# EDGAR Filing Document

**Accession Number:** 0001774983
**File Stem:** 0001213900-25-050129
**Filing Date:** 2025-6
**Character Count:** 266506
**Document Hash:** 7becc381514d0bc21c184d9267404ed2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-050129.hdr.sgml**: 20250602

**ACCESSION NUMBER**: 0001213900-25-050129

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250602

**FILED AS OF DATE**: 20250602

**DATE AS OF CHANGE**: 20250602

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brooge Energy Ltd
- **CENTRAL INDEX KEY:** 0001774983
- **STANDARD INDUSTRIAL CLASSIFICATION:** PETROLEUM REFINING [2911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39171
- **FILM NUMBER:** 251016028

**BUSINESS ADDRESS:**
- **STREET 1:** OPUS TOWER A, 1002, BUSINESS BAY
- **CITY:** DUBAI
- **STATE:** C0
- **ZIP:** 00000
- **BUSINESS PHONE:** 971 2 633 3149

**MAIL ADDRESS:**
- **STREET 1:** OPUS TOWER A, 1002, BUSINESS BAY
- **CITY:** DUBAI
- **STATE:** C0
- **ZIP:** 00000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Brooge Holdings Ltd
- **DATE OF NAME CHANGE:** 20190425

**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 June 2025**

**Commission File Number 001-39171**

**BROOGE ENERGY LIMITED**

(Translation of registrant's name into English)

c/o Brooge Petroleum and Gas Investment Company FZE

P.O. Box 50170

Fujairah, United Arab Emirates

(Address of principal executive office)

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 ☐

***CONTENTS***

On May 27, 2025, Brooge Energy announced entering into a conditional sale and purchase agreement (the "Acquisition Agreement") for the proposed sale of 100% of the total issued share capital of each of Brooge Petroleum and Gas Investments Company FZE and Brooge Petroleum and Gas Investment Company Phase III FZE, to Gulf Navigation Holding PJSC.

A copy of the Acquisition Agreement is hereby filed as Exhibit 4.94 hereto.

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| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| 4.94\* | [Conditional Sale and Purchase Agreement, dated 27 May 2025, by and between Brooge Energy Limited and Gulf Navigation Holding PJSC.](ea024422601ex4-94_brooge.htm) |

---

\* Certain information has been redacted from this exhibit pursuant to Item 4 of the Instructions as to Exhibits of Form 20-F because it is both not material and is the type that the registrant treats as private or confidential. The registrant hereby agrees to furnish an unredacted copy of the exhibit and its materiality and privacy or confidentiality analyses to the SEC upon request.

**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.

---

| | | |
|:---|:---|:---|
|  | **BROOGE ENERGY LIMITED** | **BROOGE ENERGY LIMITED** |
| Date: June 2, 2025 | By: | /s/ Siavosh Hossein |
|  | Name: | Siavosh Hossein |
|  |  | On behalf of Brooge Energy Limited |

---

## Exhibit 4.94

**Exhibit 4.94**

**CERTAIN IDENTIFIED INFORMATION HEREIN THAT HAS BEEN MARKED WITH BRACKETS ("[\*\*\*]") HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.**

**<u>DATED 27 May 2025</u>**

**(1) BROOGE ENERGY LIMITED**

**and**

**(2) GULF NAVIGATION HOLDING PJSC**

&nbsp;&nbsp;<br> **AGREEMENT**<br> **for sale and purchase of the entire issued shareholding of each of BROOGE PETROLEUM AND GAS INVESTMENT COMPANY FZE and BROOGE PETROLEUM AND GAS INVESTMENT COMPANY PHASE III FZE**<br>

 ****

**CONTENTS**

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| | | |
|:---|:---|:---|
| **Clause** | **Clause** | **Page** |
| 1. | Interpretation | 1 |
| 2. | Sale and Purchase of the Shares | 15 |
| 3. | Consideration | 15 |
| 4. | EXCHANGE | 16 |
| 5. | Conditions | 17 |
| 6. | Position pending Completion | 18 |
| 7. | SHARE TRANSFER PROCESS | 19 |
| 8. | COMPLETION | 20 |
| 9. | WAIVER OF INDEBTEDNESS | 21 |
| 10. | Seller's Undertakings | 21 |
| 11. | POST-COMPLETION OBLIGATIONS | 22 |
| 12. | SELLER'S WARRANTIES | 22 |
| 13. | BUYER'S WARRANTIES AND INDEMNITY | 22 |
| 14. | Limitations on liability | 22 |
| 15. | DISCLOSURES | 22 |
| 16. | Conduct of relevant claims | 24 |
| 17. | TERMINATION RIGHTS | 25 |
| 18. | EFFECT OF TERMINATION | 25 |
| 19. | TAX COVENANT | 25 |
| 20. | CONDUCT OF TAX CLAIMS | 26 |
| 21. | LEAKAGE | 28 |
| 22. | Protection of Goodwill | 29 |
| 23. | Confidential Information and Know-How | 30 |
| 24. | Announcements | 31 |
| 25. | Notices | 31 |
| 26. | Entire Agreement | 32 |
| 27. | Further Assurance | 32 |
| 28. | Invalidity | 32 |
| 29. | Effect of Completion | 32 |
| 30. | Waiver | 32 |

---

i

---

| | | |
|:---|:---|:---|
| 31. | Costs | 33 |
| 32. | Gross Up | 33 |
| 33. | Assignment | 33 |
| 34. | Rights of Third Parties | 33 |
| 35. | Counterparts | 33 |
| 36. | Law and Jurisdiction | 33 |
| **Schedule 1** | **Schedule 1** | **34** |
| Part 1 THE COMPANIES | Part 1 THE COMPANIES | 34 |
| Part 2 THE SUBSIDIARY AND THE BRANCH | Part 2 THE SUBSIDIARY AND THE BRANCH | 36 |
| **Schedule 2 PROPERTIES** | **Schedule 2 PROPERTIES** | **37** |
| **Schedule 3 SELLER'S WARRANTIES** | **Schedule 3 SELLER'S WARRANTIES** | **38** |
| Part 1 : Fundamental Warranties | Part 1 : Fundamental Warranties | 38 |
| Part 2 : Commercial Warranties | Part 2 : Commercial Warranties | 38 |
| **Schedule 4 BUYER'S WARRANTIES** | **Schedule 4 BUYER'S WARRANTIES** | **56** |
| Part 1 : Fundamental Warranties | Part 1 : Fundamental Warranties | 56 |
| Part 2 : Commercial Warranties | Part 2 : Commercial Warranties | 56 |
| **Schedule 5 Limitation on Seller's Liability** | **Schedule 5 Limitation on Seller's Liability** | **71** |
| **Schedule 6 Limitation on Buyer's Liability** | **Schedule 6 Limitation on Buyer's Liability** | **73** |
| **Schedule 7 position pending completion** | **Schedule 7 position pending completion** | **75** |
| **Schedule 8 DOCUMENTS TO BE DELIVERED AT COMPLETION** | **Schedule 8 DOCUMENTS TO BE DELIVERED AT COMPLETION** | **78** |
| **Schedule 9 PERMITTED LEAKAGE** | **Schedule 9 PERMITTED LEAKAGE** | **79** |
| **Schedule 10 POST-COMPLETION OBLIGATIONS** | **Schedule 10 POST-COMPLETION OBLIGATIONS** | **80** |

---

**Agreed form documents at signing:-**

1. Seller's
Disclosure Letter

2. Buyer's
Disclosure Letter

3. Mandatory
Convertible Bonds Instrument

ii

**THIS AGREEMENT** is made on 27 May 2025

**BETWEEN**:-

(1) **BROOGE ENERGY LIMITED**, a limited liability company registered as an exempt company in the Cayman
 Islands whose registered office is at Maples Corporate Services Limited, P.O. Box 309, Ugland
 House, Grand Cayman KY1-1104, Cayman Islands (the "**Seller** "); and

(2) **GULF NAVIGATION HOLDING PJSC**, a public joint stock company registered in Dubai, UAE with licence
 number 543092 and whose registered office is at 39th
 Floor, API Trio Office Tower, Sheikh Zayed Rd, Dubai, UAE (the "**Buyer** "),

(each a "**Party**" and, together, the "**Parties**").

**IT IS AGREED AS FOLLOWS**:-

**1.** **Interpretation** 

1.1 In
 this Agreement the following words and expressions have the following meanings:-

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| | |
|:---|:---|
| "**Accounting Practice**" | the practice of preparing accounts in compliance with all Applicable Law and accounting conventions, principles and practices generally accepted in the UAE as at the Accounts Date required to be used in the preparation of accounts, which accounts are intended to show a fair presentation, as required by International Accounting Standards |
| "**Accounts**" | the consolidated audited accounts of each of the Companies as prepared in accordance with Applicable Law for the financial period ended on the Accounts Date |
| "**Accounts Date**" | 31 December 2023 |
| "**Accounts Relief**" (a) | any Relief which is taken into account in computing and so reducing or eliminating any provision for deferred Tax which appears in the Accounts (or which, but for such Relief, would have appeared in the Accounts); and |
| (b) | any Relief which is recognised as an asset in the Accounts |
| "**Admission**" | the admission by the SCA of the Consideration Shares to the Dubai Financial Market and the admission of the Consideration Shares to trading on the Dubai Financial Market having become effective in accordance with the listing rules issued by the SCA |
| "**AED**" | UAE dirhams, being the lawful currency of the UAE |
| "**Affiliate**" | means:- |
| (a) | in the case of a person who is an individual, any spouse, civil partner, co-habitee, lineal descendants by blood or adoption (and including step-descendants), parents or siblings (by blood or adoption), step parents and/or step siblings or any person or persons acting in its or their capacity as trustee or trustees of a trust of which such individual is a settler, in each case from time to time; |
| (b) | in the case of a person which is a body corporate, any subsidiary undertaking or parent undertaking of that person and any subsidiary undertaking of any such parent undertaking; |
| (c) | in the case of a person which is a limited partnership, the partners of the person or their nominees or a nominee or trustee for the person, or any investors in a fund which holds interests, directly or indirectly, in the limited partnership or any entity which manages and/or advises any such entity; and |
| (d) | any Affiliate of any person in paragraphs (a) to (c) above, |
|  | and in all cases excluding each Group Company |

---

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| | |
|:---|:---|
| "**Applicable Law**" | all laws, regulations, directives, statutes, subordinate legislation, common law and civil codes of any jurisdiction, all judgments, orders, notices, instructions, decisions and awards of any court or Competent Authority or tribunal exercising statutory or delegated powers and all codes of practice having force of law, in each case, to the extent applicable to any Party or any Group Company, or as the context requires |
| "[\*\*\*]" | [\*\*\*] |
| "[\*\*\*]" | [\*\*\*] |
| "[\*\*\*]" | [\*\*\*] |
| "**Bond Terms**" | has the meaning given in Clause ‎5.1.6(a) |
| "**Branch**" | the Abu Dhabi branch of BPGIC, details of which are set out in ‎Part 2 of ‎Schedule 1 |
| "**Bribery Legislation**" | all and any of the following:- |
| (a) | all anti-bribery or anti-corruption legislation in force in the UAE |
| (b) | the United Nations Convention against Corruption |
| (c) | the United States Foreign Corrupt Practices Act of 1977 as amended |
| (d) | the Organization For Economic Co-operation and Development Convention on Combating Bribery of Foreign Public Officials in International Business Transactions and related implementing legislation |
| (e) | all applicable anti-bribery or anti-corruption related provisions in criminal and anti-competition laws and/or anti-bribery or anti-corruption laws anywhere in the world |
| "**Business Day**" | any day (other than a Saturday, Sunday or a public holiday in the UAE or Cayman Islands) on which clearing banks in the UAE and Cayman Islands are open for the transaction of normal banking business |
| "**Buyer Commercial Warranties**" | the warranties contained in Part B of ‎Schedule 4 (and references to a "**Buyer Commercial Warranty**" shall be construed accordingly) |
| "**Buyer Fundamental Warranties**" | the warranties contained in Part A of ‎Schedule 4 and references to a "**Buyer Fundamental Warranty**" shall be construed accordingly |

---

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| | |
|:---|:---|
| "**Buyer Tax Warranties**" | the warranties contained in Paragraph ‎19 of Part 2 of ‎Schedule 5 and references to a "**Buyer Tax Warranty**" shall be construed accordingly |
| "**Buyer's Data Room**" | means the online data room for Project Mercury hosted on the GulfNav Sharepoint site as at 23:59 on 23 May 2025 |
| "**Buyer's Disclosure Documents**" | the documents listed in the index of documents attached to the Buyer's Disclosure Letter, copies of which are contained in the Buyer's Data Room and on the Buyer's USB Stick |
| "**Buyer's Disclosure Letter**" | the disclosure letter from the Buyer to the Seller setting out disclosures against the Buyer's Warranties and having the same date as this Agreement, the receipt of which has been acknowledged by the Seller |
| "**Buyer's Group**" | the Buyer, any subsidiary or holding company from time to time of the Buyer and any company which is a subsidiary from time to time of any holding company of the Buyer and includes, for the avoidance of doubt, each Group Company (and any reference to a "**member of the Buyer's Group**" shall be construed accordingly) |
| "**Buyer's Relief**" (a) | any Accounts Relief; or |
| (b) | any Relief which arises to a Group Company in respect any period or part period commencing after Completion and which is not attributable to any Event occurring on or before Completion; or |
| (c) | any Relief arising to the Buyer's Group (excluding the Company) whenever so arising |
| "**Buyer's Supplemental Disclosure Letter**" | a disclosure letter, substantially in the same form as the Buyer's Disclosure Letter from the Buyer to the Seller executed by the Buyer and delivered to the Seller at Completion and making certain disclosures against the Buyer Commercial Warranties to the extent that the matters disclosed therein arose on or after the date of this Agreement and prior to Completion |
| "**Buyer's USB Stick**" | the USB memory stick containing the Buyer's Disclosure Documents and the contents of the Buyer's Data Room |
| "**Buyer's Warranties**" | the Buyer Fundamental Warranties, the Buyer Commercial Warranties and the Buyer Tax Warranties |
| "**Cash Consideration**" | has the meaning given in Clause ‎3.1.1 |
| "**Claim for Tax**" | means any assessment, notice, demand, determination, letter or other document issued by or action taken by or on behalf of any Tax Authority or any circumstances indicating that the Company is or may be placed or is sought to be placed under a Liability for Tax which could give rise to a claim by the Buyer under the Tax Covenant or for breach of the Seller Tax Warranties |
| "**Commercial Registration**" | has the meaning given in Clause ‎7.4.3 |
| "**Companies**" | Brooge Petroleum and Gas Investment Company FZE ("**BPGIC**") and Brooge Petroleum and Gas Investment Company Phase III FZE ("**BPGIC Phase III**"), details of which are set out in ‎Schedule 1 (each a "**Company**") |

---

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| | |
|:---|:---|
| "**Companies Law**" | Federal Decree Law Number 32 of 2021 on commercial companies, as amended |
| "**Competent Authority**" | any government, local government, statutory or regulatory body, court, governmental authority, department, commission, board, agency or other instrumentality of any country or jurisdiction or any part thereof having jurisdiction over this Agreement, any Party, any Group Company or the business of the Group Companies |
| "**Competition Law**" | all competition law, anti-trust law, or law having equivalent purpose or effect applicable to the business of any Group Company |
| "**Completion**" | completion of the sale and purchase of the Shares in accordance with this Agreement and the matters set out in Clause ‎8 |
| "**Completion Conditions**" | means the conditions to Completion set out in Clause ‎5.4 |
| "**Completion Date**" | has the meaning given in Clause ‎8.1 |
| "**Completion Escrow Account**" | means the deposit account opened and operated by the Escrow Agent in accordance with the Escrow Agreement and prior to the satisfaction of the Share Transfer Conditions, for the purposes of facilitating Completion and receiving the Escrow Amount |
| "**Computer Systems**" | all hardware, firmware, peripherals, communication links, storage media, networking equipment and other equipment used in conjunction therewith together with all computer software and all related object and source codes and databases used by or on behalf of any Group Company |
| "**Conditions**" | the Share Transfer Conditions and the Completion Conditions |
| "**Confidential Information**" | all information not in the public domain and which is used in, or which otherwise relates to each Group Company's business, its customers or financial or other affairs, including, without limitation, information relating to:- |
| (a) | the marketing of products or services including customer names and lists and other details of customers, financial information, sales targets, sales statistics, market share statistics, prices, market research reports and surveys, and advertising or other promotional materials |
| (b) | future projects, business development or planning, commercial relationships and negotiations, |
|  | existing in whatever form |
| "**Consequential Losses**" | any punitive or exemplary damages, any indirect or consequential damages or any loss of profit or revenue or damage to goodwill or reputation, in each case, whether due to a breach of contract, breach of warranty, breach of representation, negligence or otherwise |
| "**Consideration**" | the consideration for the purchase of the Shares set out in Clause ‎3.1 |
| "**Consideration Shares**" | has the meaning given to it in Clause ‎3.1.2 |

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| | |
|:---|:---|
| "**Control**" | in relation to any person (being the "**Controlled Person**"), being: |
| (a) | entitled to exercise, or control the exercise of (directly or indirectly) more than fifty per cent. (50%) of the voting power at any general meeting of the shareholders, members or partners or other equity holders (and including, in the case of a limited partnership, of the limited partners of) in respect of all or substantially all matters falling to be decided by resolution or meeting of such persons; or |
| (b) | entitled to appoint or remove: |
| (i) | directors on the Controlled Person's board of directors or its other governing body (or, in the case of a limited partnership, of the board or other governing body of its general partner) who are able (in the aggregate) to exercise more than fifty per cent. (50%) of the voting power at meetings of that board or governing body in respect of all or substantially all matters; and/or |
| (ii) | any managing member of such Controlled Person; and/or |
| (iii) | in the case of a limited partnership its general partner; or |
| (c) | entitled to exercise a dominant influence over the Controlled Person (otherwise than solely as a fiduciary) by virtue of the provisions contained in its constitutional documents or pursuant to an agreement with other shareholders, partners and members of the Controlled Person |

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| | | |
|:---|:---|:---|
| "**Data Protection Laws**" | all Applicable Law that is applicable to any Group Company relating to the protection and/or processing of personal data and privacy and the term "**Personal Data**" shall have the meaning given to it in such Applicable Law | all Applicable Law that is applicable to any Group Company relating to the protection and/or processing of personal data and privacy and the term "**Personal Data**" shall have the meaning given to it in such Applicable Law |
| "**Employee**" | a director or officer or employee of a Group Company | a director or officer or employee of a Group Company |
| "**Encumbrance**" | any security interest of any kind whatsoever including without limitation a mortgage, charge, pledge, lien, hypothecation, restriction, right to acquire, right of pre-emption, option, conversion right, third party right or interest, right of set-off or counterclaim, equities, trust arrangement or any other type of preferential agreement (such as a retention of title arrangement) having similar effect or any other rights exercisable by or claims by third parties | any security interest of any kind whatsoever including without limitation a mortgage, charge, pledge, lien, hypothecation, restriction, right to acquire, right of pre-emption, option, conversion right, third party right or interest, right of set-off or counterclaim, equities, trust arrangement or any other type of preferential agreement (such as a retention of title arrangement) having similar effect or any other rights exercisable by or claims by third parties |
| "**Environment**" | means all organisms (including man), ecosystems, property and the following media: | means all organisms (including man), ecosystems, property and the following media: |
|  | (a) | air (including the air within buildings and the air within other natural or man-made structures, whether above or below ground); |
|  | (b) | water (including water under or within land or in pipes, drains or sewers and coastal and in-land waters); and |
|  | (c) | soil and land |
| "**Environmental and Health and Safety Permits**" | all or any permits, licences, consents, permissions, approvals, agreements, certificates, qualifications, registrations, filings, exemptions, variations, modifications, transfers or other authorisations whatsoever including any conditions thereof, issued, granted or required at any time under any Environmental Laws or Health and Safety Laws for the activities of any Group Company or the occupation or use by any Group Company of any land, premises or any Property | all or any permits, licences, consents, permissions, approvals, agreements, certificates, qualifications, registrations, filings, exemptions, variations, modifications, transfers or other authorisations whatsoever including any conditions thereof, issued, granted or required at any time under any Environmental Laws or Health and Safety Laws for the activities of any Group Company or the occupation or use by any Group Company of any land, premises or any Property |

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| | |
|:---|:---|
| "**Environmental Laws**" | all Applicable Law that is applicable to any Group Company which has as a purpose or effects the protection or restoration or remediation of or prevention of harm to the Environment or, provides for remedies or compensation for harm or damage to the Environment or, relates in any way to any Hazardous Substance or packaging, noise, vibration, radiation, odour, nuisance or interference with the use or enjoyment of land or the erection, occupation or use of man-made or natural structures above or below ground |
| "**Escrow Agent**" | means a bank of reputable standing as agreed between the Seller and the Buyer in writing |
| "**Escrow Agreement**" | means the escrow agreement to be entered into by, amongst others, the Seller, the Buyer and the Escrow Agent prior to the satisfaction of the Share Transfer Conditions, and which sets out the terms of operation of the Completion Escrow Account |
| "**Escrow Amount**" | has the meaning given in Clause ‎3.1.1 |
| "**Escrow Payment Letter**" | means the form of agreed instruction to be delivered pursuant to and in accordance with the Escrow Agreement instructing the Escrow Agent to make payment of the Escrow Amount from the Completion Escrow Account to the Seller's Bank Account |
| "**Event**" | any event (including the death, winding up or dissolution of any person), act, failure, omission, transaction (including the sale of the Shares), arrangement or change in circumstances, whether or not a Group Company was a party thereto |
| "**Expert**" | means any of Deloitte, Ernst & Young (EY), PricewaterhouseCoopers (PwC), and Klynveld Peat Marwick Goerdeler (KPMG), or, as may be approved by the Parties, such other independent reputable firm of international accountants of appropriate expertise in valuing companies in the same industry as, or a similar industry to, that of the Group and which has no pre-existing and continuing material relationship with the Group or any Party |
| "**Fairly Disclosed**" | means facts, matters or other information fairly disclosed with sufficient details to identify the nature and extent of the fact(s), matter(s) and/or circumstance(s) in question |
| "**FFZA**" | the Fujairah Free Zone Authority |
| "**FFZA Fees**" | has the meaning given in Clause ‎7.1 |
| "**FFZA Meeting**" | has the meaning give in Clause ‎7.4.1 |
| "**First MCB Offering**" | means the offering of mandatory convertible bonds to existing shareholders of the Buyer |

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| | |
|:---|:---|
| "**Group**" | the Companies, the Subsidiaries and the Branch (each a "**Group Company**" and "**Group Companies**" shall be construed accordingly) |
| "[\*\*\*]" | [\*\*\*] |
| "**Hazardous Substance**" | any natural or artificial material, substance or article or combination of materials, substances or articles (whether in solid, liquid, gas, vapour or other form whatsoever) capable of causing harm to the Environment or human health including but not limited to any hazardous, toxic or dangerous material, substance or article |
| "**Health and Safety Laws**" | all Applicable Law in the UAE which has as a purpose or effect the protection of the health, safety or welfare of any person |
| "**Initial Approval**" | has the meaning given in Clause ‎7.1 |
| "**Intellectual Property**" | all patents, rights to inventions, trademarks, service marks, logos, get-up, trade names, internet domain names, rights in designs, copyright and related rights (including rights in computer software), database rights, semi-conductor topography rights, utility models, supplementary protection certificates, rights in Know-How, rights to use, and protect the confidentiality of, Confidential Information, Know-How and Trade Secrets, in each case whether registered or unregistered and including applications (or rights to apply) for registration, and renewals or extension of such rights, and all other rights or forms of protection having equivalent or similar effect anywhere in the world |
| "**Intellectual Property Rights**" | all Intellectual Property (including all Know-How) used, or required to be used, by each Group Company in, or in connection with its business and/or legally or beneficially owned by each Group Company |
| "**Know-How**" | all information (whether publicly known or otherwise) which is owned by a Group Company and/or used or required to be used by a Group Company in or in connection with its business existing in any form (including, but not limited to that comprised in or derived from engineering, chemical and other data, specifications, formulae, experience, drawings, manuals, component lists, instructions, designs and circuit diagrams, brochures, catalogues and other descriptions) and relating to:- |
| (a) | the design, development, manufacture or production of any products |
| (b) | the operation of any process |
| (c) | the provision of any services |
| (d) | the selection, procurement, construction, installation, maintenance or use of raw materials, plant, machinery or other equipment or processes |
| (e) | the rectification, repair or service or maintenance of products, plant, machinery or other equipment |
| (f) | the supply, storage, assembly or packing of raw materials, components or partly manufactured or finished products |
| (g) | quality control, testing or certification |

