*) of the Second Amendment and Restatement Agreement and/or in Part 1 of Schedule 2 (*Conditions precedent*) and any Transaction Security Document required to be delivered to the Agent in accordance with Part 2 of Schedule 2 (*Conditions precedent required to be delivered by an Additional Obligor*) together with any other document entered into by any Obligor or Parent creating or perfecting or expressed to create or perfect any Security over all or any part of its assets in respect of the obligations of any of the Obligors or Parent under any of the Finance Documents.

"**Transfer Certificate**" means a certificate substantially in the form set out in Schedule 4 (*Form of Transfer Certificate*) or any other form agreed between the Agent and the Parent.

"**Transfer Date**" means, in relation to an assignment or a transfer, the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which the Agent executes the relevant Assignment Agreement or Transfer Certificate.

"**Treasury Transactions**" means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a "**Master Agreement**"), including any such obligations or liabilities under any Master Agreement.

"**UCC**" means the New York Uniform Commercial Code, as in effect from time to time.

"**UK Borrower**" means each Borrower incorporated, organized or established under the laws of England & Wales.

"**UK Tax Obligor**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a UK Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an Obligor which is resident for tax purposes in the United Kingdom; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an Obligor some or all of whose payments under the Finance Documents are from sources within the United
Kingdom for United Kingdom tax purposes.

"**Unpaid Sum**" means any sum due and payable but unpaid by an Obligor under the Finance Documents. "**US**" or "**U.S.**" means the United States of America.

"**US/UK Borrowing Base**" means at any time of calculation, an amount equal to (but not less than zero):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the product of: (A) the applicable Advance Rate multiplied by (B) the Eligible Receivables of
the UK Borrowers and the US Borrowers at such time;

*plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the lower of (A) product of (x) the applicable Advance Rate multiplied by (y) the Eligible
Book Value of the Eligible Inventory of the UK Borrowers and the US Borrowers at such time and (B) the product of (x) 85% multiplied
by (y) the Net Orderly Liquidation Value Percentage of the Eligible Inventory of the UK Borrowers and the US Borrowers;

*minus*

without duplication, Reserves established by the Agent in its Reasonable Credit Judgment.

"**US Borrower**" means each Borrower incorporated, organised or established under the laws of the U.S. (including any state thereof or the District of Columbia).

"**USA Patriot Act**" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of United States Pub.L. No. 107 56 (signed into law October 26, 2001)).

"**US Guarantor**" means a Guarantor incorporated, organised or formed under the laws of the United States of America, any State thereof or the District of Columbia.

"**US Security Documents**" means any Transaction Security Document governed by the laws of a State of the United States.

"**US Tax Obligor**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a US Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Borrower which is resident for tax purposes in the US; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an Obligor some or all of whose payments under the Finance Documents are from sources within the US for
US federal income tax purposes.

"**Utilisation**" means a Loan or a Letter of Credit.

"**Utilisation Date**" means the date of a Utilisation on which the Loan is to be made or the relevant Letter of Credit is to be issued.

"**Utilisation Request**" means (as the context may require) a Cash Request or an L/C Request.

"**VAT**" means value added tax as provided for in the Value Added Tax Act 1994 and any other tax of a similar nature, wherever imposed.

"**WCF Inventory**" means each Borrower's stock and inventory from time to time.

"**WCF Receivables**" any account receivables owing to a Borrower (other than any intercompany loans) together with all connected rights, claims, deposits and payments, including those relating to any guarantees, indemnities or bonds.

"**Website Cash Request**" means any Cash Request made via the Designated Website.

"**Website L/C Request**" means any L/C Request made via the Designated Website.

**1.2** **Construction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless a contrary indication appears, a reference in this Agreement to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the "**Agent** ", any "**Finance Party** ", any "**L/C Issuer** ",
any "**Lender** ", any "**Obligor** ", the "**Parent** ", any "**Party** ", any
 "**Secured Party** ", the "**Security Agent**" or any other person shall be construed so as to include its
successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Finance Documents
(including the surviving entity of any merger involving that person) and, in the case of the Security Agent, any person for the time being
appointed as Security Agent or Security Agents in accordance with the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a document in "**agreed form**" is a document which is previously agreed in writing by
or on behalf of the Parent and the Agent or, if not so agreed, is in the form specified by the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**assets**" includes present and future properties, revenues and rights of every description;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a "**Finance Document**" or a "**Transaction Document**" or any other agreement
or instrument is a reference to that Finance Document or Transaction Document or other agreement or instrument as amended, novated, supplemented,
extended or restated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a "**group of Lenders**" includes all the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "**guarantee**" means (other than in Clause 20 (*Guarantee and Indemnity*)) any guarantee,
letter of credit, bond, indemnity or similar assurance against loss, or any obligation, direct or indirect, actual or contingent, to purchase
or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any person where,
in each case, such obligation is assumed in order to maintain or assist the ability of such person to meet its indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "**indebtedness**" includes any obligation (whether incurred as principal or as surety)
for the payment or repayment of money, whether present or future, actual or contingent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a Lender's "**participation**" in relation to a Letter of Credit, shall be construed
as a reference to the relevant amount that is or may be payable by a Lender in relation to that Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) a "**person**" includes any individual, firm, company, corporation, government, state or
agency of a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate legal
personality);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) a "**regulation**" includes any regulation, rule, official directive, request or guideline
(whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory,
self-regulatory or other authority or organisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) a Utilisation made or to be made to a Borrower includes a Letter of Credit issued on its behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) a provision of law is a reference to that provision as amended or re-enacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) a time of day is a reference to London time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section, Clause and Schedule headings are for ease of reference only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless a contrary indication appears, a term used in any other Finance Document or in any notice given
under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Borrower providing **cash cover** for a Letter of Credit or other liability means a Borrower paying
an amount in the currency of the liability to an interest-bearing account of the Agent, or (at the Agent's option) an account of
the Borrower acceptable to the Agent, and the following conditions being met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) until no amount is or may be outstanding under the Letter of Credit or other liability, withdrawals from
the account may only be made to pay a Finance Party amounts due and payable to it under the Finance Documents in respect of that liability;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Borrower has executed a security document over that account, in form and substance satisfactory to
the Security Agent, creating a first ranking fixed security interest over that account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) After the Agent is satisfied that no amount is or may be outstanding under that Letter of Credit or other
liability, any remaining balance in the account shall be applied firstly in settlement of any other amounts then owing to the Finance
Parties under the Finance Documents and then in repayment to the Borrower which provided such cash cover.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Default (other than an Event of Default) is "**continuing**" if it has not been remedied
or waived and an Event of Default is "**continuing**" if it has not been remedied or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) References to the equivalent of an amount specified in a particular currency (the specified currency amount)
shall be construed as a reference to the amount of any other relevant currency which can be purchased with the specified currency amount
to the Agent's Spot Rate of Exchange on the date on which the calculation falls to be made for spot delivery, as determined by the
Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A Borrower **repaying** or **prepaying** an Letter of Credit or other contingent liability means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that Borrower providing cash cover for that Letter of Credit or other contingent liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the maximum amount payable under the Letter of Credit or other contingent liability being reduced or cancelled
in accordance with its terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the L/C Issuer being satisfied that it has no further liability under that Letter of Credit or other contingent
liability,

and the amount by which a Letter of Credit is repaid or prepaid under paragraphs (i) and (ii) above is the amount of the relevant cash cover, reduction or cancellation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) An amount borrowed includes any amount utilised by way of Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Amounts outstanding under this Agreement include amounts outstanding under or in respect of any Letter
of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) An outstanding amount of a Letter of Credit at any time is the maximum amount that is or may be payable
by the relevant Borrower in respect of that Letter of Credit at that time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Borrowers shall report value and other Borrowing Base components to the Agent in the currency invoiced
by the Borrowers or shown in the Borrowers' financial records, and unless expressly provided otherwise, shall deliver financial
statements and calculate covenants in Pound Sterling.

**1.3** **Currency symbols and definitions** 

"**$**", "**USD**" and "**dollars**" denote the lawful currency of the United States of America. "£", "**GBP**" and "**sterling**" denote the lawful currency of the United Kingdom. "€", "**EUR**" and "**euro**" denote the single currency of the Participating Member States.

**1.4** **Third party rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless expressly provided to the contrary in a Finance Document a person who is not a Party has no right
under the Contracts (Rights of Third Parties) Act 1999 (the "**Third Parties Act**") to enforce or enjoy the benefit of
any term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not
required to rescind or vary this Agreement at any time.

**1.5** **Jersey terms** 

In each Finance Document a reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**winding up** ", "**liquidation** ", "**dissolution**" or
 "**administration**" includes, without limitation, "**bankruptcy**" (as that term is interpreted pursuant
to Article 8 of the Interpretation (Jersey) Law 1954) and any "**procedure**" or "**process**" referred
to in Part 21 of the Companies (Jersey) Law 1991;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a "**composition** ", "**compromise** ", "**assignment**" or
 "**arrangement with any creditor**" includes, without limitation a "**compromise**" or "**arrangement** "
of the type referred to in Article 125 of the Companies (Jersey) Law 1991; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a "**liquidator** ", "**receiver** ", "**administrative receiver** ",
or "**administrator**" includes, without limitation, the Viscount of the Royal Court of Jersey.

**SECTION 2**

**THE FACILITIES**

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| | |
|:---|:---|
| **2** | **THE FACILITIES** |

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**2.1** **The Facilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms of this Agreement, the Lenders make available to the Borrowers a multicurrency revolving
credit facility in an aggregate amount the Base Currency Amount of which is equal to the Total Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Facility will be available to all the Borrowers.

**2.2** **Finance Parties' rights and obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party
to perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance Documents.
No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rights of each Finance Party under or in connection with the Finance Documents are separate and independent
rights and any debt arising under the Finance Documents to a Finance Party from an Obligor is a separate and independent debt in respect
of which a Finance Party shall be entitled to enforce its rights in accordance with paragraph (c) below. The rights of each Finance
Party include any debt owing to that Finance Party under the Finance Documents and, for the avoidance of doubt, any part of a Loan or
any other amount owed by an Obligor which relates to a Finance Party's participation in a Facility or its role under a Finance Document
(including any such amount payable to the Agent on its behalf) is a debt owing to that Finance Party by that Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Finance Party may, except as specifically provided in the Finance Documents, separately enforce its
rights under or in connection with the Finance Documents.

**2.3** **Obligors' Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor (other than the Parent) by its execution of this Agreement or an Accession Deed irrevocably
appoints the Parent (acting through one or more authorised signatories), and releases the Parent from the restrictions imposed to it by
Section 181 German Civil Code and similar restrictions applicable to it pursuant to any other applicable law (with right of sub-delegation
and the right to release the subdelegates from the restrictions imposed to it by Section 181 German Civil Code and similar restrictions
applicable to it pursuant to any other applicable law), to act on its behalf as its agent in relation to the Finance Documents and irrevocably
authorises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Parent on its behalf to supply all information concerning itself contemplated by this Agreement to
the Finance Parties and to give all notices and instructions (including, in the case of a Borrower, Utilisation Requests), to make such
agreements and to effect the relevant amendments, supplements and variations capable of being given, made or effected by any Obligor,
notwithstanding that they may affect the Obligor, without further reference to or the consent of that Obligor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Finance Party to give any notice, demand or other communication to that Obligor pursuant to the Finance
Documents to the Parent,

and in each case the Obligor shall be bound as though the Obligor itself had given the notices and instructions (including, without limitation, any Utilisation Requests) or executed or made the agreements or effected the amendments, supplements or variations, or received the relevant notice, demand or other communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice
or other communication given or made by the Obligors' Agent or given to the Obligors' Agent under any Finance Document on
behalf of another Obligor or in connection with any Finance Document (whether or not known to any other Obligor and whether occurring
before or after such other Obligor became an Obligor under any Finance Document) shall be binding for all purposes on that Obligor as
if that Obligor had expressly made, given or concurred with it. In the event of any conflict between any notices or other communications
of the Obligors' Agent and any other Obligor, those of the Obligors' Agent shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the purpose of this Clause 2.3, the Parent shall be released from any restrictions on self-dealing
under any applicable law. Nothing in this Clause 2.3 shall prejudice the right of the Agent to require an Obligor to agree to any actions
set out in this Clause 2.3 on its own behalf.

**2.4** **Increase** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent may by giving prior notice to the Agent by no later than the date falling 30 Business Days'
after the effective date of a cancellation of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Available Commitments of a Defaulting Lender in accordance with Clause 9.5 (*Right of cancellation and prepayment in relation to a Defaulting Lender*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Commitments of a Lender in accordance with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Clause 9.1 (*Illegality*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) paragraph (a) of Clause 9.4 (Right of repayment in relation to a single Lender),

request that the Commitments relating to any Facility be increased (and the Commitments relating to that Facility shall be so increased) in an aggregate amount in the Base Currency of up to the amount of the Available Commitments or Commitments relating to that Facility so cancelled as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the increased Commitments will be assumed by one or more Eligible Institutions (each an "**Increase Lender**") each of which confirms in writing (whether in the relevant Increase Confirmation or otherwise) its willingness to assume
and does assume all the obligations of a Lender corresponding to that part of the increased Commitments which it is to assume, as if it
had been an Original Lender in respect of those Commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each of the Obligors and any Increase Lender shall assume obligations towards one another and/or acquire
rights against one another as the Obligors and the Increase Lender would have assumed and/or acquired had the Increase Lender been an
Original Lender in respect of that part of the increased Commitments which it is to assume;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) each Increase Lender shall become a Party as a "**Lender**" and any Increase Lender and
each of the other Finance Parties shall assume obligations towards one another and acquire rights against one another as that Increase
Lender and those Finance Parties would have assumed and/or acquired had the Increase Lender been an Original Lender in respect of that
part of the increased Commitments which it is to assume;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Commitments of the other Lenders shall continue in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any increase in the Commitments relating to a Facility shall, subject to the conditions set out in paragraphs
(d) and (e) below, take effect on the date specified by the Parent in the notice referred to above or any later date on which
the Agent executes an otherwise duly completed Increase Confirmation delivered to it by the relevant Increase Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall, subject to paragraph (c) below, as soon as reasonably practicable after receipt
by it of a duly completed Increase Confirmation appearing on its face to comply with the terms of this Agreement and delivered in accordance
with the terms of this Agreement, execute that Increase Confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent shall only be obliged to execute an Increase Confirmation delivered to it by an Increase Lender
once it is satisfied it has complied with all necessary "**know your customer**" or other similar checks under all applicable
laws and regulations in relation to the assumption of the increased Commitments by that Increase Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An increase in the Commitments relating to a Facility will only be effective if the Increase Lender enters
into the documentation required for it to accede as a party to the Intercreditor Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Increase Lender, by executing the Increase Confirmation, confirms (for the avoidance of doubt) that
the Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender
or Lenders in accordance with this Agreement on or prior to the date on which the increase becomes effective in accordance with this Agreement
and that it is bound by that decision to the same extent as it would have been had it been an Original Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Parent shall promptly on demand pay the Agent and the Security Agent the amount of all costs and expenses
(including legal fees) reasonably incurred by either of them and, in the case of the Security Agent, by any Receiver or Delegate in connection
with any increase in Commitments under this Clause 2.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Increase Lender shall, on the date upon which the increase takes effect, pay to the Agent (for its
own account) a fee in an amount equal to the fee which would be payable under Clause 26.3 (*Assignment or transfer fee*) if the increase
was a transfer pursuant to Clause 26.5 (*Procedure for transfer*) and if the Increase Lender was a New Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Parent may pay to the Increase Lender a fee in the amount and at the times agreed between the Parent
and the Increase Lender in a Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Neither the Agent nor any Lender shall have any obligation to find an Increase Lender and in no event
shall any Lender whose Commitment is replaced by an Increase Lender be required to pay or surrender any of the fees received by such Lender
pursuant to the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Clause 26.4 (*Limitation of responsibility of Existing Lenders*) shall apply mutatis mutandis in
this Clause 2.4 in relation to an Increase Lender as if references in that Clause to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an "**Existing Lender**" were references to all the Lenders immediately prior to the relevant
increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the "**New Lender**" were references to that "**Increase Lender** "; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "**re-transfer**" and "**re-assignment**" were references to respectively
a "**transfer**" and "**assignment** ".

**2.5** **Bank Products** 

The Parent may, through the Agent, request that a Bank Product Provider provide Bank Products to the Group and the Agent shall facilitate discussions with the proposed Bank Product Provider in respect of the provision of such Bank Products.

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| | |
|:---|:---|
| **3** | **PURPOSE** |

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**3.1** **Purpose** 

Each Borrower shall apply all amounts borrowed by it under the Facility towards the general corporate and working capital purposes of the Group (including payment of any fees, costs or expenses incurred in connection with this Agreement).

**3.2** **Monitoring** 

No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.

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| | |
|:---|:---|
| **4** | **CONDITIONS OF UTILISATION** |

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**4.1** **Initial conditions precedent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Lenders will only be obliged to comply with Clause 5.5 (*Lenders' participation*) in relation
to any Utilisation if on or before the Utilisation Date for that Utilisation, the Agent has received all of the documents and other evidence
listed in Part 1 (*Conditions precedent to the Completion Date*) of Schedule 2 (*Conditions precedent*) in form and substance
satisfactory to the Agent. The Agent shall notify the Parent and the Lenders promptly upon being so satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before
the Agent gives the notification described in paragraph (a) above, the Lenders authorise (but do not require) the Agent to give that
notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.

**4.2** **Further conditions precedent** 

Subject to Clause 4.1 (*Initial conditions precedent*), the Lenders will only be obliged to comply with Clause 5.5 (*Lenders' participation*), if on the date of the Utilisation Request and on the proposed Utilisation Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Default is continuing or would result from the proposed Utilisation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any Utilisation on the Completion Date, all the representations and warranties in Clause
21 (*Representations*) or, in relation to any other Utilisation the Repeating Representations to be made by each Obligor are true
in all material respects.

**4.3** **Conditions relating to Optional Currencies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A currency will constitute an Optional Currency in relation to a Utilisation if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is readily available in the amount required and freely convertible into the Base Currency in the wholesale
market for that currency on the Utilisation Date for that Utilisation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it is USD or EUR or has been approved by the Agent (acting on the instructions of all the Lenders) on
or prior to receipt by the Agent of the relevant Utilisation Request for that Utilisation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Agent has received a written request from the Parent for a currency to be approved under paragraph
(a)(ii) above, the Agent will promptly confirm to the Parent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether or not the Lenders have granted their approval; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if approval has been granted, the minimum amount for any subsequent Utilisation in that currency.

**SECTION 3**

**UTILISATION**

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| | |
|:---|:---|
| **5** | **UTILISATION** |

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**5.1** **Delivery of a Utilisation Request** 

A Borrower (or the Parent on its behalf) may utilise the Facility by delivery to the Agent of a duly completed Utilisation Request not later than 11a.m. (London time) on the proposed Utilisation Date.

**5.2** **Completion of a Utilisation Request** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the proposed Utilisation Date is a Business Day within the Availability Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Utilisation Request complies with the terms of Clause 5.6 (*Limitations on Utilisations*) and
with all other relevant provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the currency and amount of the Utilisation comply with Clause 5.4 (*Currency and amount*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of a Utilisation Request for a Letter of Credit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) it identifies the Borrower of the Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) it identifies the L/C Issuer which has agreed to issue the Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the form of Letter of Credit is attached;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Expiry Date of the Letter of Credit falls on or before the Termination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the identity of the beneficiary of the Letter of Credit is approved by the L/C Issuer and Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Multiple Utilisations may be requested in a Utilisation Request where the proposed Utilisation Date is
the Completion Date. Only one Utilisation may be requested in each subsequent Utilisation Request.

**5.3** **Website Requests** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Borrower may make Website Cash Requests and Website L/C Requests if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it has completed and delivered to the Agent all of the forms and other documents applicable to such action
to the satisfaction of the Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the time of making any such Website Cash Request or Website L/C Request (as applicable) the Designated
Website is not unavailable or suspended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Website Cash Request shall be deemed to be a Cash Request and each Borrower making such a Website
Cash Request shall be deemed to have given the confirmation in paragraph 3 of the form of Cash Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Website L/C Request shall be deemed to be an L/C Request and each Borrower making such a Website
L/C Request shall be deemed to have given the confirmation in the final paragraph of the form of L/C Request.

**5.4** **Currency and amount** 

The currency specified in a Utilisation Request must be in the Base Currency or an Optional Currency.

**5.5** **Lenders' participation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the conditions set out in this Agreement have been met, and subject to Clause 8 (*Repayment*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relevant L/C Issuer shall issue the Letter of Credit requested in an L/C Request on the relevant Utilisation
Date and the amount of each Lender's participation in each Letter of Credit will be equal to its Pro Rata Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Lender shall comply with the terms of a duly completed Cash Request on the applicable Utilisation
Date by making available its participation in the requested Utilisation through its Facility Office in accordance with the terms of this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount of each Lender's participation in each Loan will be equal to its Pro Rata Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent shall determine the Base Currency Amount of each Utilisation which is to be made in an Optional
Currency and notify each Lender (and the L/C Issuer, if applicable) of the amount, currency and the Base Currency Amount of each Utilisation,
the amount of its participation in that Utilisation and, if different, the amount of that participation to be made available in accordance
with Clause 32.1 (*Payments to the Agent*).

**5.6** **Limitations on Utilisations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The maximum aggregate Base Currency Amount of all Loans and L/C Exposures under this Agreement shall not
at any time exceed the Facility Cap.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate amount of all L/C Exposures shall not at any time exceed the L/C Limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate amount of all Utilisations by the US Borrowers and the UK Borrowers will not exceed the
US/UK Borrowing Base at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The aggregate amount of all Utilisations by the German Borrowers will not exceed the German Borrowing
Base at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The aggregate amount of all Utilisations by the German Borrowers will not exceed 40% of the Facility Cap
at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No Utilisation may be made if it would cause any of the limits referred to in the foregoing provisions
of this Clause 5.6 (*Limitations on Utilisations*) to be exceeded.

**5.7** **Cancellation of Commitment** 

The Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period.

**5.8** **Deemed Utilisations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Agent or any Lender makes any payment pursuant to or in respect of any Letter of Credit then the
Obligor for whose account such payment was made shall be deemed on the date of such payment to have received the proceeds of a Cash Request
and the other provisions of this Agreement (as to interest, repayment and otherwise) shall apply to such Utilisation accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent and the relevant Lender may give effect to the provisions of this Clause 5.8 even though this
may cause any of the limits referred to in Clause 5.6 (*Limitations on Utilisations*) to be exceeded.

**5.9** **Reserves** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent may at any time and from time to time, in the exercise of its Reasonable Credit Judgment and,
subject to (c) below, upon three Business Days prior written notice to the Parent, establish and increase or decrease the Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The notice referred to in (a) above shall include a reasonably detailed description and explanation
of such Reserve being established and during such three Business Day period the Agent shall, if requested, discuss any such Reserve or
change with the Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The notice and consultation period described in (a) above shall not apply if the Agent determines
in its sole discretion that such notice and consultation period would prejudice the realisation value of the collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without prejudice to paragraphs (a), (b) and (c) above, the Agent shall, upon the Parent's
written request, meet with the Parent at least once in every 12 months period, to review and discuss the level of the Reserves applied
over the preceding 12 months and the Agent shall acting in its Reasonable Credit Judgment consider any representations made by the Parent
in that regard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Obligors shall establish systems necessary to be able to accurately record and report the level of
WCF Inventory which is being processed offsite by a third party at a third party location or outside processor, or in transit to or from
such third party location on or before the date which is 90 days after the Original Signing Date. The Agent agrees that, following receipt
of such information, it will discuss any adjustments to the Borrowing Base which may be implemented as a result of accurate up to date
information in respect of offsite inventory becoming available.

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| | |
|:---|:---|
| **6** | **LETTERS OF CREDIT** |

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**6.1** **Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No L/C Request may be delivered unless the form and content of the requested Letter of Credit has been
approved by the Agent and the relevant L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No L/C Issuer shall issue a Letter of Credit if such issuance would breach:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any law or regulation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the generally adopted policies of such L/C Issuer.

**6.2** **Immediately payable** 

If a Letter of Credit or any amount outstanding under a Letter of Credit becomes immediately payable under this Agreement, the Borrower that requested the issue of that Letter of Credit shall repay or prepay that amount immediately.

**6.3** **Payment of L/Cs against demand** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Borrower which requests an L/C Issuer to issue or to arrange the issue of Letter of Credit acknowledges
that the L/C Issuer may at its option arrange for the issue of such Letter of Credit through another institution selected by it and, in
that event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Borrower authorises the L/C Issuer to provide such counter-indemnities and other undertakings as
the issuing institution may require; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the indemnities and other protections granted to the L/C Issuer pursuant to this Clause 6 (*Letters of Credit*) shall apply equally to the counter-indemnities and other undertakings so given by the L/C Issuer to the issuing institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Borrower irrevocably and unconditionally authorises each L/C Issuer to pay any claim made or purported
to be made under a Letter of Credit requested by it and which appears on its face to be in order (a "**claim** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Borrower which requested a Letter of Credit shall immediately pay to the relevant L/C Issuer an amount
equal to the amount of any claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Borrower acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an L/C Issuer is not obliged to carry out any investigation or seek any confirmation from any other person
before paying a claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each L/C Issuer deals in documents only and will not be concerned with the legality of a claim or any
underlying transaction or any available set-off, counterclaim or other defence of any person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it will be bound by any action taken by the L/C Issuer in good faith in relation to any Letter of Credit
requested by it (including any decision to amend or extend the Letter of Credit or any interpretation of the terms of effect of any Letter
of Credit).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of a Borrower under this Clause 6 (*Letters of Credit*) will not be affected by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the sufficiency, accuracy or genuineness of any claim or any other document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any incapacity of, or limitation on the powers of, any person signing a claim or other document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other matters or things which (but for this provision) might otherwise have the effect of diminishing
or extinguishing a Borrower's liability under this Clause 6 (*Letters of Credit*).

**6.4** **Indemnities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Clause 15 (*Tax Gross-Up and Indemnities*) each Borrower shall immediately on demand indemnify
each L/C Issuer against any cost, loss or liability incurred by that L/C Issuer (otherwise than by reason of the relevant L/C Issuer's
gross negligence or wilful misconduct) in connection with any Letter of Credit requested by that Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender shall (according to its Pro Rata Share) immediately on demand indemnify the relevant L/C Issuer
against any cost, loss or liability incurred by that L/C Issuer (otherwise than by reason of the relevant L/C Issuer's gross negligence
or wilful misconduct) in acting as the L/C Issuer under any Letter of Credit (unless the L/C Issuer has been reimbursed by an Obligor
pursuant to a Finance Document).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower which requested a Letter of Credit shall immediately on demand reimburse any Lender for any
payment it makes to an L/C Issuer under this Clause 6.4 (*Indemnities*) in respect of that Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The obligations of each Lender or Borrower under this Clause 6.4 are continuing obligations and will extend
to the ultimate balance of sums payable by that Lender or Borrower in respect of any Letter of Credit, regardless of any intermediate
payment or discharge in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of any Lender or Borrower under this Clause 6.4 will not be affected by any act, omission,
matter or thing which, but for this Clause 6.4, would reduce, release or prejudice any of its obligations under this Clause 6.4 (without
limitation and whether or not known to it or any other person) including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any time, waiver or consent granted to, or composition with, any Obligor, any beneficiary under a Letter
of Credit or any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the release of any other Obligor or any other person under the terms of any composition or arrangement
with any creditor or any Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect,
take up or enforce, any rights against, or security over assets of, any Obligor, any beneficiary under a Letter of Credit or other person
or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise
the full value of any security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any incapacity or lack of power, authority or legal personality of or dissolution or change in the members
or status of an Obligor, any beneficiary under a Letter of Credit or any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any amendment (however fundamental) or replacement of a Finance Document, any Letter of Credit or any
other document or security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document,
any Letter of Credit or any other document or security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any insolvency or similar proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Obligor will be entitled to any right of contribution or indemnity from any Finance Party in respect
of any payment it may make under this Clause 6 (*Letters of Credit*).

**6.5** **Cash collateral by Non-Acceptable L/C Lender and Borrower's option to provide cash cover** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If, at any time, a Lender is a Non-Acceptable L/C Lender, an L/C Issuer may, by notice to that Lender,
request that Lender to pay and that Lender shall pay, on or prior to the date falling three Business Days after the request by the relevant
L/C Issuer, an amount equal to that Lender's participation in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the outstanding amount of any Letter of Credit issued by that L/C Issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of a proposed Letter of Credit, the amount of that proposed Letter of Credit,

in the currency of that Letter of Credit to an interest-bearing account held in the name of that Lender with the L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Non-Acceptable L/C Lender to whom a request has been made in accordance with paragraph (a) above
shall enter into a security document or other form of collateral arrangement over the account, in form and substance satisfactory to the
L/C Issuer, as collateral for any amounts due and payable under this Agreement by that Lender to the L/C Issuer in respect of that Letter
of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to paragraph (f) below, withdrawals from such an account may only be made to pay the L/C
Issuer amounts due and payable to it under this Agreement by the Non-Acceptable L/C Lender in respect of that Letter of Credit until no
amount is or may be outstanding under that Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Lender shall notify the Agent and the Parent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on the Original Signing Date or on any later date on which it becomes such a Lender in accordance with
Clause 26 (*Changes to the Lenders*) whether it is a Non-Acceptable L/C Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as soon as practicable upon becoming aware of the same, that it has become a Non-Acceptable L/C Lender,

and an indication in Schedule 1 (*The Original Parties*) or in a Transfer Certificate to that effect will constitute a notice under paragraph (i) above to the Agent and, upon delivery in accordance with Clause 26.7 (*Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Parent*), to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any notice received by the Agent pursuant to paragraph (d) above shall constitute notice to the L/C
Issuer of that Lender's status and the Agent shall, upon receiving each such notice, promptly notify the L/C Issuer of that Lender's
status as specified in that notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding paragraph (c) above, a Lender which has provided cash collateral in accordance with
this Clause 6.5 (*Cash collateral by Non Acceptable L/C Lender and Borrower's option to provide cash cover*) may, by notice
to the relevant L/C Issuer, request that an amount equal to the amount provided by it as collateral in respect of the relevant Letter
of Credit (together with any accrued interest) be returned to it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent that such cash collateral has not been applied in satisfaction of any amount due and payable
under this Agreement by that Lender to the L/C Issuer in respect of the relevant Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) it ceases to be a Non-Acceptable L/C Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) its obligations in respect of the relevant Letter of Credit are transferred to a New Lender in accordance
with the terms of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if no amount is due and payable by that Lender in respect of a Letter of Credit,

the L/C Issuer shall pay that amount to the Lender within three Business Days of that Lender's request (and shall cooperate with the Lender in order to procure that the relevant security or collateral arrangement is released and discharged).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To the extent that a Non-Acceptable L/C Lender fails to provide cash collateral (or notifies the L/C Issuer
that it will not provide cash collateral) in accordance with this Clause 6.5 in respect of a proposed Letter of Credit, the L/C Issuer
shall promptly notify the Company (with a copy to the Agent) and the Borrower of that proposed Letter of Credit may, at any time before
the proposed Utilisation Date of that Letter of Credit, provide cash cover to an account with the L/C Issuer in an amount equal to that
Lender's participation in that proposed Letter of Credit.

**6.6** **Requirement for cash cover from Borrower** 

If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Non-Acceptable L/C Lender fails to provide cash collateral (or notifies the L/C Issuer that it will
not provide cash collateral) in accordance with clause 6.5 (*Cash collateral by Non Acceptable L/C Lender and Borrower's option to provide cash cover*) in respect of a Letter of Credit that has been issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the L/C Issuer notifies the Company (with a copy to the Agent) that it requires the Borrower of the relevant
Letter of Credit to provide cash cover to an account with the L/C Issuer in an amount equal to that Lender's L/C participation in
the outstanding amount of that Letter of Credit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that Borrower has not already provided such cash cover which is continuing to stand as collateral,

then that Borrower shall provide such cash cover within three Business Days of the notice referred to in paragraph (b) above.

**6.7** **Regulation and consequences of cash cover provided by Borrower** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any cash cover provided by a Borrower pursuant to Clause 6.5 (*Cash collateral by Non-Acceptable L/C Lender and Borrower's option to provide cash cover*) or Clause 6.6 (Requirement for cash cover from Borrower) may be funded out
of the Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding paragraph (d) of Clause 1.2 (*Construction*), the relevant Borrower may request
that an amount equal to the cash cover (together with any accrued interest) provided by it pursuant to Clause 6.5 (*Cash collateral by Non Acceptable L/C Lender and Borrower's option to provide cash cover*) or Clause 6.6 (*Requirement for cash cover from Borrower*) be returned to it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent that such cash cover has not been applied in satisfaction of any amount due and payable
under this Agreement by that Borrower to the L/C Issuer in respect of a Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the relevant Lender ceases to be a Non-Acceptable L/C Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the relevant Lender's obligations in respect of the relevant Letter of Credit are transferred to
a New Lender in accordance with the terms of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) an Increase Lender has agreed to undertake the relevant Lender's obligations in respect of the relevant
Letter of Credit in accordance with the terms of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if no amount is due and payable by the relevant Lender in respect of the relevant Letter of Credit,

and the L/C Issuer shall pay that amount to that Borrower within 3 Business Days of that Borrower's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent that a Borrower has provided cash cover pursuant to Clause 6.5 (Cash collateral by Non Acceptable
L/C Lender and Borrower's option to provide cash cover) or Clause 6.6 (Requirement for cash cover from Borrower), the relevant Lender's
L/C Exposure in respect of that Letter of Credit will remain (but that Lender's obligations in relation to that Letter of Credit
may be satisfied in accordance with paragraph (d)(ii) of Clause 1.2 (Construction)). However the relevant Borrower's obligation
to pay any Letter of Credit fee in relation to the relevant Letter of Credit to the Agent (for the account of that Lender) in accordance
with paragraph (a) of Clause 14.5 (Fees payable in respect of Letters of Credit) will be reduced proportionately as from the date
on which it provides that cash cover (and for so long as the relevant amount of cash cover continues to stand as collateral).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The relevant L/C Issuer shall promptly notify the Agent of the extent to which a Borrower provides cash
cover pursuant to Clause 6.5 (*Cash collateral by Non Acceptable L/C Lender and Borrower's option to provide cash cover*) or
Clause 6.6 (*Requirement for cash cover from Borrower*) and of any change in the amount of cash cover so provided.

**6.8** **Revaluation of Letters of Credit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Letters of Credit are denominated in an Optional Currency, the Agent shall at 12 monthly intervals
after the date of the Letter of Credit, recalculate the Base Currency Amount of each Letter of Credit by notionally converting into the
Base Currency the outstanding amount of that Letter of Credit on the basis of the Agent's Spot Rate of Exchange on the date of calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parent shall, if requested by the Agent within 10 Business Days of any calculation under paragraph
(a) above, ensure that within three Business Days sufficient Utilisations are prepaid to prevent the Base Currency Amount of the
Utilisations exceeding the Facility Cap following any adjustment to a Base Currency Amount under paragraph (a) above.

---

| | |
|:---|:---|
| **7** | **OPTIONAL CURRENCIES** |

---

**7.1** **Selection of currency** 

A Borrower (or the Parent on its behalf) shall select the currency of a Utilisation in a Utilisation Request.

**7.2** **Unavailability of a currency** 

If before the Utilisation Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Lender notifies the Agent that the Optional Currency requested is not readily available to it in the
amount required; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Lender notifies the Agent that compliance with its obligation to participate in a Loan in the proposed
Optional Currency would contravene a law or regulation applicable to it,

the Agent will give notice to the relevant Borrower or Parent to that effect by the Utilisation Date. In this event, any Lender that gives notice pursuant to this Clause 7.2 will be required to participate in the Loan in the Base Currency (in an amount equal to that Lender's proportion of the Base Currency Amount) and its participation will be treated as a separate Loan denominated in the Base Currency.

**7.3** **Agent's calculations** 

Each Lender's participation in a Loan will be determined in accordance with paragraph (b) of Clause 5.5 (*Lenders' participation*).

**SECTION 4**

**REPAYMENT, PREPAYMENT AND CANCELLATION**

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| | |
|:---|:---|
| **8** | **REPAYMENT** |

---

**8.1** **Application** 

Subject to the other provisions of this Agreement, all amounts standing to the credit of the ABL Controlled Accounts and/or all amounts standing to the credit of the ABL Controlled Accounts which have been transferred to the Agent and/or the Security Agent shall be applied in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in payment of any fees, costs and expenses due from any Obligor to the Agent, the Security Agent or any
Lender under any Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in payment of all interest due on any Loans made or deemed to be made under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in repayment of the outstanding principal amount of any Loans in such order and manner as the Agent may
determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in or towards payment of any other amounts owing by any Obligor under any Finance Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (by way of refund of amounts paid by account debtors in respect of WCF Receivables and which remain due
to the relevant Borrower following the application of clauses (a) to (d) above), in payment to the relevant Borrower by credit
to such operating account as it may specify.

**8.2** **Revision of Order of Application** 

If any amount standing to the credit of one Borrower's ABL Controlled Account is applied in discharge of the liabilities of another Obligor, then such Obligor (the "**Debtor Company**") shall deemed to have made an on demand loan to such other Obligor (the "**Creditor Company**") in an amount equal to the amount of such application.

**8.3** **Final Repayment** 

On the Termination Date, the Borrowers will pay to the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in full all outstanding amounts and unpaid liabilities under the Finance Documents (whether by way of
principal, interest, commission, fees, costs, expenses or otherwise); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such amount as is necessary to provide full cash cover for any outstanding obligations (contingent or
otherwise) assumed by any Finance Party pursuant to the terms of this Agreement.

**8.4** **Currencies** 

Where (i) any amount is held or is to be applied by the Agent in reduction of amounts owing under this Agreement and (ii) the relevant amounts are denominated in different currencies, the Agent may apply the amounts so held or to be applied in the purchase of the latter currency at such rate (including commissions) as the Agent (acting reasonably) may deem to be appropriate. Alternatively, the Agent may (in its discretion):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) return to the relevant Obligor, the surplus amount of any currency; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) hold those funds pending receipt of the Parent's instructions.

---

| | |
|:---|:---|
| **9** | **ILLEGALITY, VOLUNTARY PREPAYMENT AND CANCELLATION** |

---

**9.1** **Illegality** 

If, in any applicable jurisdiction, it becomes unlawful for a Lender to perform any of its obligations as contemplated by this Agreement or to fund, issue or maintain its participation in any Utilisation or it becomes unlawful for any Affiliate of a Lender for that Lender to do so:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that Lender shall promptly notify the Agent upon becoming aware of that event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon the Agent notifying the Parent, each Available Commitment of that Lender will be immediately cancelled;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the extent that the Lender's participation has not been transferred pursuant to Clause 38.7 (*Replacement of Lender*), each Borrower shall repay that Lender's participation in the Utilisations made to that Borrower on the last Business
Day of the month during which the Agent has notified the Parent under paragraph (a) above, or, if earlier date specified by the Lender
in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law) and that Lender's
corresponding Commitment(s) shall be cancelled in the amount of the participations repaid.

**9.2** **Voluntary cancellation** 

The Parent may, if it gives the Agent not less than five Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of £1,000,000, $1,000,000 or €1,000,000, as applicable) of an Available Facility. Any cancellation under this Clause 9.2 shall reduce the Commitments of the Lenders rateably.

**9.3** **Voluntary prepayment of Utilisations** 

A Borrower may at any time prepay or repay (as applicable) the whole or any part of its outstanding Utilisations by payment of moneys into a ABL Controlled Account for application in accordance with clause 8.1 (*Application*).

**9.4** **Right of repayment in relation to a single Lender** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause
15.2 (*Tax gross-up*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Lender claims indemnification from the Parent or an Obligor under Clause 15.3 (*Tax indemnity*)
or Clause 16.1 (*Increased costs*),

the Parent may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitment(s) of that Lender and its intention to procure the repayment of that Lender's participation in the Utilisations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On receipt of a notice referred to in paragraph (a) above in relation to a Lender, the Commitment(s) of
that Lender shall immediately be reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the last Business Day of the month during which the Parent has given notice under paragraph (a) above
in relation to a Lender (or, if earlier, the date specified by the Parent in that notice), each Borrower to which a Utilisation is outstanding
shall repay that Lender's participation in that Utilisation together with all interest and other amounts accrued under the Finance
Documents.

**9.5** **Right of cancellation and prepayment in relation to a Defaulting Lender** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Lender becomes a Defaulting Lender, the Parent may, at any time whilst the Lender continues to
be a Defaulting Lender, give the Agent three Business Days' notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prepayment of all or any part of the participation of that Lender in any Loans without any premium or
penalty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) cancellation of each Available Commitment of that Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the notice referred to in paragraph (a) above becoming effective, each Available Commitment of
the Defaulting Lender shall immediately be reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent shall as soon as practicable after receipt of a notice referred to in paragraph (a) above,
notify all the Lenders.

**9.6** **Right of prepayment of a Non-Consenting Lender** 

If any Lender becomes a Non-Consenting Lender, the Parent may within 90 days after the date on which that Lender is deemed to be a Non Consenting Lender cancel the Commitments of such Non-Consenting Lender and prepay all (but not part only) of the participations of such Non-Consenting Lender in the Facilities together with all interest and other amounts accrued under the Finance Documents, provided that it may only make such prepayment using:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the proceeds of New Shareholder Injections which have not been used as a Cure Amount; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the approval of the Super Majority Lenders (excluding, for this purpose, the Commitments and/or
participations of the Non-Consenting Lender), Cash held by any member of the Group,

provided that the aggregate amount of all such prepayments to, or purchases of participations from, Non-Consenting Lenders not funded using New Shareholder Injections is equal to or less than 5% of the Total Commitments.

---

| | |
|:---|:---|
| **10** | **MANDATORY PREPAYMENT AND CANCELLATION** |

---

**10.1** **Exit** 

Upon the occurrence of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Listing which results in a Change of Control occurring; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Change of Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the sale of all or substantially all of the assets of the Group whether in a single transaction or a series
of related transactions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) notwithstanding any provision in this Agreement to the contrary, the Lenders will not be obliged to fund
any Utilisation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Facility will be cancelled and all outstanding Utilisations together with accrued interest, and all
other amounts accrued under the Finance Documents, shall become immediately due and payable on the day falling 5 Business Days after the
receipt of cash proceeds from such occurrence.

**10.2** **Inventory Insurance Proceeds** 

Subject to the Intercreditor Agreement, the Borrowers shall prepay the Loans in an amount equal to any Inventory Insurance Proceeds promptly, and in any event within 5 Business Days of receipt of such proceeds.

---

| | |
|:---|:---|
| **11** | **RESTRICTIONS** |

---

**11.1** **Notices of cancellation or prepayment** 

Any notice of cancellation, prepayment, authorisation or other election given by any Party under Clause 9 (*Illegality, voluntary prepayment and cancellation) shall (subject to the terms of those Clauses*) be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment.

**11.2** **Cancellation Fee** 

If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the whole or any part of the Facility is cancelled as a result of a notice given by the Agent or the Company
under, or by operation of the provisions of, Clause 9 (*Illegality, Voluntary Prepayment and Cancellation*) (other than pursuant
to Clauses 9.4 (*Right of repayment in relation to a single Lender*), 9.5 (*Right of cancellation and prepayment in relation to a Defaulting Lender*) or 9.6 (*Right of prepayment of a Non-Consenting Lender*) or 10.1 (*Exit*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Loan or any cash cover is declared to be immediately due and payable under clause 25 (*Events of Default*),

then and in each such case the Parent shall pay to the Agent (for the account of the Lenders in accordance with their Pro Rata Share) on the effective date of such cancellation or declaration a cancellation fee payable to protect the Finance Parties' legitimate interests (including their financial interests) arising as a result of such event calculated as a percentage of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount of the Facility cancelled, in the case of a voluntary cancellation under clause 9.2 (*Voluntary cancellation*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Facility Limit, in the case of any other cancellation or declaration, as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;(2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Date of cancellation/declaration** | &nbsp;&nbsp;**Applicable Percentage** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or prior to the first anniversary of the First Amendment and Restatement Date | &nbsp;&nbsp;1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any time thereafter | &nbsp;&nbsp;0% |

---

**11.3** **Interest and other amounts** 

Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and any cancellation fee under clause 11.2 (*Cancellation Fee*), but otherwise without premium or penalty.

**11.4** **Reborrowing of Facility** 

Unless a contrary indication appears in this Agreement, any part of the Facility which is prepaid or repaid may be reborrowed in accordance with the terms of this Agreement.

**11.5** **Prepayment in accordance with Agreement** 

No Borrower shall repay or prepay all or any part of the Utilisations or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this Agreement.

**11.6** **No reinstatement of Commitments** 

Subject to Clause 2.4 (*Increase*), no amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated.

**11.7** **Agent's receipt of notices** 

If the Agent receives a notice under Clause 9 (*Illegality, voluntary prepayment and cancellation*), it shall promptly forward a copy of that notice or election to either the Parent or the affected Lender, as appropriate.

**11.8** **Notice of prepayment** 

The Agent shall notify the Lenders as soon as possible of any proposed prepayment of any Loan under Clause 9.3 (*Voluntary prepayment of Utilisations*).

**11.9** **Effect of repayment and prepayment on Commitments** 

If all or part of any Lender's participation in a Utilisation is repaid or prepaid and is not available for redrawing, an amount of that Lender's Commitment (equal to the Base Currency Amount of the amount of the participation which is repaid or prepaid) will be deemed to be cancelled on the date of repayment or prepayment.

**11.10** **Application of prepayments** 

Any prepayment of a Utilisation (other than a prepayment pursuant to Clause 9.1 (*Illegality*) or Clause 9.4 (*Right of repayment in relation to a single Lender*)) shall be applied *pro rata* to each Lender's participation in that Utilisation.

**SECTION 5**

**COSTS OF UTILISATION**

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| | |
|:---|:---|
| **12** | **INTEREST** |

---

**12.1** **Calculation of interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The rate of interest on each Loan shall be determined daily and shall be the percentage rate per annum
which is the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the applicable Margin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the applicable Reference Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) When determining the applicable rate payable under Clause 12.1(a), the following conventions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Daily SONIA rate and the Daily SOFR rate shall be the rate published on the day which is two days
prior to the day on which such determination is being made; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) EURIBOR, shall be the rate published on the day on which such determination is being made,

(each such day being a **Reference Day**), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if a Reference Day is a Business Day, the applicable rate shall be the rate published on that Reference
Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if a Reference Day is not a Business Day, the applicable rate shall be the rate published on the Business
Day immediately preceding that Reference Day.

**12.2** **Payment of interest** 

The Borrower to which a Loan has been made shall pay accrued interest on that Loan on the last Business Day of each month.

**12.3** **Default interest** 

If an Event of Default has occurred under any of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Clause 25.1 (*Non-payment*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) paragraph (a) of Clause 25.2 (Financial covenant and other obligations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) paragraph (b) of Clause 25.2 (*Financial covenant and other obligations*) (but only to extent
such Event of Default has occurred due to failure to provide the Borrowing Base Certificate as set out in Clause 22.7 (*Borrowing Base Certificate*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Clause 25.3 but only to the extent such Event of Default has occurred due to the failure to comply with
the obligations set out in paragraphs (b) and (h)(i) to (h)(iii) of Clause 24.38 (*Cash Management, Cash Dominion, Receivables and Inventory*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Clause 25.6 (*Insolvency*) or Clause 25.7 (*Insolvency proceedings*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Clause 25.20 (*Completion Date*),

and so long as the same is continuing, interest shall accrue on all amounts owing under the Finance Documents at a rate which is one % higher than the rate ascertained pursuant to Clause 12.1 (*Calculation of interest*). Any interest accruing under this Clause 12.3 shall be payable on demand and may be compounded with the overdue amount at the end of each Month when interest is payable.

**12.4** **Notification of rates of interest** 

The Agent shall promptly notify the relevant Lenders and the relevant Borrower (or the Parent) of the determination of a rate of interest under this Agreement.

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| | |
|:---|:---|
| **13** | **FALLBACK REFERENCE RATE** |

---

**13.1** **Fallback Reference Rate** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If, for any reason, no screen rate is available or the applicable administrator has failed to publish
a rate for Daily SONIA, there shall be no Daily SONIA and the relevant Reference Rate for Utilisations denominated in Sterling shall be
the Bank of England Base Rate and if such rate is less than zero the Bank of England Base Rate shall be adjusted to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, for any reason, no rate is available or the applicable administrator has failed to publish a rate
for Daily SOFR, there shall be no Daily SOFR and the relevant Reference Rate for Utilisations denominated in US Dollars shall be the Fed
Target Rate, and if such rate is less than zero, the Fed Target Rate shall be adjusted to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, for any reason, no rate is available or the applicable administrator has failed to publish a rate
for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) EURIBOR, there shall be no EURIBOR and the relevant Reference Rate for Utilisations denominated in euros
shall be Daily €STR; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Daily €STR, there shall be no Daily €STR and the relevant Reference Rate for Utilisations denominated
in euros shall be the rate for the deposit facility of the central banking system of the Participating Member States, as published by
the European Central Bank from time to time,

and in each case if such rate is less than zero, the rate shall be deemed to be zero.

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| | |
|:---|:---|
| **14** | **FEES** |

---

**14.1** **Commitment fee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall pay (or shall procure that the Borrowers shall pay) to the Agent (for the account of
each Lender) a fee in the Base Currency computed at the rate of 0.9 per cent. per annum on that Lender's Available Commitment for
the Availability Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The accrued commitment fee is payable on the last day of each month which ends during the relevant Availability
Period, on the last day of the relevant Availability Period and, if cancelled in full, on the cancelled amount of the relevant Lender's
Commitment at the time the cancellation is effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No commitment fee is payable to the Agent (for the account of a Lender) on any Available Commitment of
that Lender for any day on which that Lender is a Defaulting Lender.

**14.2** **Arrangement fee** 

The Company shall pay to the Agent an arrangement fee in the amount and at the times agreed in a Fee Letter.

**14.3** **Service fee** 

The Company shall pay to the Agent a service fee in the amount and at the times agreed in a Fee Letter.

**14.4** **Amendment and restatement fee** 

The Company shall pay to the Agent an amendment and restatement fee in the amount and at the times agreed in a Fee Letter.

**14.5** **Fees payable in respect of Letters of Credit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent or each Borrower shall pay to the Agent (for the account of each Lender) a Letter of Credit
fee in the Base Currency (computed at the rate equal to the Margin applicable for the currency in which such Letter of Credit is issued)
on the outstanding amount of each Letter of Credit requested by it for the period from the issue of that Letter of Credit until its Expiry
Date. This fee shall be distributed according to each Lender's Pro Rata Share of that Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The accrued Letter of Credit fee shall be payable in arrears on the first calendar day of each month in
respect of the Letter of Credit fee accrued in the immediately preceding month (or such shorter period as shall end on the Expiry Date
for that Letter of Credit) starting on the date of issue of that Letter of Credit. If the outstanding amount of a Letter of Credit is
reduced, any Letter of Credit fee accrued in respect of the amount of that reduction shall be payable on the day that that reduction becomes
effective.

**SECTION 6**

**ADDITIONAL PAYMENT OBLIGATIONS**

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| | |
|:---|:---|
| **15** | **TAX GROSS-UP AND INDEMNITIES** |

---

**15.1** **Definitions** 

In this Agreement:

**"Borrower DTTP Filing"** means an HM Revenue & Customs' Form DTTP2 duly completed and filed by the relevant UK Tax Obligor, which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where it relates to a UK Treaty Lender that is an Original Lender, contains the scheme reference number
and jurisdiction of tax residence stated opposite that Lender's name in Part 2 of Schedule 1 (The Original Parties), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) where the UK Tax Obligor is an Original Borrower, is filed with HM Revenue & Customs within 30
days of the Original Signing Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) where the UK Tax Obligor is an Additional Borrower, is filed with HM Revenue & Customs within
30 days of the date on which that UK Tax Obligor becomes an Additional Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where it relates to a UK Treaty Lender that is not an Original Lender, contains the scheme reference number
and jurisdiction of tax residence stated in respect of that Lender in the documentation which it executes on becoming a Party as a Lender;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) where the UK Tax Obligor is a Borrower as at the date on which that UK Treaty Lender becomes a Party as
a Lender, is filed with HM Revenue & Customs within 30 days of that date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) where the UK Tax Obligor is not a Borrower as at the date on which that UK Treaty Lender becomes a Party
as a Lender, is filed with HM Revenue & Customs within 30 days of the date on which that UK Tax Obligor becomes an Additional
Borrower.

"**CTA**" means the UK Corporation Tax Act 2009.

"**German Qualifying Lender**" means a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document and is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) lending through a Facility Office in Germany; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a German Treaty Lender.

"**German Treaty Lender**" means, in relation to a payment of interest by or in respect of a German Obligor under a Finance Document, a Lender which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is treated as a tax resident of a German Treaty State for the purposes of the relevant German Treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) does not carry on a business in Germany through a permanent establishment with which that Lender´s
participation in the Loan is effectively connected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) fulfils any other conditions which must be fulfilled under the relevant German Treaty and under the laws
of the Federal Republic of Germany by residents of that German Treaty State in order for such residents to benefit from full exemption
from Tax imposed by the Federal Republic of Germany on interest including the completion of any necessary procedural formalities.

"**German Treaty State**" means a jurisdiction having a double taxation agreement in force with Germany (a "**German Treaty**"), which makes provision for full exemption from Tax imposed by Germany on interest.

"**ITA**" means the UK Income Tax Act 2007.

"**Protected Party**" means a Finance Party which is or will be subject to any liability or required to make any payment for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document.

"**Tax Credit**" means a credit against, relief or remission for, or repayment of, any Tax.

"**Tax Deduction**" means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction.

"**Tax Payment**" means either the increase in a payment made by an Obligor to a Finance Party under Clause 15.2 (*Tax gross-up*) or a payment under Clause 15.3 (*Tax indemnity*).

"**UK Qualifying Lender**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance under
a Finance Document and is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) which is a bank (as defined for the purpose of section 879 of the ITA) making an advance under a Finance
Document and is within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that advance
or would be within such charge as respects such payments apart from section 18A of the CTA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in respect of an advance made under a Finance Document by a person that was a bank (as defined for the
purpose of section 879 of the ITA) at the time that that advance was made and within the charge to United Kingdom corporation tax as respects
any payments of interest made in respect of that advance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a Lender which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a company resident in the United Kingdom for United Kingdom tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a partnership each member of which is a company so resident in the United Kingdom or a company not so
resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into
account in computing its chargeable profits (within the meaning of section 19 of the CTA) the whole of any share of interest payable in
respect of that advance that falls to it by reason of Part 17 of the CTA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through
a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable profits
(within the meaning of section 19 of the CTA) of that company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a UK Treaty Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Lender which is a building society (as defined for the purpose of section 880 of the ITA) making an
advance under a Finance Document.

"**UK Tax Confirmation**" means a confirmation by a Lender that the person beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document is either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a company resident in the United Kingdom for United Kingdom tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a partnership each member of which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a company so resident in the United Kingdom; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through
a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of section 19 of the CTA)
the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through
a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable profits
(within the meaning of section 19 of the CTA) of that company.

"**UK Treaty Lender**" means a Lender which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is treated as a resident of a UK Treaty State for the purposes of the relevant UK Treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) does not carry on a business in the United Kingdom through a permanent establishment with which that Lender's
participation in the Loan is effectively connected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) fulfils any other conditions which must be fulfilled under the relevant UK Treaty by residents of that
UK Treaty State in order for such residents to obtain full exemption from tax imposed by the United Kingdom on interest, including the
completion of any necessary procedural formalities.

"**UK Treaty State**" means a jurisdiction having a double taxation agreement (a "**UK Treaty**") with the United Kingdom which makes provision for full exemption from tax imposed by the United Kingdom on interest.

"**United States person**" means a "United States person" within the meaning of Section 7701(a)(30) of the Code.

"**US Borrower**" means a Borrower that is a "**United States person**" or that is otherwise a US Tax Obligor.

"**US Qualifying Lender**" means a Lender which is qualified for a complete exemption from US federal withholding Tax and US federal backup withholding with respect to interest payments under any Finance Document (excluding any Taxes imposed under FATCA);

"**Withholding Form**" means whichever of the following is relevant (including in each case any successor form):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) IRS Form W-8BEN or W-8BEN-E,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) IRS Form W-8IMY (with appropriate attachments),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) IRS Form W-8ECI,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) IRS Form W-9,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in the case of a Lender relying on the so-called "portfolio interest exemption," IRS Form W-8BEN
or W-8BEN-E and a certificate to the effect that such Lender is not (i) a "**bank**" within the meaning of Section 881(c)(3)(A) of
the Code, (ii) a "**10 percent shareholder**" of the relevant Obligor within the meaning of Section 881(c)(3)(B) of
the Code, (iii) a "**controlled foreign corporation**" described in Section 881(c)(3)(C) of the Code; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any other IRS form by which a person may claim complete exemption from, or reduction in the rate of, withholding
(including backup withholding) of US federal income tax on interest and other payments to that person.

Unless a contrary indication appears, in this Clause 15 a reference to "**determines**" or "**determined**" means a determination made in the absolute discretion of the person making the determination, acting in good faith.

