# EDGAR Filing Document

**Accession Number:** 0001940674
**File Stem:** 0001493152-25-023264
**Filing Date:** 2025-11
**Character Count:** 220664
**Document Hash:** ac723057a8463918b855469444caa7a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-023264.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001493152-25-023264

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251114

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SMX (Security Matters) Public Ltd Co
- **CENTRAL INDEX KEY:** 0001940674
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT [3590]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** L2
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41639
- **FILM NUMBER:** 251484009

**BUSINESS ADDRESS:**
- **STREET 1:** MESPIL BUSINESS CENTRE, MESPIL HOUSE
- **STREET 2:** SUSSEX ROAD
- **CITY:** DUBLIN 4
- **STATE:** L2
- **ZIP:** D04 T4A6
- **BUSINESS PHONE:** 353 1 920 1000

**MAIL ADDRESS:**
- **STREET 1:** MESPIL BUSINESS CENTRE, MESPIL HOUSE
- **STREET 2:** SUSSEX ROAD
- **CITY:** DUBLIN 4
- **STATE:** L2
- **ZIP:** D04 T4A6

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Empatan Public Ltd Co
- **DATE OF NAME CHANGE:** 20220801

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE**

**SECURITIES EXCHANGE ACT OF 1934**

**For the month of November 2025**

**Commission File Number: 001-41639**

**<u>SMX (SECURITY MATTERS) PUBLIC LIMITED COMPANY</u>**

**(Exact Name of Registrant as Specified in Charter)**

**Mespil Business Centre, Mespil House** 

**Sussex Road, Dublin 4, Ireland**

**Tel: +353-1-920-1000**

(Address of Principal Executive Offices) (Zip Code)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐

Upon the opening of business on November 18, 2025, SMX (Security Matters) Public Limited Company's (the "Company") ordinary shares will begin trading on the Nasdaq Capital Market ("Nasdaq") on a post-reverse stock split basis under the current symbol "SMX". The new CUSIP number of the Company's ordinary shares will be G8267K 307 and the new ISIN code will be IE000UPDVNX9.

On May 2, 2025, the Company's Shareholders approved a proposal to amend the Company's constitution to allow the Company's Board of Director's to consolidate and/or divide all or any of the Company's classes of shares as the Board of Directors sees fit. As such, Shareholder approval was not required to effect the reverse stock split.

The Company's Board of Directors' fixed the split ratio at 8:1, every eight (8) ordinary shares of the Company with a nominal value of $0.00000000000312817946 per share will be automatically combined into one (1) ordinary share with a nominal value of $0.00000000002502543568 per share.

The Reverse Stock Split will reduce the number of outstanding shares of the Company from 8,404,581 to 1,050,572 and will affect all outstanding ordinary shares. Every 8 outstanding ordinary shares will be combined into and automatically become 1 post-Reverse Stock Split ordinary share. No fractional shares will be issued in connection with the reverse stock split. Instead, the Company will aggregate the fractional entitlements of shareholders who otherwise would be entitled to receive fractional shares because they hold a number of ordinary shares not evenly divisible by 8 ordinary shares pursuant to the reverse stock split or they hold less than the number of ordinary shares which should be consolidated into one ordinary share pursuant to the reverse stock split and, to the extent possible, sell such aggregated fractional ordinary shares on the basis of prevailing market prices at such time.

After the Reverse Stock Split, all outstanding Company options, warrants and other applicable convertible securities, including the Company's warrants listed on the Nasdaq Capital Market under the symbol SMXWW which will retain its existing CUSIP number, will be proportionately adjusted in accordance with their respective terms.

In connection with the Reverse Stock Split, the Company amended the Public Limited Company Constitution of SMX (Security Matters) Public Limited Company Memorandum of Association ("Amended Constitution") to reflect the adjustment of the par value. Attached to this report on Form 6-K (this "Report") as Exhibit 1.1 is a copy of such Amended Constitution.

Attached to this Report as Exhibit 99.1 is a copy of the press release dated November 14, 2025 titled "SMX Announces Effective Date of Reverse Stock Split."

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 1.1 | [Public Limited Company Constitution of SMX (Security Matters) Public Limited Company Memorandum of Association](ex1-1.htm) |
| 99.1 | [Press release dated November 14, 2025](ex99-1.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: November 14, 2025

---

| | |
|:---|:---|
| **SMX (SECURITY MATTERS) PUBLIC LIMITED COMPANY** | **SMX (SECURITY MATTERS) PUBLIC LIMITED COMPANY** |
| By: | */s/ Haggai Alon* |
| Name: | Haggai Alon |
| Title: | Chief Executive Officer |

---

## Exhibit 1.1

**Exhibit 1.1**

**Companies Act 2014**

**PUBLIC LIMITED COMPANY**

**CONSTITUTION**

**OF**

**SMX (SECURITY MATTERS) PUBLIC LIMITED COMPANY**

**MEMORANDUM OF ASSOCIATION**

1. The
 name of the Company is **SMX (SECURITY MATTERS) PUBLIC LIMITED COMPANY**.

2. The
 Company is a public limited company, registered under Part 17 of the Companies Act 2014.

3. The
 objects for which the Company is established are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 To
 carry on the business of a holding company and to co-ordinate the administration, finances
 and activities of any subsidiary companies or associated companies, to do all lawful acts
 and things whatever that are necessary or convenient in carrying on the business of such
 a holding company and in particular to carry on in all its branches the business of a management
 services company, to act as managers and to direct or coordinate the management of other
 companies or of the business, property and estates of any company or person and to undertake
 and carry out all such services in connection therewith as may be deemed expedient by the
 Company's board of directors and to exercise its powers as a shareholder of other companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 To
 carry on the businesses of manufacturer, distributor, wholesaler, retailer, service provider,
 investor, designer, trader and any other business (except the issuing of policies of insurance)
 which may seem to the Company's board of directors capable of being conveniently carried
 on in connection with these objects or calculated directly or indirectly to enhance the value
 of or render more profitable any of the Company's property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 To
 carry on all or any of the businesses as aforesaid either as a separate business or as the
 principal business of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 To
 invest and deal with the property of the Company in such manner as may from time to time
 be determined by the Company's board of directors and to dispose of or vary such investments
 and dealings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 To
 borrow or raise money or capital in any manner and on such terms and subject to such conditions
 and for such purposes as the Company's board of directors shall think fit or expedient,
 whether alone or jointly and/or severally with any other person or company, including, without
 prejudice to the generality of the foregoing, whether by the issue of debentures or debenture
 stock (perpetual or otherwise) or otherwise, and to secure, with or without consideration,
 the payment or repayment of any money borrowed, raised or owing or any debt, obligation or
 liability of the Company or of any other person or company whatsoever in such manner and
 on such terms and conditions as the Company's board of directors shall think fit or
 expedient and, in particular by mortgage, charge, lien, pledge or debenture or any other
 security of whatsoever nature or howsoever described, perpetual or otherwise, charged upon
 all or any of the Company's property, both present and future, and to purchase, redeem
 or pay off any such securities or borrowings and also to accept capital contributions from
 any person or company in any manner and on such terms and conditions and for such purposes
 as the Company's board of directors shall think fit or expedient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 To
 lend and advance money or other property or give credit or financial accommodation to any
 company or person in any manner either with or without security and whether with or without
 the payment of interest and upon such terms and conditions as the Company's board of
 directors shall think fit or expedient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 To
 guarantee, indemnify, grant indemnities in respect of, enter into any suretyship or joint
 obligation, or otherwise support or secure, whether by personal covenant, indemnity or undertaking
 or by mortgaging, charging, pledging or granting a lien or other security over all or any
 part of the Company's property (both present and future) or by any one or more of such
 methods or any other method and whether in support of such guarantee or indemnity or suretyship
 or joint obligation or otherwise, on such terms and conditions as the Company's board
 of directors shall think fit, the payment of any debts or the performance or discharge of
 any contract, obligation or liability of any person or company (including, without prejudice
 to the generality of the foregoing, the payment of any capital, principal, dividends or interest
 on any stocks, shares, debentures, debenture stock, notes, bonds or other securities of any
 person, authority or company) including, without prejudice to the generality of the foregoing,
 any company which is for the time being the Company's holding company or another subsidiary
 (as defined by the Act) of the Company's holding company or a subsidiary of the Company
 or otherwise associated with the Company (including any arrangements of the Company or any
 of its subsidiaries), in each case notwithstanding the fact that the Company may not receive
 any consideration, advantage or benefit, direct or indirect, from entering into any such
 guarantee or indemnity or suretyship or joint obligation or other arrangement or transaction
 contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 To
 grant, convey, assign, transfer, exchange or otherwise alienate or dispose of any property
 of the Company of whatever nature or tenure for such price, consideration, sum or other return
 whether equal to or less than the market value thereof or for shares, debentures or securities
 and whether by way of gift or otherwise as the Company's board of directors shall deem
 fit or expedient and where the property consists of real property to grant any fee farm grant
 or lease or to enter into any agreement for letting or hire of any such property for a rent
 or return equal to or less than the market or rack rent therefor or at no rent and subject
 to or free from covenants and restrictions as the Company's board of directors shall
 deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 To
 purchase, take on, lease, exchange, rent, hire or otherwise acquire any property and to acquire
 and undertake the whole or any part of the business and property of any company or person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 To
 develop and turn to account any land acquired by the Company or in which it is interested
 and in particular by laying out and preparing the same for building purposes, constructing,
 altering, pulling down, decorating, maintaining, fitting out and improving buildings and
 conveniences and by planting, paving, draining, farming, cultivating, letting and by entering
 into building leases or building agreements and by advancing money to and entering into contracts
 and arrangements of all kinds with builders, contractors, architects, surveyors, purchasers,
 vendors, tenants and any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 To
 construct, improve, maintain, develop, work, manage, carry out or control any property which
 may seem calculated directly or indirectly to advance the Company's interest and to
 contribute to, subsidise or otherwise assist or take part in the construction, improvement,
 maintenance, working, management, carrying out or control thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 To
 draw, make, accept, endorse, discount, execute and issue promissory notes, bills of exchange,
 bills of lading, warrants, debentures and other negotiable or transferable instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 To
 engage in currency exchange, interest rate and commodity transactions including, but not
 limited to, dealings in foreign currency, spot and forward rate exchange contracts, futures,
 options, forward rate agreements, swaps, caps, floors, collars and any other foreign exchange,
 interest rate or commodity hedging arrangements and such other instruments as are similar
 to, or derived from, any of the foregoing whether for the purpose of making a profit or avoiding
 a loss or managing a currency, interest rate or commodity exposure or any other exposure
 or for any other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 As
 a pursuit in itself or otherwise and whether for the purpose of making a profit or avoiding
 a loss or managing a currency, interest rate or commodity exposure or any other exposure
 or for any other purpose whatsoever, to engage in any currency exchange transactions, interest
 rate transactions and commodity transactions, derivative and/or treasury transactions and
 any other financial or other transactions, including (without prejudice to the generality
 of the foregoing) securitisation, treasury and/or structured finance transactions, of whatever
 nature in any manner and on any terms and for any purposes whatsoever, including, without
 prejudice to the generality of the foregoing, any transaction entered into in connection
 with or for the purpose of, or capable of being for the purposes of, avoiding, reducing,
 minimising, hedging against or otherwise managing the risk of any loss, cost, expense, or
 liability arising, or which may arise, directly or indirectly, from a change or changes in
 any interest rate or currency exchange rate or in the price or value of any property, asset,
 commodity, index or liability or from any other risk or factor affecting the Company's
 business, including but not limited to dealings whether involving purchases, sales or otherwise
 in foreign currency, spot and/or forward rate exchange contracts, futures, options, forward
 rate agreements, swaps, caps, floors, collars and/or any such other currency or interest
 rate or commodity or other hedging, treasury or structured finance arrangements and such
 other instruments as are similar to, or derived from any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 To
 apply for, establish, create, purchase or otherwise acquire, sell or otherwise dispose of
 and hold any patents, trademarks, copyrights, brevets d'invention, registered designs,
 licences, concessions and the like conferring any exclusive or non-exclusive or limited rights
 to use or any secret or other information and any invention and to use, exercise, develop
 or grant licences in respect of or otherwise turn to account or exploit the property, rights
 or information so held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 To
 enter into any arrangements with any governments or authorities, national, local or otherwise
 and to obtain from any such government or authority any rights, privileges and concessions
 and to carry out, exercise and comply with any such arrangements, rights, privileges and
 concessions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 To
 establish, form, register, incorporate or promote any company or companies or person, whether
 inside or outside of Ireland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 To
 procure that the Company be registered or recognised whether as a branch or otherwise in
 any country or place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 To
 enter into partnership or into any arrangement for sharing profits, union of interests, co-operation,
 joint venture, reciprocal concession or otherwise with any person or company carrying on
 or engaged in or about to carry on or engage in any business or transaction and to engage
 in any transaction in connection with the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 To
 acquire or amalgamate with any other company or person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 To
 acquire and undertake the whole or any part of the business, good-will and assets of any
 person, firm or company carrying on or proposing to carry on any of the businesses which
 this Company is authorised to carry on, and as part of the consideration for such acquisition
 to undertake all or any of the liabilities of such person, firm or company, or to acquire
 an interest in, amalgamate with, or enter into any arrangement for sharing profits, or for
 co-operation, or for mutual assistance with any such person, firm or company and to give
 or accept by way of consideration for any of the acts or things aforesaid or property acquired,
 any shares, debentures, debenture stock or securities that may be agreed upon, and to hold
 and retain or sell, mortgage or deal with any shares, debentures, debenture stock or securities
 so received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 To
 promote freedom of contract, and to resist, insure against, counteract and discourage interference
 therewith, to join any lawful federation, union or association, or do any other lawful act
 or thing with a view to preventing or resisting directly or indirectly any interruption of
 or interference with the Company's or any other trade or business or providing or safeguarding
 against the same, or resisting or opposing any strike, movement or organisation which may
 be thought detrimental to the interests of the Company or its employees and to subscribe
 to any association or fund for any such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23 To
 make gifts to any person or company including, without prejudice to the generality of the
 foregoing, capital contributions and to grant bonuses to the directors or any other persons
 or companies who are or have been in the employment of the Company including substitute directors
 and any other officer or employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24 To
 establish and support or aid in the establishment and support of associations, institutions,
 funds, trusts and conveniences calculated to benefit directors, ex-directors, employees or
 ex-employees of the Company or any subsidiary of the Company or the dependants or connections
 of such persons, and to grant pensions and allowances upon such terms and in such manner
 as the Company's board of directors think fit, and to make payments towards insurance
 and to subscribe or guarantee money for charitable or benevolent objects or for any exhibition
 or for any public, general or useful object, or any other object whatsoever which the Company's
 board of directors may think advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 To
 establish and contribute to any scheme for the purchase of shares or subscription for shares
 in the Company, its holding company or any of its or their respective subsidiaries, to be
 held for the benefit of the employees or former employees of the Company or any subsidiary
 of the Company including any person who is or was a director holding a salaried employment
 or office in the Company or any subsidiary of the Company and to lend or otherwise provide
 money to the trustees of such schemes or the employees or former employees of the Company
 or any subsidiary of the Company to enable them to purchase shares of the Company, its holding
 company or any of its or their respective subsidiaries and to formulate and carry into effect
 any scheme for sharing the profits of the Company, its holding company or any of its or their
 respective subsidiaries with its employees and/or the employees of any of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26 To
 remunerate any person or company for services rendered or to be rendered in placing or assisting
 to place or guaranteeing the placing of any of the shares of the Company's capital
 or any debentures, debenture stock or other securities of the Company or in or about the
 formation or promotion of the Company or the conduct of its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27 To
 obtain any Act of the Oireachtas or provisional order for enabling the Company to carry any
 of its objects into effect or for effecting any modification of the Company's constitution
 or for any other purpose which may seem expedient and to oppose any proceedings or applications
 which may seem calculated directly or indirectly to prejudice the Company's interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28 To
 adopt such means of making known the products of the Company as may seem expedient and in
 particular by advertising in the press, by circulars, by purchase and exhibition of works
 of art or interest, by publication of books and periodicals and by granting prizes, rewards
 and donations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29 To
 undertake and execute the office of trustee and nominee for the purpose of holding and dealing
 with any property of any kind for or on behalf of any person or company; to act as trustee,
 nominee, agent, executor, administrator, registrar, secretary, committee or attorney generally
 for any purpose and either solely or with others for any person or company; to vest any property
 in any person or company with or without any declared trust in favour of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30 To
 pay all costs, charges, fees and expenses incurred or sustained in or about the promotion,
 establishment, formation and registration of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 To
 do all or any of the above things in any part of the world, and as principals, agents, contractors,
 trustees or otherwise and by or through trustees, agents or otherwise and either alone or
 in conjunction with any person or company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 To
 distribute the property of the Company in specie among the members or, if there is only one,
 to the sole member of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33 To
 do all such other things as the Company's board of directors may think incidental or
 conducive to the attainment of the above objects or any of them.

**NOTE**: it is hereby declared that in this memorandum of association:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 word "company", except where used in reference to this Company, shall be deemed
 to include a body corporate, whether a company (wherever formed, registered or incorporated),
 a corporation aggregate, a corporation sole and a national or local government or other legal
 entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 word "person", shall be deemed to include any individual, firm, body corporate,
 association or partnership, government or state or agency of a state, local authority or
 government body or any joint venture association or partnership (whether or not having a
 separate legal personality) and that person's personal representatives, successors
 or permitted assigns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 word "property", shall be deemed to include, where the context permits, real
 property, personal property including choses or things in action and all other intangible
 property and money and all estates, rights, titles and interests therein and includes the
 Company's uncalled capital and future calls and all and every other undertaking and
 asset; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 word or expression used in this memorandum of association which is not otherwise defined
 and which is also used in the Companies Act 2014 shall have the same meaning here, as it
 has in the Companies Act 2014; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 phrase introduced by the terms "including", "include" and "in
 particular" or any similar expression shall be construed as illustrative and shall
 not limit the sense of the words preceding those terms, whether or not followed by the phrases
 "but not limited to", "without prejudice to the generality of the foregoing"
 or any similar expression; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) words
 denoting the singular number only shall include the plural number and vice versa and references
 to one gender includes all genders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) it
 is intended that the objects specified in each paragraph in this clause shall, except where
 otherwise expressed in such paragraph, be separate and distinct objects of the Company and
 shall not be in any way limited or restricted by reference to or inference from the terms
 of any other paragraph or the order in which the paragraphs of this clause occur or the name
 of the Company.

4. The
 liability of the members is limited.

5. The
 authorised share capital of the Company is US$100,000,000,000 divided into 3,991,938,493,196,295,081,250
 Ordinary Shares with a nominal value of US$0.00000000002502543568 each and 200,000,000,000
 Preferred Shares with a nominal value of US$0.0001 each and 7,999,999,999,999,982,413,677
 New Deferred Ordinary Shares with a nominal value of US$0.00000000000001 each and €25,000
 divided into 25,000 Deferred Ordinary Shares with a nominal value of €1.00 each.

6. The
 shares forming the capital, may be increased or reduced and be divided into such classes
 and issued with any special rights, privileges and conditions or with such qualifications
 as regards preference, dividend, capital, voting or other special incidents, and be held
 upon such terms as may be attached thereto or as may from time to time be provided by the
 original or any substituted or amended articles of association and regulations of the Company
 for the time being, but so that where shares are issued with any preferential or special
 rights attached thereto such rights shall not be alterable otherwise than pursuant to the
 provisions of the Company's articles of association for the time being.