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| | |
|:---|:---|
| "**Known Leakage**" | the amount of any Leakage which has occurred at any time from the Accounts Date up to and including Completion, or to be effected at any time after the Accounts Date pursuant to an agreement entered into prior to the Completion Date, which is actually or deemed received by or on behalf of, or benefitted from by (pursuant to limb (e) of the definition of Leakage (below)), the Seller or any of its Affiliates or its connected persons |
| "**Leakage**" | any of the following occurring during the period commencing on (and including) the day immediately following the Accounts Date and ending on the date of Completion:- |
| (a) | any dividend, return of capital or other distribution of any kind declared, paid or made by any Group Company to the Seller or any connected person of the Seller; |
| (b) | any payments made or agreed to be made by any Group Company to the Seller or any connected person of the Seller in respect of its loan or share capital or other securities or such loan or share capital or other securities being issued, redeemed, purchased or repaid, or any other return of capital being made, in each case to the Seller or any connected person of the Seller; |
| (c) | any payments made (including any payment of interest) by any Group Company to the Seller or any connected person of the Seller; |
| (d) | any assets transferred to the Seller or any connected person of the Seller by any Group Company; |
| (e) | any liabilities assumed or incurred for the benefit of the Seller or any connected person of the Seller by any Group Company; |
| (f) | the waiver by any Group Company of any amount owed to it by the Seller or any connected person of the Seller; |
| (g) | any payment by any Group Company of any fees or expenses in connection with the preparation for, negotiation or completion of the sale and purchase of the Shares pursuant to, or the entry into of, this Agreement and/or any of the other Transaction Documents; |
| (h) | the agreement or undertaking by any Group Company to do any of the matters set out in ‎(a) to (g) above; and |
| (i) | any charge to Tax suffered by any Group Company in relation to ‎(a) to ‎(h) above, |
|  | excluding in all cases any Permitted Leakage and Operational Costs |
| "**Leakage Claim**" | has the meaning set out in Clause ‎21.1 |

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| | |
|:---|:---|
| "**Liability for Tax**"(a) | any liability (including a liability which is a primary liability of some other person and whether or not there is a right of recovery against another person) to make an actual payment or increased payment of, in respect of or on account of Tax; |
| (b) | any liability falling within limb (a) or any other liability for which the Seller would have been liable under Clause ‎19.1, which would have arisen but for being satisfied, avoided or reduced by the utilisation or set-off of any Buyer's Relief; |
| (c) | any liability falling within limb (a) or any other liability for which the Buyer would have been liable under Clause ‎19.3, which would have arisen but for being satisfied, avoided or reduced by the utilisation or set-off of any Seller's Relief; and |
| (d) | the disallowance, loss, clawback, reduction, restriction, modification or non-availability of any Accounts Relief; |
| "**Licence**" | a licence, permit, certificate, consent, approval, filing of notifications, reports and assessments, registrations or authorisation required by law for the operation of a Group Company's business, their ownership, use, possession or occupation of any asset or the performance of this Agreement |
| "**Lock-in Period**" | has the meaning set out in Clause ‎10.1 |
| "**Long Stop Date**" | the date falling three (3) months from the date of this Agreement, unless otherwise agreed in writing between the Parties |
| "**Management Accounts**" | the unaudited balance sheet of each Group Company as at the Management Accounts Date, and the unaudited profit and loss account of each Group Company for the period from the Accounts Date to the Management Accounts Date and the notes and all other documents annexed thereto |
| "**Management Accounts Date**" | 31 December 2024 |
| "**Mandatory Convertible Bonds**" | the mandatory convertible bonds of the Buyer constituted by the Mandatory Convertible Bond Instrument, pursuant to which the Seller and/or (subject to receipt of written approval from SCA and any other Competent Authority) a Permitted Transferee will subscribe for mandatory convertible bonds in accordance with the terms of this Agreement |
| "**Mandatory Convertible Bonds Instrument**" | the bond instrument constituting the Mandatory Convertible Bonds in the agreed form to be issued at Completion in accordance with the terms of this Agreement |

---

---

| | |
|:---|:---|
| "**Material Adverse Change**" | means any matter (including, without limitation, a breach of a Seller Commercial Warranty or a Buyer Commercial Warranty, as applicable) that has or will have the effect of: |
| (a) | in the reasonable opinion of an Expert and in the case of the Group, reducing the value ascribed to the Group ([\*\*\*]) by 20% or more; or |
| (b) | in the reasonable opinion of an Expert and in the case of the Buyer's Group, reducing the value ascribed to the Buyer's Group ([\*\*\*]) by 20% or more; or |
| (c) | causing the Group, as applicable, to incur a one-off extraordinary item of expenditure in excess of USD 45,000,000 that is outside the ordinary course of business; or |
| (d) | causing the Group to incur liabilities that are to be reflected in asset write-downs, accruals, provisions or reserves on the balance sheet of the Group that, in the aggregate, have the effect of decreasing the net assets of the Group (shown in the balance sheet of the Group at the relevant time) by an amount in excess of USD 45,000,000; or |
| (e) | causing any member of the Buyer's Group, as applicable, to incur a one-off extraordinary item of expenditure in excess of USD 15,000,000 that is outside the ordinary course of business; or |
| (f) | causing the Buyer's Group to incur liabilities that are to be reflected in asset write-downs, accruals, provisions or reserves on the balance sheet of the Buyer's Group that, in the aggregate, have the effect of decreasing the net assets of the Buyer's Group (shown in the balance sheet of the Buyer's Group at the relevant time) by an amount in excess of USD 15,000,000, |
|  | provided that any matter resulting from or related to any of the following, either alone or in combination, shall not constitute, and shall be excluded in determining whether a Material Adverse Change has occurred: |
| (i) | any outbreak or escalation of war or major hostilities or any act of terrorism; |
| (ii) | any changes in the financial markets generally or general economic, regulatory or political conditions; |
| (iii) | any changes that generally affect the industry(ies) or market(s) in which the Group or the Buyer's Group, as applicable, operate; |
| (iv) | any changes in Accounting Practice or Applicable Law; and |
| (v) | the entry into force of this Agreement or any transaction contemplated by this Agreement (including the performance by a Party of any of the Share Transfer Conditions in accordance with the terms of this Agreement), or the public announcement or other publicity related to this Agreement |
| "**Material Contract**" | any contract to which a Group Company is a party that is currently in force where such contract involves annual expenditure by a Group Company, or receipt by a Group Company of an amount annually, in each case, in excess of USD 1,000,000 |
| "**MCB Shares**" | the new shares in the Buyer to be issued to the holder of the Mandatory Convertible Bonds (or any part of them), upon a Conversion Event (as such term is defined in the Mandatory Convertible Bonds) |
| "[\*\*\*]" | [\*\*\*] |
| "**NOC**" | has the meaning given to it in Clause ‎7.7 |
| "**Operational Costs**" | any of the matters listed in Part B of ‎Schedule 9 |

---

---

| | |
|:---|:---|
| "**Permitted Leakage**" | any of the matters listed in Part A of ‎Schedule 9 |
| "**Permitted Transferees**" (a) | any member of the Seller's Group; |
| (b) | any of the UBOs or to any person Controlled, directly or indirectly, by any of the UBOs (provided that such person has a direct or indirect interest in the Seller's Group); or |
| (c) | [\*\*\*] any persons to be notified to the Buyer by the Seller at least five (5) Business Days prior to Completion |
| "**Policies**" | all insurances and indemnity policies in respect of which each Group Company has an interest (each a "**Policy**") |
| "**Properties**" | the properties details of which are set out in ‎Schedule 2 and references to a "**Property**" include a reference to each of the individual Properties |
| "**Relevant Sanctions Regime**" | any of the following:- |
| (a) | a sanctions programme administered by the Office of Foreign Asset Control of the United States Treasury Department |
| (b) | sanctions imposed pursuant to United Kingdom laws and regulations |
| (c) | sanction programmes effected in any other jurisdictions by reason of European Union regulation or United Nation regulations |
| (d) | laws or regulations in any other jurisdiction applicable to the Seller or member of the Group and imposing a sanctions programme from time to time with which the Seller or any member of the Group is required to comply |
| "**Relief**" | any relief, allowance, deduction, exemption or set-off, in each case relevant to the computation of any Liability for Tax, any credit against Tax or any right to a repayment of Tax |
| "**SCA**" | the UAE Securities and Commodities Authority |
| "**Seller Commercial Warranties**" | the warranties contained in Part B of ‎Schedule 3 (and references to a "**Seller Commercial Warranty**" shall be construed accordingly) |
| "**Seller Fundamental Warranties**" | the warranties contained in Part A of Schedule 3 and references to a "**Seller Fundamental Warranty**" shall be construed accordingly |
| "**Seller Tax Warranties**" | the warranties contained in paragraph ‎20 of Part 2 of ‎Schedule 3 |
| "**Seller's Bank Account**" | means such other account notified in writing by the Seller to the Buyer prior to Completion |
| "**Seller's Data Room**" | means the online data room for Project Mercury hosted by Datasite as at 23:59 on 23 May 2025 |
| "**Seller's Disclosure Documents**" | the documents listed in the index of documents attached to the Seller's Disclosure Letter, copies of which are contained in the Seller's Data Room and on the Seller's USB Stick |

---

---

| | |
|:---|:---|
| "**Seller's Disclosure Letter**" | means the disclosure letter from the Seller to the Buyer setting out disclosures against the Seller's Warranties and having the same date as this Agreement, the receipt of which has been acknowledged by the Buyer |
| "**Seller's Group**" | the Seller, its holding companies Brooge Petroleum And Gas Investment Company Holdings Limited (Cayman) and Brooge Petroleum And Gas Investment Company Plc (UK) ("**Seller Holding Companies**"), and any subsidiary from time to time of the Seller and any company which is a subsidiary from time to time of any of the Seller Holding Companies (excluding the Group Companies) |
| "**Seller's Supplemental Disclosure Letter**" | means a disclosure letter, substantially in the same form as the Seller's Disclosure Letter from the Seller to the Buyer executed by the Seller and delivered to the Buyer at Completion and making certain disclosures against the Seller Commercial Warranties to the extent that the matters disclosed therein arose on or after the date of this Agreement and prior to Completion |
| "**Seller's USB Stick**" | means the USB memory stick containing the Seller's Disclosure Documents and the contents of the Seller's Data Room |
| "**Seller's Warranties**" | means the Seller Fundamental Warranties, the Seller Commercial Warranties and the Seller Tax Warranties |
| "**Share Transfer Conditions**" | means the conditions to commencing the Share Transfer Process set out in Clause ‎5.1 |
| "**Share Transfer Process**" | means the FFZA process for transferring the Shares from the Seller to the Buyer, as set out in Clause ‎7 |
| "**Shares**" | in relation to: |
| (a) | BPGIC, the 100 fully paid shares of fifty thousand AED (AED 50,000) each in the capital of BPGIC comprising the whole of the issued share capital of BPGIC; and |
| (b) | BPGIC Phase III, the 100 fully paid shares of fifty thousand AED (AED 50,000) each in the capital of BPGIC Phase III comprising the whole of the issued share capital of BPGIC Phase III |
| "**Subsidiaries**" | BPGIC Phase 3 Limited [\*\*\*], details of which are set out in ‎Part 2 of ‎Schedule 1 |
| "**Tax**" | all forms of taxation, duties, levies, imposts and social security charges, including without limitation corporate income tax, wage withholding tax, provident fund, employee state insurance and gratuity contributions, value added tax, customs and excise duties, capital tax and other legal transaction taxes, stamp duty, dividend withholding tax, real estate taxes, other municipal taxes and duties, environmental taxes and duties and any other type of taxes or duties imposed, collected or assessed by, or payable to, a Tax Authority (and includes any interest, fines, penalties, assessments, or additions to tax resulting from, attributable to, or incurred in connection with any such tax or any contest or dispute thereof) |
| "**Tax Authority**" | any taxing or other authority competent to impose, administer or collect any Tax |
| "**Tax Claim**" | means any Tax Covenant Claim and/or any Tax Warranty Claim |

---

---

| | |
|:---|:---|
| "**Tax Covenant**" | the Seller tax covenant and/or the Buyer tax covenant set out in Clause ‎19, as applicable |
| "**Tax Covenant Claim**" | means any claim made by the Seller or the Buyer under the Tax Covenant |
| "**Tax Warranty Claim**" | means a claim for breach of any of the Seller Tax Warranties or the Buyer's Tax Warranties, as applicable |
| "**Third Party Proceedings**" | any suit, action, litigation, arbitration, tribunal proceedings, governmental investigations or administrative or criminal proceedings which have been issued in the relevant court or tribunal of competent jurisdiction or under the relevant rules applicable to such arbitration (as the case may be) and (if applicable) validly served on a Group Company |
| "**Trade Secrets**" | any and all information existing in any form and which meets all of the following requirements:- |
| (a) | is secret in the sense that it is not, as a body or in the precise configuration and assembly of its components, generally known among or readily accessible to persons within the circles that normally deal with the kind of information in question; |
| (b) | has commercial value because it is secret; and |
| (c) | has been subject to reasonable steps under the circumstances, by the person lawfully in control of the information, to keep it secret |
| "**Transaction Documents**" | this Agreement, the Seller's Disclosure Letter, the Seller's Supplemental Disclosure Letter, the Buyer's Disclosure Letter, the Buyer's Supplemental Disclosure Letter, the Mandatory Convertible Bond Instrument, the Escrow Agreement and any other document entered into pursuant to this Agreement, and "**Transaction Document**" shall be construed accordingly |
| "**UAE**" | the United Arab Emirates |
| "**UBOs**" | each of Mr. Salman Al Ameri, Mr. Ghanem Darwish Ghanem Saif Al Romaithi, H.H. Sheikh Mohammad Bin Khalifa Bin Zayed Al Nahyan and Ms. Hind Mohammed Muktar Ahmed and/or any entity that is wholly owned by any of them |
| "**USD**" | United States dollars, being the lawful currency of the United States of America |
| "**VAT**" | in the UAE, means value added tax and, elsewhere, any equivalent Tax levied by reference to added value, services, turnover or sales (including goods and services tax) as may be imposed by Applicable Law |

---

1.2 In
 this Agreement, reference to:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 Clause or Schedule is a reference to a clause of or schedule to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 document "**in the agreed form**" is a reference to a document in the form approved
 and, for the purposes of identification only, signed by or on behalf of the Buyer and the
 Seller (in each case with such amendments as may be agreed by or on behalf of the Buyer and
 the Seller);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 statutory provision includes a reference to that provision as modified, replaced, amended
 and/or re-enacted from time to time (before or after the date of this Agreement), any statute,
 statutory provision or subordinate legislation which it amends or re-enacts and any prior
 or subsequent subordinate legislation made under it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 English tax, English tax concept or English legislation reference shall be treated as including
 references to the equivalent or closest approximating tax, concept or legislation of any
 other jurisdiction or (as the case may be) tax, concept or legislation of any such other
 jurisdiction which serves the same or similar purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 gender includes a reference to the other genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**costs** "
 includes a reference to costs, charges and expenses of every description;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a
 "**person**" includes a reference to an individual, partnership, unincorporated
 association, body corporate, government, state or agency of a state, local or municipal authority
 or government body or any joint venture wherever incorporated or situate (in each case whether
 or not having separate legal personality) and includes a reference to that person's legal
 personal representatives and successors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**company** "
 shall be construed so as to include any company, corporation or other body corporate wherever
 and however incorporated or established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 company is a "**subsidiary**" of another company, its "**holding company** ",
 if that other company:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) holds
 a majority of the voting rights in it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is
 a member of it and has the right to appoint or remove a majority of its board of directors
 (or equivalent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is
 a member of it and Controls alone, pursuant to an agreement with other members, a majority
 of the voting rights in it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) or
 if it is a subsidiary of a company that is itself a subsidiary of that other company,

and the terms "**subsidiaries**" and "**holding companies**" are to be construed accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a
 "**connected person**" is a reference to a person connected with another within
 the meaning of section 1122 of the Corporation Tax Act 2010;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) something
 being "**in writing**" or "**written**" shall include a reference
 to that thing being produced by any legible and non-transitory substitute for writing but,
 for the avoidance of doubt, shall not (unless expressly stated otherwise) include e-mail;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a
 time of day is to UAE time prevailing on the relevant day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) a
 "**day**" (including within the phrase "**Business Day**") shall
 mean a period of twenty-four (24) hours running from midnight to midnight;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any
 other document referred to in this Agreement is a reference to that other document as amended,
 varied, novated or supplemented (other than in breach of the provisions of this Agreement)
 at any time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any
 English legal term for any action, remedy, method of judicial proceeding, legal document,
 legal status, court, official or any legal concept or thing shall in respect of any jurisdiction
 other than England be treated as a reference to any analogous term in that jurisdiction.

1.3 The
 schedules form part of this Agreement and shall be interpreted and construed as though they
 were set out in this Agreement.

1.4 The
 headings to the Clauses, Schedules and paragraphs of the Schedules are for convenience only
 and shall not affect the interpretation or construction of this Agreement.

1.5 The
 rule known as the *ejusdem generis* rule shall not apply and accordingly general words
 introduced by the word "other" shall not be given a restrictive meaning by reason
 of the fact that they are preceded by words indicating a particular class of acts, matters
 or things.

1.6 General
 words shall not be given a restrictive meaning by reason of the fact that they are followed
 by particular examples intended to be embraced by the general words.

1.7 Any
 statement which refers to the knowledge or knowledge and belief of the Seller or the Buyer,
 as applicable, or is expressed to be "**so far as the Seller is aware**" or
 "**so far as the Buyer is aware** ", as applicable, or any similar expression,
 means the actual knowledge of the Seller or the Buyer, as applicable, and anything of which
 the Seller or the Buyer would have had knowledge had it made due and careful enquiry of each
 of Saif Al Hazaimeh and Ines Bezaznia, in the case of the Seller, and each of Ahmad Kilani
 and Ali Abouda in the case of the Buyer, immediately before giving the statement.

1.8 Where
 any Seller's Warranties or the Buyer's Warranties are qualified by reference to materiality
 (including the phrase "**in all material respects** "), such reference shall,
 unless specified to the contrary, be construed as a reference to materiality in the context
 of the business of the Group or the Buyer's Group, as applicable, taken as a whole.

1.9 Where
 any provision is qualified or phrased by reference to the "**ordinary course of business** ",
 that reference shall be construed as meaning the customary and usual course of trading for
 the business of the Group or the Buyer's Group, as applicable, during the twelve (12)
 months before the date of this Agreement.

**2.** **Sale and Purchase of the Shares** 

2.1 The
 Seller shall sell and the Buyer shall purchase the Shares free from any Encumbrance except
 as Fairly Disclosed by the Seller with effect from and including Completion together with
 all rights attached or accruing to them at the Accounts Date.

2.2 The
 Seller waives or agrees to procure the waiver of any pre-emption rights which may exist in
 relation to the Shares pursuant to the memorandum of association of each Company, Applicable
 Law or otherwise.

**3.** **Consideration** 

3.1 The
 Consideration for the purchase of the Shares is three billion two hundred and forty-five
 million AED (AED 3,245,000,000) which shall be satisfied by:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) upon
 satisfaction of the Share Transfer Conditions, the payment of four hundred and sixty million
 AED (AED 460,000,000) in cash (the "**Cash Consideration**") into the Completion
 Escrow Account [\*\*\*], save that the Buyer shall deduct from the Cash Consideration any Known
 Leakage which is notified to the Buyer in accordance with Clause ‎21.2 and such deduction
 shall be a reduction to the Cash Consideration payable to the Seller (the "**Escrow Amount** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 allotment and issue on Completion to the Seller of 358,841,476 ordinary shares in the share
 capital of the Buyer credited as fully paid and at a price of one point two five AED (AED
 1.25) per share (the "**Consideration Shares**") (with a total subscription
 price of four hundred and forty-eight million, five hundred and fifty-one thousand, eight
 hundred and forty-five AED (AED 448,551,845); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) two
 billion, three hundred and thirty-six million, four hundred and forty-eight thousand, one
 hundred and fifty-five AED (AED 2,336,448,155) to be satisfied by the issue by the Buyer
 to the Seller of the Mandatory Convertible Bonds and which in aggregate (and upon conversion)
 shall represent 1,869,158,524 ordinary shares in the capital of the Buyer.

3.2 The
 Consideration Shares shall rank *pari passu* in all respects with the existing shares
 in the capital of the Buyer, including the right to receive all dividends declared, made
 or paid after the date of Completion (save that they shall not rank for any dividend or other
 distribution of the Buyer declared made, or paid by reference to a record date before the
 date of Completion).

3.3 In
 relation to the Completion Escrow Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) promptly
 following the date of this Agreement, the Parties shall use reasonable endeavours to appoint
 the Escrow Agent and agree the Escrow Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Parties shall take such steps as may be required to execute and to procure the execution
 by the Escrow Agent and all the other parties thereto of the Escrow Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) following
 execution of the Escrow Agreement, each Party shall promptly submit such documents to the
 Escrow Agent as may be necessary to open the Completion Escrow Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Parties agree that, to the extent the Completion Escrow Account is interest bearing, any
 interest accrued on the Escrow Amount will follow the principal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no
 part of the Escrow Amount and any respective interest or other amounts earned or accruing
 thereon shall be released from the Completion Escrow Account except as provided in this Agreement
 and the Escrow Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if
 Completion does not occur under the terms of this Agreement and Completion has not been postponed
 to a later date as agreed by the Parties, then the Parties hereby agree that the Buyer (acting
 in its sole discretion) shall instruct the Escrow Agent to return the Escrow Amount (including
 any interest, if applicable, accrued thereon) to the Buyer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 fees, costs and charges of the Escrow Agent in connection with its services provided under
 the Escrow Agreement shall be borne equally by the Parties.

3.4 The
 Leakage provisions set out in Clause ‎21 shall apply.

**4.** **EXCHANGE** 

4.1 On
 execution of this Agreement:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Seller will deliver to the Buyer:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Seller's Disclosure Letter, duly executed on behalf of the Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 signed acknowledgement of receipt of the Buyer's Disclosure Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Seller's USB Stick and/or access to an archive of the Seller's Data Room; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 copy of the resolutions of the board of directors of the Seller, authorising the entry into
 of this Agreement and all other Transaction Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Buyer will deliver to the Seller:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Buyer's Disclosure Letter, duly executed on behalf of the Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 signed acknowledgement of receipt of the Seller's Disclosure Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Buyer's USB Stick; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 copy of the resolutions of the board of directors of the Buyer, authorising the entry into
 of this Agreement and all other Transaction Documents.

**5.** **Conditions** 

5.1 Completion,
 including the commencement of the Share Transfer Process set out in Clause ‎7, is conditional
 upon the satisfaction or waiver of the following conditions precedent (the "**Share Transfer Conditions**") on or before the Long Stop Date:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Buyer's shareholders passing without amendment a special resolution approving the amendment
 of the articles of association of the Buyer to remove the foreign ownership restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Buyer providing evidence (to the reasonable satisfaction of the Seller) of either: (i) the
 SCA having granted a waiver from the application of Article 8 of SCA Chairman Resolution
 No. (18/RM) of 2017 concerning the merger and acquisition rules for public joint stock companies
 concerning a launch of a mandatory tender offer; and/or (ii) a written approval from SCA
 for the Seller to transfer or assign all or any of the Mandatory Convertible Bonds to one
 or more Permitted Transferee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Buyer providing evidence (to the reasonable satisfaction of the Seller) of the SCA having
 granted its approval for the (i) issuance of the Mandatory Convertible Bonds; (ii) Admission
 of the Consideration Shares; and (iii) transactions contemplated by the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Buyer providing evidence (to the reasonable satisfaction of the Seller) of each of the following
 parties having provided their written consent to the transactions contemplated by this Agreement,
 including the issuance of the Consideration Shares and the Mandatory Convertible Bonds and
 any change of Control of the Buyer which may occur as a result of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [\*\*\*];
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Buyer having successfully completed the First MCB Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Seller providing evidence (to the reasonable satisfaction of the Buyer) of each of the following
 parties having provided their written consent to the sale and purchase of the Shares:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [\*\*\*];
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) completion
 of the capitalisation or extinguishment of all shareholders' accounts on each Company's
 financial statements (to the reasonable satisfaction of the Buyer).

5.2 The
 Buyer shall use its reasonable endeavours to procure fulfilment of Share Transfer Conditions
 set out in Clauses ‎5.1.1 and ‎5.1.5 as soon as possible and in any event before
 commencing the Share Transfer Process and shall notify the Seller immediately upon fulfilment
 of each such Share Transfer Condition.

5.3 The
 Seller shall use its reasonable endeavours to procure fulfilment of Share Transfer Conditions
 set out in Clauses ‎5.1.6 to ‎5.1.10 as soon as possible and in any event before
 commencing the Share Transfer Process and shall notify the Buyer immediately upon fulfilment
 of each such Share Transfer Condition.

5.4 Completion
 is further conditional upon the satisfaction or waiver of the following conditions precedent
 (the "**Completion Conditions**") on or before the Long Stop Date:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Buyer having deposited an amount equal to the Escrow Amount in the Completion Escrow Account
 (available for same day value on the Completion Date), which shall be held subject to the
 terms of this Agreement and the Escrow Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) receipt
 of the Commercial Registration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) receipt
 of the NOC.

5.5 The
 Buyer shall use its reasonable endeavours to procure fulfilment of Completion Condition set
 out in Clause ‎5.4.1 as soon as possible (and in any case within two (2) Business Days)
 following satisfaction of the Share Transfer Conditions.

5.6 Subject
 to the fulfilment of Completion Condition set out in Clause ‎5.4.1, the Seller and the
 Buyer shall each use their reasonable endeavours to procure fulfilment of Completion Condition
 set out in Clause ‎5.4.2 as soon as possible following satisfaction of the Share Transfer
 Conditions and in accordance with Clause ‎7.

5.7 Subject
 to the fulfilment of Completion Conditions set out in Clauses ‎5.4.1 and ‎5.4.2,
 the Buyer shall use reasonable endeavours to procure fulfilment of Completion Condition set
 out in Clause ‎5.4.3 as soon as possible and shall notify the Seller immediately
 upon fulfilment of each such Completion Condition.