**15.2** **Tax gross-up** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction
is required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parent shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there
is any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall notify the Agent on
becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification from a Lender it shall notify
the Parent and that Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that
Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have
been due if no Tax Deduction had been required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A payment by a US Tax Obligor shall not be increased under paragraph (c) above by reason of a Tax
Deduction on account of Tax imposed by the US, if on the date on which the payment falls due:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the payment could have been made to the relevant Lender without Tax Deduction if the Lender had been a
US Qualifying Lender, but on that date that Lender is not or has ceased to be a US Qualifying Lender entitled to a complete exemption
from withholding other than as a result of any change after the date it became a Lender under this agreement in (or in the interpretation,
administration, or application of) any law or treaty, or any published practice or published concession of any relevant taxing authority;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Tax Deduction relates to US Federal withholding taxes and is imposed on amounts payable to or for
the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which
(i) such Lender acquires such interest in the Loan or Commitment, or (ii) such Lender changes its lending office, except, in
each case, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became
a party hereto or to such Lender immediately before it changed its lending office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the payment could have been made to the relevant Lender without, or with a reduced, Tax Deduction had
that Lender complied with its obligations under paragraphs (i) and (j) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A payment by a UK Tax Obligor shall not be increased under paragraph (c) above by reason of a Tax
Deduction on account of Tax imposed by the United Kingdom, if on the date on which the payment falls due:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been
a UK Qualifying Lender, but on that date that Lender is not or has ceased to be a UK Qualifying Lender other than as a result of any change
after the date it became a Lender under this agreement in (or in the interpretation, administration, or application of) any law or treaty,
or any published practice or published concession of any relevant taxing authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the relevant Lender is a UK Qualifying Lender solely by virtue of paragraph (i)(B) of the definition
of UK Qualifying Lender and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) an officer of H.M. Revenue & Customs has given (and not revoked) a direction (a "Direction")
under section 931 of the ITA which relates to the payment and that Lender has received from the UK Tax Obligor making the payment or from
the Parent a certified copy of that Direction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the payment could have been made to the Lender without any Tax Deduction if that Direction had not been
made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the relevant Lender is a UK Qualifying Lender solely by virtue of paragraph (i)(B) of the definition
of UK Qualifying Lender and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the relevant Lender has not given a UK Tax Confirmation to the Parent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the payment could have been made to the Lender without any Tax Deduction if the Lender had given a UK
Tax Confirmation to the Parent, on the basis that the UK Tax Confirmation would have enabled the Parent to have formed a reasonable belief
that the payment was an "excepted payment" for the purpose of section 930 of the ITA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the relevant Lender is a UK Treaty Lender and the Obligor making the payment is able to demonstrate that
the payment could have been made to the Lender without the Tax Deduction had that Lender complied with its obligations under paragraphs
(i), (k) and (l) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A payment by a German Obligor shall not be increased under paragraph (c) above by reason of a Tax
Deduction on account of Tax imposed by Germany, if on the date on which the payment falls due:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been
a German Qualifying Lender, but on that date that Lender is not or has ceased to be a German Qualifying Lender other than as a result
of any change after the date it became a Lender under this agreement in (or in the interpretation, administration, or application of)
any law or treaty, or any published practice or published concession of any relevant taxing authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the German Obligor making the payment is able to demonstrate that the payment could have been made to
the relevant Lender without, or with a reduced, Tax Deduction had that Lender complied with its obligations under paragraph (i) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any
payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Within thirty days of making either a Tax Deduction or any payment required in connection with that Tax
Deduction, the Obligor making that Tax Deduction shall deliver to the Agent for the Finance Party entitled to the payment a statement
under section 975 of the ITA or evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable)
any appropriate payment paid to the relevant taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A Lender and each Obligor which makes a payment to which that Lender is entitled shall co-operate in completing
any procedural formalities necessary for that Obligor to obtain authorisation to make that payment without a Tax Deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) On or prior to the date on which a Lender making a Loan to a US Tax Obligor, or the Agent, becomes a Party,
such Lender or Agent shall provide to each US Tax Obligor and the Agent, as applicable, properly completed copies of applicable Withholding
Forms (certifying, in the case of a Lender, that it is a US Qualifying Lender and, in the case of the Agent, that it is either a United
States Person, a "**U.S. branch**" within the meaning of US Treasury Regulation Section 1.1441-1(b)(2)(iv)(A) or
a "**Qualifying Intermediary**" that assumes primary withholding responsibility under Chapter 3 and Chapter 4 of the Code
and for Form 1099 reporting and backup withholding), and such Lender and the Agent, as applicable, shall update such Withholding
Forms from time to time thereafter upon the request of such Obligor or the Agent, as applicable, or on or before the expiration, obsolescence
or invalidity of any previously delivered Withholding Form.

(k) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) A UK Treaty Lender which is an Original Lender and that holds a passport under the HMRC DT Treaty Passport
scheme, and which wishes that scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction of tax
residence opposite its name in Part 2 of Schedule 1 (*The Original Parties*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a UK Treaty Lender which is not an Original Lender and that holds a passport under the HMRC DT Treaty
Passport scheme, and which wishes that scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction
of tax residence in the documentation which it executes on becoming a Party as a Lender,

and, having done so, that Lender shall be under no obligation pursuant to paragraph (i) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) If a UK Treaty Lender has confirmed its scheme reference number and its jurisdiction of tax residence
in accordance with paragraph (k) above and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a UK Tax Obligor making a payment to that Lender has not made a Borrower DTTP Filing in respect of that
Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a UK Tax Obligor making a payment to that Lender has made a Borrower DTTP Filing in respect of that Lender
but:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) that Borrower DTTP Filing has been rejected by HM Revenue & Customs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) HM Revenue & Customs has not given the relevant UK Borrower authority to make payments to that
Lender without a Tax Deduction within 60 days of the date of the Borrower DTTP Filing,

and in each case, the relevant UK Tax Obligor has notified that Lender in writing, that Lender and UK Tax Obligor shall co-operate in completing any additional procedural formalities necessary for that UK Tax Obligor to obtain authorisation to make that payment without a Tax Deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) If a UK Treaty Lender has not confirmed its scheme reference number and jurisdiction of tax residence
in accordance with paragraph (j) above, no Obligor shall make a Borrower DTTP Filing or file any other form relating to the HMRC
DT Treaty Passport scheme in respect of that Lender's Commitment(s) or its participation in any Loan unless the Lender otherwise
agrees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) A UK Tax Obligor shall, promptly on making a Borrower DTTP Filing, deliver a copy of that Borrower DTTP
Filing to the Agent for delivery to the relevant Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) A payment shall not be increased under paragraph (c) above by reason of a Tax Deduction on account
of Tax imposed by Germany, if on the date on which the payment falls due the obligation to make the Tax Deduction is caused by a written
notice of the German tax authorities pursuant to Section 50a para. 7 German Income Tax Act.

**15.3** **Tax indemnity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent shall (within three Business Days of demand by the Agent) pay to a Protected Party an amount
equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly) suffered for or
on account of Tax by that Protected Party in respect of a Finance Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above shall not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to any Tax assessed on a Finance Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction
(or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) under the law of the jurisdiction in which that Finance Party's Facility Office is located in respect
of amounts received or receivable in that jurisdiction or in which it has, or is treated as having a permanent establishment to which
income under this agreement is attributed in respect of amounts received or receivable in that jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) with respect to Taxes assessed on a Finance Party under the laws of Germany according to or based on Section 50a
para. 7 German Income Tax Act,

if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that Finance Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the extent a loss, liability or cost:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is compensated for by an increased payment under Clause 15.2 (*Tax gross-up*), a payment under Clause
15.6 (*Stamp taxes*), or a payment under Clause 15.7 (*VAT*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) would have been compensated for by an increased payment under Clause 15.2 (*Tax gross-up*), a payment
under Clause 15.6 (*Stamp taxes*), or a payment under Clause 15.7 (*VAT*), but was not so compensated solely because one of
the exclusions in the applicable clause applied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) is a direct or indirect consequence of any Finance Party having the benefit of Security over or relating
to German real estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) relates to a FATCA Deduction required to be made by a Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) is attributable to any Bank Levy (or any payment attributable to, or liability arising as a consequence
of, a Bank Levy).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Protected Party making, or intending to make a claim under paragraph (a) above shall promptly notify
the Agent of the event which will give, or has given, rise to the claim, following which the Agent shall notify the Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Protected Party shall, on receiving a payment from an Obligor under this Clause 15.3, notify the Agent.

**15.4** **Tax Credit** 

If an Obligor makes a Tax Payment and the relevant Finance Party determines that: `

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax
Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that Finance Party has obtained and utilised that Tax Credit,

the Finance Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Obligor.

**15.5** **Lender status confirmation** 

Each Lender shall indicate, where the Lender is a Lender on the Original Signing Date, in Part 2 of Schedule 1 (*The Original Lenders*), or where the Lender is not an Original Lender, in the documentation which it executes on becoming a Party as a Lender, and for the benefit of the Agent and without liability to any Obligor, into which of the following categories it falls:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of a German Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a German Qualifying Lender (other than a German Treaty Lender)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a German Treaty Lender; or (ii) not a German Qualifying Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of a UK Tax Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) not a UK Qualifying Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a UK Qualifying Lender (other than a UK Treaty Lender); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a UK Treaty Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in respect of a US Tax Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a US Qualifying Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not a US Qualifying Lender.

If such a Lender fails to indicate its status in accordance with this Clause 15.5 then that Lender shall be treated for the purposes of this agreement (including by each Obligor) as if it is not a German Qualifying Lender, UK Qualifying Lender or US Qualifying Lender (as the case may be) until such time as it notifies the Agent which category applies (and the Agent, upon receipt of such notification, shall inform the Parent). For the avoidance of doubt, the documentation which a Lender executes on becoming a Party as a Lender shall not be invalidated by any failure of a Lender to comply with this Clause 15.5.

**15.6** **Stamp taxes** 

The Parent shall pay and, within three Business Days of demand, indemnify each Secured Party against any cost, loss or liability that Secured Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document, provided that this Clause 15.6 shall not apply to any stamp duty, registration or other similar Taxes payable in respect of any assignment, sub-participation or transfer by a Finance Party of any of its rights and/or obligations under a Finance Document.

**15.7** **VAT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which (in
whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable
on that supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made by any Finance
Party to any Party under a Finance Document and such Finance Party is required to account to the relevant tax authority for the VAT, that
Party must pay to such Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount
equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to that Party).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If VAT is or becomes chargeable on any supply made by any Finance Party (the "**Supplier** ")
to any other Finance Party (the "**Recipient**") under a Finance Document, and any Party other than the Recipient (the
 "**Relevant Party**") is required by the terms of any Finance Document to pay an amount equal to the consideration for
that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant
Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount of the VAT. The
Recipient must (where this paragraph (i) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the
Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (where the Recipient is the person required to account to the relevant tax authority for the VAT) the
Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable on that
supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant
tax authority in respect of that VAT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or
expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or expense,
including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to
credit or repayment in respect of such VAT from the relevant tax authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any reference in this clause 15.7 (*Value added tax*) to any Party shall, at any time when that Party
is treated as a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference
to the representative member of that group at that time (the term "representative member" to have the same meaning as in the
Value Added Tax Act 1994 or its equivalent under any similar legislation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably
requested by such Finance Party, that Party must promptly provide such Finance Party with details of that Party's VAT registration
and such other information as is reasonably requested in connection with such Finance Party's VAT reporting requirements in relation
to such supply.

**15.8** **FATCA information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request
by another Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) confirm to that other Party whether it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a FATCA Exempt Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) not a FATCA Exempt Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) supply to that other Party such forms, documentation and other information relating to its status under
FATCA as that other Party reasonably requests for the purposes of that other Party's compliance with FATCA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) supply to that other Party such forms, documentation and other information relating to its status as that
other Party reasonably requests for the purposes of that other Party's compliance with any other law, regulation, or exchange of
information regime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt
Party and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party
reasonably promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above
shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any fiduciary duty; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any duty of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation
or other information requested in accordance with paragraph (a)(i) or (a)(ii) above (including, for the avoidance of doubt,
where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under
them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation
or other information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If a Borrower is a US Tax Obligor or the Agent reasonably believes that its obligations under FATCA or
any other applicable law or regulation require it, each Lender shall, within ten Business Days of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where an Original Borrower is a US Tax Obligor and the relevant Lender is an Original Lender, the Original
Signing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where a Borrower is a US Tax Obligor on a date on which any other Lender becomes a Party as a Lender,
that date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date a new US Tax Obligor accedes as a Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) where a Borrower is not a US Tax Obligor, the date of a request from the Agent,

supply to the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a withholding certificate on Form W-8, Form W-9 or any other relevant form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any withholding statement or other document, authorisation or waiver as the Agent may require to certify
or establish the status of such Lender under FATCA or that other law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Agent shall provide any withholding certificate, withholding statement, document, authorisation or
waiver it receives from a Lender pursuant to paragraph (e) above to the relevant Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If any withholding certificate, withholding statement, document, authorisation or waiver provided to the
Agent by a Lender pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, that Lender shall promptly update
it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver to the Agent unless it is
unlawful for the Lender to do so (in which case the Lender shall promptly notify the Agent). The Agent shall provide any such updated
withholding certificate, withholding statement, document, authorisation or waiver to the relevant Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Agent may rely on any withholding certificate, withholding statement, document, authorisation or waiver
it receives from a Lender pursuant to paragraph (e) or (g) above without further verification. The Agent shall not be liable
for any action taken by it under or in connection with paragraph (e), (f) or (g) above.

**15.9** **FATCA Deduction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection
with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction
or otherwise compensate the recipient of the payment for that FATCA Deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any
change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and, in addition, shall notify
the Parent and the Agent and the Agent shall notify the other Finance Parties.

---

| | |
|:---|:---|
| **16** | **INCREASED COSTS** |

---

**16.1** **Increased costs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Clause 16.3 (*Exceptions*) the Parent shall, within three Business Days of a demand by
the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates
as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation,
(ii) compliance with any law or regulation made after the Original Signing Date, or (iii) the implementation or application
or, or compliance with, Basel III, CRD IV or Dodd-Frank (each as defined in paragraph (c) of Clause 16.3 (*Exceptions*)) or
any law or regulation that implements or applies Basel III, CRD IV or Dodd-Frank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In this Agreement "**Increased Costs**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction in the rate of return from a Facility or on a Finance Party's (or its Affiliate's)
overall capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an additional or increased cost; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a reduction of any amount due and payable under any Finance Document,

which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document.

**16.2** **Increased cost claims** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Finance Party intending to make a claim pursuant to Clause 16.1 (*Increased costs*) shall notify
the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming
the amount of its Increased Costs.

**16.3** **Exceptions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Clause 16.1 (*Increased costs*) does not apply to the extent any Increased Cost is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) attributable to a Tax Deduction required by law to be made by an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) attributable to a FATCA Deduction required to be made by a Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) compensated for by Clause 15.3 (*Tax indemnity*) (or would have been compensated for under Clause
15.3 (*Tax indemnity*) but was not so compensated solely because any of the exclusions in paragraph (b) of Clause 15.3 (*Tax indemnity*) applied);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) compensated for by a payment under Clause 15.6 (*Stamp taxes*), or a payment under Clause 15.7 (*VAT*)
(or would have been compensated for by a payment under Clause 15.6 (*Stamp taxes*) or a payment under Clause 15.7 (*VAT*), but
was not so compensated solely because one of the exclusions in the applicable clause applied);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) attributable to any Bank Levy (or any payment attributable to, or liability arising as a consequence of,
a Bank Levy); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In this Clause 16.3 reference to a "**Tax Deduction**" has the same meaning given to the
term in Clause 15.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In this Agreement:

"**Basel III**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the agreements on capital requirements, a leverage ratio and liquidity standards contained in "*Basel III: A global regulatory framework for more resilient banks and banking systems", "Basel III: International framework for liquidity risk measurement, standards and monitoring" and "Guidance for national authorities operating the countercyclical capital buffer*" published by the Basel Committee on Banking Supervision on 16 December 2010, each as amended, supplemented
or restated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the rules for global systemically important banks contained in "Global systemically important
banks: assessment methodology and the additional loss absorbency requirement Rules text" published by the Basel Committee on
Banking Supervision in November 2011, as amended, supplemented or restated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any further guidance or standards published by the Basel Committee on Banking Supervision relating to
Basel III.

"**CRD IV**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential
requirements for credit institutions and investment firms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the
activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC
and repealing Directives 2006/48/EC and 2006/49/EC.

"**Dodd-Frank**" means all requests, rules, guidelines and directives under or issued in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act (United States Pub.L. 111-203), all interpretations and applications thereof and any compliance by a Lender with any request or directive relating thereto.

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|:---|:---|
| **17** | **OTHER INDEMNITIES** |

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**17.1** **Currency indemnity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any sum due from an Obligor or the Parent under the Finance Documents (a "**Sum** "),
or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the "**First Currency** ")
in which that Sum is payable into another currency (the "**Second Currency**") for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) making or filing a claim or proof against that Obligor or, as applicable, the Parent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,

that Obligor, or as applicable, the Parent shall as an independent obligation, within three Business Days of demand, indemnify each Secured Party to whom that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Obligor and the Parent waives any right it may have in any jurisdiction to pay any amount under the
Finance Documents in a currency or currency unit other than that in which it is expressed to be payable.

**17.2** **Other indemnities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent shall (or shall procure that an Obligor will), within three Business Days of demand, indemnify
each Secured Party against any cost, loss or liability incurred by it as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the occurrence of any Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without
limitation, any cost, loss or liability arising as a result of Clause 31 (*Sharing among the Finance Parties*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) funding, or making arrangements to fund, its participation in a Utilisation requested by the Parent or
a Borrower in a Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other
than by reason of default or negligence by that Finance Party alone);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) issuing or making arrangements to issue a Letter of Credit requested by the Parent or a Borrower in a
Utilisation Request but not issued by reason of the operation of any one or more of the provisions of this Agreement (other than by reason
of default or negligence by that Finance Party alone); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a Utilisation (or part of a Utilisation) not being prepaid in accordance with a notice of prepayment given
by a Borrower or the Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parent shall promptly indemnify each Finance Party, each Affiliate of a Finance Party and each officer
or employee of a Finance Party or its Affiliate, against any cost, loss or liability incurred by that Finance Party or its Affiliate (or
officer or employee of that Finance Party or Affiliate) in connection with or arising out of the Financial Restructuring or the funding
of a Utilisation or the 2020 ICA Resignations and Waivers (including but not limited to those incurred in connection with any litigation,
arbitration or administrative proceedings or regulatory enquiry concerning the Financial Restructuring or the 2020 ICA Resignations and
Waivers), unless such loss or liability is caused by the gross negligence or wilful misconduct of that Finance Party or its Affiliate
(or employee or officer of that Finance Party or Affiliate). Any Affiliate or any officer or employee of a Finance Party or its Affiliate
may rely on this Clause 17.2 subject to Clause 1.4 (*Third party rights*) and the provisions of the Third Parties Act.

**17.3** **Indemnity to the Agent and the Security Agent** 

The Parent shall promptly indemnify each of the Agent and the Security Agent against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any cost, loss or liability incurred by the Agent or the Security Agent (as applicable, and, in each case,
acting reasonably) as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) investigating any event which it reasonably believes is a Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct
and appropriately authorised; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as
permitted under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any cost, loss or liability incurred by each of the Agent and the Security Agent (otherwise than by reason
of each of the Agent's or the Security Agent's (as applicable) gross negligence or wilful misconduct) in acting as Agent or
Security Agent (as applicable) under the Finance Documents.

**17.4** **Indemnity to the Security Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent shall promptly indemnify the Security Agent and every receiver, Delegate and Appointee against
any cost, loss or liability incurred by any of them as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the taking, holding, protection or enforcement of the Security under the Transaction Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the exercise of any of the rights, powers, discretions and remedies vested in the Security Agent and each
receiver, Appointee and Delegate by the Finance Documents or by law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any default by any Obligor in the performance of any of the obligations expressed to be assumed by it
in the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Security Agent may, in priority to any payment to the Finance Parties, indemnify itself out of the
Charged Property in respect of, and pay and retain, all sums necessary to give effect to the indemnity in this Clause 17.4 (*Indemnity to the Security Agent*) and shall have a lien on the Charged Property and the proceeds of the enforcement of the Transaction Security
Documents for all monies payable to it.

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|:---|:---|
| **18** | **MITIGATION BY THE LENDERS** |

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**18.1** **Mitigation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Finance Party shall, in consultation with the Parent, take all reasonable steps to mitigate any circumstances
which arise and which would result in any Facility ceasing to be available or any amount becoming payable under or pursuant to, or cancelled
pursuant to, any of Clause 9.1 (*Illegality*), Clause 15 (*Tax gross-up and indemnities*) or Clause 16 (*Increased Costs*)
including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above does not in any way limit the obligations of any Obligor or the Parent under
the Finance Documents.

**18.2** **Limitation of liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent shall promptly indemnify each Finance Party for all costs and expenses reasonably incurred
by that Finance Party as a result of steps taken by it under Clause 18.1 (*Mitigation*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Finance Party is not obliged to take any steps under Clause 18.1 (*Mitigation*) if, in the opinion
of that Finance Party (acting reasonably), to do so might be prejudicial to it.

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| | |
|:---|:---|
| **19** | **COSTS AND EXPENSES** |

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**19.1** **Transaction expenses** 

The Parent shall, promptly on demand, pay the Agent and the Security Agent the amount of all costs and expenses (including financial advisory and legal fees) reasonably incurred by any of them (and, in the case of the Security Agent, by any Receiver or Delegate) in connection with the negotiation, preparation, printing, execution, syndication and perfection of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Agreement and any other documents referred to in this Agreement and the Transaction Security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other Finance Documents executed after the Original Signing Date.

**19.2** **Amendment costs** 

If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Obligor or the Parent requests an amendment, waiver or consent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an amendment is required pursuant to Clause 32.10 (*Change of currency*),

the Parent shall, within three Business Days of demand, reimburse each of the Agent and the Security Agent for the amount of all costs and expenses (including financial advisory and legal fees) reasonably incurred by the Agent and the Security Agent (and, in the case of the Security Agent, by any Receiver or Delegate) in responding to, evaluating, negotiating or complying with that request or requirement.

**19.3** **Collection Costs** 

The Parent shall, within three Business Days of demand pay the Agent the amount of all costs and expenses incurred by the Agent in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the remission of loan proceeds, collection of cheques and other items, the issue, maintenance, renewal
of L/Cs, together with each Lender's associated and customary fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all out of pocket expenses and costs reasonably and properly incurred from time to time (including those
incurred prior to the Original Signing Date) during the course of periodic field examinations and appraisals of the Obligors' assets
and operations pursuant to the terms of this Agreement plus a daily charge at the rate of £1,000 for the Agent's examinations
in the field and office.

**19.4** **Enforcement and preservation costs** 

The Parent shall, within three Business Days of demand, pay to each Secured Party the amount of all costs and expenses (including financial advisory and legal fees) incurred by it in connection with the enforcement of or the preservation of any rights under any Finance Document and the Transaction Security and any proceedings instituted by or against the Security Agent as a consequence of taking or holding the Transaction Security or enforcing these rights.

**SECTION 7**

**GUARANTEE**

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| | |
|:---|:---|
| **20** | **GUARANTEE AND INDEMNITY** |

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**20.1** **Guarantee and indemnity** 

Each Guarantor irrevocably and unconditionally jointly and severally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) guarantees to each Finance Party punctual performance by each other Obligor of all that Obligor's
obligations under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) undertakes with each Finance Party that whenever another Obligor does not pay any amount when due under
or in connection with any Finance Document, that Guarantor shall immediately on demand pay that amount as if it was the principal obligor;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid
or illegal, it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss
or liability it incurs as a result of an Obligor not paying any amount which would, but for such unenforceability, invalidity or illegality,
have been payable by it under any Finance Document on the date when it would have been due. The amount payable by a Guarantor under this
indemnity will not exceed the amount it would have had to pay under this Clause 20 if the amount claimed had been recoverable on the basis
of a guarantee.

**20.2** **Continuing guarantee** 

This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Obligor under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part.

**20.3** **Reinstatement** 

If any discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of each Guarantor under this Clause 20 will continue or be reinstated as if the discharge, release or arrangement had not occurred.

**20.4** **Waiver of defences** 

The obligations of each Guarantor under this Clause 20 will not be affected by an act, omission, matter or thing which, but for this Clause 20, would reduce, release or prejudice any of its obligations under this Clause 20 (without limitation and whether or not known to it or any Finance Party), including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any time, waiver or consent granted to, or composition with, any Obligor or other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the release of any other Obligor or any other person under the terms of any composition or arrangement
with any creditor of any member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect,
take up or enforce, any rights against, or security over assets of, any Obligor or other person or any non-presentation or non-observance
of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any incapacity or lack of power, authority or legal personality of or dissolution or change in the members
or status of an Obligor or any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more
onerous) or replacement of a Finance Document or any other document or security including, without limitation, any change in the purpose
of, any extension of or increase in any facility or the addition of any new facility under any Finance Document or other document or security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document
or any other document or security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any insolvency or similar proceedings,

*provided that*, indefeasible payment in full of all obligations of each Guarantor shall be defence available to any Guarantor.

**20.5** **Guarantor intent** 

Without prejudice to the generality of Clause 20.4 (*Waiver of defences*), each Guarantor expressly confirms that it intends that this guarantee shall extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Finance Documents and/or any facility or amount made available under any of the Finance Documents for the purposes of or in connection with any of the following: business acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to new borrowers; any other variation or extension of the purposes for which any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated with any of the foregoing.

**20.6** **Immediate recourse** 

Each Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this Clause 20. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

**20.7** **Waiver and abandonment of Jersey customary law rights** 

Without prejudice to the generality of any other waiver granted in any Finance Document, each Guarantor irrevocably abandons and waives any right it may have at any time under Jersey law whether existing or future:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whether by virtue of the *droit de division* or otherwise, to require that any liability under any
Finance Document be divided or apportioned with any other person or reduced in any manner whatsoever; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether by virtue of the *droit de discussion* or otherwise, to require that recourse be had to the
assets of any other person before any claim is enforced against that Guarantor under any Finance Document.

**20.8** **Appropriations** 

Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) refrain from applying or enforcing any other moneys, security or rights held or received by that Finance
Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it
sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any
Guarantor's liability under this Clause 20.

**20.9** **Deferral of Guarantors' rights** 

Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless the Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 20:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to be indemnified by an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to claim any contribution from any other guarantor of any Obligor's obligations under the Finance
Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights
of the Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the
Finance Documents by any Finance Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform
any obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under Clause 20.1 (*Guarantee and indemnity*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to exercise any right of set-off against any Obligor; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to claim or prove as a creditor of any Obligor in competition with any Finance Party.

If a Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer the same to the Agent or as the Agent may direct for application in accordance with Clause 32 (*Payment mechanics*).

**20.10** **Release of Guarantors' right of contribution** 

If any Guarantor (a "**Retiring Guarantor**") ceases to be a Guarantor in accordance with the terms of the Finance Documents for the purpose of any sale or other disposal of that Retiring Guarantor then on the date such Retiring Guarantor ceases to be a Guarantor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that Retiring Guarantor is released by each other Guarantor from any liability (whether past, present
or future and whether actual or contingent) to make a contribution to any other Guarantor arising by reason of the performance by any
other Guarantor of its obligations under the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each other Guarantor waives any rights it may have by reason of the performance of its obligations under
the Finance Documents to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance
Parties under any Finance Document or of any other security taken pursuant to, or in connection with, any Finance Document where such
rights or security are granted by or in relation to the assets of the Retiring Guarantor.

**20.11** **Additional security** 

This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance Party.

**20.12** **Guarantee in favour of the Bank Product Providers** 

For the purposes of this clause 20.1 (*Guarantee and Indemnity*), the definition of Finance Documents shall be deemed to include any Bank Product Agreement.

**20.13** **Guarantee limitations** 

This guarantee does not apply to any liability to the extent that it would result in this guarantee constituting unlawful financial assistance within the meaning of sections 678 or 679 of the Companies Act or any equivalent and applicable provisions under the laws of the Original Jurisdiction of the relevant Guarantor and, with respect to any Additional Guarantor, is subject to any limitations set out in the Accession Deed applicable to such Additional Guarantor.

**20.14** **Excluded Swap Obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary in any Finance Document, the guarantee contained in this Clause
20 does not apply to any Excluded Swap Obligation of any Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In this Clause 20.14:

"**CEA**" means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

"**Excluded Swap Obligation**" means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the guarantee of such Guarantor that relates to, or security for, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the CEA or any rule, regulation or order of the US Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor's failure for any reason to constitute an "***eligible contract participant***" as defined in the CEA and the regulations thereunder at the time the guarantee or security interest, as applicable, given by such Guarantor becomes effective with respect to such Swap. If a Swap Obligation arises under a master agreement governing more than one Swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to Swaps for which such guarantee or security interest is or becomes illegal.

"**Swap**" means any agreement, contract or transaction that constitutes a "**swap**" within the meaning of section 1a(47) of the CEA.

"**Swap Obligation**" means, with respect to any person, any obligation to pay or perform under any Swap.

**20.15** **Guarantee Limitations: United States** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary contained in this Agreement or in any other Finance Document,
the maximum liability of each US Guarantor under the Finance Documents (its "**Maximum Liability**") shall in no event
exceed an amount equal to the greatest amount that would not render such US Guarantor's obligations under the Finance Documents
to be held or determined to be set aside, avoided, annulled, void, voidable, invalid or unenforceable, or subordinated to the claims of
any other creditors under any action or proceeding involving state corporate, limited partnership or limited liability company law, or
any applicable state, federal or foreign bankruptcy, insolvency, reorganisation, fraudulent transfer law or other law affecting the rights
of creditors generally (including, by rendering such US Guarantor insolvent, leaving such US Guarantor with unreasonably small capital
or assets or leaving such US Guarantor unable to pay its debts as they become due, in each case, within the meaning of the US Bankruptcy
Laws, the Uniform Fraudulent Transfer Act, the Uniform Fraud Conveyance Act or any other fraudulent transfer law (the "**Applicable Laws** "), as applicable), in each case subject to applicable law and after giving effect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all other liabilities of such US Guarantor, contingent or otherwise, that are relevant under the Applicable
Laws or any other applicable US state fraudulent transfer or conveyance law (specifically excluding, however, any liabilities of such
US Guarantor in respect of intercompany indebtedness to any borrower (under any Finance Document) to the extent that such indebtedness
would be discharged in an amount equal to the amount paid by such US Guarantor hereunder) but before taking into account any liabilities
under any other guarantee by such US Guarantor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the value as assets of such US Guarantor (as determined under the applicable provisions of such fraudulent
transfer law) of any rights to subrogation, contribution, reimbursement, indemnity or similar rights held by such US Guarantor pursuant
to applicable law or any other agreement providing for an equitable allocation among such US Guarantor and the other Obligors in respect
of obligations arising under this Agreement or other guarantees of such obligations by such parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision of this Agreement to the contrary, the amount of any US Guarantor's
liability shall, without any further action by such US Guarantor or any other person, be automatically limited and reduced to such US
Guarantor's Maximum Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without prejudice to any of the other provisions of this Agreement or any other Finance Document, each
party agrees that, in the event any payment or distribution is made on any date by a US Guarantor hereunder, each such US Guarantor shall
be entitled to be indemnified by each other Obligor in an amount equal to such payment, in each case multiplied by a fraction of which
the numerator shall be the net worth of the contributing Obligor and the denominator shall be the aggregate net worth of all Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The guarantee described in this Clause 20 with respect to each US Guarantor is a guarantee of payment
and not of collection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the purposes of paragraph (a) above:

"**US Bankruptcy Laws**" means Title 11 of the United States Code (11 U.S.C. § 101 et seq.), as it has been, or may be, amended, from time to time and any other US federal or state bankruptcy, insolvency or similar law.

**20.16** **Guarantee limitations – Germany** 

If the guarantee and indemnity granted under this Clause 20 (the "**Guarantee**") is given by a Guarantor incorporated in the Federal Republic of Germany in the legal form of a limited liability company (*GmbH*) or a limited partnership with a limited liability company as general partner (*GmbH & Co. KG*) ("**GmbH & Co. KG**") (each a "**German Guarantor**"), and guarantees or indemnifies obligations or liabilities of any of its affiliated companies (*verbundene Unternehmen*) within the meaning of section 15ff. German Stock Corporation Act (*Aktiengesetz*) that is not a direct or indirect subsidiary ((*Tochterunternehmen*) within the meaning of section 290 of the German Commercial Code (*Handelsgesetzbuch* ("**HGB**")) (a "**German Subsidiary**") of the German Guarantor (or, in the case of a GmbH & Co. KG, its general partner) the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Finance Parties shall be entitled to enforce the Guarantee against the relevant German Guarantor without
limitation in respect of all and any amounts which correspond to (i) funds that have been borrowed or that have otherwise been made
available under this Agreement and on-lent or otherwise made available to the relevant German Guarantor or any of its German Subsidiaries
or have otherwise been used for their purposes (or, in the case of a GmbH & Co. KG, to or for the benefit of this German Guarantor,
its general partner or any of its German Subsidiaries), and in each case outstanding from time to time or (ii) liabilities deriving
from letters of credit (*Avale*) issued in order to secure liabilities of the respective German Guarantor or, in the case of a GmbH &
Co. KG, its general partner or their German Subsidiaries. The same applies to the extent that the Guarantee is granted in relation to
(i) amounts used for refinancing of amounts on-lent or otherwise passed on to the respective German Guarantor or, in the case of
a GmbH & Co. KG, its general partner or their German Subsidiaries or (ii) amounts or instruments used for cash-collateralising
or counter-securing continuing letters of credit already issued in order to secure liabilities of the respective German Guarantor or,
in the case of a GmbH & Co. KG, its general partner or their German Subsidiaries. The German Guarantor bears the burden of proof
that the relevant amounts have not been on-lent or otherwise made available to it or that the letters of credit (*Avale*) do not
secure the liabilities referred to under (ii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (a) above, the Finance Parties shall not enforce the Guarantee against such
German Guarantor if and to the extent that the enforcement would otherwise have the effect of reducing the German Guarantor's (or,
in the case of a GmbH & Co. KG, its general partner's) net assets (*Reinvermögen*) (the "**Net Assets** ")
to an amount that is lower than the amount of its registered capital (*Stammkapital*) or, if the amount of the Net Assets is already
lower than the amount of its registered capital, cause the Net Assets to be further reduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Net Assets shall be calculated as an amount equal to the sum of the amounts of the German Guarantor's
(or, in the case of a GmbH & Co. KG, its general partner's) assets (consisting of all assets which correspond to the items
set forth in section 266 paragraph (2) A, B (in deviation from section 272 para. 1 German Commercial Code (*HGB*) including
not yet called outstanding contributions (*nicht eingeforderte ausstehende Einlagen*)), C, D and E of the HGB (including any valuable
indemnification claims due to the provision of the Guarantee, provided that they are not already taken into account in one of the above
balance sheet items and that they are not prevented by the Finance Parties from being exercised) but deducting amounts not available for
distribution pursuant section 253 paragraph (6) HGB, section 268 paragraph (8) HGB, section 272 (5) HGB, as applicable,
and less the aggregate amount of such German Guarantor's (or, in the case of a GmbH & Co. KG, its general partner's)
liabilities (consisting of all liabilities and liability reserves (*Rückstellungen*) which correspond to the items set forth
in section 266 paragraph (3) B, C (but disregarding, for the avoidance of doubt, any liability reserves and liabilities in respect
of this Guarantee and any guarantee issued by such German Guarantor under any Finance Document), D and E HGB), save that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount of any increase of the stated share capital (*Stammkapital*) of the relevant German Guarantor
(or, in the case of a GmbH & Co. KG, its general partner) after the date of this Agreement (i) that has been effected without
the prior written consent of the Agent or (ii) to the extent that it is not fully paid up shall be deducted from the relevant stated
share capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any debt owing by the German Guarantor (and, in the case of a GmbH & Co. KG, any debt owing by
its general partner) to any member of the Group or any other Affiliate shall not be taken into account as liability to the extent such
debt would in an insolvency be subordinated by law or by contract at least to the claims of the unsubordinated creditors of such German
Guarantor (or as the case may be, its general partner) ()"**Subordinated Debt**") provided that the German Guarantor (or,
in the case of a GmbH & Co. KG, its general partner) (a) has as a consequence of the payment under this Guarantee, a reimbursement
claim against the relevant member of the Group or any other Affiliate which can be set-off and (b) is entitled to set-off this reimbursement
claim with the Subordinated Debt pursuant to (A) the Finance Documents and (B) under any law or regulation without triggering
or increasing the risk of any personal and/or criminal liability of any managing director or member of the board of any member of the
Group or any other Affiliate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) obligations under loans or other contractual liabilities incurred by the German Guarantor (and, in the
case of a GmbH & Co. KG, liabilities incurred by its general partner) in violation of the provisions of the Finance Documents
shall not be taken into account as liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Net Assets shall be determined in accordance with the generally accepted accounting principles applicable
from time to time in Germany (*Grundsätze ordnungsmäßiger Buchführung*) and be based on the same principles
that were applied by the German Guarantor (or, in the case of a GmbH & Co. KG, its general partner) in the preparation of its
most recent annual balance sheet (*Jahresbilanz*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the German Guarantor intends to demonstrate that the enforcement of the Guarantee would be restricted
in accordance with paragraph (b) of this Clause 20.16, then such German Guarantor (or, in the case of a GmbH & Co. KG, its
general partner) shall, to the extent legally permitted, realise, at the request of the Agent, at market value any of its assets that
is shown in its balance sheet with a book value (*Buchwert*) that is significantly lower than the market value, if such asset is
not necessary for its business (*nicht betriebsnotwendig*) and to the extent necessary to satisfy the amounts owing under the Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The limitations set out in paragraph (b) of this Clause 20.16 shall only apply if, within 15 (fifteen)
Business Days after a Finance Party has made a demand under the Guarantee, the managing director(s) (*Geschäftsführer*)
of the German Guarantor (or, in the case of a GmbH & Co. KG, its general partner) confirm to the Agent in writing on behalf of
such German Guarantor (and, in the case of a GmbH & Co. KG, its general partner) if and to what extent an enforcement of the
Guarantee would be restricted pursuant to paragraph (b) of this Clause 20.16, and such confirmation (the "**Management Confirmation** ")
is supported by evidence (e.g. by balance sheets). The Finance Parties are entitled to immediately enforce the Guarantee up to such amount
which according to the Management Confirmation can be enforced without causing the effects referred to in paragraph (b) of this Clause
20.16. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If the Agent disagrees with the Management Confirmation, it may within 25 (twenty-five) Business Days
of its receipt request the German Guarantor to appoint, at its own cost and expense, a firm of auditors of international standing and
reputation to determine the amount (if any) which may be enforced in accordance with paragraph (b) of this Clause 20.16 (the "**Auditor's Determination** "). The Auditor's Determination shall include an up-to-date balance sheet of the German Guarantor (and, in
the case of a GmbH & Co. KG, its general partner), which shall be prepared in accordance with the principles set out in paragraph
(c) of this Clause 20.16 and shall contain further information (in reasonable detail) relating to the items to be adjusted pursuant
thereto. If the German Guarantor fails to deliver such Auditor's Determination within 25 (twenty-five) Business Days from the date
of the Agent's request, the Finance Parties are entitled to enforce the Guarantee irrespective of the limitations set out in paragraph
(b) of this Clause 20.16.

If and to the extent the Net Assets available for enforcement of the Guarantee as determined by the Auditor's Determination are lower than the amount enforced in accordance with the Management Confirmation, the Agent shall, without undue delay, repay to the relevant German Guarantor upon written demand of the relevant German Guarantor the amount equal to the difference between the amount enforced and the amount enforceable pursuant to the Auditor's Determination, provided that such demand for repayment is made to the Agent within 10 Business Days from the date the Auditor's Determination is delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Finance Parties shall be entitled to enforce the Guarantee up to the amount, which on the basis of
the Auditor's Determination can be enforced in compliance with the limitations set out in paragraph (b) of this Clause 20.16.
In relation to any additional amounts for which the German Guarantor may be liable under the Guarantee, the Finance Parties shall be entitled
to further pursue their claims (if any) in court and the German Guarantor shall be entitled to prove in such proceedings that such amounts
are necessary to maintain its (or, in the case of a GmbH & Co. KG, its general partner's) registered capital (calculated
as of the date the demand under the Guarantee was made).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The limitations in this Clause 20.16 shall not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Guarantee is enforced against the respective German Guarantor or, in the case of a GmbH &
Co. KG, its general partner with regard to an amount that the respective German Guarantor or, in the case of a GmbH & Co. KG,
its general partner or any of their German Subsidiaries has utilised as borrower or that has otherwise been made available to the respective
German Guarantor or, in the case of a GmbH & Co. KG, its general partner or any of their German Subsidiaries in their capacity
as primary Obligor under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if and for as long as a domination and/or a profit and loss transfer agreement in accordance with section
291 AktG between the German Guarantor (or in case of a GmbH & Co. KG, its general partner) and the relevant primary Obligor or
a direct or indirect shareholder of the relevant primary Obligor (in each case either directly or through a chain of domination and/or
profit and loss pooling agreements) is in existence at the time of any enforcement of the Guarantee under this Agreement or at the date
the Guarantee was entered into rendering section 30 paragraph 1 GmbHG inapplicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if a domination and/or profit and loss pooling agreement between the German Guarantor (or in case of a
GmbH & Co. KG, its general partner) and the relevant primary Obligor (either directly or indirectly through a chain of domination
and or loss pooling agreements) as mentioned under paragraph (i)(i) above has been terminated without the prior written consent of
the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if and to the extent the German Guarantor (or in case of a GmbH & Co. KG, its general partner)
holds a fully recoverable indemnity or claim for refund (*vollwertiger Gegenleistungs- oder Rückgewähranspruch*) in relation
to its liabilities under the Guarantee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if insolvency proceedings have been applied for in relation to the respective German Guarantor (or in
case of a GmbH & Co. KG, its general partner) and based on a final judgement (*rechtskräftiges Urteil*) of the Federal
Court of Justice (*Bundesgerichtshof*) any enforcement of up-stream or cross-stream guarantees and consequential payments would no
longer result in any personal or criminal liability of any managing director of such German Guarantor (or in case of a GmbH &
Co. KG, its general partner); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if and to the extent according to statutory law or according to case law of the German Federal Court of
Justice (Bundesgerichtshof) such limitation is not necessary for the purpose of protecting the German Guarantor's (or in case of
a GmbH & Co. KG. its general partner's) managing directors from the risk of personal liability and/or criminal liability
resulting from the enforcement of this Guarantee and an associated violation of the provisions of sections 30, 31 German Limited Liability
Companies Act (GmbHG), in particular pursuant to section 43 para. 3 German Limited Liability Companies Act (GmbHG).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The restrictions set out in this Clause 20.16 do not limit the right of the Finance Parties to enforce
the Guarantee again at a later date under the terms of this Clause 20.16.

**20.17** **Acknowledgment Regarding any Supported QFCs** 

To the extent that the Finance Documents provide support, through a guarantee or otherwise, for Hedging Agreements, Letters of Credit, Bank Products or any other agreement or instrument that is a QFC (such support, "**QFC Credit Support**" and each such QFC a "**Supported QFC**"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "**U.S. Special Resolution Regimes**") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Finance Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the event a Covered Entity that is party to a Supported QFC (each, a "**Covered Party** ")
becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC
Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property
securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would
be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation
and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or
a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the
Finance Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered
Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution
Regime if the Supported QFC and the Finance Documents were governed by the laws of the United States or a state of the United States.
Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting
Lender (as defined in the Facilities Agreement) shall in no event affect the rights of any Covered Party with respect to a Supported QFC
or any QFC Credit Support; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as used in this Clause 20.16, the following terms have the following meanings:

"**BHC Act Affiliate**" of a party means an "**affiliate**" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"**Covered Entity**" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a "**covered entity**" as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a "**covered bank**" as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a "**covered FSI**" as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 382.2(b).

"**Default Right**" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"**QFC**" has the meaning assigned to the term "**qualified financial contract**" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

**SECTION 8**

**REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT**

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| | |
|:---|:---|
| **21** | **REPRESENTATIONS** |

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**21.1** **General** 

Each Obligor (other than in the case of Clause 21.12 (*Financial Statements*), the Parent) makes the representations and warranties set out in this Clause 21 to each Finance Party at the times specified in Clause 21.34 (*Times when representations made*).

**21.2** **Status** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It and each of its Subsidiaries is a corporation, a limited liability company or a limited partnership
or other entity, duly incorporated (or, in the case of a partnership, established), validly existing and, if applicable, in good standing
(or, where applicable, the equivalent status in any jurisdiction) under the law of its Original Jurisdiction except to the extent that
(other than with respect to any Borrower) a failure to maintain such good standing could not reasonably be expected to have a Material
Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It and each of its Subsidiaries has the power to own its assets and carry on its business as it is being
conducted.

**21.3** **Binding obligations** 

Subject to the Legal Reservations and Perfection Requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the obligations expressed to be assumed by it in each Transaction Document to which it is a party are
legal, valid, binding and enforceable obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (without limiting the generality of paragraph (a) above), each Transaction Security Document to which
it is a party creates the security interests which that Transaction Security Document purports to create and those security interests
are valid and effective.

**21.4** **Non-conflict with other obligations** 

The entry into and performance by it of, and the transactions contemplated by, the Transaction Documents and the granting of the Transaction Security do not and will not conflict with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to the Legal Reservations, any law or regulation applicable to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the constitutional documents of it or any member of the Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any agreement or instrument binding upon it or any member of the Group or any of its or any member of
the Group's assets or constitute a default or termination event (however described) under any such agreement or instrument, in each
case, to the extent or in a manner that such conflict gives rise to or is reasonably likely to give rise to a Material Adverse Effect.

**21.5** **Power and authority** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It has the power to enter into, perform and deliver, and has taken all necessary action to authorise its
entry into, performance and delivery of, the Transaction Documents to which it is or will be a party and the transactions contemplated
by those Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No limit on its powers will be exceeded as a result of the borrowing, grant of security or giving of guarantees
or indemnities contemplated by the Transaction Documents to which it is a party.

**21.6** **Validity and admissibility in evidence** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the Legal Reservations and (in relation to the Transaction Security Documents) Perfection Requirements,
all Authorisations required:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Transaction
Documents to which it is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to make the Transaction Documents to which it is a party admissible in evidence in its Relevant Jurisdictions
to the extent any such Authorisations are required in the Relevant Jurisdiction,

have been obtained or effected and are in full force except for any Authorisation referred to in Clause 21.9 (*No filing or stamp taxes*) which Authorisations will be promptly obtained or effected after the Completion Date or, subject to the Agreed Security Principles and Perfection Requirements, will have been obtained or effected or will be in full force and effect when required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Authorisations necessary for the conduct of the business, trade and ordinary activities of members
of the Group have been obtained or effected and are in full force and effect if failure to obtain or effect those Authorisations has or
could reasonably be expected to have a Material Adverse Effect.

**21.7** **Governing law and enforcement** 

Subject to Legal Reservations and the Perfection Requirement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the choice of governing law of the Finance Documents will be recognised and enforced in its Relevant Jurisdictions;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any judgment obtained in relation to a Finance Document in the jurisdiction of the governing law of that
Finance Document will be recognised and enforced in its Relevant Jurisdictions.

**21.8** **Insolvency** 

No:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) corporate action, legal proceeding or other procedure or step described in paragraph (a) of Clause
25.7 (*Insolvency proceedings*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) creditors' process described in Clause 25.8 (*Creditors' process*),

has been taken or, to the best knowledge of the Parent having made all due and careful enquiries, threatened in writing in relation to a member of the Group; and none of the circumstances described in Clause 25.6 (*Insolvency*) applies to a member of the Group and, in each case, excluding such actions, proceedings, procedures, steps or processes which have been discharged, revoked or otherwise lapsed.

**21.9** **No filing or stamp taxes** 

Subject to Perfection Requirements, under the laws of its Relevant Jurisdiction it is not necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration, notarial (other than notarial fees incurred in connection with or in relation to the granting of Transaction Security concerning shares in a German limited liability company or German real estate) or similar Taxes or fees be paid on or in relation to the Finance Documents or the transactions contemplated by the Finance Documents except for (i) any filing, recording or enrolling or any tax or fee payable in relation to any Transaction Security Document which is referred to in any Legal Opinion and which will be made or paid promptly after the date of the relevant Finance Document; and (ii) any stamp duty, registration or other similar Taxes payable in respect of any assignment, sub-participation or transfer by a Finance Party of any of its rights and/or obligations under a Finance Document.

**21.10** **No default** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Event of Default and, on the Original Signing Date, the Completion Date, the First Amendment and Restatement
Date and the Second Amendment and Restatement Date, no Default is continuing or is reasonably likely to result from the making of any
Utilisation or the entry into, the performance of, or any transaction contemplated by, any Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No other event or circumstance is outstanding which constitutes (or, with the expiry of a grace period,
the giving of notice, the making of any determination or any combination of any of the foregoing, would constitute) a default or termination
event (however described) under any other agreement or instrument which is binding on it or any of its Subsidiaries or to which its (or
any of its Subsidiaries') assets are subject which has or is reasonably likely to have a Material Adverse Effect.

**21.11** **No misleading information** 

The Parent represents and warrants that, to its knowledge, save as disclosed in writing to the Agent prior to the Original Signing Date all written factual information in relation to the Group provided by them or on their behalf (including, in each case, their advisors) to a Finance Party was true, complete and accurate in all material respects as at the date it was provided and is not misleading in any material respect.

**21.12** **Financial Statements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Its Original Financial Statements were prepared in accordance with the Accounting Principles consistently
applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Its unaudited Original Financial Statements fairly present its financial condition and its results of
operations for the relevant month or financial quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Its audited Original Financial Statements fairly present its financial condition and its results of operations
during the relevant financial year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Its most recent financial statements delivered pursuant to Clause 22.1 (*Financial statements*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have been prepared in accordance with the Accounting Principles as applied to the Original Financial Statements;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) fairly present its consolidated financial condition as at the end of, and its consolidated results of
operations for, the period to which they relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The budgets and forecasts supplied under this Agreement were arrived at after careful consideration and
have been prepared in good faith on the basis of recent historical information and on the basis of assumptions which were reasonable as
at the date they were prepared and supplied (it being acknowledged that budgets and forecasts are inherently subject to contingencies
and uncertainties).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Since the date of the most recent financial statements delivered pursuant to Clause 22.1 (*Financial statements*) there has been no material adverse change in the assets, business or financial condition of the Group.

**21.13** **No proceedings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No litigation, arbitration or administrative proceedings or investigations of, or before, any court, arbitral
body or agency which, if adversely determined, are reasonably likely to have a Material Adverse Effect (taking into account reserves made
or the benefit of warranties, indemnities or insurance cover in respect thereof) have (to the best of its knowledge and belief (having
made due and careful enquiry)) been started or threatened against it or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No judgment or order of a court, arbitral body or agency which is reasonably likely to have a Material
Adverse Effect has (to the best of its knowledge and belief (having made due and careful enquiry)) been made against it or any of its
Subsidiaries.

**21.14** **No breach of laws** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It has not (and none of its Subsidiaries has) breached any law or regulation which breach has or is reasonably
likely to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No labour disputes are current or, to the best of its knowledge and belief (having made due and careful
enquiry), threatened against any member of the Group which have or are reasonably likely to have a Material Adverse Effect.

**21.15** **Environmental laws** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each member of the Group is in compliance with Clause 24.3(*Environmental compliance*) and to the
best of its knowledge and belief (having made due and careful enquiry) no circumstances have occurred which would prevent such compliance
in a manner or to an extent which has or is reasonably likely to have a Material Adverse Effect (taking into account reserves made or
benefit of warranties, indemnities or insurance cover in respect thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Environmental Claim has been commenced or (to the best of its knowledge and belief (having made due
and careful enquiry)) is threatened against any member of the Group where that claim has or is reasonably likely, if determined against
that member of the Group, to have a Material Adverse Effect.

**21.16** **Taxation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is not (and none of its Subsidiaries is) materially overdue in the filing of any Tax returns and it
is not (and none of its Subsidiaries is) overdue in the payment of any amount in respect of Tax unless and only to the extent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the payment of such Tax is being contested in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) adequate reserves are being maintained for those Taxes and the costs required to contest them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such payment can be lawfully withheld and failure to pay those Taxes does not have or would not reasonably
be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No claims or investigations are being, or are reasonably likely to be, made or conducted against it (or
any of its Subsidiaries) with respect to Taxes such that a liability of, or claim against, any member of the Group is reasonably likely
to arise which would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other than the Parent (which is resident for Tax purposes in the UK) and Doncasters US Finance LLC (which
is a disregarded entity of the Company for U.S. federal income tax purposes), it is resident for Tax purposes only in its Original Jurisdiction.

**21.17** **Anti-Corruption Laws, Anti-Money Laundering Laws** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each member of the Borrowing Group conducts its businesses in compliance with applicable Anti-Corruption
Laws and Anti-Money Laundering Laws and the Borrowing Group has instituted, maintained, and complied with policies, procedures and controls
reasonably designed to promote and achieve compliance with applicable Anti-Corruption Laws and Anti-Money Laundering Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No litigation, regulatory or administrative proceedings of or before any court, tribunal or agency with
respect to any Anti-Corruption Laws or Anti-Money Laundering Laws have been started or (to the best of its knowledge and belief) threatened
against it or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The representations in this clause 21.17 (*Anti-Corruption Laws, Anti-Money Laundering Laws*) shall
not be given to or by any person if and to the extent that it is or would be unenforceable by or in respect of that person by reason of
breach of, or would result in a breach by that person of or conflict with, any applicable Blocking Law.

**21.18** **Sanctions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each member of the Borrowing Group has instituted, maintained, and complied with policies, procedures
and controls reasonably designed to promote and achieve compliance with applicable Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Obligor nor any member of the Borrowing Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is a Restricted Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has, to the best of its knowledge and belief, any action, suit, proceeding or investigation started or
threatened against it with respect to Sanctions from any governmental authority that enforces Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The representations in this clause 21.18 (*Sanctions*) shall not be given to or by any person if
and to the extent that it is or would be unenforceable by or in respect of that person by reason of breach of, or would result in a breach
by that person of or conflict with, any applicable Blocking Law.

**21.19** **Security and Financial Indebtedness** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Security or Quasi-Security exists over all or any of the present or future assets of any member of
the Group other than as permitted by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No member of the Group has any Financial Indebtedness outstanding other than as permitted by this Agreement.

**21.20** **Ranking** 

Subject to the Legal Reservations and the Perfection Requirements, the Transaction Security has or will have first ranking priority and it is not subject to any prior ranking or *pari passu* ranking Security, save as permitted pursuant to paragraph (b) of Clause 24.15 (*Negative Pledge*).

**21.21** **Good title to assets** 

It and each of its Subsidiaries has a good, valid and marketable title to, or valid leases or licences of, and all appropriate Authorisations to use, the assets necessary to carry on its business as presently conducted, where failure to do so has or would reasonably be expected to have a Material Adverse Effect.

**21.22** **Legal and beneficial ownership** 

It and each of its Subsidiaries is the sole legal and beneficial owner of the respective assets over which it purports to grant Security.

**21.23** **Shares** 

The shares of any member of the Group which are subject to the Transaction Security are fully paid and not subject to any option to purchase or similar rights. The constitutional documents of companies whose shares are subject to the Transaction Security do not and could not restrict or inhibit any transfer of those shares on creation or enforcement of the Transaction Security. Except as provided in the Constitutional Documents, there are no agreements in force which provide for the issue or allotment of, or grant any person the right to call for the issue or allotment of, any share or loan capital of any member of the Group (including any option or right of pre-emption or conversion).

**21.24** **Intellectual Property** 

It and each of its Subsidiaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is the sole legal and beneficial owner of or has licensed to it on normal commercial terms all the Intellectual
Property which is material in the context of its business and which is required by it in order to carry on its business as it is being
conducted save where failure to do so could not reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) does not (nor does any of its Subsidiaries), in carrying on its businesses, infringe any Intellectual
Property of any third party in any respect which is reasonably likely to have a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has taken all formal or procedural actions (including payment of fees) required to maintain any material
Intellectual Property owned by it where failure to do so has or could reasonably be expected to have a Material Adverse Effect.

**21.25** **Group Structure Chart** 

The Group Structure Chart delivered to the Agent pursuant to Schedule 2 (*Conditions Precedent*) is true, complete and accurate in all material respects to the best of its knowledge, information and belief, assuming Completion Date has occurred.

**21.26** **Obligors** 

Subject to Clause 24.34(b), each Material Company is or will be an Obligor on the Second Amendment and Restatement Date.

**21.27** **Accounting Reference Date** 

The end of each annual accounting period of each member of the Group falls on the Accounting Reference Date.

**21.28** **Term Loan Credit Agreement** 

Other than in respect of the fees payable upon closing of the Term Loan Credit Agreement included in the sources and uses delivered as a conditions precedent under the Second Amendment and Restatement Agreement and any agency fees payable to the Term Loan Agent and Term Loan Security Agent, the Term Loan Credit Agreement provided to the Agent on or around the Second Amendment and Restatement Date contain all payments which are required to be made under the Term Loan Finance Documents and there are no other documents, side letters or similar which under which an Obligor is required to pay any fee, interest, original issue discount, charges or similar to the Senior Creditors (excluding Hedge Counterparties) or Senior Agent (each as defined in the Intercreditor Agreement).

**21.29** **Centre of main interests and establishments** 

Other than the Parent (which is resident for Tax purposes in the UK) and Doncasters US Finance LLC (which is a disregarded entity of the Company for U.S. federal income tax purposes), for the purposes of Regulation (EU) 2015/848 of 20 May 2015 on insolvency proceedings (recast) (the "**Regulation**"), its centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in its Original Jurisdiction and it has no "**establishment**" (as that term is used in Article 2(10) of the Regulation) in any other jurisdiction.