**SMX (SECURITY MATTERS) PUBLIC LIMITED COMPANY**

**ARTICLES OF ASSOCIATION**

**INTERPRETATION AND GENERAL**

1. Section
 83, 84 and 117(9) of the Act shall apply to the Company but, subject to that, the provisions
 set out in these Articles shall constitute the whole of the regulations applicable to the
 Company and no other "optional provisions" as defined by section 1007(2) of the
 Act shall apply to the Company.

2. In
 these Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 "**Act** "
 means the Companies Act 2014 and every statutory modification and re-enactment thereof for
 the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 "**Acting in Concert**" has the meaning given to it in Rule 2.1(a) and Rule 3.3 of Part A of
 the Takeover Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 "**Adoption Date**" means the effective date of adoption of these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 "**Adjourned Meeting**" has the meaning given in Article 117.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 "**Agent** "
 has the meaning given in Article 11.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 "**Approved Nominee**" means a person appointed under contractual arrangements with the Company
 to hold shares or rights or interests in shares of the Company on a nominee basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 "**Article** "
 means an Article of these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 "**Articles** "
 means these articles of association as from time to time and for the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 "**Auditors** "
 means the auditors for the time being of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 "**Board** "
 means the board of Directors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 "**Chairperson** "
 means the person occupying the position of Chairperson of the Board from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 "**Chief Executive Officer**" shall include any equivalent office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 "**Clear Days**" means, in relation to a period of notice, that period excluding the day when
 the notice is given or deemed to be given and excluding the day for which notice is being
 given or on which an action or event for which notice is being given is to occur or take
 effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 "**committee** "
 has the meaning given in Article 189;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 "**Company** "
 means the company whose name appears in the heading to these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 "**Company Secretary**" means the person or persons appointed as company secretary or joint
 company secretary of the Company from time to time and shall include any assistant or deputy
 secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 "**Concert Party**" means, in relation to any person, a party who is deemed or presumed to be
 Acting in Concert with that person for the purposes of the Takeover Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 "**contested election**" has the meaning given in Article 161;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 "**Deferred Shares**" means the Deferred Ordinary Shares with a nominal value of €1.00 each
 in the capital of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 "**Directors** "
 means the directors for the time being of the Company or any of them acting as the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 "**Director's Certified Email Address**" has the meaning given in Article 192.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 "**disponee** "
 has the meaning given in Article 47.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 "**elected by a plurality**" has the meaning given in Article 161;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 "**electronic communication**" has the meaning given to that word in the Electronic Commerce Act
 2000 and in addition includes in the case of notices or documents issued on behalf of the
 Company, such documents being made available or displayed on a website of the Company (or
 a website designated by the Board);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 "**Exchange** "
 means any securities exchange or other system on which the shares of the Company may be listed
 or otherwise authorised for trading from time to time in circumstances where the Company
 has approved such listing or trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 "**Exchange Act**" means the Securities Exchange Act of 1934 of the United States, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 "**Group** "
 means the Company and its subsidiaries from time to time and for the time being;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 "**Independent Directors**" has the meaning given in Article 241.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 "**Institutional Investor**" has the meaning given in Article 241.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 "**Interest in a Security**" has the meaning given to such term in section 1 of the Irish Takeover
 Panel Act 1997;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 "**Interested Person**" has the meaning given in Article 241.6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 "**member** "
 means, in relation to any share, the member whose name is entered in the Register as the
 holder of the share or, where the context permits, the members whose names are entered in
 the Register as the joint holders of shares and shall include a member's personal representatives
 in consequence of his or her death or bankruptcy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 "**Memorandum** "
 means the memorandum of association of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 "**New Deferred Ordinary Shares**" means the New Deferred Ordinary Shares with a nominal
 value of US$0.0000001 each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 "**Office** "
 means the registered office for the time being of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 "**Ordinary Shares**" means the Ordinary Shares with a nominal value of US$0.00000000002502543568
 each in the capital of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 "**Preferred Shares**" means the Preferred Shares with a nominal value of US$0.0001 each in the
 capital of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38 "**Proceedings**" has the
 meaning given in Article 256;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39 "**Redeemable Shares**" means redeemable shares as defined by section 64 of the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 "**Re-designation Event**" means;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 transfer of Restricted Voting Ordinary Shares from a Restricted Shareholder to a shareholder
 or other person who is not a Restricted Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 event whereby a Restricted Shareholder ceases to be restricted from holding an Interest in
 Securities, by virtue of Rule 9 of the Takeover Rules, except in these circumstances the
 number of Restricted Voting Ordinary Shares which shall be re-designated as Ordinary Shares
 shall be the maximum number of Ordinary Shares that can be re-designated without the former
 Restricted Shareholder becoming a Restricted Shareholder on the Re-designation Event; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 Restricted Shareholder of the Company undertaking a Takeover Rules Event and the Takeover
 Panel consenting to some or all of the Restricted Voting Ordinary Shares being re-designated,
 in which case only those Restricted Voting Ordinary Shares the re-designation of which has
 been consented to by the Takeover Panel shall be re-designated as Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 "**Register** "
 means the register of members of the Company to be kept as required by the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 "**Restricted Shareholder**" means a member of the Company or other person who is restricted from
 holding an Interest in Securities without a Takeover Rules Event occurring by virtue of Rule
 9 of the Takeover Rules or a member or person who would be so restricted but for the limitations
 on voting rights set out under Article 6, provided that where two or more persons are deemed
 or presumed (and such presumption has not been rebutted) to be Acting in Concert for the
 purpose of Rule 9 of the Takeover Rules, only the person who acquired the Interest in Securities
 which, but for the application of Article 7, would trigger the Takeover Rules Event shall
 be deemed to be a Restricted Shareholder in respect only of such number of the person's
 Interest in Securities which, but for the application of Article 7, would trigger the Takeover
 Rules Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 "**Restricted Voting Ordinary Shares**" means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 Interest in Securities acquired by a Restricted Shareholder where the Restricted Shareholder
 has not elected for a Takeover Rules Event to occur; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Ordinary
 Shares the subject of a notification by a Shareholder by at least 10 Business Days'
 notice in writing to the Company that such Shareholder wishes for such Ordinary Shares to
 be designated as Restricted Voting Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44 "**Rights** "
 has the meaning given in Article 245;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 "**Rights Plan**" has the meaning given in Article 244;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 "**SEC** "
 means the U.S. Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47 "**Shareholder** "
 means a holder of shares in the capital of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 "**Takeover Panel**" means the Irish Takeover Panel established under the Irish Takeover Panel
 Act 1997;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49 "**Takeover Rules**" means the Takeover Panel Act 1997 Takeover Rules 2013; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 "**Takeover Rules Event**" means either of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 Restricted Shareholder and/or its Concert Parties (if any) extending an offer to the holders
 of each class of shares of the Company in accordance with Rule 9 of the Takeover Rules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Company obtaining approval of the Takeover Panel for a waiver of Rule 9 of the Takeover Rules
 in respect of a Restricted Shareholder or any of its Concert Parties (as applicable).

**NOTE**: it is hereby declared that in these Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 word "company", except where used in reference to this Company, shall be deemed
 to include a body corporate, whether a company (wherever formed, registered or incorporated),
 a corporation aggregate, a corporation sole and a national or local government or other legal
 entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 word "person", shall be deemed to include any individual, firm, body corporate,
 association or partnership, government or state or agency of a state, local authority or
 government body or any joint venture association or partnership (whether or not having a
 separate legal personality) and that person's personal representatives, successors
 or permitted assigns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the
 word "property", shall be deemed to include, where the context permits, real
 property, personal property including choses or things in action and all other intangible
 property and money and all estates, rights, titles and interests therein and includes the
 Company's uncalled capital and future calls and all and every other undertaking and
 asset; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a
 word or expression used in the Articles which is not otherwise defined and which is also
 used in the Act shall have the same meaning here, as it has in the Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any
 phrase introduced by the terms "including", "include" and "in
 particular" or any similar expression shall be construed as illustrative and shall
 not limit the sense of the words preceding those terms, whether or not followed by the phrases
 "but not limited to", "without prejudice to the generality of the foregoing"
 or any similar expression; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) words
 denoting the singular number only shall include the plural number and vice versa and references
 to one gender includes all genders.

**AUTHORISED SHARE CAPITAL**

7. The
 authorised share capital of the Company is US$100,000,000,000 divided into 3,991,938,493,196,295,081,250
 Ordinary Shares with a nominal value of US$0.00000000002502543568 each and 200,000,000,000
 Preferred Shares with a nominal value of US$0.0001 each and 7,999,999,999,999,982,413,677
 New Deferred Ordinary Shares with a nominal value of US$0.00000000000001 each and €25,000
 divided into 25,000 Deferred Ordinary Shares with a nominal value of €1.00 each.

**RIGHTS ATTACHING TO THE ORDINARY SHARES**

3. The
 Ordinary Shares shall rank *pari passu* in all respects and shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 subject
 to the right of the Company to set record dates for the purposes of determining the identity
 of members entitled to notice of and/or to vote at a general meeting and the authority of
 the Board and chairperson of the meeting to maintain order and security, include the right
 to attend any general meeting of the Company and to exercise one vote per Ordinary Share
 held at any general meeting of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 include
 the right to participate pro rata in all dividends declared by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 include
 the right, in the event of the Company's winding up, to participate pro rata in the
 total assets of the Company.

4. The
 rights attaching to the Ordinary Shares may be subject to the terms of issue of any series
 or class of Preferred Shares allotted by the Directors from time to time in accordance with
 Article 8.

**RESTRICTED VOTING ORDINARY SHARES**

5. If
 a Restricted Shareholder acquires an Interest in Securities, unless the Restricted Shareholder
 elects to acquire such Interest in Securities with a Takeover Rules Event occurring, any
 share certificates to be issued in respect of the Ordinary Shares shall bear a legend making
 reference to the shares as Restricted Voting Ordinary Shares. A Shareholder may also, by
 at least 10 Clear Days' notice in writing to the Company or such shorter time as the
 Company may elect, request that the Company redesignate some or all of its Ordinary Shares
 as Restricted Voting Ordinary Shares.

6. The
 following restrictions shall attach to Restricted Voting Ordinary Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 from
 the time of issue until a Re-designation Event occurs, the Restricted Voting Ordinary Shares
 in issue will be designated as Restricted Voting Ordinary Shares and the rights attaching
 to such shares shall be restricted as set out in this Article 6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 the
 Restricted Voting Ordinary Shares shall carry no rights to receive notice of or to attend
 or vote at any general meeting of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 save
 as provided herein, the Restricted Voting Ordinary Shares shall rank *pari passu* at
 all times and in all respects with all other Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 forthwith
 upon a Re-designation Event, each holder of Restricted Voting Ordinary Shares that are to
 be re-designated shall send to the Company the certificates, if any, in respect of the Restricted
 Voting Ordinary Shares held by him or it immediately prior to the Re-designation Event and
 thereupon, but subject to receipt of such certificates, the Company shall issue to such holders
 respectively replacement certificates for the Ordinary Shares without a legend making reference
 to the shares as Restricted Voting Ordinary Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 re-designation
 of the Restricted Voting Ordinary Shares shall be effected by way of a deemed automatic re-designation
 of such shares immediately upon and subject to a Re-designation Event, without the requirement
 of any approval by the Board or any shareholders of the Company.

7. Any
 Restricted Voting Ordinary Shares in issue shall comprise a single class with any other Ordinary
 Shares in issue.

**RIGHTS ATTACHING TO PREFERRED SHARES**

8. The
 Board is empowered to cause the Preferred Shares to be issued from time to time as shares
 of one or more series of Preferred Shares, and in the resolution or resolutions providing
 for the issue of Preferred Shares of each particular series, before issuance, the Board is
 expressly authorised to fix:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 the
 distinctive designation of such series and the number of shares which shall constitute such
 series, which number may be increased (except as otherwise provided by the Board in creating
 such series) or decreased (but not below the number of shares thereof then in issue) from
 time to time by resolution of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 the
 rate of dividends payable on shares of such series, if any, whether or not and upon what
 conditions dividends on shares of such series shall be cumulative and, if cumulative, the
 date or dates from which dividends shall accumulate and the preference or relation which
 such dividends shall bear to the dividends payable on any other class or classes or on any
 other series of share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 the
 procedures for, and the terms, if any, on which shares of such series may be redeemed, including
 without limitation, the redemption price or prices for such series, which may consist of
 a redemption price or scale of redemption prices applicable only to redemption in connection
 with a sinking fund (which term as used herein shall include any fund or requirement for
 the periodic purchase or redemption of shares), and the same or a different redemption price
 or scale of redemption prices applicable to any other redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 the
 terms and amount of any sinking fund provided for the purchase or redemption of shares of
 such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 the
 amount or amounts which shall be paid to the holders of shares of such series in case of
 liquidation, dissolution or winding up of the Company, whether voluntary or involuntary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 the
 terms, if any, upon which the holders of shares of such series may convert shares thereof
 into shares of any other class or classes or of any one or more series of the same class
 or of another class or classes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 the
 voting rights, full or limited, if any, of the shares of such series; and whether or not
 and under what conditions the shares of such series (alone or together with the shares of
 one or more other series having similar provisions) shall be entitled to vote separately
 as a single class, for the election of one or more additional Directors in case of dividend
 arrears or other specified events, or upon other matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 whether
 or not the holders of shares of such series, as such, shall have any pre-emptive or preferential
 rights to subscribe for or purchase shares of any class or series of shares of the Company,
 now or hereafter authorised, or any securities convertible into, or warrants or other evidences
 of optional rights to purchase or subscribe for, shares of any class or series of the Company,
 now or hereafter authorised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 the
 limitations and restrictions, if any, to be effective while any shares of such series are
 outstanding upon the payment of dividends, or the making of other distributions on, and upon
 the purchase, redemption or other acquisition by the Company of, any other class or classes
 of shares ranking junior to the shares of such series either as to dividends or upon liquidation,
 dissolution or winding up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 the
 conditions or restrictions, if any, upon the creation of indebtedness of the Company or upon
 the issuance of any additional shares (including additional shares of such series or of any
 other class) ranking on a parity with or prior to the shares of such series as to dividends
 or distribution of assets upon liquidation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 such
 other rights, preferences and limitations as may be permitted to be fixed by the Board of
 the Company under the laws of Ireland as in effect at the time of the creation of such series.

9. The
 Board is authorised to change the designations, rights, preferences and limitations of any
 series of Preferred Shares theretofore established, no shares of which have been issued.

10. The
 rights conferred upon the member of any pre-existing shares in the share capital of the Company
 shall be deemed not to be varied by the creation, issue and allotment of any series of Preferred
 Shares in accordance with these Articles.

**RIGHTS ATTACHING TO DEFERRED SHARES**

11. The
 Deferred Shares shall have the rights and privileges and be subject to the restrictions set
 out in this Article 11:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 the
 Deferred Shares are non-voting shares and do not convey upon the holder the right to be paid
 a dividend or to receive notice of or to attend, vote or speak at a general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 the
 Deferred Shares confer the right on a return of capital, on a winding-up or otherwise, only
 to the repayment of the nominal value paid up on the Deferred Shares after repayment of the
 nominal value of the Ordinary Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 any
 Director (the "**Agent**") is appointed the attorney of the holder of a Deferred
 Share, with an irrevocable instruction to the Agent to execute all or any forms of transfer
 and/or renunciation and/or surrender and/or other documents in the Agent's discretion
 in relation to the Deferred Shares in favour of the Company or as it may direct and to deliver
 such forms of transfer and/or renunciation and/or surrender and/or other documents together
 with any certificate(s) and/or other documents for registration and to do all such other
 acts and things as may in the reasonable opinion of the Agent be necessary or expedient for
 the purpose of, or in connection with, the surrender of the Deferred Shares, the purchase
 by the Company of the Deferred Shares for nil consideration or such other consideration as
 the Board may determine and to vest the said Deferred Shares in the Company.

12. Without
 prejudice to any special rights conferred on the members of any existing shares or class
 of shares and subject to the provisions of the Act, any share may be issued with such rights
 or restrictions as the Company may by ordinary resolution determine.

**RIGHTS ATTACHING TO NEW DEFERRED SHARES**

13. The
 New Deferred Shares shall have the rights and privileges and be subject to the restrictions
 set out in this Article 13:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 the
 New Deferred Shares are non-voting shares and do not convey upon the holder the right to
 be paid a dividend or to receive notice of or to attend, vote or speak at a general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 the
 New Deferred Shares confer the right on a return of capital, on a winding-up or otherwise,
 only to the repayment of $0.0000001 paid up on each New Deferred Share after an amount of
 $1,000,000,000 has been paid in respect of each Ordinary Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 any
 Director (the "**Agent**") is appointed the attorney of the holder of a New
 Deferred Share, with an irrevocable instruction to the Agent to execute all or any forms
 of transfer and/or renunciation and/or surrender and/or other documents in the Agent's
 discretion in relation to the New Deferred Shares in favour of the Company or as it may direct
 and to deliver such forms of transfer and/or renunciation and/or surrender and/or other documents
 together with any certificate(s) and/or other documents for registration and to do all such
 other acts and things as may in the reasonable opinion of the Agent be necessary or expedient
 for the purpose of, or in connection with, the surrender of the New Deferred Shares, the
 purchase by the Company of the New Deferred Shares for nil consideration or such other consideration
 as the Board may determine and to vest the said New Deferred Shares in the Company.

14. Without
 prejudice to any special rights conferred on the members of any existing shares or class
 of shares and subject to the provisions of the Act, any share may be issued with such rights
 or restrictions as the Company may by ordinary resolution determine.