5.8 If
 the Seller or the Buyer becomes aware of any matter, circumstance or thing that might prevent
 a Condition being satisfied it shall, as soon as reasonably practicable of becoming aware
 of the same, inform the other Party.

5.9 If
 any of the Conditions have not been satisfied on or before 23:59 on the Long Stop Date:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Parties may mutually agree to postpone the Long Stop Date to such date as such Party specifies
 being not more than three (3) months after the Long Stop Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) either
 Party may, by notice to the other Party, terminate this Agreement with immediate effect,

provided that no Party may exercise any of the rights in this Clause ‎5.9 as a result of the failure to satisfy a Condition for which they are solely responsible.

5.10 The
 Seller may by written notice to the Buyer waive, to such extent as it thinks fit, compliance
 with Conditions set out in Clauses ‎5.1.1 to ‎5.1.5 on or before commencing the Share
 Transfer Process.

5.11 The
 Buyer may by written notice to the Seller waive, to such extent as it thinks fit, compliance
 with Share Transfer Conditions set out in Clauses ‎5.1.6 to ‎5.1.10 on or before
 commencing the Share Transfer Process.

5.12 For
 the purposes of satisfying the Share Transfer Condition at Clause ‎5.1.2 and ‎5.1.3,
 the Seller undertakes to provide all documents and information as the SCA may reasonably
 require for the purposes of the SCA's review and approval of the transactions contemplated
 by the Transaction Documents and/or for issuance of the NOC.

**6.** **Position pending Completion** 

6.1 Pending
 Completion, the Seller shall procure that the business of each Group Company is conducted
 in the ordinary and usual course and shall take all such steps as are necessary to protect
 and preserve the business and assets of each Group Company and to maintain that business
 as a going concern and with a view to a profit.

6.2 Pending
 Completion, the Buyer shall procure that its business is conducted in the ordinary and usual
 course and shall take all such steps as are necessary to protect and preserve its business
 and assets and to maintain that business as a going concern and with a view to a profit.

6.3 Without
 prejudice to the generality of Clauses ‎6.1 or ‎6.2, pending Completion the Seller
 shall comply with and shall procure that each Group Company complies with, and the Buyer
 shall comply with, and shall procure that each member of the Buyer's Group, complies with
 the provisions of ‎Schedule 7.

6.4 If
 a Party is in material breach of its respective obligations under this Clause ‎6 and
 / or ‎Schedule 7, the other Party may:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) proceed
 to Completion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) terminate
 this Agreement with immediate effect.

**7.** **SHARE TRANSFER PROCESS** 

7.1 As
 soon as practicable after the date on which all of the Share Transfer Conditions have been
 satisfied or waived, but in any case no later than two (2) Business Days after such date,
 each Party shall deliver to the other Party evidence of the satisfaction of the Conditions
 set out in Clause ‎5.

7.2 No
 later than three (3) Business Days after the Parties have complied with their respective
 obligations in Clause ‎7.1, the Parties shall sign and submit an application, and pay
 the requisite fees with respect thereto (the "**FFZA Fees** "), to the FFZA
 (the "**Application** "), in such form or forms as required by the FFZA, for
 the initial approval of the transfer and registration of the Shares in the name of the Buyer,
 together with the supporting documents as required by the FFZA (the "**Initial Approval** ").

7.3 Each
 of the Seller and the Buyer shall use all reasonable endeavours to execute or provide, as
 soon as reasonably practicable, any other documents that may reasonably be required by the
 FFZA in order for the FFZA to grant the Initial Approval (including, without limitation,
 for the purposes of observing any mandatory advertisement period as may be specified by the
 FFZA).

7.4 As
 soon as reasonably practicable (and, in any event, within three (3) Business Days) of the
 date on which the Initial Approval is received:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Buyer's duly appointed representative(s) shall sign the share transfer form of the FFZA before
 the registrar or representative of the FFZA transferring all of the Shares from the Seller
 to the Buyer (the "**FFZA Meeting** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Seller or their duly appointed representative(s), as applicable, shall sign the share transfer
 form of the FFZA before the registrar or representative of the FFZA transferring all of the
 Shares from the Seller to the Buyer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Seller and the Buyer shall submit any and all other documents and forms required by the FFZA
 or otherwise necessary in order to enable the FFZA to register the Buyer as the owner of
 the Shares in the commercial register and for the FFZA to issue such documents evidencing
 the Buyer as the sole shareholder of the Companies (the "**Commercial Registration** ").

7.5 The
 FFZA Fees shall be paid prior to the FFZA Meeting. The Seller shall be responsible for paying
 the FFZA Fees and the Buyer shall reimburse the Seller for fifty per cent (50%) of the FFZA
 Fees. The Seller shall be responsible for submitting the Application and shall notify the
 Buyer as soon as possible upon issuance of the Commercial Registration.

7.6 Subject
 to Clause ‎8.8, to the extent that any property transfer fees are or become payable in
 connection with the transfer of Shares (or otherwise as a result of the transactions contemplated
 by this Agreement) the Seller shall be responsible for paying such fees.

7.7 On
 the Business Day following issuance of the Commercial Registration, the Buyer shall submit
 the Commercial Registration to SCA and request SCA's no objection to proceeding with
 the Admission and the issuance of the Mandatory Convertible Bonds (the "**NOC** ").

**8.** **COMPLETION** 

8.1 Completion
 shall take place within five (5) Business Days following the date of issuance of the NOC
 unless otherwise agreed in writing between the Seller and the Buyer (the "**Completion Date** ").

8.2 On
 or immediately prior to the Completion Date, the Buyer shall deliver or make available to
 the Seller the NOC. The Buyer, with the reasonable assistance of the Seller, shall be responsible
 for all filings or formalities in connection with procuring that Admission occurs on the
 Completion Date.

8.3 On
 or immediately prior to the Completion Date, each Party shall deliver or make available to
 the other Party the documents and evidence specified in ‎Schedule 8.

8.4 On
 or immediately prior to the Completion Date the Buyer shall procure that a meeting of the
 board of directors of the Buyer is held at which the directors shall:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vote
 in favour of the registration of the Seller as a member of the company in respect of the
 Consideration Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) vote
 in favour of the registration of the Seller and/or (subject to receipt of written approval
 from SCA and any other Competent Authority) the Permitted Transferees as holders of the Mandatory
 Convertible Bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [\*\*\*];
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) vote
 in favour of exercising the powers conferred on it by the Companies Law to convene a general
 meeting of the shareholders in accordance with the procedure set out in its articles of association
 (the "**AGM** "), for the purposes of appointing replacement directors,

in each case subject only to Admission and Completion taking place.

8.5 Upon
 completion of the matters referred to in Clauses ‎8.2 and ‎8.4 above, on the Completion
 Date the Buyer shall:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) take
 all actions and do all things necessary (including delivering the Escrow Payment Letter to
 the Escrow Agent) to ensure that the Escrow Agent releases in accordance with the terms of
 the Escrow Agreement the Escrow Amount from the Completion Escrow Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issue
 duly executed Mandatory Convertible Bonds to the Seller in accordance with Clause ‎3.1.3,
 and deliver to the same duly executed certificates for the Mandatory Convertible Bonds so
 issued and enter the name of the Seller and/or (subject to receipt of written approval from
 SCA and any other Competent Authority) the Permitted Transferees in the Buyer's register
 of bondholders as the holder of the Mandatory Convertible Bonds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) enter
 the name of the Seller in the Buyer's shareholder register as the holder of the Consideration
 Shares,

and upon completion of all such matters Completion shall be deemed to have taken place.

8.6 The
 Buyer is not obliged to complete this Agreement unless the purchase of all of the Shares
 is completed simultaneously in accordance with this Agreement.

8.7 If
 Completion does not proceed on the Completion Date (or on the date to which Completion is
 postponed pursuant to Clause ‎5.9.1) because a Party fails to fully discharge any
 of its obligations under this Clause ‎8, the other Party may by notice to such Party:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) proceed
 to Completion so far as practicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) postpone
 Completion (and Admission) to such date as that Party specifies being not more than five
 (5) Business Days after the date referred to in Clause ‎8.1 in which event the provisions
 of this Agreement apply as if that other date is the Completion Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) terminate
 this Agreement with immediate effect.

8.8 If
 this Agreement is terminated in accordance with Clause ‎8.7.3, then each Party agrees
 to take such action and execute and deliver such agreements, documents and instruments as
 may reasonably be required to unwind the Commercial Registration and the transfer of the
 Shares such that the Shares are transferred back to the Seller. A Party who has failed to
 fully discharge its obligations under this Clause ‎8 shall be responsible for and bear
 all reasonable costs, expenses and fees properly incurred by the other Party in connection
 with any unwinding of the transactions contemplated under this Agreement (including any fees
 payable under Clause ‎7.6) and such costs, expenses and fees shall be due and payable
 on demand.

**9.** **WAIVER OF INDEBTEDNESS** 

9.1 The
 Seller hereby confirms to the Buyer that, save for amounts owed to the Seller or any of its
 connected persons in respect of Permitted Leakage, Operational Costs and any amounts expressly
 due to be paid to the Seller or any of its connected persons under this Agreement:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) neither
 it nor any of its connected persons has any rights, actions or claims against a Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there
 are no agreements or arrangements under which any Group Company has any actual, contingent
 or prospective obligation to it or any of its connected persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there
 are no sums owed to it or to any of its connected persons by any Group Company,

and, to the extent that any such rights, actions, claims, obligations or sums exist or may exist at the date hereof, it hereby unconditionally and irrevocably waives and undertakes to procure the waiver of all such rights, actions, claims, obligations or sums and releases and undertakes to procure the release of the Group Company from any liability whatsoever in respect of all such rights, actions, claims, obligations or sums.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Each
 Group Company may enforce the terms of this Clause ‎9, provided that, as a condition
 precedent thereto, any such company shall obtain the prior written consent of the Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Seller's Undertakings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 The
 Seller undertakes to the Buyer that it shall:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [\*\*\*];
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject
 to Clause ‎10.2, not, during the period of twelve (12) months following Admission, transfer
 or otherwise dispose of any such proportion of the Consideration Shares (or any interest
 in them), or enter into any agreement to do so (the **"Lock-in Period"**).

10.2 Subject
 to obtaining prior written approval from SCA and any other Competent Authority, following
 Completion, the Seller shall be permitted to sell, transfer or otherwise dispose of all or
 any such proportion of the Consideration Shares, or enter into any agreement(s) to do so
 provided that such sale, transfer or disposal is in accordance with Applicable Law (and the
 approval from SCA and any other Competent Authority) to a Permitted Transferee provided that
 any person to whom any Consideration Shares are so transferred shall agree, in writing, to
 be bound by the terms of Clause ‎10.1.2.

10.3 For
 the purposes of Clause ‎10.1, the Consideration Shares and MCB Shares shall include
 any shares held by the Seller or the Permitted Transferees arising out of the consolidation,
 conversion or subdivision of any of the Consideration Shares or the MCB Shares and any shares
 acquired by reference to the Consideration Shares or the MCB Shares, whether by way of bonus
 or rights issue, pre-emption right or otherwise or in exchange or substitution for any such
 Consideration Shares or MCB Shares.

**11.** **POST-COMPLETION OBLIGATIONS** 

11.1 The
 Seller undertakes to the Buyer to procure the performance and observance of those matters
 listed in ‎Schedule 10.

11.2 The
 Buyer undertakes to the Seller to procure the performance and observance of those matters
 listed in ‎Schedule 10.

**12.** **SELLER'S WARRANTIES** 

12.1 The
 Seller warrants to the Buyer that the statements set out in ‎Schedule 3 are true
 and accurate as of the date of this Agreement and will be true and accurate at Completion
 by reference to the facts and circumstances then subsisting at the Completion Date and on
 the basis that any reference, whether express or implied, in such statements to the date
 of this Agreement is substituted by a reference to the Completion Date.

**13.** **BUYER'S WARRANTIES AND INDEMNITY** 

13.1 The
 Buyer warrants to the Seller that the statements set out in ‎Schedule 4 are true
 and accurate as of the date of this Agreement and will be true and accurate at Completion
 by reference to the facts and circumstances then subsisting at the Completion Date and on
 the basis that any reference, whether express or implied, in such statements to the date
 of this Agreement is substituted by a reference to the Completion Date.

13.2 [\*\*\*]

13.3 [\*\*\*]

13.4 [\*\*\*]

**14.** **Limitations on liability** 

14.1 The
 terms of ‎Schedule 5 shall apply to limit the liability of the Seller.

14.2 The
 terms of ‎Schedule 6 shall apply to limit the liability of the Buyer.

**15.** **DISCLOSURES** 

15.1 Seller's
 Warranties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Seller's Warranties are subject only to:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
matter which is Fairly Disclosed in the Seller's Disclosure Letter or Seller's Supplemental Disclosure Letter or any document
uploaded to the Seller's Data Room;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 matter or thing done or omitted to be done prior to Completion at the written request, or
 with the written approval of, the Buyer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 provisions of ‎Schedule 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior
 to Completion, the Seller undertakes to notify the Buyer in writing as soon as reasonably
 practicable of any event, matter or circumstance which comes to its knowledge which is, or
 may constitute, a breach of, or which is, or may be, inconsistent with any of the Seller's
 Warranties or the disclosures in the Seller's Disclosure Letter or is or may constitute
 a breach of ‎Schedule 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 of the Seller's Warranties shall be interpreted as a separate and independent warranty so
 that the Buyer shall have a separate claim and right of action in respect of every breach
 of each Seller's Warranty, subject only to the provisions of ‎Schedule 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No
 information supplied by, or on behalf of, the Seller or a Group Company to the Buyer or its
 advisers in connection with the business and affairs of a Group Company constitutes a representation
 or warranty as to its accuracy to the Buyer by the Seller or a Group Company and the Buyer
 waives each and every claim which it may have against the Seller (or its employees) or a
 Group Company or its Employees in respect of such information.

15.2 Buyer's
 Warranties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Buyer's Warranties are subject only to:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 matter which is Fairly Disclosed in the Buyer's Disclosure Letter or Buyer's
 Supplemental Disclosure Letter or any document uploaded to the Buyer's Data Room;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 matter or thing done or omitted to be done prior to Completion at the written request, or
 with the written approval of, the Seller; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 provisions of ‎Schedule 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior
 to Completion, the Buyer undertakes to notify the Seller in writing as soon as reasonably
 practicable of any event, matter or circumstance which comes to its knowledge which is, or
 may constitute, a breach of, or which is, or may be, inconsistent with any of the Buyer's
 Warranties or the disclosures in the Buyer's Disclosure Letter or is or may constitute
 a breach of ‎Schedule 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 of the Buyer's Warranties shall be interpreted as a separate and independent warranty so
 that the Seller shall have a separate claim and right of action in respect of every breach
 of each Buyer's Warranty, subject only to the provisions of ‎Schedule 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No
 information supplied by, or on behalf of, the Buyer to the Seller or its advisers in connection
 with the business and affairs of the Buyer constitutes a representation or warranty as to
 its accuracy to the Seller by the Buyer and the Seller waives each and every claim which
 it may have against the Buyer or its employees in respect of such information.

15.3 Except
 in the case of and as against any individual or entity who has acted fraudulently, each Party
 agrees and undertakes that neither it nor any other member of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of the Seller, the Seller's Group and / or the UBOs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of the Buyer, the Buyer's Group,

has any rights against, and (on behalf of itself and any member of the Seller's Group, the UBOs and the Buyer's Group as applicable) hereby irrevocably waives any claim and shall not make any claim against, any employee, director, officer, adviser or agent of (i) any of the Target Companies, (ii) any member of the Seller Group, or (iii) any member of the Buyer's Group, on whom a Party may have relied before agreeing to any term of this Agreement or any other Transaction Document or before entering into this Agreement or any other Transaction Document, whether related to this Transaction or any act or omission relating to the period before Completion.

15.4 Save
 in respect of any fraud, the Buyer agrees and undertakes that there shall be no recourse
 against the Seller in respect of any matters concerning the Buyer's share price or
 any related fluctuation thereof in the period prior to (and including) the Completion Date,
 including for any claims related to misrepresentation, omission, or any other basis for liability
 concerning the Buyer's share price or valuation, and the Buyer hereby waives any and
 all rights to bring any claim, demand, or action against the Seller in connection with the
 Buyer's share price or valuation.

**16.** **Conduct of relevant claims** 

16.1 Clause
 ‎16.2 shall apply in circumstances where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 claim (other than a Tax Claim) is made against any member of the Seller's Group, or
 the Buyer's Group, as applicable which may give rise to a claim by the Seller or the
 Buyer, as applicable (the "**Claimant**") against the other Party ()"**Defendant** ")
 under the terms of this Agreement or any other Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 member of the Claimant's group is or may be entitled to make recovery from some other
 person of any sum in respect of any facts or circumstances by reference to which the Claimant
 has or may have a claim (other than a Tax Claim) against the Defendant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Defendant shall have paid to the Claimant an amount in respect of a claim (other than a Tax
 Claim) and subsequent to the making of such payment any member of the Claimant's group
 becomes or shall become entitled to recover from some other person a sum which is referable
 to that payment,

(each circumstance being a **"Third Party Claim"**).

16.2 The
 Claimant shall, and shall procure that each other member of the Claimant's group shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) give
 notice to the Defendant of any Third Party Claim as soon as reasonably practicable upon becoming
 aware of such Third Party Claim and shall consult with the Defendant with respect to the
 Third Party Claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide
 to the Defendant and its advisers reasonable access to premises and personnel and to relevant
 assets, documents and records within the power or control of each Claimant's group
 company for the purposes of investigating the Third Party Claim and enabling the Defendant
 to take the action referred to in Clause ‎ ‎16.2.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) take
 any action and institute any proceedings, and give any information and assistance, as the
 Defendant may reasonably request to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) avoid,
 dispute, resist, appeal, compromise, defend, remedy or mitigate the Third Party Claim; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enforce
 against a person (other than a member of the Defendant group's company) the rights
 of a Claimant's group company in relation to the Third Party Claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in
 connection with proceedings related to the Third Party Claim (other than against a Defendant's
 group company) use advisers nominated by the Defendant and, if the Defendant requests, allow
 the Defendant the exclusive conduct of the proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in
 the case of Clause ‎16.1.3‎ only, promptly repay to the Defendant an amount equal
 to the amount so recovered or, if lower, the amount paid by the Defendant to the Claimant,

and in each case on the basis that the Defendant shall indemnify the Claimant on demand against all reasonable costs incurred as a result of a request or nomination by the Defendant and provided further that nothing in this Clause ‎16.2 shall require the Claimant or any other member of its group to take or refrain from taking any action which when acting reasonably and in good faith it properly considers would adversely affect the goodwill or bona fide commercial interests of the Claimant or its group.

16.3 The
 Claimant shall not, and shall ensure that no member of the Claimant's group shall,
 admit liability in respect of, or compromise or settle, the Third Party Claim without the
 prior written consent of the Defendant (such consent not to be unreasonably withheld, conditioned
 or delayed).

16.4 No
 liability shall attach to the Defendant to the extent that a Third Party Claim has arisen
 or the amount of the Third Party Claim has been increased, or a sum which would otherwise
 have been recoverable as referred to in Clause ‎16.1.3‎ has not been recovered, because
 the Claimant failed to comply with Clause ‎‎ ‎16.2 or Clause ‎16.3 in relation
 to such Third Party Claim or, as the case may be, such amount recoverable.

**17.** **TERMINATION RIGHTS** 

17.1 If
 at or before Completion:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Buyer considers that any of the Seller Fundamental Warranties have been breached or would
 be breached if the Seller Fundamental Warranties were repeated at Completion by reference
 to the facts and circumstances then existing or if otherwise untrue or inaccurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there
 has been a Material Adverse Change in relation to the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there
 is a material breach of Clause ‎6 and / or ‎Schedule 7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 matter becomes known to the Buyer which would or is likely to give rise to a Tax Claim under
 the Tax Covenant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [\*\*\*];
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 government, governmental, supranational or regulatory agency institutes, or threatens to
 institute, proceedings to challenge this Agreement or to take any action as a result of its
 implementation,

the Buyer may, by notice, proceed to Completion or terminate this Agreement with immediate effect.

17.2 If
 at or before Completion:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Seller considers that any of the Buyer Fundamental Warranties have been breached or would
 be breached if the Buyer Fundamental Warranties were repeated at Completion by reference
 to the facts and circumstances then existing or if otherwise untrue or inaccurate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there
 has been a Material Adverse Change in relation to the Buyer's Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there
 is a material breach of Clause ‎6 and / or ‎Schedule 7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 matter becomes known to the Seller which would or is likely to give rise to a Tax Claim under
 the Tax Covenant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 government, governmental, supranational or regulatory agency institutes, or threatens to
 institute, proceedings to challenge this Agreement or to take any action as a result of its
 implementation,

the Seller may, by notice, proceed to Completion or terminate this Agreement with immediate effect.

**18.** **EFFECT OF TERMINATION** 

18.1 The
 rights and obligations of the Buyer and the Seller shall cease immediately on termination
 of this Agreement save for:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each
 Party's accrued rights and obligations at the date of termination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 provisions of Clauses ‎1, ‎24, ‎25, ‎28, ‎31 to ‎36 which shall remain
 in full force and effect.

**19.** **TAX COVENANT** 

19.1 Subject
 to the limitations in ‎Schedule 5, to the extent expressly stated to apply to the
 Tax Covenant, the Seller covenants with the Buyer to pay to the Buyer an amount equal to:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 Liability for Tax within limbs (a), (b) and (d) of that defined term of a Group Company arising
 in respect of, by reference to or in consequence of:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
income, profits or gains earned, accrued or received on or before Completion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
Event which occurred on or before Completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 liability of a Group Company to make a payment or repayment of a sum equivalent to, or calculated
 by reference to, another person's Liability for Tax where the liability arises under any
 indemnity, covenant, warranty, guarantee or election entered into or created on or before
 Completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 Liability for Tax within limbs (a), (b) and (d) of that defined term of a Group Company which
 arises at any time as a result of, in consequence of or in connection with the failure of
 the Group Company to properly operate, apply and account for VAT at any time before Completion;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all
 reasonable costs, expenses, disbursements and professional fees properly incurred by the
 Buyer or a Group Company in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
liability falling within Clauses ‎19.1.1 to ‎19.1.3 above for which liability arises under this Clause; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) taking
or defending any successful action under this Clause ‎19.

19.2 The
 covenant contained in Clause ‎19.1 shall not apply and the Buyer shall have no claim
 against the Seller under it or for breach of the Seller Tax Warranties to the extent that
 the liability in question arises in the ordinary course of business after the Accounts Date.

19.3 Subject
 to the limitations in ‎Schedule 6, to the extent expressly stated to apply to the
 Tax Covenant, the Buyer covenants with the Seller to pay to the Seller an amount equal to:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 Liability for Tax of the Buyer within limbs (a) and (c) of that defined term arising in respect
 of, by reference to or in consequence of:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 income, profits or gains earned, accrued or received on or before Completion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 Event which occurred on or before Completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 liability of the Buyer to make a payment or repayment of a sum equivalent to, or calculated
 by reference to, another person's Liability for Tax where the liability arises under any
 indemnity, covenant, warranty, guarantee or election entered into or created on or before
 Completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 Liability for Tax of the Buyer within limbs (a) and (c) of that defined term which arises
 at any time as a result of, in consequence of or in connection with the failure of the Buyer
 to properly operate, apply and account for VAT at any time before Completion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all
 reasonable costs, expenses, disbursements and professional fees properly incurred by the
 Seller or a member of the Seller's Group in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 liability falling within Clauses ‎19.3.1 to ‎19.3.3 above for which liability arises
 under this Clause; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) taking
 or defending any successful action under this Clause ‎19.

19.4 The
 covenant contained in Clause ‎19.3 shall not apply and the Seller shall have no claim
 against the Buyer under it or for breach of the Buyer Tax Warranties to the extent that the
 liability in question arises in the ordinary course of business after the Accounts Date.

**20.** **CONDUCT OF TAX CLAIMS** 

20.1 If,
 following Completion, the Buyer becomes aware of any Claim for Tax which could give rise
 to a Tax Claim it shall notify the Seller as soon as reasonably practicable (and in any event
 no later than ten (10) Business Days after the Buyer, or any Group Company, becomes aware
 of such Claim) and the Seller shall give instructions to the Buyer in writing as to whether
 to resist, appeal, compromise or settle the Claim for Tax within ten (10) Business Days (or
 within five (5) Business Days in a case where there is a time limit for an appeal) of the
 Buyer giving notice of the Claim for Tax to the Seller under this Clause ‎20.1, or such
 later period as the Seller and the Buyer may agree, (the "**Response Period"**).