**21.30** **Pensions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It and each member of the Group is in compliance with all material laws relating to the pension schemes
maintained by or for the benefit of any member of the Group and/or its employees, in each case, where failure to do so has or would reasonably
be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any Single Employer Plan or Multiemployer Plan, no ERISA Event has occurred, has resulted
in or is reasonably expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to each Single Employer Plan, each Obligor is in compliance with all applicable laws, including
all applicable provisions and requirements of ERISA and the Code, except for any such non-compliance that, either individually or in the
aggregate, would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As of the most recent valuation date for each Multiemployer Plan for which the actuarial report is available,
the potential liability of the Obligors and their respective ERISA Affiliates for a complete withdrawal from such Multiemployer Plan (within
the meaning of Section 4203 of ERISA), when aggregated with such potential liability for a complete withdrawal from all Multiemployer
Plans, based on information available pursuant to Section 4221(e) of ERISA is $12,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The present value of the aggregate benefit liabilities under each Single Employer Plan (determined as
of the end of the most recent plan year on the basis of the actuarial assumptions specified for funding purposes in the most recent actuarial
valuation for such Single Employer Plan), did not exceed the aggregate current value of the assets of such Plan by an amount, which, if
all of such Single Employer Plans were terminated, would result in a Material Adverse Effect.

**21.31** **No adverse consequences** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is not necessary under the laws of its Relevant Jurisdictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in order to enable any Finance Party to enforce its rights under any Finance Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by reason of the execution of any Finance Document or the performance by it of its obligations under any
Finance Document,

that any Finance Party should be licensed, qualified or otherwise entitled to carry on business in any of its Relevant Jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Finance Party is or will be deemed to be resident, domiciled or carrying on business in its Relevant
Jurisdictions by reason only of the execution, performance and/or enforcement of any Finance Document.

**21.32** **Holding and Dormant Companies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as may arise under the Transaction Documents and for Restructuring Costs, before the Completion
Date none of New Midco, the Parent, nor the Company has traded or incurred any liabilities or commitments (actual or contingent, present
or future) other than, in the case of New Midco, acting as a Holding Company of the Parent, in the case of the Parent acting as a Holding
Company of the Company and in the case of the Company, as a Holding Company of Dundee Holdco 3 Limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Subsidiary is a Dormant Subsidiary.

**21.33** **U.S. Regulations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor is required to be registered as an "  ***investment company***" under the
U.S. Investment Company Act of 1940, amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the making of any Loan hereunder nor the use of the proceeds thereof will violate the provisions
of Regulation T, Regulation U or Regulation X (in each case as in effect from time to time and including all official rulings and interpretations
thereunder or thereof) of the Board of Governors of the Federal Reserve System of the United States of America.

**21.34** **PIK Termination Dates** 

The PIK Termination Date as at the Second Amendment and Restatement Date is 6 March 2028.

**21.35** **Times when representations made** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All the representations and warranties in this Clause 21 are made by each Original Obligor on the Original
Signing Date, the Amendment and Restatement Date and the Completion Date.

(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to paragraph (ii) below, the Repeating Representations and (other than with respect to sub-paragraph
(ii) below) the representations and warranties in Clause 21.8 (*Insolvency*) are deemed to be made by each Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) on the date of each Utilisation Request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) on each Utilisation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Repeating Representations contained in paragraphs (a) to (c) of Clause 21.12 (*Financial Statements*) will cease to be deemed to be made by each Obligor once subsequent financial statements have been delivered under this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Repeating Representations and the representations and warranties in Clause 21.8 (*Insolvency*)
and Clause 21.33 (*U.S. Regulations*) are deemed to be made by each Additional Obligor on the day on which it becomes (or it is proposed
that it becomes) an Additional Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each representation or warranty deemed to be made after the Original Signing Date shall be deemed to be
made by reference to the facts and circumstances existing at the date the representation or warranty is deemed to be made.

---

| | |
|:---|:---|
| **22** | **INFORMATION UNDERTAKINGS** |

---

The undertakings in this Clause 22 remain in force from the Original Signing Date for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.

In this Clause 22.1:

"**Annual Financial Statements**" means the financial statements for a Financial Year delivered pursuant to paragraph (a) of Clause 22.1 (*Financial statements*).

"**Monthly Financial Statements**" means the financial statements delivered pursuant to paragraph (c) of Clause 22.1 (*Financial statements*).

"**Quarterly Financial Statements**" means the financial statements delivered pursuant to paragraph (b) of Clause 22.1 (*Financial statements*).

**22.1** **Financial statements** 

The Parent shall supply to the Agent in sufficient copies for all the Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as soon as they are available, but in any event within 120 days after the end of each of its Financial
Years (and with respect to the Financial Year ending 31 December 2023, by 1 October 2024):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its audited consolidated financial statements of the Group for that Financial Year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the audited (if audited) or unaudited financial statements (consolidated if appropriate) of each Obligor
for that Financial Year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if prepared, the audited financial statements of any other Subsidiary for that Financial Year if requested
by the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as soon as they are available, but in any event within 45 days after the end of each Financial Quarter
of each of its Financial Years its consolidated financial statements for that Financial Quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as soon as they are available, but in any event within 30 days after the end of each financial reporting
month-end, its monthly consolidated unaudited management accounts for that month (to include cumulative unaudited management accounts
for the Financial Year to date, including profit and loss account and balance sheet, 13 week cash flow forecast, together with appropriate
commentary).

**22.2** **Provision and contents of Compliance Certificate** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent shall supply a Compliance Certificate to the Agent: (i) with each set of its Annual Financial
Statements; (ii) with each set of its Quarterly Financial Statements; (iii) with each set of its monthly management accounts;
and (iv) in accordance with paragraph (b) below (if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Parent is required to ensure that the Fixed Charge Cover Ratio is not less than 1.0:1.0 on the
Quarter Date immediately preceding the sixth Business Day on which the Test Condition is met under Clause 23.2(a) (*Financial Condition*),
the Parent shall, as soon as reasonably practicable after such sixth Business Day (and in any event within five Business Days after such
sixth Business Day), supply a Compliance Certificate to the Agent setting out its calculation of the Fixed Charge Cover Ratio as at such
Quarter Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Compliance Certificate shall, amongst other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) set out (in reasonable detail) computations as to compliance with Clause 23.2 (*Financial condition*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) confirm the amount of any pro forma adjustments taken into account in calculating the relevant financial
covenant under Clause 23.2 (*Financial condition*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) confirm that as at that date of the Compliance Certificate no Default or Event of Default has occurred,
or give details of any Default or Event of Default which has occurred and the action taken (or proposed to be taken) to remedy it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) confirm each Material Company (other than any Excluded Company) as at the end of the relevant Financial
Year or at the end of the relevant Financial Quarter (as applicable) and confirm compliance with Clause 24.34 (*Guarantors*) (and
provide the relevant computations behind such confirmation in reasonable detail).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Compliance Certificate shall be signed by the finance director or the chief executive officer of
the Parent and another director of the Parent, and, if required to be delivered with the Annual Financial Statements of the Parent, shall
be reported on by the Parent's Auditors in the form agreed by the Parent, the Majority Lenders and the Parent's Auditors.

**22.3** **Requirements as to financial statements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent shall procure that each set of Annual Financial Statements, Quarterly Financial Statements
and Monthly Financial Statements includes a balance sheet, profit and loss account (or equivalent income statement) and cashflow statement.
In addition the Parent shall procure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each set of its Annual Financial Statements shall be audited by the Parent's Auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each set of Quarterly Financial Statements includes consolidated statements of income or operations for
the relevant Financial Quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each set of Monthly Financial Statements will include management commentary on the performance of the
Group for the month to which the financial statements relate and the Financial Year to date and will be accompanied by a duly completed
Financial Reporting Package.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each set of financial statements delivered pursuant to Clause 22.1 (*Financial statements*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall be certified by the finance director or chief executive officer of the Parent (or an officer acceptable
to the Agent (acting on the instructions of the Majority Lenders (acting reasonably))) as giving true and fair view of (in the case of
Annual Financial Statements for any Financial Year), or fairly presenting (in other cases) its financial condition and operations as at
the date as at which those financial statements were drawn up and, in the case of the Annual Financial Statements, shall be accompanied
by any letter addressed to the management of the relevant company by the auditors of those Annual Financial Statements and accompanying
those Annual Financial Statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of consolidated financial statements of the Group, shall be accompanied by a statement by
the directors of the Parent comparing actual performance for the period to which the financial statements relate to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the projected performance for that period set out in the Budget; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the actual performance for the corresponding period in the preceding Financial Year of the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) shall be prepared using the Accounting Principles, accounting practices and financial reference periods
consistent with those applied in the preparation of the Original Financial Statements, unless, in relation to any set of financial statements,
the Parent notifies the Agent that there has been a change in the Accounting Principles or the accounting practices and the Parent's
Auditors (or, if appropriate, the auditors of the Obligor) and delivers to the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a description of any change necessary for those financial statements to reflect the Accounting Principles
or accounting practices upon which the Original Financial Statements were prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) sufficient information, in form and substance as may be reasonably required by the Agent, to enable the
Lenders to determine whether Clause 23.2 (*Financial condition*) has been complied with and to make an accurate comparison between
the financial position indicated in those financial statements and the Original Financial Statements.

Any reference in this Agreement to any financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Agent wishes to discuss the financial position of any member of the Group with the auditors of
that member of the Group, the Agent may notify the Parent, stating the questions or issues which the Agent wishes to discuss with those
auditors. In this event, the Parent must ensure that those auditors are authorised (at the expense of the Parent):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to discuss the financial position of the relevant member of the Group with the Agent on request from the
Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to disclose to the Agent for the Finance Parties any information which the Agent may reasonably request.

**22.4** **Budget** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent shall supply to the Agent in sufficient copies for all the Lenders, as soon as the same become
available but in any event within 45 days following the start of each of its Financial Years, an annual Budget for that financial year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parent shall ensure that each Budget for a financial year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is in a form reasonably acceptable to the Agent and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a projected consolidated profit and loss, operations or income, balance sheet and cashflow statement for
the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) projected financial covenant calculations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any material underlying assumptions based on which such Budget was prepared,

for that financial year and for each Financial Quarter of that financial year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to paragraph (b)(iii) of Clause 22.3 (*Requirements as to financial statements*) is
prepared in accordance with the Accounting Principles and the accounting practices and financial reference periods applied to financial
statements under Clause 22.1 (*Financial statements*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) has been approved by the board of directors of the Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Parent updates or changes the Budget, it shall promptly deliver to the Agent, in sufficient copies
for each of the Lenders, such updated or changed Budget together with a written explanation of the main changes in that Budget.

**22.5** **Presentations** 

Once in every Financial Quarter, at least two directors of the Parent (one of whom shall be the chief financial officer or equivalent officer) must give a presentation or conference call to the Finance Parties about the on-going business and financial performance of the Group.

**22.6** **Year-end** 

The Parent shall procure that the end of each annual accounting period of each member of the Group falls on the Accounting Reference Date.

**22.7** **Borrowing Base Certificate** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent shall supply to the Agent, the Borrowing Base Certificate within 15 Business Days of the end
of each month provided that when the Test Condition is met, the Borrowing Base Certificate shall be supplied to the Agent within 7 calendar
days of the end of each week or more frequently if so elected by the Parent in its absolute discretion. However, if such an election is
made, the Borrowing Base Certificate must be delivered on such more frequent basis for a period of at least 12 months from the date of
such election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrowing Base Certificate shall contain sufficient detail, together with supporting information,
to calculate the Eligible Receivables, Eligible Inventory and the Reserves as at the applicable date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Within 5 Business Days after any disposal of any Borrower or the assets of a Borrower (other than in the
ordinary course of business) the Parent shall supply to the Agent (in sufficient copies for all the Lenders) an updated Borrowing Base
Certificate reflecting the exclusion or removal such asset(s) from the Borrowing Base on a pro forma basis for the period covered
by the most recently delivered Borrowing Base Certificate and confirming compliance with the maximum Utilisation limit set out in Clause
5.6 (*Limitations on Utilisations*).

**22.8** **Information: miscellaneous** 

The Parent shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the same time as they are dispatched, copies of all documents dispatched by the Parent or Topco to
its shareholders generally (or any class of them) or dispatched by the Parent or any Obligors to its creditors generally (or any class
of them);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings
which are current, threatened or pending against any member of the Group and which, if adversely determined, are reasonably likely to
have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral body or
agency which is made against any member of the Group and which is reasonably likely to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly upon becoming aware of the same, information on any material acquisition, disposition, restructuring
or reorganisation or any senior executive officer changes or change in auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly, such information as the Security Agent may reasonably require about the Charged Property and
compliance of the Obligors with the terms of any Transaction Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) promptly upon becoming aware of any entity acceding to the Term Loan Credit Agreement or other Term Loan
Finance Document as a Borrower and/or Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) promptly on request, such further information regarding the financial condition, assets and operations
of the Group and/or any member of the Group (including any requested amplification or explanation of any item in the financial statements,
budgets or other material provided by any Obligor under this Agreement, any changes to senior management of the Group and an up to date
copy of its shareholders' register (or equivalent in its Original Jurisdiction)) as any Finance Party through the Agent may reasonably
request, provided that the Parent may redact any commercially sensitive information from any such information provided to the Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a copy of the Insurance Manual to be provided on an annual basis following the renewal of the Borrowers'
insurance policies, setting out details of the relevant policies and period of cover.

**22.9** **Notification of default** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly
upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided by another Obligor).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly upon a request by the Agent, the Parent shall supply to the Agent a certificate signed by two
of its directors or senior officers on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying
the Default and the steps, if any, being taken to remedy it).

**22.10** **"Know your customer" checks** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the introduction of or any change in (or in the interpretation, administration or application of) any
law, regulation, applicable market guidance or internal policy in relation to the periodic review and/or updating of customer information
made after the Original Signing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any change in the status of an Obligor (or of a Holding Company of an Obligor) or the composition of the
shareholders of an Obligor (or of a Holding Company of an Obligor) (including any change in the information provided in the Beneficial
Ownership Certification that would result in a change to the list of beneficial owners identified in parts (c) or (d) of such
certification) after the Original Signing Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a proposed assignment or transfer by a Lender of any of its rights and/or obligations under this Agreement
to a party that is not a Lender prior to such assignment or transfer,

obliges the Agent or any Lender (or, in the case of paragraph (iii) above, any prospective new Lender) to comply with "**know your customer**" or similar identification procedures (including the Beneficial Ownership Regulation) in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in paragraph (iii) above, on behalf of any prospective new Lender) in order for the Agent, such Lender or, in the case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary "**know your customer**" or other similar checks under all applicable laws, regulations, applicable market guidance or internal policy pursuant to the transactions contemplated in the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation
and other evidence as is reasonably requested by the Agent (for itself) in order for the Agent to carry out and be satisfied it has complied
with all necessary "**know your customer**" or other similar checks (including with respect to the Beneficial Ownership
Regulation, as applicable) under all applicable laws, regulations, applicable market guidance or internal policy pursuant to the transactions
contemplated in the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parent shall, by not less than 10 Business Days' prior written notice to the Agent, notify the
Agent (which shall promptly notify the Lenders) of its intention to request that one of its Subsidiaries becomes an Additional Obligor
pursuant to Clause 28 (*Changes to the Obligors*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Following the giving of any notice pursuant to paragraph (c) above, if the accession of such Additional
Obligor obliges the Agent or any Lender to comply with "**know your customer**" or similar identification procedures (including
with respect to the Beneficial Ownership Regulation, as applicable) in circumstances where the necessary information is not already available
to it, the Parent shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and
other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf
of any prospective new Lender) in order for the Agent or such Lender or any prospective new Lender to carry out and be satisfied it has
complied with all necessary "**know your customer**" or other similar checks under all applicable laws, regulations, applicable
market guidance or internal policy pursuant to the accession of such Subsidiary to this Agreement as an Additional Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Lender that is subject to the USA Patriot Act hereby notifies the Company that pursuant to the requirements
of the USA Patriot Act, it is required to obtain, verify and record information that identifies each Obligor, which information includes
the name and address of each Obligor and other information that will allow such Lender to identify each Obligor in accordance with the
USA Patriot Act. Each Obligor shall, promptly following a request by any Finance Party, provide all documentation and other information
that such Finance Party requests in order to comply with its ongoing obligations under applicable "**know your customer** "
and anti-money laundering rules and regulations, including the USA Patriot Act and the Beneficial Ownership Regulation.

**22.11** **ERISA-related information** 

Each Obligor shall promptly and in any event within 15 Business Days after any Obligor or any ERISA Affiliate knows that an ERISA Event has occurred and that such ERISA Event has or would reasonably be expected to have a Material Adverse Effect, deliver to the Agent a statement of the finance director of the Company or other officer acceptable to the Agent (acting reasonably) of such Obligor describing such occurrence and the action, if any, that such Obligor or such ERISA Affiliate has taken and proposes to take with respect thereto; promptly and in any event within 15 days after receipt thereof by any Obligor or any ERISA Affiliate, deliver to the Agent copies of each notice from the Pension Benefit Guaranty Corporation (or any successor entity performing similar functions under ERISA) stating its intention to terminate any Single Employer Plan or to have a trustee appointed to administer any Single Employer Plan if the same could reasonably be expected to have a Material Adverse Effect.

**22.12** **Designated Website** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of all terms and conditions and any ancillary documentation relating to the use of the
Designated Website shall supplement the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For such time as the Designated Website is in operation, the information specified in this Clause 22 may
be provided via the Designated Website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If at any time the Designated Website is unavailable or suspended, all of the information set out in this
Clause 22 shall be provided in physical form or in such other format as may be applicable in accordance with the relevant Obligor's
Instruction Mandate.

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| | |
|:---|:---|
| **23** | **FINANCIAL COVENANT** |

---

**23.1** **Financial definitions** 

In this Agreement:

"**Borrowings**" means, at any time, the aggregate outstanding principal, capital or nominal amount of any Financial Indebtedness of members of the Group other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Financial Indebtedness owed by one member of the Group to another member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subordinated Shareholder Funding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any indebtedness referred to in paragraph (f) of the definition of Financial Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amount of any liability of pension or post-employment liabilities or obligations of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in relation to minority interest lines in the balance sheet relating to any minority interests held by
any member of the Group in any entity that is not a member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any Financial Indebtedness represented by shares (except for shares redeemable mandatorily or at the option
of the holder prior to the Termination Date of the Facility); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all contingent liabilities under a guarantee, indemnity, bond, standby or documentary letter of credit
unless the underlying liability covered by such instrument has become due and payable and remains unpaid.

"**Consolidated Total Net Debt**" means the principal amount of all Borrowings of the Group less the aggregate amount at that time of Cash and Cash Equivalent Investments held by members of the Group.

"**EBITDA**" means, in respect of any Relevant Period, the consolidated operating profit of the Group before taxation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) before deducting any Fixed Charges (to the extent not already taken into account in this definition),
interest, commission, fees, discounts, prepayment fees, premiums or charges and other finance payments whether paid, payable or capitalised
by any member of the Group (calculated on a consolidated basis) in respect of Borrowings (but including Treasury Transactions in Borrowings)
in respect of that Relevant Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) before deducting the amount of any profit (and adding back any loss) of any member of the Group which
is attributable to the minority interests or the interests of any shareholder of or, as the case may be, partner in such member of the
Group which is not a member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not including any accrued interest owing to any member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) after adding back any amount attributable to the amortisation or depreciation or any impairment of assets
of members of the Group (each as defined by reference to the consolidated financial statements of the Group);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) before taking into account any Exceptional Items set out under paragraph (a) of such definition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) after deducting the amount of any profit (or adding back the amount of any loss) of any member of the
Group which is attributable to minority interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) plus or minus the Group's share of the profits or losses (after finance costs and tax) of Non-Group
Entities after deducting the amount of any profit of any Non-Group Entity to the extent that the amount of the profit included in the
financial statements of the Group exceeds the amount actually received in cash by members of the Group through distributions by the Non-Group
Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) before taking into account any unrealised gains or losses on any Treasury Transactions or any other derivative
instruments (other than any derivative instrument which is accounted for on a hedge accounting basis) and any currency translation gains
or losses related to currency re-measurements of Financial Indebtedness, but after taking into account any realised gains or losses on
any Treasury Transactions or any other derivative instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) before taking into account any gain or loss arising from an upward or downward revaluation of any other
asset or on the disposal of an asset or liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) plus any amounts received under business interruption insurance (or its equivalent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) before deducting Restructuring Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) plus (without double counting) dividends or other profit distributions (net of withholding tax) received
in cash by any member of the Group during such period from companies or partnerships which are not consolidated within the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) before deducting any fees, costs or charges of a non-recurring nature related to any equity offering,
acquisitions of businesses or Financial Indebtedness permitted under the Finance Documents (whether or not successful) and before deducting
agency and trustee fees under Permitted Financial Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) excluding the charge to profit represented by the expensing of stock options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) before any deduction for any payment made to the Pension Benefit Guaranty Corporation up to an aggregate
amount of $12,000,000 for all such payments to the extent permitted by the terms of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) before taking into account any gain arising from any Excluded Debt Purchase Transaction,

in each case, to the extent added, deducted or taken into account, as the case may be, for the purposes of determining operating profits of the Group before taxation and provided that each operating lease is continued to be treated as an operating lease for accounting purposes notwithstanding the adoption of IFRS 16 (Leases) and any subsequent change (or implementation of any change) to the Accounting Principles made as a consequence of adopting IFRS 16.

"**Erroneous Payment**" has the meaning given to that term in clause 29.21 (*Amounts paid in error*).

"**Exceptional Items**" means any material items of an unusual or non-recurring nature which represent gains or losses including those arising on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the restructuring (including operational restructuring) of the activities of an entity and reversals of
any provisions for the cost of restructuring; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) disposals, revaluations or write downs of non-current assets or any reversal of any write down,

provided that such items shall not include any pro forma, anticipated, projected or any potential adjustments in connection with the annualisation of costs, cost savings, synergies, part year revenues and/or the disposal or acquisition of, or the investment in, any part or whole of any business, undertaking, subsidiary or other interest.

"**Excluded Debt Purchase Transaction**" means any Debt Purchase Transaction entered into by a member of the Group.

"**Finance Lease**" means any lease or hire purchase contract, a liability under which would, in accordance with the Accounting Principles, be treated as a balance sheet liability.

"**Financial Quarter**" means the period commencing on the day after one Quarter Date and ending on the next Quarter Date.

"**Financial Year**" means the annual accounting period of the Group ending on the Accounting Reference Date in each year.

"**Fixed Charge Cover Ratio**" means, for any period, the ratio of EBITDA to Fixed Charges during that period.

"**Fixed Charges**" means, for any Relevant Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate amount of the accrued interest, commission, fees, discounts, prepayment fees, premiums or
charges, scheduled principal repayments (if any) and unscheduled principal repayments (if any) other than any unscheduled principal repayment
as permitted under paragraph (c) of the definition of Permitted Payment and other finance payments in respect of Borrowings paid
or payable by any member of the Group (calculated on a consolidated basis) in cash or capitalised in respect of that Relevant Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) excluding any upfront fees or costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) including any commission, fees, discounts and other finance payments payable by (and deducting any such
amounts payable to) any member of the Group under any interest rate hedging arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) excluding any Restructuring Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if a Joint Venture is accounted for on a proportionate consolidation basis, after adding the Group's
share of the finance costs or interest receivable of the Joint Venture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) taking no account of any unrealised gains or losses on any derivative instruments other than any derivative
instruments which are accounted for on a hedge accounting basis,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount of all corporation (or the equivalent in any relevant jurisdiction) Tax paid in cash by the
Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all payments made in connection with any pension schemes operated by the Group and any payment made to
the Pension Benefit Guaranty Corporation (save to the extent already taken account in EBITDA);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all amounts of capital expenditure paid by the Group other than capital expenditure which has been incurred
to increase production capacity or capability at any of the Group's locations as may be agreed between the Agent and the Parent
from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all payments made by the Group under any Finance Leases of Real Property (save to the extent already taken
account in EBITDA); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all cash dividends or distributions paid or made by the Parent in respect of that Relevant Period,

and so that no amount shall be added (or deducted) more than once.

"**Month End Date**" means the month end reporting date for each calendar month as identified in the relevant Annual Reporting Timetable for the relevant calendar year.

"**Non-Group Entity**" means any investment or entity (which is not itself a member of the Group (including associates and Joint Ventures)) in which any member of the Group has an ownership interest.

"**Relevant Period**" means (a) until the date which is twelve months after the Original Signing Date each period beginning on the Original Signing Date and ending on each Quarter Date; and (b) thereafter, each period of twelve months ending on each Month End Date.

"**Subordinated Shareholder Funding**" means any loan made to the Parent by the New Midco, which is subordinated as Subordinated Liabilities (as defined in the Intercreditor Agreement) pursuant to the terms of the Intercreditor Agreement or otherwise on terms acceptable to the Majority Lenders and which is subject to Transaction Security.

"**Test Condition**" means as at any date of determination: (a) the Borrowing Base *minus* (b) the Total Outstandings is less than 12.5% of the Borrowing Base.

**23.2** **Financial condition** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Test Condition is met on any six Business Days in a month, the Parent shall ensure that on the
immediately following Month End Date the Fixed Charge Cover Ratio for the Relevant Period ending on that Month End Date, as shown in the
relevant Compliance Certificate delivered in respect of that Relevant Period, shall not be less than 1.0:1.0.

**23.3** **Financial testing** 

When determining the Fixed Charge Cover Ratio for any Relevant Period ending on a Quarter Date or, if applicable ending on a Month End Date set out in Clause 23.2 (*Financial condition*) (the "**Test Date**"), the Parent shall include the EBITDA for the Relevant Period, as at the last Quarter Date, or if applicable, Month End Date, of any entity or business disposed of ("**Disposition**") by any member of the Group ("**Disposition EBITDA**") which has been disposed prior to the relevant Test Date and such Disposition EBITDA will be included in any future calculation of EBITDA for any future Test Date or for any other purpose for calculating such EBITDA.

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| | |
|:---|:---|
| **24** | **GENERAL UNDERTAKINGS** |

---

The undertakings in this Clause 24 remain in force from the Original Signing Date for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. The provisions of this clause 24 (*General Undertakings*) expressly override any restrictions set out in Clause 1.2 (k) of the Intercreditor Agreement.

***Authorisations and compliance with laws***

**24.1** **Authorisations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor shall promptly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obtain, comply with and do all that is necessary to maintain in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) supply certified copies to the Agent of:

any Authorisation required under any law or regulation of a Relevant Jurisdiction to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) enable it to perform its obligations under the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) ensure the legality, validity, enforceability or admissibility in evidence of any Transaction Document;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) carry on its business where failure to do so has or is reasonably likely to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Obligor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) preserve, renew and maintain in full force and effect its legal existence under the laws of the jurisdiction
of its organization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) take all reasonable action to maintain all rights, privileges (including its good standing, if such concept
is applicable in the applicable jurisdiction of organization), permits, licenses and franchises necessary or desirable in the normal conduct
of its business.

**24.2** **Compliance with laws** 

Each Obligor shall (and the Parent shall ensure that each member of the Group will) comply in all respects with all laws to which it may be subject, if failure so to comply has or is reasonably likely to have a Material Adverse Effect.

**24.3** **Environmental compliance** 

Each Obligor shall (and the Parent shall ensure that each member of the Group will):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) comply with all Environmental Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) obtain, maintain and ensure compliance with all requisite Environmental Permits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) implement procedures to monitor compliance with and to prevent liability under any Environmental Law,

where failure to do so has or is reasonably likely to have a Material Adverse Effect.]

**24.4** **Environmental Claims** 

Each Obligor shall (through the Parent), promptly upon becoming aware of the same, inform the Agent in writing of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Environmental Claim against it or any member of the Group which is current, pending or threatened;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any facts or circumstances which are reasonably likely to result in any Environmental Claim being commenced
or threatened against it or any member of the Group,

where the claim, if determined against it or that member of the Group, has or is reasonably likely to have a Material Adverse Effect.

**24.5** **Anti-Corruption Laws and Anti-Money Laundering Laws** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor shall (and the Parent shall procure that no other member of the Borrowing Group will), directly
or indirectly use the proceeds of the Facility for any purpose which would breach any Anti-Corruption Law or any Anti-Money Laundering
Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Obligor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conduct its business in compliance with applicable Anti-Corruption Laws and Anti-Money Laundering Laws;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain policies and procedures designed to promote and achieve compliance with applicable Anti-Corruption
Laws and Anti-Money Laundering Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Obligor shall fund the payment of any amount to any of the Finance Parties under or in connection with
any of the Finance Documents with proceeds derived from a transaction prohibited by Anti-Corruption Law or Anti-Money Laundering Law or
in any manner that would cause a Party to be in breach of any Anti-Corruption Law or Anti-Money Laundering Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The undertakings in clause 24.5 (*Anti-Corruption Laws, Anti-Money Laundering Laws*) shall not be
given to or by any person if and to the extent that the obligations under clause 24.5 (*Anti-Corruption Laws, Anti-Money Laundering Laws*) would be unenforceable to be given by or in respect of that person by reason of breach of, or would result in a breach by that
person of or conflict with, any applicable Blocking Law.

**24.6** **Sanctions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor shall (and the Parent shall procure that no other member of the Borrowing Group will) use,
lend, make payments of, contribute or otherwise make available, all or any part of the proceeds of the Facilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to fund or finance any transaction that is prohibited by Sanctions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in any manner which would result in any member of the Borrowing Group or any Party being in breach of
any Sanctions or becoming a Restricted Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Obligor shall conduct its business in compliance with Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Obligor shall fund the payment of any amount to any of the Finance Parties under or in connection with
any of the Finance Documents with proceeds derived from a transaction prohibited by Sanction or in any manner that would cause a Party
to be in breach of any Sanction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Parent shall notify the Agent in writing not more than one (1) Business Day after first becoming
aware of any breach of this Clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The undertakings in clause 24.6 (*Sanctions*) shall not be given to or by any person if and to the
extent that the obligations under clause 24.6 (*Sanctions*) would be unenforceable to be given by or in respect of that person by
reason of breach of, or would result in a breach by that person of or conflict with, any applicable Blocking Law.

**24.7** **Taxation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor shall (and the Parent shall ensure that each member of the Group shall) pay and discharge
all Taxes imposed upon it or its assets within the time period allowed without incurring penalties unless and only to the extent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such payment is being contested in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) adequate reserves are being maintained for those Taxes and the costs required to contest them which have
been disclosed in its latest financial statements delivered to the Agent under Clause 21.12 (*Financial statements*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such payment can be lawfully withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Obligor may change its residence for Tax purposes, without the consent of the Lenders (not to be unreasonably
withheld or delayed), provided that it is acknowledged, for the avoidance of doubt, that Parent is at the Original Signing Date, and shall
remain, tax resident in the UK.

***Restrictions on business focus***

**24.8** **Merger** 

No Obligor shall (and the Parent shall ensure that no other member of the Group will) enter into any amalgamation, demerger, merger, consolidation or corporate reconstruction other than a Permitted Transaction, Permitted Acquisition or Permitted Reorganisation or any sale, lease, transfer or other disposal permitted pursuant to Clause 24.16 (*Disposals*).

**24.9** **Change of business** 

The Parent shall procure that no substantial change is made to the general nature of the business of the Parent, the Obligors or the Group taken as a whole from that carried on by the Group at the Original Signing Date.

**24.10** **Acquisitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as permitted under paragraph (b) below, no Obligor shall (and the Parent shall ensure that
no other member of the Group will):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) acquire a company or any shares or securities or a business or undertaking (or, in each case, any interest
in any of them); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) incorporate a company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above does not apply to an acquisition of a company, of shares, securities or a business
or undertaking (or, in each case, any interest in any of them) or the incorporation of a company which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Permitted Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Permitted Joint Venture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Permitted Transaction.

**24.11** **Joint ventures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as permitted under paragraph (b) below, no Obligor shall (and the Parent shall ensure that
no other member of the Group will):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) enter into, invest in or acquire (or agree to acquire) any shares, stocks, securities or other interest
in any Joint Venture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) transfer any assets or lend to or guarantee or give an indemnity for or give Security for the obligations
of a Joint Venture or maintain the solvency of or provide working capital to any Joint Venture (or agree to do any of the foregoing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above does not apply to any acquisition of (or agreement to acquire) any interest in
a Joint Venture or transfer of assets (or agreement to transfer assets) to a Joint Venture or loan made to or guarantee given in respect
of the obligations of a Joint Venture if such transaction is a Permitted Acquisition, a Permitted Disposal, a Permitted Loan or a Permitted
Joint Venture.

**24.12** **Holding Companies** 

Neither the Parent nor the Company shall trade, carry on any business, own any assets or incur any liabilities except for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the provision of administrative, managerial, legal, treasury and accounting services to other members
of the Group of a type customarily provided by a holding company to its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) granting Permitted Security and providing Permitted Guarantees to the extent consistent with the activities
of the Holding Company in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ownership of shares in its Subsidiaries, intra-Group debit balances, intra-Group credit balances and other
credit balances in bank accounts, cash and Cash Equivalent Investments but only if those shares, credit balances, cash and Cash Equivalent
Investments are subject to the Transaction Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) issue of shares pursuant to a Permitted Share Issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) incurrence of Financial Indebtedness in respect of any Permitted Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the making of Permitted Loans to members of the Group provided that (subject to the Agreed Security Principles)
such loans are subject to Transaction Security and the terms of the Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of the Parent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ownership of shares in the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the incurrence of Financial Indebtedness in respect of any Subordinated Shareholder Funding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) making of Permitted Loans to the Company provided that (subject to the Agreed Security Principles) such
loans are subject to Transaction Security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) subject to Clause 24.33 (*Cash management*), holding intra-group credit balances, credit balances
in bank accounts and Cash and Cash Equivalent Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the incurrence of any Restructuring Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the making of or receipt of (i) any Permitted Payment, (ii) Permitted Share Issue, and (iii) in
the case of the Company a Permitted Disposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) general administration activities including those relating to overhead costs and paying filing fees and
other ordinary course expenses (such as audit fees and Taxes) and fulfilment of any periodic reporting requirements, to the extent consistent
with activities of the Holding Company in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) contracts in connection with maintaining its corporate existence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any rights and liabilities and performance of obligations under the Transaction Documents to which it
is a party (including the granting of any Transaction Security) and professional fees and administration costs in the ordinary course
of business as a holding company.

***Restrictions on dealing with assets and Security***

**24.13** **Preservation of assets** 

Each Obligor shall (and the Parent shall ensure that each other member of the Group will) maintain in good working order and condition (ordinary wear and tear excepted) all of its assets necessary or desirable in the conduct of its business where failure to do so has or could reasonably be expected to have Material Adverse Effect.

**24.14** **Pari passu ranking** 

Each Obligor shall ensure that at all times any unsecured and unsubordinated claims of a Finance Party against it under the Finance Documents rank at least *pari passu* with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are mandatorily preferred by laws of general application to companies.

**24.15** **Negative pledge** 

In this Clause 24.15, "**Quasi-Security**" means an arrangement or transaction described in paragraph (b) below.

Except as permitted under paragraph (c) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor shall (and the Parent shall ensure that no other member of the Group will) create or permit
to subsist any Security over any of its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Obligor shall (and the Parent shall ensure that no other member of the Group will):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to
or re-acquired by an Obligor or any other member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sell, transfer or otherwise dispose of any of its receivables on recourse terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) enter into any arrangement under which money or the benefit of a bank or other account may be applied,
set-off or made subject to a combination of accounts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) enter into any other preferential arrangement having a similar effect,

in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Paragraphs (a) and (b) above do not apply to any Security or (as the case may be) Quasi Security,
which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Permitted Security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Permitted Transaction.

**24.16** **Disposals** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as permitted under paragraph (b) below, no Obligor shall (and the Parent shall ensure that
no other member of the Group will) enter into a single transaction or a series of transactions (whether related or not) and whether voluntary
or involuntary to sell, lease, transfer or otherwise dispose of any asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above does not apply to any sale, lease, transfer or other disposal which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Permitted Disposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Permitted Transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a disposal giving effect to a Liabilities Acquisition which is permitted by, and as defined in, the Intercreditor
Agreement.

**24.17** **Arm's length basis** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as permitted by paragraph (b) below, no Obligor shall (and the Parent shall ensure that no
other member of the Group will) enter into any transaction with any person except on arm's length terms and for full market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The following transactions shall not be a breach of this Clause 24.17:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any transaction or arrangement entered into between (A) an Obligor and another Obligor or (B) a
non-Obligor and another non-Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) intra-Group loans permitted under Clause 24.18 (*Loans or credit*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) fees, costs and expenses payable under the Transaction Documents in the amounts set out in the Transaction
Documents delivered to the Agent and in accordance with the Funds Flow Statement or agreed by the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Permitted Transaction or any Permitted Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the provision of management and administrative services, research and development and marketing and the
secondment of employees in each case to other members of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any Liabilities Acquisition which is permitted by, and as defined in, the Intercreditor Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any disposal by an Obligor to a non-Obligor under paragraph (n) of the definition a Permitted Disposal.

***Restrictions on movement of cash – cash out***

**24.18** **Loans or credit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as permitted under paragraph (b) below, no Obligor shall (and the Parent shall ensure that
no other member of the Group will) be a creditor in respect of any Financial Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Permitted Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Permitted Transaction.

**24.19** **No guarantees or indemnities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as permitted under paragraph (b) below, no Obligor shall (and the Parent shall ensure that
no other member of the Group will) incur or allow to remain outstanding any guarantee in respect of any obligation of any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) does not apply to a guarantee which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Permitted Guarantee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Permitted Transaction.

**24.20** **Dividends and share redemption** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as permitted under paragraph (b) below, the Parent shall not (and will ensure that no other
member of the Group will):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend,
charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any class of its share capital);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) repay or distribute any dividend or share premium reserve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pay or allow any member of the Group to pay any management, advisory or other fee to or to the order of
any of the (direct or indirect) shareholders of the Parent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Permitted Payment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Permitted Transaction (other than one referred to in paragraph (c) of the definition of that term).

**24.21** **Subordinated Shareholder Funding** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as permitted under paragraph (b) below, no Obligor shall (and the Parent shall ensure that
no other member of the Group will):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) repay or prepay any principal amount (or capitalised interest) outstanding under any Subordinated Shareholder
Funding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pay any interest or any other amounts payable in connection with any Subordinated Shareholder Funding;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) purchase, redeem, defease or discharge any amount outstanding with respect to any Subordinated Shareholder
Funding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) does not apply to a payment, repayment, prepayment, purchase, redemption, defeasance
or discharge which is a Permitted Payment or is otherwise permitted under the Intercreditor Agreement.

***Restrictions on movement of cash – cash in***

**24.22** **Financial Indebtedness** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as permitted under paragraph (b) below, no Obligor shall (and the Parent shall ensure that
no other member of the Group will) incur or allow to remain outstanding any Financial Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above does not apply to Financial Indebtedness which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Permitted Financial Indebtedness; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Permitted Transaction.

**24.23** **Share capital** 

No Obligor shall (and the Parent shall ensure that no other member of the Group will) issue any shares except pursuant to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Permitted Share Issue; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Permitted Transaction.

***Miscellaneous***

**24.24** **Insurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor shall (and the Parent shall ensure that each other member of the Group will) maintain insurances
on and in relation to its business and assets against those risks and to the extent as is usual for companies carrying on the same or
substantially similar business where the failure to do so has, or could reasonably be expected to have, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All insurances must be with reputable independent insurance companies or underwriters.

**24.25** **Pensions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor shall and the Parent shall ensure that all pension schemes operated by or maintained for
the benefit of members of the Group and/or any of their employees are fully funded based on the statutory funding objective under sections
221 and 222 of the Pensions Act 2004 (or ERISA or other applicable laws in the relevant jurisdiction) and that no action or omission is
taken by any member of the Group in relation to such a pension scheme which has or is reasonably likely to have a Material Adverse Effect
(including, without limitation, the termination or commencement of winding-up proceedings of any such pension scheme or any member of
the Group ceasing to employ any member of such a pension scheme).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parent shall deliver to the Agent at such times as those reports are prepared in order to comply with
the then current statutory or auditing requirements (as applicable either to the trustees of any relevant schemes or to any member of
the Group), actuarial reports in relation to all pension schemes mentioned in paragraph (a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parent shall promptly notify the Agent of any material change in the rate of contributions to any
pension schemes mentioned in paragraph (a) above paid or recommended to be paid (whether by the scheme actuary or otherwise) or required
(by law or otherwise).

**24.26** **People with Significant Control regime** 

Each Obligor shall (and the Parent shall ensure that each other member of the Group will):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within the relevant timeframe, comply with any notice it receives pursuant to Part 21A of the Companies
Act from any company incorporated in the United Kingdom whose shares are the subject of the Transaction Security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly provide the Security Agent with a copy of that notice.

**24.27** **Access** 

The Obligors will (at all reasonable times and on reasonable notice but not more than twice in any 12 month period, or immediately if an Event of Default is continuing), permit the Agent and/or the Security Agent and/or accountants or other professional advisers and contractors of the Agent or Security Agent free access at the risk and cost of the Obligor or Parent to (a) the premises, assets, books, accounts and records of each member of the Group and (b) meet and discuss matters with senior management.

**24.28** **Intellectual Property** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor shall (and the Parent shall procure that each other member of the Group will):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) preserve and maintain the subsistence and validity of the Intellectual Property necessary for the business
of the relevant Group member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) use reasonable endeavours to prevent any infringement in any material respect of the Intellectual Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) make registrations and pay all registration fees and taxes necessary to maintain the Intellectual Property
in full force and effect and record its interest in that Intellectual Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) not use or permit the Intellectual Property to be used in a way or take any step or omit to take any step
in respect of that Intellectual Property which may materially and adversely affect the existence or value of the Intellectual Property
or imperil the right of any member of the Group to use such property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) not discontinue the use of the Intellectual Property,

where failure to do so, in the case of paragraphs (i) and (ii) above, or, in the case of paragraphs (iv) and (v) above, such use, permission to use, omission or discontinuation, is reasonably likely to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Failure to comply with any part of paragraph (a) above shall not be a breach of this Clause 24.28
to the extent that any dealing with Intellectual Property which would otherwise be a breach of paragraph (a) above is contemplated
by the definition of Permitted Transaction.

**24.29** **Amendments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor shall (and the Parent shall ensure that no other member of the Group will) amend, vary, novate,
supplement, supersede, waive or terminate any term of a Transaction Document (excluding, for this purpose, the Intercreditor Agreement)
any other document delivered to the Agent pursuant to Clause 4.1 (*Initial conditions precedent*) or Clause 28 (*Changes to the Obligors*) or enter into any agreement with any shareholders of the Parent or any of their Affiliates which is not a member of the
Group except in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in accordance with Clause 38 (Amendments and Waivers); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the extent that that amendment, variation, novation, supplement, superseding, waiver or termination
is permitted by the Intercreditor Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parent shall promptly supply to the Agent a copy of any document relating to any of the matters referred
to in paragraphs (i) to (ii) above.

**24.30** **Financial assistance** 

Each Obligor shall (and the Parent shall procure each other member of the Group will) comply in all respects with sections 678 and 679 of the Companies Act and any equivalent legislation in other jurisdictions including in relation to the execution of the Transaction Security Documents and payment of amounts due under this Agreement.

**24.31** **Group bank accounts** 

Each Obligor shall ensure that all its bank accounts are at all times opened and maintained with an Acceptable Bank and are subject to valid Security under the Transaction Security Documents.

**24.32** **Treasury Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor shall (and the Parent will procure that no other member of the Group will) enter into any Treasury
Transaction, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pursuant to the Bank Product Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Treasury Transaction entered into for the hedging of actual interest or currency arising in the ordinary
course of trading activities of a member of the Group and not for speculative purposes; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) forward commodity contracts with an aggregate notional amount of up to £20,000,000, arising in the
ordinary course of trading activities of a member of the Group and not for speculative purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parent shall procure that hedging arrangements are effected in accordance with agreement between the
Parent and the Lenders.

**24.33** **Cash management** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph (b) below, no Obligor (other than the Parent) shall, and each Obligor will procure
that none of its Subsidiaries will, at any time hold Cash or Cash Equivalent Investments greater than their reasonable working capital
requirements from time to time (the amount of such excess being the "**Cash Balance**") and any such Cash Balance shall
be lent or transferred by such member of the Group to an Obligor to be held in an account subject to Transaction Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Obligor shall be obliged at any time to procure that a Subsidiary lend or transfer any Cash Balance
under paragraph (a) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at a time when to do so would cause the Obligor or the Subsidiary (despite that person using all reasonable
efforts to avoid the relevant Tax liability) to incur a materially greater Tax liability in respect of the Cash Balance than it would
otherwise incur if the loan were made at a later date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if (despite using all reasonable efforts to avoid the breach or result) to do so would breach any applicable
law or result in personal liability for the Obligor or the Subsidiary or any of such person's directors or management; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if it involves an amount which is less than £2,000,000 (or its equivalent in other currencies) or
the aggregate amount held by all non-Obligors is less than £10,000,000 (or its equivalent in other currencies).

**24.34** **Guarantors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph (b) below, the Parent shall ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on the Second Amendment and Restatement Date each Material Company is a Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any person that accedes to the Guaranty (as defined in the Term Loan Credit Agreement) shall contemporaneously
accede to this Agreement as a Guarantor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any member of the Group which is not currently an Obligor but subsequently meets the Material Company
tests shall promptly accede to this Agreement as a Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parent shall procure that the following entities shall accede to this Agreement as an Additional Guarantor
in connection with Clause 28.4 (*Additional Guarantors*) within 20 Business Days of the Second Amendment and Restatement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unipol Holdings Ltd (12900476);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Polycast International Limited (05431698);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Doncasters Blaenavon Limited (00824457); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Trucast (Europe) Limited (10260143).

**24.35** **Further assurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the Agreed Security Principles, each Obligor shall (and the Parent shall procure that each
other member of the Group will) promptly do all such acts or execute all such documents (including assignments, transfers, mortgages,
charges, notices and instructions) as the Security Agent may reasonably specify (and in such form as the Security Agent may reasonably
require in favour of the Security Agent or its nominee(s)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to perfect the Security created or intended to be created under or evidenced by the Transaction Security
Documents (which may include the execution of a mortgage, charge, assignment or other Security over all or any of the assets which are,
or are intended to be, the subject of the Transaction Security) or for the exercise of any rights, powers and remedies of the Security
Agent or the Finance Parties provided by or pursuant to the Finance Documents or by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to confer on the Security Agent or confer on the Finance Parties Security over any property and assets
of that Obligor located in any jurisdiction equivalent or similar to the Security intended to be conferred by or pursuant to the Transaction
Security Documents; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to facilitate the realisation of the assets which are, or are intended to be, the subject of the Transaction
Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the Agreed Security Principles, each Obligor shall (and the Parent shall procure that each
other member of the Group will) take all such action as is available to it (including making all filings and registrations) as may be
necessary for the purpose of the creation, perfection, protection or maintenance of any Security conferred or intended to be conferred
on the Security Agent or the Finance Parties by or pursuant to the Finance Documents.

**24.36** **Centre of main interests** 

Other than the Parent (which is resident for Tax purposes in the UK) and Doncasters US Finance LLC (which is a disregarded entity of the Company for U.S. federal income tax purposes), no Obligor nor the Parent shall (and the Parent will procure that no members of the Group will) take any action the effect of which is that, for the purpose of the Regulation, its centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in a jurisdiction other than its Original Jurisdiction or it has an "**establishment**" (as that term is used in Article 2(10) of the Regulation) in any other jurisdiction.

**24.37** **Conditions subsequent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent shall, within three months following the Completion Date, deliver to the Agent the final Budget
for financial year ending 31 December 2020 (including a break-down of the projected financial performance of the Group on a facility-by-facility
basis).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parent shall, within 45 days following the Completion Date, deliver to the Agent the full form Financial
Reporting Package in the form of the template agreed between the Company and the Agent (acting on the instructions of the Majority Lenders
(acting reasonably)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Within 90 days following the Completion Date, each Borrower shall use commercially reasonable endeavours
to ensure, subject to any applicable provisions of the Intercreditor Agreement, that at all times the Security Agent for the benefit of
the Secured Parties, shall (in jurisdictions where such concept exists and is customary) be named as an additional insured with respect
to liability policies maintained by such Borrower and the Security Agent for the benefit of the Secured Parties, shall (in jurisdictions
where such concept exists and is customary) be named as loss payee with respect to the property insurance maintained by such Borrower
which covers inventory or other policies which provide the benefit of cover for loss or damage to inventory; provided that, unless an
Event of Default shall have occurred and be continuing and the Agent has notified the Parent, (A) the Security Agent shall turn over
to the Parent any amounts received by it as an additional insured or loss payee under any property insurance maintained by the Borrowers
and/or the Subsidiaries, (B) the Security Agent agrees that the Borrowers, Parent and/or its applicable Subsidiary shall have the
sole right to adjust or settle any claims under such insurance and (C) all proceeds from any such claim shall be paid to the Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Promptly and no later than 90 days after the Second Amendment and Restatement Date and concurrently with
the delivery of a German-law share pledge agreement pursuant to the Term Loan Credit Agreement, the Obligors shall provide an executed
junior ranking share pledge agreement over all of the shares in the German Obligors entered into by the respective shareholders, the pledged
companies and Wells Fargo Capital Finance (UK) Limited as security agent and pledgee in substantially the same form as the share pledge
agreement granted to Wells Fargo Capital Finance (UK) Limited on or around 6 March 2020 (*mutatis mutandis*) or in such other
form as may be approved by the Agent acting reasonably.

**24.38** **Cash Management, Cash Dominion, Receivables and Inventory** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (X) within ninety (90) days (or such later date as the Agent may agree in its sole discretion) of
the Completion Date with respect to ABL Controlled Accounts detailed in Schedule 14 (*ABL Controlled Accounts*) in the United States;
or (Y) with respect to any ABL Controlled Account opened following the Completion Date, within sixty (60 days) of such account being
opened; or (Z) with respect to any person that becomes a Borrower after the Completion Date hereunder, within sixty (60) days of
such person becoming a Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to each ABL Controlled Account of the US Borrowers, each US Borrower shall cause each bank
of other depository institution at which such Collection Account is maintained, to enter into a Deposit Account Control Agreement (provided,
that if any such financial institution refuses to enter into such agreement, the relevant Borrower shall promptly use commercially reasonable
efforts to move such ABL Controlled Account to an alternate financial institution) that provides for such bank or other depository institution
to transfer to the Security Agent, on a daily basis, all balances in each such Collection Account with such depository institution to
be applied in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Until the obligations set out in paragraph (a) above have been satisfied, the relevant Borrower shall
transfer to the Agent on a daily basis the amount standing to the credit of such ABL Controlled Account for application in accordance
with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In respect of the ABL Controlled Accounts of each UK Borrower, each UK Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) acknowledges and agrees that it is not entitled to withdraw the whole or any part of any amount standing
to the credit of any ABL Controlled Account, other than to effect a transfer to the Security Agent in accordance with paragraph (ii) below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) agrees that it shall transfer, or procure the transfer, to the Security Agent on a daily basis, all balances
in each of its ABL Controlled Accounts to be applied in accordance with the terms of the Facility Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) agrees that if the Agent, acting in its Reasonable Credit Judgment, requests it shall provide a statement
of each ABL Controlled Account to the Agent concurrently with the delivery of each Borrowing Base Certificate pursuant to paragraph (a) of
clause 22.7 (*Borrowing Base Certificate*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) agrees that if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Test Condition is met on any six Business Days in a month; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) an Event of Default is continuing,

it shall promptly on request from the Agent cause all WCF Receivables and ABL Controlled Accounts of the relevant UK Borrower to be subject to a fixed charge in favour of the Security Agent, and for this purpose, each UK Borrower agrees that it will take such steps, and execute and deliver all such documents (including completed mandates, a supplemental fixed charge and any other ancillary documents) pursuant to which the Security Agent shall be granted a fixed charge and exclusive control over all such ABL Controlled Accounts and the proceeds thereof. Each UK Borrower further agrees that, if necessary, it shall open new ABL Controlled Accounts (the **New Controlled Accounts**) with an account bank acceptable to the Agent and direct its account debtors to pay all WCF Receivables directly into a New Controlled Account and execute and deliver all such documents as may be required by the Agent if the existing account bank will not put in place the necessary operational controls or execute the required fixed charge acknowledgement required for the Security Agent to have a valid and enforceable fixed charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With respect to the ABL Controlled Accounts of any German Borrower, (X) on the Original Signing Date
with respect to ABL Controlled Accounts detailed in Schedule 14 (*ABL Controlled Accounts*); or (Y) with respect to any ABL
Controlled Account opened following the Completion Date, within sixty (60 days) of such account being opened; or (Z) with respect
to any person that becomes a Borrower after the Completion Date hereunder, within sixty (60) days of such person becoming a Borrower each
German Borrower shall cause such ABL Controlled Accounts to be pledged under a German law governed account pledge agreement in favour
of the Security Agent, such German law governed account pledge agreement to be in form and substance reasonably satisfactory to the Security
Agent (each a "**German Account Pledge Agreement** "), which shall, inter alia, include an undertaking relating to the respective
German Borrower to make payments and/or remittances of all balances in each ABL Controlled Account to the Agent on a daily basis for application
in accordance with the terms of this Agreement and allow for an enforcement (as well as a revocation of any authorisation granted to such
German Borrower to freely dispose of the funds standing to the credit of the respective ABL Controlled Account of the pledges granted
thereunder not only in case of an Event of Default which is continuing but also in case of a breach of the aforementioned undertaking
(it being understood that in relation to the ABL Controlled Accounts maintained in Germany, reasonable efforts shall be used in accordance
with the terms of the Agreed Security Principles by the respective security grantor to obtain the acknowledgment of the relevant account
bank that the pledge in favour of such account bank over the ABL Controlled Accounts maintained in Germany granted pursuant to its general
business terms and conditions shall rank behind all the pledges over the ABL Controlled Accounts maintained in Germany granted to the
Security Agent by a German Borrower under the respective German Account Pledge Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Schedule 14 (*ABL Controlled Accounts*) sets forth all ABL Controlled Accounts maintained by the
Borrowers as of the Amendment and Restatement Date. Each Borrower shall be the sole account holder of each ABL Controlled Account, and
shall not allow any other person (other than the Security Agent and the German Borrowers in respect of any ABL Controlled Account in Germany)
to have control over a ABL Controlled Account or any deposits therein. Each Borrower shall promptly notify the Security Agent of any opening
or closing of any such ABL Controlled Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Borrowers shall maintain the ABL Controlled Accounts pursuant to arrangements reasonably acceptable
to the Agent and shall establish such arrangements as provided in clause (a), (c) and (d) above. The Agent and the Lenders assume
no responsibility to the Borrowers for any lockbox arrangement or ABL Controlled Account, including any claim of accord and satisfaction
or release with respect to any check, draft or other item of payment payable to a Borrower (including those constituting proceeds of Security)
accepted by any bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Borrowers acknowledge that payments made by the account debtors will flow through the ABL Controlled
Accounts and that they will receive credit for, or payment in respect of, such WCF Receivables in the manner and to the extent set out
in clause 8.1 (*Application*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) With respect to the collection of WCF Receivables, each Borrower undertakes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it shall instruct each account debtor to make all payments with respect to the ABL Priority Security into
an ABL Controlled Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it will collect and hold the proceeds of such WCF Receivables as trustee for the Agent and promptly pay
all amounts so received into a ABL Controlled Account (but pending such payment will not commingle such amounts with any other funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if any account debtor makes a payment into any account which is not a ABL Controlled Account, it will
promptly (i) transfer the relevant amounts to a ABL Controlled Account and (ii) direct the relevant account debtor to make future
payments to a ABL Controlled Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it will not grant any credit, discount or similar allowance in respect of any WCF Receivable except in
the ordinary course of business in accordance with its normal policies or with the Agent's consent (acting in its Reasonable Credit
Judgment); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) within three Business Days of demand, it will indemnify the Finance Parties on demand against any liability
incurred (other than by reason of gross negligence or wilful misconduct of any such Finance Party) to any bank or person involved in the
operation of a ABL Controlled Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to its WCF Inventory, each Obligor will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at all times maintain perpetual inventory records acceptable to the Agent (acting in its Reasonable Credit
Judgment) which shall accurately itemise and describe (i) the kind, type, quality and quantity of such WCF Inventory, (ii) the
cost of such WCF Inventory and (iii) the daily additions to/withdrawals from such WCF Inventory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) conduct a physical count of such WCF Inventory at least once a year and (if an Event of Default is continuing)
at such other times as the Agent, acting in its Reasonable Credit Judgment, may require, and deliver to the Agent a report acceptable
to it with respect to such count;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (except for sales of WCF Inventory in the ordinary course of business and movements of WCF Inventory previously
approved by the Agent in writing, acting in its Reasonable Credit Judgment) not remove any WCF Inventory from property controlled by it
or from a public warehouse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) produce, use, store and maintain its WCF Inventory with reasonable care and in accordance with all insurance
and regulatory requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) keep the WCF Inventory in good and marketable condition and to keep any consignment inventory separately
identifiable and separate from WCF Inventory.

**24.39** **Field Examinations and Appraisals** 

At any time that the Security Agent requests in its Reasonable Credit Judgment, after reasonable prior notice (such notice to include the identity of any appraiser to the extent it is not the Agent), the Borrowers will allow the Agent or its nominee to conduct field examinations and appraisals of the ABL Priority Security or updates thereof during normal business hours to ensure the adequacy of Security included in any Borrowing Base and related reporting and control systems (the reasonable cost and expenses of such matters shall be for the account of the Borrowers); provided, however, only two such field examination and one inventory appraisals per Financial Year shall be permitted; provided further that, so long as an Event of Default has occurred and is continuing during any Financial Year additional field exams and appraisals shall be permitted to the extent that the Security Agent determines in its Reasonable Credit Judgment that such additional field exams or appraisals are necessary to protect or preserve the value of the ABL Priority Security. For purposes of this Clause 24.39, it is understood and agreed that a single field examination may consist of examinations conducted at multiple relevant sites, both domestic and international, and involve one or more relevant Borrowers and their assets. If the Agent is not restricted from doing so pursuant to any applicable confidentiality or similar obligation or upon the Parent signing any non-disclosure agreement or confidentiality undertaking required by such an appraiser before such appraisal can be released to the Parent, it shall provide the Parent, on an information only basis, a copy of such appraisal promptly following receipt of the final appraisal.

**24.40** **Sustainability Linked Loan Performance Targets** 

The Parent and the Agent shall agree a minimum of two, and a maximum of three, sustainability performance targets and related key performance indicators along with any to be agreed margin ratchet associated with such targets within 90 days after the Amendment and Restatement Date.