**ALLOTMENT AND ACQUISITION OF SHARES**

15. The
 following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 Subject
 to the provisions of these Articles relating to new shares, the shares shall be at the disposal
 of the Directors, and they may (subject to the provisions of the Act) allot, grant options
 over or otherwise dispose of them to such persons, on such terms and conditions and at such
 times as they may consider to be in the best interests of the Company and its members, but
 so that no share shall be issued at a discount and so that, in the case of shares offered
 to the public for subscription, the amount payable on application on each share shall not
 be less than one-quarter of the nominal amount of the share and the whole of any premium
 thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 Without
 prejudice to the generality of the powers conferred on the Directors by other paragraphs
 of these Articles, and subject to any requirement to obtain the approval of the members under
 any laws, regulations or the rules of any Exchange, the Directors may grant from time to
 time options to subscribe for the unallotted shares in the capital of the Company to Directors
 and other persons in the service or employment of the Company or any subsidiary or associate
 company of the Company on such terms and subject to such conditions as may be approved from
 time to time by the Directors or by any committee thereof appointed by the Directors for
 the purpose of such approval and on the terms and conditions required to obtain the approval
 of any statutory authority in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 Subject
 to the provisions of these Articles including but not limited to Article 5, the Directors
 are hereby generally and unconditionally authorised to exercise all the powers of the Company
 to allot relevant securities within the meaning of section 1021 of the Act. The maximum amount
 of relevant securities which may be allotted under the authority hereby conferred shall be
 the amount of the authorised but unissued share capital of the Company at the Adoption Date.
 The authority hereby conferred shall expire on the date which is five (5) years after the
 Adoption Date unless and to the extent that such authority is renewed, revoked or extended
 prior to such date. The Company may before such expiry make an offer or agreement which would
 or might require relevant securities to be allotted after such expiry and the Directors may
 allot relevant securities in pursuance of such offer or agreement, notwithstanding that the
 authority hereby conferred has expired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 The
 Directors are hereby empowered pursuant to section 1022 and 1023 of the Act to allot equity
 securities (within the meaning of the said section 1023) for cash pursuant to the authority
 conferred by Article 15.3 as if section 1022(1) of the Act did not apply to any such allotment.
 The authority conferred by this Article 15.4 shall expire on the date which is five (5) years
 after the Adoption Date, unless previously renewed, varied or revoked; provided that the
 Company may before the expiry of such authority make an offer or agreement which would or
 might require equity securities to be allotted after such expiry and the Directors may allot
 equity securities in pursuance of such an offer or agreement as if the power conferred by
 this Article 15.4 had not expired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 The
 Company may issue permissible letters of allotment (as defined by section 1019 of the Act)
 to the extent permitted by the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 Unless
 otherwise determined by the Directors or the rights attaching to or by the terms of issue
 of any particular shares, or to the extent required by the Act, any Exchange, depository
 or any operator of any clearance or settlement system, no person whose name is entered as
 a member in the Register shall be entitled to receive a share certificate for any shares
 of any class held by him or her in the capital of the Company (nor on transferring part of
 a holding, to a certificate for the balance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7 Any
 share certificate, if issued, shall specify the number of shares in respect of which it is
 issued and the amount paid thereon or the fact that they are fully paid, as the case may
 be, and may otherwise be in such form as shall be determined by the Directors. Such certificates
 may be under seal. All certificates for shares in the capital of the Company shall be consecutively
 numbered or otherwise identified and shall specify the shares in the capital of the Company
 to which they relate. The name and address of the person to whom the shares represented thereby
 are issued, with the number of shares and date of issue, shall be entered in the Register.
 All certificates surrendered to the Company for transfer shall be cancelled and no new certificate
 shall be issued until the former certificate for a like number of shares in the capital of
 the Company shall have been surrendered and cancelled. The Directors may authorise certificates
 to be issued with the seal and authorised signature(s) affixed by some method or system of
 mechanical process. In respect of a share or shares in the capital of the Company held jointly
 by several persons, the Company shall not be bound to issue a certificate or certificates
 to each such person, and the issue and delivery of a certificate or certificates to one of
 several joint holders shall be sufficient delivery to all such holders. If a share certificate
 is defaced, worn out, lost or destroyed, it may be renewed on such terms (if any) as to evidence
 and indemnity and on the payment of such expenses reasonably incurred by the Company in investigating
 such evidence, as the Directors may prescribe, and, in the case of defacement or wearing
 out, upon delivery of the old certificate.

16. The
 Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 may
 give financial assistance for the purpose of an acquisition of its shares or, where the Company
 is a subsidiary, its holding company where permitted by section 82 and 1043 of the Act, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 is
 authorised, for the purposes of section 105(4)(a) of the Act, but subject to section 1073
 of the Act, to acquire its own shares.

17. The
 Directors (and any committee established under Article 188 and so authorised by the Directors
 and any person so authorised by the Directors or such committee) may without prejudice to
 Article 170:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 allot,
 issue, grant options over and otherwise dispose of shares in the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 exercise
 the Company's powers under Article 15, on such terms and subject to such conditions as they think fit, subject only to the provisions of the Act and these Articles.

18. Unless
 the Board determines otherwise, any share in the capital of the Company shall be deemed to
 be a Redeemable Share on, and from the time of, the existence or creation of an agreement,
 transaction or trade between the Company and any person (who may or may not be a member)
 pursuant to which the Company acquires or will acquire a share in the capital of the Company,
 or an interest in shares in the capital of the Company, from the relevant person, save for
 an acquisition for nil consideration pursuant to section 102(1)(a) of the Act. In these circumstances,
 the acquisition of such shares by the Company, save where acquired for nil consideration
 in accordance with the Act, shall constitute the redemption of a Redeemable Share in accordance
 with Chapter 6 of Part 3 of the Act. No resolution, whether special or otherwise, shall be
 required to be passed to deem any share in the capital of the Company a Redeemable Share.

**VARIATION OF CLASS RIGHTS**

19. Without
 prejudice to the authority conferred on the Directors pursuant to Article 88 to issue Preferred
 Shares in the capital of the Company, where the shares in the Company are divided into different
 classes, the rights attaching to a class of shares may only be varied or abrogated if (a)
 the holders of 75% in nominal value of the issued shares of that class consent in writing
 to the variation, or (b) a special resolution, passed at a separate general meeting of the
 holders of that class, sanctions the variation. The quorum at any such separate general meeting,
 other than an Adjourned Meeting, shall be two persons holding or representing by proxy at
 least one-third in nominal value of the issued shares of the class in question and the quorum
 at an Adjourned Meeting shall be one person holding or representing by proxy shares of the
 class in question or that person's proxy. The rights conferred upon the holders of
 any class of shares issued with preferred or other rights shall not, unless otherwise expressly
 provided by the terms of issue of the shares of that class, be deemed to be varied by a purchase
 or redemption by the Company of its own shares or by the creation or issue of further shares
 ranking *pari passu* therewith or subordinate thereto.

20. The
 redemption or purchase of Preferred Shares or any class or series of Preferred Shares shall
 not constitute a variation of rights of the holders of Preferred Shares.

21. The
 issue, redemption or purchase of any of the Preferred Shares shall not constitute a variation
 of the rights of the holders of Ordinary Shares.

22. The
 issue of Preferred Shares or any class or series of Preferred Shares which rank *pari passu* with, or junior to, any existing Preferred Shares or class of Preferred Shares shall not
 constitute a variation of the existing Preferred Shares or class of Preferred Shares.

23. The
 rights conferred upon the holders of the shares of any class issued with preferred or other
 rights shall not, unless otherwise expressly provided by the terms of issue of the shares
 of that class, be deemed to be varied by the creation or issue of further shares ranking *pari passu* therewith.

**TRUSTS NOT RECOGNISED**

24. Except
 as required by law, no person shall be recognised by the Company as holding any share upon
 any trust, and the Company shall not be bound by or be compelled in any way to recognise
 (even when having notice thereof) any equitable, contingent, future or partial interest in
 any share or any interest in any fractional part of a share or (except only as by these Articles
 or by law otherwise provided) any other rights in respect of any share except an absolute
 right to the entirety thereof in the member. This shall not preclude (i) the Company from
 requiring the members or a transferee of shares to furnish the Company with information as
 to the beneficial ownership of any share when such information is reasonably required by
 the Company, or (ii) the Directors, where they consider it appropriate, providing the information
 given to the members of shares to the holders of depositary instruments in such shares.

**CALLS ON SHARES**

25. The
 Directors may from time to time make calls upon the members in respect of any consideration
 unpaid on their shares in the Company (whether on account of the nominal value of the shares
 or by way of premium), provided that in the case where the conditions of allotment or issuance
 of shares provide for the payment of consideration in respect of such shares at fixed times,
 the Directors shall only make calls in accordance with such conditions.

26. Each
 member shall (subject to receiving at least thirty days' notice specifying the time
 or times and place of payment, or such lesser or greater period of notice provided in the
 conditions of allotment or issuance of the shares) pay to the Company, at the time or times
 and place so specified, the amount called on the shares.

27. A
 call may be revoked or postponed, as the Directors may determine.

28. Subject
 to the conditions of allotment or issuance of the shares, a call shall be deemed to have
 been made at the time when the resolution of the Directors authorising the call was passed
 and may be required to be paid by instalments if specified in the call.

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

30. If
 the consideration called in respect of a share or in respect of a particular instalment is
 not paid in full before or on the day appointed for payment of it, the person from whom the
 sum is due shall pay interest in cash on the unpaid value from the day appointed for payment
 of it to the time of actual payment of such rate, not exceeding five per cent per annum or
 such other rate as may be specified by an order under section 2(7) of the Act, as the Directors
 may determine, but the Directors may waive payment of such interest wholly or in part.

31. Any
 consideration which, by the terms of issue of a share, becomes payable on allotment or issuance
 or at any fixed date (whether on account of the nominal value of the share or by way of premium)
 shall, for the purposes of these Articles, be deemed to be a call duly made and payable on
 the date on which, by the terms of issue, that consideration becomes payable, and in the
 case of non-payment of such a consideration, all the relevant provisions of these Articles
 as to payment of interest and expenses, forfeiture or otherwise, shall apply as if such consideration
 had become payable by virtue of a call duly made and notified.

32. The
 Directors may, on the issue of shares, differentiate between the holders of different classes
 as to the amount of calls to be paid and the times of payment.

33. The
 Directors may, if they think fit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1 receive
 from any member willing to advance such consideration, all or any part of the consideration
 uncalled and unpaid upon any shares held by him or her; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.2 pay,
 upon all or any of the consideration so advanced (until the amount concerned would, but for
 such advance, become payable) interest at such rate (not exceeding, unless the Company in
 a general meeting otherwise directs, five per cent per annum or such other rate as may be
 specified by an order under section 2(7) of the Act) as may be agreed upon between the Directors
 and the member paying such consideration in advance.

34. The
 Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.1 acting
 by its Directors, make arrangements on the issue of shares for a difference between the members
 in the amounts and times of payment of calls on their shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.2 acting
 by its Directors, accept from any member the whole or a part of the amount remaining unpaid
 on any shares held by him or her, although no part of that amount has been called up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.3 acting
 by its Directors and subject to the Act, pay a dividend in proportion to the amount paid
 up on each share where a larger amount is paid up on some shares than on others; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.4 by
 special resolution determine that any portion of its share capital which has not been already
 called up shall not be capable of being called up except in the event and for the purposes
 of the Company being wound up; upon the Company doing so, that portion of its share capital
 shall not be capable of being called up except in that event and for those purposes.

**LIEN**

35. The
 Company shall have a first and paramount lien on every share (not being a fully paid share)
 for all consideration (whether immediately payable or not) called, or payable at a fixed
 time, in respect of that share.

36. The
 Directors may at any time declare any share in the Company to be wholly or in part exempt
 from Article 35.

37. The
 Company's lien on a share shall extend to all dividends payable on it.

38. The
 Company may sell, in such manner as the Directors think fit, any shares on which the Company
 has a lien, but no sale shall be made unless (i) a sum in respect of which the lien exists
 is immediately payable; and (ii) the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.1 a
 notice in writing, stating and demanding payment of such part of the amount in respect of
 which the lien exists as is immediately payable, has been given to the registered holder
 of the share for the time being, or the person entitled thereto by reason of his or her death
 or bankruptcy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.2 a
 period of 14 days after the date of giving of that notice has expired.

39. The
 following provisions apply in relation to a sale referred to in Article 38:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.1 to
 give effect to any such sale, the Directors may authorise some person to transfer the shares
 sold to the purchaser of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.2 the
 purchaser shall be registered as the holder of the shares comprised in any such transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.3 the
 purchaser shall not be bound to see to the application of the purchase consideration, nor
 shall his or her title to the shares be affected by any irregularity or invalidity in the
 proceedings in reference to the sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.4 the
 proceeds of the sale shall be received by the Company and applied in payment of such part
 of the amount in respect of which the lien exists as is immediately payable, and the residue,
 if any, shall (subject to a like lien for sums not immediately payable as existed upon the
 shares before the sale) be paid to the person entitled to the shares at the date of the sale.

**FORFEITURE**

40. If
 a member of the Company fails to pay any call or instalment of a call on the day appointed
 for payment of it, the Directors may, at any time thereafter during such time as any part
 of the call or instalment remains unpaid, serve a notice on the member requiring payment
 of so much of the call or instalment as is unpaid, together with any interest which may have
 accrued.

41. The
 notice referred to in Article 40 shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.1 specify
 a further day (not earlier than the expiration of 14 days after the date of service of the
 notice) on or before which the payment required by the notice is to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.2 state
 that, if the amount concerned is not paid by the day so specified, the shares in respect
 of which the call was made will be liable to be forfeited.

42. If
 the requirements of the notice referred to in Article 41 are not complied with, any share
 in respect of which the notice has been served may at any time after the day so specified
 (but before, should it occur, the payment required by the notice has been made) be forfeited
 by a resolution of the Directors to that effect.

43. On
 the trial or hearing of any action for the recovery of any money due for any call, it shall
 be sufficient to prove that the name of the member sued is entered in the Register as the
 holder, or one of the holders, of the shares in the capital of the Company in respect of
 which such debt accrued, that the resolution making the call is duly recorded in the minute
 book and that notice of such call was duly given to the member sued, in pursuance of these
 Articles, and it shall not be necessary to prove the appointment of the Directors who made
 such call nor any other matters whatsoever, but the proof of the matters aforesaid shall
 be conclusive evidence of the debt.

44. A
 forfeited share may be sold or otherwise disposed of on such terms and in such manner as
 the Directors think fit, and at any time before a sale or disposition the forfeiture may
 be cancelled on such terms as the Directors think fit.

45. A
 person whose shares have been forfeited shall cease to be a member of the Company in respect
 of the forfeited shares, but shall, notwithstanding, remain liable to pay to the Company
 all consideration which, at the date of forfeiture, were payable by him or her to the Company
 in respect of the shares, but his or her liability shall cease if and when the Company shall
 have received payment in full of all such consideration in respect of the shares.

46. A
 statement in writing that the maker of the statement is a Director or the Company Secretary,
 and that a share in the Company has been duly forfeited on a date stated in the statement,
 shall be conclusive evidence of the facts stated in it as against all persons claiming to
 be entitled to the share.

47. The
 following provisions apply in relation to a sale or other disposition of a share referred
 to in Article 44:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.1 the
 Company may receive the consideration, if any, given for the share on the sale or other disposition
 of it and may execute a transfer of the share in favour of the person to whom the share is
 sold or otherwise disposed of (the "**disponee** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.2 upon
 such execution, the disponee shall be registered as the holder of the share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.3 the
 disponee shall not be bound to see to the application of the purchase consideration, if any,
 nor shall his or her title to the share be affected by any irregularity or invalidity in
 the proceedings in reference to the forfeiture, sale or disposal of the share.

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

49. The
 Directors may accept the surrender of any share in the capital of the Company which the Directors
 have resolved to have been forfeited upon such terms and conditions as may be agreed and,
 subject to any such terms and conditions, a surrendered share in the capital of the Company
 shall be treated as if it has been forfeited.

**VARIATION OF COMPANY CAPITAL; AMENDMENT OF MEMORANDUM OF ASSOCIATION**

50. Subject
 to the provisions of these Articles, the Company may, by ordinary resolution and in accordance
 with section 83 of the Act, do any one or more of the following, from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.1 consolidate
 and divide all or any of its classes of shares into shares of a larger nominal value than
 its existing shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.2 subdivide
 its classes of shares, or any of them, into shares of a smaller nominal value, so however,
 that in the subdivision the proportion between the amount paid and the amount, if any, unpaid
 on each reduced share shall be the same as it was in the case of the share from which the
 reduced share is derived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.3 increase
 the nominal value of any of its shares by the addition to them of any undenominated capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.4 reduce
 the nominal value of any of its shares by the deduction from them of any part of that value,
 subject to the crediting of the amount of the deduction to undenominated capital, other than
 the share premium account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.5 without
 prejudice or limitation to Articles 91 to 96 and the powers conferred on the Directors thereby,
 convert any undenominated capital into shares for allotment as bonus shares to holders of
 existing shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.6 increase
 its share capital by new shares of such amount as it thinks expedient; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.7 cancel
 shares of its share capital which, at the date of the passing of the resolution, have not
 been taken or agreed to be taken by any person, and diminish the amount of its share capital
 by the amount of the shares so cancelled.

51. Subject
 to the provisions of these Articles, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.1 without
 prejudice to Article 19, by special resolution, and subject to the provisions of the Act
 governing the variation of rights attached to classes of shares and the amendment of these
 Articles, convert any of its shares into Redeemable Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.2 by
 special resolution, and subject to the provisions of the Act (or as otherwise required or
 permitted by applicable law) alter or add to the Memorandum with respect to any objects,
 powers or other matters specified therein or alter or add to these Articles.

**CONSOLIDATION AND DIVISION OF THE COMPANY'S CLASSES OF SHARES**

52. The
 Directors may from time to time consolidate and/or divide all or any of the Company's
 classes of shares as they see fit.

**REDUCTION OF COMPANY CAPITAL**

53. The
 Company may, in accordance with the provisions of section 84 to 87 of the Act, reduce its
 company capital in any way it thinks expedient and, without prejudice to the generality of
 the foregoing, may thereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.1 extinguish
 or reduce the liability on any of its shares in respect of share capital not paid up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.2 either
 with or without extinguishing or reducing liability on any of its shares, cancel any paid
 up company capital which is lost or unrepresented by available assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.3 either
 with or without extinguishing or reducing liability on any of its shares, pay off any paid
 up company capital which is in excess of the wants of the Company.

Unless the special resolution provides otherwise, a reserve arising from the reduction of company capital is to be treated for all purposes as a realised profit in accordance with section 117(9) of the Act. Nothing in this Article 53 shall, however, prejudice or limit the Company's ability to perform or engage in any of the actions described in section 83(1) of the Act by way of ordinary resolution only.

**TRANSFER OF SHARES**

54. Subject
 to the Act and to the provisions of these Articles as may be applicable, any member may transfer
 all or any of his shares (of any class) by an instrument of transfer in the usual common
 form or in any other form which the Board may from time to time approve. The instrument of
 transfer may be endorsed on the certificate.

55. The
 instrument of transfer of a share shall be signed by or on behalf of the transferor and,
 if the share is not fully paid, by or on behalf of the transferee. The transferor shall be
 deemed to remain the holder of the share until the name of the transferee is entered in the
 Register in respect of it. All instruments of transfer may be retained by the Company.

56. The
 instrument of transfer of any share may be executed for and on behalf of the transferor by
 the Company Secretary or any other party designated by the Board for such purpose, and the
 Company Secretary or any other party designated by the Board for such purpose shall be deemed
 to have been irrevocably appointed agent for the transferor of such share or shares with
 full power to execute, complete and deliver in the name of and on behalf of the transferor
 of such share or shares all such transfers of shares held by the members in the share capital
 of the Company. Any document which records the name of the transferor, the name of the transferee,
 the class and number of shares agreed to be transferred, the date of the agreement to transfer
 shares and the price per share, shall, once executed by the transferor or the Company Secretary
 or any other party designated by the Board for such purpose as agent for the transferor,
 be deemed to be a proper instrument of transfer for the purposes of the Act. The transferor
 shall be deemed to remain the member holding the share until the name of the transferee is
 entered on the Register in respect thereof, and neither the title of the transferee nor the
 title of the transferor shall be affected by any irregularity or invalidity in the proceedings
 in reference to the sale should the Directors so determine.