20.2 Where
 the Seller has given written instructions in accordance with Clause ‎20.1 within the
 Response Period, and the Buyer has agreed to take and procure that the relevant Group Company
 shall take such action as instructed by the Seller then the Buyer will take such action and
 the Seller agrees to give such information and assistance as the Seller may reasonably request
 in writing to resist, appeal, compromise or settle the Claim for Tax **PROVIDED THAT** the
 following conditions are adhered to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Seller agrees to pay to the Buyer and/or the relevant Group Company in cleared funds an amount
 equal to any reasonable costs and expenses which are incurred by either the Buyer and/or
 the relevant Group Company in taking such action (together with the Tax which is the subject
 matter of the claim (the "**Disputed Tax**") where it is necessary to pay the
 Disputed Tax in order to resist or otherwise deal with the Claim for Tax), and the Buyer
 may send a written demand for payment of such reasonable costs and expenses once they have
 been incurred or, in relation to the Disputed Tax, not more than fifteen Business Days before
 the date on which the Disputed Tax is required to be paid and the Seller shall pay such costs,
 expenses and Disputed Tax to the Buyer within ten (10) Business Days of receipt of such written
 demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) neither
 the Buyer nor the relevant Group Company shall be obliged to take any step requested by the
 Seller which it reasonably considers would materially prejudice the commercial position of
 the Buyer, any member of the Buyer's Group or any of the Group Companies or would be
 materially prejudicial to the Tax affairs of the Buyer, any member of the Buyer's Group or
 any of the Group Companies or their dealings with any Tax Authority (in which case the Buyer
 shall seek alternative instructions from the Seller under Clause ‎20.3);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) neither
 the Buyer nor the relevant Group Company shall be obliged to comply with any request of the
 Seller that involves contesting the Claim for Tax before any tribunal, court or appellate
 body unless the Seller furnishes the Buyer with a written opinion of Tax counsel with at
 least ten (10) years' call ()"**Counsel**") to the effect that an appeal against
 the Claim for Tax is a reasonable course of action given the amounts involved and is likely
 to be successful on the balance of probabilities (and if Counsel does not recommend that
 course of action the Buyer shall seek alternative instructions from the Seller under Clause
 ‎20.3); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Seller shall not be entitled to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) conduct
 negotiations and/or proceedings; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) attend
 any meetings with a Tax Authority;

in respect of the Claim for Tax in the name of the relevant Group Company without the prior written consent of the Buyer (such consent not to be unreasonably withheld, conditioned or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Buyer shall not, and shall procure that the relevant Group Company shall not, in relation
 to any Claim for Tax, make any admission to any Tax Authority, or compromise, dispose of
 or settle the Tax Claim without the written consent of the Seller, such consent not to be
 unreasonably withheld, conditioned or delayed.

20.3 If
 the Seller has given instructions in accordance with Clause ‎20.1, the Buyer may at any
 subsequent time seek instructions in writing from the Seller in respect of this Clause ‎20.3
 as to what further action it should take in respect of the Claim for Tax and the Buyer agrees
 to take and procure that the relevant Group Company shall take such further action and give
 such further information and assistance as the Seller may reasonably request in writing to
 resist, appeal, compromise or settle the Claim for Tax **PROVIDED THAT** the conditions
 outlined in Clauses **‎** 20.2.1 to **‎** 20.2.5 are adhered to.

20.4 The
 Buyer agrees to keep the Seller reasonably informed of all material matters relating to the
 Claim for Tax notified to the Seller in accordance with Clause ‎20.1 (including providing
 any information and/or copies of any documents in the control of the relevant Group Company
 or the Buyer reasonably requested by the Seller) and shall forward copies of all material
 correspondence received from a Tax Authority relating to the Claim for Tax to the Seller.

20.5 The
 provisions of this Clause ‎20 shall not apply or, if the provisions of this Clause ‎20
 already apply, the Seller's rights under this Clause ‎20 shall cease to apply if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Seller takes corporate action, or other steps are taken or legal proceedings are started
 for its winding up, dissolution, administration or for the appointment of a receiver, administrator,
 trustee or similar officer of it or of any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Seller is unable to pay its debts as they fall due, starts negotiations with a creditor with
 a view to the general readjustment or rescheduling of its indebtedness or makes a general
 assignment for the benefit of, or a composition with, its creditors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 Tax Authority alleges fraudulent or conduct involving dishonesty on the part of the Company
 or any person acting on its behalf in relation to the matter giving rise to the Claim for
 Tax.

20.6 The
 Buyer shall be free to satisfy or settle the relevant Claim for Tax on such terms as it may
 in its absolute discretion think fit if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Seller does not request the Buyer to take any action in relation to the Claim for Tax within
 the Response Period under Clause ‎20.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Seller does not request that any further action be taken in respect of the Claim for Tax
 by the Buyer or the Company under Clause ‎20.3 within ten (10) Business Days of the Buyer
 seeking instructions in writing from the Seller under Clause ‎20.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Seller has not paid an amount equal to the costs, expenses and/or the Disputed Tax (if relevant)
 incurred by either the Buyer and/or the Company in accordance with Clause ‎20.2.1; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 of the provisions of Clause ‎20.5 apply.

20.7 The
 compliance of the Buyer and/or the Group Companies with the provisions of this Clause ‎20
 shall not be a condition precedent to the liability of the Seller under the Tax Covenant
 or for breach of the Seller Tax Warranties.

**21.** **LEAKAGE** 

21.1 Without
 prejudice to the right of the Buyer to claim on any other basis or take advantage of any
 other remedies available to it, if any Leakage has occurred, the Seller agrees (in respect
 only of any Leakage that has occurred to or for the benefit of him or his connected persons)
 to pay to the Buyer in cash on demand (each for itself and as trustee of the benefit of this
 Clause ‎21.1 for each Group Company):-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 sum equal to the amount of such Leakage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 reasonable costs and expenses incurred by the Buyer or any Group Company as a result of such
 Leakage and of recovering such sums from the Seller in relation to such Leakage,

in each case, excluding the amount of any Known Leakage which actually reduces the Cash Consideration paid at Completion (any claim under this Clause ‎21.1 by the Buyer being a "**Leakage Claim**").

21.2 Not
 less than three (3) Business Days prior to the Completion Date (or such other date as the
 Parties may mutually agree), the Seller undertakes to notify the Buyer in writing of any
 matter or circumstance which would constitute Known Leakage including reasonable details
 of the Known Leakage concerned and an estimate of the quantum of such Known Leakage.

21.3 Following
 the Completion Date, the Seller undertakes to notify the Buyer in writing as soon as practicable
 after becoming aware of any Leakage or any matter or circumstance that could give rise to
 Leakage or result in the Seller being required to make a payment under Clause ‎‎21.1,
 including reasonable details (in so far as they are known to the Seller) of the Leakage concerned
 and, as far as reasonably practicable, an estimate of the quantum of such Leakage.

21.4 Any
 Leakage Claim shall be subject to the limitations set out in ‎Schedule 5.

21.5 Any
 payment by the Seller to the Buyer in relation to a Leakage Claim will, to the extent possible,
 take effect as a reduction in the Consideration and the amount so paid by the Seller will
 be treated as a reduction in the amount of the Consideration received by the Seller.

21.6 A
 Leakage Claim under this Clause ‎21 shall be the sole remedy available to the Buyer arising
 (directly or indirectly) from a breach of this Clause ‎‎21.

21.7 The
 Seller shall not be liable in respect of any Leakage Claim to the extent that the matter
 or thing giving rise to such Leakage Claim constitutes Permitted Leakage or Operational Costs.

21.8 The
 Buyer shall not be entitled to recover more than once in respect of any single amount of
 Leakage.

21.9 No
 Leakage Claim shall, in the absence of fraud or fraudulent misrepresentation, be made against
 the Seller unless the claim has been notified in writing to the Seller and is served in accordance
 with Clause ‎25 before the date which is six (6) months after the Completion Date.

**22.** **Protection of Goodwill** 

22.1 As
 further consideration for the Buyer agreeing to purchase the Shares and with the intent of
 securing to the Buyer the full benefit and value of the goodwill and connections of each
 Group Company the Seller undertakes to the Buyer that:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 will not and will procure that no member of the Seller's Group shall for a period of
 two (2) years from the Completion Date, in any capacity whatsoever, directly or indirectly
 carry on or assist in carrying on or be engaged, concerned or interested in any activity
 or undertaking which is the same as, or substantially similar to, the business of the Group
 within the UAE; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it
 will not and will procure that no member of the Seller's Group will for a period of
 two (2) years from the Completion Date for the purpose of any business supplying products
 or services similar to or capable of being used in substitution for any product or service
 supplied by any Group Company within the twelve (12) months preceding Completion Date, canvass,
 solicit or endeavour to entice away from any Group Company any person who during the period
 of two (2) years prior to the Completion Date has been a customer of any Group Company or
 has purchased or agreed or offered to purchase goods from any Group Company or has employed
 its services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it
 will not and will procure that no member of the Seller's Group will for a period of
 two (2) years from the Completion Date do any act or thing likely to have the effect of causing
 any supplier of or other person in the habit of dealing with any Group Company (either at
 the date of this Agreement or at Completion) to be unable or unwilling to deal with any Group
 Company either at all or in part or on the terms on which it had previously dealt with any
 Group Company or likely to have the effect of causing any person having a contract or arrangement
 with any Group Company (either at the date of this Agreement or at Completion) to breach,
 terminate or modify that contract or arrangement or to exercise any right under it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it
 will not and will procure that no member of the Seller's Group will for a period of
 two (2) years from the Completion Date solicit or endeavour to entice away from any Group
 Company, employ or offer employment to any Employee of any Group Company who is at the date
 of this Agreement and/or at Completion an Employee employed in a managerial, technical or
 sales capacity nor do any act or thing likely to have the effect of causing any such Employee
 to terminate his employment with any Group Company whether or not such Employee would thereby
 breach his contract of employment or service agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it
 will not, and to the extent applicable it will procure that members of the Seller's Group
 will not, from the date falling twelve (12) months after the Completion Date, use directly
 or indirectly or authorise any person to use directly or indirectly any of the Intellectual
 Property Rights or use any distinctive mark, style or logo used by any Group Company or any
 mark, style or logo similar to or likely to be confused with them in any manner which is
 likely to or may result in confusion between or other association with the business, goods,
 services or other activities of any Group Company. The Parties hereby agree that for a period
 of twelve (12) months following the Completion Date, the Seller (and members of the Seller's
 Group) shall be permitted to use the Intellectual Property Rights to the extent necessary
 for (i) complying with any Applicable Law, regulations, or orders of any governmental or
 regulatory authority; and (ii) performing administrative functions reasonably required in
 connection with the continued existence of the Seller as a corporate entity, provided that,
 for the avoidance of doubt, the Seller shall not be entitled to use any such Intellectual
 Property Rights for the purposes of marketing or commercial operations, or any activity that
 competes with the business of any Group Company.

22.2 Nothing
 in Clause ‎22.1 shall prevent the Seller, any member of the Seller's Group or the
 UBOs from owning (i) not more than five per cent (5%) of any class of the issued share capital
 of a company which is dealt in on a recognised investment exchange, (ii) the Consideration
 Shares, or (iii) the MCB Shares.

22.3 The
 Seller has taken independent legal advice and acknowledges that it considers the undertakings
 contained in Clause ‎22.1 reasonable and necessary for the proper protection of
 the business of the Group and the legitimate interests of the Buyer and further acknowledges
 that damages would not be an adequate remedy for breach of such undertakings.

22.4 Each
 of the undertakings contained in Clause ‎22.1 is separate and severable and shall be
 construed on that basis. In the event that any of such undertakings is found to be void but
 would be valid if some part of it were deleted or if the period or extent of it were reduced
 such undertaking shall apply with such modification as may be necessary to make it valid
 and effective.

**23.** **Confidential Information and Know-How** 

23.1 The
 Seller undertakes that, in the period before and after Completion, it shall:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not
 copy, make use of or disclose to any person any Confidential Information or Know-How (except
 as may be required to operate the business of the Group prior to Completion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take
 all reasonable steps to prevent the copy, use or disclosure of any such Confidential Information
 or Know-How; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) procure
 that each member of the Seller's Group complies with the provisions of this Clause ‎23.1.

23.2 The
 Buyer undertakes that, in the period prior to Completion it shall:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not
 copy, make use of or disclose to any person any Confidential Information or Know-How which
 has been disclosed to it in connection with the transactions contemplated by this Agreement;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procure
 that each member of the Buyer's Group complies with the provisions of this Clause ‎23.2.

23.3 The
 provisions of this Clause ‎23 shall not apply to:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 copy, use or disclosure of Confidential Information or Know-How required to be used or disclosed
 by Applicable Law, by any court order or by the rules of any stock exchange or governmental
 authority or regulatory authority, provided that, to the extent permitted by Applicable Law,
 the relevant Party gives the other Party prior notice of such disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 disclosure of Confidential Information or Know-How to a director, officer or employee of
 the Buyer or of any Group Company whose function requires that he has possession of the Confidential
 Information or Know-How;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 disclosure of Confidential Information or Know-How by either Party to its professional advisers
 for the purpose of advising on the transactions contemplated by under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Confidential
 Information or Know-How which becomes publicly known except as a result of a breach of this
 Clause ‎23.

23.4 The
 restrictions contained in this Clause ‎23 shall survive termination of this Agreement
 and shall continue for a period of three (3) years following the Completion Date (or earlier
 termination of this Agreement).

**24.** **Announcements** 

24.1 Subject
 to Clause ‎24.2, neither the Buyer nor the Seller shall make or send before or after
 Completion any disclosure, announcement, communication or circular relating to the terms
 or subject matter of this Agreement unless such Party has first obtained the other Party's
 written consent to the form and text of such announcement, such consent not to be unreasonably
 withheld, conditioned or delayed.

24.2 Clause ‎24.1
 does not apply to an announcement, communication or circular:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) required
 by law or by the rules of any stock exchange or by any governmental authority or regulatory
 authority, in which event the Party required to make or send such disclosure, announcement,
 communication or circular shall, where practicable, first consult with the other Party as
 to the content of such announcement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) made
 or sent by the Buyer after Completion to any Group Company's customers, clients or suppliers
 advising them of the change of control of the Group.

**25.** **Notices** 

25.1 Any
 notice or other communication pursuant to, or in connection with, this Agreement shall be
 in writing in the English language and delivered by hand or sent by courier (in each case,
 provided such notice or other communication is also sent by email), or email, to the Party
 due to receive such notice as follows:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 the Buyer at:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 39th
 Floor, API Trio Office Tower, Sheikh Zayed Rd, Dubai, UAE; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 the Seller at:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Opus
 Tower, Office 1002 - Al A'amal St - Dubai; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [\*\*\*]

25.2 A
 Party may change the address to which notices to it are to be delivered by giving not less
 than five (5) Business Days' notice to the other Parties.

25.3 Subject
 to Clause ‎25.4, any notice or other communication shall be deemed to have been
 served:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 delivered by hand or courier, on the date of delivery (provided such notice or other communication
 has also been sent by email); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 sent by email, upon the generation of a receipt notice by the recipient's server or, if such
 notice is not so generated, upon delivery to the recipient's server.

25.4 If
 a notice or other communication is given or deemed given at a time or on a date which is
 not a Business Day, it shall be deemed to have been given on the next Business Day.

25.5 In
 proving service of a notice or other communication, it is sufficient to prove that delivery
 was made or that the email was properly addressed and transmitted by the sender's server
 into the network and there was no apparent error in the operation of the sender's email system
 (as the case may be).

**26.** **Entire Agreement** 

26.1 This
 Agreement (together with all of the Transaction Documents) sets out the entire agreement
 and understanding between the Parties in respect of the sale and purchase of the Shares.
 This Agreement supersedes and extinguishes any previous agreements between the Parties, whether
 orally or in writing, in respect of the sale and purchase of the Shares, which shall cease
 to have any further force or effect.

26.2 No
 variation of this Agreement shall be effective unless made in writing and signed by or on
 behalf of both the Buyer and the Seller.

**27.** **Further Assurance** 

27.1 The
 Parties each agree for themselves (at their own respective cost) to perform (or procure the
 performance of) all further acts and things, and execute and deliver (or procure the execution
 and delivery of) all further documents that may be required by Applicable Law or as the other
 Party may reasonably require, whether on or after Completion, to implement and give effect
 to this Agreement and in particular for the purpose of vesting in the Buyer the full benefit
 of the Shares to be transferred to the Buyer under this Agreement.

**28.** **Invalidity** 

If any provision of this Agreement is held to be unenforceable or illegal, in whole or in part, such provision or part shall to that extent be deemed not to form part of this Agreement but the enforceability of the remainder of this Agreement shall remain unaffected.

**29.** **Effect of Completion** 

This Agreement (and in particular the Seller Fundamental Warranties, the Seller Commercial Warranties, Buyer Fundamental Warranties and Buyer Commercial Warranties) and the Tax Covenant in so far as any of its provisions remain to be, or are capable of being, performed or observed, shall remain in full force and effect after Completion.

**30.** **Waiver** 

30.1 The
 failure by a Party to exercise or delay in exercising any right or remedy under this Agreement
 shall not constitute a waiver of the right or remedy or a waiver of any other rights or remedies
 that Party may otherwise have and no single or partial exercise of any right or remedy under
 this Agreement shall prevent any further exercise of the right or remedy or the exercise
 of any other right or remedy.

30.2 Each
 Party's respective rights and remedies contained in this Agreement are in addition
 to, and not exclusive of, any other rights or remedies available at law.

**31.** **Costs** 

The Buyer and the Seller shall each pay its own costs in relation to the negotiation, preparation, execution and implementation of this Agreement and of each document referred to in this Agreement.

**32.** **Gross Up** 

All sums payable by or on behalf of any Party under this Agreement shall be paid free and clear of all deductions or withholdings whatsoever, save only as may be required to be made by any Party by Applicable Law. If any deduction or withholding is required by law to be made from any payment by a Party pursuant to this Agreement, or if a Party shall incur any Liability for Tax chargeable or assessable in respect of any payment pursuant to this Agreement, the paying Party shall pay such additional amounts as shall be required to ensure that the net amount received and retained by the other Party (after Tax) will equal the full amount which would have been received and retained by it had no such deduction or withholding been made and/or no such Liability to Tax been incurred. In applying this Clause ‎32, no account shall be taken of the extent to which any Liability for Tax may be mitigated or offset by any Buyer's Relief so that where such Buyer's Relief is available the additional amount payable under this Clause ‎32 shall be the amount which would have been payable in the absence of such availability.

**33.** **Assignment** 

This Agreement is personal to the Parties and neither it nor any of the benefits arising under it may be assigned without the prior written consent of the other Party and neither Party shall purport to assign or transfer the same.

**34.** **Rights of Third Parties** 

Except as expressly provided in Clause ‎13.3, paragraph ‎4.2 of ‎Schedule 5, and elsewhere in this Agreement, a person who is not a party to this Agreement shall have no rights to rely upon or enforce any term of this Agreement provided that this does not affect any right or remedy of the third party which exists or is available under Applicable Law.

**35.** **Counterparts** 

This Agreement may be executed in any number of counterparts and by each of the parties on separate counterparts each of which when executed and delivered shall be deemed to be an original, but all the counterparts together shall constitute one and the same agreement.

**36.** **Law and Jurisdiction** 

36.1 This
 Agreement and any dispute or claim arising out of or in connection with it or its subject
 matter or formation (including non-contractual disputes and claims) are governed by, and
 shall be construed in accordance with, English law.

36.2 This
 Agreement and any dispute or claim arising out of or in connection with it or its subject
 matter or formation (including non-contractual disputes and claims), including any question
 regarding its existence, validity or termination, shall be referred to and finally resolved
 by arbitration under the London Court of International Arbitration ()"**LCIA** ")
 Rules, which Rules are deemed to be incorporated by reference into this Clause.

36.3 The
 party wishing to commence arbitration (the claimant) under the LCIA Rules shall send to the
 other party (the respondent) a written request for arbitration (the "**Request** ").

36.4 The
 arbitral tribunal shall consist of three arbitrators: one appointed by the claimant and named
 in the Request, the second appointed by the respondent within fourteen (14) days of receipt
 of the Request, and the third, who shall act as presiding arbitrator, appointed by the two
 Parties within fourteen (14) days of the appointment of the second arbitrator. If any arbitrators
 are not appointed within the specified timeframes, the appointing authority shall be entitled
 to make the necessary appointments upon the request of either Party or on its own initiative,
 in accordance with the LCIA Rules.

36.5 The
 seat, or legal place, of arbitration shall be the Dubai International Financial Centre, United
 Arab Emirates.

36.6 The
 language to be used in the arbitral proceedings shall be English.

**SIGNED** by or on behalf of the parties on the date which first appears in this Agreement.

**Schedule 1** 

**Part 1**<br>**THE COMPANIES**

**BPGIC**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Brooge Petroleum and Gas Investment Company FZE |
| &nbsp;&nbsp;Type of Entity: | &nbsp;&nbsp;Free Zone Establishment |
| &nbsp;&nbsp;Commercial license / Registration number: | &nbsp;&nbsp;3090 and 3090A |
| &nbsp;&nbsp;Previous company names and effective date(s) of change(s): | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Registered office: | &nbsp;&nbsp;PO Box 50170, Fujairah, UAE |
| &nbsp;&nbsp;Date and place of incorporation: | &nbsp;&nbsp;2 October 2013 and Fujairah Free Zone |
| &nbsp;&nbsp;Issued share capital: | &nbsp;&nbsp;The share capital is AED 5,000,00 divided into 100 shares at par value of AED 50,000 per share |
| &nbsp;&nbsp;Shareholder: | &nbsp;&nbsp;Brooge Energy Limited (100%) |
| &nbsp;&nbsp;General Manager: | &nbsp;&nbsp;Mr. Saif Ibrahim Ahmad Alahazaimeh |
| &nbsp;&nbsp;Main activity: | &nbsp;&nbsp;Commercial License 3090:<br>Trading and storing (crude oil, fuel oil, all kinds of oil products and gas) and building, managing, investment in refineries and all kinds of investments, extraction and exploration of crude oil and gas in the onshore and offshore.<br>Commercial License 3090A:<br>Onshore and offshore oil and gas fields and facilities services, construction, investment and operation in all types of power and electric plants.<br>|

---

**BPGIC PHASE III**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Brooge Petroleum and Gas Investment Company Phase III FZE |
| &nbsp;&nbsp;Type of Entity: | &nbsp;&nbsp;Free Zone Establishment |
| &nbsp;&nbsp;Commercial license / Registration number: | &nbsp;&nbsp;4200 |
| &nbsp;&nbsp;Previous company names and effective date(s) of change(s): | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Registered office: | &nbsp;&nbsp;PO Box: 51073, Fujairah, UAE |
| &nbsp;&nbsp;Date and place of incorporation: | &nbsp;&nbsp;27 September 2020 and Fujairah Free Zone |
| &nbsp;&nbsp;Issued share capital: | &nbsp;&nbsp;The share capital is AED 5,000,00 divided into 100 shares at par value of AED 50,000 per share |
| &nbsp;&nbsp;Shareholder: | &nbsp;&nbsp;Brooge Energy Limited (100%) |
| &nbsp;&nbsp;General Manager: | &nbsp;&nbsp;Mr. Saif Ibrahim Ahmad Alahazaimeh |
| &nbsp;&nbsp;Main activity: | &nbsp;&nbsp;Trading and storing (crude oil, fuel oil, all kinds of oil products and gas) and building, managing, investment in refineries and all kinds of investments, refinery, extraction and exploration of crude oil and gas in the onshore & offshore. Oil and gas fields and facilities services, construction and investment and operation in all types of power and electricity plants. |

---

 

**Part 2**<br>**THE SUBSIDIARY AND THE BRANCH**

**BPGIC PHASE 3 LIMITED**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;BPGIC Phase 3 Limited |
| &nbsp;&nbsp;Type of Entity: | &nbsp;&nbsp;Offshore limited liability company |
| &nbsp;&nbsp;Commercial license / Registration number: | &nbsp;&nbsp;226933 |
| &nbsp;&nbsp;Previous company names and effective date(s) of change(s): | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Registered office: | &nbsp;&nbsp;PO Box: 118863 - Office 601-602, Clover Bay Tower, Business Bay, Dubai, United Arab Emirates |
| &nbsp;&nbsp;Date and place of incorporation: | &nbsp;&nbsp;23 December 2020 and Jebel Ali Free Zone |
| &nbsp;&nbsp;Issued share capital: | &nbsp;&nbsp;The share capital is AED 5,000 divided into 100 shares at par value of AED 50 per share |
| &nbsp;&nbsp;Shareholder: | &nbsp;&nbsp;Brooge Petroleum and Gas Investment Company Phase III (100%) |
| &nbsp;&nbsp;Director: | &nbsp;&nbsp;Mr. Saif Ibrahim Ahmad Alahazaimeh |
| &nbsp;&nbsp;Secretary: | &nbsp;&nbsp;Mr. Saif Ibrahim Ahmad Alahazaimeh |

---

[\*\*\*]

**THE BRANCH**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Brooge Petroleum and Gas Investment Company FZE – Branch of Abu Dhabi 1 |
| &nbsp;&nbsp;Registered number: | &nbsp;&nbsp;2516295 |
| &nbsp;&nbsp;Registered office: | &nbsp;&nbsp;Shop 214, Meyzan, East 3, Abu Dhabi, United Arab Emirates |
| &nbsp;&nbsp;Date and place of incorporation: | &nbsp;&nbsp;8 March 2018 and Abu Dhabi |
| &nbsp;&nbsp;Parent company: | &nbsp;&nbsp;Brooge Petroleum and Gas Investment Company FZE |
| &nbsp;&nbsp;Main activity: | &nbsp;&nbsp;Representation office. Onshore and offshore oil and gas fields and facilities services. |

---

**Schedule 2<br>PROPERTIES**

**Freehold Property** 

[\*\*\*]

**Leasehold Property** 

[\*\*\*]

**Schedule 3<br>SELLER'S WARRANTIES**

1. For
 the avoidance of doubt, each statement set out below in this Schedule 3 is made subject to
 and on the terms of Clause ‎ 14.1 (*Limitations on Liability*).