**24.41** **Term Loan Credit Agreement and PIK Facility Agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor shall agree any amendments (or seek any waiver having a similar effect) of the PIK Facility
Agreement which would result in shortening the PIK Termination Date from that in effect at the Second Amendment and Restatement Date,
excluding any termination resulting from a capitalization, exchange for equity or waiver of amounts owing thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Obligor shall agree any amendments (or seek any waiver having a similar effect) to the Term Loan Finance
Documents which would result in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an increase to the maximum aggregate principal amount under the Term Loan Credit Agreement to an amount
in excess of US$750,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shortening the maturity of the Term Loan Credit Agreement from that in force as at the Second Amendment
and Restatement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the addition of any mandatory prepayment requirements not contained in the form of the Term Loan Credit
Agreement in force as at the Second Amendment and Restatement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an increase to the all-in yield of the facilities made available under the Term Loan Credit Agreement
by more than 3% per annum (and for these purposes, upfront fees and original issue discount (if any) shall be equated to interest based
on an assumed four-year average life without any present value discount), the introduction of a base rate floor of greater than 2.00 %
per annum, or an increase in the default rate of interest in each case from that in force as at the Second Amendment and Restatement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to the extent that such is reasonably expected materially and adversely to affect the interests of the
Lenders, a waiver of any breach of the Intercreditor Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the introduction of any restriction on voluntary prepayment of the facilities made available under the
Term Loan Credit Agreement, but excluding any amendments to the Prepayment Premium (as defined in the Term Loan Credit Agreement) and
subject to paragraph (b)(iv) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any amendments are made to the Term Loan Credit Agreement, the Parent shall as soon as reasonably practicable
provide the Agent with a conformed copy of the Term Loan Credit Agreement reflecting such amendments (for this purpose including any amendment
effected by way of the introduction of or replacement with a new Permitted Senior Facilities Agreement).

**24.42** **Syndication Assistance** 

The Obligors shall provide reasonable assistance to the Agent in completing a syndication of the Facility reasonably satisfactory to the Agent to one or more New Lenders after the First Amendment and Restatement Date (including, without limitation, by making members of senior management available for the purpose of making presentations to, or meeting, potential lending institutions) and will comply with all reasonable requests for information from potential syndicate members prior to completion of syndication.

---

| | |
|:---|:---|
| **25** | **EVENTS OF DEFAULT** |

---

Each of the events or circumstances set out in this Clause 25 is an Event of Default (save for Clause 25.22 (*Acceleration*)).

**25.1** **Non-payment** 

An Obligor or the Parent does not pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressed to be payable unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its failure to pay is caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) administrative or technical error; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Disruption Event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) payment is made by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in relation to non-payment of principal and interest within 3 Business Days of its due date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) within 5 Business Days of its due date for any other amount payable pursuant to a Finance Document.

**25.2** **Financial covenant and other obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph (c) below, any requirement of Clause 23.2 (*Financial condition*) is not
satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An Obligor or the Parent does not comply with the provisions of Clause 25 (*Information Undertakings*)
or Clause 24.34 (*Guarantors*) or any provision of any Transaction Security Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Event of Default will occur under paragraph (a) above if prior to (but no earlier than the first
date of that Relevant Period), or within 15 Business Days after, the date on which the relevant Compliance Certificate for the Relevant
Period in which such failure to comply was first evidenced are due to be delivered in accordance with Clause 22.2 (*Provision and contents of Compliance Certificate*) or, if earlier, the date on which such Compliance Certificate are actually delivered, the Group received
the proceeds of New Shareholder Injections in a minimum amount equal to the amount required to ensure that the financial covenant in Clause
23.2 (*Financial condition*) would be complied with if tested again as at the last day of the same Relevant Period (such amount,
the "**Cure Amount**") on the basis that the full amount of any New Shareholder Injections so provided in accordance with
this Clause 25.2 shall be included for the Relevant Period as if provided immediately prior to the last date of such Relevant Period by
increasing EBITDA by the Cure Amount (for that Relevant Period and for next (11) three successive Relevant Period) (the "**Cure Right**") provided that, in relation to any such New Shareholder Injections so provided in accordance with this Clause 25.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall not be entitled to exercise the Cure Right:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to prevent or cure breaches of the financial covenant on more than four occasions over the life of the
Facilities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in consecutive Financial Quarters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any New Shareholder Injections so provided and any adjustments made to EBITDA under this Clause 25.2 shall
not apply when calculating other permissions or usage under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there shall be no restriction on the amount of any Cure Amount exceeding the minimum amount required to
prevent or, as the case may be, cure the financial covenant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in relation to any New Shareholder Injections so provided prior to the date of delivery of the relevant
Compliance Certificate for the Relevant Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Compliance Certificate for that Relevant Period shall set out the revised financial covenant for the
Relevant Period by giving effect to the adjustments to Consolidated Total Net Debt under this paragraph (c) and confirming that such
New Shareholder Injections have been provided; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if such New Shareholder Injections are provided on or prior to the last date of that Relevant Period,
the unspent amount of such New Shareholder Injections will not be double counted with the amount of such New Shareholder Injections deemed
provided in accordance with paragraph (c) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in relation to any such New Shareholder Injections so provided following the date of delivery of the relevant
Compliance Certificate for the Relevant Period, immediately following the proceeds of those New Shareholder Injections being provided
to it, the Parent provides a revised Compliance Certificate to the Agent setting out the revised financial covenant for the Relevant Period
by giving effect to the adjustments to EBITDA under this paragraph (c).

**25.3** **Other obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Obligor or the Parent does not comply with any provision of the Finance Documents (other than those
referred to in Clause 25.1 (*Non-payment*) and Clause 25.2 (*Financial covenant and other obligations*)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy
and is remedied within 20 Business Days of the earlier of (i) the Agent giving notice to the Parent, the Parent or relevant Obligor
and (ii) the Parent, the Parent or an Obligor becoming aware of the failure to comply.

**25.4** **Misrepresentation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any representation or statement made or deemed to be made by an Obligor or the Parent in the Finance Documents
or any other document delivered by or on behalf of any Obligor or the Parent under or in connection with any Finance Document is or proves
to have been incorrect or misleading in any material respect when made or deemed to be made (or, in the case of any representation or
statement qualified by materiality or Material Adverse Effect, in any respect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to (c) below, no Event of Default will occur under paragraph (a) above if the circumstances
giving rise to that misrepresentation are if capable of remedy, are remedied within 20 Business Days of the earlier of (i) the Company
becoming aware of such misrepresentation and (ii) the giving of notice by the Agent in respect of such misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Event of Default will occur under paragraph (a) above in respect of any representation or statement
in a Borrowing Base Certificate only if such misrepresentation arose as a result of information supplied pursuant to an administrative
or technical error and if the circumstances giving rise to that misrepresentation are if capable of remedy, are remedied within 20 Business
Days of the earlier of (i) the Company becoming aware of such misrepresentation and (ii) the giving of notice by the Agent in
respect of such misrepresentation.

**25.5** **Cross default** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Financial Indebtedness of any member of the Group or the Parent is not paid when due nor within any
originally applicable grace period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Financial Indebtedness of any member of the Group or the Parent is declared to be or otherwise becomes
due and payable prior to its specified maturity as a result of an event of default (however described).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any commitment for any Financial Indebtedness of any member of the Group or the Parent is cancelled or
suspended by a creditor of any member of the Group as a result of an event of default (however described).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any creditor of any member of the Group or the Parent becomes entitled to declare any Financial Indebtedness
of any member of the Group or the Parent due and payable prior to its specified maturity as a result of an event of default (however described).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Event of Default will occur under this Clause 25.5 if the aggregate amount of Financial Indebtedness
or commitment for Financial Indebtedness falling within paragraphs (a) to (d) above is less than £10,000,000 (or its equivalent
in other or currencies).

**25.6** **Insolvency** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Material Company or the Parent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is unable or admits inability to pay its debts as they fall due (including, in relation to a member of
the Group having its centre of main interest in the Federal Republic of Germany, that member of the Group is unable to pay its debts as
they fall due (*zahlungsunfähig*) within the meaning of section 17 of the German Insolvency Code (*Insolvenzordnung*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is deemed to, or is declared to, be unable to pay its debts under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) has incurred or intends to incur, or believes that it will incur, debts including current obligations
beyond its ability to pay such debts as they become due (whether at maturity or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) suspends or threatens to suspend making payments on any of its debts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) by reason of actual or anticipated financial difficulties, enters into a standstill agreement or commences
negotiations with one or more of its creditors (excluding any Finance Party in its capacity as such) with a view to rescheduling any of
its indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any writ or warrant of attachment or execution or similar process is issued, commenced or levied against
all or substantially all of the property of any member of the Group or the Parent and is not released, vacated or fully bonded within
60 days after its issue, commencement or levy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The present fair saleable value of the present asset of any member of the Group or the Parent is less
than the sum of its liabilities (including contingent liabilities) (including, in relation to a member of the Group having its centre
of main interest in the Federal Republic of Germany, that member of the Group is over-indebted (*überschuldet*) within the meaning
of section 19 of the German Insolvency Code (*Insolvenzordnung*)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The capital of any member of the Group or the Parent is or becomes unreasonably small in relation to its
business as contemplated on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A moratorium is declared in respect of any indebtedness of any member of the Group or the Parent. If a
moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium.

**25.7** **Insolvency proceedings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any corporate action, legal proceedings or other procedure or step is taken in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the suspension of payments, a moratorium of any indebtedness, insolvency, winding-up, dissolution, liquidation,
administration or reorganisation (by way of voluntary arrangement, scheme of arrangement, restructuring plan or otherwise) of any Material
Company or the Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a composition, compromise, assignment or arrangement with any creditor of any Material Company or the
Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the appointment of a liquidator, receiver, administrative receiver, administrator, monitor, compulsory
manager or other similar officer in respect of any Material Company or the Parent or any of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) enforcement of any Security over any assets of any member of the Group or the Parent,

or any analogous procedure or step is taken in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within
14 days of commencement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any proceedings which the Agent is satisfied (acting on the instructions of Majority Lenders) will be
withdrawn or unsuccessful; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any step or procedure contemplated by paragraph (d) of the definition of Permitted Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of clause 1.5 (*Jersey terms*) shall not apply to paragraph (b)(i) above.

**25.8** **Creditors' process** 

Any expropriation, attachment, sequestration, distress or execution or any analogous process in any jurisdiction affects any asset or assets of a Material Company or the Parent having an aggregate value of £10,000,000 (or its equivalent in other currencies) and is not discharged within 14 days.

**25.9** **Unlawfulness and invalidity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is or becomes unlawful for an Obligor, the Parent or any other member of the Group that is a party
to the Intercreditor Agreement to perform any of its obligations under the Finance Documents or any Transaction Security created or expressed
to be created or evidenced by the Transaction Security Documents ceases to be effective or any subordination created under the Intercreditor
Agreement is or becomes unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any obligation or obligations of any Obligor or the Parent under any Finance Documents or any other member
of the Group under the Intercreditor Agreement are not (subject to the Legal Reservations) or cease to be legal, valid, binding or enforceable
and the cessation individually or cumulatively materially and adversely affects the interests of the Lenders under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Finance Document ceases to be in full force and effect or any Transaction Security or any subordination
created under the Intercreditor Agreement ceases to be legal, valid, binding, enforceable or effective or is alleged by a party to it
(other than a Finance Party) to be ineffective.

**25.10** **Intercreditor Agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any party to the Intercreditor Agreement (other than a Finance Party, an Obligor or the Parent) fails
to comply with the provisions of, or does not perform its obligations under, the Intercreditor Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A representation or warranty given by that party in the Intercreditor Agreement is incorrect in any material
respect,

and, if the non-compliance or circumstances giving rise to the misrepresentation are capable of remedy, it is not remedied within 20 Business Days of the earlier of the Agent giving notice to that party or that party becoming aware of the non-compliance or misrepresentation.

**25.11** **Cessation of business** 

Any member of the Group or the Parent suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business except as a result of a Permitted Disposal, Permitted Reorganisation or a Permitted Transaction.

**25.12** **Change of ownership** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) After the Completion Date, an Obligor (other than the Parent) ceases to be a wholly-owned Subsidiary of
the Parent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An Obligor ceases to own at least the same percentage of shares in a Material Company as on the Original
Signing Date,

except, in either case, as a result of a disposal which is a Permitted Disposal, Permitted Reorganisation or a Permitted Transaction.

**25.13** **Audit qualification** 

The Parent's Auditors qualify the audited annual consolidated financial statements of the Parent.

**25.14** **Expropriation** 

The authority or ability of any member of the Group to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or other person in relation to any member of the Group or any of its assets.

**25.15** **Repudiation and rescission of agreements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Obligor or the Parent (or any other relevant party) rescinds or purports to rescind or repudiates or
purports to repudiate a Finance Document or any of the Transaction Security or evidences an intention to rescind or repudiate a Finance
Document or any Transaction Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any party to the Intercreditor Agreement rescinds or purports to rescind or repudiates or purports to
repudiate any of those agreements or instruments in whole or in part where to do so has or is, in the reasonable opinion of the Majority
Lenders, likely to have a material adverse effect on the interests of the Lenders under the Finance Documents.

**25.16** **Litigation** 

Any litigation, arbitration or administrative proceedings or investigations of, or before, any court, arbitral body or agency are started or threatened, or any judgment or order of a court, arbitral body or agency is made, in relation to the Transaction Documents or the transactions contemplated in the Transaction Documents or against any member of the Group or its assets which have, or has, or are, or is, reasonably likely to have a Material Adverse Effect.

**25.17** **Compulsory Acquisition** 

All or a part of any member of the Group's assets are seized, nationalised, expropriated or compulsorily acquired by, or by the order of, any agency of any state (or any analogous process by relevant authorities in any jurisdiction) and such event has or would reasonably be expected to have a Material Adverse Effect.

**25.18** **Material adverse change** 

Any event or circumstance occurs which the Majority Lenders reasonably believe has or is reasonably likely to have a Material Adverse Effect.

**25.19** **ERISA** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any ERISA Event shall have occurred with respect to a Single Employer Plan or (to the extent the definition
of "**ERISA Event**" is applicable to a Multiemployer Plan) Multiemployer Plan that, when aggregated with any other then
existing ERISA Event, would reasonably be expected to have a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Obligor or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace
period, any instalment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in
an aggregate amount which could reasonably be expected to result in a Material Adverse Effect.

**25.20** **[Reserved]** 

**25.21** **[Reserved]** 

**25.22** **Acceleration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On and at any time after the occurrence of an Event of Default which is continuing the Agent may, and
shall if so directed by the Majority Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by notice to the Parent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) cancel the Total Commitments at which time they shall immediately be cancelled; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or
outstanding under the Finance Documents be immediately due and payable, at which time they shall become immediately due and payable; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) declare that all or part of the Loans be payable on demand, at which time they shall immediately become
payable on demand by the Agent on the instructions of the Majority Lenders; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) declare that the Borrowers shall immediately pay or procure the payment of cash cover in respect of the
Letters of Credit, whereupon such amounts shall become immediately due and payable; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or discretions
under the Finance Documents,

*provided that* if an Event of Default under Clause 25.7 (*Insolvency proceedings*) has occurred and is continuing with respect to any Borrower, the result that would occur against the Borrowers and Obligors organised in the United States or any jurisdiction thereof upon the direction of the Majority Lenders and the giving of notice to the Parent pursuant to 25.22 (*Acceleration*) shall occur automatically without such direction or the giving of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without prejudice to the other provisions of this clause 25.22 (*Acceleration*) or any of its other
rights under any Finance Documents, the Agent may, at any time while an Event of Default is continuing (and without incurring any liability
for the exercise or non-exercise of any such power):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) require each Obligor immediately to deliver to it all original documents relating to the WCF Receivables
and the contracts giving rise to them; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) give notice (or require the relevant Obligors to give notice) to the account debtors to the effect that
the WCF Receivables have been charged in favour of the Agent and requiring that payment be made to such account as the Agent may specify;
and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) extend the time for payment of any WCF Receivable or otherwise enter into any arrangements for the settlement,
compromise, release or discharge of any WCF Receivable; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) generally take such action as it may deem fit for the protection of any rights, remedies or security conferred
upon it by any of the Finance Documents.

**SECTION 9**

**CHANGES TO PARTIES**

---

| | |
|:---|:---|
| **26** | **CHANGES TO THE LENDERS** |

---

**26.1** **Assignments and transfers by the Lenders** 

Subject to this Clause 26 and to Clause 27 (*Restriction on Debt Purchase Transactions*), a Lender (the "**Existing Lender**") may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) assign any of its rights; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfer by novation any of its rights and obligations,

under any Finance Document to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the "**New Lender**").

**26.2** **Conditions of assignment or transfer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The consent of the Parent shall not be required for any assignment or transfer by an Existing Lender of
any of its rights and/or obligations under the Facility to a New Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding paragraph (a) above, no Existing Lender shall transfer or assign any of its rights
and/or obligations under any Facility to a New Lender which is a Competitor, Customer or Supplier (each a "**Restricted Transfer** ")
unless such assignment or transfer is in connection with an event or transaction which will trigger a Change of Control and require a
prepayment of the Facilities in full in accordance with Clause 10.1 (*Exit*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent shall, as soon as reasonably practicable on the Parent's request provide the identities
and participation of each of the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An assignment will only be effective on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) receipt by the Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the
New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations to the other Finance
Parties and the other Secured Parties as it would have been under if it had been an Original Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the New Lender entering into the documentation required for it to accede as a party to the Intercreditor
Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) performance by the Agent of all necessary "**know your customer**" or other similar checks
under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Agent shall promptly
notify to the Existing Lender and the New Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A transfer will only be effective if the New Lender enters into the documentation required for it to accede
as a party to the Intercreditor Agreement and if the procedure set out in Clause 26.5 (*Procedure for transfer*) is complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Lender assigns, transfers or sub-participates any of its rights or obligations under the Finance Documents
or changes its Facility Office; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as a result of circumstances existing at the date the assignment, transfer, sub-participation or other
change occurs, the Parent or another Obligor would be obliged to make a payment to the New Lender, the sub-participating Lender or Lender
acting through its new Facility Office under Clause 15 (*Tax Gross-up and Indemnities*) or Clause 16 (*Increased Costs*),

then the New Lender, the sub-participating Lender or Lender acting through its new Facility Office is only entitled to receive payment under those clauses to the same extent as the Existing Lender, the sub-participating Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer, sub-participation or other change had not occurred. This paragraph (f) shall not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in respect of an assignment or transfer made in the ordinary course of the primary syndication of any
Facility; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in relation to Clause 15.2 (*Tax gross-up*), to payments made by a UK Tax Obligor to a UK Treaty
Lender that has included a confirmation of its scheme reference number and its jurisdiction of tax residence in accordance with paragraph
(k)(B) of Clause 15.2 (*Tax gross-up*) and where that UK Treaty Lender has provided notice of such confirmation to the Parent
or to the relevant UK Tax Obligor in accordance with Clause 34 (*Notices*) if that UK Tax Obligor making the payment has not made
a Borrower DTTP Filing in respect of that UK Treaty Lender within 10 Business Days of that UK Tax Obligor being provided that confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for
the avoidance of doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on
behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment
becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would
have been had it remained a Lender.

**26.3** **Assignment or transfer fee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph (b) below, the New Lender shall, on the date upon which an assignment or transfer
takes effect, pay to the Agent (for its own account) a fee of £3,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No fee is payable pursuant to paragraph (a) above if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Agent agrees that no fee is payable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the assignment or transfer is made by an Existing Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to an Affiliate of that Existing Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) to a fund which is a Related Fund of that Existing Lender.

**26.4** **Limitation of responsibility of Existing Lenders and Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes
no responsibility to a New Lender for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the legality, validity, effectiveness, adequacy or enforceability of the Transaction Documents, the Transaction
Security or any other documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the financial condition of any Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the performance and observance by any Obligor or any other member of the Group of its obligations under
the Transaction Documents or any other documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the accuracy of any statements (whether written or oral) made in or in connection with any Transaction
Document or any other document,

and any representations or warranties implied by law are excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each New Lender confirms to the Existing Lender, the other Finance Parties and the Secured Parties that
it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has made (and shall continue to make) its own independent investigation and assessment of the financial
condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied
exclusively on any information provided to it by the Existing Lender or any other Finance Party in connection with any Transaction Document
or the Transaction Security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related
entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in any Finance Document obliges an Existing Lender to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned
or transferred under this Clause 26; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) support any losses directly or indirectly incurred by the New Lender by reason of the non-performance
by any Obligor of its obligations under the Transaction Documents or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in this Agreement or in any other Finance Document to the contrary, the Agent
shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the
provisions of this Agreement relating to and the Agent shall not (x) be obligated to ascertain, monitor or inquire as to whether
any Lender or sub-participant of a Lender or prospective New Lender or sub-participant of a New Lender is a Competitor, Customer or Supplier
or (y) have any liability with respect to or arising out of any assignment or participation of any Lender's rights and/or obligations,
or disclosure of confidential information, to any Competitor, Customer or Supplier.

**26.5** **Procedure for transfer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the conditions set out in Clause 26.2 (*Conditions of assignment or transfer*) a transfer
is effected in accordance with paragraph (c) below when the Agent executes an otherwise duly completed Transfer Certificate delivered
to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as soon as reasonably practicable
after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this Agreement and delivered
in accordance with the terms of this Agreement, execute that Transfer Certificate and update the Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender
and the New Lender once it is satisfied it has complied with all necessary "**know your customer**" or other similar checks
under all applicable laws and regulations in relation to the transfer to such New Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the Transfer Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights
and obligations under the Finance Documents and in respect of the Transaction Security each of the Obligors and the Existing Lender shall
be released from further obligations towards one another under the Finance Documents and in respect of the Transaction Security and their
respective rights against one another under the Finance Documents and in respect of the Transaction Security shall be cancelled (being
the "**Discharged Rights and Obligations** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights
against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor or other member of the Group
and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Agent, the Security Agent, the New Lender and the other Lenders shall acquire the same rights and
assume the same obligations between themselves and in respect of the Transaction Security as they would have acquired and assumed had
the New Lender been an Original Lender with the rights, and/or obligations acquired or assumed by it as a result of the transfer and to
that extent the Agent, the Security Agent and the Existing Lender shall each be released from further obligations to each other under
the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the New Lender shall become a Party as a "**Lender** ".

**26.6** **Procedure for assignment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the conditions set out in Clause 26.2 (*Conditions of assignment or transfer*) an assignment
may be effected in accordance with paragraph (c) below when the Agent executes an otherwise duly completed Assignment Agreement delivered
to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as soon as reasonably practicable
after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered
in accordance with the terms of this Agreement, execute that Assignment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender
and the New Lender once it is satisfied it has complied with all necessary "**know your customer**" or other similar checks
under all applicable laws and regulations in relation to the assignment to such New Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the Transfer Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents and
in respect of the Transaction Security expressed to be the subject of the assignment in the Assignment Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Existing Lender will be released from the obligations (the "**Relevant Obligations** ")
expressed to be the subject of the release in the Assignment Agreement (and any corresponding obligations by which it is bound in respect
of the Transaction Security); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the New Lender shall become a Party as a "**Lender**" and will be bound by obligations
equivalent to the Relevant Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Lenders may utilise procedures other than those set out in this Clause 26.6 to assign their rights under
the Finance Documents (but not, without the consent of the relevant Obligor or unless in accordance with Clause 26.5 (*Procedure for transfer*), to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the assumption of equivalent
obligations by a New Lender) provided that they comply with the conditions set out in Clause 26.2 (*Conditions of assignment or transfer*).

**26.7** **Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Parent** 

The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate, an Assignment Agreement or an Increase Confirmation, send to the Parent a copy of that Transfer Certificate, Assignment Agreement or an Increase Confirmation.

**26.8** **Security over Lenders' rights** 

In addition to the other rights provided to Lenders under this Clause 26, each Lender may without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any charge, assignment or other Security granted to any holders (or trustee or representatives of holders)
of obligations owed, or securities issued, by that Lender as security for those obligations or securities,

except that no such charge, assignment or Security shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary
of the relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) require any payments to be made by an Obligor other than or in excess of, or grant to any person any more
extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents.

**26.9** **Restricted Transfers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any purported Restricted Transfer by an Existing Lender that is in breach of the terms of paragraph (b) of
Clause 26.2 (*Conditions of assignment or transfer*) shall be deemed void and ineffective, and title and interest to the relevant
participation or interest in the Facility purported to be the subject of such Restricted Transfer shall remain with the Existing Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding paragraph (a) above, to the extent that any participation or interest in any Facility
is legally and/or beneficially transferred to a Competitor, Customer or Supplier by an Existing Lender (for the purposes of this Clause
26.9, the "**Transferor** "), each of the Transferor and the relevant Competitor, Customer or Supplier (in its capacity
as a New Lender) agrees that it shall take all steps and action necessary to ensure that such participation or interest is promptly transferred
or assigned back to the Transferor for the same consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For so long as a Competitor, Customer or Supplier holds an interest or participation in a Facility (prior
to such interest or participation being transferred or assigned back to a Transferor):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Competitor, Customer or Supplier shall be deemed not to be a Lender and shall not be able to or be
entitled to receive any information under the Finance Documents or to participate in any vote (including, without limitation, in respect
of any consent, waiver or amendment) under the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for the purposes of ascertaining whether any given percentage (including for the avoidance of doubt, unanimity)
of the Total Commitments or the agreement of any specified group of Lenders has been obtained to approve any request for a consent, waiver,
amendment or other vote under the Finance Documents, the participation and Commitment of that Competitor, Customer or Supplier shall be
deemed to be zero.

**26.10** **Register** 

The Agent, acting solely for this purpose as a non-fiduciary agent of the Obligors, shall maintain a copy of each Transfer Certificate delivered to it and a register (such register to be maintained outside of the United Kingdom) for the recording of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (for the purposes of this provision, the "**Register**"). The entries in the Register shall be conclusive absent manifest error, and the Obligors, the Agent and the Lenders shall treat each person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this agreement. The Register shall be available for inspection by the Obligors and any Lender, at any reasonable time and from time to time upon reasonable prior notice. The parties intend for the Loans to be in registered form under Section 5f.103-1(c) of the US Treasury Regulations.

**26.11** **Participant Register** 

Each Lender that sells a sub-participation in a Loan or other obligation of an Obligor under a Finance Document shall, acting solely for this purpose as a non-fiduciary agent of the Obligors, maintain a register on which it enters the name and address of each sub-participant and the principal amounts (and stated interest) of each sub-participant's interest in such Loans or other obligations (for the purposes of this provision, the "**Participant Register**"); provided that no such Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any sub-participant or any information relating to a participant's interest in any Commitments, Loans or other obligations under any Finance Document) to any person except to the extent that such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form within the meaning of US Treasury Regulations Section 5f.103-1(c) or Section 1.163-5(b) of the US Treasury Regulations (or, in each case, any amended or successor version). The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such sub-participation for all purposes of this Agreement notwithstanding any notice to the contrary.

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|:---|:---|
| **27** | **RESTRICTION ON DEBT PURCHASE TRANSACTIONS** |

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**27.1** **Prohibition on Debt Purchase Transactions by the Group and the Parent** 

The Parent shall not, and the Parent shall procure that each other member of the Group shall not, enter into any Debt Purchase Transaction or beneficially own all or any part of the share capital of a company that is a Lender or a party to a Debt Purchase Transaction of the type referred to in paragraphs (b) or (c) of the definition of "**Debt Purchase Transaction**".

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| | |
|:---|:---|
| **28** | **CHANGES TO THE OBLIGORS** |

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**28.1** **Assignment and transfers by Obligors and the Parent** 

No Obligor nor the Parent may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.

**28.2** **Additional Borrowers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to compliance with the provisions of paragraphs (c), (d) and (e) of Clause 22.10 (*"Know your customer" checks*), the Parent may request that any of its wholly owned Subsidiaries which is not a Dormant Subsidiary becomes
a Borrower under Facility. That Subsidiary shall become a Borrower under a Facility if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is incorporated in a jurisdiction that is the same jurisdiction as an existing Borrower under that
Facility or all the Lenders under the relevant Facility approve the addition of that Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Parent and that Subsidiary deliver to the Agent a duly completed and executed Accession Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Subsidiary is (or becomes) a Guarantor prior to becoming a Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Parent confirms that no Default is continuing or would occur as a result of that Subsidiary becoming
an Additional Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Agent has received all of the documents and other evidence listed in Schedule 2, Part 2 (*Conditions precedent required to be delivered by an Additional Obligor*) in relation to that Additional Borrower, each in form and substance satisfactory
to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in
form and substance satisfactory to it) all the documents and other evidence listed in Schedule 2, Part 2 (*Conditions precedent required to be delivered by an Additional Obligor*).

**28.3** **Resignation of a Borrower** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In this Clause 28.3, Clause 28.5 (*Resignation of a Guarantor*) and Clause 28.7 (*Resignation and release of security on disposal*), "**Third Party Disposal**" means the disposal of an Obligor to a person which is
not a member of the Group where that disposal is permitted under Clause 24.16 (*Disposals*) or made with the approval of the Majority
Lenders (and the Parent has confirmed this is the case).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Borrower is the subject of a Third Party Disposal, the Parent may request that such Borrower (other
than the Parent) ceases to be a Borrower by delivering to the Agent a Resignation Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent (acting on the instructions of all Lenders) shall accept a Resignation Letter and notify the
Parent and the other Finance Parties of its acceptance if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Parent has confirmed that no Default is continuing or would result from the acceptance of the Resignation
Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents or
Bank Product Agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) where the Borrower is also a Guarantor (unless its resignation has been accepted in accordance with Clause
28.5 (*Resignation of a Guarantor*)), its obligations in its capacity as Guarantor continue to be legal, valid, binding and enforceable
and in full force and effect (subject to the Legal Reservations) and the amount guaranteed by it as a Guarantor is not decreased (and
the Parent has confirmed this is the case).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon notification by the Agent to the Parent of its acceptance of the resignation of a Borrower, that
company shall cease to be a Borrower and shall have no further rights or obligations under the Finance Documents as a Borrower except
that the resignation shall not take effect (and the Borrower will continue to have rights and obligations under the Finance Documents)
until the date on which the Third Party Disposal takes effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Agent may, at the cost and expense of the Parent, require a legal opinion from counsel to the Agent
confirming the matters set out in paragraph (c)(iii) above and the Agent shall be under no obligation to accept a Resignation Letter
until it has obtained such opinion in form and substance satisfactory to it.

**28.4** **Additional Guarantors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to compliance with the provisions of paragraphs (c), (d) and (e) of Clause 22.10 ()"*Know your customer" checks*) the Parent may request that any of its wholly owned Subsidiaries become a Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parent shall procure that any other member of the Group which is a Material Company (other than any
Excluded Company) or which becomes a Guarantor under the Term Loan Credit Agreement or other Term Loan Finance Document (and is not already
a Guarantor herein) shall, in each case, become an Additional Guarantor as required by Clause 24.34 (*Guarantors*) and, subject to
the Agreed Security Principles, grant Security as the Agent may require and shall accede to the Intercreditor Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A member of the Group shall become an Additional Guarantor if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Parent and the proposed Additional Guarantor deliver to the Agent a duly completed and executed Accession
Deed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Agent has received all of the documents and other evidence listed in Part 2 (*Conditions precedent required to be delivered by an Additional Obligor*) of Schedule 2 (*Conditions Precedent*) in relation to that Additional Guarantor,
each in form and substance satisfactory to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in
form and substance satisfactory to it) all the documents and other evidence listed in Part 2 (*Conditions precedent required to be delivered by an Additional Obligor*) of Schedule 2 (*Conditions Precedent*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon the Agent's confirmation to the Parent that it has received all documents referred to in paragraph
(a) of this *Clause* 28.4 (*Additional Guarantors*) in respect of an Additional Guarantor, such Additional Guarantor, the
other Obligors and the Finance Parties shall each assume such obligations towards one another and/or acquire such rights against each
other party as they would have assumed or acquired had such Subsidiary been an original Party to this Agreement and the Intercreditor
Agreement as a Guarantor and such Subsidiary shall become a Party to this Agreement and thereto as a Guarantor and in such other capacity
as may be applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before
the Agent gives the notification described in paragraph (d) above, the Lenders authorise (but do not require) the Agent to give that
notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.

**28.5** **Resignation of a Guarantor** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent may request that a Guarantor (other than the Parent) ceases to be a Guarantor by delivering
to the Agent a Resignation Letter if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that Guarantor is being disposed of by way of a Third Party Disposal (as defined in Clause 28.3 (*Resignation of a Borrower*)) and the Parent has confirmed this is the case; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to clause 4.2 (*Amendments and waivers: Senior Facility Creditors*) of the Intercreditor
Agreement, all the Lenders have consented to the resignation of that Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (a) of clause 22.11 (*Resignation of a Senior Debtor*) of the Intercreditor
Agreement, the Agent shall accept a Resignation Letter and notify the Parent and the Lenders of its acceptance if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Parent has confirmed that no Default is continuing or would result from the acceptance of the Resignation
Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no payment is due from the Guarantor under Clause 20.1 (*Guarantee and indemnity*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) where the Guarantor is also a Borrower, it is under no actual or contingent obligations as a Borrower
and has resigned and ceased to be a Borrower under Clause 28.3 (*Resignation of a Borrower*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The resignation of that Guarantor shall not be effective until the date of the relevant Third Party Disposal
at which time that company shall cease to be a Guarantor and shall have no further rights or obligations under the Finance Documents as
a Guarantor.

**28.6** **Repetition of Representations** 

Delivery of an Accession Deed constitutes confirmation by the relevant Subsidiary that the representations and warranties referred to in paragraph (c) of Clause 21.34 (*Times when representations made*) are true and correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing.

**28.7** **Resignation and release of security on disposal** 

If a Borrower or Guarantor is or is proposed to be the subject of a Third Party Disposal then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where that Borrower or Guarantor created Transaction Security over any of its assets or business in favour
of the Security Agent, or Transaction Security in favour of the Security Agent was created over the shares (or equivalent) of that Borrower
or Guarantor, the Security Agent may, at the cost and request of the Parent, release those assets, business or shares (or equivalent)
and issue certificates of non-crystallisation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any resignation of that Borrower or Guarantor and related release of Transaction Security referred to
in paragraph (a) above shall become effective only on the making of that disposal.

**SECTION 10**

**THE FINANCE PARTIES**

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| | |
|:---|:---|
| **29** | **ROLE OF THE ADMINISTRATIVE PARTIES** |

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**29.1** **Appointment of the Agent and Security Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) appoints the Agent to act as its agent under and in connection with the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) authorises the Agent to perform the duties, obligations and responsibilities and exercise the rights,
powers, authorities and discretions specifically given to the Agent under or in connection with the Finance Documents together with any
other incidental rights, powers, authorities and discretions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Bank Product Provider, by its execution of this Agreement as a Lender or by executing a Bank Product
Provider Confirmation appoints the Security Agent to hold the Transaction Security constituted by the Transaction Security Documents on
trust for the Bank Product Providers on the terms of the Finance Documents and the Security Agent accepts that appointment.

**29.2** **Duties of the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent shall promptly forward to a Party the original or a copy of any document which is delivered
to the Agent for that Party by any other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or
check the adequacy, accuracy or completeness of any document it forwards to another Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating
that the circumstance described is a Default, it shall promptly notify the Finance Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable
to a Finance Party (other than the Agent or the Security Agent) under this Agreement it shall promptly notify the other Finance Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Agent's duties under the Finance Documents are solely mechanical and administrative in nature.

**29.3** **No fiduciary duties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nothing in this Agreement constitutes the Agent as a trustee or fiduciary of any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall not be bound to account to any Secured Party for any sum or the profit element of any
sum received by it for its own account and, without prejudice to the generality of this paragraph (b), the Agent, its subsidiaries and
associated companies may each retain for its own account and benefit any fee, remuneration and profits paid to it in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its activities under the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) its engagement in any kind of banking or other business with any Obligor.

**29.4** **Agent's rights to act and to deal** 

The Agent and any of its respective Affiliates may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) act in an agency, trustee, fiduciary or other capacity on behalf of any other banks or financial institutions
providing facilities to any Obligor, or any associated company of an Obligor, as freely in all respects as if it had not been appointed
to act as agent and/or trustee for the Secured Parties under this Agreement and without regard to the effect on the Secured Parties of
acting in such capacity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subscribe for, hold, be beneficially entitled to or dispose of shares or securities, or options or other
rights to and interests in shares or securities in any Obligor or any associated company of an Obligor (in each case, without liability
to account).

**29.5** **Business with the Group** 

The Agent and any of its respective Affiliates may accept deposits from, lend money to and generally engage in any kind of banking or other business with any Obligor, without any obligation to disclose to the Secured Parties, or to account to them for or in respect of, any such arrangement or activity.

**29.6** **Rights and discretions of the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent may rely on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any representation, communication, warranty, notice or document believed by it to be genuine, correct
and appropriately authorised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any statement made by any person regarding any matters which may reasonably be assumed to be within his
knowledge or within his power to verify; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a certificate from any persons as to (x) any matter of fact or circumstance which might reasonably
be expected to be within the knowledge of that person or (y) the effect that such person approves of any particular dealing, transaction,
step, action or thing, as sufficient evidence that that is the case and, in the case of (x), may assume the truth and accuracy of that
certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent may assume that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders are duly
given in accordance with the terms of the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) unless it has received notice of revocation, that those instructions have not been revoked.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders)
that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Default has occurred (unless it has actual knowledge of a Default arising under 25.1 (*Non-payment*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Transaction Security Document has become enforceable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any notice or request delivered or made by a Borrower (other than a Utilisation Request) is made on behalf
of and with the consent and knowledge of all the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Agent may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) act in relation to the Finance Documents through its personnel and agents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) disclose to any other Party and to any person engaged by it or through whom it acts in accordance with
this Clause 29.6 any information it reasonably believes it has received as agent under this Agreement,

and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without prejudice to the generality of Clause 29.6(d)(iii) above, the Agent may disclose the identity
of a Defaulting Lender to the other Finance Parties and the Parent and shall disclose the same upon the written request of the Parent
or the Majority Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any other provision of any Finance Document to the contrary, the Agent is not obliged
to do or omit to do anything if it would or might in its reasonable opinion constitute a breach of any law or regulation or a breach of
a fiduciary duty or duty of confidentiality.

**29.7** **Majority Lenders' instructions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless a contrary indication appears in a Finance Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Party and each Bank Product Provider (by its execution of this Agreement as a Lender or by executing
a Bank Product Provider Confirmation) acknowledges that one or more persons may from time to time constitute the Agent and a Lender may
be the Agent and may therefore form part of and participate in formulating the instructions from the Majority Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Agent shall (subject to its legal obligations):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) exercise any right, power, authority or discretion vested in it as Agent in accordance with any instructions
given to it by the Majority Lenders (or, if so instructed by the Majority Lenders, refrain from exercising any right, power, authority
or discretion vested in it);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) not be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance
with an instruction of the Majority Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) be entitled to request clarification of instructions from the Majority Lenders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any instructions given by the Majority Lenders will be binding on all the Secured Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent may refrain from acting unless and until it receives any such instructions or clarification
that it has requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under
the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Agent by the
Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties save
for the Security Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if
appropriate, the Lenders) until it has received such indemnity and/or security as it may require for any cost, loss or liability (together
with any associated VAT) which it may incur in complying with the instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the absence of instructions from the Majority Lenders, (or, if appropriate, the Lenders) the Agent
may act (or refrain from taking action) as it considers to be in the best interest of the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender's
consent) in any legal or arbitration proceedings relating to any Finance Document. This Clause 29.7(f) above shall not apply to any
legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Transaction Security Documents
or enforcement of the Transaction Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Agent is not obliged to expend or risk its own funds or otherwise incur any financial liability in
the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has
grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably
assured to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For the avoidance of doubt, no Bank Product Provider (in its capacity as such) shall have any voting or
approval rights under the Finance Documents (or be deemed a Lender) solely by virtue of its status as a Bank Product Provider, nor shall
the consent of any Bank Product Provider be required (other than in its capacity as a Lender, to the extent applicable) for any matter
under any of the Finance Documents, including as to any matter relating to the Charged Property or the release of Charged Property or
any of the Guarantors.

**29.8** **Responsibility for documentation and customer identification** 

Neither Agent nor any of their respective officers, employees or agents from time to time is responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by any
Secured Party, an Obligor or any other person given in or in connection with any Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any other
agreement, arrangement or document entered into, made or executed in anticipation of or in connection with any Finance Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any determination as to whether any information provided or to be provided to any Finance Party is non-public
information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise.

**29.9** **No duty to monitor** 

The Agent shall not be bound to enquire:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whether or not any Default has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as to the performance, default or any breach by any Party of its obligations under any Transaction Document;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether any other event specified in any Transaction Document has occurred.

**29.10** **Exclusion of liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without limiting Clause 29.10(b), the Agent shall not be liable (including for negligence or any other
category of liability whatsoever) for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any action taken by it or not taken by it under or in connection with any Finance Document, unless directly
caused by its gross negligence or wilful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection
with, any Finance Document or the Transaction Security or any other agreement, arrangement or document entered into, made or executed
in anticipation of, under or in connection with, any Finance Document or the Transaction Security, other than by reason of its gross negligence
or wilful misconduct; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) without prejudice to the generality of sub-paragraphs (i) and (ii) above, any damages, costs
or losses to any person, any diminution in value or any liability whatsoever (including, without limitation, for negligence or any other
category of liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any act, event or circumstance not reasonably within its control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the general risks of investment in, or the holding of assets in, any jurisdiction,

including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Party (other than the Agent in relation to its own officers) may take any proceedings against any officer,
employee or agent of the Agent in respect of any claim it might have against the Agent or in respect of any act or omission of any kind
by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Agent subject to clause
1.4 (*Third party rights*) and the provisions of the Third Parties Act, rely on this clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent will not be liable for any delay (or any related consequences) in crediting an account with
an amount required under the Finance Documents to be paid by it if it has taken all necessary steps as soon as reasonably practicable
to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the provisions of clause 32 (*Payment Mechanics*), the Agent shall not be liable
to any Borrower or any Lender for the failure, or the consequences of any failure, of any cross-border payment system to effect same-day
settlement to an account of any Borrower or any Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing in this Agreement shall oblige the Agent to carry out any "know your customer" or
other checks in relation to any person on behalf of any Secured Party and each Secured Party (in the case of a Bank Product Provider which
is not a Lender, pursuant to the relevant Bank Product Provider Confirmation) confirms to the Agent that it is solely responsible for
any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any liability of the Agent arising under or in connection with any Finance Document shall be limited to
the amount of actual loss which has been suffered (as determined by reference to the date of default of the Agent or, if later, the date
on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Agent
at any time which increase the amount of that loss. In no event shall the Agent be liable for any loss of profits, goodwill, reputation,
business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Agent has
been advised of the possibility of such loss or damages.

**29.11** **Lenders' indemnity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are
then zero, to its share of the Total Commitments immediately before their reduction to zero) indemnify the Agent, within three Business
Days of demand, against any cost, loss or liability (including for negligence or any other category of liability whatsoever) incurred
by the Agent (otherwise than by reason of its gross negligence or wilful misconduct) in acting in such capacity under the Finance Documents
(except to the extent that the Agent has been reimbursed by an Obligor pursuant to a Finance Document).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Existing Lender which wishes to transfer or assign any of its rights or obligations under the Finance
Documents pursuant to clause 26 (*Change to the Lenders*) shall on demand pay to the Agent the amount of all costs and expenses (including
legal fees) incurred by it in considering whether to approve the proposed New Lender. For the avoidance of doubt such costs shall include
the cost of utilising the Agent's management of time or other resources, calculated on the basis of such hourly or daily rates as
the Agent may notify to such Existing Lender.

**29.12** **Resignation of the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent may resign and appoint one of its Affiliates acting through an office as successor by giving
notice to the other Finance Parties and the Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Alternatively the Agent may resign by giving 30 days' notice to the other Finance Parties and the
Parent, in which case the Majority Lenders (after consultation with the Parent) may appoint a successor to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Majority Lenders have not appointed a successor to the Agent in accordance with clause 29.12(b) within
30 days after notice of resignation was given, the retiring Agent (after consultation with the Parent) may appoint a successor Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The retiring Agent shall, at its own cost, make available to the successor Agent such documents and records
and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under
the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A resignation notice of the Agent shall only take effect upon the appointment of a successor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation
in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 29 (*Role of the Administrative Parties*).
Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such
successor had been an original Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall
use reasonable endeavours to appoint a successor Agent pursuant to paragraph (c) above) if on or after the date which is three months
before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Agent fails to respond to a request under Clause 15.8 (*FATCA information*) and the Parent or
a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application
Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information supplied by the Agent pursuant to Clause 15.8 (*FATCA informatio* n) indicates that
the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Agent notifies the Parent and the Lenders that the Agent will not be (or will have ceased to be) a
FATCA Exempt Party on or after that FATCA Application Date,

and (in each case) the Parent or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and the Parent or that Lender, by notice to the Agent, requires it to resign.

**29.13** **Replacement of the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) After consultation with the Parent, the Majority Lenders may, by giving 30 days' notice to the Agent
replace the Agent (or, at any time the Agent is an Impaired Agent, by giving any shorter notice determined by the Majority Lenders) by
appointing a successor Agent (acting through an office in the United Kingdom).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The retiring Agent shall (at its own cost if it is an Impaired Agent and otherwise at the expense of the
Lenders) make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably
request for the purposes of performing its functions as Agent under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The appointment of the successor Agent shall take effect on the date specified in the notice from the
Majority Lenders to the retiring Agent. As from this date, the retiring Agent shall be discharged from any further obligation in respect
of the Finance Documents but shall remain entitled to the benefit of this Clause 29 (*Role of the Administrative Parties*) (and any
agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any successor Agent and each of the other Parties shall have the same rights and obligations amongst themselves
as they would have had if such successor had been an original Party.

**29.14** **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In acting as the Agent, the Agent shall be regarded as acting through its agency division which shall
be treated as a separate entity from any other of its divisions or departments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If information is received by another division or department of the Agent, it may be treated as confidential
to that division or department and the Agent shall not be deemed to have notice of it.

**29.15** **Relationship with the Lenders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent may treat the person shown in its records as Lender at the opening of business as the Lender
acting through its Facility Office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) entitled to or liable for any payment due under any Finance Document on that day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) entitled to receive and act upon any notice, request, document or communication or make any decision or
determination under any Finance Document made or delivered on that day,

unless it has received not less than five Business Days' prior notice from that Lender to the contrary in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender shall supply the Agent with any information that the Security Agent may reasonably specify
(through the Agent) as being necessary or desirable to enable the Security Agent to perform its functions as Security Agent. Each Lender
shall deal with the Security Agent exclusively through the Agent and shall not deal directly with the Security Agent.

**29.16** **Credit appraisal by the Secured Parties** 

Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Secured Party confirms to the Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the financial condition, status and nature of each Obligor and any surety for, or provider of Security
in respect of, any Obligor's obligations under any Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any other
agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether that Secured Party has recourse, and the nature and extent of that recourse, against any Party
or any other person or any of its respective assets under or in connection with any Finance Document, the transactions contemplated by
the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection
with any Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the adequacy, accuracy and/or completeness of any information provided by any Administrative Parties,
any Party or by any other person under or in connection with any Finance Document, the transactions contemplated by the Finance Documents
or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance
Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the right or title of any person in or to, or the value or sufficiency of, any part of the Charged Property,
the priority of any of the Transaction Security Documents or the existence of any Security affecting the Charged Property.

**29.17** **Administrative Parties' management time** 

At any time after an Event of Default has occurred and in continuing for a period of 30 days, any amount payable to an Administrative Party under Clause 17.3 (*Indemnity to the Agent and Security Agent*) and Clause 19 (*Costs and Expenses*) may include the cost of utilising an Administrative Party's management time or other resources and will be calculated on the basis of a daily charge at the rate of £850, and is in addition to any fee paid or payable to the relevant Administrative Party under Clause 14 (*Fees*).

**29.18** **Deduction from amounts payable by the Agent** 

If any Party owes an amount to Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted.

**29.19** **Bank Product Providers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The rights and benefits of each Bank Product Provider under the Finance Documents consist exclusively
of (i) such Bank Product Provider being a beneficiary of the Security granted to the Security Agent and the right to share in payments
and collections out of the Charged Property as specified in this Agreement and the Intercreditor Agreement and (ii) such Bank Product
Provider being a beneficiary of the guarantee and indemnity set out in Clause 20 (*Guarantee and Indemnity*) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Bank Product Provider (by its execution of this Agreement as a Lender or by executing a Bank Product
Provider Confirmation) shall be automatically deemed to have agreed (i) that the Agent shall have the right, but shall have no obligation,
to establish, maintain, relax, or release any Bank Product Reserves and that if any Bank Product Reserves are established in accordance
with the terms and provisions of this Agreement there is no obligation on the part of the Agent to determine or insure whether the amount
of any such reserve is appropriate or not and (ii) that it shall not demand, or take any other action to demand, repayment of any
amounts owed to it under or pursuant to Clause 20 (*Guarantee and Indemnity*) without obtaining the Agent's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent shall have no obligation to calculate the amount due and payable with respect to any Bank Products,
but may rely upon the written certification of the amount due and payable from the applicable Bank Product Provider. In the absence of
an updated certification, the Agent shall be entitled to assume that the amount due and payable to the applicable Bank Product Provider
is the amount last certified to the Agent by such Bank Product Provider as being due and payable (less any distributions made to such
Bank Product Provider in accordance with the terms of this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Bank Product Provider, by its execution of this Agreement as a Lender or by executing a Bank Product
Provider Confirmation) confirms its approval of the Transaction Security Documents and authorises and instructs the Security Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to execute and deliver the Transaction Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to exercise the rights, powers and discretions given to the Security Agent under or in connection with
the Finance Documents together with any other incidental rights, powers and discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to give any authorisations and confirmations to be given by the Security Agent on behalf of the Secured
Parties under the Transaction Security Documents.

**29.20** **Distributions by the Security Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All amounts from time to time received or recovered by the Security Agent pursuant to the terms of any
Finance Document or in connection with the realisation or enforcement of all or any part of the Transaction Security Documents (for the
purposes of this Clause 29.19 (*Distributions by Security Agent*), the "**Recoveries**") shall be held by the Security
Agent on trust to apply them at any time as the Security Agent (in its discretion) sees fit, to the extent permitted by applicable law
(and subject to the provisions of this Clause 29.19 (*Distributions by Security Agent*)), shall (after providing for all enforcement
costs and for payments ranking in priority as a matter of law (including the remuneration of any receiver or other insolvency officer))
be applied in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent and the Security
Agent under any Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) secondly, in payment to the Agent for distribution to the Finance Parties in accordance with the terms
of the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) thirdly, in payment to the Agent for distribution to the Bank Product Providers based upon amounts then
certified by the applicable Bank Product Providers to the Agent (in form and substance satisfactory to Agent) to be due and payable to
such Bank Product Providers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) fourthly, the balance, if any, in payment to the relevant Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Security Agent may, in its discretion, hold any amount of the Recoveries in an interest bearing suspense
or impersonal account(s) in the name of the Security Agent with such financial institution (including itself) and for so long as
the Security Agent shall think fit (the interest being credited to the relevant account) for later application under this Clause 29.19
(*Distributions by Security Agent*) in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any sum to the Security Agent, any receiver or any Delegate or Appointee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any part of the Secured Obligations,

that the Security Agent reasonably considers, in each case, might become due or owing at any time in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to the application of any Recoveries in accordance with this Clause 29.19 (*Distributions by Security Agent*) the Security Agent may, in its discretion, hold all or part of those proceeds in an interest bearing suspense or impersonal
account(s) in the name of the Security Agent with such financial institution (including itself) and for so long as the Security Agent
shall think fit (the interest being credited to the relevant account) pending the application from time to time of those monies in the
Security Agent's discretion in accordance with the provisions of this Clause 29.19 (*Distributions by Security Agent*).

**29.21** **Amounts paid in error** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Agent pays an amount to a Party and the Agent notifies that Party that such payment was an Erroneous
Payment then the Party to whom that amount was paid by the Agent shall on demand refund the same to the Agent together with interest on
that amount from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the obligations of any Party to the Agent; nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the remedies of the Agent,

(whether arising under this clause 29.21 or otherwise) which relate to an Erroneous Payment will be affected by any act, omission, matter or thing which, but for this paragraph (b), would reduce, release or prejudice any such obligation or remedy (whether or not known by the Agent or any other Party).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All payments to be made by a Party to the Agent (whether made pursuant to this clause 29.21 or otherwise)
which relate to an Erroneous Payment shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In this Agreement, **Erroneous Payment** means a payment of an amount by the Agent to another Party
which the Agent determines (in its sole discretion) was made in error.

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|:---|:---|
| **30** | **CONDUCT OF BUSINESS BY THE FINANCE PARTIES** |

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No provision of this Agreement will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner
it thinks fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available
to it or the extent, order and manner of any claim; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any
computations in respect of Tax.

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| | |
|:---|:---|
| **31** | **SHARING AMONG THE FINANCE PARTIES** |

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**31.1** **Payments to Finance Parties** 

If a Finance Party (a "**Recovering Finance Party**") receives or recovers any amount from an Obligor other than in accordance with Clause 32 (*Payment mechanics*) (a "**Recovered Amount**") and applies that amount to a payment due under the Finance Documents then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery,
to the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance
Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance with Clause 32
(*Payment mechanics*), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery
or distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent
an amount (the "**Sharing Payment**") equal to such receipt or recovery less any amount which the Agent determines may
be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 32.6 (*Partial payments*).

Paragraph (a) above shall not apply to any amount received or recovered by an L/C Issuer in respect of any cash cover provided for the benefit of that L/C Issuer.

**31.2** **Redistribution of payments** 

The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) (the "**Sharing Finance Parties**") in accordance with Clause 32.6 (*Partial payments*) towards the obligations of that Obligor to the Sharing Finance Parties.

**31.3** **Recovering Finance Party's rights** 

On a distribution by the Agent under Clause 32.2 (*Distributions by the Agent*) of a payment received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor.

**31.4** **Reversal of redistribution** 

If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that
Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary
to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party
is required to pay) (the "**Redistributed Amount** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as between the relevant Obligor, as applicable and each relevant Sharing Finance Party, an amount equal
to the relevant Redistributed Amount will be treated as not having been paid by that Obligor, as applicable.

**31.5** **Exceptions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Clause 31 shall not apply to the extent that the Recovering Finance Party would not, after making
any payment pursuant to this clause, have a valid and enforceable claim against the relevant Obligor, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering
Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it notified the other Finance Party of the legal or arbitration proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the other Finance Party had an opportunity to participate in those legal or arbitration proceedings but
did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings.

**SECTION 11**

**ADMINISTRATION**

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| | |
|:---|:---|
| **32** | **PAYMENT MECHANICS** |

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**32.1** **Payments to the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that
Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on
the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the
relevant currency in the place of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Payment shall be made to such account in the principal financial centre of the country of that currency
(or, in relation to euro, in a principal financial centre in such Participating Member State or London, as specified by the Agent) and
with such bank as the Agent, in each case, specifies.

**32.2** **Distributions by the Agent** 

Each payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 32.3 (*Distributions to an Obligor*) and Clause 32.4 (*Clawback and pre funding*) be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five Business Days' notice with a bank specified by that Party in the principal financial centre of the country of that currency (or, in relation to euro, in the principal financial centre of a Participating Member State or London, as specified by that Party).

**32.3** **Distributions to an Obligor** 

The Agent may (with the consent of the Obligor, as applicable, or in accordance with Clause 33 (*Set-Off*)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.

**32.4** **Clawback and pre-funding** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not
obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish
to its satisfaction that it has actually received that sum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless paragraph (c) below applies, if the Agent pays an amount to another Party and it proves to
be the case that the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange
contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment
to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Agent is willing to make available amounts for the account of a Borrower before receiving funds
from the Lenders then if and to the extent that the Agent does so but it proves to be the case that it does not then receive funds from
a Lender in respect of a sum which it paid to a Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower to whom that sum was made available shall on demand refund it to the Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Lender by whom those funds should have been made available or, if that Lender fails to do so, the
Borrower to whom that sum was made available, shall on demand pay to the Agent the amount (as certified by the Agent) which will indemnify
the Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender.

**32.5** **Impaired Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make
a payment under the Finance Documents to the Agent in accordance with Clause 32.1 (*Payments to the Agent*) may instead either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pay that amount direct to the required recipient(s); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct
to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable
Bank within the meaning of paragraph (a) of the definition of "**Acceptable Bank**" and in relation to which no Insolvency
Event has occurred and is continuing, in the name of the Obligor or the Lender making the payment (the "**Paying Party** ")
and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents
(the "**Recipient Party**" or "**Recipient Parties** ").

In each case such payments must be made on the due date for payment under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit
of the Recipient Party or the Recipient Parties *pro rata* to their respective entitlements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Party which has made a payment in accordance with this Clause 32.5 shall be discharged of the relevant
payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of
the trust account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Promptly upon the appointment of a successor Agent in accordance with Clause 29.13 (*Replacement of the Agent*), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to paragraph (e) below)
give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest)
to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 32.2 (*Distributions by the Agent*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that it has not given an instruction pursuant to paragraph (d) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that it has been provided with the necessary information by that Recipient Party,

give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.

**32.6** **Partial payments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Agent receives a payment for application against amounts due in respect of any Finance Documents
that is insufficient to discharge all the amounts then due and payable by an Obligor under those Finance Documents, the Agent shall apply
that payment towards the obligations of that Obligor under the Finance Documents in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **first**, in or towards payment *pro rata* of any unpaid amount owing to the Agent or the Security
Agent under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **secondly**, in or towards payment *pro rata* of any accrued interest, fee or commission due
but unpaid under those Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** **thirdly**, in or towards payment *pro rata* of any principal due but unpaid under those Finance
Documents and any amount due but unpaid under Clause 6.3 (*Payment of L/Cs against demand*) and Clause 6.4 (*Indemnities*);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** **fourthly**, in or towards payment *pro rata* of any other sum due but unpaid under the Finance
Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii) to
(a)(iv) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Paragraphs (a) and (b) above will override any appropriation made by an Obligor.