57. Subject
 to the Act, the Company, at its absolute discretion, may, or may procure that a subsidiary
 of the Company shall, pay Irish stamp duty arising on a transfer of shares on behalf of the
 transferee of such shares of the Company. If stamp duty resulting from the transfer of shares
 in the Company which would otherwise be payable by the transferee is paid by the Company
 or any subsidiary of the Company on behalf of the transferee, then in those circumstances,
 the Company shall, on its behalf or on behalf of its subsidiary (as the case may be), be
 entitled to (i) reimbursement of the stamp duty from the transferee, (ii) set-off the stamp
 duty against any dividends payable to the transferee of those shares and (iii) to the extent
 permitted by section 1042 of the Act, claim a first and paramount lien on the shares on which
 stamp duty has been paid by the Company or its subsidiary for the amount of stamp duty paid.
 The Company's lien shall extend to all dividends paid on those shares.

58. The
 Directors shall have power to permit any class of shares to be held in uncertificated form
 and to implement any arrangements they think fit for such evidencing and transfer which accord
 with such regulations and in particular shall, where appropriate, be entitled to disapply
 or modify all or part of the provisions in these Articles with respect to the requirement
 for written instruments of transfer and share certificates (if any), in order to give effect
 to such regulations.

59. The
 Board may, in its absolute discretion and without assigning any reason for its decision,
 decline to register any transfer of any share which is not a fully-paid share. The Board
 may also decline to register any transfer if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.1 the
 instrument of transfer is not duly stamped, if required, and lodged at the Office or any
 other place as the Board may from time to time specify for the purpose, accompanied by the
 certificate (if any) for the shares to which it relates and such other evidence as the Board
 may reasonably require to show the right of the transferor to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.2 the
 instrument of transfer is in respect of more than one class of share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.3 the
 instrument of transfer is in favour of more than four persons jointly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.4 it
 is not satisfied that all applicable consents, authorisations, permissions or approvals of
 any governmental body or agency in Ireland or any other applicable jurisdiction required
 to be obtained under relevant law prior to such transfer have been obtained; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.5 it
 is not satisfied that the transfer would not violate the terms of any agreement to which
 the Company (or any of its subsidiaries) and the transferor are party or subject.

60. Subject
 to any directions of the Board from time to time in force, the Company Secretary or any other
 party designated by the Board for such purpose may exercise the powers and discretions of
 the Board under Article 59, Article 83, Article 90 and Article 92.

61. If
 the Board declines to register a transfer it shall, within one month after the date on which
 the instrument of transfer was lodged, send to the transferee notice of such refusal.

62. No
 fee shall be charged by the Company for registering any transfer or for making any entry
 in the Register concerning any other document relating to or affecting the title to any share
 (except that the Company may require payment of a sum sufficient to cover any tax or other
 governmental charge that may be imposed on it in connection with such transfer or entry).

**TRANSMISSION OF SHARES**

63. In
 the case of the death of a member, the survivor or survivors, where the deceased was a joint
 holder, and the personal representatives of the deceased where he or she was a sole holder,
 shall be the only persons recognised by the Company as having any title to his or her interest
 in the shares.

64. Nothing
 in Article 63 shall release the estate of a deceased joint holder from any liability in respect
 of any share which had been jointly held by him or her with other persons.

65. Any
 person becoming entitled to a share in consequence of the death or bankruptcy of a member
 may, upon such evidence being produced as may from time to time properly be required by the
 Directors and subject to Article 66, elect either: (a) to be registered himself or herself
 as holder of the share; or (b) to have some person nominated by him or her (being a person
 who consents to being so registered) registered as the transferee thereof.

66. The
 Directors shall, in either of those cases, have the same right to decline or suspend registration
 as they would have had in the case of a transfer of the share by that member before his or
 her death or bankruptcy, as the case may be.

67. If
 the person becoming entitled as mentioned in Article 65: (a) elects to be registered himself
 or herself, the person shall furnish to the Company a notice in writing signed by him or
 her stating that he or she so elects; or (b) elects to have another person registered, the
 person shall testify his or her election by executing to that other person a transfer of
 the share.

68. All
 the limitations, restrictions and provisions of Articles 63 to 67 shall be applicable to
 a notice or transfer referred to in Article 67 as if the death or bankruptcy of the member
 concerned had not occurred and the notice or transfer were a transfer signed by that member.

69. Subject
 to Article 70 and Article 71, a person becoming entitled to a share by reason of the death
 or bankruptcy of the holder shall be entitled to the same dividends and other advantages
 to which he or she would be entitled if he or she were the registered holder of the share.

70. A
 person referred to in Article 69 shall not, before being registered as a member in respect
 of the share, be entitled in respect of it to exercise any right conferred by membership
 in relation to meetings of the Company.

71. The
 Directors may at any time serve a notice on any such person requiring the person to make
 the election provided for by Article 65 and, if the person does not make that election (and
 proceed to do, consequent on that election, whichever of the things mentioned in Article
 67 is appropriate) within ninety days after the date of service of the notice, the Directors
 may thereupon withhold payment of all dividends, bonuses or other moneys payable in respect
 of the share until the requirements of the notice have been complied with.

72. The
 Company may charge a fee not exceeding €10 on the registration of every probate, letters
 of administration, certificate of death, power of attorney, notice as to stock or other instrument
 or order.

73. The
 Directors may determine such procedures as they shall think fit regarding the transmission
 of shares in the Company held by a body corporate that are transmitted by operation of law
 in consequence of a merger or division.

**CLOSING REGISTER OR FIXING RECORD DATE**

74. For
 the purpose of determining members entitled to notice of or to vote at any meeting of members
 or any adjournment thereof, or members entitled to receive payment of any dividend, or in
 order to make a determination of members for any other proper purpose, the Board may provide,
 subject to the requirements of section 174 of the Act, that the Register shall be closed
 for transfers at such times and for such periods, not exceeding in the whole thirty days
 in each year. If the Register shall be so closed for the purpose of determining members entitled
 to notice of, or to vote at, a meeting of members, such Register shall, subject to applicable
 law and Exchange rules, be so closed for at least five days immediately preceding such meeting
 and the record date for such determination shall be the date of the closure of the Register.

75. In
 lieu of, or apart from, closing the Register, the Board may fix in advance a date as the
 record date (a) for any such determination of members entitled to notice of or to vote at
 a meeting of the members, which record date shall not, subject to applicable law and Exchange
 rules, be more than sixty days before the date of such meeting, and (b) for the purpose of
 determining the members entitled to receive payment of any dividend or other distribution,
 or in order to make a determination of members for any other proper purpose, which record
 date shall not, subject to applicable law and Exchange rules, be more than sixty days prior
 to the date of payment of such dividend or other distribution or the taking of any action
 to which such determination of members is relevant.

76. If
 the Register is not so closed and no record date is fixed for the determination of members
 entitled to notice of or to vote at a meeting of members, the date immediately preceding
 the date on which notice of the meeting is deemed given under these Articles shall be the
 record date for such determination of members. Where a determination of members entitled
 to vote at any meeting of members has been made as provided in these Articles, such determination
 shall apply to any adjournment thereof; provided, however, that the Directors may fix a new
 record date of the Adjourned Meeting, if they think fit.

**DIVIDENDS**

77. The
 Company in a general meeting may declare dividends, but no dividends shall exceed the amount
 recommended by the Directors. Any general meeting declaring a dividend and any resolution
 of the Directors declaring an interim dividend may direct payment of such dividend or interim
 dividend wholly or partly by the distribution of specific assets including paid up shares,
 debentures or debenture stocks of any other company or in any one or more of such ways, and
 the Directors shall give effect to such resolution.

78. The
 Directors may from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78.1 pay
 to the members such dividends (whether as either interim dividends or final dividends) as
 appear to the Directors to be justified by the profits of the Company, subject to section
 117 and Chapter 6 of Part 17 of the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78.2 before
 declaring any dividend, set aside out of the profits of the Company such sums as they think
 proper as a reserve or reserves which shall, at the discretion of the Directors, be applicable
 for any purpose to which the profits of the Company may be properly applied, and pending
 such application may, at the like discretion either be employed in the business of the Company
 or be held as cash or cash equivalents or invested in such investments as the Directors may
 lawfully determine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78.3 without
 placing the profits of the Company to reserve, carry forward any profits which they may think
 prudent not to distribute.

79. Unless
 otherwise specified by the Directors at the time of declaring a dividend, the dividend shall
 be a final dividend.

80. Where
 the Directors specify that a dividend is an interim dividend at the time it is declared,
 such interim dividend shall not constitute a debt recoverable against the Company and the
 declaration may be revoked by the Directors at any time prior to its payment provided that
 the holders of the same class of share are treated equally on any revocation.

81. Subject
 to the rights of persons, if any, entitled to shares with special rights as to dividend (and
 to the rights of the Company under Articles 35 to 39 and Article 83) all dividends shall
 be declared and paid such that shares of the same class shall rank equally irrespective of
 the premium credited as paid up on such shares.

82. If
 any share is issued on terms providing that it shall rank for a dividend as from a particular
 date, such share shall rank for dividend accordingly.

83. The
 Directors may deduct from any dividend payable to any member, all sums of money (if any)
 immediately payable by him or her to the Company on account of calls or otherwise in relation
 to the shares of the Company.

84. The
 Directors when declaring a dividend or bonus may direct payment of such dividend or bonus
 wholly or partly by the distribution of specific assets and, in particular, paid up shares,
 debentures or debenture stock of any other company or in any one or more of such ways.

85. Where
 any difficulty arises in regard to a distribution, the Directors may settle the matter as
 they think expedient and, in particular, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.1 issue
 fractional certificates (subject always to the restriction on the issue of fractional shares)
 and fix the value for distribution of such specific assets or any part of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.2 determine
 that cash payments shall be made to any members upon the footing of the value so fixed, in
 order to adjust the rights of all the parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.3 vest
 any such specific assets in trustees as may seem expedient to the Directors.

86. Any
 dividend, interest or other moneys payable in cash in respect of any shares may be paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86.1 by
 cheque or negotiable instrument sent by post directed to or otherwise delivered to the registered
 address of the holder, or where there are joint holders, to the registered address of that
 one of the joint holders who is first named on the register or to such person and to such
 address as the holder or the joint holders may in writing direct; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86.2 by
 transfer to a bank account nominated by the payee or where such an account has not been so
 nominated, to the account of a trustee nominated by the Company to hold such moneys, provided
that the debiting of the Company's account in respect of the relevant amount shall be evidence of good discharge of the Company's
obligations in respect of any payment made by any such methods.

87. Any
 such cheque or negotiable instrument referred to in Article 86 shall be made payable to the
 order of the person to whom it is sent.

88. Any
 one of two or more joint holders may give valid receipts for any dividends, bonuses or other
 moneys payable in respect of the shares held by them as joint holders, whether paid by cheque
 or negotiable instrument or direct transfer.

89. No
 dividend shall bear interest against the Company.

90. If
 the Directors so resolve, any dividend or distribution which has remained unclaimed for twelve
 years from the date of its declaration shall be forfeited and cease to remain owing by the
 Company. The payment by the Directors of any unclaimed dividend, distribution or other moneys
 payable in respect of a share into a separate account shall not constitute the Company a
 trustee in respect thereof.

**BONUS ISSUE OF SHARES**

91. Any
 capitalisation provided for in Articles 92 to 96 inclusive will not require approval or ratification
 by the members.

92. The
 Directors may resolve to capitalise any part of a relevant sum (within the meaning of Article
 93) by applying such sum in paying up in full unissued shares of a nominal value or nominal
 value and premium, equal to the sum capitalised, to be allotted and issued as fully paid
 bonus shares, to those members of the Company who would have been entitled to that sum if
 it were distributed by way of dividend (and in the same proportions).

93. For
 the purposes of Article 92, "relevant sum" means: (a) any sum for the time being
 standing to the credit of the Company's undenominated capital; (b) any of the Company's
 profits available for distribution; (c) any sum representing unrealised revaluation reserves;
 or (d) a merger reserve or any other capital reserve of the Company.

94. The
 Directors may in giving effect to any resolution under Article 92 make: (a) all appropriations
 and applications of the undivided profits resolved to be capitalised by the resolution; and
 (b) all allotments and issues of fully paid shares, if any, and generally shall do all acts
 and things required to give effect to the resolution.

95. Without
 limiting Article 94, the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95.1 make
 such provision as they think fit for the case of shares becoming distributable in fractions
 (and, again, without limiting the foregoing, may sell the shares represented by such fractions
 and distribute the net proceeds of such sale amongst the members otherwise entitled to such
 fractions in due proportions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95.2 authorise
 any person to enter, on behalf of all the members concerned, into an agreement with the Company
 providing for the allotment to them, respectively credited as fully paid up, of any further
 shares to which they may become entitled on the capitalisation concerned or, as the case
 may require, for the payment by the application thereto of their respective proportions of
 the profits resolved to be capitalised of the amounts remaining unpaid on their existing
 shares, and any agreement made under such authority shall be effective and binding on all
 the members concerned.

96. Where
 the Directors have resolved to approve a bona fide revaluation of all the fixed assets of
 the Company, the net capital surplus in excess of the previous book value of the assets arising
 from such revaluation may be: (a) credited by the Directors to undenominated capital, other
 than the share premium account; or (b) used in paying up unissued shares of the Company to
 be issued to members as fully paid bonus shares.

**GENERAL MEETINGS – GENERAL**

97. Subject
 to Article 98, the Company shall in each year hold a general meeting as its annual general
 meeting in addition to any other meeting in that year, and shall specify the meeting as such
 in the notices calling it; and not more than 15 months shall elapse between the date of one
 annual general meeting of the Company and that of the next.

98. The
 Company will hold its first annual general meeting within eighteen months of its incorporation.

99. The
 annual general meeting shall be held in such place and at such time as the Directors shall
 determine.

100. All
 general meetings of the Company other than annual general meetings shall be called extraordinary
 general meetings.

101. The
 Directors may, whenever they think fit, convene an extraordinary general meeting. An extraordinary
 general meeting shall also be convened by the Directors on the requisition of members, or
 if the Directors fail to so convene an extraordinary general meeting, such extraordinary
 general meeting may be convened by the requisitioning members, in each case in accordance
 with section 178(3) to (7) of the Act.

102. If
 at any time the number of Directors is less than two, any Director or any member that satisfies
 the criteria thereunder, may convene an extraordinary general meeting in the same manner
 as nearly as possible as that in which meetings may be convened by the Directors.

103. An
 annual general meeting or extraordinary general meeting of the Company may be held outside
 of Ireland. The Company shall make, at its expense, all necessary arrangements to ensure
 that members can by technological means participate in any such meeting without leaving Ireland.

104. A
 general meeting of the Company may be held in two or more venues (whether inside or outside
 of Ireland) at the same time using any technology that provides members, as a whole, with
 a reasonable opportunity to participate, and such participation shall be deemed to constitute
 presence in person at the meeting.

**NOTICE OF GENERAL MEETINGS**

105. The
 only persons entitled to notice of general meetings of the Company are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105.1 the
 members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105.2 the
 personal representatives of a deceased member, which member would but for his death be entitled
 to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105.3 the
 assignee in bankruptcy of a bankrupt member of the Company (being a bankrupt member who is
 entitled to vote at the meeting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105.4 the
 Directors and Company Secretary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105.5 unless
 the Company is entitled to and has availed itself of the audit exemption under the Act, the
 Auditors (who shall also be entitled to receive other communications relating to any general
 meeting which a member is entitled to receive).

106. Subject
 to the provisions of the Act allowing a general meeting to be called by shorter notice, an
 annual general meeting and an extraordinary general meeting called for the passing of a special
 resolution shall be called by at least twenty-one days' notice. Any other extraordinary
 general meeting shall also be called by at least twenty-one days' notice, except that
 it may be called by fourteen days' notice where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106.1 all
 members, who hold shares that carry rights to vote at the meeting, are permitted to vote
 by electronic means at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106.2 a
 special resolution reducing the period of notice to fourteen days has been passed at the
 immediately preceding annual general meeting, or at a general meeting held since that meeting.

107. Any
 notice convening a general meeting shall specify the time and place of the meeting and, in
 the case of special business, the general nature of that business and, in reasonable prominence,
 that a member entitled to attend, speak, ask questions and vote is entitled to appoint a
 proxy to attend, speak, ask questions and vote in his place and that a proxy need not be
 a member of the Company. Every notice shall specify such other details as are required by
 applicable law or the relevant code, rules and regulations applicable to the listing of the
 shares on any Exchange. Subject to any restrictions imposed on any shares, the notice shall
 be given to all the members and to the Directors and Auditors.

108. The
 accidental omission to give notice of a meeting to, or the non-receipt of notice of a meeting
 by, any person entitled to receive notice shall not invalidate the proceedings at the meeting.

109. In
 cases where instruments of proxy are sent out with notices, the accidental omission to send
 such instrument of proxy to, or the non-receipt of such instrument of proxy by, any person
 entitled to receive such notice shall not invalidate any resolution passed or any proceeding
 at any such meeting. A member present, either in person or by proxy, at any general meeting
 of the Company or of the holders of any class of shares in the Company will be deemed, subject
 to Article 112, to have received notice of that meeting and, where required, of the purpose
 for which it was called.

110. Where,
 by any provision contained in the Act, extended notice is required of a resolution, the resolution
 shall not be effective (except where the Directors have resolved to submit it) unless notice
 of the intention to move it has been given to the Company not less than twenty-eight days
 (or such shorter period as the Act permits) before the meeting at which it is moved, and
 the Company shall give to the members notice of any such resolution as required by and in
 accordance with the provisions of the Act.

111. In
 determining the correct period of notice for a general meeting, only Clear Days shall be
 counted.

112. Whenever
 any notice is required to be given by law or by these Articles to any person or persons,
 a waiver thereof in writing, signed by the person or persons entitled to the notice whether
 before or after the time stated therein, shall be deemed equivalent thereto. Attendance of
 a person at a meeting shall constitute a waiver of notice of such meeting, except when the
 person attends a meeting for the express purpose of objecting at the beginning of the meeting
 to the transaction of any business because the meeting is not lawfully called or convened.

**WRITTEN RESOLUTIONS OF THE MEMBERS**

113. For
 so long as the Company has more than one shareholder, unanimous consent of the holders of
 the Ordinary Shares shall be required before the shareholders may act by way of written resolution
 in lieu of holding a meeting.

114. Except
 in the case of the removal of statutory auditors or Directors and subject to the Act and
 the provisions of Article 115, anything which may be done by resolution in general meeting
 of all or any class may be done by resolution in writing, signed by all of the holders or
 any class thereof or their proxies (or in the case of a holder that is a corporation (whether
 or not a company within the meaning of the Acts) on behalf of such holder) being all of the
 holders of the Company or any class thereof, who at the date of the resolution in writing
 would be entitled to attend a meeting and vote on the resolution shall be valid and effective
 for all purposes as if the resolution had been passed at a general meeting of the Company
 or any class thereof duly convened and held, and if described as a Special Resolution shall
 be deemed to be a Special Resolution within the meaning of the Acts. Any such resolution
 in writing may be signed in as many counterparts as may be necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114.1 For
 the purposes of any written resolution under Article 113, the date of the resolution in writing
 is the date when the resolution is signed by, or on behalf of, the last holder to sign and
 any reference in any enactment to the date of passing of a resolution is, in relation to
 a resolution in writing made in accordance with this section, a reference to such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114.2 A
 resolution in writing made in accordance with Article 113 is valid as if it had been passed
 by the Company in general meeting or, if applicable, by a meeting of the relevant class of
 holders of the Company, as the case may be. A resolution in writing made in accordance with
 this section shall constitute minutes for the purposes of the Act and these Articles.