**Part 1: Fundamental Warranties**

1. Title,
 capacity and the Shares

1.1 The
 Seller is a company validly existing under the laws of the Cayman Islands and has the necessary
 power and authority and has taken all necessary action to enter into and perform its obligations
 under this Agreement and the Transaction Documents to be executed by it at or before Completion
 in accordance with this Agreement which will, when executed, become binding and enforceable
 obligations of the Seller in accordance with their respective terms.

1.2 The
 Seller is the registered holder of the Shares and is entitled to sell and transfer such Shares,
 free from any Encumbrances to the Buyer on the terms of this Agreement.

1.3 The
 Shares constitute the whole of each Company's allotted and issued share capital and are fully
 paid or credited as fully paid.

1.4 At:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.1 the
 date of this Agreement, [\*\*\*], there is no Encumbrance on, over or affecting any of the Shares
 or any unissued shares, debentures or other securities of any Group Company which has not
 been disclosed to the Buyer, and no person [\*\*\*] has the right (whether exercisable now or
 in the future and whether contingent or not) to call for the issue, allotment, conversion,
 redemption, sale or transfer of any shares, debentures or other securities of any Group Company
 other than as disclosed to the Buyer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.2 Completion,
 [\*\*\*], there will be no Encumbrance on, over or affecting any of the Shares or any unissued
 shares, debentures or other securities of any Group Company, and no person [\*\*\*] will have
 the right (whether exercisable now or in the future and whether contingent or not) to call
 for the issue, allotment, conversion, redemption, sale or transfer of any shares, debentures
 or other securities of any Group Company, except where such rights arise in connection with
 any refinancing arrangement that has been duly disclosed.

1.5 Neither
 Company has and has never had any subsidiary or branch other than the Subsidiary.

1.6 BPGIC
 Phase III is the legal and beneficial owner of each allotted and issued share in the capital
 of the Subsidiary and each such share is fully paid or credited as fully paid.

1.7 BPGIC
 is the parent company of the Branch.

1.8 [\*\*\*]

**Part 2: Commercial Warranties**

1. JOINT
 VENTURES, SHADOW DIRECTORS AND BRANCHES

1.1 No
 Group Company is or has agreed to become a member of any partnership or other unincorporated
 association, joint venture, or consortium or other profit or income sharing arrangement.

1.2 So
 far as the Seller is aware, no Group Company has liability as a former member, officer or
 shadow director of any person nor are there any circumstances in which such liability could
 arise.

1.3 No
 person is or has been a shadow director of any Group Company during the last three (3) years.

1.4 No
 Group Company has any branch, agency or place of business outside the UAE and does not use
 its letterhead, books or vehicles or otherwise carry on its business under any name other
 than its corporate name.

1.5 No
 Group Company has agreed to acquire any interest in any body corporate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. EFFECT
 OF SALE

2.1 So
 far as the Seller is aware, the execution or the performance by the Seller of this Agreement
 or any of the Transaction Documents will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 result
 in a breach of, conflict with, or give rise to an event of default under, any Material Contract
 to which a Group Company is a party or by which a Group Company is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 result
 in a material breach of any provision of the memorandum and / or articles of association
 of the Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 relieve
 any other party to a Material Contract with a Group Company of its obligations or enable
 it to terminate the relevant Material Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4 result
 in a breach of a material Licence or order of any court or governmental agency or regulatory
 body; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.5 result
 in a Group Company losing the benefit of a material Licence.

2.2 Each
 Group Company has the necessary power and authority to operate its business as conducted
 at the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Information,
 Records and Documents

3.1 All
 title deeds relating to the assets of any Group Company are in its possession.

3.2 The
 particulars relating to each Group Company and the Properties set out in the Schedules to
 this Agreement are true and accurate in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Accounts and
 Records

**Accuracy of the Accounts**

4.1 The
 Accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 have
 been prepared in accordance with Accounting Practice then in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 have
 been prepared in accordance with all Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3 have
 been prepared on a consistent basis and using consistent Accounting Practice for the previous
 three financial years ended on the Accounts Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.4 have
 been audited by an auditor or firm of accountants qualified to act as auditors in the UAE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.5 give
 a true and fair view of the state of the Group's affairs and of their assets and liabilities
 as at, and of the profits and losses and total comprehensive income of the Group for the
 financial period ended on, the Accounts Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.6 are
 not misleading in any material respect.

**Content of the Accounts**

4.2 To
 the extent required by Accounting Practice, the Accounts:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 include
 adequate provision for all bad and doubtful debts, obsolete, damaged or slow-moving stocks/inventory
 and for depreciation on fixed assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 include
 adequate provision for and/or disclosure of all actual liabilities and potential contingent,
 disputed and/or unquantified liabilities and all capital commitments of the Group in accordance
 with Accounting Practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3 do
 not materially overstate the value of the assets nor materially understate the value of liabilities
 (actual, contingent or otherwise) of any Group Company as at the Accounts Date and do not
 materially overstate the profits or turnover of any Group Company for the financial period
 ended on the Accounts Date.

4.3 No
 Group Company has been party to any transaction or arrangement of which one of the main purposes
 was the removal or exclusion of an asset or liability (including a contingent liability)
 from the Accounts.

**Accounting reference date**

4.4 The
 accounting reference date of each Group Company is as set out in **‎** Schedule 1
 and has not at any time been any other date.

**Books and Records**

4.5 Each
 Group Company's accounts, books, ledgers, financial and other records (the "**Books and Records** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.1 are
 in the possession or under the control of the Company or the Subsidiary to which they relate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.2 are
 up to date and constitute an accurate record of all matters required by law to appear in
 them, and in the case of the accounting records, comply with the requirements of Applicable
 Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.3 do
 not contain any material inaccuracies or discrepancies.

4.6 No
 written notice has been received containing an allegation that any of the Books and Records
 are incorrect or should be rectified.

**Events since the Accounts Date** 

4.7 Since
 the Accounts Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.1 the
 business of each Group Company has been carried on in the ordinary and usual course and in
 the same manner (including nature and scope) as in the financial year ended on the Accounts
 Date so as to maintain the business as a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.2 there
 has been no material change in the nature of the business carried on by any Group Company,
 or in the manner in which it is conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.3 so
 far as the Seller is aware, there has been no Material Adverse Change in the financial or
 trading position of any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.4 there
 has been no material change in the assets and liabilities as shown in the Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.5 no
 dividends or other distributions have been declared, paid or made by a Group Company except
 as provided in the Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.6 no
 share or loan capital of any Group Company has been, or agreed to be, issued, allotted, redeemed,
 purchased or repaid by any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.7 no
 debtor/receivable has been released by any Group Company on terms that he pays less than
 the face value of his debt; no debt has been subordinated, written down or written off, provided
 against (in whole or in part), factored or assigned, and no Group Company has agreed to do
 any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.8 each
 Group Company has paid its creditors within the applicable periods agreed with the relevant
 creditor and there are no amounts owing by each Group Company which have been outstanding
 for more than 180 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.9 no
 Group Company has borrowed any money or raised any money in the nature of borrowings except
 for borrowings on overdraft in the ordinary course of business from its bank(s) within each
 Group Company's existing overdraft facility with such bank(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.10 no
 asset has been acquired or disposed of by any Group Company except for current assets in
 the ordinary and usual course of trading; no contract, arrangement or transaction has been
 entered into and no payment has been made by any Group Company otherwise than in the ordinary
 and usual course of carrying on its business and on entirely arm's length terms and no Group
 Company has assumed or incurred or agreed to assume or incur any liability (actual or contingent)
 otherwise than in the ordinary and usual course of carrying on its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.11 no
 capital expenditure has been, or agreed to be, incurred and no commitments of a capital nature
 have been or agreed to be, entered into that cannot be terminated on less than 12 months'
 notice or which (individually) involves total annual committed expenditure or annual committed
 aggregate consideration by a Group Company of more than USD 1,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.12 no
 Group Company's business has been adversely affected by the loss (whether before or after
 the Accounts Date) of any contract or customer or supplier or, so far as the Seller is aware,
 by any other factor not affecting similar businesses to a like extent and, so far as the
 Seller is aware, there are no circumstances which are likely to give rise to any such effect
 on any Group Company's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.13 so
 far as the Seller is aware, no provision or reserve included in the Accounts has proved to
 be inadequate in the light of subsequent circumstances and, so far as the Seller is aware,
 there are no circumstances which indicate that any such provision or reserve may prove to
 be inadequate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.14 no
 Group Company has offered any discounts or allowances other than in accordance with its normal
 business practice prior to the Accounts Date.

**Management Accounts**

4.8 The
 Management Accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.1 have
 been prepared from the accounting records of each Group Company with due care and attention
 and on a basis consistent with that employed in preparing the management accounts of the
 Group for the immediately preceding financial period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.2 do
 not materially misstate the assets and liabilities and the profits and losses of each Group
 Company.

**Related Party Transactions**

4.9 The
 transaction contemplated by this Agreement will not oblige any Group Company to pay any bonus,
 incentive or other payment to the Seller or its connected persons.

4.10 No
 Group Company has incurred or paid, or will incur or pay, any expenses or costs to any third
 party in connection with this Agreement (or the transactions contemplated hereby) including,
 without limitation, fees or expenses of any professional or other advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. FINANCE

**Bank borrowing**

5.1 The
 total amount borrowed by each Group Company is from its bankers or any other lenders, or
 raised by way of acceptance credit and does not exceed its loan and other financial facilities
 and does not exceed the limitation on its borrowing and other powers contained in its articles
 of association or any other deed or document binding upon it.

5.2 No
 financial arrangement or facility in place between any of the Group Companies and its bankers
 or other lenders has in the last three (3) years been subject to any waiver, deferral, suspension,
 or concession.

**Notice of repayment of borrowings**

5.3 So
 far as the Seller is aware, no event which is or, with the passing of time or the giving
 of any written notice or demand, would become an event of default under any loan capital,
 borrowing, debenture or financial facility of each Group Company or would entitle any third
 party to call for repayment prior to normal maturity or to enforce any security it may have
 over the assets of any Group Company has occurred or been alleged. So far as the Seller is
 aware, no Group Company has done anything whereby the continuance of any of those facilities
 might be affected or prejudiced or otherwise altered to the disadvantage of any Group Company.

**Guarantee**

5.4 None
 of the facilities of any Group Company are dependent on the guarantee or support or indemnity
 of, or any security provided by, a third party other than a Group Company.

**Loan capital**

5.5 No
 Group Company has outstanding loan capital nor has it borrowed or raised any money (save
 for short term borrowings from its bankers) nor has it factored or discounted its debts nor
 is it a party to any acceptance credit facility, bill of exchange, promissory note, finance
 lease or sale and lease-back arrangement or any other arrangement the purpose of which is
 to raise money which it has not repaid.

**Creation of charges**

5.6 No
 Group Company has created, or agreed to create, any Encumbrance over its assets or given,
 or agreed to give, any guarantee, suretyship, indemnity or similar obligation or any agreement
 for the postponement of its debt.

**Grants and allowances**

5.7 No
 Group Company has received any grants, allowances, subsidies, loans or financial assistance
 by any supranational, national or local authority or government agency.

6. ASSETS
 AND STOCK

**Title**

6.1 All
 the assets included in the Accounts or acquired by a Group Company since the Accounts Date
 are legally and beneficially owned by a Group Company free from any Encumbrance. Those assets
 are not the subject of any assignment, equity, royalty, factoring arrangement, leasing or
 hiring agreement, hire purchase agreement, conditional sale or credit sale agreement, agreement
 for payment on deferred terms or any similar agreement or arrangement (or any agreement or
 obligation, including a conditional obligation, to create or enter into any of the foregoing).

**Possession**

6.2 All
 of the assets owned by a Group Company are in the possession or under the control of a Group
 Company.

6.3 Each
 Group Company has adequate access to all plant, machinery, vehicles and other equipment and
 assets which are material for the effective operation of its business.

**Condition**

6.4 So
 far as the Seller is aware all plant, machinery, vehicles and other equipment and assets
 owned or used by each Group Company which are material for the effective operation of its
 business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.1 are
 in a good and safe condition and good working order (fair wear and tear excepted); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.2 are
 not expected to require renewal, replacements or additions within six (6) months from Completion.

**Maintenance**

6.5 So
 far as the Seller is aware, maintenance contracts are in full force and effect in respect
 of all material assets of each Group Company which it is normal or prudent to have maintained
 by independent or specialist contractors and in respect of all material assets which each
 Group Company is obliged to maintain or repair under any hire purchase, leasing, rental,
 insurance or other agreement.

**Assets sufficient for business**

6.6 So
 far as the Seller is aware, the assets owned by each Group Company comprise all assets necessary
 for the continuation of the business of each Group Company as carried on at the date of this
 Agreement.

**Leased assets**

6.7 No
 Group Company is a party to or liable under a lease or hire, hire purchase, credit sale or
 conditional sale, agreement.

**Trade debtors**

6.8 None
 of the debts which are shown in the Accounts, or which have arisen subsequently, have been
 outstanding for more than three (3) months from the Group Company's due date for payment
 or have been released such that the debtor has paid less than the full amount of his debt.

6.9 No
 single debtor owes to any Group Company an amount or amounts in aggregate greater than ten
 per cent (10%) of the total of all debts owing to such Group Company.

6.10 So
 far as the Seller is aware, there are no circumstances which indicate that any of the debts
 owing to any Group Company at the date of this Agreement and which were not fully written
 off or fully provided against in the Accounts or the Management Accounts may prove to be
 irrecoverable to any material extent.

**Product or services liability**

6.11 So
 far as the Seller is aware, no Group Company has given any guarantee or warranty or made
 any representation in respect of goods or services supplied or contracted to be supplied
 by it save for any warranty or guarantee implied by law and (save as aforesaid) has not accepted
 any obligation which could give rise to any liability after any such goods or services have
 been supplied by it.

6.12 No
 Group Company has received written notice of any claim where the amount claimed exceeds USD
 500,000 with respect to any individual proceeding, which remains outstanding and which alleges
 any defect in, or lack of fitness for purpose of, any goods supplied or services provided
 by the Group Company, nor, so far as the Seller is aware, are there any circumstances which
 could give rise to any such claim.

7. INSURANCE

**Insurance of Assets**

7.1 All
 of each Group Company's material assets and Properties which are of an insurable nature have
 at all material times been, and are insured on commercially reasonable terms against all
 such risks normally insured against by a prudent person carrying on a similar business to
 such Group Company and Completion will not have the effect of terminating, or entitling the
 insurer to terminate, cover under any such insurance.

**Other Insurances** 

7.2 Each
 Group Company has at all material times been and is insured against accident, injury, third
 party liability (including, without limitation, product liability), cyber security, damage
 and all other risks normally insured against by a prudent person carrying on a similar business
 to such Group Company and has at all times effected all insurances required by law or under
 any Material Contract.

7.3 The
 Group has no interest in and is not a beneficiary under, and does not pay and is not liable
 to pay any part of the premiums on, any policy of life assurance/insurance.

7.4 No
 Group Company has keyman insurances or equivalent insurances with respect to any of its directors,
 officers or Employees.

**Status and payment of premiums**

7.5 All
 premiums due on the Policies have been duly and punctually paid and all the Policies are
 valid and in force and so far as the Seller is aware, no Group Company nor any agent of any
 Group Company has done anything or omitted to do anything which might make any of the Policies
 void or voidable or might entitle any insurer not to pay all or part of any claim under any
 of the Policies.

**Claims**

7.6 No
 claim is outstanding under any of the Policies and, so far as the Seller is aware, no circumstance
 exists (including, without limitation, any written claim by any third party against any Group
 Company or any event or circumstance which might give rise thereto) which might give rise
 to a claim under any of the Policies.

7.7 In
 the twelve (12) months preceding the date of this Agreement, no claims have been made by
 any Group Company on its insurers nor, so far as the Seller is aware, have any circumstances
 arisen which may give rise to any claim, which (in either case) could have the effect of
 causing future premiums to be higher than would otherwise be the case.

8. CONTRACTS

**Material Contracts**

8.1 So
 far as the Seller is aware, no Group Company is a party to, or subject to any contract, arrangement,
 obligation or liability which:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 is
 outside the ordinary course of business of a Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 is
 not wholly on an arm's length basis; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 save
 for the Material Contracts, requires or involves or is likely to require or involve annual
 expenditure by a Group Company of more than USD 1,000,000 annually).

8.2 No
 Group Company is a party to, or subject to, any Material Contract which:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1 may
 be terminated as a result of the matters contemplated by the Transaction Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2 restricts
 its freedom to carry on its normal business activities.

8.3 There
 is no outstanding offer, proposal, estimate or quotation in respect of any Group Company
 which, if accepted or incorporated into a contract would result in a contract which, if now
 in existence, would fall within any of sub-paragraphs **‎** 8.1
 to **‎** 8.2 above.

8.4 All
 Material Contracts have been disclosed to the Buyer.

**Breach of Material Contract**

8.5 So
 far as the Seller is aware, no Group Company has defaulted under any Material Contract and
 no written claim of any default has been made against any Group Company nor is the Seller
 aware that any counterparty is in default under any Material Contract with a Group Company
 and as far as the Seller is aware there is nothing whereby any Material Contract may be terminated,
 rescinded, avoided or repudiated by any counterparty or whereby the terms of it may be worsened.

**Outstanding Offers**

8.6 There
 is not outstanding any offer, tender or bid which is capable of being converted by acceptance
 into an obligation of a Group Company.

**Creditors**

8.7 Each
 Group Company has paid all its creditors within the credit periods normally applied by a
 Group Company to such creditors (and no earlier).

**Customers and suppliers**

8.8 So
 far as the Seller is aware, during the six (6) months preceding the date of this Agreement
 there has been no material change in the basis or terms on which any person (including any
 supplier) is prepared to enter into contracts or do business with a Group Company (apart
 from normal price changes).

8.9 No
 person who is, or who has during the last twelve (12) months been, a material customer or
 supplier of goods or services to a Group Company has ceased, or has threatened or indicated
 an intention to cease trading with or supplying a Group Company or has reduced, or so far
 as the Seller is aware, is likely to reduce, materially its trading with or supply to a Group
 Company.

8.10 There
 are no penalty payments due and currently outstanding from any Group Company to any customer
 or supplier of goods or services to the business in respect of any termination and / or breach
 of such customer or supplier agreements.

9. I nsider
 Contracts

9.1 So
 far as the Seller is aware, no Group Company is, and during the three (3) years preceding
 the date of this Agreement has not been, a party to any agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 which
 is or was not of an entirely arm's length nature; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2 in
 which the Seller or any member of the Seller's Group or any director of the Seller's Group
 or any of them is or was directly or indirectly interested.

9.2 So
 far as the Seller is aware, none of a Group Company's assets (including the benefit of any
 Licences or agreements) have been acquired for a consideration otherwise than for its market
 value at the date of such acquisition.

9.3 There
 are no debts (whether or not due for payment and including contingent liabilities) or unfulfilled
 obligations (present or future, actual or contingent) owing between a Group Company and any
 member of the Seller's Group or any director or former director of a Group Company or any
 connected person of any of them.

9.4 So
 far as the Seller is aware, there is no written claim or circumstance which may give rise
 to a claim against a Group Company by any member of the Seller's Group or any director or
 former director of a Group Company or any connected person of any of them.

10. Finder's
 Fee Etc

So far as the Seller is aware, no person is entitled to receive from any Group Company a finder's fee, brokerage or commission in connection with this Agreement or any document to be executed at or before Completion in accordance with this Agreement.

11. Litigation

**Proceedings**

11.1 There
 is no legal proceeding or dispute in existence or, so far as the Seller is aware, threatened
 against the Seller in relation to any of the Shares or in relation to the Seller's
 entitlement to dispose of any of the Shares and, so far as the Seller is aware, there is
 no fact or circumstance which might give rise to any such proceeding or dispute.

11.2 So
 far as the Seller is aware, no Group Company is currently, or has in the three (3) years
 preceding the date of this Agreement been, engaged in any suit, action, litigation, arbitration,
 tribunal proceedings or investigation initiated by a Competent Authority against a Group
 Company.

11.3 So
 far as the Seller is aware, no Group Company has received written notice of any such threatened
 suit, action, litigation, arbitration, tribunal proceedings or investigation initiated by
 a Competent Authority against a Group Company.

11.4 So
 far as the Seller is aware, no Group Company is currently party to any Third Party Proceedings
 whether as claimant, defendant or otherwise (other than as claimant in proceedings for the
 collection of debts arising in the ordinary course of business) where the amount claimed
 exceeds USD 1,000,000 with respect to any individual proceeding, and so far as the Seller
 is aware no Group Company has received written notice where such Third Party Proceedings
 are threatened against a Group Company where the amount claimed exceeds USD 1,000,000 with
 respect to any individual proceeding.

11.5 During
 the three (3) years preceding the date of this Agreement, so far as the Seller is aware,
 there have not been any actions, claims, disputes, proceedings, suits initiated by any third
 party where the liability of a Group Company (or claimed against a Group Company) in relation
 thereto exceeded USD 1,000,000 with respect to any individual proceeding or claim.

11.6 During
 the three (3) years preceding the date of this Agreement, so far as the Seller is aware,
 no Group Company has given any undertaking to any court or to any third party arising out
 of any Third Party Proceedings and neither a Group Company nor any of its property or assets
 are subject to any outstanding injunction, order, judgment, decree or arbitral award of any
 court, tribunal, arbitrator, governmental agency or other regulatory body.

12. CompETITION

12.1 So
 far as the Seller is aware, no Group Company is, or has in the three (3) years prior to the
 date of this Agreement been, a party to or liable under or for any arrangement which infringes
 or has infringed Competition Law, nor, so far as the Seller is aware, is any Group Company
 subject to any actual investigation from any Competent Authority in relation to the foregoing.

12.2 So
 far as the Seller is aware, no Group Company is or has in the three (3) years prior to the
 date of this Agreement, been subject to any actual restriction on its conduct as a result
 of any decision, judgment, order or announcement or similar issued or adopted by any Competent
 Authority or following any arbitration or mediation proceedings in connection with the application
 of Competition Law.

13. Legal
 Matters

**Compliance with law**

13.1 Each
 Group Company has conducted its business materially in accordance with its memorandum and
 articles of association, all Applicable Law and regulations of any jurisdiction in which
 it carries on business and there has been no violation of, or default with respect to, any
 order or judgment of any court, tribunal, governmental agency or regulatory authority in
 any jurisdiction which has, or could have, a material adverse effect on the assets or business
 of a Group Company.

13.2 Due
 compliance in all material respects has been made with the provisions of all Applicable Law
 in connection with the formation of each Group Company, the allotment and issue, purchase
 and redemption of shares, debentures or other securities, the payment of dividends, any reduction
 of share capital and the conduct of its business and no written notice has been received
 that any of the foregoing is incorrect or should be rectified.

**Licences**

13.3 Each
 Group Company has all material Licences for the proper carrying on of its business and each
 Licence is valid, in force and unconditional or subject only to a condition that has been
 fulfilled and under which no further action is required.

13.4 Each
 Group Company has in all material respects carried on its business in compliance with the
 terms and conditions of any material Licence relevant to a Group Company.

13.5 No
 Licence is personal to the Seller and no Licence of a Group Company will be revoked, cancelled
 or suspended as a result of the execution or performance of this Agreement or any document
 to be executed at or before Completion in accordance with this Agreement.

**Documents filed**

13.6 So
 far as the Seller is aware, all returns, particulars, resolutions and other documents required
 to be delivered to the applicable company registrar / regulatory authority by each Group
 Company in accordance with Applicable Law have been properly prepared and delivered.

**Powers of Attorney** 

13.7 So
 far as the Seller is aware, no Group Company has given any power of attorney in the three
 (3) years prior to the date of this Agreement which remains in effect nor has it given any
 other similar authority which is still outstanding (other than authority for an Employee
 to enter into routine trading contracts in the usual course of their duties).

**Memorandum and Articles of Association** 

13.8 The
 copy of the memorandum and articles of association of each Group Company in the Seller's
 Data Room is true, complete and up-to-date.

14. Ethical Business
 Practices

**No bribery**

14.1 In
 the three (3) years prior to the date of this Agreement, no Group Company nor, so far as
 the Seller is aware, any person (including any Employee, officer, subsidiary or any third
 party) who performs or has performed services for it or on its behalf has done or failed
 to do any act or thing the doing or omission of which does or could contravene Bribery Legislation
 applicable at the relevant time.

**No anti-bribery enforcement action**

14.2 In
 the three (3) years prior to the date of this Agreement, no Group Company nor, so far as
 the Seller is aware, any person (including any Employee, officer, subsidiary or any third
 party) who performs or has performed services for it or on its behalf, has been the subject
 of any actual, pending or threatened complaint, action, investigation, enforcement proceedings
 or prosecution under Bribery Legislation and, so far as the Seller is aware, there are no
 circumstances which may lead to such a complaint, action, investigation, enforcement proceedings
 or prosecution.

**Adequate anti-bribery procedures**

14.3 Each
 Group Company has (and has maintained at all times) adequate policies and procedures designed
 to ensure continued compliance with Bribery Legislation by each such Group Company and any
 person (including any Employee, officer, subsidiary or third party) who performs services
 for it or on its behalf.

**Compliance with sanctions regimes**

14.4 In
 the three (3) years prior to the date of this Agreement, no Group Company nor, so far as
 the Seller is aware, any person (including any Employee, officer, subsidiary or any third
 party) who performs or has performed services for it or on its behalf, has done or failed
 to do any act or thing the doing or omission of which does or could contravene the provisions
 of any Relevant Sanctions Regime.