**32.7** **Set-off by Obligors** 

All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

**32.8** **Business Days** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall
be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest
is payable on the principal or Unpaid Sum at the rate payable on the original due date.

**32.9** **Currency of account** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraphs (b) to (e) below, the Base Currency is the currency of account and payment
for any sum due from an Obligor under any Finance Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A repayment of a Utilisation or Unpaid Sum or a part of a Utilisation or Unpaid Sum shall be made in the
currency in which that Utilisation or Unpaid Sum is denominated, pursuant to this Agreement, on its due date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each payment of interest shall be made in the currency in which the sum in respect of which the interest
is payable was denominated, pursuant to this Agreement, when that interest accrued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs,
expenses or Taxes are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any amount expressed to be payable in a currency other than the Base Currency shall be paid in that other
currency.

**32.10** **Change of currency** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised
by the central bank of any country as the lawful currency of that country, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any reference in the Finance Documents to, and any obligations arising under the Finance Documents in,
the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated by the Agent
(after consultation with the Parent); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any translation from one currency or currency unit to another shall be at the official rate of exchange
recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down by the Agent (acting
reasonably).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting
reasonably and after consultation with the Parent) specifies to be necessary, be amended to comply with any generally accepted conventions
and market practice in the Relevant Market and otherwise to reflect the change in currency.

**32.11** **Disruption to payment systems etc.** 

If either the Agent determines (in its discretion) that a Disruption Event has occurred or the Agent is notified by the Parent that a Disruption Event has occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent may, and shall if requested to do so by the Parent, consult with the Parent with a view to agreeing
with the Parent such changes to the operation or administration of the Facilities as the Agent may deem necessary in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent shall not be obliged to consult with the Parent in relation to any changes mentioned in paragraph
(a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to
agree to such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) above
but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any such changes agreed upon by the Agent and the Parent shall (whether or not it is finally determined
that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver of) the terms of
the Finance Documents notwithstanding the provisions of Clause 38 (*Amendments and Waivers*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Agent shall not be liable for any damages, costs or losses to any person, any diminution in value
or any liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever
but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant
to or in connection with this Clause 32.11; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above.

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| | |
|:---|:---|
| **33** | **SET-OFF** |

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Following the occurrence of an Event of Default, a Finance Party may set off any matured obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.

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| | |
|:---|:---|
| **34** | **NOTICES** |

---

**34.1** **Communications in writing** 

Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by electronic mail or letter.

**34.2** **Addresses** 

The postal address and email address (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of the Parent, the Company or any Original Obligor, that identified with its name in the execution
blocks to the Amendment and Restatement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of each Lender or any other Obligor, that notified in writing to the Agent on or prior to
the date on which it becomes a Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of the Agent or the Security Agent, that identified in the execution blocks to the Amendment
and Restatement Agreement,

or any substitute postal address, email address or department or officer as the Party may notify to the Agent (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less than five Business Days' notice.

**34.3** **Delivery** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any communication or document made or delivered by one person to another under or in connection with the
Finance Documents will only be effective:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if by way of email, when received in legible form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if by way of letter, when it has been left at the relevant address or five Business Days after being deposited
in the post postage prepaid in an envelope addressed to it at that address,

and, if a particular department or officer is specified as part of its address details provided under Clause 34.2 (*Addresses*), if addressed to that department or officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any communication or document to be made or delivered to the Agent or the Security Agent will be effective
only when actually received by the Agent or Security Agent and then only if it is expressly marked for the attention of the department
or officer identified with the Agent's or Security Agent's signature below (or any substitute department or officer as the
Agent or Security Agent shall specify for this purpose).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All notices from or to an Obligor shall be sent through the Agent. The Parent may make and/or deliver
as agent of each Obligor notices and/or requests on behalf of each Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any communication or document made or delivered to the Parent in accordance with this Clause 34.3 will
be deemed to have been made or delivered to each of the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any communication or document which becomes effective, in accordance with paragraphs (a) to (d) above,
after 5:00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

**34.4** **Notification of address and email address** 

Promptly upon changing its address or email address, the Agent shall notify the other Parties.

**34.5** **Communication when Agent is Impaired Agent** 

If the Agent is an Impaired Agent the Parties may, instead of communicating with each other through the Agent, communicate with each other directly and (while the Agent is an Impaired Agent) all the provisions of the Finance Documents which require communications to be made or notices to be given to or by the Agent shall be varied so that communications may be made and notices given to or by the relevant Parties directly. This provision shall not operate after a replacement Agent has been appointed.

**34.6** **Electronic communication** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any communication to be made between any two Parties under or in connection with the Finance Documents
may be made by electronic mail or other electronic means (including, without limitation, by way of posting to a secure website) if those
two Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) notify each other in writing of their electronic mail address and/or any other information required to
enable the transmission of information by that means; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notify each other of any change to their address or any other such information supplied by them by not
less than five Business Days' notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any such electronic communication as specified in paragraph (a) above to be made between an Obligor
and a Finance Party may only be made in that way to the extent that those two Parties agree that, unless and until notified to the contrary,
this is to be an accepted form of communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any such electronic communication as specified in paragraph (a) above made between any two Parties
will be effective only when actually received (or made available) in readable form and in the case of any electronic communication made
by a Party to the Agent or the Security Agent only if it is addressed in such a manner as the Agent or Security Agent shall specify for
this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any electronic communication which becomes effective, in accordance with paragraph (c) above, after
5:00 p.m. in the place in which the Party to whom the relevant communication is sent or made available has its address for the purpose
of this Agreement shall be deemed only to become effective on the following day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any reference in a Finance Document to a communication being sent or received shall be construed to include
that communication being made available in accordance with this Clause 34.6.

**34.7** **Use of websites** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent may satisfy its obligation under this Agreement to deliver any information in relation to those
Lenders (the "**Website Lenders**") who accept this method of communication by posting this information onto an electronic
website designated by the Parent and the Agent (the "**Designated Website**") if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication
of the information by this method;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) both the Parent and the Agent are aware of the address of and any relevant password specifications for
the Designated Website; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the information is in a format previously agreed between the Parent and the Agent.

If any Lender (a "**Paper Form Lender**") does not agree to the delivery of information electronically then the Agent shall notify the Parent accordingly and the Parent shall at its own cost supply the information to the Agent (in sufficient copies for each Paper Form Lender) in paper form. In any event the Parent shall at its own cost supply the Agent with at least one copy in paper form of any information required to be provided by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall supply each Website Lender with the address of and any relevant password specifications
for the Designated Website following designation of that website by the Parent and the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parent shall promptly upon becoming aware of its occurrence notify the Agent if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Designated Website cannot be accessed due to technical failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the password specifications for the Designated Website change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any new information which is required to be provided under this Agreement is posted onto the Designated
Website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any existing information which has been provided under this Agreement and posted onto the Designated Website
is amended; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Parent becomes aware that the Designated Website or any information posted onto the Designated Website
is or has been infected by any electronic virus or similar software.

If the Parent notifies the Agent under paragraph (c)(i) or paragraph (c)(v) above, all information to be provided by the Parent under this Agreement after the date of that notice shall be supplied in paper form unless and until the Agent and each Website Lender is satisfied that the circumstances giving rise to the notification are no longer continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Website Lender may request, through the Agent, one paper copy of any information required to be provided
under this Agreement which is posted onto the Designated Website. The Parent shall at its own cost comply with any such request within
ten Business Days.

**34.8** **English language** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice given under or in connection with any Finance Document must be in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All other documents provided under or in connection with any Finance Document must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in English; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if not in English, and if so required by the Agent, accompanied by a certified English translation and,
in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document.

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| | |
|:---|:---|
| **35** | **CALCULATIONS AND CERTIFICATES** |

---

**35.1** **Accounts** 

In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are *prima facie* evidence of the matters to which they relate.

**35.2** **Certificates and determinations** 

Any certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates.

**35.3** **Day count convention** 

Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 365 days or, in any case where the practice in the Relevant Market differs, in accordance with that market practice.

---

| | |
|:---|:---|
| **36** | **PARTIAL INVALIDITY** |

---

If, at any time, any provision of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

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| | |
|:---|:---|
| **37** | **REMEDIES AND WAIVERS** |

---

No failure to exercise, nor any delay in exercising, on the part of any Finance Party or Secured Party, any right or remedy under a Finance Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any Finance Document. No election to affirm any Finance Document on the part of any Finance Party or Secured Party shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in each Finance Document are cumulative and not exclusive of any rights or remedies provided by law.

---

| | |
|:---|:---|
| **38** | **AMENDMENTS AND WAIVERS** |

---

**38.1** **[Reserved]** 

**38.2** **Required consents** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Clause 38.3 (*All Lender matters)* and Clause 42.4 (*Other exceptions*), any term
of the Finance Documents (other than the Fee Letters which may amended or waived in accordance with their terms) may be amended or waived
only with the consent of the Majority Lenders and the Parent and any such amendment or waiver will be binding on all Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause
38. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without prejudice to the generality of paragraphs (c), (d) and (e) of Clause 29.6 of (*Rights and discretions*), the Agent may engage, pay for and rely on the services of lawyers in determining the consent level required for
and effecting any amendment, waiver or consent under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Obligor agrees to any such amendment or waiver permitted by this Clause 38 which is agreed to by
the Parent. This includes any amendment or waiver which would, but for this paragraph (d), require the consent of all of the Guarantors.

**38.3** **All Lender matters** 

Subject to paragraph (c) of 38.4 (*Other exceptions*) and save to the extent Clause 38.5 (*Structural Adjustment*) applies, an amendment, waiver or (in the case of a Transaction Security Document) a consent of, or in relation to, any term of any Finance Document that has the effect of changing or which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the definition of "**Majority Lenders**" or "**Super Majority Lenders** "
in Clause 1.1 (*Definitions*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an extension to the date of payment of any amount under the Finance Documents (other than in relation
to Clause 10 (*Mandatory prepayment and cancellation*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or
commission payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a change in currency of payment of any amount under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an increase in any Commitment or the Total Commitments or any requirement that a cancellation of Commitments
reduces the Commitments of the Lenders rateably under the relevant Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a change to the Borrowers or Guarantors other than in accordance with Clause 28 (Changes to the Obligors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any provision which expressly requires the consent of all the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the definitions of **Anti-Corruption Law**, **Anti-Money Laundering Laws**, **Change of Control** and **Sanctions** in clause 1.1 (*Definitions*), Clause 2.2 (*Finance Parties' rights and obligations*), Clause
5.1 (*Delivery of a Utilisation Request*), Clause 9.1 (*Illegality*), Clause 11.10 (*Application of prepayments*), Clause
21.17 (*Anti-Corruption Laws; Anti-Money Laundering Laws*), Clause 21.18 (*Sanctions*), Clause 24.5 (*Anti-Corruption Laws and Anti-Money Laundering Laws*), Clause 24.6 (*Sanctions*), Clause 26 (*Changes to the Lenders*), Clause 28 (*Changes to the Obligors*), this Clause 38, Clause 43 (*Governing law*) or Clause 44.1 (*Jurisdiction of English courts*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (other than as expressly permitted by the provisions of any Finance Document) the nature or scope of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the guarantee and indemnity granted under Clause 20 (*Guarantee and Indemnity*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the order or manner in which the proceeds of enforcement of the Transaction Security are distributed,
except insofar as it relates to a sale or disposal of an asset which is the subject of the Transaction Security where such sale or disposal
is expressly permitted under this Agreement or any other Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the release of any guarantee and indemnity granted under Clause 20 (*Guarantee and Indemnity*) unless
permitted under this Agreement or any other Finance Document or relating to a sale or disposal of an asset where such sale or disposal
is permitted under this Agreement or any other Finance Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any amendment to the order of priority or subordination under the Intercreditor Agreement (other than
changes consequential on or required to implement a Structural Adjustment),

in each case, other than as a result of a Structural Adjustment, shall not be made, or given, without the prior consent of all the Lenders.

**38.4** **Other exceptions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An amendment or waiver which relates to the rights or obligations of the Agent or the Security Agent (each
in their capacity as such) may not be effected without the consent of the Agent and the Security Agent as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Save to the extent Clause 38.5 (*Structural Adjustment*) applies, an amendment or waiver that has
the effect of changing or which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the nature and scope of the Transaction Security except to the extent that it relates to a Permitted Transaction
or the sale or disposal of a Charged Property where that sale or disposal is expressly permitted under this Agreement or any other Finance
Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to Clause 28.7 (*Resignation and release of security on disposal*), the release of any Transaction
Security created pursuant to any Transaction Security Document except to the extent that it relates to a Permitted Transaction or the
sale or disposal of a Charged Property where that sale or disposal is expressly permitted under this Agreement or any other Finance Document,

shall not be made without the prior consent of the Super Majority Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any amendment or waiver (other than an amendment or waiver to which Clause 38.5 (*Structural Adjustment*)
applies or would, but for this paragraph (c), apply) which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) relates only to the rights or obligations applicable to a particular Utilisation or another class of Lender;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) does not materially and adversely affect the rights or interests of Lenders in respect of any other Utilisation
or another class of Lender,

may be made in accordance with this Clause 38 but as if references in this Clause 38 to the specified proportion of Lenders (including, for the avoidance of doubt, all the Lenders) whose consent would, but for this paragraph (c), be required for that amendment or waiver were to that proportion of the Lenders participating in that particular Utilisation or forming part of that particular class.

**38.5** **Structural Adjustment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of the Intercreditor Agreement and to paragraph (b) below, a Structural
Adjustment may only be approved with the consent of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of a Structural Adjustment under paragraph (b)(ii) or paragraph (b)(iv) of the definition
thereof, each Lender that is participating in that extension or reduction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of any other Structural Adjustment, the prior consent of the Majority Lenders and each Lender
that is participating in that existing or additional tranche or facility or increasing, extending or re-denominating its commitments or,
as applicable, extending or re-denominating any amount due to it, in each case as contemplated within the definition of Structural Adjustment
set out below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of this Clause 38.5, "**Structural Adjustment**" means an amendment, waiver
or variation of the terms of some or all of the Finance Documents that results from or is intended to result from or constitutes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an increase in or addition of any Commitment or the extension of the availability of or extension of the
maturity of any Commitment or the Total Commitments, any redenomination into another currency of any Commitment or the Total Commitments
or any extension of any relevant availability period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or
commission payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the introduction of an additional loan, commitment or facility into the Finance Documents (in each case
that does not rank, on an enforcement or on an insolvency, ahead of Loans outstanding on the date of the Structural Adjustment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any extension to the date of payment of any amount under the Finance Documents to a Lender (other than
the date of any payment or potential payment pursuant to Clause 10 (*Mandatory prepayment and Cancellation*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any change in the currency of any payment of any principal, interest, fees, commission or other amount
payable under the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any amendment to or waiver of a term of any Finance Document (including any amendment to or waiver or
release of any Transaction Security) that is consequential on or required to implement any of the changes contemplated in paragraphs (b)(i) to
(b)(v) of this Clause 38.5.

**38.6** **Excluded Commitments** 

If any Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any term of any Finance Document or any other vote of Lenders under the terms of this Agreement within 10 Business Days of that request being made, unless, the Parent and the Agent agree to a longer time period in relation to any request):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its Commitment(s) shall not be included for the purpose of calculating the Total Commitments under
the relevant Facility/ies when ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Total
Commitments has been obtained to approve that request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any
specified group of Lenders has been obtained to approve that request.

**38.7** **Replacement of Lender** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Lender becomes a Non-Consenting Lender (as defined in paragraph (d) below); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an Obligor becomes obliged to repay any amount in accordance with Clause 9.1 (*Illegality*) or to
pay additional amounts pursuant to Clause 16 (*Increased costs*), Clause 15.2 (*Tax gross-up*) or Clause 15.3 (*Tax Indemnity*)
to any Lender,

then the Parent may, on 5 Business Days' prior written notice to the Agent and such Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) replace such Lender by requiring such Lender to (and, to the extent permitted by law, such Lender shall)
transfer pursuant to Clause 26 (*Changes to the Lenders*) all (and not part only) of its rights and obligations under this Agreement
to an Eligible Institution (a "**Replacement Lender**") which is acceptable to the Agent and which confirms its willingness
to assume and does assume all the obligations of the transferring Lender in accordance with Clause 26 (*Changes to the Lenders*)
for a purchase price in cash payable at the time of transfer in an amount equal to the outstanding principal amount of such Lender's
participation in the outstanding Utilisations and all accrued interest and/or Letter of Credit fees and other amounts payable in relation
thereto under the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) within 90 days of such Lender becoming a Non-Consenting Lender, prepay such Lender in accordance with
Clause 9.6 (*Right of prepayment of a Non-Consenting Lender*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The replacement of a Lender pursuant to this Clause 38.7 shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Parent shall have no right to replace the Agent or Security Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither the Agent nor the Lender shall have any obligation to the Parent to find a Replacement Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the event of a replacement of a Non-Consenting Lender such replacement must take place no later than
20 Business Days after the date on which that Lender is deemed a Non-Consenting Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in no event shall the Lender replaced under this Clause 38.7 be required to pay or surrender to such Replacement
Lender any of the fees received by such Lender pursuant to the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph (a) above
once it is satisfied that it has complied with all necessary "**know your customer**" or other similar checks under all
applicable laws and regulations in relation to that transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Lender shall perform the checks described in paragraph (b)(v) above as soon as reasonably practicable
following delivery of a notice referred to in paragraph (a) above and shall notify the Agent and the Parent when it is satisfied
that it has complied with those checks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Parent or the Agent (at the request of the Parent) has requested the Lenders to give a consent in
relation to, or to agree to a waiver or amendment of, any provisions of the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consent, waiver or amendment in question requires the approval of all the Lenders or the Super Majority
Lenders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Lenders whose Commitments aggregate either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in the case of a consent, waiver or amendment requiring the approval of all the Lenders, the Super Majority
Lenders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in the case of a consent, waiver or amendment requiring the approval of the Super Majority Lenders, the
Majority Lenders,

have consented or agreed to such waiver or amendment,

then any Lender who does not and continues not to consent or agree to such waiver or amendment shall be deemed a "**Non-Consenting Lender**".

**38.8** **Disenfranchisement of Defaulting Lenders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For so long as a Defaulting Lender has any Available Commitment, in ascertaining:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Majority Lenders or the Super Majority Lenders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments under
the relevant Facility; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the agreement of any specified group of Lenders,

has been obtained to approve any request for a consent, waiver, amendment or other vote of Lenders under the Finance Documents,

that Defaulting Lender's Commitments under the relevant Facility will be reduced by the amount of its Available Commitments under the relevant Facility and, to the extent that that reduction results in that Defaulting Lender's Total Commitments being zero, that Defaulting Lender shall be deemed not to be a Lender for the purposes of paragraphs (i) and (ii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of this Clause 38.8, the Agent may assume that the following Lenders are Defaulting Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Lender which has notified the Agent that it has become a Defaulting Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Lender in relation to which it is aware that any of the events or circumstances referred to in paragraphs
(a), (b) or (c) of the definition of "**Defaulting Lender**" has occurred,

unless it has received notice to the contrary from the Lender concerned (together with any supporting evidence reasonably requested by the Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender.

**38.9** **Replacement of a Defaulting Lender** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent may, at any time a Lender has become and continues to be a Defaulting Lender, by giving 5 Business
Days' prior written notice to the Agent and such Lender replace such Lender by requiring such Lender to (and, to the extent permitted
by law, such Lender shall) transfer pursuant to Clause 26 (*Changes to the Lenders*) all (and not part only) of its rights and obligations
under this Agreement to an Eligible Institution (a "**Replacement Lender**") which is acceptable to the Agent and which
confirms its willingness to assume and does assume all the obligations, or all the relevant obligations, of the transferring Lender in
accordance with Clause 26 (*Changes to the Lenders*) for a purchase price in cash payable at the time of transfer which is either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in an amount equal to the outstanding principal amount of such Lender's participation in the outstanding
Utilisations and all accrued interest and/or Letter of Credit fees and other amounts payable in relation thereto under the Finance Documents;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in an amount agreed between that Defaulting Lender, the Replacement Lender and the Parent and which does
not exceed the amount described in paragraph (i) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause 38.9 shall be subject
to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Parent shall have no right to replace the Agent or Security Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither the Agent nor the Defaulting Lender shall have any obligation to the Parent to find a Replacement
Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the transfer must take place no later than 20 Business Days after the notice referred to in paragraph
(a) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any
of the fees received by the Defaulting Lender pursuant to the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Defaulting Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph
(a) above once it is satisfied that it has complied with all necessary "know your customer" or other similar checks under
all applicable laws and regulations in relation to that transfer to the Replacement Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Defaulting Lender shall perform the checks described in paragraph (b)(v) above as soon as reasonably
practicable following delivery of a notice referred to in paragraph (a) above and shall notify the Agent and the Parent when it is
satisfied that it has complied with those checks.

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| | |
|:---|:---|
| **39** | **CONFIDENTIAL INFORMATION** |

---

**39.1** **Confidentiality** 

Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 39.2 (*Disclosure of Confidential Information*) and Clause 39.3 (*Disclosure to numbering service providers*), and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information.

**39.2** **Disclosure of Confidential Information** 

Any Finance Party may disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional
advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall consider appropriate if any
person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential
nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement
to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise
bound by requirements of confidentiality in relation to the Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its
rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as Agent or Security
Agent and, in each case, to any of that person's Affiliates, Related Funds, Representatives and professional advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly,
any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one
or more Finance Documents and/or one or more Obligors and to any of that person's Affiliates, Related Funds, Representatives and
professional advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) appointed by any Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies
to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including, without
limitation, any person appointed under paragraph (b) of Clause 29.15 (*Relationship with the Lenders*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or
indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to whom information is required or requested to be disclosed by any court of competent jurisdiction or
any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant
to any applicable law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to whom information is required to be disclosed in connection with, and for the purposes of, any litigation,
arbitration, administrative or other investigations, proceedings or disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may
do so) pursuant to Clause 26.8 (*Security over Lenders' rights*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) who is a Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) with the consent of the Parent,

in each case, such Confidential Information as that Finance Party shall consider appropriate if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in relation to paragraphs (b)(i), (b)(ii) and (b)(iii) above, the person to whom the Confidential
Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality
Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the
Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be
given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the Confidential
Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential
Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive
information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so
to do in the circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above
applies to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation,
in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to
be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c) if the service provider
to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form of the LMA
Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking
agreed between the Parent and the relevant Finance Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to any rating agency (including its professional advisers) such Confidential Information as may be required
to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents and/or the
Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature and that some
or all of such Confidential Information may be price sensitive information.

**39.3** **Disclosure to numbering service providers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Finance Party may disclose to any national or international numbering service provider appointed by
that Finance Party to provide identification numbering services in respect of this Agreement, the Facilities and/or one or more Obligors
the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) names of Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) country of domicile of Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) place of incorporation of Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Original Signing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Clause 43 (*Governing law*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the name of the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) date of each amendment and restatement of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) amounts of, and names of, the Facilities (and any tranches);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) amount of Total Commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) currencies of the Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) type of Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) ranking of Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Termination Date for Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) changes to any of the information previously supplied pursuant to paragraphs (i) to (xiii) above;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) such other information agreed between such Finance Party and the Parent,

to enable such numbering service provider to provide its usual syndicated loan numbering identification services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facilities
and/or one or more Obligors by a numbering service provider and the information associated with each such number may be disclosed to users
of its services in accordance with the standard terms and conditions of that numbering service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Obligor and the Parent represents that none of the information set out in paragraphs (i) to
(xv) of paragraph (a) above is, nor will at any time be, unpublished price-sensitive information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Agent shall notify the Parent and the other Finance Parties of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Facilities
and/or one or more Obligors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number or, as the case may be, numbers assigned to this Agreement, the Facilities and/or one or more
Obligors by such numbering service provider.

**39.4** **Entire agreement** 

This Clause 39 constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.

**39.5** **Inside information** 

Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose.

**39.6** **Notification of disclosure** 

Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Parent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of
Clause 39.2 (*Disclosure of Confidential Information*) except where such disclosure is made to any of the persons referred to in
that paragraph during the ordinary course of its supervisory or regulatory function; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon becoming aware that Confidential Information has been disclosed in breach of this Clause 39.

**39.7** **Continuing obligations** 

The obligations in this Clause 39 are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of twelve months from the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date on which all amounts payable by the Obligors under or in connection with the Finance Documents
have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which such Finance Party otherwise ceases to be a Finance Party.

---

| | |
|:---|:---|
| **40** | **DISCLOSURE OF LENDER DETAILS BY AGENT** |

---

**40.1** **Supply of Lender details to Parent** 

The Agent shall provide to the Parent, within three Business Days of a request by the Parent (but no more frequently than once per calendar month), a list (which may be in electronic form) setting out the names of the Lenders as at the date of that request, their respective Commitments, the address and fax number (and the department or officer, if any, for whose attention any communication is to be made) of each Lender for any communication to be made or document to be delivered under or in connection with the Finance Documents, the electronic mail address and/or any other information required to enable the transmission of information by electronic mail or other electronic means to and by each Lender to whom any communication under or in connection with the Finance Documents may be made by that means and the account details of each Lender for any payment to be distributed by the Agent to that Lender under the Finance Documents.

**40.2** **Supply of Lender details at Parent's direction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent shall, at the request of the Parent, disclose the identity of the Lenders and the details of
the Lenders' Commitments to any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) other Party or any other person if that disclosure is made to facilitate, in each case, a refinancing
of the Financial Indebtedness arising under the Finance Documents or a material waiver or amendment of any term of any Finance Document;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) member of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (c) below, the Parent shall procure that the recipient of information disclosed
pursuant to paragraph (a) above shall keep such information confidential and shall not disclose it to anyone and shall ensure that
all such information is protected with security measures and a degree of care that would apply to the recipient's own confidential
information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The recipient may disclose such information to any of its officers, directors, employees, professional
advisers, auditors and partners as it shall consider appropriate if any such person is informed in writing of its confidential nature,
except that there shall be no such requirement to so inform if that person is subject to professional obligations to maintain the confidentiality
of the information or is otherwise bound by duties of confidentiality in relation to the information.

**40.3** **Supply of Lender details to other Lenders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a Lender (a "**Disclosing Lender**") indicates to the Agent that the Agent may do so,
the Agent shall disclose that Lender's name and Commitment to any other Lender that is, or becomes, a Disclosing Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall, if so directed by the Requisite Lenders, request each Lender to indicate to it whether
it is a Disclosing Lender.

**40.4** **Lender enquiry** 

If any Lender believes that any entity is, or may be, a Lender and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that entity ceases to have an Investment Grade Rating; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an Insolvency Event occurs in relation to that entity,

the Agent shall, at the request of that Lender, indicate to that Lender the extent to which that entity has a Commitment.

**40.5** **Lender details definitions** 

In this Clause 40:

"**Investment Grade Rating**" means, in relation to an entity, a rating for its long-term unsecured and non credit-enhanced debt obligations of BBB- or higher by Standard & Poor's Rating Services or Fitch Ratings Ltd or Baa3 or higher by Moody's Investors Service Limited or a comparable rating from an internationally recognised credit rating agency.

"**Requisite Lenders**" means a Lender or Lenders whose Commitments aggregate 15 per cent. (or more) of the Total Commitments (or if the Total Commitments have been reduced to zero, aggregated 15 per cent. (or more) of the Total Commitments immediately prior to that reduction).

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| | |
|:---|:---|
| **41** | **COUNTERPARTS** |

---

Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document.

---

| | |
|:---|:---|
| **42** | **CONTRACTUAL RECOGNITION OF BAIL IN** |

---

Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts that any liability of any Party to any other Party under or in connection with any Finance Document may be subject to Bail In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Bail In Action in relation to any such liability, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued
but unpaid interest) in respect of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a conversion of all, or part of, any such liability into shares or other instruments of ownership that
may be issued to, or conferred on, it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a cancellation of any such liability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a variation of any term of any such Finance Document to the extent necessary to give effect to any Bail
In Action in relation to any such liability.

For the purposes of this Clause:

"**Article 55 BRRD**" means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.

"**Bail In Action**" means the exercise of any Write-down and Conversion Powers.

"**Bail In Legislation**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55
BRRD, the relevant implementing law or regulation as described in the EU Bail In Legislation Schedule from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to the United Kingdom, the UK Bail-In Legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in relation to any state other than such an EEA Member Country and the United Kingdom, any analogous law
or regulation from time to time which requires contractual recognition of any Write down and Conversion Powers contained in that law or
regulation.

"**EEA Member Country**" means any member state of the European Union, Iceland, Liechtenstein and Norway.

"**EU Bail In Legislation Schedule**" means the document described as such and published by the Loan Market Association (or any successor person) from time to time.

"**Resolution Authority**" means any body which has authority to exercise any Write down and Conversion Powers.

"**UK Bail-In Legislation**" means Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

"**Write down and Conversion Powers**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time,
the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to the UK Bail-In Legislation any powers under that UK Bail-In Legislation to cancel, transfer
or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment
firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument
under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any
other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend
any obligation in respect of that liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to
any of those powers.

**SECTION 12**

**GOVERNING LAW AND ENFORCEMENT**

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| | |
|:---|:---|
| **43** | **GOVERNING LAW** |

---

This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

---

| | |
|:---|:---|
| **44** | **ENFORCEMENT** |

---

**44.1** **Jurisdiction of English courts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection
with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or any non-contractual obligation
arising out of or in connection with this Agreement) (a "**Dispute** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties agree that the courts of England are the most appropriate and convenient courts to settle
Disputes and accordingly no Party will argue to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding paragraph (a) above, no Finance Party or Secured Party shall be prevented from taking
proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Finance Parties and Secured
Parties may take concurrent proceedings in any number of jurisdictions.

**44.2** **Service of process** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than
an Obligor incorporated in England and Wales):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) irrevocably appoints the Company as its agent for service of process in relation to any proceedings before
the English courts in connection with any Finance Document (and the Company by its execution of this Agreement, accepts that appointment);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) agrees that failure by an agent for service of process to notify the relevant Obligor of the process will
not invalidate the proceedings concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any person appointed as an agent for service of process is unable for any reason to act as agent for
service of process, the Parent (on behalf of all the Obligors) must immediately (and in any event within 10 days of such event taking
place) appoint another agent on terms acceptable to the Agent. Failing this, the Agent may appoint another agent for this purpose.

**44.3** **Restriction on Liabilities of German Borrowers** 

Any joint and several liability (or similar liabilities and/or obligations) of a German Borrower for any amount owed by a Borrower under this Agreement towards any Finance Party and/or any other relevant party shall be limited to the extent necessary in order to avoid a breach of the provisions set out in Clause 20.16 (*Guarantee limitations – Germany*) which shall apply *mutatis mutandis*.

**This Agreement has been entered into on the date stated at the beginning of this Agreement.**

**Schedule 1**

**THE ORIGINAL PARTIES**

**Part 1** **<br> The Original Obligors [Included for reference only]**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name of Original Borrower** | &nbsp;&nbsp;**Registration number and jurisdiction of <br> incorporation** |
| &nbsp;&nbsp;Certified Alloy Products, Inc. | &nbsp;&nbsp;California |
| &nbsp;&nbsp;Deritend International Limited | &nbsp;&nbsp;00450905, England & Wales |
| &nbsp;&nbsp;Doncasters Inc. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Doncasters Limited | &nbsp;&nbsp;00321992, England & Wales |
| &nbsp;&nbsp;DONCASTERS Precision Castings – Bochum GmbH | &nbsp;&nbsp;HRB 5748 (local court of Bochum) |
| &nbsp;&nbsp;IVOSTUD GmbH | &nbsp;&nbsp;HRB 10912 (local court of Hagen) |
| &nbsp;&nbsp;IVOSTUD LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Ross & Catherall Limited | &nbsp;&nbsp;04110786, England & Wales |
| &nbsp;&nbsp;Southern Tool, LLC | &nbsp;&nbsp;Alabama |
| &nbsp;&nbsp;TruCast, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Trucast Limited | &nbsp;&nbsp;04110903, England & Wales |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name of Original Guarantor** | &nbsp;&nbsp;**Registration number and jurisdiction of <br> incorporation** |
| &nbsp;&nbsp;The Parent | &nbsp;&nbsp;130426, Jersey |
| &nbsp;&nbsp;The Company | &nbsp;&nbsp;06123931, England & Wales |
| &nbsp;&nbsp;Certified Alloy Products, Inc. | &nbsp;&nbsp;California |
| &nbsp;&nbsp;Clovepark Limited | &nbsp;&nbsp;04167062, England & Wales |
| &nbsp;&nbsp;Deritend International Limited | &nbsp;&nbsp;00450905, England & Wales |
| &nbsp;&nbsp;Doncasters 456 Limited | &nbsp;&nbsp;04167030, England & Wales |
| &nbsp;&nbsp;Doncasters Inc. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Doncasters Limited | &nbsp;&nbsp;00321992, England & Wales |
| &nbsp;&nbsp;DONCASTERS Precision Castings – Bochum GmbH | &nbsp;&nbsp;HRB 5748, Bochum, Germany |
| &nbsp;&nbsp;Doncasters UK Finance Limited | &nbsp;&nbsp;08440818, England & Wales |
| &nbsp;&nbsp;Doncasters UK Holdings Limited | &nbsp;&nbsp;03468793, England & Wales |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name of Original Guarantor** | &nbsp;&nbsp;**Registration number and jurisdiction of <br> incorporation** |
| &nbsp;&nbsp;Doncasters US 2 LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Doncasters US Finance LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Doncasters US Holdings 2018 Inc. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Doncasters US LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Dundee Holdco 3 Limited | &nbsp;&nbsp;05651578, England & Wales |
| &nbsp;&nbsp;Dundee Holdco 4 Limited | &nbsp;&nbsp;05651583, England & Wales |
| &nbsp;&nbsp;Dundee Holdco GmbH | &nbsp;&nbsp;HRB 11033, Bochum, Germany |
| &nbsp;&nbsp;Erie Bolt Corporation | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;IVOSTUD GmbH | &nbsp;&nbsp;HRB 10912 (local court of Hagen) |
| &nbsp;&nbsp;IVOSTUD LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Leatherbay Limited | &nbsp;&nbsp;04166893, England & Wales |
| &nbsp;&nbsp;RCG Holdings Limited | &nbsp;&nbsp;04166900, England & Wales |
| &nbsp;&nbsp;Ross & Catherall Limited | &nbsp;&nbsp;04110786, England & Wales |
| &nbsp;&nbsp;Ross Catherall (Holdings) Limited | &nbsp;&nbsp;04095400, England & Wales |
| &nbsp;&nbsp;Ross Catherall Castings Limited | &nbsp;&nbsp;00388135, England & Wales |
| &nbsp;&nbsp;Ross Catherall Group Limited | &nbsp;&nbsp;04081354, England & Wales |
| &nbsp;&nbsp;Ross Catherall Metals (Holdings) Limited | &nbsp;&nbsp;04095365, England & Wales |
| &nbsp;&nbsp;Ross Catherall Metals Limited | &nbsp;&nbsp;00285519, England & Wales |
| &nbsp;&nbsp;Ross Catherall Superalloys Limited | &nbsp;&nbsp;00313430, England & Wales |
| &nbsp;&nbsp;Southern Tool, LLC | &nbsp;&nbsp;Alabama |
| &nbsp;&nbsp;Triplex Lloyd Limited | &nbsp;&nbsp;00319762, England & Wales |
| &nbsp;&nbsp;Trucast (North America) LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Trucast Limited | &nbsp;&nbsp;04110903, England & Wales |
| &nbsp;&nbsp;TruCast, LLC | &nbsp;&nbsp;Delaware |

---

**Part 2** **<br> The Original Lenders [*Included for reference only*]**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Original Lender** | &nbsp;&nbsp;**ABL Commitment** | &nbsp;&nbsp;**DTTP scheme <br> passport <br> number and <br> jurisdiction of <br> tax residence (if <br> applicable)** | &nbsp;&nbsp;**Lender status confirmation (German Qualifying Lender, not a German Qualifyin Lender, UK Qualifying Lender, UK Treaty Lender, German Treaty Lender, not a UK Qualifying Lender, US Qualifying Lender, not a US Qualifying Lender)** |
| &nbsp;&nbsp;Wells Fargo Bank N.A., London Branch | &nbsp;&nbsp;£70,000,000 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;UK Qualifying Lender, US Qualifying Lender and a German Treaty Lender |

---

**Schedule 2**

**CONDITIONS PRECEDENT [*INCLUDED FOR REFERENCE ONLY*]**

**Part 1** **<br> Conditions Precedent to Initial Utilisation**

---

| | |
|:---|:---|
| **1** | Original Obligors |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the constitutional documents of each Original Obligor which shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in case of an Original Obligor incorporated or established, as applicable, under the laws of the Federal
Republic of Germany, include a commercial register excerpt (*Handelsregisterauszug*) of recent date, the articles of association
(*Gesellschaftsvertrag*), a list of its shareholders (*Gesellschafterliste*) and any bylaws, if applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of an Original Obligor incorporated or established, as applicable, in Jersey, including any
consent issued to or in respect of it pursuant to the Control of Borrowing (Jersey) Order 1958.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A copy of a resolution of the board of directors of each Original Obligor and the Parent or, in relation
to an Original Obligor incorporated or established, as applicable, under the laws of the Federal Republic of Germany, a copy of a resolution
of the shareholders' and/or other competent corporate body's meeting (as applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party
and resolving that it execute, deliver and perform the Finance Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) authorising a specified person or persons to execute the Finance Documents to which it is a party on its
behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices
(including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection with the Finance Documents
to which it is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of an Obligor other than the Parent, authorising the Parent to act as its agent in connection
with the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A specimen of the signature of each person authorised by the resolution referred to in paragraph 1 (b) above
in relation to the Finance Documents and related documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent required by law or the articles of association, certificate of incorporation or limited
liability company or operating agreement, a copy of a resolution signed by all the holders of the issued shares in each Original Guarantor
approving the terms of, and the transactions contemplated by, the Finance Documents to which the Original Guarantor is a party (other
than in relation to each Original Guarantor incorporated or established, as applicable, under the laws of the Federal Republic of Germany).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent required by law of the articles of association, certificate of incorporation or limited
liability company or operating agreement, a copy of a resolution of the board of directors of each corporate shareholder of each Original
Guarantor approving the terms of the resolution referred to in paragraph 1 (b) above (other than in relation of each corporate shareholder
of an Original Guarantor which is incorporated or established, as applicable, under the laws of the Federal Republic of Germany).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A certificate of the each Original Obligor signed by a director confirming that borrowing or guaranteeing
or securing, as appropriate, the Total Commitments would not cause any borrowing, guarantee, security or similar limit binding on any
Original Obligor to be exceeded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A certificate of an authorised signatory of each Original Obligor certifying that each copy document relating
to it specified in this Part 1 of Schedule 2 is correct, complete and in full force and effect and has not been amended or superseded
as at a date no earlier than the Original Signing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Good standing certificates as the Agent may reasonably require to evidence that each Original Obligor
is duly organized or formed, and that each of them is validly existing and (where applicable) in good standing and that each of them is
duly authorised to execute and deliver the Finance Documents and perform their respective obligations thereunder as customary in the relevant
jurisdiction (other than in relation to each Original Guarantor incorporated or established, as applicable, under the laws of the Federal
Republic of Germany or England and Wales).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Finance Documents

Each of the following documents executed by all parties thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Intercreditor Agreement and the Facilities Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Fee Letters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the following Transaction Security Documents:

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| | |
|:---|:---|
| Name of security provider | Transaction Security Document |
| Parent | English law governed share pledge over the shares it holds in the Company |
|  | English law receivables assignment agreement with respect to any receivables owed by the Company to the Parent |
| Each Original Obligor incorporated in England | English law governed debenture |
| Dundee Holdco 4 Limited | German law governed junior pledge of the shares held in Dundee Holdco GmbH |
| Dundee Holdco GmbH | German law governed junior pledge of the shares held in Doncasters Precision Castings-Bochum GmbH |
|  | German law governed pledge of trade receivables collection bank accounts |
|  | German law governed global assignment of trade receivables and commercial credit insurance and receivables |

---

---

| | |
|:---|:---|
| DONCASTERS Precision Castings-Bochum GmbH | German law governed pledge of trade receivables collection bank accounts |
|  | German law governed global assignment of trade receivables and commercial credit insurance receivables |
|  | Security transfer of inventory of raw goods, goods and products |
| Doncasters Limited | German law governed junior pledge of the shares held in IVOSTUD GmbH |
| IVOSTUD GmbH | German law governed pledge of trade receivables collection bank accounts |
|  | German law governed global assignment of trade receivables and commercial credit insurance receivables |
|  | Security transfer of inventory of raw goods, goods and products |
| Each Original Obligor organized in the United States | New York law governed security agreement over all assets |
| Dundee Pikco Limited | New York law governed pledge agreement over the shares in Doncasters US Finance LLC |

---

and in the case of items (i) and (iv) above, to remain undated until following Completion on the Completion Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Copies of financing statements, filed or duly prepared for filing under the Uniform Commercial Code in
all U.S. jurisdictions that the Security Agent may deem reasonably necessary in order to perfect and protect the Security over assets
of each Original Obligor created under each Transaction Security Document governed by the laws of the United States of America, any State
thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Evidence that all other actions, recordings and filings of or with respect to each Transaction Security
Document described in clause (b) above that the Security Agent may deem reasonably necessary or desirable in order to perfect and
protect the Security created thereby shall have been taken, completed or otherwise provided for in a manner reasonably satisfactory to
the Security Agent (including (x) receipt of duly executed payoff letters, customary lien searches, UCC-3 termination statements,
the English law deed of release in respect of the existing second lien security, and (y) any intellectual property security agreements,
deposit account control agreements and securities account control agreements); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Satisfactory UK insolvency searches completed by the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Legal Opinions

The following legal opinions, each addressed to the Agent, the Security Agent and the Original Lenders, and in each case substantially in the form distributed to the Original Lenders prior to signing of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A legal opinion of Morgan, Lewis & Bockius UK LLP, legal advisers to the Original Lenders as
to English law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A legal opinion of Carey Olsen Jersey LLP, as to Jersey law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A legal opinion of Weil, Gotshal & Manges LLP, legal advisers to the Parent as to matters of
New York law and also with respect to any Original Obligor incorporated or established under the laws of New York, Delaware or California.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) A legal opinion of Morgan, Lewis & Bockius LLP, legal advisers to the Original Lenders in relation
to the validity and enforceability of the Finance Documents to the extent governed by German law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) A legal opinion of Weil, Gotshal & Manges LLP, legal advisers to the Parent as to German law
concerning existence, authority and capacity of any Original Obligor incorporated or established under the laws of the Federal Republic
of Germany to enter into the Finance Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) A legal opinion of Burr Forman LLP, legal advisers to the Parent as to matters of Alabama law with respect
to Southern Tool, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Other Documents and Evidence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Financial Reporting Package template: The template for the purposes of delivery of financials, financial
covenant reporting and key performance indicator reporting (including a breakdown of key financial and operational metrics and performance
indicators by business division) pursuant to Clause 22 (*Information Undertakings*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Budget: A preliminary business plan and Budget for financial year ending 31 December 2020 (including
a break-down of the projected financial performance of the Group on a facility-by-facility basis).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A copy of the executed and dated Restructuring Implementation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Original Financial Statements: A copy of the Original Financial Statements of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Fees: Evidence that the fees, costs and expenses payable to the Finance Parties under the Fee Letters
have been paid or will be paid on or about the Completion Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Funds flow: The Funds Flow Statement (as defined in the Facilities Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) PSC certificate: In respect of each company incorporated in the United Kingdom whose shares are the subject
of the Transaction Security (a "Charged Company"), either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** a certificate of an authorised signatory of the Parent certifying that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** each member of the Group has complied within the relevant timeframe with any notice it has received pursuant
to Part 21A of the Companies Act 2006 from that Charged Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** no "warning notice" or "restrictions notice" (in each case as defined in Schedule
1B of the Companies Act 2006) has been issued in respect of those shares,

together with a copy of the "PSC register" (within the meaning of section 790C(10) of the Companies Act 2006) of that Charged Company, which, in the case of a Charged Company that is a member of the Group, is certified by an authorised signatory of the Parent to be correct, complete and not amended or superseded as at a date no earlier than the Original Signing Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** a certificate of an authorised signatory of Alloy Parent certifying that such Charged Company is not required
to comply with Part 21A of the Companies Act 2006.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) KYC: Each Finance Party has confirmed satisfaction of all necessary "know your customer" and
anti-money laundering checks in relation to each Original Obligor and the Group; and each Obligor that qualifies as a "legal entity
customer" under the Beneficial Ownership Regulation has delivered a Beneficial Ownership Certification in relation to such Obligor
to each Finance Party that so requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Solvency certificate: A certificate from a financial officer of Alloy Parent to the effect that on the
Completion Date, after giving effect to the transactions contemplated to occur under this Agreement on such date, no Event of Default
shall have occurred and be continuing pursuant to Clauses 25.6 or 25.7 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Borrowing Base Certificate: a duly executed Borrowing Base Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) A copy of the Revised Steps Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Confirmation by email from Weil, Gotshal & Manges (London) LLP to Morgan, Lewis & Bockius
UK LLP that implementation steps 13, 14 and 15 detailed in the Restructuring Implementation Agreement are complete.

**Part 2** **<br> Conditions Precedent required to be delivered by an Additional Obligor**

---

| | |
|:---|:---|
| **1** | An Accession Deed executed by the Additional Obligor and the Parent. |

---

---

| | |
|:---|:---|
| **2** | A copy of the constitutional documents of the Additional Obligor which shall, |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in case of an Additional Obligor incorporated or established, as applicable, under the laws of the Federal
Republic of Germany, include a commercial register excerpt (Handelsregisterauszug) of recent date, the articles of association (Gesellschaftsvertrag),
a list of its shareholders (Gesellschafterliste) and any bylaws, if applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an Additional Obligor incorporated or established, as applicable, in Jersey, including
any consent issued to or in respect of it pursuant to the Control of Borrowing (Jersey) Order 1958.

---

| | |
|:---|:---|
| **3** | A copy of a resolution of the board or, if applicable, a committee of the board of directors of the Additional Obligor or, in relation to an Additional Obligor incorporated or established, as applicable, under the laws of the Federal Republic of Germany, a copy of a resolution of the shareholders' and/or other competent corporate body's meeting (as applicable): |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) approving the terms of, and the transactions contemplated by, the Accession Deed and the Finance Documents
and resolving that it execute, deliver and perform the Accession Deed and any other Finance Document to which it is party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) authorising a specified person or persons to execute the Accession Deed and other Finance Documents on
its behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents
and notices (including, in relation to an Additional Borrower, any Utilisation Request) to be signed and/or despatched by it under or
in connection with the Finance Documents to which it is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) authorising the Parent to act as its agent in connection with the Finance Documents.

---

| | |
|:---|:---|
| **4** | If applicable, a copy of a resolution of the board of directors of the Additional Obligor, establishing the committee referred to in paragraph 3 above. |

---

---

| | |
|:---|:---|
| **5** | A specimen of the signature of each person authorised by the resolution referred to in paragraph 3 above. |

---

---

| | |
|:---|:---|
| **6** | A copy of a resolution signed by all the holders of the issued shares of the Additional Guarantor, approving the terms of, and the transactions contemplated by, the Finance Documents to which the Additional Guarantor is a party (other than in relation to each Additional Guarantor incorporated or established, as applicable, under the laws of the Federal Republic of Germany). |

---

---

| | |
|:---|:---|
| **7** | A copy of a resolution of the board of directors of each corporate shareholder of each Additional Guarantor approving the terms of the resolution referred to in paragraph 6 above (other than in relation to each corporate shareholder of an Additional Guarantor which is incorporated or established, as applicable, under the laws of the Federal Republic of Germany) (other than in relation of each corporate shareholder of an Additional Guarantor which is incorporated or established, as applicable, under the laws of the Federal Republic of Germany). |

---

---

| | |
|:---|:---|
| **8** | A certificate of the Additional Obligor (signed by a director) confirming that borrowing or guaranteeing or securing, as appropriate, the Total Commitments would not cause any borrowing, guarantee, security or similar limit binding on it to be exceeded. |

---

---

| | |
|:---|:---|
| **9** | Such other documents and certifications (including, to the extent such concept is applicable in the relevant jurisdiction of organization, good standing certificates) as the Agent may reasonably require to evidence that each Additional Obligor is duly organized or formed, and that each of them is validly existing and (where applicable) in good standing and that each of them is duly authorized to execute and deliver the Finance Documents and perform their respective obligations thereunder as customary in the relevant jurisdiction. |

---

---

| | |
|:---|:---|
| **10** | A certificate of an authorised signatory of the Additional Obligor certifying that each copy document listed in this Schedule 2 is correct, complete and in full force and effect and has not been amended or superseded as at a date no earlier than the date of the Accession Deed. |

---

---

| | |
|:---|:---|
| **11** | A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable in connection with the entry into and performance of the transactions contemplated by the Accession Deed or for the validity and enforceability of any Finance Document. |

---

---

| | |
|:---|:---|
| **12** | The following legal opinions, each addressed to the Agent, the Security Agent and the Lenders: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A legal opinion of the legal advisers to the Agent in England, as to English law in the form distributed
to the Lenders prior to signing the Accession Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Additional Obligor is incorporated in or has its "centre of main interest" (as referred
to in Clause 20.28 (Centre of main interests and establishments)) in a jurisdiction other than England and Wales or is executing a Finance
Document which is governed by a law other than English law, a legal opinion of the legal advisers to the Agent in the jurisdiction of
its incorporation, "centre of main interest" or "establishment" (as applicable) or, as the case may be, the jurisdiction
of the governing law of that Finance Document (the "Applicable Jurisdiction") as to the law of the Applicable Jurisdiction
and in the form distributed to the Lenders prior to signing the Accession Deed, provided that no such legal opinions are required in respect
of any Additional Obligor that is organised in the United States or any jurisdiction thereof.

---

| | |
|:---|:---|
| **13** | If the proposed Additional Obligor is incorporated in a jurisdiction other than England and Wales, evidence that the process agent specified in Clause 44.2 (Service of process), if not an Obligor, has accepted its appointment in relation to the proposed Additional Obligor. |

---

---

| | |
|:---|:---|
| **14** | Any security documents which, subject to the Agreed Security Principles, are required by the Agent to be executed by the proposed Additional Obligor. |

---

---

| | |
|:---|:---|
| **15** | Each Finance Party has confirmed satisfaction of all necessary "know your customer" and anti- money laundering checks in relation to such Additional Obligor; and each Additional Obligor that qualifies as a "legal entity customer" under the Beneficial Ownership Regulation has delivered a Beneficial Ownership Certification in relation to such Additional Obligor to each Finance Party that so requests. |

---

---

| | |
|:---|:---|
| **16** | For each Borrower: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Instruction Mandate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) duly completed forms and ancillary documents required by the Agent in relation to the operation of the
Designated Website.