115. At
 any time that the Company is a single-member company, its sole member may pass any resolution
 as a written decision in accordance with section 196 of the Act.

**QUORUM FOR GENERAL MEETINGS**

116. Two
 members present in person or by proxy and having the right to attend and vote at the meeting
 and together holding shares representing more than 50% of the votes that may be cast by all
 members at the relevant time shall be a quorum at a general meeting; provided, however, that
 at any time when the Company is a single-member company, one member of the Company present
 in person or by proxy at a general meeting of it shall be a quorum.

117. If
 within 15 minutes (or such greater time determined by the chairperson) after the time appointed
 for a general meeting a quorum is not present, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117.1 the
 meeting shall stand adjourned to the same day in the next week, at the same time and place
 or to such other day and at such other time and place as the Directors may determine (the
 "**Adjourned Meeting** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117.2 if
 at the Adjourned Meeting a quorum is not present within half an hour (or such greater time
 determined by the chairperson) after the time appointed for the meeting, the members present
 shall be a quorum.

**PROXIES**

118. Every
 member entitled to attend, speak, ask questions and vote at a general meeting may appoint
 a proxy or proxies to attend, speak, ask questions relating to items on the agenda and vote
 on his behalf and may appoint more than one proxy to attend, speak, ask questions and vote
 at the same general meeting provided that, where a member appoints more than one proxy in
 relation to a general meeting, each proxy must be appointed to exercise the rights attached
 to different shares held by that member.

119. The
 appointment of a proxy shall be in writing in any usual form or in any other form which the
 Directors may approve and shall be signed by or on behalf of the appointor. The signature
 on such appointment need not be witnessed. A body corporate may sign a form of proxy under
 its common seal or under the hand of a duly authorised officer thereof or in such other manner
 as the Directors may approve. A proxy need not be a member of the Company. A member shall
 be entitled to appoint a proxy by electronic means, to an address specified by the Company.
 The proxy form must make provision for three-way voting (i.e., to allow votes to be cast
 for or against a resolution or to be withheld) on all resolutions intended to be proposed,
 other than resolutions which are merely procedural. An instrument or other form of communication
 appointing or evidencing the appointment of a proxy or a corporate representative (other
 than a standing proxy or representative) together with such evidence as to its due execution
 as the Board may from time to time require, may be returned to the address or addresses stated
 in the notice of meeting or Adjourned Meeting or any other information or communication by
 such time or times as may be specified in the notice of meeting or Adjourned Meeting or in
 any other such information or communication (which times may differ when more than one place
 is so specified) or, if no such time is specified, at any time prior to the holding of the
 relevant meeting or Adjourned Meeting at which the appointee proposes to vote, and, subject
 to the Act, if not so delivered the appointment shall not be treated as valid.

**BODIES CORPORATE ACTING BY REPRESENTATIVES AT MEETINGS**

120. Any
 body corporate which is a member, or a proxy for a member, of the Company may by resolution
 of its directors or other governing body authorise such person or persons as it thinks fit
 to act as its representative or representatives at any meeting of the Company or of any class
 of members of the Company and, subject to evidence being furnished to the Company of such
 authority as the Directors may reasonably require, any person(s) so authorised shall be entitled
 to exercise the same powers on behalf of the body corporate which he represents as that body
 corporate could exercise if it were an individual member of the Company or, where more than
 one such representative is so authorized, all or any of the rights attached to the shares
 in respect of which he is so authorised. Where a body corporate appoints more than one representative
 in relation to a general meeting, each representative must be appointed to exercise the rights
 attached to different shares held by that body corporate.

**RECEIPT OF PROXY APPOINTMENTS**

121. Where
 the appointment of a proxy and any authority under which it is signed or a copy certified
 notarially or in some other way approved by the Directors is to be received by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121.1 in
 physical form, it shall be deposited at the Office or (at the option of the member) at such
 other place or places (if any) as may be specified for that purpose in or by way of note
 to the notice convening the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121.2 in
 electronic form, it may be so received where an address has been specified by the Company
 for the purpose of receiving electronic communications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the notice convening the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 any appointment of proxy sent out by the Company in relation to the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 any invitation contained in an electronic communication to appoint a proxy issued by the
 Company in relation to the meeting;

provided that it is so received by the Company no later than 3 hours, or such other time as may be communicated to the members, before the time for holding the meeting or Adjourned Meeting or (in the case of a poll taken otherwise than at or on the same day as the meeting or Adjourned Meeting) for the taking of the poll at which it is to be used, at which the person named in the proxy proposes to vote and in default shall not be treated as valid or, in the case of a meeting which is adjourned to, or a poll which is to be taken on, a date not later than the record date applicable to the meeting which was adjourned or the poll, it shall be sufficient if the appointment of a proxy and any such authority and certification thereof as aforesaid is so received by the Company at the commencement of the Adjourned Meeting or the taking of the poll. An appointment of a proxy relating to more than one meeting (including any adjournment thereof) having once been so received for the purposes of any meeting shall not be required to be delivered, deposited or received again for the purposes of any subsequent meeting to which it relates.

**EFFECT OF PROXY APPOINTMENTS**

122. 122.1 Receipt by the Company of an appointment of a proxy in respect
of a meeting shall not preclude a member from attending and voting at the meeting or at any adjournment thereof. However, if that member
votes at the meeting or at any adjournment thereof, then as regards to the resolution(s) any proxy notice delivered to the Company by
or on behalf of that same member shall on a poll, be invalid to the extent that such member votes in respect of the shares to which the
proxy notice relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122.2 An
 appointment of a proxy shall be valid, unless the contrary is stated therein, as well for
 any adjournment of the meeting as for the meeting to which it relates and shall be deemed
 to confer authority to speak at a general meeting and to demand or join in demanding a poll.

123. A
 proxy shall have the right to exercise all or any of the rights of his appointor, or (where
 more than one proxy is appointed) all or any of the rights attached to the shares in respect
 of which he is appointed as the proxy to attend, and to speak and vote, at a general meeting
 of the Company. Unless his appointment provides otherwise, a proxy may vote or abstain at
 his discretion on any resolution put to the vote.

**EFFECT OF REVOCATION OF PROXY OR OF AUTHORISATION**

124. A
 vote given or poll demanded in accordance with the terms of an appointment of a proxy or
 a resolution authorising a representative to act on behalf of a body corporate shall be valid
 notwithstanding the previous death, insanity or winding up of the principal, or the revocation
 of the appointment of a proxy or of the authority under which the proxy was appointed or
 of the resolution authorising the representative to act or the transfer of the share in respect
 of which the proxy was appointed or the authorisation of the representative to act was given,
 provided that no notice in writing (whether in electronic form or otherwise) of such death,
 insanity, winding up, revocation or transfer is received by the Company at the Office before
 the commencement of the meeting.

125. The
 Directors may send to the members, at the expense of the Company, by post, electronic mail
 or otherwise, forms for the appointment of a proxy (with or without reply paid envelopes
 for their return) for use at any general meeting or at any class meeting, either in blank
 or nominating any one or more of the Directors or any other persons in the alternative. If,
 for the purpose of any meeting, invitations to appoint as proxy a person or one of a number
 of persons specified in the invitations are issued at the expense of the Company, such invitations
 shall be issued to all (and not to some only) of the members entitled to be sent a notice
 of the meeting and to vote thereat by proxy, but the accidental omission to issue such invitations
 to, or the non-receipt of such invitations by, any member shall not invalidate the proceedings
 at any such meeting.

**THE BUSINESS OF GENERAL MEETINGS**

126. All
 business shall be deemed to be special business that is transacted at an extraordinary general
 meeting or that is transacted at an annual general meeting other than, in the case of an
 annual general meeting, the business specified in Article 130 which shall be ordinary business.

127. At
 any meeting of the members, only such business shall be conducted as shall have been properly
 brought before such meeting. To be properly brought before an annual general meeting, business
 must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127.1 specified
 in the notice of meeting (or any supplement thereto) given by or at the direction of the
 Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127.2 otherwise
 properly brought before the meeting by or at the direction of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127.3 otherwise
 properly brought before the meeting by a member.

128. Without
 prejudice to any procedure which may be permitted under the Act, for business to be properly
 brought before an annual general meeting by a member, the member must have given timely notice
 thereof in writing to the Company Secretary. To be timely, a member's notice must be
 received not less than 60 days nor more than 90 days prior to the first anniversary of the
 preceding year's annual general meeting; provided, however, that in the event that
 the date of the annual general meeting is advanced by more than 30 days or delayed by more
 than 60 days from such anniversary, notice by the member to be timely must be so received
 not earlier than the 90<sup>th</sup> day prior to such annual general meeting and not later
 than the close of business on the later of (i) the 60<sup>th</sup> day prior to such annual
 general meeting or (ii) the tenth day following the date on which notice of the date of the
 annual general meeting was mailed or public disclosure thereof was made by the Company, whichever
 event in this clause (ii) first occurs. For the avoidance of doubt, in no event shall the
 adjournment or postponement of any general meeting, or the public announcement of such an
 adjournment or postponement, commence a new time period (or extend any time period) for the
 giving of a member's notice to the Company Secretary pursuant to this Article 128.
 Each such notice shall set forth as to each matter the member proposes to bring before the
 annual general meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128.1 a
 brief description of the business desired to be brought before the annual general meeting
 and the reasons for conducting such business at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128.2 the
 name and address, as they appear on the Register, of the member proposing such business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128.3 the
 class, series and number of shares of the Company which are beneficially owned by the member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128.4 whether
 and the extent to which any hedging, derivative or other transaction is in place or has been
 entered into within the prior six months preceding the date of delivery of the notice by
 or for the benefit of the member with respect to the Company or its subsidiaries or any of
 their respective securities, debt instruments or credit ratings, the effect or intent of
 which transaction is to give rise to gain or loss as a result of changes in the trading price
 of such securities or debt instruments or changes in the credit ratings for the Company,
 its subsidiaries or any of their respective securities or debt instruments (or, more generally,
 changes in the perceived creditworthiness of the Company or its subsidiaries), or to increase
 or decrease the voting power of the member, and if so, a summary of the material terms thereof;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128.5 any
 material interest of the member in such business.

To be properly brought before an extraordinary general meeting, other than pursuant to Article 127, business must be (i) specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board or by the Company Secretary pursuant to the applicable provisions of these Articles or (ii) otherwise properly brought before the meeting by or at the direction of the Board.

129. The
 chairperson of the meeting shall, if the facts warrant, determine and declare to the meeting
 that business was not properly brought before the meeting and in accordance with the provisions
 of these Articles, and if he or she should so determine, any such business not properly brought
 before the meeting shall not be transacted. Nothing herein shall be deemed to affect any
 rights of members to request inclusion of proposals in the Company's proxy statement
 pursuant to Rule 14a-8 under the Exchange Act.

130. The
 business of the annual general meeting shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130.1 the
 consideration of the Company's statutory financial statements and the report of the
 Directors and the report of the Auditors on those statements and that report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130.2 the
 review by the members of the Company's affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130.3 the
 authorisation of the Directors to approve the remuneration of the Auditors (if any); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130.4 the
 appointment or re-appointment of Auditors.

**PROCEEDINGS AT GENERAL MEETINGS**

131. The
 Chairperson, if any, shall preside as chairperson at every general meeting of the Company,
 or if there is no such Chairperson, or if he or she is not present at the time appointed
 for the holding of the meeting or is unwilling to act, the Directors present shall elect
 one of their number to be chairperson of the meeting.

132. If
 at any meeting no Director is willing to act as chairperson or if no Director is present
 at the time appointed for holding the meeting, the members present shall choose one of their
 number to be chairperson of the meeting.

133. At
 each meeting of members, the chairperson of the meeting shall fix and announce the date and
 time of the opening and the closing of the polls for each matter upon which the members will
 vote at the meeting and shall determine the order of business and all other matters of procedure.

134. The
 Directors may adopt such rules, regulations and procedures for the conduct of any meeting
 of the members as they deem appropriate. Except to the extent inconsistent with any applicable
 rules, regulations and procedures adopted by the Board, the chairperson of any meeting may
 adopt such rules, regulations and procedures for the meeting, which need not be in writing,
 and take such actions with respect to the conduct of the meeting, as the chairperson of the
 meeting deems appropriate, to maintain order and safety and for the conduct of the meeting.

135. The
 chairperson of the meeting may, with the consent of any meeting at which a quorum is present,
 and shall if so directed by the meeting, adjourn the meeting from time to time and from place
 to place.

136. No
 business shall be transacted at any Adjourned Meeting other than the business left unfinished
 at the meeting from which the adjournment took place.

137. When
 a meeting is adjourned for thirty days or more, notice of the Adjourned Meeting shall be
 given as in the case of an original meeting but, subject to that, it shall not be necessary
 to give any notice of an adjournment or of the business to be transacted at an Adjourned
 Meeting.

138. Each
 Director and the Auditors shall be entitled to attend and speak at any general meeting of
 the Company.

139. For
 business to be properly requested by a member to be brought before a general meeting, the
 member must comply with the requirements of the Act or:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139.1 be
 a member at the time of the giving of the notice for such general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139.2 be
 entitled to vote at such meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139.3 have
 given timely and proper notice in writing to the Company Secretary in accordance with Article

140. Except
 where a greater majority is required by the Act or these Articles, any question proposed
 for a decision of the members at any general meeting of the Company or a decision of any
 class of members at a separate meeting of any class of shares shall be decided by an ordinary
 resolution.

**VOTING**

141. At
 any general meeting, a resolution put to the vote of the meeting shall be decided on a poll.

142. Save
 as provided in Article 143 of these Articles, a poll shall be taken in such manner as the
 chairperson of the meeting directs and he or she may appoint scrutineers (who need not be
 members) and fix a time and place for declaring the result of the poll. The result of the
 poll shall be deemed to be the resolution of the meeting at which the poll was demanded.

143. A
 poll demanded on the election of a chairperson of the meeting or on a question of adjournment
 shall be taken forthwith. A poll demanded on any other question shall be taken either forthwith
 or at such time and place as the chairperson of the meeting may direct. The demand for a
 poll shall not prevent the continuance of a meeting for the transaction of any business other
 than the question on which the poll was demanded.

144. No
 notice need be given of a poll not taken forthwith if the time and place at which it is to
 be taken are announced at the meeting at which it is demanded. In any other case at least
 seven Clear Days' notice shall be given specifying the time and place at which the
 poll is to be taken.

145. If
 authorised by the Directors, any vote taken by written ballot may be satisfied by a ballot
 submitted by electronic and/or telephonic transmission, provided that any such electronic
 or telephonic submission must either set forth or be submitted with information from which
 it can be determined that the electronic or telephonic submission has been authorised by
 the member or proxy.

**VOTES OF MEMBERS**

146. Subject
 to the provisions of these Articles and any rights or restrictions for the time being attached
 to any class or classes of shares in the capital of the Company, every member of record present
 in person or by proxy shall have one vote for each share registered in his or her name in
 the Register.

147. Where
 there are joint holders of a share, the vote of the senior who tenders a vote, whether in
 person or by proxy, shall be accepted to the exclusion of the votes of the other joint holder
 or holders; and for this purpose, seniority shall be determined by the order in which the
 names of the joint holders stand in the Register.

148. A
 member who has made an enduring power of attorney, or a member in respect of whom an order
 has been made by any court having jurisdiction in cases of unsound mind, may vote by his
 or her committee, donee of an enduring power of attorney, receiver, guardian or other person
 appointed by the foregoing court, and any such committee, donee of an enduring power of attorney,
 receiver, guardian or other persons appointed by the foregoing court may speak or vote by
 proxy.

149. No
 objection shall be raised to the qualification of any voter except at the general meeting
 or adjourned general meeting at which the vote objected to is given or tendered and every
 vote not disallowed at such general meeting shall be valid for all purposes. Any such objection
 made in due time shall be referred to the chairperson of the general meeting whose decision
 shall be final and conclusive.

150. A
 person shall be entered on the Register by the record date specified in respect of a general
 meeting in order to exercise the right of a member to participate and vote at the general
 meeting and any change to an entry on the Register after the record date shall be disregarded
 in determining the right of any person to attend and vote at the meeting.

151. Votes
 may be given either personally (including by a duly authorised representative of a corporate
 member) or by proxy. On a poll taken at a meeting of the members of the Company or a meeting
 of any class of members of the Company, a member, whether present in person or by proxy,
 entitled to more than one vote need not, if he votes, use all his votes or cast all the votes
 he uses in the same way.

152. Subject
 to such requirements and restrictions as the Directors may specify, the Company may permit
 members to vote by correspondence in advance of a general meeting in respect of one or more
 of the resolutions proposed at a meeting. Where the Company permits members to vote by correspondence,
 it shall only count votes cast in advance by correspondence, where such votes are received
 at the address and before the date and time specified by the Company, provided the date and
 time is no more than 24 hours before the time at which the vote is to be concluded.

153. Subject
 to such requirements and restrictions as the Directors may specify, the Company may permit
 members who are not physically present at a meeting to vote by electronic means at the general
 meeting in respect of one or more of the resolutions proposed at a meeting.

154. Where
 there is an equality of votes, the chairperson of the meeting shall not have a second or
 casting vote.

155. No
 member shall be entitled to vote at any general meeting of the Company unless all calls or
 other sums immediately payable by him or her in respect of shares in the Company have been
 paid.

**CLASS MEETINGS**

156. The
 provisions of these Articles relating to general meetings shall, as far as applicable, apply
 in relation to any meeting of any class of member of the Company.

**APPOINTMENT OF DIRECTORS**

157. The
 number of Directors from time to time shall be not less than two nor more than seven.

158. The
 Board, upon recommendations of the nomination and governance committee (or equivalent committee
 established by the Board), shall propose nominees for election to the office of Director
 at each annual general meeting.

159. The
 Directors may be appointed by the members in general meeting, provided that no person other
 than a Director retiring at the meeting shall, save where recommended by the Board, be eligible
 for election to the office of Director at any general meeting unless the requirements of
 Article 166 as to his or her eligibility for that purpose have been complied with.