15. Insolvency

15.1 In
 relation to each Group Company (and separately the Seller):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.1 no
 resolution has been passed (and no meeting has been convened, and no written resolution has
 been circulated with a view to any resolution), no petition has been presented and no order
 has been made, for the purpose of its winding up and no application or order has been made
 for a provisional liquidator to be appointed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.2 no
 notice of intention to appoint an administrator has been filed and/or served on any creditor
 of a Group Company (or the Seller, as applicable), no application for the appointment of
 an administrator has been made and no other steps in relation to the appointment of an administrator
 have been taken nor has any administrator been appointed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.3 no
 document has been filed at court initiating or applying for a moratorium, no court has made
 an order subjecting any Group Company (or the Seller, as applicable) to a moratorium and
 no moratorium has been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.4 no
 procedure has been commenced, by any Competent Authority or any other person, with a view
 to striking-off;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.5 no
 administrative receiver, receiver, administrator, monitor, nominee, supervisor, liquidator
 or provisional liquidator or similar officer has been appointed and no Encumbrance has been
 enforced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.6 no
 event has occurred or, so far as the Seller is aware, will occur by virtue of the execution
 and performance of this Agreement and the other agreements and documents referred to in it
 which would cause, or entitle any person to cause, any of the events cited at paragraphs ‎ 15.1.1
 to ‎15.1.5 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.7 it
 has not stopped or threatened to stop paying its creditors, is not insolvent, and is not
 unable to pay its debts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.8 the
 balance of its assets is not less than its liabilities (taking into account contingent and
 prospective liabilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.9 there
 is no unsatisfied judgment or order of any court or tribunal, or award of any arbitrator,
 outstanding against it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.10 no
 distress, commercial rent arrears recovery, attachment, execution or other process has been
 levied against any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.11 no
 voluntary arrangement, compromise or similar arrangement with creditors has been proposed,
 agreed or sanctioned in respect of a Group Company (or the Seller, as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.12 no
 decision of creditors, or any class of them, has been sought, no proposal has been made for
 a moratorium, composition or arrangement in relation to any of its debts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.13 no
 event or step analogous to any of the above has occurred in any jurisdiction.

16. Intellectual
 Property

16.1 All
 material Intellectual Property is legally and beneficially owned by the relevant Group Company
 free from all Encumbrances and the relevant Group Company has the has the right to use all
 material Intellectual Property materially necessary for the effective operation of its business
 in all material respects in the manner in which it is currently conducted.

16.2 So
 far as the Seller is aware, neither the validity or subsistence of the material Intellectual
 Property, nor the right, title and interest of any Group Company in the material Intellectual
 Property, is the subject of any current challenge, claim or proceedings that would have a
 material adverse impact on any Group Company.

16.3 So
 far as the Seller is aware, all renewal fees relating to material Intellectual Property due
 and payable on or before the date of this Agreement have been paid.

16.4 So
 far as the Seller is aware, no written claim has been made by a third party which alleges
 that any of the operations of any Group Company infringe the Intellectual Property of any
 third party or which disputes the right of any Group Company to use any Intellectual Property.
 The Seller is not aware of any circumstances that are likely to give rise to any such claim.

17. INFORMATION
 TECHNOLOGY

17.1 So
 far as the Seller is aware, all the Computer Systems used or required to be used by a Group
 Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.1 have
 adequate capacity for each Group Company's present needs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.2 have
 adequate security, back-up systems, duplication, hardware and software support and maintenance
 and trained personnel designed to preserve the availability, security and integrity of the
 Computer Systems and the data and information stored on the Computer Systems.

17.2 So
 far as the Seller is aware, in the three (3) years immediately preceding the date of this
 Agreement no Group Company has suffered any major failures or bugs in or breakdowns of any
 of the Computer Systems (including hardware and software) which it uses in its business which
 have resulted in significant or repeated disruption or loss or interruption in or to its
 use.

17.3 The
 material Computer Systems are either owned by, or properly licensed or leased to, each Group
 Company. No Group Company is in default under the licenses or leases and, so far as the Seller
 is aware, there are no grounds on which they might be terminated.

18. DATA PROTECTION

18.1 So
 far as the Seller is aware, each Group Company has at all times in the three (3) years prior
 to the date of this Agreement complied in all material respects with applicable Data Protection
 Laws in processing any Personal Data.

18.2 In
 the three (3) years prior to the date of this Agreement, no Group Company has received any
 written notice from any Competent Authority or any other person in connection with any non-compliance
 or alleged non-compliance with applicable Data Protection Laws.

18.3 In
 the three (3) years prior to the date of this Agreement, no data subject or third party has
 issued proceedings against any Group Company nor been awarded any compensation from any Group
 Company for breach of applicable Data Protection Laws, in any jurisdiction.

18.4 So
 far as the Seller is aware, no Group Company has suffered any material breach of security
 leading to the accidental or unlawful destruction, loss, alteration, unauthorised disclosure
 of, or access to, any material Personal Data.

18.5 Each
 Group Company has in place policies and procedures designed to comply with all applicable
 Data Protection Laws including data protection policies, processes and procedures concerning
 the collection, use, storage, retention and security of Personal Data and incidents involving
 actual or suspected Personal Data breaches.

19. Employees

19.1 The
 Seller has provided the Buyer with a list of information (including salary and allowances;
 benefits; date of commencement of employment; notice period; expiry date of fixed term contract;
 date of birth) relating to each Employee earning in excess of USD 200,000 (or equivalent)
 per annum and that information was at the time it was provided and remains complete and accurate.

19.2 So
 far as the Seller is aware, there is no written or unwritten contract of employment between
 any Group Company and a director or an Employee of a Group Company which cannot be terminated
 by three (3) months' notice or less without giving rise to a claim for damages or compensation
 (other than a statutory end of service gratuity payment or statutory compensation for arbitrary
 dismissal).

19.3 There
 is no agreement or arrangement to which a Group Company is a party for profit-sharing or
 for payments to any of its directors or Employees of bonuses or for incentive payments or
 other similar matters and, except for remuneration for employment, no money is payable to
 any Employee, director or consultant of any Group Company.

19.4 No
 Employee earning in excess of USD 200,000 (or equivalent) per annum has given or been given
 notice to terminate his or her employment, and no dispute is outstanding between any Group
 Company and such Employee relating to their employment or its termination.

19.5 No
 agreement or representation has been made with or to any Employee that their terms and conditions
 of employment or engagement will be varied outside of the ordinary course of business.

19.6 No
 Employee is currently in receipt of benefits under any long-term disability or permanent
 health insurance scheme.

19.7 There
 is no formal or informal policy or practice in place at any Group Company of making termination
 of ex-gratia payments in excess of those required by Applicable Law.

19.8 No
 outstanding liability has been incurred by any Group Company in the two (2) years prior to
 the date of this Agreement for breach of any contract of employment, compensation for arbitrary
 dismissal or for failure to comply with any order for the reinstatement or re-engagement
 of any Employee or in respect of any other liability arising out of the termination of any
 contract of employment. So far as the Seller is aware, no outstanding liabilities in the
 UAE Ministry of Human Resources and Emiratisation or immigration authorities or otherwise
 exist as at the date of this Agreement against any Group Company.

19.9 Each
 Group Company has obtained the requisite UAE residence visas and/or work permits in respect
 of their respective Employees.

19.10 There
 are no Employees who are currently on secondment or otherwise working for an entity other
 than the relevant Group Company.

19.11 All
 Employees are provided with coverage under a medical insurance policy that at least satisfies
 the minimum coverage requirements under Applicable Law.

19.12 No
 Group Company has agreed to make a payment to any Employee in connection with the actual
 or proposed termination or variation of an employment contract.

19.13 There
 are no sums owing to any Employee or any former Employees other than reimbursement of expenses,
 wages for the current pay period and holiday pay for the current holiday year.

19.14 So
 far as the Seller is aware, no Group Company has been subject to an inspection from the UAE
 authorities including but not limited to the Ministry of Human Resources and Emiratisation
 in the twelve (12) months prior to the date of this Agreement.

19.15 No
 Group Company has paid any loans or advance payments to any Employees.

19.16 No
 Employee is subject to current disciplinary warning or procedure.

19.17 No
 offer of employment has been made by any Group Company, for a role where such new Employee
 would earn in excess of USD 200,000 (or equivalent) per annum, that has not yet been accepted
 or that has been accepted but where the employment has not started yet.

19.18 No
 Employee will be entitled as a result of or in connection with any change of Control of any
 Group Company or as a result of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.18.1 to
 terminate his employment with any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.18.2 to
 receive any payment, reward or benefit of any kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.18.3 to
 receive any enhancement in or improvement to his remuneration, benefits or terms and conditions
 of service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.18.4 to
 treat himself as being dismissed on the ground of redundancy or otherwise released from any
 obligation to any Group Company.

19.19 Each
 Group Company has registered all UAE and GCC nationals with the General Pension and Social
 Security Authority or equivalent body as applicable and is paying the correct contributions
 on a monthly basis into the relevant fund on behalf of each of its UAE and GCC national employees.

19.20 In
 relation to any contract of employment between each Group Company and any of its directors,
 all statutory requirements have been fulfilled.

19.21 No
 Group Company has paid, provided or contributed towards, or is under obligation or commitment
 to pay, provide or contribute towards, any pension or other retirement, death or disability
 benefit for or in respect of any past or present officer or Employee of any Group Company
 (or any spouse, child or dependant of any of them), except to the extent required by Applicable
 Law.

19.22 Each
 Group Company has made reasonable provision in the Accounts (and in its accounts for the
 current financial year) for end-of-service benefits which have been accrued for all of the
 Employees of the Group Companies.

20. TAX MATTERS

20.1 Each
 Group Company has, at all times in the six (6) years prior to the date of this Agreement,
 complied with all applicable Tax laws.

20.2 In
 the six (6) years prior to the date of this Agreement each Group Company has within the relevant
 time limits correctly made all returns, given all notices and submitted all computations,
 accounts or other information required to be made, given or submitted to any Tax Authority
 and all such returns and other documentation were and remain true, complete and accurate.

20.3 Each
 Group Company has (where relevant) obtained valid and subsisting Tax licences, registrations
 and authorisations or consents in accordance with applicable Tax laws.

20.4 In
 the six (6) years prior to the date of this Agreement all claims, elections and disclaimers
 assumed for the purposes of the Accounts or the returns have within the relevant time limits
 been correctly made and submitted, and remain valid in all respects.

20.5 No
 Group Company has any agreement or arrangement with a Tax Authority whereby it is assessed
 to or accounts for Tax other than in accordance with the strict terms of relevant legislation
 or published practice of the relevant Tax Authority.

20.6 In
 the six (6) years prior to the date of this Agreement, each Group Company has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6.1 properly
 deducted and/or withheld from payments made by it all Tax required to be deducted and/or
 withheld; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6.2 within
 the relevant time limits paid or accounted for all Tax which it is or was liable to pay or
 account for (including Tax required to be deducted or withheld from payments).

20.7 No
 Group Company is liable to pay corporation Tax in instalments.

20.8 Provision
 or reserve (as appropriate) has been made in the Accounts in accordance with generally accepted
 accounting principles in respect of any period ended on or before the Accounts Date for any
 liability to Tax (whether actual, deferred, contingent or disputed) assessed or liable to
 be assessed on a Group Company or for which it is accountable at the Accounts Date.

20.9 Each
 Group Company has maintained and is in possession of all records required for Tax purposes
 and all such records remain true, complete and accurate in all material respects. In particular,
 without limitation, each Group Company has sufficient records to enable it to calculate any
 present or, so far as possible and so far as the Seller is aware, future Liability for Tax
 of a Group Company or its entitlement to any deduction, relief or repayment of Tax and any
 claims and elections it has made relating to Tax.

20.10 No
 Group Company is, or has within the last six (6) years been, liable to pay any fine, interest,
 surcharge or penalty in relation to Tax, nor involved in any dispute with, or the subject
 of an enquiry or investigation by a Tax Authority, and so far as the Seller is aware there
 are no facts which are likely to cause it to become liable to pay any fine, interest, surcharge
 or penalty nor to give rise to any such dispute, enquiry or investigation.

20.11 No
 Group Company has entered into or been a party to any transaction where the sole or main
 purpose or one of the main purposes was the avoidance of Tax, whether as part of a scheme,
 arrangement, series of transactions or otherwise.

20.12 So
 far as the Seller is aware, all transactions and arrangements made by each Group Company
 have been made on fully arm's length terms and there are no circumstances in which any rule
 or provision is reasonably likely to apply causing any Tax Authority to make an adjustment
 to the terms on which such transaction or arrangement is treated as being made for Tax purposes
 on the basis that such transaction or arrangements are not such as would be entered into
 by separate and independent enterprises.

20.13 No
 Group Company has entered into any indemnity, covenant, warranty, guarantee, agreement or
 election pursuant to which a Group Company could be liable to make a payment or repayment
 of a sum equivalent to, or calculated by reference to, another person's Liability for
 Tax.

20.14 No
 Tax has been or, so far as the Seller is aware, may be assessed on or required to be paid
 by any Group Company where the amount in question is the primary liability of another person,
 and where such assessment or requirement arises or arose by reason of the failure by any
 other person to satisfy a Liability for Tax.

20.15 Each
 Group Company is, and always has been, resident only in its jurisdiction of incorporation
 for Tax purposes (and has never been treated as resident outside its jurisdiction of incorporation
 for the purposes of any double Tax convention), and is not acting nor has ever acted as the
 branch, agent, factor, or tax representative of any person resident outside its jurisdiction
 of its incorporation for Tax purposes.

20.16 No
 Group Company is carrying on nor has ever carried on any trade or otherwise been liable to
 Tax other than in its jurisdiction of incorporation, nor is acting nor has ever acted as
 the branch, agent, factor, or tax representative of any person resident outside its jurisdiction
 of incorporation for Tax purposes.

20.17 Each
 Group Company is registered in the UAE for the purposes of the legislation relating to VAT
 and is not registered, and is not required to register, in any other jurisdiction in respect
 of VAT or any similar tax.

20.18 All
 supplies made by each Group Company are taxable supplies.

20.19 Each
 Group Company is entitled to full credit for VAT charged to it.

20.20 Since
 the Accounts Date, no Group Company has been involved in any transaction outside the ordinary
 and normal course of business which has given or, so far as the Seller is aware, is likely
 to give rise to a Liability for Tax.

20.21 No
 liability to Tax will or, so far as the Seller is aware, may arise to a Group Company or
 be increased as a result of or in consequence of the entry into of this Agreement and/or
 the sale of the Shares pursuant to this Agreement.

21. Property

21.1 The
 particulars of the Properties set out in **‎** Schedule 2
 are true, complete and accurate in all material respects.

21.2 No
 Group Company has any legal or equitable right, estate or interest in any land or buildings
 other than the Properties and does not use or occupy any other land or buildings.

21.3 Each
 Group Company has a good and marketable title (legal and beneficial) to each of the Properties
 vested in each Group Company without exception or reservation and each Group Company is absolutely
 entitled to their proceeds of sale.

21.4 Each
 Group Company (or its mortgagees) has in its possession all deeds and documents of title
 necessary to prove good and marketable title to the Properties.

21.5 The
 Properties and title deeds are not subject to any Encumbrance or any agreement to create
 an Encumbrance.

21.6 So
 far as the Seller is aware, each Group Company has performed and observed all material covenants,
 restrictions, reservations, conditions, agreements, statutory requirements, byelaws, orders,
 building regulations and other stipulations and regulations affecting the Properties and
 the use of the Properties and, so far as the Seller is aware, there is no outstanding complaint
 alleging breach or non-observance by any Group Company or any counterparty in respect of
 any of them.

21.7 So
 far as the Seller is aware, where the interest of any Group Company in any of the Properties
 is as a tenant under a lease or tenancy, or as a licensee under a licence of the Property:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7.1 each
 such lease, tenancy agreement or licence is in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7.2 all
 material licences, consents and approvals required from the landlord and any superior landlord
 in respect of the Properties (including, without limitation, all necessary consents and approvals
 in relation to any alterations and improvements undertaken or planned at the Properties)
 have been obtained and the covenants and obligations of the Group Company in those licences,
 consents and approvals have been performed and observed in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7.3 each
 Group Company has performed and observed all covenants and other terms of the lease, tenancy
 agreement or licence under which the Properties are held in all material respects (including,
 without limitation, terms incorporated by reference such as house rules, building rules and
 master community rules, as applicable) and all outgoings have been paid to date including,
 without limitation, rent, service charge, utilities and insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7.4 no
 written notice of any alleged breach or non-observance of any of the terms of the lease,
 tenancy agreement or licence has been served on any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7.5 there
 are no rent reviews in the course of being determined or exercisable by any landlord of the
 Properties from a date prior to the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7.6 there
 are no side letters, collateral licences, assurances, undertakings or concessions made or
 proposed by any party to any such lease, tenancy or licence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7.7 no
 Group Company has given any guarantee or indemnity for any liability relating to any of the
 Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7.8 each
 Group Company has insurance coverage (including, without limitation, contents coverage) in
 place to satisfy the Group Companies' obligations under each lease, tenancy or license
 of the Properties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7.9 all
 leases and tenancies requiring registration under Applicable Law have been duly registered
 with the Competent Authorities and any applicable registration fees have been paid.

21.8 No
 Group Company has sub-leased, licensed, or otherwise granted to any third party, the right
 to use or occupy any of the Properties.

21.9 None
 of the Group Companies use or occupy, directly or as a sub-tenant, any property without a
 valid lease, tenancy, license or other form of occupancy or service agreement, the required
 consents of the landlord and/or superior landlord (as applicable) or in breach of the Applicable
 Law.

21.10 So
 far as the Seller is aware, there are no current Third Party Proceedings concerning the Properties
 or their use and occupation where the amount claimed exceeds USD 1,000,000 with respect to
 any individual proceeding and so far as the Seller is aware no Group Company has received
 written notice where such Third Party Proceedings are threatened against a Group Company
 where the amount claimed exceeds USD 1,000,000 (with respect to any individual proceeding)
 in respect of the Properties.

21.11 So
 far as the Seller is aware, any transfer, lease or material license of the Properties prior
 to the date of this Agreement requiring registration under Applicable Law has been duly registered
 with the Competent Authorities and any applicable registration fees have been paid in full.

21.12 So
 far as the Seller is aware, no notice, order, resolution or proposal has been published for
 the compulsory acquisition, closing, demolition or clearance of the Properties, and the Seller
 is not aware of any matter or circumstances which would lead to any such notice, order, resolution
 or proposal.

21.13 So
 far as the Seller is aware, all buildings, erections and structures comprised in the Properties
 and all fixtures and fittings on the Properties are in good and substantial repair and condition
 so as to be fit for the purpose for which they are at present used and, so far as the Seller
 is aware, there are no structural or other defects latent or patent affecting any of the
 Properties.

21.14 [\*\*\*]

22. ENVIRONMENTAL
 AND HEALTH AND SAFETY

**Use of the Properties and Legal Compliance**

22.1 So
 far as the Seller is aware, each Group Company is being and has been for the three (3) years
 prior to the date of this Agreement operated at all times in material compliance with Environmental
 Laws and Health and Safety Laws.

22.2 So
 far as the Seller is aware, all applicable Environmental and Health and Safety Permits have
 been obtained by each Group Company, are in full force and effect and are being and have
 been complied with in all material respects in the three (3) years prior to the date of this
 Agreement.

22.3 So
 far as the Seller is aware, as at the date of this Agreement there are no applications or
 appeals pending in respect of any Environmental and Health and Safety Permits or Health and
 Safety Laws and Environmental Laws as such relate to any Group Company.

**Hazardous Substances**

22.4 So
 far as the Seller is aware, none of the activities of any Group Company have at any time
 in the three (3) years prior to the date of this Agreement involved, nor has any use of any
 asset, property or other land now or in the three (3) years prior to the date of this Agreement
 by any Group Company been for, the deposit, storage, treatment, disposal of Hazardous Substances,
 or resulted in the release, escape, discharge or migration into the Environment of any Hazardous
 Substance, in breach of Environmental Laws and / or Health and Safety Laws.

**Storage Tanks**

22.5 So
 far as the Seller is aware, there are no above or below ground storage tanks located at the
 Properties or other land or any part thereof now or in the three (3) years prior to the date
 of this Agreement, occupied or used by any Group Company that have been in breach of Environmental
 Laws and / or Health and Safety Laws.

22.6 Each
 Group Company has, at all times, maintained insurance to cover all material costs, liabilities,
 losses and / or expenses associated with any leakage, release, escape, discharge or migration
 into the Environment of any Hazardous Substances from above and below ground storage tanks.

**Proceedings**

22.7 So
 far as the Seller is aware, no Group Company is currently party to any Third Party Proceedings
 whether as claimant, defendant or otherwise under Environmental Laws or Health and Safety
 Laws, where the amount claimed exceeds USD 1,000,000 with respect to any individual proceeding
 and, so far as the Seller is aware, no Group Company has received written notice where such
 Third Party Proceedings in relation to Environmental Laws or Health and Safety Laws are threatened
 against a Group Company where the amount claimed exceeds USD 1,000,000 with respect to any
 individual proceeding.

**Contractual Arrangements**

22.8 So
 far as the Seller is aware, no Group Company has entered into any agreements, including without
 limitation, warranties, indemnities or guarantees with any third parties in relation to the
 transfer or retention of actual or potential environmental liability or obligations in relation
 to the operations of any Group Company or the use or occupation of any Property occupied
 or used by any Group Company.

**Schedule 4<br>BUYER'S WARRANTIES**

1. In
 this Schedule 4, the following words and expressions shall have the following meanings:

"**Accounts**" means the consolidated audited accounts of the Buyer, as prepared in accordance with Applicable Law for the financial period ended on, the Accounts Date, together with a summary of significant accounting policies and other explanatory notes, independent auditors report and all other documents or reports or statements annexed thereto or incorporated therein.

"**Accounts Date**" means 31 December 2023.

2. Defined
 terms used but not defined herein shall have the meaning given to them in Clause ‎ 1
 (*Interpretation*), save that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 reference to a "**Group Company**" within those defined terms shall be replaced
 with a reference to a "**member of the Buyer's Group** "; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 reference to a "**Property**" within those defined terms shall be replaced with
 a reference to a "**property used by any member of the Buyer's Group for the operation of the business of the Buyer's Group** "

**Part 1**: **Fundamental Warranties**

1. capacity and
 AUTHORITY

1.1 The
 Buyer is a company validly existing under the laws of Dubai, UAE and has the necessary power
 and authority and has taken all necessary action to enter into and perform its obligations
 under this Agreement and the Transaction Documents to be executed by it at or before Completion
 in accordance with this Agreement which will, when executed, become binding and enforceable
 obligations of the Buyer in accordance with their respective terms.

2. CONSIDERATION

2.1 As
 at Completion, all of the Consideration Shares shall be duly authorised, validly issued,
 fully paid and not issued in violation of any pre-emptive or similar rights or any Applicable
 Law.

2.2 At
 Completion, the Buyer has or will have, immediately available on an unconditional basis (subject
 only to Completion) the necessary cash resources to pay the Cash Consideration.

**Part 2: Commercial Warranties**

1. JOINT
 VENTURES

1.1 The
 Buyer is not, nor has it agreed to become, a member of any partnership or other unincorporated
 association, joint venture, or consortium or other profit or income sharing arrangement.

2. EFFECT
 OF PURCHASE

2.1 So
 far as the Buyer is aware, the execution or the performance by the Buyer of this Agreement
 or any of the Transaction Documents will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 result
 in a breach of, conflict with, or give rise to an event of default under, any Material Contract
 to which any member of the Buyer's Group is a party or by which any member of the Buyer's
 Group is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 result
 in a material breach of any provision of the memorandum and / or articles of association
 of the Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 relieve
 any other party to a Material Contract with any member of the Buyer's Group of its
 obligations or enable it to terminate the relevant Material Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4 result
 in a breach of a material Licence or order of any court or governmental agency or regulatory
 body; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.5 result
 in a member of the Buyer's Group losing the benefit of a material Licence.

2.2 Each
 member of the Buyer's Group has the necessary power and authority to operate its business
 as conducted at the date of this Agreement.

3. Information,
 Records and Documents

3.1 All
 title deeds relating to the assets of any member of the Buyer's Group are in its possession.

4. Accounts and
 Records

**Accuracy of the Accounts**

4.1 The
 Accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 have
 been prepared in accordance with Accounting Practice then in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 have
 been prepared in accordance with all Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3 have
 been prepared on a consistent basis and using consistent Accounting Practice for the previous
 three financial years ended on the Accounts Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.4 have
 been audited by an auditor or firm of accountants qualified to act as auditors in the UAE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.5 give
 a true and fair view of the state of the Buyer's Group's affairs and of their assets
 and liabilities as at, and of the profits and losses and total comprehensive income of the
 Buyer's Group for the financial period ended on, the Accounts Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.6 are
 not misleading in any material respect.

**Content of the Accounts**

4.2 To
 the extent required by Accounting Practice, the Accounts:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 include
 adequate provision for all bad and doubtful debts, obsolete, damaged or slow-moving stocks/inventory
 and for depreciation on fixed assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 include
 adequate provision for and/or disclosure of all actual liabilities and potential contingent,
 disputed and/or unquantified liabilities and all capital commitments of the Buyer's
 Group in accordance with Accounting Practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3 include
 adequate provision or reserve for all Tax which has been or may be assessed or for which
 the Buyer's Group may become accountable up to and including the Accounts Date and
 for any contingent or deferred Liability for Tax; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.4 do
 not materially overstate the value of the assets nor materially understate the value of liabilities
 (actual, contingent or otherwise) of any member of the Buyer's Group as at the Accounts
 Date and do not materially overstate the profits or turnover of any member of the Buyer's
 Group for the financial period ended on the Accounts Date.