**ABL FACILITIES AGREEMENT EXECUTION PAGES**

**[*Intentionally omitted*]**

Execution version

**EXECUTION PAGES TO THE SECOND AMENDMENT AND RESTATEMENT AGREEMENT**

**THE PARENT**

---

| | | | |
|:---|:---|:---|:---|
| **SIGNED** | **SIGNED** | &nbsp;&nbsp;) |  |
| by | Michael Quinn | &nbsp;&nbsp;) | &nbsp;&nbsp;/s/ Michael Quinn |
| For and on behalf of **ALLOY PARENT LIMITED** | For and on behalf of **ALLOY PARENT LIMITED** | &nbsp;&nbsp;) | &nbsp;&nbsp;Signature |
| For and on behalf of **ALLOY PARENT LIMITED** | For and on behalf of **ALLOY PARENT LIMITED** | &nbsp;&nbsp;) |  |

---

**THE SUBORDINATED CREDITOR**

---

| | | | |
|:---|:---|:---|:---|
| **SIGNED** | **SIGNED** | &nbsp;&nbsp;) |  |
| by | Michael Quinn | &nbsp;&nbsp;) | &nbsp;&nbsp;/s/ Michael Quinn |
| For and on behalf of **ALLOY MIDCO LIMITED** | For and on behalf of **ALLOY MIDCO LIMITED** | &nbsp;&nbsp;) | &nbsp;&nbsp;Signature |
| For and on behalf of **ALLOY MIDCO LIMITED** | For and on behalf of **ALLOY MIDCO LIMITED** | &nbsp;&nbsp;) |  |

---

[*Signature Page – Second Amendment & Restatement Agreement*]

**THE COMPANY**

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| For and on behalf of **DUNDEE PIKCO LIMITED** | For and on behalf of **DUNDEE PIKCO LIMITED**) | Signature |
| For and on behalf of **DUNDEE PIKCO LIMITED** | For and on behalf of **DUNDEE PIKCO LIMITED**) |  |

---

[*Signature Page – Second Amendment & Restatement Agreement*]

**THE BORROWERS**

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Jason Mays) | /s/ Jason Mays |
| For and on behalf of **CERTIFIED ALLOY PRODUCTS, INC.** | For and on behalf of **CERTIFIED ALLOY PRODUCTS, INC.**) | Signature |
| For and on behalf of **CERTIFIED ALLOY PRODUCTS, INC.** | For and on behalf of **CERTIFIED ALLOY PRODUCTS, INC.**) |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| For and on behalf of **CHARD PRECISION CASTINGS LIMITED** | For and on behalf of **CHARD PRECISION CASTINGS LIMITED**) | Signature |
| For and on behalf of **CHARD PRECISION CASTINGS LIMITED** | For and on behalf of **CHARD PRECISION CASTINGS LIMITED**) |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **DERITEND INTERNATIONAL LIMITED** | for and on behalf of **DERITEND INTERNATIONAL LIMITED**) | Signature |
| for and on behalf of **DERITEND INTERNATIONAL LIMITED** | for and on behalf of **DERITEND INTERNATIONAL LIMITED**) |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **DONCASTERS INC.** | for and on behalf of **DONCASTERS INC.**) | Signature |
| for and on behalf of **DONCASTERS INC.** | for and on behalf of **DONCASTERS INC.**) |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **DONCASTERS LIMITED** | for and on behalf of **DONCASTERS LIMITED**) | Signature |
| for and on behalf of **DONCASTERS LIMITED** | for and on behalf of **DONCASTERS LIMITED**) |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **DONCASTERS PRECISION CASTINGS – BOCHUM GmbH** | for and on behalf of **DONCASTERS PRECISION CASTINGS – BOCHUM GmbH**) | Signature |
| for and on behalf of **DONCASTERS PRECISION CASTINGS – BOCHUM GmbH** | for and on behalf of **DONCASTERS PRECISION CASTINGS – BOCHUM GmbH**) |  |

---

[*Signature Page – Second Amendment & Restatement Agreement*]

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) | /s/ Michael Quinn |
| by | Michael Quinn) | Signature |
| for and on behalf of **IVOSTUD GmbH** | for and on behalf of **IVOSTUD GmbH**) |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Jason Mays) | /s/ Jason Mays |
| for and on behalf of **IVOSTUD LLC** | for and on behalf of **IVOSTUD LLC**) | Signature |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **ROSS & CATHERALL LIMITED** | for and on behalf of **ROSS & CATHERALL LIMITED**) | Signature |

---

---

| | |
|:---|:---|
| **SIGNED** |  |
| by | /s/ Jason Mays |
| for and on behalf of **SOUTHERN TOOL, LLC** | Signature |
| for and on behalf of **SOUTHERN TOOL, LLC** |  |

---

---

| | |
|:---|:---|
| **SIGNED** |  |
| by | /s/ Jason Mays |
| for and on behalf of **TRUCAST, LLC** | Signature |
| for and on behalf of **TRUCAST, LLC** |  |

---

---

| | |
|:---|:---|
| **SIGNED** |  |
| by | /s/ Michael Quinn |
| for and on behalf of **TRUCAST LIMITED** | Signature |
| for and on behalf of **TRUCAST LIMITED** |  |

---

[*Signature Page – Second Amendment & Restatement Agreement*]

**THE GUARANTORS**

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **ALLOY PARENT LIMITED** | for and on behalf of **ALLOY PARENT LIMITED**) | Signature |
| for and on behalf of **ALLOY PARENT LIMITED** | for and on behalf of **ALLOY PARENT LIMITED**) |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **DUNDEE PIKCO LIMITED** | for and on behalf of **DUNDEE PIKCO LIMITED**) | Signature |
| for and on behalf of **DUNDEE PIKCO LIMITED** | for and on behalf of **DUNDEE PIKCO LIMITED**) |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Jason Mays) | /s/ Jason Mays |
| for and on behalf of **CERTIFIED ALLOY PRODUCTS, INC.** | for and on behalf of **CERTIFIED ALLOY PRODUCTS, INC.**) | Signature |
| for and on behalf of **CERTIFIED ALLOY PRODUCTS, INC.** | for and on behalf of **CERTIFIED ALLOY PRODUCTS, INC.**) |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **DUNDEE PIKCO LIMITED** | for and on behalf of **DUNDEE PIKCO LIMITED**) | Signature |
| for and on behalf of **DUNDEE PIKCO LIMITED** | for and on behalf of **DUNDEE PIKCO LIMITED**) |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **CHARD PRECISION CASTINGS LIMITED** | for and on behalf of **CHARD PRECISION CASTINGS LIMITED**) | Signature |
| for and on behalf of **CHARD PRECISION CASTINGS LIMITED** | for and on behalf of **CHARD PRECISION CASTINGS LIMITED**) |  |

---

---

| | |
|:---|:---|
| **SIGNED** |  |
| by | /s/ Michael Quinn |
| for and on behalf of **CLOVEPARK LIMITED** | Signature |
| for and on behalf of **CLOVEPARK LIMITED** |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **DERITEND INTERNATIONAL LIMITED** | for and on behalf of **DERITEND INTERNATIONAL LIMITED**) | Signature |
| for and on behalf of **DERITEND INTERNATIONAL LIMITED** | for and on behalf of **DERITEND INTERNATIONAL LIMITED**) |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **DONCASTERS INC.** | for and on behalf of **DONCASTERS INC.**) | Signature |
| for and on behalf of **DONCASTERS INC.** | for and on behalf of **DONCASTERS INC.**) |  |
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **DONCASTERS LIMITED** | for and on behalf of **DONCASTERS LIMITED**) | Signature |
| for and on behalf of **DONCASTERS LIMITED** | for and on behalf of **DONCASTERS LIMITED**) |  |

---

[*Signature Page – Second Amendment & Restatement Agreement*]

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **DONCASTERS PRECISION CASTINGS – BOCHUM GmbH** | for and on behalf of **DONCASTERS PRECISION CASTINGS – BOCHUM GmbH**) | Signature |
| for and on behalf of **DONCASTERS PRECISION CASTINGS – BOCHUM GmbH** | for and on behalf of **DONCASTERS PRECISION CASTINGS – BOCHUM GmbH**) |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **DONCASTERS UK FINANCE LIMITED** | for and on behalf of **DONCASTERS UK FINANCE LIMITED**) | Signature |
| for and on behalf of **DONCASTERS UK FINANCE LIMITED** | for and on behalf of **DONCASTERS UK FINANCE LIMITED**) |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **DONCASTERS UK HOLDINGS LIMITED** | for and on behalf of **DONCASTERS UK HOLDINGS LIMITED**) | Signature |
| for and on behalf of **DONCASTERS UK HOLDINGS LIMITED** | for and on behalf of **DONCASTERS UK HOLDINGS LIMITED**) |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Jason Mays) | /s/ Jason Mays |
| for and on behalf of **DONCASTERS US 2 LLC** | for and on behalf of **DONCASTERS US 2 LLC**) | Signature |
| for and on behalf of **DONCASTERS US 2 LLC** | for and on behalf of **DONCASTERS US 2 LLC**) |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Jason Mays) | /s/ Jason Mays |
| for and on behalf of **DONCASTERS US FINANCE LLC** | for and on behalf of **DONCASTERS US FINANCE LLC**) | Signature |
| for and on behalf of **DONCASTERS US FINANCE LLC** | for and on behalf of **DONCASTERS US FINANCE LLC**) |  |

---

[*Signature Page – Second Amendment & Restatement Agreement*]

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **DONCASTERS US HOLDINGS 2018 INC.** | for and on behalf of **DONCASTERS US HOLDINGS 2018 INC.**) | Signature |
| for and on behalf of **DONCASTERS US HOLDINGS 2018 INC.** | for and on behalf of **DONCASTERS US HOLDINGS 2018 INC.**) |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Jason Mays) | /s/ Jason Mays |
| for and on behalf of **DONCASTERS US LLC** | for and on behalf of **DONCASTERS US LLC**) | Signature |
| for and on behalf of **DONCASTERS US LLC** | for and on behalf of **DONCASTERS US LLC**) |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **DUNDEE HOLDCO 3 LIMITED** | for and on behalf of **DUNDEE HOLDCO 3 LIMITED**) | Signature |
| for and on behalf of **DUNDEE HOLDCO 3 LIMITED** | for and on behalf of **DUNDEE HOLDCO 3 LIMITED**) |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **DUNDEE HOLDCO 4 LIMITED** | for and on behalf of **DUNDEE HOLDCO 4 LIMITED**) | Signature |
| for and on behalf of **DUNDEE HOLDCO 4 LIMITED** | for and on behalf of **DUNDEE HOLDCO 4 LIMITED**) |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **DUNDEE HOLDCO GmbH** | for and on behalf of **DUNDEE HOLDCO GmbH**) | Signature |
| for and on behalf of **DUNDEE HOLDCO GmbH** | for and on behalf of **DUNDEE HOLDCO GmbH** |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **ERIE BOLT CORPORATION** | for and on behalf of **ERIE BOLT CORPORATION**) | Signature |
| for and on behalf of **ERIE BOLT CORPORATION** | for and on behalf of **ERIE BOLT CORPORATION**) |  |

---

[*Signature Page – Second Amendment & Restatement Agreement*]

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **IVOSTUD GmbH** | for and on behalf of **IVOSTUD GmbH**) | Signature |
| for and on behalf of **IVOSTUD GmbH** | for and on behalf of **IVOSTUD GmbH** |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Jason Mays) | /s/ Jason Mays |
| for and on behalf of **IVOSTUD LLC** | for and on behalf of **IVOSTUD LLC**) | Signature |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **RCG HOLDINGS LIMITED** | for and on behalf of **RCG HOLDINGS LIMITED**) | Signature |
| for and on behalf of **RCG HOLDINGS LIMITED** | for and on behalf of **RCG HOLDINGS LIMITED** |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **ROSS & CATHERALL LIMITED** | for and on behalf of **ROSS & CATHERALL LIMITED**) | Signature |
| for and on behalf of **ROSS & CATHERALL LIMITED** | for and on behalf of **ROSS & CATHERALL LIMITED** |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Jason Mays) | /s/ Jason Mays |
| for and on behalf of **SOUTHERN TOOL, LLC** | for and on behalf of **SOUTHERN TOOL, LLC**) | Signature |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **TRIPLEX LLOYD LIMITED** | for and on behalf of **TRIPLEX LLOYD LIMITED**) | Signature |
| for and on behalf of **TRIPLEX LLOYD LIMITED** | for and on behalf of **TRIPLEX LLOYD LIMITED** |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Michael Quinn) | /s/ Michael Quinn |
| for and on behalf of **TRUCAST (NORTH AMERICA) LLC** | for and on behalf of **TRUCAST (NORTH AMERICA) LLC** | Signature |
| for and on behalf of **TRUCAST (NORTH AMERICA) LLC** | for and on behalf of **TRUCAST (NORTH AMERICA) LLC** |  |

---

---

| | |
|:---|:---|
| **SIGNED** |  |
| by | /s/ Michael Quinn |
| for and on behalf of **TRUCAST limited** | Signature |
| for and on behalf of **TRUCAST limited** |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** | **SIGNED**) |  |
| by | Jason Mays) | /s/ Jason Mays |
| for and on behalf of **TRUCAST, LLC** | for and on behalf of **TRUCAST, LLC**) | Signature |
| for and on behalf of **TRUCAST, LLC** | for and on behalf of **TRUCAST, LLC**) |  |

---

[*Signature Page – Second Amendment & Restatement Agreement*]

**THE LENDER**

**WELLS FARGO BANK, NATIONAL ASSOCIATION, LONDON BRANCH**

---

| | |
|:---|:---|
| **By:** | /s/ Gina Flynn |

---

Address: 8th Floor, 33 King William Street, London EC4R 9AT

Email: WFCFUK.Portfolio.Manager@wellsfargo.com

Attention: Portfolio Manager – Doncasters

**THE AGENT**

**WELLS FARGO CAPITAL FINANCE (UK) LIMITED**

---

| | |
|:---|:---|
| **By:** | /s/ Gina Flynn |

---

Address: 8th Floor, 33 King William Street, London EC4R 9AT

Email: WFCFUK.Portfolio.Manager@wellsfargo.com

Attention: Portfolio Manager – Doncasters

**THE SECURITY AGENT**

**WELLS FARGO CAPITAL FINANCE (UK) LIMITED**

---

| | |
|:---|:---|
| **By:** | /s/ Gina Flynn |

---

Address: 8th Floor, 33 King William Street, London EC4R 9AT

Email: WFCFUK.Portfolio.Manager@wellsfargo.com

Attention: Portfolio Manager – Doncasters

[*Signature Page – Second Amendment & Restatement Agreement*]

## Exhibit 10.9

**Exhibit 10.9**

**Option Award Agreement<br> DPC Holdings Limited 2026 Equity Incentive Plan**

DPC Holdings Limited, a registered private company incorporated in Jersey (the "**Company**"), grants to the Participant named below ("**you**") [an Incentive/a Nonstatutory] Stock Option to purchase the number of Shares set forth below (the "**Option**"), under this Option Award Agreement ("**Agreement**").

---

| | | |
|:---|:---|:---|
| **Governing Plan:** | DPC Holdings Limited 2026 Equity Incentive Plan (the "**Plan**") | DPC Holdings Limited 2026 Equity Incentive Plan (the "**Plan**") |
| **Defined Terms:** | As set forth in the Plan, unless otherwise defined in this Agreement | As set forth in the Plan, unless otherwise defined in this Agreement |
| **Participant:** | [Name] | [Name] |
| **[Type of Option:** | [Incentive/Nonstatutory] Stock Option | [Incentive/Nonstatutory] Stock Option |
| **Grant Date:** | [Date] | [Date] |
| **Number of Shares Purchasable:** | [___] | [___] |
| **Exercise Price per Share:** | 20% | $[100% of IPO Price] ("**Tranche A**") |
| **Exercise Price per Share:** | 20% | $[110% of IPO Price] ("**Tranche B**") |
| **Exercise Price per Share:** | 20% | $[121% of IPO Price] ("**Tranche C**") |
| **Exercise Price per Share:** | 20% | $[133.1% of IPO Price] ("**Tranche D**") |
| **Exercise Price per Share:** | 20% | $[146.4% of IPO Price] ("**Tranche E**") |
| **Original Expiration Date:** | The earlier of (i) 10 years from the Grant Date or (ii) 90 days after the date of Separation from Service other than upon death, Disability or for Cause (as defined in Annex A). | The earlier of (i) 10 years from the Grant Date or (ii) 90 days after the date of Separation from Service other than upon death, Disability or for Cause (as defined in Annex A). |
| **Vesting Schedule:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Option will become vested and exercisable according to the schedule below until the Option is 100% vested. The unvested portion of the Option will not be exercisable on or after the Participant's Separation from Service.<br>Tranche A: First anniversary of Grant Date<br> Tranche B: Second anniversary of Grant Date<br> Tranche C: Third anniversary of Grant Date<br> Tranche D: Fourth anniversary of Grant Date<br> Tranche E: Fifth anniversary of Grant Date<br>\* Any resultant fractional Options will not become exercisable and will instead be subject to the next applicable date. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Option will become vested and exercisable according to the schedule below until the Option is 100% vested. The unvested portion of the Option will not be exercisable on or after the Participant's Separation from Service.<br>Tranche A: First anniversary of Grant Date<br> Tranche B: Second anniversary of Grant Date<br> Tranche C: Third anniversary of Grant Date<br> Tranche D: Fourth anniversary of Grant Date<br> Tranche E: Fifth anniversary of Grant Date<br>\* Any resultant fractional Options will not become exercisable and will instead be subject to the next applicable date. |
| **Exercise after Separation from Service:** | *Separation from Service for any reason other than Disability, death, or Cause*: any unexercisable portion of the Option expires immediately and any exercisable portion remains exercisable for 90 days after your Separation from Service for any reason other than Disability, death, or Cause; provided, however, that any such exercisable portion of the Option shall not be exercisable beyond the Original Expiration Date.<br>*Separation from Service due to Disability or death*: any unexercisable portion of the Option expires immediately and any exercisable portion remains exercisable for one year after your Separation from Service due to your Disability or death; provided, however, that in the event of your Separation from Service, in the event of your death during such exercise period, the portion of the Option that remained exercisable at your death will remain exercisable for a period of one year from the date of your death, but in any event, the Options will not be exercisable beyond the Original Expiration Date.<br>*Separation from Service for Cause*: the entire Option, including any exercisable and unexercisable portion, expires immediately upon your Separation from Service for Cause.<br>Notwithstanding anything else in this Agreement, the Option may not be exercised after its expiration as set forth above. | *Separation from Service for any reason other than Disability, death, or Cause*: any unexercisable portion of the Option expires immediately and any exercisable portion remains exercisable for 90 days after your Separation from Service for any reason other than Disability, death, or Cause; provided, however, that any such exercisable portion of the Option shall not be exercisable beyond the Original Expiration Date.<br>*Separation from Service due to Disability or death*: any unexercisable portion of the Option expires immediately and any exercisable portion remains exercisable for one year after your Separation from Service due to your Disability or death; provided, however, that in the event of your Separation from Service, in the event of your death during such exercise period, the portion of the Option that remained exercisable at your death will remain exercisable for a period of one year from the date of your death, but in any event, the Options will not be exercisable beyond the Original Expiration Date.<br>*Separation from Service for Cause*: the entire Option, including any exercisable and unexercisable portion, expires immediately upon your Separation from Service for Cause.<br>Notwithstanding anything else in this Agreement, the Option may not be exercised after its expiration as set forth above. |

---

**Option Terms**

**1.** **Grant of Option.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Option is subject to the terms of the Plan. The terms of the Plan are incorporated into this Agreement
by this reference. Notwithstanding anything in this Agreement to the contrary, to the extent the closing of the Company's initial
public offering does not occur within five business days of the pricing date of such initial public offering, the Option shall terminate
and this Agreement shall terminate and be *void ab initio*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You must accept the terms of this Agreement within 10 business days after the Agreement is presented to
you for review by returning a signed copy of this Agreement to the Company in accordance with such procedures as the Company may establish.
You may not exercise any portion of the Option before you have accepted the terms of this Agreement. The Committee may unilaterally cancel
and forfeit all or a portion of the Option if you do not timely accept the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If designated above as an Incentive Stock Option, the Option is intended to qualify as an Incentive Stock
Option. To the extent the Option fails to meet the requirements of an Incentive Stock Option or is not designated as an Incentive Stock
Option, the Option will be a Nonstatutory Stock Option.

**2.** **Exercise of Option.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Right to Exercise.** The Option will be exercisable in accordance with the terms provided in the
table above, and all the rest of the terms of this Agreement. The Option, to the extent exercisable, may be exercised in whole or in part.
No Shares will be issued upon the exercise of the Option unless the issuance and exercise comply with all Applicable Laws. Subject to
Applicable Law, for income tax purposes, Shares will be considered transferred to you on the date you properly exercise the Option. Until
you have properly exercised the Option and Shares have been delivered, you will not have any rights as a Stockholder for those Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Method of Exercise and Payment.** You may exercise the Option by delivering an exercise notice in
a form approved by the Company (the "**Exercise Notice** "). The Exercise Notice must state your election to exercise the
Option, the number of Shares that are being purchased, and any other representations and agreements that may be required by the Company.
Together with the Exercise Notice, you must tender payment of the aggregate Exercise Price for all Shares exercised and all applicable
withholding and other taxes. The Option will be deemed to be exercised upon receipt by the Company of a fully executed Exercise Notice
and payment of the aggregate Exercise Price and all applicable withholding and other taxes.

**3.** **Method of Payment.** If you elect to exercise the Option, you must pay the aggregate Exercise Price,
as well as any applicable withholding or other taxes, in accordance with any of the payment methods set forth in Section 6.4 of the
Plan (or any successor sections).

**4.** **Restrictions on Exercise.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You may not exercise the Option if [(i) it is an Incentive Stock Option and the Plan has not been
approved by the Stockholders, if required, or (ii)]<sup>1</sup>the issuance of Shares upon exercise or the method of payment for those
Shares would constitute a violation of any Applicable Law or Company policy.

<sup>1</sup> Note to Draft: To be included only if necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any issuance of Shares under the Option may be effected on a non-certificated basis, to the extent not
prohibited by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a certificate for Shares is delivered to you under the Option, the certificate may bear the following
or a similar legend as determined by the Company:

The ownership and transferability of this certificate and the shares of stock represented hereby are subject to the terms (including forfeiture) of the Plan and an option award agreement entered into between the registered owner and DPC Holdings Limited. Copies of such plan and agreement are on file in the executive offices of DPC Holdings Limited.

In addition, any stock certificates for Shares will be subject to any stop-transfer orders and other restrictions as the Company may deem advisable under Applicable Law, and the Company may cause a legend or legends to be placed on any certificates to make appropriate reference to these restrictions. Unless otherwise determined by the Board, any Shares acquired in respect of the Option will be subject to the lock-up restrictions as set forth in Section 10.19 of the Plan (and any successor terms).

**5.** **Transferability.** You may not transfer the Option in any manner other than by will or by the laws
of descent and distribution and the Option may be exercised during your lifetime only by you.

**6.** **Term of Option.** You may not exercise the Option after it expires and you may only exercise the
Option in accordance with this Agreement.

**7.** **Taxes.** Regardless of any action the Company may take that is related to any or all income tax,
payroll tax, or other tax-related withholding under the Plan ()"**Tax-Related Items** "), the ultimate liability for all
Tax-Related Items owed by you is and will remain your responsibility. The Company (a) makes no representations or undertakings regarding
the treatment of any Tax-Related Items and (b) does not commit to structure the terms of the Award to reduce or eliminate your liability
for Tax-Related Items. You will be required to meet any applicable tax withholding obligation in accordance with the tax withholding terms
of Section 10.5 of the Plan (and any successor terms). The Option is intended to be exempt from Section 409A, and this Agreement
will be administered and interpreted consistently with that intent and with the terms of Section 10.16 of the Plan (and any successor
terms). If you make any disposition of Shares delivered under an Incentive Stock Option under the circumstances described in Code Section 421(b) (relating
to certain disqualifying dispositions), you must notify the Company of that disposition within 10 days.

**8.** **Adjustment.** Upon any event described in Section 4.2 of the Plan (or any successor section)
occurring after the Grant Date, the adjustment terms of that section will apply to the Option.

**9.** **Bound by Plan and Committee Decisions.** By accepting the Option, you acknowledge that you have received
a copy of the Plan and have had an opportunity to review the Plan, and you agree to be bound by all of the terms of the Plan. If there
is any conflict between this Agreement and the Plan, the Plan will control. The authority to manage and control the operation and administration
of this Agreement and the Plan is vested in the Committee subject to the Articles. The Committee has all powers under this Agreement that
it has under the Plan. Any interpretation of this Agreement or the Plan by the Committee and any decision made by the Committee related
to the Agreement or the Plan will be final and binding on all Persons.

**10.** **Regulatory and Other Limitations.** Notwithstanding anything else in this Agreement, the Committee
may impose conditions, restrictions, and limitations on the issuance of Shares under the Option unless and until the Committee determines
that the issuance complies with (a) all registration requirements under the Securities Act, (b) all listing requirements of
any securities exchange or similar entity on which the Shares are listed, (c) all Company policies and administrative rules, (d) the
Articles, and (e) all Applicable Laws.

**11.** **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Notices.** Any notice that may be required or permitted under this Agreement must be in writing and
may be delivered personally, by intraoffice mail, or by electronic mail or via a postal service (postage prepaid) to the electronic mail
or postal address and directed to the person as the receiving party may designate in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Waiver.** The waiver by any party to this Agreement of a breach of any term of the Agreement will
not operate or be construed as a waiver of any other or subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Entire Agreement.** This Agreement and the Plan constitute the entire agreement between you and the
Company for the Option. Any prior agreement, commitment, or negotiation related to the Option is superseded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Binding Effect; Successors.** The obligations and rights of the Company under this Agreement will
be binding upon and inure to the benefit of the Company and any successor corporation or organization resulting from the merger, consolidation,
sale, or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the
assets and business of the Company. Your obligations and rights under this Agreement will be binding upon and inure to your benefit and
the benefit of your beneficiaries, executors, administrators, heirs, and successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Governing Law; Jurisdiction; Waiver of Jury Trial.** You acknowledge and expressly agree to the governing
law terms of Section 10.8 of the Plan (and any successor terms) and the jurisdiction and waiver of jury trial terms of Section 10.9
of the Plan (and any successor terms).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Amendment.** This Agreement may be amended at any time by the Committee, except that no amendment
may, without your consent, materially impair your rights under the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Severability.** The invalidity or unenforceability of any term of the Plan or this Agreement will
not affect the validity or enforceability of any other term of the Plan or this Agreement, and each other term of the Plan and this Agreement
will be severable and enforceable to the extent permitted by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **No Rights to Service; No Impact on Other Benefits.** Nothing in this Agreement will be construed
as giving you any right to be retained in any position with the Company or its Affiliates. Nothing in this Agreement will interfere with
or restrict the rights of the Company or its Affiliates—which are expressly reserved—to remove, terminate, or discharge you
at any time for any reason whatsoever or for no reason, subject to the Company's certificate of incorporation, bylaws, and other
similar governing documents and Applicable Law. Any value under the Option is not part of your normal or expected compensation for purposes
of calculating any severance, retirement, welfare, insurance, or similar employee benefit. The grant of the Option does not create any
right to receive any future awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Further Assurances.** You must, upon request of the Company, do all acts and execute, deliver, and
perform all additional documents, instruments, and agreements that may be reasonably required by the Company to implement this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Clawback.** All awards, amounts, and benefits received or outstanding under the Plan will be subject
to clawback, cancellation, recoupment, rescission, payback, reduction, or other similar action in accordance with the terms of any Company
clawback or similar policy or any Applicable Law related to such actions, as may be in effect from time to time. You acknowledge and consent
to the Company's application, implementation, and enforcement of any applicable Company clawback or similar policy that may apply
to you, whether adopted before or after the Grant Date (including the clawback terms contained in Section 10.20 of the Plan as of
the Grant Date (and any successor terms)), and any term of Applicable Law relating to clawback, cancellation, recoupment, rescission,
payback, or reduction of compensation, and the Company may take such actions as may be necessary to effectuate any such policy or Applicable
Law, without further consideration or action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Electronic Delivery and Acceptance.** The Company may deliver any documents related to current or
future participation in the Plan by electronic means. You consent to receive those documents by electronic delivery and to participate
in the Plan through any on-line or electronic system established and maintained by the Company or a third party designated by the Company.

**12.** **Your Representations.** You represent to the Company that you have read and fully understand this
Agreement and the Plan and that your decision to participate in the Plan is completely voluntary. You also acknowledge that you are relying
solely on your own advisors regarding the tax consequences of the Option.

By signing below, you are agreeing that your electronic signature is the legal equivalent of a manual signature on this Agreement and you are agreeing to all of the terms of this Agreement, as of the Grant Date.

Participant Signature:

By:

**Option Award Agreement<br> DPC Holdings Limited 2026 Equity Incentive Plan**

DPC Holdings Limited, a registered private company incorporated in Jersey (the "**Company**"), grants to the Participant named below ("**you**") a CSOP Option to purchase the number of Shares set forth below (the "**Option**"), under this Option Award Agreement ("**Agreement**").

---

| | | |
|:---|:---|:---|
| **Governing Plan:** | DPC Holdings Limited 2026 Equity Incentive Plan (the "**Plan**") and the UK Sub-Plan to the Plan (the "**UK Sub-Plan**") | DPC Holdings Limited 2026 Equity Incentive Plan (the "**Plan**") and the UK Sub-Plan to the Plan (the "**UK Sub-Plan**") |
| **Defined Terms:** | As set forth in the Plan, unless otherwise defined in this Agreement | As set forth in the Plan, unless otherwise defined in this Agreement |
| **Participant:** | [Name] | [Name] |
| **Type of Option:** | Tax-advantaged CSOP Option granted pursuant to Schedule 4 of the UK Income Tax (Earnings and Pensions) Act 2003 | Tax-advantaged CSOP Option granted pursuant to Schedule 4 of the UK Income Tax (Earnings and Pensions) Act 2003 |
| **Grant Date:** | [Date] | [Date] |
| **Number of Shares Purchasable:** | [___] | [___] |
| **Exercise Price per Share:** | 20% | $[100% of IPO Price] ("**Tranche A**") |
| **Exercise Price per Share:** | 20% | $[110% of IPO Price] ("**Tranche B**") |
| **Exercise Price per Share:** | 20% | $[121% of IPO Price] ("**Tranche C**") |
| **Exercise Price per Share:** | 20% | $[133.1% of IPO Price] ("**Tranche D**") |
| **Exercise Price per Share:** | 20% | $[146.4% of IPO Price] ("**Tranche E**") |
| **Original Expiration Date:** | The earlier of (i) 10 years from the Grant Date or (ii) [six months] after the date of Separation from Service other than upon death, Disability or for Cause (as defined in Annex A). | The earlier of (i) 10 years from the Grant Date or (ii) [six months] after the date of Separation from Service other than upon death, Disability or for Cause (as defined in Annex A). |
| **Vesting Schedule:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Option will become vested and exercisable according to the schedule below until the Option is 100% vested. The unvested portion of the Option will not be exercisable on or after the Participant's Separation from Service.<br>Tranche A: First anniversary of Grant Date<br> Tranche B: Second anniversary of Grant Date<br> Tranche C: Third anniversary of Grant Date<br> Tranche D: Fourth anniversary of Grant Date<br> Tranche E: Fifth anniversary of Grant Date<sup>2</sup><br>\* Any resultant fractional Options will not become exercisable and will instead be subject to the next applicable date. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Option will become vested and exercisable according to the schedule below until the Option is 100% vested. The unvested portion of the Option will not be exercisable on or after the Participant's Separation from Service.<br>Tranche A: First anniversary of Grant Date<br> Tranche B: Second anniversary of Grant Date<br> Tranche C: Third anniversary of Grant Date<br> Tranche D: Fourth anniversary of Grant Date<br> Tranche E: Fifth anniversary of Grant Date<sup>2</sup><br>\* Any resultant fractional Options will not become exercisable and will instead be subject to the next applicable date. |

---

<sup>2</sup> **<u>Note to Draft</u>** – If a CSOP option is exercised less than three years after the date of grant, it will not benefit from tax-advantaged treatment save for a few a very limited set of scenarios set out in the UK CSOP legislation.

---

| | |
|:---|:---|
| **Exercise after Separation from Service:** | *Separation from Service for any reason other than Disability, death, or Cause*: Any unvested portion of the Option shall lapse immediately on the date of Separation from Service. Any vested and exercisable portion shall remain exercisable for [six months]<sup>3</sup> following the date of Separation from Service, after which it shall lapse; provided that no portion of the Option shall be exercisable beyond the Original Expiration Date.<br>*Separation from Service due to Disability*: Any unvested portion shall lapse immediately. Any vested and exercisable portion shall remain exercisable for [six months] following your Separation from Service due to Disability; provided that no portion of the Option shall be exercisable beyond the Original Expiration Date..<br>*Separation from Service due to death:* Any unvested portion shall lapse immediately. Any vested and exercisable portion may be exercised by your personal representatives for a period of 12 months from the date of death, after which it shall lapse; provided that no portion of the Option shall be exercisable beyond the Original Expiration Date.<br>*Separation from Service for Cause*: The entire Option, including any exercisable and unexercisable portion, shall lapse immediately upon your Separation from Service for Cause.<br>Notwithstanding anything else in this Agreement, the Option may not be exercised after its expiration as set forth above. |

---

<sup>3</sup> **<u>Note to Draft</u>** – We have suggested limiting the post-cessation of employment exercise period to six months because this ties in with the statutory "Good Leaver" definitions in the CSOP legislation, i.e. injury, disability, redundancy, retirement, TUPE transfer and a transfer of the business outside of the group. If any of the statutory CSOP "Good Leaver" reasons apply, the CSOP option can still benefit from beneficial tax treatment when exercised within six months of cessation of employment, even when three years have not elapsed since the date of grant.

**Option Terms**

**1.** **Grant of Option.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Option is subject to the terms of the Plan. The terms of the Plan are incorporated into this Agreement
by this reference. Notwithstanding anything in this Agreement to the contrary, to the extent the closing of the Company's initial
public offering does not occur within five business days of the pricing date of such initial public offering, the Option shall terminate
and this Agreement shall terminate and be *void ab initio*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You must accept the terms of this Agreement within 10 business days after the Agreement is presented to
you for review by returning a signed copy of this Agreement to the Company in accordance with such procedures as the Company may establish.
You may not exercise any portion of the Option before you have accepted the terms of this Agreement. The Committee may unilaterally cancel
and forfeit all or a portion of the Option if you do not timely accept the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Option is granted as a tax-advantaged Company Share Option Plan option pursuant to Schedule 4. Nothing
in this Agreement, the Plan and/or the UK Sub-Plan shall be construed as granting or designating an Incentive Stock Option for the purposes
of Section 422 of the US Internal Revenue Code, and no such designation is made or intended.

**2.** **Exercise of Option.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Right to Exercise.** The Option will be exercisable in accordance with the terms provided in the
table above, and all the rest of the terms of this Agreement. The Option, to the extent exercisable, may be exercised in whole or in part.
No Shares will be issued upon the exercise of the Option unless the issuance and exercise comply with all Applicable Laws. Subject to
Applicable Law, for income tax purposes, Shares will be considered transferred to you on the date you properly exercise the Option. Until
you have properly exercised the Option and Shares have been delivered, you will not have any rights as a Stockholder for those Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Method of Exercise and Payment.** You may exercise the Option by delivering an exercise notice in
a form approved by the Company (the "**Exercise Notice** "). The Exercise Notice must state your election to exercise the
Option, the number of Shares that are being purchased, and any other representations and agreements that may be required by the Company.
Together with the Exercise Notice, you must tender payment of the aggregate Exercise Price for all Shares exercised and all applicable
withholding and other taxes. The Option will be deemed to be exercised upon receipt by the Company of a fully executed Exercise Notice
and payment of the aggregate Exercise Price and all applicable withholding and other taxes.

**3.** **Method of Payment.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If you elect to exercise the Option, you must pay the aggregate Exercise Price, as well as any applicable
withholding or other taxes, using one of the following methods only, as permitted under paragraphs 4.3 and 4.4 of the UK Sub-Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in cash or by cheque, bank draft, or money order payable to the order of the Company (Section 6.4(d)(i) of
the Plan); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such other method as is expressly permitted under paragraph 4.3 of the UK Sub-Plan (currently Section 6.4(d)(v) of
the Plan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the avoidance of doubt, you may not pay the Exercise Price by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) delivering previously owned Shares or other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any net settlement or cashless exercise mechanism;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any broker-assisted same-day-sale arrangement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in instalments.

Any purported exercise using an impermissible payment method shall be void and of no effect.

**4.** **Restrictions on Exercise.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You may not exercise the Option if the issuance of Shares upon exercise or the method of payment for those
Shares would constitute a violation of any Applicable Law or Company policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any issuance of Shares under the Option may be effected on a non-certificated basis, to the extent not
prohibited by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a certificate for Shares is delivered to you under the Option, the certificate may bear the following
or a similar legend as determined by the Company:

The ownership and transferability of this certificate and the shares of stock represented hereby are subject to the terms (including forfeiture) of the Plan and an option award agreement entered into between the registered owner and DPC Holdings Limited. Copies of such plan and agreement are on file in the executive offices of DPC Holdings Limited.

In addition, any stock certificates for Shares will be subject to any stop-transfer orders and other restrictions as the Company may deem advisable under Applicable Law, and the Company may cause a legend or legends to be placed on any certificates to make appropriate reference to these restrictions. Unless otherwise determined by the Board, any Shares acquired in respect of the Option will be subject to the lock-up restrictions as set forth in Section 10.19 of the Plan (and any successor terms).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) You may not exercise this Option at any time when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) you have, or any of your Associates (as defined in paragraph 12 of Schedule 4) have (taken together with
you), a Material Interest (as defined in paragraph 9 of Schedule 4) in the Company or any company which has Control of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) you have had, or any of your Associates have had (taken together with you), such a Material Interest at
any time during the 12 months immediately preceding the date on which you seek to exercise the Option.

Any exercise in breach of this section 4(d) shall be void and of no effect. By submitting an Exercise Notice, you represent and warrant to the Company that neither you nor any of your Associates hold (or have at any time in the preceding 12 months held) a Material Interest as described in this section 4(d).

**5.** **Transferability.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You may not transfer the Option in any manner other than by will or by the laws of descent and distribution
and the Option may be exercised during your lifetime only by you. Any purported transfer, assignment, charge, or other dealing with the
Option (other than exercise in accordance with this Agreement, or transmission by operation of law on your death) shall be void and shall
cause the Option to lapse immediately, in accordance with paragraph 3.6 of the UK Sub-Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transfer of this Option to your personal representatives by operation of law on your death, and the
exercise of this Option by your personal representatives shall not constitute a transfer for the purposes of this section 5 and shall
not cause the Option to lapse

**6.** **Term of Option.** You may not exercise the Option after it expires and you may only exercise the
Option in accordance with this Agreement.

**7.** **Taxes.** Regardless of any action the Company may take that is related to any or all income tax,
payroll tax, or other tax-related withholding under the Plan ()"**Tax-Related Items** "), the ultimate liability for all
Tax-Related Items owed by you is and will remain your responsibility. The Company (a) makes no representations or undertakings regarding
the treatment of any Tax-Related Items and (b) does not commit to structure the terms of the Award to reduce or eliminate your liability
for Tax-Related Items. You will be required to meet any applicable tax withholding obligation in accordance with the tax withholding terms
of Section 10.5 of the Plan (and any successor terms). This Option is a CSOP option granted pursuant to Schedule 4 and is not subject
to Section 409A of the US Internal Revenue Code. References in the Plan to Section 409A shall not apply to this Option. You
are responsible for satisfying any Tax-Related Items arising in connection with this Option in accordance with paragraph 5 of the UK Sub-Plan
and section 7 of this Agreement, and you are advised to seek independent tax advice in relation to the UK and any other applicable tax
consequences of holding and exercising this Option.

**8.** **Adjustment.** Upon any event described in Section 4.2 of the Plan (or any successor section)
occurring after the Grant Date, the adjustment terms of that section will apply to the Option.

**9.** **Bound by Plan and Committee Decisions.** By accepting the Option, you acknowledge that you have received
a copy of the Plan and have had an opportunity to review the Plan, and you agree to be bound by all of the terms of the Plan. If there
is any conflict between this Agreement and the Plan, the Plan will control. The authority to manage and control the operation and administration
of this Agreement and the Plan is vested in the Committee subject to the Articles. The Committee has all powers under this Agreement that
it has under the Plan. Any interpretation of this Agreement or the Plan by the Committee and any decision made by the Committee related
to the Agreement or the Plan will be final and binding on all Persons.

**10.** **Regulatory and Other Limitations.** Notwithstanding anything else in this Agreement, the Committee
may impose conditions, restrictions, and limitations on the issuance of Shares under the Option unless and until the Committee determines
that the issuance complies with (a) all registration requirements under the Securities Act, (b) all listing requirements of
any securities exchange or similar entity on which the Shares are listed, (c) all Company policies and administrative rules, (d) the
Articles, and (e) all Applicable Laws.

**11.** **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Notices.** Any notice that may be required or permitted under this Agreement must be in writing and
may be delivered personally, by intraoffice mail, or by electronic mail or via a postal service (postage prepaid) to the electronic mail
or postal address and directed to the person as the receiving party may designate in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Waiver.** The waiver by any party to this Agreement of a breach of any term of the Agreement will
not operate or be construed as a waiver of any other or subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Entire Agreement.** This Agreement and the Plan constitute the entire agreement between you and the
Company for the Option. Any prior agreement, commitment, or negotiation related to the Option is superseded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Binding Effect; Successors.** The obligations and rights of the Company under this Agreement will
be binding upon and inure to the benefit of the Company and any successor corporation or organization resulting from the merger, consolidation,
sale, or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the
assets and business of the Company. Your obligations and rights under this Agreement will be binding upon and inure to your benefit and
the benefit of your beneficiaries, executors, administrators, heirs, and successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Governing Law; Jurisdiction; Waiver of Jury Trial.** You acknowledge and expressly agree to the governing
law terms of Section 10.8 of the Plan (and any successor terms) and the jurisdiction and waiver of jury trial terms of Section 10.9
of the Plan (and any successor terms).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Amendment.** This Agreement may be amended at any time by the Committee, except that no amendment
may, without your consent, materially impair your rights under the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Severability.** The invalidity or unenforceability of any term of the Plan or this Agreement will
not affect the validity or enforceability of any other term of the Plan or this Agreement, and each other term of the Plan and this Agreement
will be severable and enforceable to the extent permitted by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **No Rights to Service; No Impact on Other Benefits.** Nothing in this Agreement will be construed
as giving you any right to be retained in any position with the Company or its Affiliates. Nothing in this Agreement will interfere with
or restrict the rights of the Company or its Affiliates—which are expressly reserved—to remove, terminate, or discharge you
at any time for any reason whatsoever or for no reason, subject to the Company's certificate of incorporation, bylaws, and other
similar governing documents and Applicable Law. Any value under the Option is not part of your normal or expected compensation for purposes
of calculating any severance, retirement, welfare, insurance, or similar employee benefit. The grant of the Option does not create any
right to receive any future awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Further Assurances.** You must, upon request of the Company, do all acts and execute, deliver, and
perform all additional documents, instruments, and agreements that may be reasonably required by the Company to implement this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Clawback.** All awards, amounts, and benefits received or outstanding under the Plan will be subject
to clawback, cancellation, recoupment, rescission, payback, reduction, or other similar action in accordance with the terms of any Company
clawback or similar policy or any Applicable Law related to such actions, as may be in effect from time to time. You acknowledge and consent
to the Company's application, implementation, and enforcement of any applicable Company clawback or similar policy that may apply
to you, whether adopted before or after the Grant Date (including the clawback terms contained in Section 10.20 of the Plan as of
the Grant Date (and any successor terms)), and any term of Applicable Law relating to clawback, cancellation, recoupment, rescission,
payback, or reduction of compensation, and the Company may take such actions as may be necessary to effectuate any such policy or Applicable
Law, without further consideration or action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Electronic Delivery and Acceptance.** The Company may deliver any documents related to current or
future participation in the Plan by electronic means. You consent to receive those documents by electronic delivery and to participate
in the Plan through any on-line or electronic system established and maintained by the Company or a third party designated by the Company.

**12.** **Your Representations.** You represent to the Company that you have read and fully understand this
Agreement and the Plan and that your decision to participate in the Plan is completely voluntary. You also acknowledge that you are relying
solely on your own advisors regarding the tax consequences of the Option.

By signing below, you are agreeing that your electronic signature is the legal equivalent of a manual signature on this Agreement and you are agreeing to all of the terms of this Agreement, as of the Grant Date.

Participant Signature:

By:

**Option Award Agreement<br> DPC Holdings Limited 2026 Equity Incentive Plan**

DPC Holdings Limited, a registered private company incorporated in Jersey (the "**Company**"), grants to the Participant named below ("**you**") Nonstatutory Stock Option to purchase the number of Shares set forth below (the "**Option**"), under this Option Award Agreement ("**Agreement**").

---

| | | |
|:---|:---|:---|
| **Governing Plan:** | DPC Holdings Limited 2026 Equity Incentive Plan (the "**Plan**") and the UK Sub-Plan to the Plan (the "**UK Sub-Plan**") | DPC Holdings Limited 2026 Equity Incentive Plan (the "**Plan**") and the UK Sub-Plan to the Plan (the "**UK Sub-Plan**") |
| **Defined Terms:** | As set forth in the Plan, unless otherwise defined in this Agreement | As set forth in the Plan, unless otherwise defined in this Agreement |
| **Participant:** | [Name] | [Name] |
| **[Type of Option:** | Nonstatutory Stock Option | Nonstatutory Stock Option |
| **Grant Date:** | [Date] | [Date] |
| **Number of Shares Purchasable:** | [___] | [___] |
| **Exercise Price per Share:** | 20% | $[100% of IPO Price] ("**Tranche A**") |
| **Exercise Price per Share:** | 20% | $[110% of IPO Price] ("**Tranche B**") |
| **Exercise Price per Share:** | 20% | $[121% of IPO Price] ("**Tranche C**") |
| **Exercise Price per Share:** | 20% | $[133.1% of IPO Price] ("**Tranche D**") |
| **Exercise Price per Share:** | 20% | $[146.4% of IPO Price] ("**Tranche E**") |
| **Original Expiration Date:** | The earlier of (i) 10 years from the Grant Date or (ii) 90 days after the date of Separation from Service other than upon death, Disability or for Cause (as defined in Annex A). | The earlier of (i) 10 years from the Grant Date or (ii) 90 days after the date of Separation from Service other than upon death, Disability or for Cause (as defined in Annex A). |
| **Vesting Schedule:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Option will become vested and exercisable according to the schedule below until the Option is 100% vested. The unvested portion of the Option will not be exercisable on or after the Participant's Separation from Service.<br>Tranche A: First anniversary of Grant Date<br> Tranche B: Second anniversary of Grant Date<br> Tranche C: Third anniversary of Grant Date<br> Tranche D: Fourth anniversary of Grant Date<br> Tranche E: Fifth anniversary of Grant Date<br>\* Any resultant fractional Options will not become exercisable and will instead be subject to the next applicable date. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Option will become vested and exercisable according to the schedule below until the Option is 100% vested. The unvested portion of the Option will not be exercisable on or after the Participant's Separation from Service.<br>Tranche A: First anniversary of Grant Date<br> Tranche B: Second anniversary of Grant Date<br> Tranche C: Third anniversary of Grant Date<br> Tranche D: Fourth anniversary of Grant Date<br> Tranche E: Fifth anniversary of Grant Date<br>\* Any resultant fractional Options will not become exercisable and will instead be subject to the next applicable date. |

---

---

| | |
|:---|:---|
| **Exercise after Separation from Service:** | *Separation from Service for any reason other than Disability, death, or Cause*: any unexercisable portion of the Option expires immediately and any exercisable portion remains exercisable for 90 days after your Separation from Service for any reason other than Disability, death, or Cause; provided, however, that any such exercisable portion of the Option shall not be exercisable beyond the Original Expiration Date.<br>*Separation from Service due to Disability or death*: any unexercisable portion of the Option expires immediately and any exercisable portion remains exercisable for one year after your Separation from Service due to your Disability or death; provided, however, that in the event of your Separation from Service, in the event of your death during such exercise period, the portion of the Option that remained exercisable at your death will remain exercisable for a period of one year from the date of your death, but in any event, the Options will not be exercisable beyond the Original Expiration Date.<br>*Separation from Service for Cause*: the entire Option, including any exercisable and unexercisable portion, expires immediately upon your Separation from Service for Cause.<br>Notwithstanding anything else in this Agreement, the Option may not be exercised after its expiration as set forth above. |

---

**Option Terms**

**1.** **Grant of Option.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Option is subject to the terms of the Plan. The terms of the Plan are incorporated into this Agreement
by this reference. Notwithstanding anything in this Agreement to the contrary, to the extent the closing of the Company's initial
public offering does not occur within five business days of the pricing date of such initial public offering, the Option shall terminate
and this Agreement shall terminate and be *void ab initio*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You must accept the terms of this Agreement within 10 business days after the Agreement is presented to
you for review by returning a signed copy of this Agreement to the Company in accordance with such procedures as the Company may establish.
You may not exercise any portion of the Option before you have accepted the terms of this Agreement. The Committee may unilaterally cancel
and forfeit all or a portion of the Option if you do not timely accept the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Option is granted as a Nonstatutory Stock Option. Nothing in this Agreement or the Plan shall be
construed as granting or designating an Incentive Stock Option for the purposes of Section 422 of the US Internal Revenue Code, and
no such designation is made or intended.

**2.** **Exercise of Option.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Right to Exercise.** The Option will be exercisable in accordance with the terms provided in the
table above, and all the rest of the terms of this Agreement. The Option, to the extent exercisable, may be exercised in whole or in part.
No Shares will be issued upon the exercise of the Option unless the issuance and exercise comply with all Applicable Laws. Subject to
Applicable Law, for income tax purposes, Shares will be considered transferred to you on the date you properly exercise the Option. Until
you have properly exercised the Option and Shares have been delivered, you will not have any rights as a Stockholder for those Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Method of Exercise and Payment.** You may exercise the Option by delivering an exercise notice in
a form approved by the Company (the "**Exercise Notice** "). The Exercise Notice must state your election to exercise the
Option, the number of Shares that are being purchased, and any other representations and agreements that may be required by the Company.
Together with the Exercise Notice, you must tender payment of the aggregate Exercise Price for all Shares exercised and all applicable
withholding and other taxes. The Option will be deemed to be exercised upon receipt by the Company of a fully executed Exercise Notice
and payment of the aggregate Exercise Price and all applicable withholding and other taxes.

**3.** **Method of Payment.** If you elect to exercise the Option, you must pay the aggregate Exercise Price,
as well as any applicable withholding or other taxes, in accordance with any of the payment methods set forth in Section 6.4 of the
Plan (or any successor sections).

**4.** **Restrictions on Exercise.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You may not exercise the Option if the issuance of Shares upon exercise or the method of payment for those
Shares would constitute a violation of any Applicable Law or Company policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any issuance of Shares under the Option may be effected on a non-certificated basis, to the extent not
prohibited by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a certificate for Shares is delivered to you under the Option, the certificate may bear the following
or a similar legend as determined by the Company:

The ownership and transferability of this certificate and the shares of stock represented hereby are subject to the terms (including forfeiture) of the Plan and an option award agreement entered into between the registered owner and DPC Holdings Limited. Copies of such plan and agreement are on file in the executive offices of DPC Holdings Limited.

In addition, any stock certificates for Shares will be subject to any stop-transfer orders and other restrictions as the Company may deem advisable under Applicable Law, and the Company may cause a legend or legends to be placed on any certificates to make appropriate reference to these restrictions. Unless otherwise determined by the Board, any Shares acquired in respect of the Option will be subject to the lock-up restrictions as set forth in Section 10.19 of the Plan (and any successor terms).

**5.** **Transferability.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You may not transfer the Option in any manner other than by will or by the laws of descent and distribution
and the Option may be exercised during your lifetime only by you. Any purported transfer, assignment, charge, or other dealing with the
Option (other than exercise in accordance with this Agreement, or transmission by operation of law on your death) shall be void and shall
cause the Option to lapse immediately, in accordance with paragraph 3.6 of the UK Sub-Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transfer of this Option to your personal representatives by operation of law on your death, and the
exercise of this Option by your personal representatives shall not constitute a transfer for the purposes of this section 5 and shall
not cause the Option to lapse.

**6.** **Term of Option.** You may not exercise the Option after it expires and you may only exercise the
Option in accordance with this Agreement.

**7.** **Taxes.** Regardless of any action the Company may take that is related to any or all income tax,
payroll tax, or other tax-related withholding under the Plan ()"**Tax-Related Items** "), the ultimate liability for all
Tax-Related Items owed by you is and will remain your responsibility. The Company (a) makes no representations or undertakings regarding
the treatment of any Tax-Related Items and (b) does not commit to structure the terms of the Award to reduce or eliminate your liability
for Tax-Related Items. You will be required to meet any applicable tax withholding obligation in accordance with the tax withholding terms
of Section 10.5 of the Plan (and any successor terms). This Option is not subject to Section 409A of the US Internal Revenue
Code. References in the Plan to Section 409A shall not apply to this Option. You are responsible for satisfying any Tax-Related Items
arising in connection with this Option in accordance with Paragraph 5 of the UK Sub-Plan and section 7 of this Agreement, and you are
advised to seek independent tax advice in relation to the UK and any other applicable tax consequences of holding and exercising this
Option.

**8.** **Adjustment.** Upon any event described in Section 4.2 of the Plan (or any successor section)
occurring after the Grant Date, the adjustment terms of that section will apply to the Option.

**9.** **Bound by Plan and Committee Decisions.** By accepting the Option, you acknowledge that you have received
a copy of the Plan and have had an opportunity to review the Plan, and you agree to be bound by all of the terms of the Plan. If there
is any conflict between this Agreement and the Plan, the Plan will control. The authority to manage and control the operation and administration
of this Agreement and the Plan is vested in the Committee subject to the Articles. The Committee has all powers under this Agreement that
it has under the Plan. Any interpretation of this Agreement or the Plan by the Committee and any decision made by the Committee related
to the Agreement or the Plan will be final and binding on all Persons.

**10.** **Regulatory and Other Limitations.** Notwithstanding anything else in this Agreement, the Committee
may impose conditions, restrictions, and limitations on the issuance of Shares under the Option unless and until the Committee determines
that the issuance complies with (a) all registration requirements under the Securities Act, (b) all listing requirements of
any securities exchange or similar entity on which the Shares are listed, (c) all Company policies and administrative rules, (d) the
Articles, and (e) all Applicable Laws.

**11.** **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Notices.** Any notice that may be required or permitted under this Agreement must be in writing and
may be delivered personally, by intraoffice mail, or by electronic mail or via a postal service (postage prepaid) to the electronic mail
or postal address and directed to the person as the receiving party may designate in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Waiver.** The waiver by any party to this Agreement of a breach of any term of the Agreement will
not operate or be construed as a waiver of any other or subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Entire Agreement.** This Agreement and the Plan constitute the entire agreement between you and the
Company for the Option. Any prior agreement, commitment, or negotiation related to the Option is superseded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Binding Effect; Successors.** The obligations and rights of the Company under this Agreement will
be binding upon and inure to the benefit of the Company and any successor corporation or organization resulting from the merger, consolidation,
sale, or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the
assets and business of the Company. Your obligations and rights under this Agreement will be binding upon and inure to your benefit and
the benefit of your beneficiaries, executors, administrators, heirs, and successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Governing Law; Jurisdiction; Waiver of Jury Trial.** You acknowledge and expressly agree to the governing
law terms of Section 10.8 of the Plan (and any successor terms) and the jurisdiction and waiver of jury trial terms of Section 10.9
of the Plan (and any successor terms).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Amendment.** This Agreement may be amended at any time by the Committee, except that no amendment
may, without your consent, materially impair your rights under the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Severability.** The invalidity or unenforceability of any term of the Plan or this Agreement will
not affect the validity or enforceability of any other term of the Plan or this Agreement, and each other term of the Plan and this Agreement
will be severable and enforceable to the extent permitted by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **No Rights to Service; No Impact on Other Benefits.** Nothing in this Agreement will be construed
as giving you any right to be retained in any position with the Company or its Affiliates. Nothing in this Agreement will interfere with
or restrict the rights of the Company or its Affiliates—which are expressly reserved—to remove, terminate, or discharge you
at any time for any reason whatsoever or for no reason, subject to the Company's certificate of incorporation, bylaws, and other
similar governing documents and Applicable Law. Any value under the Option is not part of your normal or expected compensation for purposes
of calculating any severance, retirement, welfare, insurance, or similar employee benefit. The grant of the Option does not create any
right to receive any future awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Further Assurances.** You must, upon request of the Company, do all acts and execute, deliver, and
perform all additional documents, instruments, and agreements that may be reasonably required by the Company to implement this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Clawback.** All awards, amounts, and benefits received or outstanding under the Plan will be subject
to clawback, cancellation, recoupment, rescission, payback, reduction, or other similar action in accordance with the terms of any Company
clawback or similar policy or any Applicable Law related to such actions, as may be in effect from time to time. You acknowledge and consent
to the Company's application, implementation, and enforcement of any applicable Company clawback or similar policy that may apply
to you, whether adopted before or after the Grant Date (including the clawback terms contained in Section 10.20 of the Plan as of
the Grant Date (and any successor terms)), and any term of Applicable Law relating to clawback, cancellation, recoupment, rescission,
payback, or reduction of compensation, and the Company may take such actions as may be necessary to effectuate any such policy or Applicable
Law, without further consideration or action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Electronic Delivery and Acceptance.** The Company may deliver any documents related to current or
future participation in the Plan by electronic means. You consent to receive those documents by electronic delivery and to participate
in the Plan through any on-line or electronic system established and maintained by the Company or a third party designated by the Company.

**12.** **Your Representations.** You represent to the Company that you have read and fully understand this
Agreement and the Plan and that your decision to participate in the Plan is completely voluntary. You also acknowledge that you are relying
solely on your own advisors regarding the tax consequences of the Option.

By signing below, you are agreeing that your electronic signature is the legal equivalent of a manual signature on this Agreement and you are agreeing to all of the terms of this Agreement, as of the Grant Date.

Participant Signature:

By:

**Option Award Agreement<br> DPC Holdings Limited 2026 Equity Incentive Plan**

DPC Holdings Limited, a registered private company incorporated in Jersey (the "**Company**"), grants to the Participant named below ("**you**") a Nonstatutory Stock Option to purchase the number of Shares set forth below (the "**Option**"), under this Option Award Agreement ("**Agreement**").

---

| | | |
|:---|:---|:---|
| **Governing Plan:** | DPC Holdings Limited 2026 Equity Incentive Plan (the "**Plan**") | DPC Holdings Limited 2026 Equity Incentive Plan (the "**Plan**") |
| **Defined Terms:** | As set forth in the Plan, unless otherwise defined in this Agreement | As set forth in the Plan, unless otherwise defined in this Agreement |
| **Participant:** | [Name] | [Name] |
| **Type of Option:** | Nonstatutory Stock Option | Nonstatutory Stock Option |
| **Grant Date:** | [Date] | [Date] |
| **Number of Shares Purchasable:** | [____] | [____] |
| **Exercise Price per Share:** | 20% | $[100% of IPO Price] ("**Tranche A**") |
| **Exercise Price per Share:** | 20% | $[110% of IPO Price] ("**Tranche B**") |
| **Exercise Price per Share:** | 20% | $[121% of IPO Price] ("**Tranche C**") |
| **Exercise Price per Share:** | 20% | $[133.1% of IPO Price] ("**Tranche D**") |
| **Exercise Price per Share:** | 20% | $[146.4% of IPO Price] ("**Tranche E**") |
| **Original Expiration Date:** | The earlier of (i) 10 years from the Grant Date or (ii) 90 days after the date of Separation from Service other than upon death, Disability or for Cause (as defined in Annex A). | The earlier of (i) 10 years from the Grant Date or (ii) 90 days after the date of Separation from Service other than upon death, Disability or for Cause (as defined in Annex A). |
| **Vesting Schedule:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Option will become vested and exercisable according to the schedule below until the Option is 100% vested. The unvested portion of the Option will not be exercisable on or after the Participant's Separation from Service.<br>Tranche A: First anniversary of Grant Date<br> Tranche B: Second anniversary of Grant Date<br> Tranche C: Third anniversary of Grant Date<br> Tranche D: Fourth anniversary of Grant Date<br> Tranche E: Fifth anniversary of Grant Date<br>\* Any resultant fractional Options will not become exercisable and will instead be subject to the next applicable date. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Option will become vested and exercisable according to the schedule below until the Option is 100% vested. The unvested portion of the Option will not be exercisable on or after the Participant's Separation from Service.<br>Tranche A: First anniversary of Grant Date<br> Tranche B: Second anniversary of Grant Date<br> Tranche C: Third anniversary of Grant Date<br> Tranche D: Fourth anniversary of Grant Date<br> Tranche E: Fifth anniversary of Grant Date<br>\* Any resultant fractional Options will not become exercisable and will instead be subject to the next applicable date. |
| **Exercise after Separation from Service:** | *Separation from Service for any reason other than Disability, death, or Cause*: any unexercisable portion of the Option expires immediately and any exercisable portion remains exercisable for 90 days after your Separation from Service for any reason other than Disability, death, or Cause; provided, however, that any such exercisable portion of the Option shall not be exercisable beyond the Original Expiration Date.<br>*Separation from Service due to Disability or death*: any unexercisable portion of the Option expires immediately and any exercisable portion remains exercisable for one year after your Separation from Service due to your Disability or death; provided, however, that in the event of your Separation from Service, in the event of your death during such exercise period, the portion of the Option that remained exercisable at your death will remain exercisable for a period of one year from the date of your death, but in any event, the Options will not be exercisable beyond the Original Expiration Date.<br>*Separation from Service for Cause*: the entire Option, including any exercisable and unexercisable portion, expires immediately upon your Separation from Service for Cause.<br>Notwithstanding anything else in this Agreement, the Option may not be exercised after its expiration as set forth above. | *Separation from Service for any reason other than Disability, death, or Cause*: any unexercisable portion of the Option expires immediately and any exercisable portion remains exercisable for 90 days after your Separation from Service for any reason other than Disability, death, or Cause; provided, however, that any such exercisable portion of the Option shall not be exercisable beyond the Original Expiration Date.<br>*Separation from Service due to Disability or death*: any unexercisable portion of the Option expires immediately and any exercisable portion remains exercisable for one year after your Separation from Service due to your Disability or death; provided, however, that in the event of your Separation from Service, in the event of your death during such exercise period, the portion of the Option that remained exercisable at your death will remain exercisable for a period of one year from the date of your death, but in any event, the Options will not be exercisable beyond the Original Expiration Date.<br>*Separation from Service for Cause*: the entire Option, including any exercisable and unexercisable portion, expires immediately upon your Separation from Service for Cause.<br>Notwithstanding anything else in this Agreement, the Option may not be exercised after its expiration as set forth above. |

---

**Option Terms**

**1.** **Grant of Option.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Option is subject to the terms of the Plan. The terms of the Plan are incorporated into this Agreement
by this reference. Notwithstanding anything in this Agreement to the contrary, to the extent the closing of the Company's initial
public offering does not occur within five business days of the pricing date of such initial public offering, the Option shall terminate
and this Agreement shall terminate and be *void ab initio*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You must accept the terms of this Agreement within 10 business days after the Agreement is presented to
you for review by returning a signed copy of this Agreement to the Company in accordance with such procedures as the Company may establish.
You may not exercise any portion of the Option before you have accepted the terms of this Agreement. The Committee may unilaterally cancel
and forfeit all or a portion of the Option if you do not timely accept the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Option is granted as a Nonstatutory Stock Option. Nothing in this Agreement or the Plan shall be
construed as granting or designating an Incentive Stock Option for the purposes of Section 422 of the US Internal Revenue Code, and
no such designation is made or intended.