160. The
 Directors shall be divided into three classes, designated Class I, Class II and Class III.
 The initial division of the Board into classes shall be made by the decision of the affirmative
 vote of a majority of the Directors in office and each class need not be of equal size or
 number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160.1 The
 term of the initial Class I directors shall terminate at the conclusion of the Company's
 2023 annual general meeting; the term of the initial Class II directors shall terminate on
 the conclusion of the Company's 2024 annual general meeting; and the term of the initial
 Class III directors shall terminate on the conclusion of the Company's 2025 annual
 general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160.2 At
 each annual general meeting of the Company beginning with the Company's 2023 annual
 general meeting, all of the Directors of the class of directors whose term expires on the
 conclusion of that annual general meeting shall retire from office, unless re-elected, and
 successors to that class of directors shall be elected for a three-year term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160.3 The
 resolution appointing any Director must designate the Director as a Class I, Class II or
 Class III Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160.4 Every
 Director of the class retiring shall be eligible to stand for re-election at an annual general
 meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160.5 If
 the number of Directors is changed, any increase or decrease shall be apportioned among the
 classes so as to maintain the number of Directors in each class as nearly equal as possible
 or as the Chairperson may otherwise direct. In no case will a decrease in the number of Directors
 shorten the term of any incumbent Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160.6 A
 Director shall hold office until the conclusion of the annual general meeting for the year
 in which his term expires and until his successor shall be elected and shall qualify, subject
 however, to prior death, resignation, retirement, disqualification or removal from office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160.7 Any
 vacancy on the Board, including a vacancy that results from an increase in the number of
 directors or from the death, resignation, retirement, disqualification or removal of a Director,
 shall be deemed a casual vacancy. Subject to the terms of any one or more classes or series
 of Preferred Shares, any casual vacancy shall only be filled by the decision of a majority
 of the Board then in office, provided that a quorum is present and provided that the appointment
 does not cause the number of Directors to exceed any number fixed by or in accordance with
 these articles as the maximum number of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160.8 Any
 Director of such class elected to fill a vacancy resulting from an increase in the number
 of Directors of such class shall hold office for a term that shall coincide with the remaining
 term of that class. Any Director elected to fill a vacancy not resulting from an increase
 in the number of Directors shall have the same remaining term as that of his predecessor
 or if there is no such remaining term, the Director shall retire, and be eligible to stand
 for re-election, at the annual general meeting immediately following their appointment at
 which time, if re-elected, the Director shall hold office for a term that shall coincide
 with the remaining term of that class. A Director retiring at a meeting shall retain office
 until the close or adjournment of the meeting.

161. Each
 Director shall be elected by an ordinary resolution at such meeting, provided that if, as
 of, or at any time prior to, fourteen days before the filing of the Company's definitive
 proxy statement with the SEC relating to such general meeting, the number of Director nominees
 exceeds the number of Directors to be elected (a "**contested election** "),
 each of those nominees shall be voted upon as a separate resolution and the Directors shall
 be elected by a plurality of the votes of the shares present in person or represented by
 proxy at any such meeting and entitled to vote on the election of Directors.

For the purposes of this Article, "**elected by a plurality**" means the election of those director nominees, equalling in number to the number of positions to be filled at the relevant general meeting, that received the highest number of votes.

162. Any
 nominee for election to the Board who is then serving as a Director and, in an uncontested
 election (where the number of Director nominees does not exceed the number of Directors to
 be elected), receives a greater number of "against" votes than "for"
 votes shall promptly tender his or her resignation following certification of the vote. The
 nomination and governance committee of the Board shall then consider the resignation offer
 and recommend to the Board whether to accept or reject the resignation, or whether other
 action should be taken; provided that any Director whose resignation is under consideration
 shall not participate in the nomination and governance committee's recommendation regarding
 whether to accept, reject or take other action with respect to his/her resignation. The Board
 shall take action on the nomination and governance committee's recommendation within
 90 days following certification of the vote, and promptly thereafter publicly disclose its
 decision and the reasons therefor.

163. The
 Directors are not entitled to appoint alternate directors.

164. The
 Company may from time to time, by ordinary resolution, increase or reduce the number of Directors
 provided that any resolution to appoint a director approved by the members that would result
 in the maximum number of Directors being exceeded shall be deemed to constitute an ordinary
 resolution increasing the maximum number of Directors to the number that would be in office
 following such a resolution of appointment.

165. The
 Company may by ordinary resolution, appoint another person in place of a Director removed
 from office under section 146 of the Act and, without prejudice to the powers of the Directors
 under Article 160.7, the Company in a general meeting may appoint any person to be a Director
 either to fill a casual vacancy or as an additional Director.

**DIRECTORS - MEMBER NOMINATIONS**

166. The
 following are the requirements mentioned in Article 159 for the eligibility of a person (the
 "**person concerned**") for election as a Director at a general meeting, namely,
 any member entitled to vote in the election of Directors generally may nominate one or more
 persons for election as Directors at an annual general meeting only pursuant to the Company's
 notice of such meeting or if written notice of such member's intent to make such nomination
 or nominations has been received by the Company Secretary at the Company's Office not
 less than 60 nor more than 90 days prior to the first anniversary of the preceding year's
 annual general meeting; provided, however, that in the event that the date of the annual
 general meeting is more than 30 days before or more than 60 days after such anniversary,
 notice by the member to be timely must be so received not earlier than the 90th day prior
 to such annual general meeting and not later than the close of business on the later of (i)
 the 60th day prior to such annual general meeting and (ii) the 10th day following the day
 on which notice of the date of the annual general meeting was mailed or public disclosure
 thereof was made by the Company, whichever event in this clause (ii) first occurs. Each such
 member's notice shall set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166.1 the
 name and address of the member who intends to make the nomination and of the person or persons
 to be nominated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166.2 a
 representation that the member is a holder of record of shares of the Company entitled to
 vote at such meeting and intends to appear in person or by proxy at the meeting to nominate
 the person or persons specified in the notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166.3 a
 description of all arrangements or understandings between the member and each nominee and
 any other person or persons (naming such person or persons) relating to the nomination or
 nominations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166.4 the
 class and number of shares of the Company which are beneficially owned by such member and
 by any other members known by such member to be supporting such nominees as of the date of
 such member's notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166.5 whether
 and the extent to which any hedging, derivative or other transaction is in place or has been
 entered into within the prior six months preceding the date of delivery of the notice by
 or for the benefit of the member with respect to the Company or its subsidiaries or any of
 their respective securities, debt instruments or credit ratings, the effect or intent of
 which transaction is to give rise to gain or loss as a result of changes in the trading price
 of such securities or debt instruments or changes in the credit ratings for the Company,
 its subsidiaries or any of their respective securities or debt instruments (or, more generally,
 changes in the perceived creditworthiness of the Company or its subsidiaries), or to increase
 or decrease the voting power of the member, and if so, a summary of the material terms thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166.6 such
 other information regarding each nominee proposed by such member as would be required to
 be included in a proxy statement filed pursuant to the proxy rules of the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166.7 the
 consent of each nominee to serve as a Director if so elected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166.8 for
 each nominee who is not an incumbent Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) their
 name, age, business address and residential address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) their
 principal occupation or employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 class, series and number of securities of the Company that are owned of record or beneficially
 by such person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 date or dates the securities were acquired and the investment intent of each acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 other information relating to such person that is required to be disclosed in proxies for
 the election of Directors under any applicable securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 information the Company may require any proposed director nominee to furnish such as it may
 reasonably require to comply with applicable law and to determine the eligibility of such
 proposed nominee to serve as a Director and whether such proposed nominee would be considered
 independent as a Director or as a member of the audit or any other committee of the Board
 under the various rules and standards applicable to the Company.

**VACATION OF OFFICE BY DIRECTORS**

167. Subject
 to the provisions of these Articles and in addition to the circumstances described in section
 146, 148(1) and 196(2) of the Act, the office of Director shall be vacated ipso facto, if
 that Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167.1 is
 restricted or disqualified to act as a Director under the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167.2 resigns
 his or her office by notice in writing to the Company or in writing offers to resign and
 the Directors resolve to accept such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167.3 is
 requested to resign in writing by not less than three quarters of the other Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167.4 is
 appointed in breach of any agreement between the Company and any of its members from time
 to time, in which case he or she shall be deemed to have resigned upon any party to any such
 agreement having provided notice and evidence of such breach to the Company.

**DIRECTORS' REMUNERATION AND EXPENSES**

168. The
 remuneration of the Directors shall be such as is determined, from time to time, by the Board
 and such remuneration shall be deemed to accrue from day to day. The Board may from time
 to time determine that, subject to the requirements of the Act, all or part of any fees or
 other remuneration payable to any Director shall be provided in the form of shares or other
 securities of the Company or any subsidiary of the Company, or options or rights to acquire
 such shares or other securities, on such terms as the Board may decide.

169. The
 Directors may also be paid all travelling, hotel and other expenses properly incurred by
 them: (a) in attending and returning from: (i) meetings of the Directors or any committee;
 or (ii) general meetings of the Company, or (b) otherwise in connection with the business
 of the Company.

**GENERAL POWER OF MANAGEMENT AND DELEGATION**

170. The
 business of the Company shall be managed by its Directors who may pay all expenses incurred
 in promoting and registering the Company and may exercise all such powers of the Company
 as are not, by the Act or by the Memorandum of these Articles, required to be exercised by
 the Company in a general meeting, but subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170.1 any
 regulations contained in these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170.2 the
 provisions of the Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170.3 such
 directions, not being inconsistent with the foregoing regulations or provisions, as the Company
 in a general meeting may (by special resolution) give.

171. No
 direction given by the Company in a general meeting under Article 170.3 shall invalidate
 any prior act of the Directors which would have been valid if that direction had not been
 given.

172. Without
 prejudice to the generality of Article 170, Article 170 operates to enable, subject to a
 limitation (if any) arising under any of paragraphs 170.1 to 170.3 of it, the Directors exercise
 all powers of the Company to borrow money and to mortgage or charge its undertaking, property
 and uncalled capital, or any part thereof.

173. Without
 prejudice to section 40 of the Act, the Directors may delegate any of their powers (including
 any power referred to in these Articles) to such person or persons as they think fit, including
 committees; any such person or committee shall, in the exercise of the powers so delegated,
 conform to any regulations that may be imposed on it by the Directors.

174. Any
 reference to a power of the Company required to be exercised by the Company in a general
 meeting includes a reference to a power of the Company that, but for the power of the members
 to pass a written resolution to effect the first-mentioned power's exercise, would
 be required to be exercised by the Company in a general meeting.

175. The
 acts of the Board or of any committee established by the Board or any delegee of the Board
 or any such committee shall be valid notwithstanding any defect which may afterwards be discovered
 in the appointment or qualification of any Director, committee member or delegee.

176. The
 Directors may appoint a sole or joint company secretary, an assistant company secretary and
 a deputy company secretary for such term, at such remuneration and upon such conditions as
 they may think fit; and any such person so appointed may be removed by them.

**OFFICERS AND EXECUTIVES**

177. The
 Directors may from time to time appoint one or more of themselves to the office of Chief
 Executive Officer (by whatever name called including managing director) or such other office
 or position with the Company and/or its subsidiaries and for such period and on such terms
 as to remuneration, if any (whether by way of salary, commission, participation in profits
 or otherwise) as the Board may determine, and, subject to the terms of any agreement entered
 into in any particular case, may revoke such appointment.

178. Without
 prejudice to any claim the person so appointed under Article 177 may have for damages for
 breach of any contract of service between the person and the Company, the person's
 appointment shall cease upon his or her ceasing, for any reason, to be a Director.

179. Any
 person, whether or not he or she is a Director, may be appointed to hold such executive or
 official position with the Company (except that of Auditor) as may be determined from time
 to time. The same person may hold more than one office of executive or official position.

180. The
 Board shall determine from time to time, the powers and duties of any such office holder
 or official appointed under Articles 177 and/or Article 179, and subject to the provisions
 of the Act and these Articles, the Directors may confer upon an office holder or official
 any of the powers exercisable by them upon such terms and conditions and with such restrictions
 as they may think fit and in conferring any such powers, the Directors may specify that the
 conferral is to operate either: (a) so that the powers concerned may be exercised concurrently
 by them and the relevant office holder; or (b) to the exclusion of their own such powers.

181. The
 Directors may (a) revoke any conferral of powers under Article 180 or (b) amend any such
 conferral (whether as to the powers conferred or the terms, conditions or restrictions subject
 to which the conferral is made). The use or inclusion of the word "officer" (or
 similar words) in the title of any executive or other position shall not be deemed to imply
 that the person holding such executive or other position is an "officer" of the
 Company within the meaning of the Act.

**MEETINGS OF DIRECTORS AND COMMITTEES**

182. The
 Directors may meet together for the dispatch of business, adjourn and otherwise regulate
 their meetings as they think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182.1 The
 Directors may establish attendance and procedural guidelines from time to time about how
 their meetings are to be conducted consistent with good corporate governance and applicable
 tax requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182.2 Such
 meetings shall take place at such time and place as the Directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182.3 Questions
 arising at any such meeting shall be decided by a majority of votes and where there is an
 equality of votes, the chairperson of the meeting shall not have a second or casting vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182.4 A
 Director may, and the Company Secretary on the requisition of a Director shall, at any time
 summon a meeting of the Directors.

183. All
 Directors shall be entitled to reasonable notice of any meeting of the Directors.

184. Nothing
 in Article 183 or any other provision of the Act enables a person, other than a Director,
 to object to the notice given for any meeting of the Directors.

185. The
 quorum necessary for the transaction of the business of the Directors may be fixed by the
 Directors, and unless so fixed shall be a majority of the Directors in office at the time
 when the meeting is convened.

186. The
 continuing Directors may act notwithstanding any vacancy in their number, provided that if
 the number of the Directors is reduced below the prescribed minimum the remaining Director
 or Directors shall appoint forthwith an additional Director or additional Directors to make
 up such minimum or shall convene a general meeting of the Company for the purpose of making
 such appointment and apportion the Directors among the classes so as to maintain the number
 of Directors in each class as equal as possible.

**CHAIRPERSON**

187. The
 Directors may elect a Chairperson and determine the period for which he or she is to hold
 office, but if no such Chairperson is elected, or, if at any meeting the Chairperson is not
 present after the time appointed for holding it, the Directors present may choose one of
 their members to be chairperson of a Board meeting. The Chairperson shall vacate office if
 he or she vacates his or her office as a Director (otherwise than by the expiration of his
 or her term of office at a general meeting of the Company at which he or she is re-appointed).

**COMMITTEES**

188. The
 Directors may establish one or more committees consisting in whole or in part of members
 of the Board. The composition, function, power and obligations of any such committee will
 be determined by the Board from time to time.

189. A
 committee established under Article 188 (a "**committee**") may elect a chairperson
 of its meetings; if no such chairperson is elected, or if at any meeting the chairperson
 is not present after the time appointed for holding it, the members of the committee present
 may choose one of their number to be chairperson of the meeting.

190. A
 committee may meet and adjourn as it thinks proper. Committee meetings shall take place at
 such time and place as the relevant committee may determine. Questions arising at any meeting
 of a committee shall be determined (subject to Article 188) by a majority of votes of the
 members of the committee present, and where there is an equality of votes, the chairperson
 of the committee shall not have a second or casting vote.

191. Where
 any committee is established by the Directors :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191.1 the
 meetings and proceedings of such committee shall be governed by the provisions of these Articles
 regulating the meetings and proceedings of the Directors so far as the same are applicable
 and are not superseded by any regulations imposed upon such committee by the Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191.2 the
 Directors may authorise, or may authorise such committee to authorise, any person who is
 not a Director to attend all or any meetings of any such committee on such terms as the Directors
 or the committee think fit, provided that any such person shall not be entitled to vote at
 meetings of the committee.

**WRITTEN RESOLUTIONS AND TELEPHONIC MEETINGS OF THE DIRECTORS**

192. The
 following provision shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192.1 A
 resolution in writing signed by all the Directors, or by all the Directors being members
 of a committee referred to in Article 188, and who are for the time being entitled to receive
 notice of a meeting of the Directors or, as the case may be, of such a committee, shall be
 as valid as if it had been passed at a meeting of the Directors or such a committee duly
 convened and held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192.2 A
 resolution in writing shall be deemed to have been signed by a Director where the Chairperson,
 Company Secretary or other person designated by the Board has received an email from that
 Director's Certified Email Address which identifies the resolution and states, unconditionally,
 "I hereby sign the resolution".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192.3 A
 Director's Certified Email Address is such email address as the Director has, from
 time to time, notified to such person and in such manner as may from time to time be prescribed
 by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192.4 The
 Company shall cause a copy of every email referred to in Article 192.2 to be entered in the
 books kept pursuant to section 166 of the Act.

193. Subject
 to Article 194, where one or more of the Directors (other than a majority of them) would
 not, by reason of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193.1 the
 Act or any other enactment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193.2 these
 Articles; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193.3 an
 applicable rule of law or an Exchange, be
permitted to vote on a resolution such as is referred to in Article 192, if it were sought to pass the resolution at a meeting of the
Directors duly convened and held, then such a resolution, notwithstanding anything in Article 192.1, shall be valid for the purposes
of that subsection if the resolution is signed by those of the Directors who would have been permitted to vote on it had it been sought
to pass it at such a meeting.

194. In
 a case falling within Article 193, the resolution shall state the name of each Director who
 did not sign it and the basis on which he or she did not sign it.

195. For
 the avoidance of doubt, nothing in Articles 192 to 194 dealing with a resolution that is
 signed by other than all of the Directors shall be read as making available, in the case
 of an equality of votes, a second or casting vote to the one of their number who would, or
 might have been, if a meeting had been held to transact the business concerned, chairperson
 of that meeting.

196. The
 resolution referred to in Article 192 may consist of several documents in like form each
 signed by one or more Directors and for all purposes shall take effect from the time that
 it is signed by the last Director.

197. A
 meeting of the Directors or of a committee referred to in Article 188 may consist of a conference
 between some or all of the Directors or, as the case may be, members of the committee who
 are not all in one place, but each of whom is able (directly or by means of telephonic, video
 or other electronic communication) to speak to each of the others and to be heard by each
 of the others and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197.1 a
 Director or as the case may be a member of the committee taking part in such a conference
 shall be deemed to be present in person at the meeting and shall be entitled to vote (subject
 to Article 193) and be counted in a quorum accordingly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197.2 such
 a meeting shall be deemed to take place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where
 the largest group of those Directors participating in the conference is assembled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 there is no such group, where the chairperson of the meeting then is; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 neither subparagraph (a) or (b) applies, in such location as the meeting itself decides.

**DIRECTORS' DUTIES, CONFLICTS OF INTEREST, ETC.**

198. A
 Director may have regard to the interests of any other companies in a group of which the
 Company is a member to the full extent permitted by the Act.

199. A
 Director is expressly permitted (for the purposes of section 228(1)(d) of the Act) to use
 vehicles, telephones, computers, aircraft, accommodation and any other Company property where
 such use is approved by the Board or by a person so authorised by the Board or where such
 use is in accordance with a Director's terms of employment, letter of appointment or
 other contract or in the course of the discharge of the Director's duties or responsibilities
 or in the course of the discharge of a Director's employment.

200. Nothing
 in section 228(1)(e) of the Act shall restrict a Director from entering into any commitment
 which has been approved by the Board or has been approved pursuant to such authority as may
 be delegated by the Board in accordance with these Articles. It shall be the duty of each
 Director to obtain the prior approval of the Board, before entering into any commitment permitted
 by section 228(1)(e)(ii) and 228(2) of the Act.

201. It
 shall be the duty of a Director who is in any way, whether directly or indirectly, interested
 (within the meaning of section 231 of the Act) in a contract or proposed contract with the
 Company, to declare the nature of his or her interest at a meeting of the Directors.

202. Subject
 to any applicable law or the relevant code, rules and regulations applicable to the listing
 of the shares on any Exchange, a Director may vote in respect of any contract, appointment
 or arrangement in which he or she is interested and shall be counted in the quorum present
 at the meeting and is hereby released from his or her duty set out in section 228(1)(f) of
 the Act and a Director may vote on his or her own appointment or arrangement and the terms
 of it.

203. The
 Directors may exercise the voting powers conferred by the shares of any other company held
 or owned by the Company in such manner in all respects as they think fit and, in particular,
 they may exercise the voting powers in favour of any resolution: (a) appointing the Directors
 or any of them as directors or officers of such other company; or (b) providing for the payment
 of remuneration or pensions to the directors or officers of such other company.