4.3 No
 member of the Buyer's Group has been party to any transaction or arrangement of which
 one of the main purposes was the removal or exclusion of an asset or liability (including
 a contingent liability) from the Accounts.

**Books and Records**

4.4 The
 accounts, books, ledgers, financial and other records of each member of the Buyer's
 Group (the "**Books and Records** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1 are
 in the possession or under the control of the member of the Buyer's Group to which
 they relate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2 are
 up to date and constitute an accurate record of all matters required by law to appear in
 them, and in the case of the accounting records, comply with the requirements of Applicable
 Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.3 do
 not contain any material inaccuracies or discrepancies.

4.5 No
 written notice has been received containing an allegation that any of the Books and Records
 are incorrect or should be rectified.

**Events since the Accounts Date** 

4.6 Since
 the Accounts Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.1 the
 business of each member of the Buyer's Group has been carried on in the ordinary and
 usual course and in the same manner (including nature and scope) as in the financial year
 ended on the Accounts Date so as to maintain the business as a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.2 there
 has been no material change in the nature of the business carried on by any member of the
 Buyer's Group, or in the manner in which it is conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.3 so
 far as the Buyer is aware, there has been no Material Adverse Change in the financial or
 trading position of any member of the Buyer's Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.4 there
 has been no material change in the assets and liabilities as shown in the Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.5 no
 dividends or other distributions have been declared, paid or made by any member of the Buyer's
 Group except as provided in the Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.6 no
 share or loan capital of any member of the Buyer's Group has been, or agreed to be,
 issued, allotted, redeemed, purchased or repaid by any member of the Buyer's Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.7 no
 debtor/receivable has been released by any member of the Buyer's Group on terms that
 he pays less than the face value of his debt; no debt has been subordinated, written down
 or written off, provided against (in whole or in part), factored or assigned, and no member
 of the Buyer's Group has agreed to do any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.8 each
 member of the Buyer's Group has paid its creditors within the applicable periods agreed
 with the relevant creditor and there are no amounts owing by any member of the Buyer's
 Group which have been outstanding for more than 180 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.9 no
 member of the Buyer's Group has borrowed any money or raised any money in the nature
 of borrowings except for borrowings on overdraft in the ordinary course of business from
 its bank(s) within each company's existing overdraft facility with such bank(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.10 no
 asset has been acquired or disposed of by any member of the Buyer's Group except for
 current assets in the ordinary and usual course of trading; no contract, arrangement or transaction
 has been entered into and no payment has been made by any member of the Buyer's Group
 otherwise than in the ordinary and usual course of carrying on its business and on entirely
 arm's length terms and no member of the Buyer's Group has assumed or incurred or agreed
 to assume or incur any liability (actual or contingent) otherwise than in the ordinary and
 usual course of carrying on its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.11 no
 capital expenditure has been, or agreed to be, incurred and no commitments of a capital nature
 have been or agreed to be, entered into that cannot be terminated on less than 12 months'
 notice or which (individually) involves total annual committed expenditure or annual committed
 aggregate consideration by any member of the Buyer's Group of more than USD 1,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.12 the
 business of any member of the Buyer's Group has not been adversely affected by the
 loss (whether before or after the Accounts Date) of any contract or customer or supplier
 or, so far as the Buyer is aware, by any other factor not affecting similar businesses to
 a like extent and, so far as the Buyer is aware, there are no circumstances which are likely
 to give rise to any such effect on the business of any member of the Buyer's Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.13 so
 far as the Buyer is aware, no provision or reserve included in the Accounts has proved to
 be inadequate in the light of subsequent circumstances and, so far as the Buyer is aware,
 there are no circumstances which indicate that any such provision or reserve may prove to
 be inadequate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.14 no
 member of the Buyer's Group has offered any discounts or allowances other than in accordance
 with its normal business practice prior to the Accounts Date.

**Related Party Transactions**

4.7 The
 transaction contemplated by this Agreement will not oblige any member of the Buyer's
 Group to pay any bonus, incentive or other payment to the Buyer or its connected persons.

5. finance

**Bank borrowing**

5.1 The
 total amount borrowed by each member of the Buyer's Group is from its bankers or any
 other lenders, or raised by way of acceptance credit and does not exceed its loan and other
 financial facilities and does not exceed the limitation on its borrowing and other powers
 contained in its articles of association or any other deed or document binding upon it.

5.2 No
 financial arrangement or facility in place between any member of the Buyer's Group and its
 bankers or other lenders has in the last three (3) years been subject to any waiver, deferral,
 suspension, or concession.

5.3 [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1 [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2 [\*\*\*]

**Notice of repayment of borrowings**

5.4 So
 far as the Buyer is aware, no event which is or, with the passing of time or the giving of
 any written notice or demand, would become an event of default under any loan capital, borrowing,
 debenture or financial facility of each member of the Buyer's Group or would entitle
 any third party to call for repayment prior to normal maturity or to enforce any security
 it may have over the assets of any member of the Buyer's Group has occurred or been
 alleged. So far as the Buyer is aware, no member of the Buyer's Group has done anything
 whereby the continuance of any of those facilities might be affected or prejudiced or otherwise
 altered to the disadvantage of any member of the Buyer's Group.

**Guarantee**

5.5 None
 of the facilities of any member of the Buyer's Group are dependent on the guarantee
 or support or indemnity of, or any security provided by, a third party other than a member
 of the Buyer's Group.

**Loan capital**

5.6 No
 member of the Buyer's Group has outstanding loan capital nor has it borrowed or raised
 any money (save for short term borrowings from its bankers) nor has it factored or discounted
 its debts nor is it a party to any acceptance credit facility, bill of exchange, promissory
 note, finance lease or sale and lease-back arrangement or any other arrangement the purpose
 of which is to raise money which it has not repaid.

**Creation of charges**

5.7 No
 member of the Buyer's Group has created, or agreed to create, any Encumbrance over
 its assets or given, or agreed to give, any guarantee, suretyship, indemnity or similar obligation
 or any agreement for the postponement of its debt.

**Grants and allowances**

5.8 No
 member of the Buyer's Group has received any grants, allowances, subsidies, loans or
 financial assistance by any supranational, national or local authority or government agency.

6. Assets and Stock

**Title**

6.1 All
 the assets included in the Accounts or acquired by a member of the Buyer's Group since
 the Accounts Date are legally and beneficially owned by a member of the Buyer's Group
 free from any Encumbrance. Those assets are not the subject of any assignment, equity, royalty,
 factoring arrangement, leasing or hiring agreement, hire purchase agreement, conditional
 sale or credit sale agreement, agreement for payment on deferred terms or any similar agreement
 or arrangement (or any agreement or obligation, including a conditional obligation, to create
 or enter into any of the foregoing).

**Possession**

6.2 All
 of the assets owned by a member of the Buyer's Group are in the possession or under
 the control of a member of the Buyer's Group.

6.3 Each
 member of the Buyer's has adequate access to all plant, machinery, vehicles and other
 equipment and assets which are material for the effective operation of its business.

**Condition**

6.4 So
 far as the Buyer is aware all plant, machinery, vehicles and other equipment and assets owned
 or used by each member of the Buyer's Group which are material for the effective operation
 of its business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.1 are
 in a good and safe condition and good working order (fair wear and tear excepted); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.2 are
 not expected to require renewal, replacements or additions within six (6) months from Completion.

**Maintenance**

6.5 So
 far as the Buyer is aware, maintenance contracts are in full force and effect in respect
 of all material assets of each member of the Buyer's Group which it is normal or prudent
 to have maintained by independent or specialist contractors and in respect of all material
 assets which each member of the Buyer's Group is obliged to maintain or repair under
 any hire purchase, leasing, rental, insurance or other agreement.

**Trade debtors**

6.6 None
 of the debts which are shown in the Accounts, or which have arisen subsequently, have been
 outstanding for more than three (3) months from the member of the Buyer's Group's
 due date for payment or have been released such that the debtor has paid less than the full
 amount of his debt.

6.7 No
 single debtor owes to any member of the Buyer's Group an amount or amounts in aggregate
 greater than ten per cent (10%) of the total of all debts owing to such member of the Buyer's
 Group.

6.8 So
 far as the Buyer is aware, there are no circumstances which indicate that any of the debts
 owing to any member of the Buyer's Group at the date of this Agreement and which were
 not fully written off or fully provided against in the Accounts may prove to be irrecoverable
 to any material extent.

**Product or services liability**

6.9 So
 far as the Buyer is aware, no member of the Buyer's Group has given any guarantee or
 warranty or made any representation in respect of goods or services supplied or contracted
 to be supplied by it save for any warranty or guarantee implied by law and (save as aforesaid)
 has not accepted any obligation which could give rise to any liability after any such goods
 or services have been supplied by it.

6.10 No
 member of the Buyer's Group has received written notice of any claim where the amount
 claimed exceeds USD 500,000 with respect to any individual proceeding, which remains outstanding
 and which alleges any defect in, or lack of fitness for purpose of, any goods supplied or
 services provided by the relevant member of the Buyer's Group, nor, so far as the Buyer
 is aware, are there any circumstances which could give rise to any such claim.

7. Insurance

**Insurance of Assets**

7.1 All
 material assets and Properties of each member of the Buyer's Group which are of an
 insurable nature have at all material times been, and are insured on commercially reasonable
 terms against all such risks normally insured against by a prudent person carrying on a similar
 business to such relevant member of the Buyer's Group and Completion will not have
 the effect of terminating, or entitling the insurer to terminate, cover under any such insurance.

**Other Insurances** 

7.2 Each
 member of the Buyer's Group has at all material times been and is insured against accident,
 injury, third party liability (including, without limitation, product liability), cyber security,
 damage and all other risks normally insured against by a prudent person carrying on a similar
 business to such member of the Buyer's Group and has at all times effected all insurances
 required by law or under any Material Contract.

7.3 The
 Buyer's Group has no interest in and is not a beneficiary under, and does not pay and
 is not liable to pay any part of the premiums on, any policy of life assurance/insurance.

7.4 No
 member of the Buyer's Group has keyman insurances or equivalent insurances with respect
 to any of its directors, officers or Employees.

**Status and payment of premiums**

7.5 All
 premiums due on the Policies have been duly and punctually paid and all the Policies are
 valid and in force and so far as the Buyer is aware, no member of the Buyer's Group
 nor any agent of any member of the Buyer's Group has done anything or omitted to do
 anything which might make any of the Policies void or voidable or might entitle any insurer
 not to pay all or part of any claim under any of the Policies.

**Claims**

7.6 No
 claim is outstanding under any of the Policies and, so far as the Buyer is aware, no circumstance
 exists (including, without limitation, any written claim by any third party against any member
 of the Buyer's Group or any event or circumstance which might give rise thereto) which
 might give rise to a claim under any of the Policies.

7.7 In
 the twelve (12) months preceding the date of this Agreement, no claims have been made by
 any member of the Buyer's Group on its insurers nor, so far as the Buyer is aware,
 have any circumstances arisen which may give rise to any claim, which (in either case) could
 have the effect of causing future premiums to be higher than would otherwise be the case.

8. Contracts

**Material Contracts**

8.1 So
 far as the Buyer is aware, no member of the Buyer's Group is a party to, or subject
 to any contract, arrangement, obligation or liability which:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 is
 outside the ordinary course of business of a member of the Buyer's Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 is
 not wholly on an arm's length basis; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 save
 for the Material Contracts, requires or involves or is likely to require or involve annual
 expenditure by a member of the Buyer's Group of more than USD 1,000,000 annually).

8.2 No
 member of the Buyer's Group is a party to, or subject to, any Material Contract which:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1 may
 be terminated as a result of the matters contemplated by the Transaction Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2 restricts
 its freedom to carry on its normal business activities.

8.3 There
 is no outstanding offer, proposal, estimate or quotation in respect of any member of the
 Buyer's Group which, if accepted or incorporated into a contract would result in a
 contract which, if now in existence, would fall within any of sub-paragraphs **‎** 8.1
 to **‎** 8.2 above.

8.4 All
 Material Contracts have been disclosed to the Seller.

**Breach of Material Contract**

8.5 So
 far as the Buyer is aware, no member of the Buyer's Group has defaulted under any Material
 Contract and no written claim of any default has been made against any member of the Buyer's
 Group nor is the Buyer aware that any counterparty is in default under any Material Contract
 with a member of the Buyer's Group and as far as the Buyer is aware there is nothing
 whereby any Material Contract may be terminated, rescinded, avoided or repudiated by any
 counterparty or whereby the terms of it may be worsened.

**Outstanding Offers**

8.6 There
 is not outstanding any offer, tender or bid which is capable of being converted by acceptance
 into an obligation of a member of the Buyer's Group.

**Creditors**

8.7 Each
 member of the Buyer's Group has paid all its creditors within the credit periods normally
 applied by a member of the Buyer's Group to such creditors (and no earlier).

**Customers and suppliers**

8.8 So
 far as the Buyer is aware, during the six (6) months preceding the date of this Agreement
 there has been no material change in the basis or terms on which any person (including any
 supplier) is prepared to enter into contracts or do business with a member of the Buyer's
 Group (apart from normal price changes).

8.9 No
 person who is, or who has during the last twelve (12) months been, a material customer or
 supplier of goods or services to a member of the Buyer's Group has ceased, or has threatened
 or indicated an intention to cease trading with or supplying a member of the Buyer's
 Group or has reduced, or so far as the Buyer is aware, is likely to reduce, materially its
 trading with or supply to a member of the Buyer's Group.

9. Insider Contracts

9.1 So
 far as the Buyer is aware, no member of the Buyer's Group is, and during the three
 (3) years preceding the date of this Agreement has not been, a party to any agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 which
 is or was not of an entirely arm's length nature; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2 in
 which the Buyer or any member of the Buyer's Group or any director of the Buyer's Group or
 any of them is or was directly or indirectly interested.

9.2 So
 far as the Buyer is aware, none of the assets (including the benefit of any Licences or agreements)
 belonging to any member of the Buyer's Group have been acquired for a consideration
 otherwise than for its market value at the date of such acquisition.

9.3 There
 are no debts (whether or not due for payment and including contingent liabilities) or unfulfilled
 obligations (present or future, actual or contingent) owing between a member of the Buyer's
 Group and any director or former director of a member of the Buyer's Group or any connected
 person of any of them.

9.4 So
 far as the Buyer is aware, there is no written claim or circumstance which may give rise
 to a claim against any member of the Buyer's Group by any other member of the Buyer's
 Group or any director or former director of any member of the Buyer's Group or any
 connected person of any of them.

10. Litigation

**Proceedings**

10.1 So
 far as the Buyer is aware, no member of the Buyer's Group is currently, or has in the
 three (3) years preceding the date of this Agreement been, engaged in any suit, action, litigation,
 arbitration, tribunal proceedings or investigation initiated by a Competent Authority against
 a member of the Buyer's Group.

10.2 So
 far as the Buyer is aware, no member of the Buyer's Group has received written notice
 of any such threatened suit, action, litigation, arbitration, tribunal proceedings or investigation
 initiated by a Competent Authority against a member of the Buyer's Group.

10.3 So
 far as the Buyer is aware, no member of the Buyer's Group is currently party to any
 Third Party Proceedings whether as claimant, defendant or otherwise (other than as claimant
 in proceedings for the collection of debts arising in the ordinary course of business) where
 the amount claimed exceeds USD 1,000,000 with respect to any individual proceeding, and so
 far as the Buyer is aware no member of the Buyer's Group has received written notice
 where such Third Party Proceedings are threatened against a member of the Buyer's Group
 where the amount claimed exceeds USD 1,000,000 with respect to any individual proceeding.

10.4 During
 the three (3) years preceding the date of this Agreement, so far as the Buyer is aware, there
 have not been any actions, claims, disputes, proceedings, suits initiated by any third party
 where the liability of a member of the Buyer's Group (or claimed against a member of
 the Buyer's Group) in relation thereto exceeded USD 1,000,000 with respect to any individual
 proceeding or claim.

10.5 During
 the three (3) years preceding the date of this Agreement, so far as the Buyer is aware, no
 member of the Buyer's Group has given any undertaking to any court or to any third
 party arising out of any Third Party Proceedings and neither a member of the Buyer's
 Group nor any of its property or assets are subject to any outstanding injunction, order,
 judgment, decree or arbitral award of any court, tribunal, arbitrator, governmental agency
 or other regulatory body.

11. CompETITION

11.1 So
 far as the Buyer is aware, no member of the Buyer's Group is, or has in the three (3)
 years prior to the date of this Agreement been, a party to or liable under or for any arrangement
 which infringes or has infringed Competition Law, nor, so far as the Buyer is aware, is any
 member of the Buyer's Group subject to any actual investigation from any Competent
 Authority in relation to the foregoing.

11.2 So
 far as the Buyer is aware, no member of the Buyer's Group is or has in the three (3)
 years prior to the date of this Agreement, been subject to any actual restriction on its
 conduct as a result of any decision, judgment, order or announcement or similar issued or
 adopted by any Competent Authority or following any arbitration or mediation proceedings
 in connection with the application of Competition Law.

12. Legal Matters

**Compliance with law**

12.1 Each
 member of the Buyer's Group has conducted its business materially in accordance with
 its memorandum and articles of association, all Applicable Law and regulations of any jurisdiction
 in which it carries on business and there has been no violation of, or default with respect
 to, any order or judgment of any court, tribunal, governmental agency or regulatory authority
 in any jurisdiction which has, or could have, a material adverse effect on the assets or
 business of a member of the Buyer's Group.

12.2 Due
 compliance in all material respects has been made with the provisions of all Applicable Law
 in connection with the formation of each member of the Buyer's Group, the allotment
 and issue, purchase and redemption of shares, debentures or other securities, the payment
 of dividends, any reduction of share capital and the conduct of its business and no written
 notice has been received that any of the foregoing is incorrect or should be rectified.

**Licences**

12.3 Each
 member of the Buyer's Group has all material Licences for the proper carrying on of
 its business and each Licence is valid, in force and unconditional or subject only to a condition
 that has been fulfilled and under which no further action is required.

12.4 Each
 member of the Buyer's Group has in all material respects carried on its business in
 compliance with the terms and conditions of any material Licence relevant to that member
 of the Buyer's Group.

12.5 No
 Licence of a member of the Buyer's Group will be revoked, cancelled or suspended as
 a result of the execution or performance of this Agreement or any document to be executed
 at or before Completion in accordance with this Agreement.

**Documents filed**

12.6 So
 far as the Buyer is aware, all returns, particulars, resolutions and other documents required
 to be delivered to the applicable company registrar / regulatory authority by each member
 of the Buyer's Group in accordance with Applicable Law have been properly prepared
 and delivered.

13. Ethical Business
 Practices

**No bribery**

13.1 In
 the three (3) years prior to the date of this Agreement, no member of the Buyer's Group
 nor, so far as the Buyer is aware, any person (including any Employee, officer, subsidiary
 or any third party) who performs or has performed services for it or on its behalf has done
 or failed to do any act or thing the doing or omission of which does or could contravene
 Bribery Legislation applicable at the relevant time.

**No anti-bribery enforcement action**

13.2 In
 the three (3) years prior to the date of this Agreement, no member of the Buyer's Group
 nor, so far as the Buyer is aware, any person (including any employee, officer, subsidiary
 or any third party) who performs or has performed services for it or on its behalf, has been
 the subject of any actual, pending or threatened complaint, action, investigation, enforcement
 proceedings or prosecution under Bribery Legislation and, so far as the Buyer is aware, there
 are no circumstances which may lead to such a complaint, action, investigation, enforcement
 proceedings or prosecution.

**Adequate anti-bribery procedures**

13.3 Each
 member of the Buyer's Group has (and has maintained at all times) adequate policies
 and procedures designed to ensure continued compliance with Bribery Legislation by each such
 member of the Buyer's Group and any person (including any Employee, officer, subsidiary
 or third party) who performs services for it or on its behalf.

**Compliance with sanctions regimes**

13.4 In
 the three (3) years prior to the date of this Agreement, no member of the Buyer's Group
 nor, so far as the Buyer is aware, any person (including any Employee, officer, subsidiary
 or any third party) who performs or has performed services for it or on its behalf, has done
 or failed to do any act or thing the doing or omission of which does or could contravene
 the provisions of any Relevant Sanctions Regime.

14. Insolvency

14.1 In
 relation to each member of the Buyer's Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.1 no
 resolution has been passed (and no meeting has been convened, and no written resolution has
 been circulated with a view to any resolution), no petition has been presented and no order
 has been made, for the purpose of its winding up and no application or order has been made
 for a provisional liquidator to be appointed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.2 no
 notice of intention to appoint an administrator has been filed and/or served on any creditor
 of a member of the Buyer's Group, no application for the appointment of an administrator
 has been made and no other steps in relation to the appointment of an administrator have
 been taken nor has any administrator been appointed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.3 no
 document has been filed at court initiating or applying for a moratorium, no court has made
 an order subjecting any member of the Buyer's Group to a moratorium and no moratorium
 has been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.4 no
 procedure has been commenced, by any Competent Authority or any other person, with a view
 to striking-off;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.5 no
 administrative receiver, receiver, administrator, monitor, nominee, supervisor, liquidator
 or provisional liquidator or similar officer has been appointed and no Encumbrance has been
 enforced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.6 no
 event has occurred or, so far as the Buyer is aware, will occur by virtue of the execution
 and performance of this Agreement and the other agreements and documents referred to in it
 which would cause, or entitle any person to cause, any of the events cited at paragraphs
 14.1.1 to 14.1.5 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.7 it
 has not stopped or threatened to stop paying its creditors, is not insolvent, and is not
 unable to pay its debts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.8 the
 balance of its assets is not less than its liabilities (taking into account contingent and
 prospective liabilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.9 there
 is no unsatisfied judgment or order of any court or tribunal, or award of any arbitrator,
 outstanding against it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.10 no
 distress, commercial rent arrears recovery, attachment, execution or other process has been
 levied against any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.11 no
 voluntary arrangement, compromise or similar arrangement with creditors has been proposed,
 agreed or sanctioned in respect of any member of the Buyer's Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.12 no
 decision of creditors, or any class of them, has been sought, no proposal has been made for
 a moratorium, composition or arrangement in relation to any of its debts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.13 no
 event or step analogous to any of the above has occurred in any jurisdiction.

15. Intellectual
 Property

15.1 All
 material Intellectual Property is legally and beneficially owned by the Buyer's Group
 free from all Encumbrances and the relevant member of the Buyer's Group has the has
 the right to use all material Intellectual Property materially necessary for the effective
 operation of its business in all material respects in the manner in which it is currently
 conducted.

15.2 So
 far as the Buyer is aware, neither the validity or subsistence of the material Intellectual
 Property, nor the right, title and interest of any member of the Buyer's Group in the
 material Intellectual Property, is the subject of any current challenge, claim or proceedings
 that would have a material adverse impact on any member of the Buyer's Group.

15.3 So
 far as the Buyer is aware, all renewal fees relating to material Intellectual Property due
 and payable on or before the date of this Agreement have been paid.

15.4 So
 far as the Buyer is aware, no written claim has been made by a third party which alleges
 that any of the operations of any member of the Buyer's Group infringe the Intellectual
 Property of any third party or which disputes the right of any member of the Buyer's
 Group to use any Intellectual Property. The Buyer is not aware of any circumstances that
 are likely to give rise to any such claim.

16. INFORMATION
 TECHNOLOGY

16.1 So
 far as the Buyer is aware, all the Computer Systems used or required to be used by the Buyer's
 Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.1 have
 adequate capacity for the present needs of each member of the Buyer's Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.2 have
 adequate security, back-up systems, duplication, hardware and software support and maintenance
 and trained personnel designed to preserve the availability, security and integrity of the
 Computer Systems and the data and information stored on the Computer Systems.

16.2 So
 far as the Buyer is aware, in the three (3) years immediately preceding the date of this
 Agreement no member of the Buyer's Group has suffered any major failures or bugs in
 or breakdowns of any of the Computer Systems (including hardware and software) which it uses
 in its business which have resulted in significant or repeated disruption or loss or interruption
 in or to its use.

16.3 The
 material Computer Systems are either owned by, or properly licensed or leased to, each member
 of the Buyer's Group. No member of the Buyer's Group is in default under the
 licenses or leases and, so far as the Buyer is aware, there are no grounds on which they
 might be terminated.

17. DATA PROTECTION

17.1 So
 far as the Buyer is aware, each member of the Buyer's Group has at all times in the
 three (3) years prior to the date of this Agreement complied in all material respects with
 applicable Data Protection Laws in processing any Personal Data.

17.2 In
 the three (3) years prior to the date of this Agreement, no member of the Buyer's Group
 has received any written notice from any Competent Authority or any other person in connection
 with any non-compliance or alleged non-compliance with applicable Data Protection Laws.

17.3 In
 the three (3) years prior to the date of this Agreement, no data subject or third party has
 issued proceedings against any member of the Buyer's Group nor been awarded any compensation
 from any member of the Buyer's Group for breach of applicable Data Protection Laws,
 in any jurisdiction.

17.4 So
 far as the Buyer is aware, no member of the Buyer's Group has suffered any material
 breach of security leading to the accidental or unlawful destruction, loss, alteration, unauthorised
 disclosure of, or access to, any material Personal Data.