**2.** **Exercise of Option.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Right to Exercise.** The Option will be exercisable in accordance with the terms provided in the
table above, and all the rest of the terms of this Agreement. The Option, to the extent exercisable, may be exercised in whole or in part.
No Shares will be issued upon the exercise of the Option unless the issuance and exercise comply with all Applicable Laws. Subject to
Applicable Law, for income tax purposes, Shares will be considered transferred to you on the date you properly exercise the Option. Until
you have properly exercised the Option and Shares have been delivered, you will not have any rights as a Stockholder for those Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Method of Exercise and Payment.** You may exercise the Option by delivering an exercise notice in
a form approved by the Company (the "**Exercise Notice** "). The Exercise Notice must state your election to exercise the
Option, the number of Shares that are being purchased, and any other representations and agreements that may be required by the Company.
Together with the Exercise Notice, you must tender payment of the aggregate Exercise Price for all Shares exercised and all applicable
withholding and other taxes. The Option will be deemed to be exercised upon receipt by the Company of a fully executed Exercise Notice
and payment of the aggregate Exercise Price and all applicable withholding and other taxes.

**3.** **Method of Payment.** If you elect to exercise the Option, you must pay the aggregate Exercise Price,
as well as any applicable withholding or other taxes, in accordance with any of the payment methods set forth in Section 6.4 of the
Plan (or any successor sections).

**4.** **Restrictions on Exercise.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You may not exercise the Option if the issuance of Shares upon exercise or the method of payment for those
Shares would constitute a violation of any Applicable Law or Company policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any issuance of Shares under the Option may be effected on a non-certificated basis, to the extent not
prohibited by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a certificate for Shares is delivered to you under the Option, the certificate may bear the following
or a similar legend as determined by the Company:

The ownership and transferability of this certificate and the shares of stock represented hereby are subject to the terms (including forfeiture) of the Plan and an option award agreement entered into between the registered owner and DPC Holdings Limited. Copies of such plan and agreement are on file in the executive offices of DPC Holdings Limited.

In addition, any stock certificates for Shares will be subject to any stop-transfer orders and other restrictions as the Company may deem advisable under Applicable Law, and the Company may cause a legend or legends to be placed on any certificates to make appropriate reference to these restrictions. Unless otherwise determined by the Board, any Shares acquired in respect of the Option will be subject to the lock-up restrictions as set forth in Section 10.19 of the Plan (and any successor terms).

**5.** **Transferability.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You may not transfer the Option in any manner other than by will or by the laws of descent and distribution
and the Option may be exercised during your lifetime only by you. Any purported transfer, assignment, charge, or other dealing with the
Option (other than exercise in accordance with this Agreement, or transmission by operation of law on your death) shall be void and shall
cause the Option to lapse immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transfer of this Option to your personal representatives by operation of law on your death, and the
exercise of this Option by your personal representatives shall not constitute a transfer for the purposes of this section 5 and shall
not cause the Option to lapse.

**6.** **Term of Option.** You may not exercise the Option after it expires and you may only exercise the
Option in accordance with this Agreement.

**7.** **Taxes.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Regardless of any action the Company may take that is related to any or all income tax, National Insurance
Contributions, or other tax-related withholding under the Plan ()"**Tax-Related Items** "), the ultimate liability for all
Tax-Related Items owed by you is and will remain your responsibility and you are advised to seek independent tax advice in relation to
the UK and any other applicable tax consequences of holding and exercising this Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company (a) makes no representations or undertakings regarding the treatment of any Tax-Related
Items and (b) does not commit to structure the terms of the Award to reduce or eliminate your liability for Tax-Related Items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Option is not subject to Section 409A of the US Internal Revenue Code. References in the Plan
to Section 409A shall not apply to this Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) You shall be accountable for any income tax and, subject to the following provisions, National Insurance
Contribution liability which is chargeable on any assessable income deriving from the exercise of, or other dealing in, the Option. In
respect of such assessable income, you shall indemnify the Company and (at the direction of the Company) any Affiliate which is or may
be treated as your employer for tax purposes in respect of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any income tax liability which falls to be paid to HMRC by the Company (or the relevant employing Affiliate
for tax purposes) under the PAYE system as it applies to income tax under UK Income Tax (Earnings and Pensions) Act 2003 ()"**ITEPA** ")
and the PAYE regulations referred to in it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any National Insurance Contribution liability which falls to be paid to HMRC by the Company (or the relevant
employing Subsidiary) under the PAYE system as it applies for national insurance purposes under the Social Security Contributions and
Benefits Act 1992 and regulations referred to in it, such national insurance liability being the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all the employee's primary Class 1 National Insurance Contributions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) where lawful, all the employer's secondary Class 1 National Insurance Contributions.

(together, the "**Tax Liabilities**")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Pursuant to the indemnity referred to in Section 7(d), you shall make such arrangements as the Company
requires to meet the cost of the Tax Liabilities, including at the direction of the Company any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) making a cash payment of an appropriate amount to the relevant company whether by cheque, banker's
draft or deduction from salary in time to enable the company to remit such amount to HMRC before the 14th day following the end of the
month in which the event giving rise to the Tax Liabilities occurred; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) appointing the Company as agent and/or attorney for the sale of sufficient Shares acquired pursuant to
the exercise of the Option to cover the Tax Liabilities and authorising the payment to the relevant company of the appropriate amount
(including all reasonable fees, commissions and expenses incurred by the relevant company in relation to such sale) out of the net proceeds
of sale of the Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) entering into an election whereby the employer's liability for secondary Class 1 National Insurance
Contributions is transferred to you on terms set out in the election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Where the Shares to be acquired on exercise of an Option are considered to be "restricted securities"
for the purposes of the UK tax legislation (such determination to be at the sole discretion of the Company), it is a condition of exercise
that you, if so directed by the Company, enter into a joint election with the Company or, if different, the relevant employing Affiliate
pursuant to section 431 of ITEPA, electing that the market value of the Shares to be acquired on the exercise of the Option be calculated
as if the Shares were not "restricted securities".

**8.** **Adjustment.** Upon any event described in Section 4.2 of the Plan (or any successor section)
occurring after the Grant Date, the adjustment terms of that section will apply to the Option.

**9.** **Bound by Plan and Committee Decisions.** By accepting the Option, you acknowledge that you have received
a copy of the Plan and have had an opportunity to review the Plan, and you agree to be bound by all of the terms of the Plan. If there
is any conflict between this Agreement and the Plan, the Plan will control. The authority to manage and control the operation and administration
of this Agreement and the Plan is vested in the Committee subject to the Articles. The Committee has all powers under this Agreement that
it has under the Plan. Any interpretation of this Agreement or the Plan by the Committee and any decision made by the Committee related
to the Agreement or the Plan will be final and binding on all Persons.

**10.** **Regulatory and Other Limitations.** Notwithstanding anything else in this Agreement, the Committee
may impose conditions, restrictions, and limitations on the issuance of Shares under the Option unless and until the Committee determines
that the issuance complies with (a) all registration requirements under the Securities Act, (b) all listing requirements of
any securities exchange or similar entity on which the Shares are listed, (c) all Company policies and administrative rules, (d) the
Articles, and (e) all Applicable Laws.

**11.** **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Notices.** Any notice that may be required or permitted under this Agreement must be in writing and
may be delivered personally, by intraoffice mail, or by electronic mail or via a postal service (postage prepaid) to the electronic mail
or postal address and directed to the person as the receiving party may designate in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Waiver.** The waiver by any party to this Agreement of a breach of any term of the Agreement will
not operate or be construed as a waiver of any other or subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Entire Agreement.** This Agreement and the Plan constitute the entire agreement between you and the
Company for the Option. Any prior agreement, commitment, or negotiation related to the Option is superseded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Binding Effect; Successors.** The obligations and rights of the Company under this Agreement will
be binding upon and inure to the benefit of the Company and any successor corporation or organization resulting from the merger, consolidation,
sale, or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the
assets and business of the Company. Your obligations and rights under this Agreement will be binding upon and inure to your benefit and
the benefit of your beneficiaries, executors, administrators, heirs, and successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Governing Law; Jurisdiction; Waiver of Jury Trial.** You acknowledge and expressly agree to the governing
law terms of Section 10.8 of the Plan (and any successor terms) and the jurisdiction and waiver of jury trial terms of Section 10.9
of the Plan (and any successor terms).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Amendment.** This Agreement may be amended at any time by the Committee, except that no amendment
may, without your consent, materially impair your rights under the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Severability.** The invalidity or unenforceability of any term of the Plan or this Agreement will
not affect the validity or enforceability of any other term of the Plan or this Agreement, and each other term of the Plan and this Agreement
will be severable and enforceable to the extent permitted by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **No Rights to Service; No Impact on Other Benefits.** Nothing in this Agreement will be construed
as giving you any right to be retained in any position with the Company or its Affiliates. Nothing in this Agreement will interfere with
or restrict the rights of the Company or its Affiliates—which are expressly reserved—to remove, terminate, or discharge you
at any time for any reason whatsoever or for no reason, subject to the Company's certificate of incorporation, bylaws, and other
similar governing documents and Applicable Law. The grant of the Option does not create any right to receive any future awards or benefits
in lieu of awards, and participation in the Plan is entirely discretionary. All determinations with respect to future grants will be at
the sole discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Further Assurances.** You must, upon request of the Company, do all acts and execute, deliver, and
perform all additional documents, instruments, and agreements that may be reasonably required by the Company to implement this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Clawback.** All awards, amounts, and benefits received or outstanding under the Plan will be subject
to clawback, cancellation, recoupment, rescission, payback, reduction, or other similar action in accordance with the terms of any Company
clawback or similar policy or any Applicable Law related to such actions, as may be in effect from time to time. You acknowledge and consent
to the Company's application, implementation, and enforcement of any applicable Company clawback or similar policy that may apply
to you, whether adopted before or after the Grant Date (including the clawback terms contained in Section 10.20 of the Plan as of
the Grant Date (and any successor terms)), and any term of Applicable Law relating to clawback, cancellation, recoupment, rescission,
payback, or reduction of compensation, and the Company may take such actions as may be necessary to effectuate any such policy or Applicable
Law, without further consideration or action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Electronic Delivery and Acceptance.** The Company may deliver any documents related to current or
future participation in the Plan by electronic means. You consent to receive those documents by electronic delivery and to participate
in the Plan through any on-line or electronic system established and maintained by the Company or a third party designated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Data Protection.** The Company will collect, use, store, share and transfer Personal Data about you
(" **Data**") as necessary to facilitate the implementation, administration and management of the Plan. The Company may
collect and receive Data about you directly and/or from an Affiliate of the Company. Full details about what Data the Company collects,
how the Company collects and receives, uses, stores, shares, transfers and protects that Data and the lawful basis that the Company relies
on to do so under any applicable laws and regulations relating to the use or processing of personal Data, in each case, to the extent
in force, and as such are updated, amended or replaced from time to time, are set out in the Company's privacy notice ()"**Privacy Notice** "). The Privacy Notice is available at upon request from the Company. You confirm that you have read and understood the
Privacy Notice and acknowledges that the Company may collect, use, store, share and transfer your Data in accordance with the Privacy
Notice.

**12.** **Your Representations.** You represent to the Company that you have read and fully understand this
Agreement and the Plan and that your decision to participate in the Plan is completely voluntary. You also acknowledge that you are relying
solely on your own advisors regarding the tax consequences of the Option.

By signing below, you are agreeing that your electronic signature is the legal equivalent of a manual signature on this Agreement and you are agreeing to all of the terms of this Agreement, as of the Grant Date.

Participant Signature:

By:

**Option Award Agreement<br> DPC Holdings Limited 2026 Equity Incentive Plan**

DPC Holdings Limited, a registered private company incorporated in Jersey (the "**Company**"), grants to the Participant named below ("**you**") a Nonstatutory Stock Option to purchase the number of Shares set forth below (the "**Option**"), under this Option Award Agreement ("**Agreement**").

---

| | | |
|:---|:---|:---|
| **Governing Plan:** | DPC Holdings Limited 2026 Equity Incentive Plan (the "**Plan**") | DPC Holdings Limited 2026 Equity Incentive Plan (the "**Plan**") |
| **Defined Terms:** | As set forth in the Plan, unless otherwise defined in this Agreement | As set forth in the Plan, unless otherwise defined in this Agreement |
| **Participant:** | [Name] | [Name] |
| **[Type of Option:** | Nonstatutory Stock Option | Nonstatutory Stock Option |
| **Grant Date:** | [Date] | [Date] |
| **Number of Shares Purchasable:** | [___] | [___] |
| **Exercise Price per Share:** | 20% | $[100% of IPO Price] ("**Tranche A**") |
| **Exercise Price per Share:** | 20% | $[110% of IPO Price] ("**Tranche B**") |
| **Exercise Price per Share:** | 20% | $[121% of IPO Price] ("**Tranche C**") |
| **Exercise Price per Share:** | 20% | $[133.1% of IPO Price] ("**Tranche D**") |
| **Exercise Price per Share:** | 20% | $[146.4% of IPO Price] ("**Tranche E**") |
| **Original Expiration Date:** | The earlier of (i) 7 years from the Grant Date or (ii) 90 days after the date of Separation from Service other than upon death, Disability or for Cause (as defined in Annex A). | The earlier of (i) 7 years from the Grant Date or (ii) 90 days after the date of Separation from Service other than upon death, Disability or for Cause (as defined in Annex A). |
| **Vesting Schedule:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Option will become vested and exercisable according to the schedule below until the Option is 100% vested. The unvested portion of the Option will not be exercisable on or after the Participant's Separation from Service.<br>Tranche A: First anniversary of Grant Date<br> Tranche B: Second anniversary of Grant Date<br> Tranche C: Third anniversary of Grant Date<br> Tranche D: Fourth anniversary of Grant Date<br> Tranche E: Fifth anniversary of Grant Date<br>\* Any resultant fractional Options will not become exercisable and will instead be subject to the next applicable date. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Option will become vested and exercisable according to the schedule below until the Option is 100% vested. The unvested portion of the Option will not be exercisable on or after the Participant's Separation from Service.<br>Tranche A: First anniversary of Grant Date<br> Tranche B: Second anniversary of Grant Date<br> Tranche C: Third anniversary of Grant Date<br> Tranche D: Fourth anniversary of Grant Date<br> Tranche E: Fifth anniversary of Grant Date<br>\* Any resultant fractional Options will not become exercisable and will instead be subject to the next applicable date. |
| **Exercise after Separation from Service:** | *Separation from Service for any reason other than Disability, death, or Cause*: any unexercisable portion of the Option expires immediately and any exercisable portion remains exercisable for 90 days after your Separation from Service for any reason other than Disability, death, or Cause; provided, however, that any such exercisable portion of the Option shall not be exercisable beyond the Original Expiration Date.<br>*Separation from Service due to Disability or death*: any unexercisable portion of the Option expires immediately and any exercisable portion remains exercisable for one year after your Separation from Service due to your Disability or death; provided, however, that in the event of your Separation from Service, in the event of your death during such exercise period, the portion of the Option that remained exercisable at your death will remain exercisable for a period of one year from the date of your death, but in any event, the Options will not be exercisable beyond the Original Expiration Date.<br>*Separation from Service for Cause*: the entire Option, including any exercisable and unexercisable portion, expires immediately upon your Separation from Service for Cause.<br>Notwithstanding anything else in this Agreement, the Option may not be exercised after its expiration as set forth above. | *Separation from Service for any reason other than Disability, death, or Cause*: any unexercisable portion of the Option expires immediately and any exercisable portion remains exercisable for 90 days after your Separation from Service for any reason other than Disability, death, or Cause; provided, however, that any such exercisable portion of the Option shall not be exercisable beyond the Original Expiration Date.<br>*Separation from Service due to Disability or death*: any unexercisable portion of the Option expires immediately and any exercisable portion remains exercisable for one year after your Separation from Service due to your Disability or death; provided, however, that in the event of your Separation from Service, in the event of your death during such exercise period, the portion of the Option that remained exercisable at your death will remain exercisable for a period of one year from the date of your death, but in any event, the Options will not be exercisable beyond the Original Expiration Date.<br>*Separation from Service for Cause*: the entire Option, including any exercisable and unexercisable portion, expires immediately upon your Separation from Service for Cause.<br>Notwithstanding anything else in this Agreement, the Option may not be exercised after its expiration as set forth above. |

---

**Option Terms**

**1.** **Grant of Option.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Option is subject to the terms of the Plan. The terms of the Plan are incorporated into this Agreement
by this reference. Notwithstanding anything in this Agreement to the contrary, to the extent the closing of the Company's initial
public offering does not occur within five business days of the pricing date of such initial public offering, the Option shall terminate
and this Agreement shall terminate and be *void ab initio*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You must accept the terms of this Agreement within 10 business days after the Agreement is presented to
you for review by returning a signed copy of this Agreement to the Company in accordance with such procedures as the Company may establish.
You may not exercise any portion of the Option before you have accepted the terms of this Agreement. The Committee may unilaterally cancel
and forfeit all or a portion of the Option if you do not timely accept the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Option is granted as a Nonstatutory Stock Option. Nothing in this Agreement or the Plan shall be
construed as granting or designating an Incentive Stock Option for the purposes of Section 422 of the US Internal Revenue Code, and
no such designation is made or intended.

**2.** **Exercise of Option.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Right to Exercise.** The Option will be exercisable in accordance with the terms provided in the
table above, and all the rest of the terms of this Agreement. The Option, to the extent exercisable, may be exercised in whole or in part.
No Shares will be issued upon the exercise of the Option unless the issuance and exercise comply with all Applicable Laws. Subject to
Applicable Law, for income tax purposes, Shares will be considered transferred to you on the date you properly exercise the Option. Until
you have properly exercised the Option and Shares have been delivered, you will not have any rights as a Stockholder for those Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Method of Exercise and Payment.** You may exercise the Option by delivering an exercise notice in
a form approved by the Company (the "**Exercise Notice** "). The Exercise Notice must state your election to exercise the
Option, the number of Shares that are being purchased, and any other representations and agreements that may be required by the Company.
Together with the Exercise Notice, you must tender payment of the aggregate Exercise Price for all Shares exercised and all applicable
withholding and other taxes. The Option will be deemed to be exercised upon receipt by the Company of a fully executed Exercise Notice
and payment of the aggregate Exercise Price and all applicable withholding and other taxes.

**3.** **Method of Payment.** If you elect to exercise the Option, you must pay the aggregate Exercise Price,
as well as any applicable withholding or other taxes, in accordance with any of the payment methods set forth in Section 6.4 of the
Plan (or any successor sections).

**4.** **Restrictions on Exercise.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You may not exercise the Option if the issuance of Shares upon exercise or the method of payment for those
Shares would constitute a violation of any Applicable Law or Company policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any issuance of Shares under the Option may be effected on a non-certificated basis, to the extent not
prohibited by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a certificate for Shares is delivered to you under the Option, the certificate may bear the following
or a similar legend as determined by the Company:

The ownership and transferability of this certificate and the shares of stock represented hereby are subject to the terms (including forfeiture) of the Plan and an option award agreement entered into between the registered owner and DPC Holdings Limited. Copies of such plan and agreement are on file in the executive offices of DPC Holdings Limited.

In addition, any stock certificates for Shares will be subject to any stop-transfer orders and other restrictions as the Company may deem advisable under Applicable Law, and the Company may cause a legend or legends to be placed on any certificates to make appropriate reference to these restrictions. Unless otherwise determined by the Board, any Shares acquired in respect of the Option will be subject to the lock-up restrictions as set forth in Section 10.19 of the Plan (and any successor terms).

**5.** **Transferability.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You may not transfer the Option in any manner other than by will or by the laws of descent and distribution
and the Option may be exercised during your lifetime only by you. Any purported transfer, assignment, charge, or other dealing with the
Option (other than exercise in accordance with this Agreement or transmission by operation of law on your death) shall be void and shall
cause the Option to lapse immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transfer of this Option to your personal representatives by operation of law on your death, and the
exercise of this Option by your personal representatives shall not constitute a transfer for the purposes of this section 5 and shall
not cause the Option to lapse.

**6.** **Term of Option.** You may not exercise the Option after it expires and you may only exercise the
Option in accordance with this Agreement.

**7.** **Taxes.** Regardless of any action the Company may take that is related to any or all income tax,
payroll tax, or other tax-related withholding under the Plan ()"**Tax-Related Items** "), the ultimate liability for all
Tax-Related Items owed by you is and will remain your responsibility. The Company (a) makes no representations or undertakings regarding
the treatment of any Tax-Related Items and (b) does not commit to structure the terms of the Award to reduce or eliminate your liability
for Tax-Related Items. You will be required to meet any applicable tax withholding obligation in accordance with the tax withholding terms
of Section 10.5 of the Plan (and any successor terms). This Option is not subject to Section 409A of the US Internal Revenue
Code. References in the Plan to Section 409A shall not apply to this Option. You are responsible for satisfying any Tax-Related Items
arising in connection with this Option in accordance with section 7 of this Agreement, and you are advised to seek independent tax advice
in relation to the Irish and any other applicable tax consequences of holding and exercising this Option.

**8.** **Adjustment.** Upon any event described in Section 4.2 of the Plan (or any successor section)
occurring after the Grant Date, the adjustment terms of that section will apply to the Option.

**9.** **Bound by Plan and Committee Decisions.** By accepting the Option, you acknowledge that you have received
a copy of the Plan and have had an opportunity to review the Plan, and you agree to be bound by all of the terms of the Plan. If there
is any conflict between this Agreement and the Plan, the Plan will control. The authority to manage and control the operation and administration
of this Agreement and the Plan is vested in the Committee subject to the Articles. The Committee has all powers under this Agreement that
it has under the Plan. Any interpretation of this Agreement or the Plan by the Committee and any decision made by the Committee related
to the Agreement or the Plan will be final and binding on all Persons.

**10.** **Regulatory and Other Limitations.** Notwithstanding anything else in this Agreement, the Committee
may impose conditions, restrictions, and limitations on the issuance of Shares under the Option unless and until the Committee determines
that the issuance complies with (a) all registration requirements under the Securities Act, (b) all listing requirements of
any securities exchange or similar entity on which the Shares are listed, (c) all Company policies and administrative rules, (d) the
Articles, and (e) all Applicable Laws.

**11.** **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Notices.** Any notice that may be required or permitted under this Agreement must be in writing and
may be delivered personally, by intraoffice mail, or by electronic mail or via a postal service (postage prepaid) to the electronic mail
or postal address and directed to the person as the receiving party may designate in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Waiver.** The waiver by any party to this Agreement of a breach of any term of the Agreement will
not operate or be construed as a waiver of any other or subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Entire Agreement.** This Agreement and the Plan constitute the entire agreement between you and the
Company for the Option. Any prior agreement, commitment, or negotiation related to the Option is superseded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Binding Effect; Successors.** The obligations and rights of the Company under this Agreement will
be binding upon and inure to the benefit of the Company and any successor corporation or organization resulting from the merger, consolidation,
sale, or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the
assets and business of the Company. Your obligations and rights under this Agreement will be binding upon and inure to your benefit and
the benefit of your beneficiaries, executors, administrators, heirs, and successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Governing Law; Jurisdiction; Waiver of Jury Trial.** You acknowledge and expressly agree to the governing
law terms of Section 10.8 of the Plan (and any successor terms) and the jurisdiction and waiver of jury trial terms of Section 10.9
of the Plan (and any successor terms).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Amendment.** This Agreement may be amended at any time by the Committee, except that no amendment
may, without your consent, materially impair your rights under the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Severability.** The invalidity or unenforceability of any term of the Plan or this Agreement will
not affect the validity or enforceability of any other term of the Plan or this Agreement, and each other term of the Plan and this Agreement
will be severable and enforceable to the extent permitted by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **No Rights to Service; No Impact on Other Benefits.** Nothing in this Agreement will be construed
as giving you any right to be retained in any position with the Company or its Affiliates. Nothing in this Agreement will interfere with
or restrict the rights of the Company or its Affiliates—which are expressly reserved—to remove, terminate, or discharge you
at any time for any reason whatsoever or for no reason, subject to the Company's certificate of incorporation, bylaws, and other
similar governing documents and Applicable Law. Any value under the Option is not part of your normal or expected compensation for purposes
of calculating any severance, retirement, welfare, insurance, or similar employee benefit. The grant of the Option does not create any
right to receive any future awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Further Assurances.** You must, upon request of the Company, do all acts and execute, deliver, and
perform all additional documents, instruments, and agreements that may be reasonably required by the Company to implement this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Clawback.** All awards, amounts, and benefits received or outstanding under the Plan will be subject
to clawback, cancellation, recoupment, rescission, payback, reduction, or other similar action in accordance with the terms of any Company
clawback or similar policy or any Applicable Law related to such actions, as may be in effect from time to time. You acknowledge and consent
to the Company's application, implementation, and enforcement of any applicable Company clawback or similar policy that may apply
to you, whether adopted before or after the Grant Date (including the clawback terms contained in Section 10.20 of the Plan as of
the Grant Date (and any successor terms)), and any term of Applicable Law relating to clawback, cancellation, recoupment, rescission,
payback, or reduction of compensation, and the Company may take such actions as may be necessary to effectuate any such policy or Applicable
Law, without further consideration or action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Electronic Delivery and Acceptance.** The Company may deliver any documents related to current or
future participation in the Plan by electronic means. You consent to receive those documents by electronic delivery and to participate
in the Plan through any on-line or electronic system established and maintained by the Company or a third party designated by the Company.

**12.** **Your Representations.** You represent to the Company that you have read and fully understand this
Agreement and the Plan and that your decision to participate in the Plan is completely voluntary. You also acknowledge that you are relying
solely on your own advisors regarding the tax consequences of the Option.

By signing below, you are agreeing that your electronic signature is the legal equivalent of a manual signature on this Agreement and you are agreeing to all of the terms of this Agreement, as of the Grant Date.

Participant Signature:

By:

**Option Award Agreement<br> DPC Holdings Limited 2026 Equity Incentive Plan**

DPC Holdings Limited, a registered private company incorporated in Jersey (the "**Company**"), grants to the Participant named below ("**you**") a Nonstatutory Stock Option to purchase the number of Shares set forth below (the "**Option**"), under this Option Award Agreement ("**Agreement**").

---

| | | |
|:---|:---|:---|
| **Governing Plan:** | DPC Holdings Limited 2026 Equity Incentive Plan (the "**Plan**") | DPC Holdings Limited 2026 Equity Incentive Plan (the "**Plan**") |
| **Defined Terms:** | As set forth in the Plan, unless otherwise defined in this Agreement | As set forth in the Plan, unless otherwise defined in this Agreement |
| **Participant:** | [Name] | [Name] |
| **Type of Option:** | Nonstatutory Stock Option | Nonstatutory Stock Option |
| **Grant Date:** | [Date] | [Date] |
| **Number of Shares Purchasable:** | [____] | [____] |
| **Exercise Price per Share:** | 20% | $[100% of IPO Price] ("**Tranche A**") |
| **Exercise Price per Share:** | 20% | $[110% of IPO Price] ("**Tranche B**") |
| **Exercise Price per Share:** | 20% | $[121% of IPO Price] ("**Tranche C**") |
| **Exercise Price per Share:** | 20% | $[133.1% of IPO Price] ("**Tranche D**") |
| **Exercise Price per Share:** | 20% | $[146.4% of IPO Price] ("**Tranche E**") |
| **Original Expiration Date:** | The earlier of (i) 10 years from the Grant Date or (ii) 90 days after the date of Separation from Service other than upon death, Disability or for Cause (as defined in Annex A). | The earlier of (i) 10 years from the Grant Date or (ii) 90 days after the date of Separation from Service other than upon death, Disability or for Cause (as defined in Annex A). |
| **Vesting Schedule:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Option will become vested and exercisable according to the schedule below until the Option is 100% vested. The unvested portion of the Option will not be exercisable on or after the Participant's Separation from Service.<br>Tranche A: First anniversary of Grant Date<br> Tranche B: Second anniversary of Grant Date<br> Tranche C: Third anniversary of Grant Date<br> Tranche D: Fourth anniversary of Grant Date<br> Tranche E: Fifth anniversary of Grant Date<br>\* Any resultant fractional Options will not become exercisable and will instead be subject to the next applicable date. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Option will become vested and exercisable according to the schedule below until the Option is 100% vested. The unvested portion of the Option will not be exercisable on or after the Participant's Separation from Service.<br>Tranche A: First anniversary of Grant Date<br> Tranche B: Second anniversary of Grant Date<br> Tranche C: Third anniversary of Grant Date<br> Tranche D: Fourth anniversary of Grant Date<br> Tranche E: Fifth anniversary of Grant Date<br>\* Any resultant fractional Options will not become exercisable and will instead be subject to the next applicable date. |
| **Exercise after Separation from Service:** | *Separation from Service for any reason other than Disability, death, or Cause*: any unexercisable portion of the Option expires immediately and any exercisable portion remains exercisable for 90 days after your Separation from Service for any reason other than Disability, death, or Cause; provided, however, that any such exercisable portion of the Option shall not be exercisable beyond the Original Expiration Date.<br>*Separation from Service due to Disability or death*: any unexercisable portion of the Option expires immediately and any exercisable portion remains exercisable for one year after your Separation from Service due to your Disability or death; provided, however, that in the event of your Separation from Service, in the event of your death during such exercise period, the portion of the Option that remained exercisable at your death will remain exercisable for a period of one year from the date of your death, but in any event, the Options will not be exercisable beyond the Original Expiration Date.<br>*Separation from Service for Cause*: the entire Option, including any exercisable and unexercisable portion, expires immediately upon your Separation from Service for Cause.<br>Notwithstanding anything else in this Agreement, the Option may not be exercised after its expiration as set forth above. | *Separation from Service for any reason other than Disability, death, or Cause*: any unexercisable portion of the Option expires immediately and any exercisable portion remains exercisable for 90 days after your Separation from Service for any reason other than Disability, death, or Cause; provided, however, that any such exercisable portion of the Option shall not be exercisable beyond the Original Expiration Date.<br>*Separation from Service due to Disability or death*: any unexercisable portion of the Option expires immediately and any exercisable portion remains exercisable for one year after your Separation from Service due to your Disability or death; provided, however, that in the event of your Separation from Service, in the event of your death during such exercise period, the portion of the Option that remained exercisable at your death will remain exercisable for a period of one year from the date of your death, but in any event, the Options will not be exercisable beyond the Original Expiration Date.<br>*Separation from Service for Cause*: the entire Option, including any exercisable and unexercisable portion, expires immediately upon your Separation from Service for Cause.<br>Notwithstanding anything else in this Agreement, the Option may not be exercised after its expiration as set forth above. |

---

**Option Terms**

**1.** **Grant of Option.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Option is subject to the terms of the Plan. The terms of the Plan are incorporated into this Agreement
by this reference. Notwithstanding anything in this Agreement to the contrary, to the extent the closing of the Company's initial
public offering does not occur within five business days of the pricing date of such initial public offering, the Option shall terminate
and this Agreement shall terminate and be *void ab initio*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You must accept the terms of this Agreement within 10 business days after the Agreement is presented to
you for review by returning a signed copy of this Agreement to the Company in accordance with such procedures as the Company may establish.
You may not exercise any portion of the Option before you have accepted the terms of this Agreement. The Committee may unilaterally cancel
and forfeit all or a portion of the Option if you do not timely accept the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Option is granted as a Nonstatutory Stock Option. Nothing in this Agreement or the Plan shall be
construed as granting or designating an Incentive Stock Option for the purposes of Section 422 of the US Internal Revenue Code, and
no such designation is made or intended.

**2.** **Exercise of Option.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Right to Exercise.** The Option will be exercisable in accordance with the terms provided in the
table above, and all the rest of the terms of this Agreement. The Option, to the extent exercisable, may be exercised in whole or in part.
No Shares will be issued upon the exercise of the Option unless the issuance and exercise comply with all Applicable Laws. Subject to
Applicable Law, for income tax purposes, Shares will be considered transferred to you on the date you properly exercise the Option. Until
you have properly exercised the Option and Shares have been delivered, you will not have any rights as a Stockholder for those Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Method of Exercise and Payment.** You may exercise the Option by delivering an exercise notice in
a form approved by the Company (the "**Exercise Notice** "). The Exercise Notice must state your election to exercise the
Option, the number of Shares that are being purchased, and any other representations and agreements that may be required by the Company.
Together with the Exercise Notice, you must tender payment of the aggregate Exercise Price for all Shares exercised and all applicable
withholding and other taxes. The Option will be deemed to be exercised upon receipt by the Company of a fully executed Exercise Notice
and payment of the aggregate Exercise Price and all applicable withholding and other taxes.

**3.** **Method of Payment.** If you elect to exercise the Option, you must pay the aggregate Exercise Price,
as well as any applicable withholding or other taxes, in accordance with any of the payment methods set forth in Section 6.4 of the
Plan (or any successor sections).

**4.** **Restrictions on Exercise.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You may not exercise the Option if the issuance of Shares upon exercise or the method of payment for those
Shares would constitute a violation of any Applicable Law or Company policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any issuance of Shares under the Option may be effected on a non-certificated basis, to the extent not
prohibited by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a certificate for Shares is delivered to you under the Option, the certificate may bear the following
or a similar legend as determined by the Company:

The ownership and transferability of this certificate and the shares of stock represented hereby are subject to the terms (including forfeiture) of the Plan and an option award agreement entered into between the registered owner and DPC Holdings Limited. Copies of such plan and agreement are on file in the executive offices of DPC Holdings Limited.

In addition, any stock certificates for Shares will be subject to any stop-transfer orders and other restrictions as the Company may deem advisable under Applicable Law, and the Company may cause a legend or legends to be placed on any certificates to make appropriate reference to these restrictions. Unless otherwise determined by the Board, any Shares acquired in respect of the Option will be subject to the lock-up restrictions as set forth in Section 10.19 of the Plan (and any successor terms).

**5.** **Transferability.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You may not transfer the Option in any manner other than by will or by the laws of descent and distribution
and the Option may be exercised during your lifetime only by you. Any purported transfer, assignment, charge, or other dealing with the
Option (other than exercise in accordance with this Agreement, or transmission by operation of law on your death) shall be void and shall
cause the Option to lapse immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transfer of this Option to your personal representatives by operation of law on your death, and the
exercise of this Option by your personal representatives shall not constitute a transfer for the purposes of this section 5 and shall
not cause the Option to lapse.

**6.** **Term of Option.** You may not exercise the Option after it expires and you may only exercise the
Option in accordance with this Agreement.

**7.** **Taxes.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Regardless of any action the Company may take that is related to any or all income tax, National Insurance
Contributions, or other tax-related withholding under the Plan ()"**Tax-Related Items** "), the ultimate liability for all
Tax-Related Items owed by you is and will remain your responsibility and you are advised to seek independent tax advice in relation to
the UK and any other applicable tax consequences of holding and exercising this Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company (a) makes no representations or undertakings regarding the treatment of any Tax-Related
Items and (b) does not commit to structure the terms of the Award to reduce or eliminate your liability for Tax-Related Items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Option is not subject to Section 409A of the US Internal Revenue Code. References in the Plan
to Section 409A shall not apply to this Option.

**8.** **Adjustment.** Upon any event described in Section 4.2 of the Plan (or any successor section)
occurring after the Grant Date, the adjustment terms of that section will apply to the Option.

**9.** **Bound by Plan and Committee Decisions.** By accepting the Option, you acknowledge that you have received
a copy of the Plan and have had an opportunity to review the Plan, and you agree to be bound by all of the terms of the Plan. If there
is any conflict between this Agreement and the Plan, the Plan will control. The authority to manage and control the operation and administration
of this Agreement and the Plan is vested in the Committee subject to the Articles. The Committee has all powers under this Agreement that
it has under the Plan. Any interpretation of this Agreement or the Plan by the Committee and any decision made by the Committee related
to the Agreement or the Plan will be final and binding on all Persons.

**10.** **Regulatory and Other Limitations.** Notwithstanding anything else in this Agreement, the Committee
may impose conditions, restrictions, and limitations on the issuance of Shares under the Option unless and until the Committee determines
that the issuance complies with (a) all registration requirements under the Securities Act, (b) all listing requirements of
any securities exchange or similar entity on which the Shares are listed, (c) all Company policies and administrative rules, (d) the
Articles, and (e) all Applicable Laws.

**11.** **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Notices.** Any notice that may be required or permitted under this Agreement must be in writing and
may be delivered personally, by intraoffice mail, or by electronic mail or via a postal service (postage prepaid) to the electronic mail
or postal address and directed to the person as the receiving party may designate in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Waiver.** The waiver by any party to this Agreement of a breach of any term of the Agreement will
not operate or be construed as a waiver of any other or subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Entire Agreement.** This Agreement and the Plan constitute the entire agreement between you and the
Company for the Option. Any prior agreement, commitment, or negotiation related to the Option is superseded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Binding Effect; Successors.** The obligations and rights of the Company under this Agreement will
be binding upon and inure to the benefit of the Company and any successor corporation or organization resulting from the merger, consolidation,
sale, or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the
assets and business of the Company. Your obligations and rights under this Agreement will be binding upon and inure to your benefit and
the benefit of your beneficiaries, executors, administrators, heirs, and successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Governing Law; Jurisdiction; Waiver of Jury Trial.** You acknowledge and expressly agree to the governing
law terms of Section 10.8 of the Plan (and any successor terms) and the jurisdiction and waiver of jury trial terms of Section 10.9
of the Plan (and any successor terms).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Amendment.** This Agreement may be amended at any time by the Committee, except that no amendment
may, without your consent, materially impair your rights under the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Severability.** The invalidity or unenforceability of any term of the Plan or this Agreement will
not affect the validity or enforceability of any other term of the Plan or this Agreement, and each other term of the Plan and this Agreement
will be severable and enforceable to the extent permitted by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **No Rights to Service; No Impact on Other Benefits.** Nothing in this Agreement will be construed
as giving you any right to be retained in any position with the Company or its Affiliates. Nothing in this Agreement will interfere with
or restrict the rights of the Company or its Affiliates—which are expressly reserved—to remove, terminate, or discharge you
at any time for any reason whatsoever or for no reason, subject to the Company's certificate of incorporation, bylaws, and other
similar governing documents and Applicable Law. The grant of the Option does not create any right to receive any future awards or benefits
in lieu of awards, and participation in the Plan is entirely discretionary. All determinations with respect to future grants will be at
the sole discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Further Assurances.** You must, upon request of the Company, do all acts and execute, deliver, and
perform all additional documents, instruments, and agreements that may be reasonably required by the Company to implement this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Clawback.** All awards, amounts, and benefits received or outstanding under the Plan will be subject
to clawback, cancellation, recoupment, rescission, payback, reduction, or other similar action in accordance with the terms of any Company
clawback or similar policy or any Applicable Law related to such actions, as may be in effect from time to time. You acknowledge and consent
to the Company's application, implementation, and enforcement of any applicable Company clawback or similar policy that may apply
to you, whether adopted before or after the Grant Date (including the clawback terms contained in Section 10.20 of the Plan as of
the Grant Date (and any successor terms)), and any term of Applicable Law relating to clawback, cancellation, recoupment, rescission,
payback, or reduction of compensation, and the Company may take such actions as may be necessary to effectuate any such policy or Applicable
Law, without further consideration or action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Electronic Delivery and Acceptance.** The Company may deliver any documents related to current or
future participation in the Plan by electronic means. You consent to receive those documents by electronic delivery and to participate
in the Plan through any on-line or electronic system established and maintained by the Company or a third party designated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Data Protection.** The Company will collect, use, store, share and transfer Personal Data about you
(" **Data**") as necessary to facilitate the implementation, administration and management of the Plan. The Company may
collect and receive Data about you directly and/or from an Affiliate of the Company. Full details about what Data the Company collects,
how the Company collects and receives, uses, stores, shares, transfers and protects that Data and the lawful basis that the Company relies
on to do so under any applicable laws and regulations relating to the use or processing of personal Data, in each case, to the extent
in force, and as such are updated, amended or replaced from time to time, are set out in the Company's privacy notice ()"**Privacy Notice** "). The Privacy Notice is available at upon request from the Company. You confirm that you have read and understood the
Privacy Notice and acknowledges that the Company may collect, use, store, share and transfer your Data in accordance with the Privacy
Notice.

**12.** **Your Representations.** You represent to the Company that you have read and fully understand this
Agreement and the Plan and that your decision to participate in the Plan is completely voluntary. You also acknowledge that you are relying
solely on your own advisors regarding the tax consequences of the Option.

By signing below, you are agreeing that your electronic signature is the legal equivalent of a manual signature on this Agreement and you are agreeing to all of the terms of this Agreement, as of the Grant Date.

Participant Signature:

By:

**Option Award Agreement<br> DPC Holdings Limited 2026 Equity Incentive Plan**

DPC Holdings Limited, a registered private company incorporated in Jersey (the "**Company**"), grants to the Participant named below ("**you**") a Nonstatutory Stock Option to purchase the number of Shares set forth below (the "**Option**"), under this Option Award Agreement ("**Agreement**").

---

| | |
|:---|:---|
| **Governing Plan:** | DPC Holdings Limited 2026 Equity Incentive Plan (the "**Plan**") |
| **Defined Terms:** | As set forth in the Plan, unless otherwise defined in this Agreement |
| **Participant:** | [Name] |
| **[Type of Option:** | Nonstatutory Stock Option |
| **Grant Date:** | [Date] |
| **Number of Shares Purchasable:** | [___] |
| **Exercise Price per Share:** | $[IPO Price] |
| **Original Expiration Date:** | The earlier of (i) 10 years from the Grant Date or (ii) 90 days after the date of Separation from Service other than upon death, Disability or for Cause (as defined in Annex A). |
| **Vesting Schedule:** | The Option will become vested immediately following grant. |
| **Exercise after Separation from Service:** | *Separation from Service for any reason other than Disability, death, or Cause*: The Option will remain exercisable for 90 days after your Separation from Service for any reason other than Disability, death, or Cause; provided, however, that the Option shall not be exercisable beyond the Original Expiration Date.<br>*Separation from Service due to Disability or death*: The Option will remain exercisable for one year after your Separation from Service due to your Disability or death; provided, however, that in the event of your Separation from Service, in the event of your death during such exercise period, the Option will remain exercisable for a period of one year from the date of your death, but in any event, the Option will not be exercisable beyond the Original Expiration Date.<br>*Separation from Service for Cause*: The Option will expire immediately upon your Separation from Service for Cause.<br>Notwithstanding anything else in this Agreement, the Option may not be exercised after its expiration as set forth above. |

---

**Option Terms**

**1.** **Grant of Option.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Option is subject to the terms of the Plan. The terms of the Plan are incorporated into this Agreement
by this reference. Notwithstanding anything in this Agreement to the contrary, to the extent the closing of the Company's initial
public offering does not occur within five business days of the pricing date of such initial public offering, the Option shall terminate
and this Agreement shall terminate and be *void ab initio*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You must accept the terms of this Agreement within 10 business days after the Agreement is presented to
you for review by returning a signed copy of this Agreement to the Company in accordance with such procedures as the Company may establish.
You may not exercise any portion of the Option before you have accepted the terms of this Agreement. The Committee may unilaterally cancel
and forfeit all or a portion of the Option if you do not timely accept the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If designated above as an Incentive Stock Option, the Option is intended to qualify as an Incentive Stock
Option. To the extent the Option fails to meet the requirements of an Incentive Stock Option or is not designated as an Incentive Stock
Option, the Option will be a Nonstatutory Stock Option.

**2.** **Exercise of Option.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Right to Exercise.** The Option will be exercisable in accordance with the terms provided in the
table above, and all the rest of the terms of this Agreement. The Option, to the extent exercisable, may be exercised in whole or in part.
No Shares will be issued upon the exercise of the Option unless the issuance and exercise comply with all Applicable Laws. Subject to
Applicable Law, for income tax purposes, Shares will be considered transferred to you on the date you properly exercise the Option. Until
you have properly exercised the Option and Shares have been delivered, you will not have any rights as a Stockholder for those Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Method of Exercise and Payment.** You may exercise the Option by delivering an exercise notice in
a form approved by the Company (the "**Exercise Notice** "). The Exercise Notice must state your election to exercise the
Option, the number of Shares that are being purchased, and any other representations and agreements that may be required by the Company.
Together with the Exercise Notice, you must tender payment of the aggregate Exercise Price for all Shares exercised and all applicable
withholding and other taxes. The Option will be deemed to be exercised upon receipt by the Company of a fully executed Exercise Notice
and payment of the aggregate Exercise Price and all applicable withholding and other taxes.

**3.** **Method of Payment.** If you elect to exercise the Option, you must pay the aggregate Exercise Price,
as well as any applicable withholding or other taxes, in accordance with any of the payment methods set forth in Section 6.4 of the
Plan (or any successor sections).

**4.** **Restrictions on Exercise.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You may not exercise the Option if the issuance of Shares upon exercise or the method of payment for those
Shares would constitute a violation of any Applicable Law or Company policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any issuance of Shares under the Option may be effected on a non-certificated basis, to the extent not
prohibited by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a certificate for Shares is delivered to you under the Option, the certificate may bear the following
or a similar legend as determined by the Company:

The ownership and transferability of this certificate and the shares of stock represented hereby are subject to the terms (including forfeiture) of the Plan and an option award agreement entered into between the registered owner and DPC Holdings Limited. Copies of such plan and agreement are on file in the executive offices of DPC Holdings Limited.

In addition, any stock certificates for Shares will be subject to any stop-transfer orders and other restrictions as the Company may deem advisable under Applicable Law, and the Company may cause a legend or legends to be placed on any certificates to make appropriate reference to these restrictions. Unless otherwise determined by the Board, any Shares acquired in respect of the Option will be subject to the lock-up restrictions as set forth in Section 10.19 of the Plan (and any successor terms).

**5.** **Transferability.** You may not transfer the Option in any manner other than by will or by the laws
of descent and distribution and the Option may be exercised during your lifetime only by you.

**6.** **Term of Option.** You may not exercise the Option after it expires and you may only exercise the
Option in accordance with this Agreement.

**7.** **Taxes.** Regardless of any action the Company may take that is related to any or all income tax,
payroll tax, or other tax-related withholding under the Plan ()"**Tax-Related Items** "), the ultimate liability for all
Tax-Related Items owed by you is and will remain your responsibility. The Company (a) makes no representations or undertakings regarding
the treatment of any Tax-Related Items and (b) does not commit to structure the terms of the Award to reduce or eliminate your liability
for Tax-Related Items. You will be required to meet any applicable tax withholding obligation in accordance with the tax withholding terms
of Section 10.5 of the Plan (and any successor terms). The Option is intended to be exempt from Section 409A, and this Agreement
will be administered and interpreted consistently with that intent and with the terms of Section 10.16 of the Plan (and any successor
terms). If you make any disposition of Shares delivered under an Incentive Stock Option under the circumstances described in Code Section 421(b) (relating
to certain disqualifying dispositions), you must notify the Company of that disposition within 10 days.

**8.** **Adjustment.** Upon any event described in Section 4.2 of the Plan (or any successor section)
occurring after the Grant Date, the adjustment terms of that section will apply to the Option.

**9.** **Bound by Plan and Committee Decisions.** By accepting the Option, you acknowledge that you have received
a copy of the Plan and have had an opportunity to review the Plan, and you agree to be bound by all of the terms of the Plan. If there
is any conflict between this Agreement and the Plan, the Plan will control. The authority to manage and control the operation and administration
of this Agreement and the Plan is vested in the Committee subject to the Articles. The Committee has all powers under this Agreement that
it has under the Plan. Any interpretation of this Agreement or the Plan by the Committee and any decision made by the Committee related
to the Agreement or the Plan will be final and binding on all Persons.

**10.** **Regulatory and Other Limitations.** Notwithstanding anything else in this Agreement, the Committee
may impose conditions, restrictions, and limitations on the issuance of Shares under the Option unless and until the Committee determines
that the issuance complies with (a) all registration requirements under the Securities Act, (b) all listing requirements of
any securities exchange or similar entity on which the Shares are listed, (c) all Company policies and administrative rules, (d) the
Articles, and (e) all Applicable Laws.

**11.** **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Notices.** Any notice that may be required or permitted under this Agreement must be in writing and
may be delivered personally, by intraoffice mail, or by electronic mail or via a postal service (postage prepaid) to the electronic mail
or postal address and directed to the person as the receiving party may designate in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Waiver.** The waiver by any party to this Agreement of a breach of any term of the Agreement will
not operate or be construed as a waiver of any other or subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Entire Agreement.** This Agreement and the Plan constitute the entire agreement between you and the
Company for the Option. Any prior agreement, commitment, or negotiation related to the Option is superseded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Binding Effect; Successors.** The obligations and rights of the Company under this Agreement will
be binding upon and inure to the benefit of the Company and any successor corporation or organization resulting from the merger, consolidation,
sale, or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the
assets and business of the Company. Your obligations and rights under this Agreement will be binding upon and inure to your benefit and
the benefit of your beneficiaries, executors, administrators, heirs, and successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Governing Law; Jurisdiction; Waiver of Jury Trial.** You acknowledge and expressly agree to the governing
law terms of Section 10.8 of the Plan (and any successor terms) and the jurisdiction and waiver of jury trial terms of Section 10.9
of the Plan (and any successor terms).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Amendment.** This Agreement may be amended at any time by the Committee, except that no amendment
may, without your consent, materially impair your rights under the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Severability.** The invalidity or unenforceability of any term of the Plan or this Agreement will
not affect the validity or enforceability of any other term of the Plan or this Agreement, and each other term of the Plan and this Agreement
will be severable and enforceable to the extent permitted by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **No Rights to Service; No Impact on Other Benefits.** Nothing in this Agreement will be construed
as giving you any right to be retained in any position with the Company or its Affiliates. Nothing in this Agreement will interfere with
or restrict the rights of the Company or its Affiliates—which are expressly reserved—to remove, terminate, or discharge you
at any time for any reason whatsoever or for no reason, subject to the Company's certificate of incorporation, bylaws, and other
similar governing documents and Applicable Law. Any value under the Option is not part of your normal or expected compensation for purposes
of calculating any severance, retirement, welfare, insurance, or similar employee benefit. The grant of the Option does not create any
right to receive any future awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Further Assurances.** You must, upon request of the Company, do all acts and execute, deliver, and
perform all additional documents, instruments, and agreements that may be reasonably required by the Company to implement this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Clawback.** All awards, amounts, and benefits received or outstanding under the Plan will be subject
to clawback, cancellation, recoupment, rescission, payback, reduction, or other similar action in accordance with any Applicable Law or
stock exchange listing requirement, in each case, related to such actions, as may be in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Electronic Delivery and Acceptance.** The Company may deliver any documents related to current or
future participation in the Plan by electronic means. You consent to receive those documents by electronic delivery and to participate
in the Plan through any on-line or electronic system established and maintained by the Company or a third party designated by the Company.

**12.** **Your Representations.** You represent to the Company that you have read and fully understand this
Agreement and the Plan and that your decision to participate in the Plan is completely voluntary. You also acknowledge that you are relying
solely on your own advisors regarding the tax consequences of the Option.

By signing below, you are agreeing that your electronic signature is the legal equivalent of a manual signature on this Agreement and you are agreeing to all of the terms of this Agreement, as of the Grant Date.

Participant Signature:

By:

**Option Award Agreement<br> DPC Holdings Limited 2026 Equity Incentive Plan**

DPC Holdings Limited, a registered private company incorporated in Jersey (the "**Company**"), grants to the Participant named below ("**you**") Nonstatutory Stock Option to purchase the number of Shares set forth below (the "**Option**"), under this Option Award Agreement ("**Agreement**").

---

| | |
|:---|:---|
| **Governing Plan:** | DPC Holdings Limited 2026 Equity Incentive Plan (the "**Plan**") and the UK Sub-Plan to the Plan (the "**UK Sub-Plan**") |
| **Defined Terms:** | As set forth in the Plan, unless otherwise defined in this Agreement |
| **Participant:** | [Name] |
| **[Type of Option:** | Nonstatutory Stock Option |
| **Grant Date:** | [Date] |
| **Number of Shares Purchasable:** | [___] |
| **Exercise Price per Share:** | $[IPO Price] |
| **Original Expiration Date:** | The earlier of (i) 10 years from the Grant Date or (ii) 90 days after the date of Separation from Service other than upon death, Disability or for Cause (as defined in Annex A). |
| **Vesting Schedule:** | The Option will become vested immediately following grant. |
| **Exercise after Separation from Service:** | *Separation from Service for any reason other than Disability, death, or Cause*: The Option will remain exercisable for 90 days after your Separation from Service for any reason other than Disability, death, or Cause; provided, however, that the Option shall not be exercisable beyond the Original Expiration Date.<br>*Separation from Service due to Disability or death*: The Option will remain exercisable for one year after your Separation from Service due to your Disability or death; provided, however, that in the event of your Separation from Service, in the event of your death during such exercise period, the Option will remain exercisable for a period of one year from the date of your death, but in any event, the Option will not be exercisable beyond the Original Expiration Date.<br>*Separation from Service for Cause*: The Option will expire immediately upon your Separation from Service for Cause.<br>Notwithstanding anything else in this Agreement, the Option may not be exercised after its expiration as set forth above. |

---

**Option Terms**

**1.** **Grant of Option.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Option is subject to the terms of the Plan. The terms of the Plan are incorporated into this Agreement
by this reference. Notwithstanding anything in this Agreement to the contrary, to the extent the closing of the Company's initial
public offering does not occur within five business days of the pricing date of such initial public offering, the Option shall terminate
and this Agreement shall terminate and be *void ab initio*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You must accept the terms of this Agreement within 10 business days after the Agreement is presented to
you for review by returning a signed copy of this Agreement to the Company in accordance with such procedures as the Company may establish.
You may not exercise any portion of the Option before you have accepted the terms of this Agreement. The Committee may unilaterally cancel
and forfeit all or a portion of the Option if you do not timely accept the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Option is granted as a Nonstatutory Stock Option. Nothing in this Agreement or the Plan shall be
construed as granting or designating an Incentive Stock Option for the purposes of Section 422 of the US Internal Revenue Code, and
no such designation is made or intended.

**2.** **Exercise of Option.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Right to Exercise.** The Option will be exercisable in accordance with the terms provided in the
table above, and all the rest of the terms of this Agreement. The Option, to the extent exercisable, may be exercised in whole or in part.
No Shares will be issued upon the exercise of the Option unless the issuance and exercise comply with all Applicable Laws. Subject to
Applicable Law, for income tax purposes, Shares will be considered transferred to you on the date you properly exercise the Option. Until
you have properly exercised the Option and Shares have been delivered, you will not have any rights as a Stockholder for those Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Method of Exercise and Payment.** You may exercise the Option by delivering an exercise notice in
a form approved by the Company (the "**Exercise Notice** "). The Exercise Notice must state your election to exercise the
Option, the number of Shares that are being purchased, and any other representations and agreements that may be required by the Company.
Together with the Exercise Notice, you must tender payment of the aggregate Exercise Price for all Shares exercised and all applicable
withholding and other taxes. The Option will be deemed to be exercised upon receipt by the Company of a fully executed Exercise Notice
and payment of the aggregate Exercise Price and all applicable withholding and other taxes.

**3.** **Method of Payment.** If you elect to exercise the Option, you must pay the aggregate Exercise Price,
as well as any applicable withholding or other taxes, in accordance with any of the payment methods set forth in Section 6.4 of the
Plan (or any successor sections).

**4.** **Restrictions on Exercise.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You may not exercise the Option if the issuance of Shares upon exercise or the method of payment for those
Shares would constitute a violation of any Applicable Law or Company policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any issuance of Shares under the Option may be effected on a non-certificated basis, to the extent not
prohibited by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a certificate for Shares is delivered to you under the Option, the certificate may bear the following
or a similar legend as determined by the Company:

The ownership and transferability of this certificate and the shares of stock represented hereby are subject to the terms (including forfeiture) of the Plan and an option award agreement entered into between the registered owner and DPC Holdings Limited. Copies of such plan and agreement are on file in the executive offices of DPC Holdings Limited.

In addition, any stock certificates for Shares will be subject to any stop-transfer orders and other restrictions as the Company may deem advisable under Applicable Law, and the Company may cause a legend or legends to be placed on any certificates to make appropriate reference to these restrictions. Unless otherwise determined by the Board, any Shares acquired in respect of the Option will be subject to the lock-up restrictions as set forth in Section 10.19 of the Plan (and any successor terms).

**5.** **Transferability.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You may not transfer the Option in any manner other than by will or by the laws of descent and distribution
and the Option may be exercised during your lifetime only by you. Any purported transfer, assignment, charge, or other dealing with the
Option (other than exercise in accordance with this Agreement, or transmission by operation of law on your death) shall be void and shall
cause the Option to lapse immediately, in accordance with paragraph 3.6 of the UK Sub-Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transfer of this Option to your personal representatives by operation of law on your death, and the
exercise of this Option by your personal representatives shall not constitute a transfer for the purposes of this section 5 and shall
not cause the Option to lapse.

**6.** **Term of Option.** You may not exercise the Option after it expires and you may only exercise the
Option in accordance with this Agreement.

**7.** **Taxes.** Regardless of any action the Company may take that is related to any or all income tax,
payroll tax, or other tax-related withholding under the Plan ()"**Tax-Related Items** "), the ultimate liability for all
Tax-Related Items owed by you is and will remain your responsibility. The Company (a) makes no representations or undertakings regarding
the treatment of any Tax-Related Items and (b) does not commit to structure the terms of the Award to reduce or eliminate your liability
for Tax-Related Items. You will be required to meet any applicable tax withholding obligation in accordance with the tax withholding terms
of Section 10.5 of the Plan (and any successor terms). This Option is not subject to Section 409A of the US Internal Revenue
Code. References in the Plan to Section 409A shall not apply to this Option. You are responsible for satisfying any Tax-Related Items
arising in connection with this Option in accordance with Paragraph 5 of the UK Sub-Plan and section 7 of this Agreement, and you are
advised to seek independent tax advice in relation to the UK and any other applicable tax consequences of holding and exercising this
Option.

**8.** **Adjustment.** Upon any event described in Section 4.2 of the Plan (or any successor section)
occurring after the Grant Date, the adjustment terms of that section will apply to the Option.