204. Subject
 to any applicable law or the relevant code, rules and regulations applicable to the listing
 of the shares on any Exchange, any Director may vote in favour of the exercise of such voting
 rights notwithstanding that he or she may be or may be about to become a Director or officer
 of the other company referred to in Article 203 and as such or in any other way is or may
 be interested in the exercise of such voting rights in the foregoing manner.

205. A
 Director may hold any other office or place of profit under the Company (other than Auditor)
 in conjunction with his or her office of Director for such period and on such terms as to
 remuneration and otherwise as the Directors may determine.

206. Without
 prejudice to the provisions of section 228 of the Act, a Director may be or become a director
 or other officer of, or otherwise interested in, any company promoted by the Company or in
 which the Company may be interested as member or otherwise.

207. A
 Director may act by himself or herself, or his or her firm, in a professional capacity for
 the Company; and any Director, in such a case, or his or her firm, shall be entitled to remuneration
 for professional services as if he or she were not a Director, but nothing in this Article
 authorises a Director, or his or her firm, to act as Auditor.

208. No
 Director or nominee for Director shall be disqualified by his or her office from contracting
 with the Company either with regard to his or her tenure of any such other office or place
 of profit or as vendor, purchaser or otherwise.

209. In
 particular, neither shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209.1 any
 contract with respect to any of the matters referred to in Article 202 nor any contract or
 arrangement entered into by or on behalf of the Company in which a Director is in any way
 interested, be liable to be avoided; nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209.2 a
 Director so contracting or being so interested be liable to account to the Company for any
 profit realised by any such contract or arrangement, by
reason of such Director holding that office or of the fiduciary relation thereby established.

210. A
 Director, notwithstanding his or her interest, may be counted in the quorum present at any
 meeting at which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210.1 that
 Director or any other Director is appointed to hold any such office or place of profit under
 the Company as is mentioned in Article 205; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210.2 the
 terms of any such appointment are arranged, and
he or she may vote on any such appointment or arrangement, subject to any applicable law or the relevant code, rules and regulations
applicable to the listing of the shares on any Exchange.

**THE COMMON SEAL, OFFICIAL SEAL AND SECURITIES SEAL**

211. Any
 seal of the Company shall be used only by the authority of the Directors, a committee authorised
 by the Directors to exercise such authority or by any one or more persons severally or jointly
 so authorised by the Directors or such a committee, and the use of the seal shall be deemed
 to be authorised for these purposes where the matter or transaction pursuant to which the
 seal is to be used has been so authorised.

212. Any
 instrument to which a Company's seal shall be affixed shall be signed by any one of
 the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212.1 a
 Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212.2 the
 Company Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212.3 any
 other person authorised to sign by (i) the Directors or (ii) a committee, and
the countersignature of a second such person shall not be required.

213. The
 Company may have one or more duplicate common seals or official seals for use in different
 locations including for use abroad.

**SERVICE OF NOTICES ON MEMBERS**

214. A
 notice required or authorised to be served on or given to a member of the Company pursuant
 to a provision of the Act or these Articles shall, save where the means of serving or giving
 it specified in Article 214.4 is used, be in writing and may be served on or given to the
 member in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214.1 by
 delivering it to the member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214.2 by
 leaving it at the registered address of the member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214.3 by
 sending it by post in a prepaid letter to the registered address of the member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214.4 subject
 to Article 219, by electronic mail or other means of electronic communication approved by
 the Directors to the contact details notified to the Company by any such member for such
 purpose (or if not so notified, then to the contact details of the member last known to the
 Company). A notice or document may be sent by electronic means to the fullest extent permitted
 by the Act.

215. Without
 prejudice or limitation to the foregoing provisions of Article 214.1 to 214.4, for the purposes
 of these Articles and the Act, a document shall be deemed to have been sent to a member if
 a notice is given, served, sent or delivered to the member and the notice specifies the website
 or hotlink or other electronic link at or through which the member may obtain a copy of the
 relevant document.

216. Any
 notice served or given in accordance with Article 214 shall be deemed, in the absence of
 any agreement to the contrary between the Company (or, as the case may be, the officer of
 it) and the member, to have been served or given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216.1 in
 the case of its being delivered, at the time of delivery (or, if delivery is refused, when
 tendered);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216.2 in
 the case of its being left, at the time that it is left;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216.3 in
 the case of its being posted on any day other than a Friday, Saturday or Sunday, 24 hours
 after despatch and in the case of its being posted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on
 a Friday — 72 hours after despatch; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on
 a Saturday or Sunday — 48 hours after despatch;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216.4 in
 the case of electronic means being used in relation to it, twelve hours after despatch, but
this Article is without prejudice to section 181(3) of the Act.

217. Every
 legal personal representative, committee, receiver, curator bonis or other legal curator,
 assignee in bankruptcy, examiner or liquidator of a member shall be bound by a notice given
 as aforesaid if sent to the last registered address of such member, or, in the event of notice
 given or delivered pursuant to Article 214.4, if sent to the address notified to the Company
 by the member for such purpose notwithstanding that the Company may have notice of the death,
 his or her being of unsound mind, bankruptcy, liquidation or disability of such member.

218. Notwithstanding
 anything contained in these Articles to the contrary, the Company shall not be obliged to
 take account of or make any investigations as to the existence of any suspension or curtailment
 of postal services within or in relation to all or any part of any jurisdiction.

219. Any
 requirement in these Articles for the consent of a member in regard to the receipt by such
 member of electronic mail or other means of electronic communications approved by the Directors,
 including the receipt of the Company's annual report, statutory financial statements
 and the Directors' and Auditor's reports thereon, shall be deemed to have been
 satisfied where the Company has written to the member informing him or her of its intention
 to use electronic communications for such purposes and the member has not, within four weeks
 of the issue of such notice, served an objection in writing on the Company to such member.
 Where a member has given, or is deemed to have given, his/her consent to the receipt by such
 member of electronic mail or other means of electronic communications approved by the Directors,
 she/he may revoke such consent at any time by requesting the Company to communicate with
 him or her in documented form; provided, however, that such revocation shall not take effect
 until five days after written notice of the revocation is received by the Company. Notwithstanding
 anything to the contrary in this Article 219, no such consent shall be necessary, and to
 the extent it is necessary, such consent shall be deemed to have been given, if electronic
 communications are permitted to be used under the rules and regulations of any Exchange on
 which the shares in the capital of the Company or other securities of the Company are listed
 or under the rules of the SEC.

220. If
 at any time by reason of the suspension or curtailment of postal services in any territory,
 the Company is unable effectively to convene a general meeting by notices sent through the
 post, a general meeting may be convened by a public announcement (as defined below) and such
 notice shall be deemed to have been duly served on all members entitled thereto at noon (Ireland
 time) on the day on which the said public announcement is made. In any such case the Company
 shall put a full copy of the notice of the general meeting on its website.

221. Notice
 shall be given by the Company to the joint holders of a share in the capital of the Company
 by giving the notice to both such holders whose names stand in the Register in respect of
 the share.

222. 222.1 Every person who becomes entitled to a share in the capital
of the Company shall, before his or her name is entered in the Register in respect of the share, be bound by any notice in respect of
that share which has been duly given to a person from whom he or she derives his or her title.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222.2 A
 notice may be given by the Company to the persons entitled to a share in the capital of the
 Company in consequence of the death or bankruptcy of a member by sending or delivering it,
 in any manner authorised by these Articles for the giving of notice to a member, addressed
 to them at the address, if any, supplied by them for that purpose. Until such an address
 has been supplied, a notice may be given in any manner in which it might have been given
 if the death or bankruptcy had not occurred.

223. The
 signature (whether electronic signature, an advanced electronic signature or otherwise) to
 any notice to be given by the Company may be written (in electronic form or otherwise) or
 printed.

**SERVICE OF NOTICES ON THE COMPANY**

224. In
 addition to the means of service of documents set out in section 51 of the Act, a notice
 or other document may be served on the Company by an officer of the Company by email provided,
 however, that the Directors have designated an email address for that purpose and notified
 that email address to its officers for the express purpose of serving notices on the Company.

**SENDING STATUTORY FINANCIAL STATEMENTS TO MEMBERS**

225. The
 Company may send by post, electronic mail or any other means of electronic communication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225.1 the
 Company's statutory financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225.2 the
 directors' report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225.3 the
 statutory auditors' report, and
copies of those documents shall also be treated, for the purposes of the Act, as sent to a person where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company and that person have agreed to his or her having access to the documents on a website
 (instead of their being sent to him or her);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 documents are documents to which that agreement applies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that
 person is notified, in a manner for the time being agreed for the purpose between him or
 her and the Company, 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;(i) the
 publication of the documents on a website;

&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
 address of that website; 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;(iii) the
 place on that website where the documents may be accessed, and how they may be accessed.

226. Documents
 treated in accordance with Article 225 as sent to any person are to be treated as sent to
 him or her not less than 21 days before the date of a meeting if, and only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226.1 the
 documents are published on the website throughout a period beginning at least 21 days before
 the date of the meeting and ending with the conclusion of the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226.2 the
 notification given for the purposes of Article 225.3(c) is given not less than 21 days before
 the date of the meeting.

227. Any
 obligation by virtue of section 339(1) or (2) of the Act to furnish a person with a document
 may, unless these Articles provide otherwise, be complied with by using electronic communications
 for sending that document to such address as may for the time being be notified to the Company
 by that person for that purpose.

**ACCOUNTING RECORDS**

228. The
 Directors shall, in accordance with Chapter 2 of Part 6 of the Act, cause to be kept adequate
 accounting records, whether in the form of documents, electronic form or otherwise, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228.1 correctly
 record and explain the transactions of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228.2 will
 at any time enable the assets, liabilities, financial position and profit or loss of the
 Company to be determined with reasonable accuracy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228.3 will
 enable the Directors to ensure that any financial statements of the Company, required to
 be prepared under section 290 or 293 of the Act, comply with the requirements of the Act;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228.4 will
 enable those financial statements of the Company to be readily and properly audited.

229. The
 accounting records shall be kept on a continuous and consistent basis and entries therein
 shall be made in a timely manner and be consistent from year to year. Adequate accounting
 records shall be deemed to have been maintained if they comply with the provisions of Chapter
 2 of Part 6 of the Act and explain the Company's transactions and facilitate the preparation
 of financial statements that give a true and fair view of the assets, liabilities, financial
 position and profit or loss of the Company and, if relevant, the Group and include any information
 and returns referred to in section 283(2) of the Act.

230. The
 accounting records shall be kept at the Office or, subject to the provisions of the Act,
 at such other place as the Directors think fit and shall be open at all reasonable times
 to the inspection of the Directors.

231. The
 Directors shall determine from time to time whether and to what extent and at what times
 and places and under what conditions or regulations the accounting records of the Company
 shall be open to the inspection of members, not being Directors. No member (not being a Director)
 shall have any right of inspecting any financial statement or accounting record of the Company
 except as conferred by the Act or authorised by the Directors or by the Company in a general
 meeting.

232. In
 accordance with the provisions of the Act, the Directors shall cause to be prepared and to
 be laid before the annual general meeting of the Company from time to time such statutory
 financial statements of the Company and reports as are required by the Act to be prepared
 and laid before such meeting.

233. A
 copy of every statutory financial statement of the Company (including every document required
 by law to be annexed thereto) which is to be laid before the annual general meeting of the
 Company together with a copy of the Directors' report and Auditors' report, or
 summary financial statements prepared in accordance with section 1119 of the Act, shall be
 sent, by post, electronic mail or any other means of electronic communications, not less
 than twenty-one Clear Days before the date of the annual general meeting, to every person
 entitled under the provisions of the Act to receive them; provided that where the Directors
 elect to send summary financial statements to the members, any member may request that he
 be sent a copy of the statutory financial statements of the Company. The Company may, in
 addition to sending one or more copies of its statutory financial statements, summary financial
 statements or other communications to its members, send one or more copies to any Approved
 Nominee. For the purposes of this Article, sending by electronic communications includes
 the making available or displaying on the Company's website (or a website designated
 by the Board) or the website of the SEC, and each member is deemed to have irrevocably consented
 to receipt of every statutory financial statement of the Company (including every document
 required by law to be annexed thereto) and every copy of the Directors' report and
 the Auditors' report and every copy of any summary financial statements prepared in
 accordance with section 1119 of the Act, by any such document being made so available or
 displayed.

234. Auditors
 shall be appointed and their duties regulated in accordance with the Act.

**WINDING UP**

235. Subject
 to the provisions of the Act as to preferential payments, the property of the Company on
 its winding up shall be distributed among the members according to their rights and interests
 in the Company.

236. Unless
 the conditions of issue of the shares in question provide otherwise, dividends declared by
 the Company more than six years preceding the commencement date of a winding up of the Company,
 being dividends which have not been claimed within that period of six years, shall not be
 a claim admissible to proof against the Company for the purposes of the winding up.

237. If
 the Company shall be wound up and the assets available for distribution among the members
 as such shall be insufficient to repay the whole of the paid up or credited as paid up share
 capital, such assets shall be distributed so that, as nearly as may be, the losses shall
 be borne by the members in proportion to the capital paid up or credited as paid up at the
 commencement of the winding up on the shares in the capital of the Company held by them respectively.
 If in a winding up the assets available for distribution among the members shall be more
 than sufficient to repay the whole of the share capital paid up or credited as paid up at
 the commencement of the winding up, the excess shall be distributed among the members in
 proportion to the capital at the commencement of the winding up paid up or credited as paid
 up on the said shares held by them respectively; provided that this Article shall be subject
 to any specific rights attaching to any class of share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237.1 In
 case of a sale by the liquidator under section 601 of the Act, the liquidator may by the
 contract of sale agree so as to bind all the members, for the allotment to the members directly,
 of the proceeds of sale in proportion to their respective interests in the Company and may
 further, by the contract, limit a time at the expiration of which obligations or shares in
 the capital of the Company not accepted or required to be sold shall be deemed to have been
 irrevocably refused and be at the disposal of the Company, but so that nothing herein contained
 shall be taken to diminish, prejudice or affect the rights of dissenting members conferred
 by the said section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237.2 The
 power of sale of the liquidator shall include a power to sell wholly or partially for debentures,
 debenture stock, or other obligations of another company, either then already constituted
 or about to be constituted for the purpose of carrying out the sale.

238. If
 the Company is wound up, the liquidator, with the sanction of a special resolution and any
 other sanction required by the Act, may divide amongst the members in specie or kind the
 whole or any part of the assets of the Company (whether they shall consist of property of
 the same kind or not), and, for such purpose, may value any assets and determine how the
 division shall be carried out as between the members or different classes of members. The
 liquidator, with the like sanction, may vest the whole or any part of such assets in trustees
 upon such trusts for the benefit of the contributories as, with the like sanction, he or
 she determines, but so that no member shall be compelled to accept any assets upon which
 there is a liability.

**BUSINESS TRANSACTIONS**

239. In
 addition to any affirmative vote or consent required by law or these Articles, and except
 as otherwise expressly provided in Article 240, a Business Transaction (as defined in Article
 241.3) with, or proposed by or on behalf of, any Interested Person (as defined in Article
 241.6) or any Affiliate (as defined in Article 241.1) of any Interested Person or any person
 who thereafter would be an Affiliate of such Interested Person shall require approval by
 the affirmative vote of members of the Company holding not less than two-thirds (2/3) of
 the paid up ordinary share capital of the Company, excluding the voting rights attached to
 any shares beneficially owned by such Interested Person. Such affirmative vote shall be required
 notwithstanding the fact that no vote may be required, or that a lesser percentage may be
 specified, by law or in any agreement with any Exchange or otherwise.

240. The
 provisions of Article 239 shall not be applicable to any particular Business Transaction,
 and such Business Transaction shall require only such affirmative vote, if any, as is required
 by law or by any other provision of these Articles, or any agreement with any Exchange, if
 either (i) the Business Transaction shall have been approved by a majority of the Board prior
 to such Interested Person first becoming an Interested Person or (ii) prior to such Interested
 Person first becoming an Interested Person, a majority of the Board shall have approved such
 Interested Person becoming an Interested Person and, subsequently, a majority of the Independent
 Directors (as hereinafter defined) shall have approved the Business Transaction or (iii)
 after such person becomes an Interested Person, a majority of the Independent Directors shall
 have approved (A) such person as an Interested Person and (B) the Business Transaction.

241. The
 following definitions shall apply with respect to Articles 239 to 243:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241.1 The
 term "Affiliate" shall mean a person that directly, or indirectly through one
 or more intermediaries, controls, or is controlled by, or is under common control with, a
 specified person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241.2 A
 person shall be a "beneficial owner" of any shares of the Company (a) which such
 person or any of its Affiliates beneficially owns, directly or indirectly; (b) which such
 person or any of its Affiliates has, directly or indirectly, (i) the right to acquire (whether
 such right is exercisable immediately or subject only to the passage of time or the occurrence
 of one or more events), pursuant to any agreement, arrangement or understanding or upon the
 exercise of conversion rights, exchange rights, warrants or options, or otherwise, or (ii)
 the right to vote pursuant to any agreement, arrangement or understanding; provided, however,
 that a person shall not be deemed the beneficial owner of any security if the agreement,
 arrangement or understanding to vote such security arises solely from a revocable proxy or
 consent solicitation made pursuant to and in accordance with the Act; or (c) which is beneficially
 owned, directly or indirectly, by any other person with which such person or any of its Affiliates
 has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting
 or disposing of any shares of the Company (except to the extent permitted by the proviso
 of clause (b)(ii) above). For the purposes of determining whether a person is an Interested
 Person pursuant to Article 241.6, the number of shares of the Company deemed to be outstanding
 shall include shares deemed beneficially owned by such person through application of this
 Article 241.2, but shall not include any other shares of the Company that may be issuable
 pursuant to any agreement, arrangement or understanding, or upon exercise of conversion rights,
 warrants or options, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241.3 The
 term "Business Transaction" shall mean any of the following transactions when
 entered into by the Company or a subsidiary of the Company with, or upon a proposal by or
 on behalf of, any Interested Person or any Affiliate of any Interested Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 merger or consolidation of the Company or any subsidiary with (i) any Interested Person,
 or (ii) any other body corporate which is, or after such merger or consolidation would be,
 an Affiliate of an Interested Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction
 or a series of transactions), except proportionately as a member of the Company, to or with
 the Interested Person of assets of the Company (other than shares of the Company or of any
 subsidiary of the Company which assets have an aggregate market value equal to ten percent
 (10%) or more of the aggregate market value of all the issued share capital of the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 transaction that results in the issuance of shares or the transfer of treasury shares by
 the Company or by any subsidiary of the Company of any shares of the Company or any shares
 of such subsidiary to the Interested Person, except (i) pursuant to the exercise, exchange
 or conversion of securities exercisable for, exchangeable for or convertible into stock of
 the Company or any such subsidiary which securities were outstanding prior to the time that
 the Interested Person became such, (ii) pursuant to a dividend or distribution paid or made,
 or the exercise, exchange or conversion of securities exercisable for, exchangeable for or
 convertible into shares of the Company or any such subsidiary which security is distributed,
 pro rata to all holders of a class or series of shares of the Company subsequent to the time
 the Interested Person became such, (iii) pursuant to an exchange offer by the Company to
 purchase shares made on the same terms to all holders of said shares, (iv) any issuance of
 shares or transfer of treasury shares of the Company by the Company, provided, however, that
 in the case of each of the clauses (ii) through (iv) above there shall be no increase of
 more than one percent (1%) in the Interested Person's proportionate share in the shares
 of the Company of any class or series or (v) pursuant to a public offering or private placement
 by the Company to an Institutional Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 reclassification of securities, recapitalization or other transaction involving the Company
 or any subsidiary of the Company which has the effect, directly or indirectly, of (i) increasing
 the proportionate amount of the shares of any class or series, or securities convertible
 into the shares of any class or series, of the Company or of any such subsidiary which is
 owned by the Interested Person, except as a result of immaterial changes due to fractional
 share adjustments or as a result of any purchase or redemption of any shares not caused,
 directly or indirectly, by the Interested Person or (ii) increasing the voting power, whether
 or not then exercisable, of an Interested Person in any class or series of shares of the
 Company or any subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 adoption of any plan or proposal by or on behalf of an Interested Person for the liquidation,
 dissolution or winding-up of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 receipt by the Interested Person of the benefit, directly or indirectly (except proportionately
 as a member of the Company), of any loans, advances, guarantees, pledges, tax benefits or
 other financial benefits (other than those expressly permitted in subparagraphs (a) through
 (e) above) provided by or through the Company or any subsidiary thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241.4 The
 term "**Independent Directors**" shall mean the members of the Board who are
 not Affiliates or representatives of, or associated with, an Interested Person and who were
 either Directors prior to any person becoming an Interested Person or were recommended for
 election or elected to succeed such directors by a vote which includes the affirmative vote
 of a majority of the Independent Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241.5 The
 term "**Institutional Investor**" shall mean a person that (a) has acquired,
 or will acquire, all of its shares in the Company in the ordinary course of its business
 and not with the purpose nor with the effect of changing or influencing the control of the
 Company, nor in connection with or as a participant in any transaction having such purpose
 or effect, including any transaction subject to rule 13d-3(b) under the Exchange Act, and
 (b) is a registered broker dealer; a bank as defined in section 3(a)(6) of the Exchange Act;
 an insurance company as defined in, or an investment company registered under, the Investment
 Company Act of 1940 of the United States; an investment advisor registered under the Investment
 Advisors Act of 1940 of the United States; an employee benefit plan or pension fund subject
 to the Employee Retirement Income Security Act of 1974 of the United States or an endowment
 fund; a parent holding company, provided that the aggregate amount held directly by the parent
 and directly and indirectly by its subsidiaries which are not persons specified in the foregoing
 subclauses of this clause (b) does not exceed one percent (1%) of the securities of the subject
 class; or a group, provided that all the members are persons specified in the foregoing subclauses
 of this clause (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241.6 The
 term "**Interested Person**" shall mean any person (other than the Company,
 any subsidiary, any profit-sharing, employee share ownership or other employee benefit plan
 of the Company or any subsidiary or any trustee of or fiduciary with respect to any such
 plan when acting in such capacity) who (a) is the beneficial owner of shares of the Company
 representing ten percent (10%) or more of the votes entitled to be cast by the holders of
 all the paid up share capital of the Company; (b) has stated in a filing with any governmental
 agency or press release or otherwise publicly disclosed a plan or intention to become or
 consider becoming the beneficial owner of shares of the Company representing ten percent
 (10%) or more of the votes entitled to be cast by the holders of all paid up share capital
 of the Company and has not expressly abandoned such plan, intention or consideration more
 than two years prior to the date in question; or (c) is an Affiliate of the Company and at
 any time within the two-year period immediately prior to the date in question was the beneficial
 owner of shares representing ten percent (10%) or more of the votes entitled to be cast by
 holders of all the paid up share capital of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241.7 The
 term "**person**" shall mean any individual, body corporate, partnership,
 unincorporated association, trust or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241.8 The
 term "**subsidiary**" has the meaning ascribed to it in section 7 of the Act.

242. A
 majority of the Independent Directors shall have the power and duty to determine, on the
 basis of information known to them after reasonable inquiry, for the purposes of (i) Articles
 239 and 240, all questions arising under Articles 239 and 240 including, without limitation
 (a) whether a person is an Interested Person, (b) the number of shares of the Company or
 other securities beneficially owned by any person; and (c) whether a person is an Affiliate
 of another; and (ii) these Articles, the question of whether a person is an Interested Person.
 Any such determination made in good faith shall be binding and conclusive on all parties.

243. Nothing
 contained in Articles 239 to 240 shall be construed to relieve any Interested Person from
 any fiduciary obligation imposed by law.

**SHAREHOLDER RIGHTS PLAN**

244. Subject
 to applicable law, the Directors are hereby expressly authorised to adopt any shareholder
 rights plan (a "**Rights Plan** "), upon such terms and conditions as the Directors
 deem expedient and in the best interests of the Company, including, without limitation, where
 the Directors are of the opinion that a Rights Plan could grant them additional time to gather
 relevant information or pursue strategies in response to or anticipation of, or could prevent,
 a potential change of control of the Company or accumulation of shares in the Company or
 interests therein.

245. The
 Directors may exercise any power of the Company to grant rights (including approving the
 execution of any documents relating to the grant of such rights) to subscribe for ordinary
 shares or preferred shares in the share capital of the Company ()"**Rights** ")
 in accordance with the terms of a Rights Plan.

246. For
 the purposes of effecting an exchange of Rights for ordinary shares or preferred shares in
 the share capital of the Company (an "**Exchange of Rights** "), the Directors
 may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246.1 resolve
 to capitalise an amount standing to the credit of the reserves of the Company (including,
 but not limited to, the share premium account, capital redemption reserve, any undenominated
 capital and profit and loss account), whether or not available for distribution, being an
 amount equal to the nominal value of the ordinary shares or preferred shares which are to
 be exchanged for the Rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246.2 apply
 that sum in paying up in full ordinary shares or preferred shares and allot such shares,
 credited as fully paid, to those holders of Rights who are entitled to them under an Exchange
 of Rights effected pursuant to the terms of a Rights Plan.

247. The
 duties of the Directors to the Company under applicable law, including, but not limited to,
 the Act and common law, are hereby deemed amended and modified such that the adoption of
 a Rights Plan and any actions taken thereunder by the Directors (if so approved by the Directors)
 shall be deemed to constitute an action in the best interests of the Company in all circumstances,
 and any such action shall be deemed to be immediately confirmed, approved and ratified.

**UNTRACED MEMBERS**

248. The
 Company shall be entitled to sell at the best price reasonably obtainable any share of a
 member or any share to which a person is entitled by transmission if and provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248.1 for
 a period of twelve years no cheque or warrant sent by the Company through the post in a pre-paid
 letter addressed to the member or to the person entitled by transmission to the share at
 his address on the Register or at the last known address given by the member or the person
 entitled by transmission to which cheques and warrants are to be sent has been cashed and
 no communication has been received by the Company from the member or the person entitled
 by transmission (provided that during such twelve year period at least three dividends shall
 have become payable in respect of such share);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248.2 at
 the expiration of the said period of twelve years by advertisement in a national daily newspaper
 published in Ireland and in a newspaper circulating in the area in which the address referred
 to in Article 248.1 is located the Company has given notice of its intention to sell such
 share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248.3 during
 the further period of three months after the date of the advertisement and prior to the exercise
 of the power of sale the Company has not received any communication from the member or person
 entitled by transmission; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248.4 the
 Company has first given notice in writing to the appropriate sections of the Exchanges of
 its intention to sell such shares.

249. Where
 a share, which is to be sold as provided in Article 248, is held in uncertificated form,
 the Directors may authorise any person to do all that is necessary to change such share into
 certificated form prior to its sale.

250. To
 give effect to any such sale the Company may appoint any person to execute as transferor
 an instrument of transfer of such share and such instrument of transfer shall be as effective
 as if it had been executed by the member or the person entitled by the transmission to such
 share. The transferee shall be entered in the Register as the member of the shares comprised
 in any such transfer and he shall not be bound to see to the application of the purchase
 moneys nor shall his title to the shares be affected by any irregularity in or invalidity
 of the proceedings in reference to the sale.

251. The
 Company shall account to the member or other person entitled to such share for the net proceeds
 of such sale by carrying all moneys in respect thereof to a separate account which shall
 be a permanent debt of the Company and the Company shall be deemed to be a debtor and not
 a trustee in respect thereof for such member or other person. Moneys carried to such separate
 account may be either employed in the business of the Company or held as cash or cash equivalents,
 or invested in such investments as the Directors may think fit, from time to time.

**DESTRUCTION OF RECORDS**

252. The
 Company shall be entitled to destroy all instruments of transfer which have been registered
 at any time after the expiration of six years from the date of registration thereof, all
 notifications of change of name or change of address however received at any time after the
 expiration of two years from the date of recording thereof and all share certificates and
 dividend mandates which have been cancelled or ceased to have effect at any time after the
 expiration of one year from the date of such cancellation or cessation. It shall be presumed
 conclusively in favour of the Company that every entry in the Register purporting to have
 been made on the basis of an instrument of transfer or other document so destroyed was duly
 and properly made and every instrument duly and properly registered and every share certificate
 so destroyed was a valid and effective document duly and properly cancelled and every other
 document hereinbefore mentioned so destroyed was a valid and effective document in accordance
 with the recorded particulars thereof in the books or records of the Company. Provided always
 that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252.1 the
 provision aforesaid shall apply only to the destruction of a document in good faith and without
 notice of any claim (regardless of the parties thereto) to which the document might be relevant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252.2 nothing
 herein contained shall be construed as imposing upon the Company any liability in respect
 of the destruction of any document earlier than as aforesaid or in any other circumstances
 which would not attach to the Company in the absence of this Article; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252.3 references
 herein to the destruction of any document include references to the disposal thereof in any
 manner.

**INDEMNIFICATION**

253. 253.1
 Subject to the provisions of and so far as may be permitted by the Act, each person who is
 or was a Director, officer or employee of the Company, and each person who is or was serving
 at the request of the Company as a director, officer or employee of another company, or of
 a partnership, joint venture, trust or other enterprise, including service with respect to
 employee benefit plans maintained or sponsored by the Company (including the heirs, executors,
 administrators and estate of such person) shall be entitled to be indemnified by the Company
 against all costs, charges, losses, expenses and liabilities incurred by him or her in the
 execution and discharge of his or her duties or in relation thereto, including any liability
 incurred by him or her in defending any proceedings, civil or criminal, which relate to anything
 done or omitted or alleged to have been done or omitted by him or her as a director, officer
 or employee of the Company or such other company, partnership, joint venture, trust or other
 enterprise, and in which judgment is given in his or her favour (or the proceedings are otherwise
 disposed of without any finding or admission of any material breach of duty on his or her
 part) or in which he or she is acquitted or in connection with any application under any
 statute for relief from liability in respect of any such act or omission in which relief
 is granted to him or her by the court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253.2 In
 the case of any threatened, pending or completed action, suit or proceeding by or in the
 right of the Company, the Company shall indemnify, to the fullest extent permitted by the
 Act, each person indicated in Article 253.1 against expenses, including attorneys'
 fees actually and reasonably incurred in connection with the defence or the settlement thereof,
 except no indemnification shall be made in respect of any claim, issue or matter as to which
 such person shall have been adjudged to be liable for fraud or dishonesty in the performance
 of his or her duty to the Company unless and only to the extent that the courts of Ireland
 or the court in which such action or suit was brought shall determine upon application that
 despite the adjudication of liability, but in view of all the circumstances of the case,
 such person is fairly and reasonably entitled to indemnity for such expenses as the Court
 shall deem proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253.3 As
 far as permissible under the Act, expenses, including attorneys' fees, incurred in defending
 any action, suit or proceeding referred to in this Article shall be paid by the Company in
 advance of the final disposition of such action, suit or proceeding upon receipt of a written
 affirmation by or on behalf of the Director, officer, employee or other indemnitee of a good
 faith belief that the criteria for indemnification have been satisfied and a written undertaking
 to repay such amount if it shall ultimately be determined that such Director, officer or
 employee or other indemnitee is not entitled to be indemnified by the Company as authorised
 by these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253.4 It
 being the policy of the Company that indemnification of the persons specified in this Article
 shall be made to the fullest extent permitted by law, the indemnification provided by this
 Article shall not be deemed exclusive of: (a) any other rights to which those seeking indemnification
 or advancement of expenses may be entitled under the Memorandum, these Articles, any agreement,
 any insurance purchased by the Company, any vote of members or disinterested Directors, or
 pursuant to the direction (however embodied) of any court of competent jurisdiction, or otherwise,
 both as to action in his or her official capacity and as to action in another capacity while
 holding such office, or (b) any amendments or replacements of the Act which permit for greater
 indemnification of the persons specified in this Article and any such amendment or replacement
 of the Act shall hereby be incorporated into these Articles. As used in this Article 253.4,
 references to the "Company" include all constituent companies in a consolidation
 or merger in which the Company or any predecessor to the Company by consolidation or merger
 was involved. The indemnification provided by this Article shall continue as to a person
 who has ceased to be a Director, officer or employee and shall inure to the benefit of the
 heirs, executors, and administrators of such Directors, officers, employees or other indemnitees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253.5 The
 Directors shall have power to purchase and maintain for any Director, the Company Secretary
 or other officers or employees of the Company insurance against any such liability as referred
 to in section 235 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253.6 The
 Company may additionally indemnify any agent of the Company or any director, officer, employee
 or agent of any of its subsidiaries to the fullest extent provided by law, and purchase and
 maintain insurance for any such person as appropriate.

254. No
 person shall be personally liable to the Company or its members for monetary damages for
 breach of fiduciary duty as a Director, provided, however, that the foregoing shall not eliminate
 or limit the liability of a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254.1 for
 any breach of the Director's duty of loyalty or duty of care to the Company or its
 members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254.2 for
 acts or omissions not in good faith or which involve intentional misconduct or a knowing
 violation of law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254.3 for
 any transaction from which the Director derived an improper personal benefit.

If any applicable law or the relevant code, rules and regulations applicable to the listing of the Company's shares on any Exchange is amended hereafter to authorise corporate action further eliminating or limiting the personal liability of Directors, then the liability of a Director shall be eliminated or limited to the fullest extent permitted by the relevant law, as so amended. Any amendment, repeal or modification of this Article 254 shall not adversely affect any right or protection of a Director existing hereunder with respect to any act or omission occurring prior to such amendment, repeal or modification.

**GOVERNING LAW AND JURISDICTION**

255. This
 constitution and any dispute or claim arising out of or in connection with it or its subject
 matter, formation, existence, negotiation, validity, termination or enforceability (including
 non-contractual obligations, disputes or claims) will be governed by and construed in accordance
 with the laws of Ireland.

256. Subject
 to Article 257, the courts of Ireland are to have exclusive jurisdiction to settle any dispute
 arising out of or in connection with this constitution and, for such purposes, the Company
 and each shareholder irrevocably submit to the exclusive jurisdiction of such courts. Any
 proceeding, suit or action arising out of or in connection with this Constitution (the "**Proceedings** ")
 will therefore be brought in the courts of Ireland. Each shareholder irrevocably waives any
 objection to Proceedings in the courts referred to in this Article on the grounds of venue
 or on the grounds of forum non conveniens.

257. Unless
 the Company 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 law, be
 the exclusive forum for the resolution of any complaint asserting a cause of action arising
 under the Exchange Act or the Securities Act of 1933 of the United States. Any person or
 entity purchasing or otherwise acquiring any interest in any security of the Company shall
 be deemed to have notice of and consented to this provision.

## Exhibit 99.1

**Exhibit 99.1**

**SMX Announces Effective Date of Reverse Stock Split**

NEW YORK, November 14, 2025 — SMX (Security Matters) Public Limited Company (NASDAQ: SMX; SMXWW) (the "Company"), today announced that the reverse stock split of the Company's ordinary shares will begin trading on an adjusted basis giving effect to the reverse stock split on November 18, 2025 under the existing ticker symbol "SMX". The new CUSIP number of the Company's ordinary shares will be G8267K307 and the new ISIN code will be IE000UPDVNX9.

On May 2, 2025, the Company's Shareholders approved a proposal to amend the Company's constitution to allow the Company's Board of Director's to consolidate and/or divide all or any of the Company's classes of shares as the Board of Directors sees fit. As such, Shareholder approval was not required to effect the reverse stock split.

The Company's Board of Directors' fixed the split ratio at 8:1, every 8 ordinary shares of the Company with a nominal value of $0.00000000000312817946 per share will be automatically combined into one (1) ordinary share with a nominal value of $0.00000000002502543568 per share. This will reduce the number of outstanding ordinary shares of the Company from 8,404,581 pre-reverse stock split to 1,050,572 post-reverse stock split.

Outstanding Company options, warrants and other applicable convertible securities, including the Company's warrants listed on the Nasdaq Capital Market under the symbol SMXWW which will retain its existing CUSIP number, will be proportionately adjusted in accordance with their respective terms. No fractional shares will be issued in connection with the reverse stock split. Instead, the Company will aggregate the fractional entitlements of shareholders who otherwise would be entitled to receive fractional shares because they hold a number of ordinary shares not evenly divisible by 8 ordinary shares pursuant to the reverse stock split or they hold less than the number of ordinary shares which should be consolidated into one ordinary share pursuant to the reverse stock split and, to the extent possible, sell such aggregated fractional ordinary shares on the basis of prevailing market prices at such time.

Continental Stock Transfer & Trust Company is acting as exchange agent for the reverse stock split and will send instructions to any shareholders of record who hold stock certificates regarding the exchange of certificates. Shareholders with shares held in book-entry form or through a bank, broker, or other nominee are not required to take any action and will see the impact of the reverse stock split reflected in their accounts on or after November 19, 2025. Such beneficial holders may contact their bank, broker, or nominee for more information. Continental Stock Transfer may be reached for questions at (212) 509-4000.

**—Ends—**

**For further information contact:** 

**SMX GENERAL ENQUIRIES**

E: <u>info@securitymattersltd.com</u>

**About SMX** 

As global businesses face new and complex challenges relating to carbon neutrality and meeting new governmental and regional regulations and standards, SMX is able to offer players along the value chain access to its marking, tracking, measuring and digital platform technology to transition more successfully to a low-carbon economy.

**Forward-Looking Statements**

The information in this press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding expectations, hopes, beliefs, intentions, or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "forecast," "intends," "may," "will," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release may include, for example, the Company's ability to regain compliance with applicable Nasdaq standards or comply with the continued listing standards of Nasdaq even if the Company regains compliance. These forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing views as of any subsequent date, and no obligation is undertaken to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: the ability to maintain the listing of the Company's shares on Nasdaq; changes in applicable laws or regulations; any lingering effects of the COVID-19 pandemic on SMX's business; the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; the risk of downturns and the possibility of rapid change in the highly competitive industry in which SMX operates; the risk that SMX and its current and future collaborators are unable to successfully develop and commercialize SMX's products or services, or experience significant delays in doing so; the risk that the Company may never achieve or sustain profitability; the risk that the Company will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; the risk that the Company experiences difficulties in managing its growth and expanding operations; the risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations; the risk that SMX is unable to secure or protect its intellectual property; the possibility that SMX may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties described in SMX's filings from time to time with the Securities and Exchange Commission.