**9.** **Bound by Plan and Committee Decisions.** By accepting the Option, you acknowledge that you have received
a copy of the Plan and have had an opportunity to review the Plan, and you agree to be bound by all of the terms of the Plan. If there
is any conflict between this Agreement and the Plan, the Plan will control. The authority to manage and control the operation and administration
of this Agreement and the Plan is vested in the Committee subject to the Articles. The Committee has all powers under this Agreement that
it has under the Plan. Any interpretation of this Agreement or the Plan by the Committee and any decision made by the Committee related
to the Agreement or the Plan will be final and binding on all Persons.

**10.** **Regulatory and Other Limitations.** Notwithstanding anything else in this Agreement, the Committee
may impose conditions, restrictions, and limitations on the issuance of Shares under the Option unless and until the Committee determines
that the issuance complies with (a) all registration requirements under the Securities Act, (b) all listing requirements of
any securities exchange or similar entity on which the Shares are listed, (c) all Company policies and administrative rules, (d) the
Articles, and (e) all Applicable Laws.

**11.** **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Notices.** Any notice that may be required or permitted under this Agreement must be in writing and
may be delivered personally, by intraoffice mail, or by electronic mail or via a postal service (postage prepaid) to the electronic mail
or postal address and directed to the person as the receiving party may designate in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Waiver.** The waiver by any party to this Agreement of a breach of any term of the Agreement will
not operate or be construed as a waiver of any other or subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Entire Agreement.** This Agreement and the Plan constitute the entire agreement between you and the
Company for the Option. Any prior agreement, commitment, or negotiation related to the Option is superseded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Binding Effect; Successors.** The obligations and rights of the Company under this Agreement will
be binding upon and inure to the benefit of the Company and any successor corporation or organization resulting from the merger, consolidation,
sale, or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the
assets and business of the Company. Your obligations and rights under this Agreement will be binding upon and inure to your benefit and
the benefit of your beneficiaries, executors, administrators, heirs, and successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Governing Law; Jurisdiction; Waiver of Jury Trial.** You acknowledge and expressly agree to the governing
law terms of Section 10.8 of the Plan (and any successor terms) and the jurisdiction and waiver of jury trial terms of Section 10.9
of the Plan (and any successor terms).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Amendment.** This Agreement may be amended at any time by the Committee, except that no amendment
may, without your consent, materially impair your rights under the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Severability.** The invalidity or unenforceability of any term of the Plan or this Agreement will
not affect the validity or enforceability of any other term of the Plan or this Agreement, and each other term of the Plan and this Agreement
will be severable and enforceable to the extent permitted by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **No Rights to Service; No Impact on Other Benefits.** Nothing in this Agreement will be construed
as giving you any right to be retained in any position with the Company or its Affiliates. Nothing in this Agreement will interfere with
or restrict the rights of the Company or its Affiliates—which are expressly reserved—to remove, terminate, or discharge you
at any time for any reason whatsoever or for no reason, subject to the Company's certificate of incorporation, bylaws, and other
similar governing documents and Applicable Law. Any value under the Option is not part of your normal or expected compensation for purposes
of calculating any severance, retirement, welfare, insurance, or similar employee benefit. The grant of the Option does not create any
right to receive any future awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Further Assurances.** You must, upon request of the Company, do all acts and execute, deliver, and
perform all additional documents, instruments, and agreements that may be reasonably required by the Company to implement this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Clawback.** All awards, amounts, and benefits received or outstanding under the Plan will be subject
to clawback, cancellation, recoupment, rescission, payback, reduction, or other similar action in accordance with any Applicable Law or
stock exchange listing requirement, in each case, related to such actions, as may be in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Electronic Delivery and Acceptance.** The Company may deliver any documents related to current or
future participation in the Plan by electronic means. You consent to receive those documents by electronic delivery and to participate
in the Plan through any on-line or electronic system established and maintained by the Company or a third party designated by the Company.

**12.** **Your Representations.** You represent to the Company that you have read and fully understand this
Agreement and the Plan and that your decision to participate in the Plan is completely voluntary. You also acknowledge that you are relying
solely on your own advisors regarding the tax consequences of the Option.

By signing below, you are agreeing that your electronic signature is the legal equivalent of a manual signature on this Agreement and you are agreeing to all of the terms of this Agreement, as of the Grant Date.

Participant Signature:

By:

**Option Award Agreement<br> DPC Holdings Limited 2026 Equity Incentive Plan**

DPC Holdings Limited, a registered private company incorporated in Jersey (the "**Company**"), grants to the Participant named below ("**you**") a Nonstatutory Stock Option to purchase the number of Shares set forth below (the "**Option**"), under this Option Award Agreement ("**Agreement**").

---

| | |
|:---|:---|
| **Governing Plan:** | DPC Holdings Limited 2026 Equity Incentive Plan (the "**Plan**") |
| **Defined Terms:** | As set forth in the Plan, unless otherwise defined in this Agreement |
| **Participant:** | [Name] |
| **Type of Option:** | Nonstatutory Stock Option |
| **Grant Date:** | [Date] |
| **Number of Shares Purchasable:** | [____] |
| **Exercise Price per Share:** | $[IPO Price] |
| **Original Expiration Date:** | The earlier of (i) 10 years from the Grant Date or (ii) 90 days after the date of Separation from Service other than upon death, Disability or for Cause (as defined in Annex A). |
| **Vesting Schedule:** | The Option will become vested immediately following grant. |
| **Exercise after Separation from Service:** | *Separation from Service for any reason other than Disability, death, or Cause*: The Option will remain exercisable for 90 days after your Separation from Service for any reason other than Disability, death, or Cause; provided, however, that the Option shall not be exercisable beyond the Original Expiration Date.<br>*Separation from Service due to Disability or death*: The Option will remain exercisable for one year after your Separation from Service due to your Disability or death; provided, however, that in the event of your Separation from Service, in the event of your death during such exercise period, the Option will remain exercisable for a period of one year from the date of your death, but in any event, the Option will not be exercisable beyond the Original Expiration Date.<br>*Separation from Service for Cause*: The Option will expire immediately upon your Separation from Service for Cause.<br>Notwithstanding anything else in this Agreement, the Option may not be exercised after its expiration as set forth above. |

---

**Option Terms**

**1.** **Grant of Option.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Option is subject to the terms of the Plan. The terms of the Plan are incorporated into this Agreement
by this reference. Notwithstanding anything in this Agreement to the contrary, to the extent the closing of the Company's initial
public offering does not occur within five business days of the pricing date of such initial public offering, the Option shall terminate
and this Agreement shall terminate and be *void ab initio*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You must accept the terms of this Agreement within 10 business days after the Agreement is presented to
you for review by returning a signed copy of this Agreement to the Company in accordance with such procedures as the Company may establish.
You may not exercise any portion of the Option before you have accepted the terms of this Agreement. The Committee may unilaterally cancel
and forfeit all or a portion of the Option if you do not timely accept the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Option is granted as a Nonstatutory Stock Option. Nothing in this Agreement or the Plan shall be
construed as granting or designating an Incentive Stock Option for the purposes of Section 422 of the US Internal Revenue Code, and
no such designation is made or intended.

**2.** **Exercise of Option.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Right to Exercise.** The Option will be exercisable in accordance with the terms provided in the
table above, and all the rest of the terms of this Agreement. The Option, to the extent exercisable, may be exercised in whole or in part.
No Shares will be issued upon the exercise of the Option unless the issuance and exercise comply with all Applicable Laws. Subject to
Applicable Law, for income tax purposes, Shares will be considered transferred to you on the date you properly exercise the Option. Until
you have properly exercised the Option and Shares have been delivered, you will not have any rights as a Stockholder for those Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Method of Exercise and Payment.** You may exercise the Option by delivering an exercise notice in
a form approved by the Company (the "**Exercise Notice** "). The Exercise Notice must state your election to exercise the
Option, the number of Shares that are being purchased, and any other representations and agreements that may be required by the Company.
Together with the Exercise Notice, you must tender payment of the aggregate Exercise Price for all Shares exercised and all applicable
withholding and other taxes. The Option will be deemed to be exercised upon receipt by the Company of a fully executed Exercise Notice
and payment of the aggregate Exercise Price and all applicable withholding and other taxes.

**3.** **Method of Payment.** If you elect to exercise the Option, you must pay the aggregate Exercise Price,
as well as any applicable withholding or other taxes, in accordance with any of the payment methods set forth in Section 6.4 of the
Plan (or any successor sections).

**4.** **Restrictions on Exercise.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You may not exercise the Option if the issuance of Shares upon exercise or the method of payment for those
Shares would constitute a violation of any Applicable Law or Company policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any issuance of Shares under the Option may be effected on a non-certificated basis, to the extent not
prohibited by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a certificate for Shares is delivered to you under the Option, the certificate may bear the following
or a similar legend as determined by the Company:

The ownership and transferability of this certificate and the shares of stock represented hereby are subject to the terms (including forfeiture) of the Plan and an option award agreement entered into between the registered owner and DPC Holdings Limited. Copies of such plan and agreement are on file in the executive offices of DPC Holdings Limited.

In addition, any stock certificates for Shares will be subject to any stop-transfer orders and other restrictions as the Company may deem advisable under Applicable Law, and the Company may cause a legend or legends to be placed on any certificates to make appropriate reference to these restrictions. Unless otherwise determined by the Board, any Shares acquired in respect of the Option will be subject to the lock-up restrictions as set forth in Section 10.19 of the Plan (and any successor terms).

**5.** **Transferability.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You may not transfer the Option in any manner other than by will or by the laws of descent and distribution
and the Option may be exercised during your lifetime only by you. Any purported transfer, assignment, charge, or other dealing with the
Option (other than exercise in accordance with this Agreement, or transmission by operation of law on your death) shall be void and shall
cause the Option to lapse immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transfer of this Option to your personal representatives by operation of law on your death, and the
exercise of this Option by your personal representatives shall not constitute a transfer for the purposes of this section 5 and shall
not cause the Option to lapse.

**6.** **Term of Option.** You may not exercise the Option after it expires and you may only exercise the
Option in accordance with this Agreement.

**7.** **Taxes.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Regardless of any action the Company may take that is related to any or all income tax, National Insurance
Contributions, or other tax-related withholding under the Plan ()"**Tax-Related Items** "), the ultimate liability for all
Tax-Related Items owed by you is and will remain your responsibility and you are advised to seek independent tax advice in relation to
the UK and any other applicable tax consequences of holding and exercising this Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company (a) makes no representations or undertakings regarding the treatment of any Tax-Related
Items and (b) does not commit to structure the terms of the Award to reduce or eliminate your liability for Tax-Related Items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Option is not subject to Section 409A of the US Internal Revenue Code. References in the Plan
to Section 409A shall not apply to this Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) You shall be accountable for any income tax and, subject to the following provisions, National Insurance
Contribution liability which is chargeable on any assessable income deriving from the exercise of, or other dealing in, the Option. In
respect of such assessable income, you shall indemnify the Company and (at the direction of the Company) any Affiliate which is or may
be treated as your employer for tax purposes in respect of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any income tax liability which falls to be paid to HMRC by the Company (or the relevant employing Affiliate
for tax purposes) under the PAYE system as it applies to income tax under UK Income Tax (Earnings and Pensions) Act 2003 ()"**ITEPA** ")
and the PAYE regulations referred to in it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any National Insurance Contribution liability which falls to be paid to HMRC by the Company (or the relevant
employing Subsidiary) under the PAYE system as it applies for national insurance purposes under the Social Security Contributions and
Benefits Act 1992 and regulations referred to in it, such national insurance liability being the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all the employee's primary Class 1 National Insurance Contributions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) where lawful, all the employer's secondary Class 1 National Insurance Contributions.

(together, the "**Tax Liabilities**")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Pursuant to the indemnity referred to in Section 7(d), you shall make such arrangements as the Company
requires to meet the cost of the Tax Liabilities, including at the direction of the Company any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) making a cash payment of an appropriate amount to the relevant company whether by cheque, banker's
draft or deduction from salary in time to enable the company to remit such amount to HMRC before the 14th day following the end of the
month in which the event giving rise to the Tax Liabilities occurred; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) appointing the Company as agent and/or attorney for the sale of sufficient Shares acquired pursuant to
the exercise of the Option to cover the Tax Liabilities and authorising the payment to the relevant company of the appropriate amount
(including all reasonable fees, commissions and expenses incurred by the relevant company in relation to such sale) out of the net proceeds
of sale of the Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) entering into an election whereby the employer's liability for secondary Class 1 National Insurance
Contributions is transferred to you on terms set out in the election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Where the Shares to be acquired on exercise of an Option are considered to be "restricted securities"
for the purposes of the UK tax legislation (such determination to be at the sole discretion of the Company), it is a condition of exercise
that you, if so directed by the Company, enter into a joint election with the Company or, if different, the relevant employing Affiliate
pursuant to section 431 of ITEPA, electing that the market value of the Shares to be acquired on the exercise of the Option be calculated
as if the Shares were not "restricted securities".

**8.** **Adjustment.** Upon any event described in Section 4.2 of the Plan (or any successor section)
occurring after the Grant Date, the adjustment terms of that section will apply to the Option.

**9.** **Bound by Plan and Committee Decisions.** By accepting the Option, you acknowledge that you have received
a copy of the Plan and have had an opportunity to review the Plan, and you agree to be bound by all of the terms of the Plan. If there
is any conflict between this Agreement and the Plan, the Plan will control. The authority to manage and control the operation and administration
of this Agreement and the Plan is vested in the Committee subject to the Articles. The Committee has all powers under this Agreement that
it has under the Plan. Any interpretation of this Agreement or the Plan by the Committee and any decision made by the Committee related
to the Agreement or the Plan will be final and binding on all Persons.

**10.** **Regulatory and Other Limitations.** Notwithstanding anything else in this Agreement, the Committee
may impose conditions, restrictions, and limitations on the issuance of Shares under the Option unless and until the Committee determines
that the issuance complies with (a) all registration requirements under the Securities Act, (b) all listing requirements of
any securities exchange or similar entity on which the Shares are listed, (c) all Company policies and administrative rules, (d) the
Articles, and (e) all Applicable Laws.

**11.** **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Notices.** Any notice that may be required or permitted under this Agreement must be in writing and
may be delivered personally, by intraoffice mail, or by electronic mail or via a postal service (postage prepaid) to the electronic mail
or postal address and directed to the person as the receiving party may designate in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Waiver.** The waiver by any party to this Agreement of a breach of any term of the Agreement will
not operate or be construed as a waiver of any other or subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Entire Agreement.** This Agreement and the Plan constitute the entire agreement between you and the
Company for the Option. Any prior agreement, commitment, or negotiation related to the Option is superseded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Binding Effect; Successors.** The obligations and rights of the Company under this Agreement will
be binding upon and inure to the benefit of the Company and any successor corporation or organization resulting from the merger, consolidation,
sale, or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the
assets and business of the Company. Your obligations and rights under this Agreement will be binding upon and inure to your benefit and
the benefit of your beneficiaries, executors, administrators, heirs, and successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Governing Law; Jurisdiction; Waiver of Jury Trial.** You acknowledge and expressly agree to the governing
law terms of Section 10.8 of the Plan (and any successor terms) and the jurisdiction and waiver of jury trial terms of Section 10.9
of the Plan (and any successor terms).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Amendment.** This Agreement may be amended at any time by the Committee, except that no amendment
may, without your consent, materially impair your rights under the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Severability.** The invalidity or unenforceability of any term of the Plan or this Agreement will
not affect the validity or enforceability of any other term of the Plan or this Agreement, and each other term of the Plan and this Agreement
will be severable and enforceable to the extent permitted by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **No Rights to Service; No Impact on Other Benefits.** Nothing in this Agreement will be construed
as giving you any right to be retained in any position with the Company or its Affiliates. Nothing in this Agreement will interfere with
or restrict the rights of the Company or its Affiliates—which are expressly reserved—to remove, terminate, or discharge you
at any time for any reason whatsoever or for no reason, subject to the Company's certificate of incorporation, bylaws, and other
similar governing documents and Applicable Law. The grant of the Option does not create any right to receive any future awards or benefits
in lieu of awards, and participation in the Plan is entirely discretionary. All determinations with respect to future grants will be at
the sole discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Further Assurances.** You must, upon request of the Company, do all acts and execute, deliver, and
perform all additional documents, instruments, and agreements that may be reasonably required by the Company to implement this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Clawback.** All awards, amounts, and benefits received or outstanding under the Plan will be subject
to clawback, cancellation, recoupment, rescission, payback, reduction, or other similar action in accordance with any Applicable Law or
stock exchange listing requirement, in each case, related to such actions, as may be in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Electronic Delivery and Acceptance.** The Company may deliver any documents related to current or
future participation in the Plan by electronic means. You consent to receive those documents by electronic delivery and to participate
in the Plan through any on-line or electronic system established and maintained by the Company or a third party designated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Data Protection.** The Company will collect, use, store, share and transfer Personal Data about you
(" **Data**") as necessary to facilitate the implementation, administration and management of the Plan. The Company may
collect and receive Data about you directly and/or from an Affiliate of the Company. Full details about what Data the Company collects,
how the Company collects and receives, uses, stores, shares, transfers and protects that Data and the lawful basis that the Company relies
on to do so under any applicable laws and regulations relating to the use or processing of personal Data, in each case, to the extent
in force, and as such are updated, amended or replaced from time to time, are set out in the Company's privacy notice ()"**Privacy Notice** "). The Privacy Notice is available at upon request from the Company. You confirm that you have read and understood the
Privacy Notice and acknowledges that the Company may collect, use, store, share and transfer your Data in accordance with the Privacy
Notice.

**12.** **Your Representations.** You represent to the Company that you have read and fully understand this
Agreement and the Plan and that your decision to participate in the Plan is completely voluntary. You also acknowledge that you are relying
solely on your own advisors regarding the tax consequences of the Option.

By signing below, you are agreeing that your electronic signature is the legal equivalent of a manual signature on this Agreement and you are agreeing to all of the terms of this Agreement, as of the Grant Date.

Participant Signature:

By:

**Option Award Agreement<br> DPC Holdings Limited 2026 Equity Incentive Plan**

DPC Holdings Limited, a registered private company incorporated in Jersey (the "**Company**"), grants to the Participant named below ("**you**") a Nonstatutory Stock Option to purchase the number of Shares set forth below (the "**Option**"), under this Option Award Agreement ("**Agreement**").

---

| | |
|:---|:---|
| **Governing Plan:** | DPC Holdings Limited 2026 Equity Incentive Plan (the "**Plan**") |
| **Defined Terms:** | As set forth in the Plan, unless otherwise defined in this Agreement |
| **Participant:** | [Name] |
| **[Type of Option:** | Nonstatutory Stock Option |
| **Grant Date:** | [Date] |
| **Number of Shares Purchasable:** | [___] |
| **Exercise Price per Share:** | $[IPO Price] |
| **Original Expiration Date:** | The earlier of (i) 7 years from the Grant Date or (ii) 90 days after the date of Separation from Service other than upon death, Disability or for Cause (as defined in Annex A). |
| **Vesting Schedule:** | The Option will become vested immediately following grant. |
| **Exercise after Separation from Service:** | *Separation from Service for any reason other than Disability, death, or Cause*: The Option will remain exercisable for 90 days after your Separation from Service for any reason other than Disability, death, or Cause; provided, however, that the Option shall not be exercisable beyond the Original Expiration Date.<br>*Separation from Service due to Disability or death*: The Option will remain exercisable for one year after your Separation from Service due to your Disability or death; provided, however, that in the event of your Separation from Service, in the event of your death during such exercise period, the Option will remain exercisable for a period of one year from the date of your death, but in any event, the Option will not be exercisable beyond the Original Expiration Date.<br>*Separation from Service for Cause*: The Option will expire immediately upon your Separation from Service for Cause.<br>Notwithstanding anything else in this Agreement, the Option may not be exercised after its expiration as set forth above. |

---

**Option Terms**

**1.** **Grant of Option.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Option is subject to the terms of the Plan. The terms of the Plan are incorporated into this Agreement
by this reference. Notwithstanding anything in this Agreement to the contrary, to the extent the closing of the Company's initial
public offering does not occur within five business days of the pricing date of such initial public offering, the Option shall terminate
and this Agreement shall terminate and be *void ab initio*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You must accept the terms of this Agreement within 10 business days after the Agreement is presented to
you for review by returning a signed copy of this Agreement to the Company in accordance with such procedures as the Company may establish.
You may not exercise any portion of the Option before you have accepted the terms of this Agreement. The Committee may unilaterally cancel
and forfeit all or a portion of the Option if you do not timely accept the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Option is granted as a Nonstatutory Stock Option. Nothing in this Agreement or the Plan shall be
construed as granting or designating an Incentive Stock Option for the purposes of Section 422 of the US Internal Revenue Code, and
no such designation is made or intended.

**2.** **Exercise of Option.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Right to Exercise.** The Option will be exercisable in accordance with the terms provided in the
table above, and all the rest of the terms of this Agreement. The Option, to the extent exercisable, may be exercised in whole or in part.
No Shares will be issued upon the exercise of the Option unless the issuance and exercise comply with all Applicable Laws. Subject to
Applicable Law, for income tax purposes, Shares will be considered transferred to you on the date you properly exercise the Option. Until
you have properly exercised the Option and Shares have been delivered, you will not have any rights as a Stockholder for those Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Method of Exercise and Payment.** You may exercise the Option by delivering an exercise notice in
a form approved by the Company (the "**Exercise Notice** "). The Exercise Notice must state your election to exercise the
Option, the number of Shares that are being purchased, and any other representations and agreements that may be required by the Company.
Together with the Exercise Notice, you must tender payment of the aggregate Exercise Price for all Shares exercised and all applicable
withholding and other taxes. The Option will be deemed to be exercised upon receipt by the Company of a fully executed Exercise Notice
and payment of the aggregate Exercise Price and all applicable withholding and other taxes.

**3.** **Method of Payment.** If you elect to exercise the Option, you must pay the aggregate Exercise Price,
as well as any applicable withholding or other taxes, in accordance with any of the payment methods set forth in Section 6.4 of the
Plan (or any successor sections).

**4.** **Restrictions on Exercise.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You may not exercise the Option if the issuance of Shares upon exercise or the method of payment for those
Shares would constitute a violation of any Applicable Law or Company policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any issuance of Shares under the Option may be effected on a non-certificated basis, to the extent not
prohibited by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a certificate for Shares is delivered to you under the Option, the certificate may bear the following
or a similar legend as determined by the Company:

The ownership and transferability of this certificate and the shares of stock represented hereby are subject to the terms (including forfeiture) of the Plan and an option award agreement entered into between the registered owner and DPC Holdings Limited. Copies of such plan and agreement are on file in the executive offices of DPC Holdings Limited.

In addition, any stock certificates for Shares will be subject to any stop-transfer orders and other restrictions as the Company may deem advisable under Applicable Law, and the Company may cause a legend or legends to be placed on any certificates to make appropriate reference to these restrictions. Unless otherwise determined by the Board, any Shares acquired in respect of the Option will be subject to the lock-up restrictions as set forth in Section 10.19 of the Plan (and any successor terms).

**5.** **Transferability.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You may not transfer the Option in any manner other than by will or by the laws of descent and distribution
and the Option may be exercised during your lifetime only by you. Any purported transfer, assignment, charge, or other dealing with the
Option (other than exercise in accordance with this Agreement or transmission by operation of law on your death) shall be void and shall
cause the Option to lapse immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transfer of this Option to your personal representatives by operation of law on your death, and the
exercise of this Option by your personal representatives shall not constitute a transfer for the purposes of this section 5 and shall
not cause the Option to lapse.

**6.** **Term of Option.** You may not exercise the Option after it expires and you may only exercise the
Option in accordance with this Agreement.

**7.** **Taxes.** Regardless of any action the Company may take that is related to any or all income tax,
payroll tax, or other tax-related withholding under the Plan ()"**Tax-Related Items** "), the ultimate liability for all
Tax-Related Items owed by you is and will remain your responsibility. The Company (a) makes no representations or undertakings regarding
the treatment of any Tax-Related Items and (b) does not commit to structure the terms of the Award to reduce or eliminate your liability
for Tax-Related Items. You will be required to meet any applicable tax withholding obligation in accordance with the tax withholding terms
of Section 10.5 of the Plan (and any successor terms). This Option is not subject to Section 409A of the US Internal Revenue
Code. References in the Plan to Section 409A shall not apply to this Option. You are responsible for satisfying any Tax-Related Items
arising in connection with this Option in accordance with section 7 of this Agreement, and you are advised to seek independent tax advice
in relation to the Irish and any other applicable tax consequences of holding and exercising this Option.

**8.** **Adjustment.** Upon any event described in Section 4.2 of the Plan (or any successor section)
occurring after the Grant Date, the adjustment terms of that section will apply to the Option.

**9.** **Bound by Plan and Committee Decisions.** By accepting the Option, you acknowledge that you have received
a copy of the Plan and have had an opportunity to review the Plan, and you agree to be bound by all of the terms of the Plan. If there
is any conflict between this Agreement and the Plan, the Plan will control. The authority to manage and control the operation and administration
of this Agreement and the Plan is vested in the Committee subject to the Articles. The Committee has all powers under this Agreement that
it has under the Plan. Any interpretation of this Agreement or the Plan by the Committee and any decision made by the Committee related
to the Agreement or the Plan will be final and binding on all Persons.

**10.** **Regulatory and Other Limitations.** Notwithstanding anything else in this Agreement, the Committee
may impose conditions, restrictions, and limitations on the issuance of Shares under the Option unless and until the Committee determines
that the issuance complies with (a) all registration requirements under the Securities Act, (b) all listing requirements of
any securities exchange or similar entity on which the Shares are listed, (c) all Company policies and administrative rules, (d) the
Articles, and (e) all Applicable Laws.

**11.** **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Notices.** Any notice that may be required or permitted under this Agreement must be in writing and
may be delivered personally, by intraoffice mail, or by electronic mail or via a postal service (postage prepaid) to the electronic mail
or postal address and directed to the person as the receiving party may designate in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Waiver.** The waiver by any party to this Agreement of a breach of any term of the Agreement will
not operate or be construed as a waiver of any other or subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Entire Agreement.** This Agreement and the Plan constitute the entire agreement between you and the
Company for the Option. Any prior agreement, commitment, or negotiation related to the Option is superseded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Binding Effect; Successors.** The obligations and rights of the Company under this Agreement will
be binding upon and inure to the benefit of the Company and any successor corporation or organization resulting from the merger, consolidation,
sale, or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the
assets and business of the Company. Your obligations and rights under this Agreement will be binding upon and inure to your benefit and
the benefit of your beneficiaries, executors, administrators, heirs, and successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Governing Law; Jurisdiction; Waiver of Jury Trial.** You acknowledge and expressly agree to the governing
law terms of Section 10.8 of the Plan (and any successor terms) and the jurisdiction and waiver of jury trial terms of Section 10.9
of the Plan (and any successor terms).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Amendment.** This Agreement may be amended at any time by the Committee, except that no amendment
may, without your consent, materially impair your rights under the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Severability.** The invalidity or unenforceability of any term of the Plan or this Agreement will
not affect the validity or enforceability of any other term of the Plan or this Agreement, and each other term of the Plan and this Agreement
will be severable and enforceable to the extent permitted by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **No Rights to Service; No Impact on Other Benefits.** Nothing in this Agreement will be construed
as giving you any right to be retained in any position with the Company or its Affiliates. Nothing in this Agreement will interfere with
or restrict the rights of the Company or its Affiliates—which are expressly reserved—to remove, terminate, or discharge you
at any time for any reason whatsoever or for no reason, subject to the Company's certificate of incorporation, bylaws, and other
similar governing documents and Applicable Law. Any value under the Option is not part of your normal or expected compensation for purposes
of calculating any severance, retirement, welfare, insurance, or similar employee benefit. The grant of the Option does not create any
right to receive any future awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Further Assurances.** You must, upon request of the Company, do all acts and execute, deliver, and
perform all additional documents, instruments, and agreements that may be reasonably required by the Company to implement this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Clawback.** All awards, amounts, and benefits received or outstanding under the Plan will be subject
to clawback, cancellation, recoupment, rescission, payback, reduction, or other similar action in accordance with any Applicable Law or
stock exchange listing requirement, in each case, related to such actions, as may be in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Electronic Delivery and Acceptance.** The Company may deliver any documents related to current or
future participation in the Plan by electronic means. You consent to receive those documents by electronic delivery and to participate
in the Plan through any on-line or electronic system established and maintained by the Company or a third party designated by the Company.

**12.** **Your Representations.** You represent to the Company that you have read and fully understand this
Agreement and the Plan and that your decision to participate in the Plan is completely voluntary. You also acknowledge that you are relying
solely on your own advisors regarding the tax consequences of the Option.

By signing below, you are agreeing that your electronic signature is the legal equivalent of a manual signature on this Agreement and you are agreeing to all of the terms of this Agreement, as of the Grant Date.

Participant Signature:

By:

## Exhibit 10.10

**Exhibit 10.10**

![](tm269965d4_ex10-9img005.jpg)

PRIVATE & CONFIDENTIAL

Name

By Email

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026

Dear Name,

**Management Incentive Plan ("MIP")**

Capitalised terms used but not otherwise defined in this letter shall have the meanings given to them in the existing MIP Rules for Members (the "MIP Rules").

We are writing to you in connection with your participation in the MIP. This letter, to be signed as a deed, constitutes a request for your consent, in your capacity as a Participant, to

&nbsp;&nbsp;&nbsp;&nbsp;i) a proposed variation to the MIP Rules when determining the amount of your MIP payment (the "Proposed Variation")
and

ii) commit to reinvest part of your MIP payment to buy Ordinary Shares when the company goes public (IPO). You'll buy these shares at the set price through a special program (called a directed share program) run by one of the underwriters. This program is designed to help people purchase shares during the IPO.

**Variation to the existing MIP Rules**

Under the existing MIP Rules, cash proceeds arising in connection with an initial public offering ("IPO") are calculated on the basis that all shareholders are deemed to have sold their entire shareholdings at a price per share equal to the average of the official closing prices published by the relevant exchange over the five trading days immediately following the IPO.

The Board has determined that the foregoing methodology is impracticable, as it may give rise to a material unquantified liability which could adversely impact investor demand in connection with the IPO. Accordingly, it is proposed that the calculation of cash proceeds be amended such that it is based on the IPO offering price per Ordinary Share (the "Variation").

In consideration for your agreement to the Variation, the Board intends to grant to existing Participants a total of 5,000,000 options to purchase ordinary shares. Participants will be granted these options on a pro rata basis in accordance with their existing entitlements under the MIP.

On this basis, you shall be entitled to a grant of **XXX,xxx options** to purchase ordinary shares in the Company at the time of the IPO. Such options shall be subject to certain terms and conditions, to be notified to you in due course, including (without limitation):

![](tm269965d4_ex10-9img006.jpg)

![](tm269965d4_ex10-9img005.jpg)

i) a vesting and lock-up period of not less than 180 days; <br> ii) your agreement to be responsible for any applicable taxes arising on the exercise of such options and the subsequent sale of such shares.

All other terms and conditions of the MIP shall remain unchanged and continue in full force and effect in accordance with the existing MIP Rules.

**Commitment to reinvest part of your MIP payout**

In addition to the above, to help make the IPO more attractive to investors, I am asking you to reinvest % of your MIP payment (after tax) to buy shares through the directed share program (the "Reinvestment").

This amount will be taken out of your payment, and in return, you'll get the right to buy company shares through the directed share program. The number of shares you can buy will be based on how much you reinvest, divided by the share price, rounded down to a whole number. We can arrange for you to be taken through an example of how this will work.

Your agreement to the Proposed Variation and the Reinvestment shall be conditional on, and shall take effect only upon, Shareholder approval being obtained.

By signing this letter you also acknowledge and agree that the MIP will automatically terminate pursuant to the authority of the Board of Directors in connection with the IPO, provided, however, that you will continue to be entitled to receive your MIP payment.

Please note that it is the intension of the Board to put in place a new option scheme and details of this new incentive scheme will be shared with you in due course.

Please indicate your consent to the Variation and Reinvestment by signing and returning a copy of this letter.

Should you require any further information or clarification in relation to the above, please do not hesitate to contact us.

We truly believe Doncasters has a bright future ahead, built in no small part on the effort you've put in. We're excited about what we can continue to achieve together as we grow the business. By choosing to invest in Doncasters, you're showing your belief in where we're headed—and we're just as committed to you, which is why we're pleased to offer you additional options.

![](tm269965d4_ex10-9img005.jpg)

This document is executed and delivered as a deed on the date written above.

---

| | |
|:---|:---|
| Executed as a Deed by **DPC Holdings Limited**<br> acting by two directors: |  |
| Signature | Signature |
| Michael Quinn | Nicolas Sanders |

---

------

**Consent**

I, Name, irrevocably and unconditionally consent to the Variation to the MIP Rules in respect of the calculation of cash proceeds and commit to the Reinvestment, in consideration for the right to receive, subject to my continued employment through the IPO and Compensation Committee consent, **XXX,xxx options** to purchase ordinary shares in DPC Holdings Limited upon completion of the IPO.

---

| | |
|:---|:---|
| Signed as a deed by |  |
| **Name** |  |
|  | Signature |
| In the presence of: |  |
| Witness Signature |  |
| Witness Name: |  |
| Witness Address: |  |
| Witness Occupation: |  |

---

Alloy Topco Limited

FORM OF MANAGEMENT INCENTIVE PLAN (MIP)

Rules for Members

This MIP and the Rules apply from March 2024 as amended December 2025 and as further amended May 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 In
 these Rules unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Asset Sale**" means a sale by the Company (or any other member of the Group) of all, or
 substantially all, of the Group's business, assets and undertakings (other than pursuant
 to an intra-group reorganisation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Board** "
 means the board of directors of the Company from time to time or any committee thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **"Business Day"** means any day which is not a Saturday, a Sunday or a public holiday in the
 United Kingdom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Cash Proceeds**" means the aggregate GBP equivalent amount of any and all payments in
 the form of cash or securities readily realisable in cash, net of any withholding tax any
 Group Company is required to make, made at any time after 6 March 2020 from any
 member of the Group (or, if in relation to an Exit, any third party) (x) to the PIK
 Facility Lenders in their capacity as such in repayment or, if in relation to an Exit, transfer
 of the PIK Facility Loans and/or (y) to the Equity Holders in their capacity as such
 provided that when calculating the amount paid:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on
 an IPO, all Equity Holders will be deemed to have sold all of their shares in the capital
 of the Company (or New Holding Company) (and so deemed to have received payment in respect
 thereof) at a price per share equal to the initial public
 offering price set forth on the cover page of the IPO prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 any consideration in respect of an Exit includes any non-cash consideration in the form of
 securities readily realisable in cash then the present market value of such consideration
 (as determined by the Board acting reasonably and in good faith) shall be included in the
 amount of Cash Proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Cash Proceeds Payment Date**" means the date on which any Cash Proceeds are received (or
 deemed received, in the case of an IPO) by a PIK Facility Lender and/or an Equity Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Company** "
 means Alloy Topco Limited (CRN: 130424);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Equity Holder**" means any holder of any shares in the capital of the Company (or a New
 Holding Company) from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Exit** "
 means an IPO, a Winding-Up, completion of a Sale or completion of an Asset Sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Exit Date**" means the date on which an Exit completes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**IPO** "
 means the effective admission of shares of any Group Company to trading on any investment
 stock exchange as nominated by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Good Leaver**" means where the Participant's employment or engagement terminates
 for one of the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) redundancy
 within the meaning of the Employment Rights Act 1996 (or any applicable equivalent overseas
 legislation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) retirement
 as agreed between the Participant and the Board (acting reasonably);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Participant's death;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) inability
 to perform their duties for at least six consecutive months due to the Participant's
 physical or mental incapacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any
 dismissal by a Group Company which is later determined, by an Employment Tribunal or at a
 Court of competent jurisdiction, to be unfair (other than for a procedural reason); or

otherwise where the Board resolves that the Participant is to be treated as a Good Leaver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Group** "
 means the Company (or any New Holding Company) and each of its or their subsidiary undertakings
 from time to time and "**Group Company**" shall be construed accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Hurdle** "
 means any of the First Hurdle, Second Hurdle, Third Hurdle or Fourth Hurdle as defined in
 Clause 3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **"MIP Award"** means the award of a MIP Proportion to a Participant;

(o) **"MIP Bonus"** means $[●];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**MIP Payment**" means any payment due to a Participant in accordance with these Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**MIP Pot**" means the aggregate amount that may become payable under the MIP from time
 to time calculated in accordance with Clause 3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**MIP Proportion**" means a Participant's percentage share of the MIP Pot and/or
 the MIP Bonus, as set out in the Participant's MIP Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**New Holding Company**" means a holding company of the Company in which the share capital
 structure of the Company is replicated in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Participant** "
 means an employee or director of a Group Company who has been selected to participate in
 the MIP and to whom a MIP Award has been granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Participant's MIP Letter**" means the letter from the Company to a Participant notifying the Participant
 that they have been selected to participate in the MIP and setting out their MIP Proportion
 and any other conditions that apply to their MIP Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**PIK Facility**" means the PIK facility agreement dated 6 March 2020 between,
 among others, Alloy Finco Limited (as borrower), GLAS USA LLC (as agent) and GLAS Americas
 LLC (as security agent), as amended, restated or supplemented and/or otherwise modified in
 accordance with its terms from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**PIK Facility Lenders**" means the lenders under, and as defined in, the PIK Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**PIK Facility Loans**" means any principal amounts payable or paid to Lenders under the
 PIK Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**PIK Target**" means an amount equal to the total amount outstanding under the PIK Facility
 Loans as at the date (i) of the IPO or (ii) on which a binding sale and purchase
 agreement to effect a Sale has been entered into (but completion of which may be subject
 to certain conditions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Sale** "
 means the transfer of shares in the Company (or a New Holding Company) (whether through a
 single transaction or a series of transactions) as a result of which any person, or persons
 connected (as defined in section 252 of the Companies Act 2006) or acting in concert
 (as defined in the City Code on Takeovers and Mergers) with such person, holds more than
 50 per cent. of the ordinary shares in the Company (or a New Holding Company) then in issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Tax** "
 means all forms of taxation, levy, impost, contribution, duty, liability and charge in the
 nature of taxation imposed anywhere in the world and all related withholdings or deductions
 of any nature (including, for the avoidance of doubt, PAYE and National Insurance contribution
 liabilities in the United Kingdom and corresponding obligations elsewhere) imposed or collected
 by a tax authority (whether within or outside the United
 Kingdom) whether directly or primarily chargeable against, recoverable from or attributable
 to any of the Group Companies or another person and all fines, penalties, charges and interest
 related to any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) **"Unallocated MIP"** means any part of the MIP Pot that does not become a MIP Payment as a result
 of any of the conditions of Clause 4 not being satisfied or the aggregate MIP Proportions
 being less than 100 per cent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Winding-Up** "
 means a distribution to the Equity Holders pursuant to a winding-up or dissolution of the
 Company or a New Holding Company (including following an Asset Sale).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **introduction and awards** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 This
 document contains the terms and conditions of the MIP ()"**Rules** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 The
 directors of the Company together with a small number of senior employees of the Group are
 eligible to participate in the MIP. The objective of the MIP is to encourage and motivate
 Participants to increase the value of the Group and retain their skills within the Group,
 in line with the PIK Facility Lenders and Equity Holders expectations, and to incentivise
 and reward them for increasing the amount of the Cash Proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Participation
 in the MIP and the amount of a MIP Proportion for a Participant are at the sole discretion
 of the Board and will be confirmed by the Company to a Participant in the Participant's
 MIP Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Participation
 in the MIP and/or the amount of a MIP Proportion for a Participant may be subject to such
 other conditions as the Board may set at the time of award. Any such conditions will be set
 out in the Participant's MIP Letter and the Board has the discretion to waive any such
 condition(s) on or before a Cash Proceeds Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **MIP PAYMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Subject
 to the conditions in Clause 4.1 below, a Participant will be eligible to receive a MIP Payment
 calculated in accordance with this Clause 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The
 total MIP Pot will be an amount equal to the aggregate of:-

(a) [●]% of Cash Proceeds up to the First Hurdle;

(b) [●]% of Cash Proceeds above the First Hurdle and up to the Second Hurdle;

(c) [●]% of Cash Proceeds above the Second Hurdle and up to the Third Hurdle;

(d) [●]% of Cash Proceeds above the Third Hurdle and up to the Fourth Hurdle;

(e) [●]% of Cash Proceeds above the Fourth Hurdle; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in
 the event that (i) there has been an IPO on or before, or (ii) a binding sale and
 purchase agreement to effect a Sale has been entered into on or before (but which may not
 have completed by), 1 July 2026 which results in the Cash Proceeds generated from the
 relevant Exit (but excluding any amounts that would fall under Clause 3.5) equalling or exceeding:-

(i) [●]% of the PIK Target, $[●]; plus

(ii) [●]% of the PIK Target, $[●] (which shall be in addition to the amount set out in Clause 3.2(f)(i))

provided that if the amount payable pursuant to this Clause would result in the Cash Proceeds being less than the relevant percentage above then the amount payable shall be reduced to such lower amount as would result in the Cash Proceeds equalling or exceeding the relevant percentage above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 The
 Hurdles are as follows:

(a) the First Hurdle is £[●];

(b) the Second Hurdle is £[●];

(c) the Third Hurdle is £[●]; and

(d) the Fourth Hurdle is £[●].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 The
 MIP Pot shall be calculated on each Cash Proceeds Payment Date provided that if there is
 more than one Cash Proceeds Payment Date:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Cash Proceeds in respect of the relevant Cash Proceeds Payment Date shall be aggregated with
 all Cash Proceeds received (or deemed received, in the case of an IPO) on all prior Cash
 Proceeds Payment Dates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 amount of the MIP Pot shall be reduced by the amount of any MIP Payments that have already
 been paid in respect of any prior Cash Proceeds Payment Dates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 If
 any consideration in respect of an Exit is payable on deferred or contingent terms, or in
 any form other than cash or securities which are readily realisable in cash, then, for the
 avoidance of doubt, the rights of the Participants pursuant to this MIP shall continue beyond
 the Exit Date and the date of payment(s) or realisation of such consideration for cash
 or securities readily realisable in cash shall constitute a Cash Proceeds Payment Date provided
 that the conditions set out in Clause 4 and the provisions of Clause 5.1 (*Award Lapse*)
 shall cease to apply after the Exit Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 A
 MIP Payment for a Participant will be an amount equal to that Participant's MIP Proportion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 Other
 than in the case of the MIP Bonus, MIP Payments shall be paid by the Company to Participants
 by the later of 10 Business Days, and the next payroll run of the relevant Group Company,
 after a Cash Proceeds Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 The
 MIP Pot, MIP Bonus, Cash Proceeds and MIP Payments shall be calculated in GBP. However:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the event that any part of the Cash Proceeds, MIP Bonus or MIP Pot are in any currency other
 than GBP, the GBP equivalent shall be calculated by reference to the applicable rates appearing
 on or derived from the Bloomberg service at the Cash Proceeds Payment Date or, in the case
 of Clauses 3.2(f) or 3.6, the date set out in such Clauses; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) MIP
 Payments may be made in any other currency as may be deemed appropriate by the Board. Where
 any MIP Payment is made in a currency other than GBP, the relevant local currency equivalent
 shall be calculated by reference to the applicable rates appearing on or derived from the
 Bloomberg service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 Any
 MIP Payment will be paid to a Participant net of any required deductions for Tax, including
 income tax and employee national insurance contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 For
 the avoidance of doubt, any Unallocated MIP as at a Cash Proceeds Payment Date will not form
 part of any other Participant's MIP Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 If
 any Participant so requests the Company shall provide such Participant with a copy of the
 calculation of the MIP Pot from time to time but not, for the avoidance of doubt, any details
 on how the MIP Pot is allocated between the Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 The
 amount of the MIP Pot and/or Cash Proceeds shall be calculated and determined by the Board
 acting reasonably, in good faith and by majority decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **conditions to payment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 A
 Participant's entitlement to any MIP Payment is conditional upon:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such
 Participant (i) remaining employed or engaged by a Group Company and not on notice to
 terminate their employment or engagement given by either such Participant (in circumstances
 which are not later determined by an Employment Tribunal
 or at a Court of competent jurisdiction to constitute constructive dismissal) or a Group
 Company (in circumstances where they would not be a Good Leaver) on a Cash Proceeds Payment
 Date, or (ii) having become a Good Leaver prior to any Cash Proceeds Payment Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless
 such Participant has become a Good Leaver, the Participant giving such co-operation and assistance
 as the PIK Facility Lenders, the Equity Holders and the Board may reasonably request in respect
 of any Exit which may include the preparation of an information memorandum, and the giving
 of presentations to potential purchasers, investors, financiers and their advisers and assisting
 in any required debt syndication process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Other key design features** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Award Lapse</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An
 Award shall lapse and the Participant shall cease to have any right to a MIP Payment on the
 date such Participant ceases to be employed or engaged by a Group Company unless such Participant
 is a Good Leaver or the provisions of Clause 3.5 apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Administration and amendment</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Board shall administer the MIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Board may amend, replace or withdraw the MIP from time to time at the Board's sole
 discretion except that the Board may not amend the MIP if the amendment: (a) applies
 to MIP Awards granted before the amendment was made; and (b) adversely affects the interests
 of the Participants, unless the majority (more than 50%) of the Participants (by reference
 to their MIP Proportions rather than number of Participants) have provided their express
 written consent to the amendment, replacement or withdrawal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Relationship with employment contract</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 rights and obligations of any Participant under the terms of their office or employment with
 any Group Company shall not be affected by being a Participant and the MIP shall not form
 part of any contract of employment or engagement between any Group Company and the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 value of any benefit realised under the MIP by Participants shall not be taken into account
 in determining any pension or similar entitlements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Participants
 shall have no rights to compensation or damages from any Group Company on account of any
 loss in respect of their participation in the MIP where this loss arises (or is claimed to
 arise), in whole or in part, from: (a) termination of office or employment; or (b) notice
 to terminate office or employment given to any Participant unless such Participant is a Good
 Leaver. This exclusion of liability shall apply however compensation or damages are claimed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Severance</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 any provision of these Rules is or becomes illegal, invalid or unenforceable in any
 jurisdiction, that shall not affect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 legality, validity or enforceability in that jurisdiction of any other provisions of these
 Rules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 legality, validity or enforceability in any other jurisdiction of that or any other provision
 of these Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Entire agreement</u> 

These Rules and the documents referred to in it, constitute the entire agreement and understanding of the parties relating to the MIP and any other form of incentive payment or incentive plan (other than ordinary course bonus, salary or fees pursuant to a Participant's employment or engagement agreement with a Group Company) and supersedes any previous agreement relating to the subject matter of these Rules including, without limitation, the previous management incentive plan that was put in place by the Company on or around 6 March 2020 which shall cease to have any further effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Deemed agreement</u> 

By accepting the grant of a MIP Award, a Participant is deemed to have agreed to the provisions of these Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **GOVERNING LAW AND JURISDICTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 This
 Deed is governed by and to be construed in accordance with English law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** The
 Company agrees and, by accepting the grant of a MIP Award, a Participant is deemed to have
 agreed, to submit to the exclusive jurisdiction of the English courts as regards any claim,
 dispute or matter arising out of or in connection with the MIP, these Rules and its
 implementation and effect.

## Exhibit 10.13

**Exhibit 10.13**

**FORM OF PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT**

THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT, dated as of [●], 2026 (this "***Agreement***"), is entered into by and between DPC Holdings Limited (to be named DPC Holdings PLC) a Jersey, Channel Islands company (the "***Company***"), and [●], a [●] (the "***Purchaser***").

WHEREAS, the Company intends to consummate an initial public offering (the "***IPO***") of the Company's ordinary shares, of no par value per share (the "***Ordinary Shares***") and list on the New York Stock Exchange, and the Purchaser would like to purchase Ordinary Shares in a concurrent private placement at a price per share equal to the price per share to the public in the IPO.

NOW THEREFORE, in consideration of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

**AGREEMENT**

**Section 1. Purchase and Sale**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Purchase and Sale of the Private Placement Shares</u>. On the date of the consummation of the IPO (the "***Closing Date***"), or as soon thereafter as practicable, the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company a number of Ordinary Shares (the "***Private Placement Shares***") equal to $[●] divided by the price per share to the public in the IPO, rounded up to the nearest whole share, with the aggregate purchase price equal to the product of (x) the number of Private Placement Shares multiplied by (y) price per share to the public in the IPO (such aggregate amount, the "***Purchase Price***"), which shall be set forth in a written notice delivered by the Company on the date of the pricing of the IPO or as soon as practicable thereafter. The Purchase Price shall be paid by wire transfer of immediately available funds to the Company at least one business day prior to the Closing Date in accordance with the Company's wiring instructions delivered at least five business days prior to the Closing Date. On the Closing Date, or as soon thereafter as practicable, upon the payment by the Purchaser of the Purchase Price, the Company, at its option, shall deliver a certificate in electronic form evidencing the Private Placement Shares purchased by the Purchaser on such date duly registered in the Purchaser's name to the Purchaser, or effect such delivery in book-entry form.

**Section 2. Representations and Warranties of the Company.** As a material inducement to the Purchaser to enter into this Agreement and purchase the Private Placement Shares, the Company hereby represents and warrants to the Purchaser that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Corporate Organization and Authority</u>. The Company is duly organized, validly existing and, to the extent such concept is recognized under the laws of its jurisdiction of organization, in good standing under the laws of Jersey, Channel Islands and is duly qualified to transact business in such jurisdiction. The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Authorization; No Breach</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The execution, delivery and performance of this Agreement and the Private Placement Shares have been duly authorized by the Company as of the Closing Date. This Agreement constitutes the valid and binding obligation of the Company, enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The execution and delivery by the Company of this Agreement and the Private Placement Shares, the issuance and sale of the Private Placement Shares and the fulfillment of, and compliance with, the respective terms hereof and thereof by the Company, do not and will not as of the Closing Date (a) conflict with or result in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security interest, charge or encumbrance upon the Company's equity or assets under, (d) result in a violation of, or (e) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative or governmental body or agency pursuant to the Memorandum and Articles of Association of the Company in effect on the date hereof or as may be amended prior to completion of the contemplated IPO, or any material law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject, except for any filings required after the date hereof under federal or state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Title to Securities</u>. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Private Placement Shares will be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof[, and upon registration in the Company's register of members,] the Purchaser will have good title to the Private Placement Shares, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and under the lock-up agreement entered into in connection with the IPO, (ii) transfer restrictions under United States federal and state securities laws, and (iii) liens, claims or encumbrances imposed due to the actions of the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Governmental Consents</u>. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority is required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by the Company of any other transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Regulation D Qualification</u>. Neither the Company nor, to its knowledge, any of its affiliates, members, officers, directors or beneficial shareholders of 20% or more of its outstanding securities, has experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities Act of 1933, as amended (the "***Securities Act***").

**Section 3. Representations, Warranties and Covenants of the Purchaser.** As a material inducement to the Company to enter into this Agreement and issue and sell the Private Placement Shares to the Purchaser, the Purchaser hereby represents and warrants to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Organization and Requisite Authority</u>. The Purchaser possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Authorization; No Breach</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors' rights and to general equitable principles (whether considered in a proceeding in equity or law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by the Purchaser does not and shall not as of the Closing Date conflict with or result in a breach by the Purchaser of the terms, conditions or provisions of any agreement, instrument, order, judgment or decree to which the Purchaser is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Investment Representations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Purchaser is acquiring the Private Placement Shares (the "***Securities***"), for the Purchaser's own account, for investment purposes only and not with a view towards, or for resale in connection with, any public sale or distribution thereof except as permitted by applicable United States federal or state securities laws. Notwithstanding the foregoing, the Securities may be distributed to (i) entities and individuals that directly and/or indirectly own equity interests in the Purchaser or (ii) entities in which the Purchaser directly and/or indirectly owns equity interests (the "***Affiliated Holders***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Purchaser is an "accredited investor" as such term is defined in Rule 501(a)(3) of Regulation D under the Securities Act, and the Purchaser has not experienced a disqualifying event as enumerated pursuant to Rule 506(d) under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Purchaser understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from the registration requirements of the United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the Purchaser's compliance with, the representations and warranties of the Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Purchaser did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Purchaser has been furnished with all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded the opportunity to ask questions of the executive officers and directors of the Company. The Purchaser understands that its investment in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to the acquisition of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities by the Purchaser nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Purchaser understands that: (a) the Securities have not been and are not being registered under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold in reliance on an exemption therefrom; and (b) except to the extent the Purchaser is a party to the Registration Rights Agreement, neither the Company nor any other person is under any obligation to register the Securities under the Securities Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder. The Securities shall bear the following legend:

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED, OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (2) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (AND, IF REQUESTED BY THE COMPANY, UPON DELIVERY OF AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT AN EXEMPTION FROM REGISTRATION IS AVAILABLE) OR (3) PURSUANT TO RULE 144 UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES AND OTHER JURISDICTIONS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Purchaser has such knowledge and experience in financial and business matters, is capable of evaluating the merits and risks of an investment in the Securities and is able to bear the economic risk of an investment in the Securities in the amount contemplated hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Securities. The Purchaser can afford a complete loss of its investment in the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Purchaser agrees that for a period of 180 days following the effective date of the Company's Registration Statement on Form S-1 (File No. 333-296215) (as amended, the "***Registration Statement***"), it shall not sell or otherwise transfer or dispose of Securities, other than to (A) Affiliated Holders or (B) with the consent of the Company. To the extent any Affiliated Holder has executed and delivered to the Underwriters (as defined in Section 4) a lock-up agreement in connection with the IPO (the "***Lock-Up Agreement***"), the terms of this Section 3(C)(ix) will be subject to the Lock-Up Agreement, and the Securities received by such Affiliated Holder pursuant to any transfer will be subject to the terms of the Lock-Up Agreement.

**Section 4. Conditions of the Purchaser's Obligations.** The obligation of the Purchaser to purchase and pay for the Private Placement Shares is subject to the fulfillment, on or before the Closing Date, of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Representations and Warranties</u>. The representations and warranties of the Company contained in Section 2 hereof shall be true and correct at and as of the Closing Date as though then made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Performance</u>. The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>No Injunction</u>. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Public Offering of Ordinary Shares</u>. The issuance, sale and settlement of the Ordinary Shares by the Company pursuant to an Underwriting Agreement (the "***Underwriting Agreement***") to be entered into by and among the Company and certain underwriters (the "***Underwriters***") in connection with the IPO pursuant to the Registration Statement shall have occurred.

**Section 5. Conditions of the Company's Obligations.** The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing Date, of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in Section 3 hereof shall be true and correct at and as of the Closing Date as though then made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Performance</u>. The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by the Purchaser on or before the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Corporate Consents</u>. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance of this Agreement and the issuance and sale of the Private Placement Shares hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>No Injunction</u>. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Public Offering of Ordinary Shares</u>. The issuance, sale and settlement of the Ordinary Shares by the Company pursuant to the Underwriting Agreement and the Registration Statement shall have occurred.

**Section 6. Termination.** This Agreement may be terminated at any time after July 31, 2026 upon the election by either the Company or the Purchaser upon written notice to the other party if the closing of the IPO does not occur prior to such date.

**Section 7. Survival of Representations and Warranties.** All of the representations and warranties contained herein shall survive the Closing Date.

**Section 8. Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Successors and Assigns</u>. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this Agreement, other than assignments by the Purchaser to affiliates thereof (including, without limitation one or more of its members, and any Affiliated Holders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Severability</u>. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, none of which need contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Descriptive Headings; Interpretation</u>. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. The use of the word "including" in this Agreement shall be by way of example rather than by limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Governing Law</u>. This Agreement shall be deemed to be a contract made under the laws of the State of New York and for all purposes shall be construed in accordance with the internal laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Amendments</u>. This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties hereto.

[*Signature Page Follows*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement to be effective as of the date first set forth above.

By: 

Name: 

Title: 

By: 

Name: 

Title: 

[*Signature Page to Private Placement Subscription Agreement*]

## Exhibit 21.1

**Exhibit 21.1** 

**SUBSIDIARIES OF DPC HOLDINGS LIMITED**

1. Certified Alloy Products Inc, United States

2. Deritend International Ltd, England & Wales

3. Doncasters Inc., United States

4. Doncasters Precision Castings – Bochum GmbH, Germany

5. Ross & Catherall Ltd, England & Wales

6. UPM Casting SA de CV, Mexico

## Exhibit 23.1

**Exhibit 23.1**

![](tm269965d7_ex23-1img001.jpg)

**Consent of Independent Registered Public Accounting Firm** 

We consent to the use of our report dated April 14, 2026, except for Note 21, as to which the date is June 15, 2026, with respect to the consolidated financial statements of DPC Holdings Limited, included herein and to the reference to our firm under the heading "Experts" in the prospectus.

<u>/s/ KPMG LLP</u>

KPMG LLP

Birmingham, United Kingdom

June 15, 2026

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DPC Holdings Ltd**  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Ordinary shares, no par value per share | 457(a) | 23708332 | $32.00 | $758666624.00 | 0.0001381 | $104771.86 |
| Fees Previously Paid | 2 | Equity | Ordinary shares, no par value per share | 457(a) | 3125000 | $32.00 | $100000000.00 |  | $13810.00 |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $858666624.00  |  | $118581.86  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  |  | $13810.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $104771.86  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> (a) Maximum Aggregate Offering Price estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(a) under the Securities Act of 1933, as amended. (b) Includes the aggregate offering price of the 3,499,999 additional shares that the underwriters have the option to purchase from the registrant, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup> (a) The Registrant previously paid a registration fee of $13,810.00 in connection with initial filing of the Registration Statement on Form S-1 on May 26, 2026. The fee was estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(o) under the Securities Act of 1933, as amended. This Maximum Aggregate Offering Price was originally registered under 457(o) and is now converted to 457(a). (b) See note 1(b) above.

---

| |
|:---|
| |
| **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims |
| Fee Offset Sources |
| **Rule 457(p)** |
| Fee Offset Claims |
| Fee Offset Sources |

---