17.5 Each
 member of the Buyer's Group has in place policies and procedures designed to comply
 with all applicable Data Protection Laws including data protection policies, processes and
 procedures concerning the collection, use, storage, retention and security of Personal Data
 and incidents involving actual or suspected Personal Data breaches.

18. Employees

18.1 The
 Buyer has provided the Seller with a list of information (including salary and allowances;
 benefits; date of commencement of employment; notice period; expiry date of fixed term contract;
 date of birth) relating to each Employee earning in excess of USD 200,000 (or equivalent)
 per annum and that information was at the time it was provided and remains complete and accurate.

18.2 So
 far as the Buyer is aware, there is no written or unwritten contract of employment between
 any member of the Buyer's Group and a director or an Employee of any member of the
 Buyer's Group which cannot be terminated by three (3) months' notice or less without
 giving rise to a claim for damages or compensation (other than a statutory end of service
 gratuity payment or statutory compensation for arbitrary dismissal).

18.3 There
 is no agreement or arrangement to which a member of the Buyer's Group is a party for
 profit-sharing or for payments to any of its directors or Employees of bonuses or for incentive
 payments or other similar matters and, except for remuneration for employment, no money is
 payable to any Employee, director or consultant of any member of the Buyer's Group.

18.4 No
 Employee earning in excess of USD 200,000 (or equivalent) per annum has given or been given
 notice to terminate his or her employment, and no dispute is outstanding between any member
 of the Buyer's Group and such Employee relating to their employment or its termination.

18.5 No
 agreement or representation has been made with or to any Employee that their terms and conditions
 of employment or engagement will be varied outside of the ordinary course of business.

18.6 There
 is no formal or informal policy or practice in place at any member of the Buyer's Group
 of making termination of ex-gratia payments in excess of those required by Applicable Law.

18.7 No
 outstanding liability has been incurred by any member of the Buyer's Group in the two
 (2) years prior to the date of this Agreement for breach of any contract of employment, compensation
 for arbitrary dismissal or for failure to comply with any order for the reinstatement or
 re-engagement of any Employee or in respect of any other liability arising out of the termination
 of any contract of employment. So far as the Buyer is aware, no outstanding liabilities in
 the UAE Ministry of Human Resources and Emiratisation or immigration authorities or otherwise
 exist as at the date of this Agreement against any member of the Buyer's Group.

18.8 No
 member of the Buyer's Group has agreed to make a payment to any Employee in connection
 with the actual or proposed termination or variation of an employment contract.

18.9 There
 are no sums owing to any Employee or any former Employees other than reimbursement of expenses,
 wages for the current pay period and holiday pay for the current holiday year.

18.10 No
 member of the Buyer's Group has paid any loans or advance payments to any Employees.

18.11 No
 offer of employment has been made by any member of the Buyer's Group, for a role where
 such new Employee would earn in excess of USD 200,000 (or equivalent) per annum, that has
 not yet been accepted or that has been accepted but where the employment has not started
 yet.

18.12 No
 Employee will be entitled as a result of or in connection with any change of control of any
 member of the Buyer's Group or as a result of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.12.1 to
 terminate his employment with any member of the Buyer's Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.12.2 to
 receive any payment, reward or benefit of any kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.12.3 to
 receive any enhancement in or improvement to his remuneration, benefits or terms and conditions
 of service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.12.4 to
 treat himself as being dismissed on the ground of redundancy or otherwise released from any
 obligation to any member of the Buyer's Group.

19. TAX MATTERS

19.1 Each
 member of the Buyer's Group has, at all times in the six (6) years prior to the date
 of this Agreement, complied with all applicable Tax laws.

19.2 In
 the six (6) years prior to the date of this Agreement each member of the Buyer's Group
 has within the relevant time limits correctly made all returns, given all notices and submitted
 all computations, accounts or other information required to be made, given or submitted to
 any Tax Authority and all such returns and other documentation were and remain true, complete
 and accurate.

19.3 Each
 member of the Buyer's Group has (where relevant) obtained valid and subsisting Tax
 licences, registrations and authorisations or consents in accordance with applicable Tax
 laws.

19.4 In
 the six (6) years prior to the date of this Agreement all claims, elections and disclaimers
 assumed for the purposes of the Accounts or the returns have within the relevant time limits
 been correctly made and submitted, and remain valid in all respects.

19.5 No
 member of the Buyer's Group has any agreement or arrangement with a Tax Authority whereby
 it is assessed to or accounts for Tax other than in accordance with the strict terms of relevant
 legislation or published practice of the relevant Tax Authority.

19.6 In
 the six (6) years prior to the date of this Agreement, each member of the Buyer's Group
 has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6.1 properly
 deducted and/or withheld from payments made by it all Tax required to be deducted and/or
 withheld; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6.2 within
 the relevant time limits paid or accounted for all Tax which it is or was liable to pay or
 account for (including Tax required to be deducted or withheld from payments).

19.7 No
 member of the Buyer's Group is liable to pay corporation Tax in instalments.

19.8 Provision
 or reserve (as appropriate) has been made in the Accounts in accordance with generally accepted
 accounting principles in respect of any period ended on or before the Accounts Date for any
 Liability for Tax (whether actual, deferred, contingent or disputed) assessed or liable to
 be assessed on any member of the Buyer's Group or for which it is accountable at the
 Accounts Date.

19.9 Each
 member of the Buyer's Group has maintained and is in possession of all records required
 for Tax purposes and all such records remain true, complete and accurate in all material
 respects. In particular, without limitation, each member of the Buyer's Group has sufficient
 records to enable it to calculate any present or, so far as possible and so far as the Buyer
 is aware, future Liability for Tax of a member of the Buyer's Group or its entitlement
 to any deduction, relief or repayment of Tax and any claims and elections it has made relating
 to Tax.

19.10 No
 member of the Buyer's Group is, or has within the last six (6) years been, liable to
 pay any fine, interest, surcharge or penalty in relation to Tax, nor involved in any dispute
 with, or the subject of an enquiry or investigation by a Tax Authority, and so far as the
 Buyer is aware there are no facts which are likely to cause it to become liable to pay any
 fine, interest, surcharge or penalty nor to give rise to any such dispute, enquiry or investigation.

19.11 No
 member of the Buyer's Group has entered into or been a party to any transaction where
 the sole of main purpose or one of the main purposes was the avoidance of Tax, whether as
 part of a scheme, arrangement, series of transactions or otherwise.

19.12 So
 far as the Buyer is aware, all transactions and arrangements made by each member of the Buyer's
 Group have been made on fully arm's length terms and there are no circumstances in which
 any rule or provision is reasonably likely to apply causing any Tax Authority to make an
 adjustment to the terms on which such transaction or arrangement is treated as being made
 for Tax purposes on the basis that such transaction or arrangements are not such as would
 be entered into by separate and independent enterprises.

19.13 No
 member of the Buyer's Group has entered into any indemnity, covenant, warranty, guarantee,
 agreement or election pursuant to which a member of the Buyer's Group could be liable
 to make a payment or repayment of a sum equivalent to, or calculated by reference to, another
 person's Liability for Tax.

19.14 No
 Tax has been or, so far as the Buyer is aware, may be assessed on or required to be paid
 by any member of the Buyer's Group where the amount in question is the primary liability
 of another person, and where such assessment or requirement arises or arose by reason of
 the failure by any other person to satisfy a Liability for Tax.

19.15 Each
 member of the Buyer's Group is, and always has been, resident only in its jurisdiction
 of incorporation for Tax purposes (and has never been treated as resident outside its jurisdiction
 of incorporation for the purposes of any double tax convention), and is not acting nor has
 ever acted as the branch, agent, factor, or tax representative of any person resident outside
 its jurisdiction of its incorporation for Tax purposes.

19.16 No
 member of the Buyer's Group is carrying on nor has ever carried on any trade or otherwise
 been liable to Tax other than in its jurisdiction of incorporation, nor is acting nor has
 ever acted as the branch, agent, factor, or tax representative of any person resident outside
 its jurisdiction of incorporation for Tax purposes.

19.17 Each
 member of the Buyer's Group is registered in the UAE for the purposes of the legislation
 relating to VAT and is not registered, and is not required to register, in any other jurisdiction
 in respect of VAT or any similar tax.

19.18 All
 supplies made by each member of the Buyer's Group are taxable supplies.

19.19 Each
 member of the Buyer's Group is entitled to full credit for VAT charged to it.

19.20 Since
 the Accounts Date, no member of the Buyer's Group has been involved in any transaction
 outside the ordinary and normal course of business which has given or, so far as the Buyer
 is aware, is likely to give rise to a Liability for Tax.

19.21 No
 liability to Tax will or, so far as the Buyer is aware, may arise to a member of the Buyer's
 Group or be increased as a result of or in consequence of the entry into of this Agreement
 and/or the sale of the Shares pursuant to this Agreement.

20. Property

20.1 So
 far as the Buyer is aware, each member of the Buyer's Group has performed and observed
 all material covenants, restrictions, reservations, conditions, agreements, statutory requirements,
 byelaws, orders, building regulations and other stipulations and regulations affecting the
 properties used by it in carrying out the business of the Buyer's Group, so far as
 the Buyer is aware, there is no outstanding complaint alleging breach or non-observance by
 any member of the Buyer's Group or any counterparty in respect of any of them.

20.2 No
 member of the Buyer's Group uses or occupies, directly or as a sub-tenant, any property
 without a valid lease, tenancy, license or other form of occupancy or service agreement,
 the required consents of the landlord and/or superior landlord (as applicable) or in breach
 of Applicable Law.

20.3 So
 far as the Buyer is aware, there are no current Third Party Proceedings concerning the any
 of the properties used by it (or any member of the Buyer's Group) for the purposes
 of carrying on the business of the Buyer's Group, or their use and occupation, where
 the amount claimed exceeds USD 1,000,000 with respect to any individual proceeding and so
 far as the Buyer is aware no member of the Buyer's Group has received written notice
 where such Third Party Proceedings are threatened against a member of the Buyer's Group
 where the amount claimed exceeds USD 1,000,000 (with respect to any individual proceeding)
 in respect of any of the properties used by any member of the Buyer's Group in the
 operation of its business.

20.4 So
 far as the Buyer is aware, all buildings, erections and structures comprised in the properties
 used by it (or any member of the Buyer's Group) for the purposes of carrying on the
 business of the Buyer's Group, and all fixtures and fittings on such properties, are
 in good and substantial repair and condition so as to be fit for the purpose for which they
 are at present used and, so far as the Buyer is aware, there are no structural or other defects
 latent or patent affecting any of those properties.

21. ENVIRONMENTAL
 AND HEALTH AND SAFETY

**Use of properties and legal compliance**

21.1 So
 far as the Buyer is aware, the business of each member of the Buyer's Group is being
 and has been for the three (3) years prior to the date of this Agreement operated at all
 times in material compliance with Environmental Laws and Health and Safety Laws.

21.2 So
 far as the Buyer is aware, all applicable Environmental and Health and Safety Permits have
 been obtained by each member of the Buyer's Group, are in full force and effect and
 are being and have been complied with in all material respects in the three (3) years prior
 to the date of this Agreement.

21.3 So
 far as the Buyer is aware, as at the date of this Agreement there are no applications or
 appeals pending in respect of any Environmental and Health and Safety Permits or Health and
 Safety Laws and Environmental Laws as such relate to any member of the Buyer's Group.

**Hazardous Substances**

21.4 So
 far as the Buyer is aware, none of the activities of any member of the Buyer's Group
 have at any time in the three (3) years prior to the date of this Agreement involved, nor
 has any use of any asset, property or other land now or in the three (3) years prior to the
 date of this Agreement by any member of the Buyer's Group been for, the deposit, storage,
 treatment, disposal of Hazardous Substances, or resulted in the release, escape, discharge
 or migration into the Environment of any Hazardous Substance, in breach of Environmental
 Laws and / or Health and Safety Laws.

**Proceedings**

21.5 So
 far as the Buyer is aware, no member of the Buyer's Group is currently party to any
 Third Party Proceedings whether as claimant, defendant or otherwise under Environmental Laws
 or Health and Safety Laws, where the amount claimed exceeds USD 1,000,000 with respect to
 any individual proceeding and, so far as the Buyer is aware, no member of the Buyer's
 Group has received written notice where such Third Party Proceedings in relation to Environmental
 Laws or Health and Safety Laws are threatened against a member of the Buyer's Group
 where the amount claimed exceeds USD 1,000,000 with respect to any individual proceeding.

**Contractual Arrangements**

21.6 So
 far as the Buyer is aware, no member of the Buyer's Group has entered into any agreements,
 including without limitation, warranties, indemnities or guarantees with any third parties
 in relation to the transfer or retention of actual or potential environmental liability or
 obligations in relation to the operations of any member of the Buyer's Group or the
 use or occupation of any of the properties occupied or used by any member of the Buyer's
 Group in the operation of the business of the Buyer's Group.

**Schedule 5<br>Limitation on Seller's Liability**

1. Scope

Save as otherwise expressly provided in this schedule, the provisions of this schedule shall operate to limit the liability of the Seller in respect of any claim under the Seller's Warranties, Clause **‎**19 (*Tax Covenant*) (where expressly stated) and Clause **‎**21 (*Leakage*) (where expressly stated) and references to "**Claim**" and "**Claims**" shall be construed accordingly.

2. Limitations
 on Quantum

2.1 [\*\*\*]

2.2 [\*\*\*]

2.3 [\*\*\*]

3. Time Limits

3.1 [\*\*\*]

3.2 **‎** [\*\*\*]

4. NO DOUBLE RECOVERY

4.1 The
 Seller shall not be liable in respect of any breach of the Seller Tax Warranties if and to
 the extent that the resulting loss has been recovered under the Tax Covenant, and the Buyer
 shall not be entitled to recover more than once in respect of the same circumstances giving
 rise to a Claim.

4.2 [\*\*\*]

5. CONTINGENT AND
 UNQUANTIFIABLE LIABILITIES

5.1 If
 any Claim (other than a Tax Claim) is based upon a liability which is contingent only, the
 Seller shall not be liable to pay unless and until such contingent liability gives rise to
 an obligation to make a payment.

5.2 The
 Buyer shall not be entitled to claim or recover for any Consequential Losses in respect of
 any Claim under this Agreement.

6. MITIGATION NOT
 AFFECTED

Nothing in this Agreement shall or shall be deemed to relieve the Buyer of its common law duty to mitigate any loss incurred by it in respect of which it may have a Claim (other than a Tax Covenant Claim).

7. NO LIABILITY
 IF LOSS IS OTHERWISE COMPENSATED

7.1 No
 liability shall attach to the Seller in respect of any Claim if but only to the extent that
 specific provision or reserve in respect of the matter giving rise to that Claim has been
 made in the Accounts or the Management Accounts.

7.2 No
 liability shall attach to the Seller in respect of any Claim if but only to the extent that
 the Claim relates to any loss or damage actually recovered by any member of the Buyer's
 Group under any policy of insurance.

8. BUYER'S
 KNOWLEDGE

The Seller shall not be liable in respect of any Claim (other than a Tax Covenant Claim) by the Buyer under the Seller Commercial Warranties and/or the Seller Tax Warranties to the extent that the facts, matters or circumstances giving rise to the relevant Claim were actually known by the Buyer (and for the purposes of this paragraph the actual knowledge of the Buyer shall be deemed to comprise and be limited to the actual knowledge of Ahmad Kilani and Ali Abouda).

9. FUTURE ACTS

9.1 The
 Seller shall not be liable for any Claim to the extent that the matter giving rise to such
 Claim would not have arisen but for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 the
 passing of, or a change in, a law, rule, regulation, generally accepted interpretation of
 the law, published or administrative practice of a government, governmental department, agency
 or regulatory body after the date of this Agreement or an increase in the Tax rates or an
 imposition of Tax, in each case not actually or prospectively in force at the date of this
 Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2 a
 voluntary act (other than (i) an omission or act carried out pursuant to a legally binding
 obligation created on or before Completion (ii) imposed on any Group Company by any legislation
 whether coming into force on or before Completion, (iii) in the case of a Tax Claim, a disclosure
 to a Tax Authority which the Buyer is required to make by Applicable Law; or (iv) carried
 out at the written request of the Seller) of any member of the Buyer's Group occurring
 after Completion which the Buyer was aware or ought reasonably to have been aware would give
 rise to such Claim in question; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.3 an
 act, omission or transaction before Completion instigated at the request in writing of the
 Buyer.

10. FRAUD

10.1 None
 of the limitations contained in this **‎** Schedule 5
 apply to any Claim by the Buyer to the extent that such claim arises as a result of fraud
 or wilful default.

**Schedule 6<br>Limitation on Buyer's Liability**

1. Scope

1.1 Save
 as otherwise expressly provided in this schedule, the provisions of this schedule shall operate
 to limit the liability of the Buyer in respect of any claim under the Buyer's Warranties,
 Clause **‎** 13.2, and Clause **‎** 19
 (*Tax Covenant*) and references to "**Claim**" and "**Claims** "
 shall be construed accordingly.

2. Limitations
 on Quantum

2.1 [\*\*\*]

2.2 [\*\*\*]

2.3 [\*\*\*]

2.4 [\*\*\*]

3. Time Limits

3.1 [\*\*\*]

3.2 [\*\*\*]

3.3 [\*\*\*]

4. CONTINGENT AND
 UNQUANTIFIABLE LIABILITIES

4.1 If
 any Claim (other than a Tax Claim) is based upon a liability which is contingent only, the
 Buyer shall not be liable to pay unless and until such contingent liability gives rise to
 an obligation to make a payment.

4.2 The
 Seller shall not be entitled to claim or recover for any Consequential Losses in respect
 of any Claim under this Agreement.

5. MITIGATION NOT
 AFFECTED

5.1 Nothing
 in this Agreement shall or shall be deemed to relieve the Seller of its common law duty to
 mitigate any loss incurred by it in respect of which it may have a Claim.

6. NO LIABILITY
 IF LOSS IS OTHERWISE COMPENSATED

6.1 No
 liability shall attach to the Buyer in respect of any Claim if but only to the extent that
 specific provision or reserve in respect of the matter giving rise to that Claim has been
 made in the Buyer's Accounts (as such term is defined in **‎** Schedule 4).

6.2 No
 liability shall attach to the Buyer in respect of any Claim if but only to the extent that
 the Claim relates to any loss or damage actually recovered by any member of the Seller's
 Group under any policy of insurance.

7. SELLER'S
 KNOWLEDGE

The Buyer shall not be liable in respect of any Claim by the Seller to the extent that the facts, matters or circumstances giving rise to the relevant Claim were actually known by the Seller (and for the purposes of this paragraph the actual knowledge of the Seller shall be deemed to comprise and be limited to the actual knowledge of Saif Al Hazaimeh and Ines Bezaznia).

8. FUTURE ACTS

8.1 The
 Buyer shall not be liable for any Claim to the extent that the matter giving rise to such
 Claim would not have arisen but for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 the
 passing of, or a change in, a law, rule, regulation, generally accepted interpretation of
 the law, published or administrative practice of a government, governmental department, agency
 or regulatory body after the date of this Agreement or an increase in the Tax rates or an
 imposition of Tax, in each case not actually or prospectively in force at the date of this
 Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 a
 voluntary act (other than (i) an omission or act carried out pursuant to a legally binding
 obligation created on or before Completion (ii) imposed on any member of the Buyer's
 Group by any legislation whether coming into force on or before Completion or (ii) carried
 out at the written request of the Buyer) of any member of the Seller's Group occurring
 after Completion which the Seller was aware or ought reasonably to have been aware would
 give rise to such Claim in question; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 an
 act, omission or transaction before Completion instigated at the request in writing of the
 Seller.

9. FRAUD

None of the limitations contained in this **‎**Schedule 6 apply to any Claim by the Seller to the extent that such claim arises as a result of fraud or wilful default.

**Schedule 7<br>position pending completion**

(Clause ‎6)

1. The
 Seller shall notify the Buyer of any fact or matter (whether existing on or before the date
 of this Agreement, or arising prior to Completion) which constitutes a breach, or potential
 breach of any of the Seller's Warranties if such warranties were to be repeated on
 or at any time before Completion by reference to the facts and circumstances then existing,
 as soon as reasonably practicable following the Seller or any Group Company becoming aware
 of such fact or matter.

2. The
 Seller shall allow the Buyer and its representatives, on reasonable notice and during Working
 Hours, access to the management and premises of each Group Company, and to the books and
 records of each Group Company (including without limitation, all statutory books, minute
 books, leases, contracts, supplier lists, customer lists and including electronic records).

3. The
 Seller shall procure that each Group Company shall, save to the extent expressly required
 by this Agreement or Applicable Law or save with the prior written approval of the Buyer
 (such approval not to be unreasonably withheld, conditioned or delayed):-

3.1 not
 create, allot, issue, repay, redeem or grant any options over any share or loan capital of
 a Group Company or agree to do any of those things;

3.2 not
 acquire or agree to acquire any share or other interest in any company, partnership or other
 venture;

3.3 not
 acquire or dispose of, or agree to acquire or dispose of, any material asset or material
 stocks other than in the ordinary and usual course of business;

3.4 not
 incur or authorise any capital expenditure exceeding in aggregate USD 15,000,000 or USD 5,000,000
 per item;

3.5 not
 declare, make or pay any dividend or other distribution;

3.6 not
 pass a shareholders' resolution;

3.7 not
 pay any management charge to the Seller or agree to pay such charge or incur any other liability
 to the Seller;

3.8 not
 create, or agree to create, an Encumbrance over an asset or redeem, or agree to redeem, an
 existing Encumbrance over an asset;

3.9 continue
 each Policy in full force and effect;

3.10 in
 relation to the Properties:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.1 not
 change its existing use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.2 not
 terminate, or give a notice to terminate, a lease, tenancy or licence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.3 not
 agree a new rent or fee payable under a lease, tenancy or licence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.4 not
 grant any lease, licence or right of occupation in respect of the Properties to any third
 party;

3.11 not
 enter into any contract or arrangement: with a value in excess of USD 10,000,000; that is
 long term (over 12 months in duration); that is entered into other than in the ordinary and
 usual course of business of the Group, or which may result in any material change in the
 nature or scope of the operations of the Group;

3.12 not
 amend or terminate a material agreement to which it is a party;

3.13 not
 amend the terms of employment of any Employee (including pension commitments and share options)
 or provide or agree to provide a gratuitous payment or benefit to any Employee (or any of
 their dependants) or offer to engage any new employee or consultant at an annual salary or
 fee (on the basis of full time engagement) in excess of USD 100,000 or dismiss any Employee
 other than in the ordinary and usual course of business;

3.14 not
 amend, or agree to amend, the terms of its borrowing or indebtedness in the nature of borrowing
 or create, incur or agree to create or incur, borrowing or indebtedness in the nature of
 borrowing (except pursuant to existing facilities where the borrowing or indebtedness in
 the nature of borrowing does not exceed the amount available to be drawn by the Group Company
 under those facilities);

3.15 not
 increase the level of any intra group indebtedness other than in the ordinary course of business,
 and as is reasonably necessary for the operation of the business of Group Companies;

3.16 not
 give, or agree to give, a guarantee, indemnity or other agreement to secure, or incur or
 agree to incur financial or other obligations other than in the ordinary and usual course
 of business;

3.17 not
 commence or threaten to commence any legal or arbitration proceedings with a value in excess
 of USD 1 million;

3.18 not
 compromise, settle, release, discharge or compound legal or arbitration proceedings or a
 liability, claim, action, demand or dispute, or waive a right in relation to legal or arbitration
 proceedings;

3.19 not
 enter into an agreement in which the Seller, any member of the Seller's Group a director
 or any former director of the Group or a connected person is interested;

3.20 not
 do or omit to do anything which materially prejudices any right of a Group Company to the
 Intellectual Property Rights; and

3.21 not
 grant or agree to grant any interest in any of the Intellectual Property Rights to anyone.

4. The
 Buyer shall notify the Seller of any fact or matter (whether existing on or before the date
 of this Agreement, or arising afterwards) which constitutes a breach, or potential breach
 of any of the Buyer's Warranties if such warranties were to be repeated on or at any
 time before Completion by reference to the facts and circumstances then existing, as soon
 as reasonably practicable following the Buyer becoming aware of such fact or matter.

5. The
 Buyer shall allow the Seller and its representatives, on reasonable notice and during Working
 Hours, access to the management and premises of each member of the Buyer's Group, and to
 the books and records of each member of the Buyer's Group (including without limitation,
 all statutory books, minute books, leases, contracts, supplier lists, customer lists and
 including electronic records).

6. The
 Buyer shall, save to the extent expressly required by this Agreement or Applicable Law or
 save with the prior written approval of the Seller (such approval not to be unreasonably
 withheld, conditioned or delayed):-

6.1 not
 create, allot, issue, repay, redeem or grant any options over any share or loan capital of
 the Buyer or agree to do any of those things;

6.2 not
 amend the terms of employment of any Employee (including pension commitments and share options)
 or provide or agree to provide a gratuitous payment or benefit to any Employee (or any of
 their dependants) or offer to engage any new Employee or consultant at an annual salary or
 fee (on the basis of full time engagement) in excess of USD 100,000 or dismiss any Employee
 other than in the ordinary and usual course of business;

6.3 not
 acquire or dispose of, or agree to acquire or dispose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.1 any
 material asset, having a value in excess of USD 500,000; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2 stocks
 other than (i) in the ordinary course of business; or (ii) in accordance with the terms of
 the agreement on liquidity provision dated 25 September 2023 between the Buyer, as "Issuer",
 and BHM Capital Financial Services PSC, as "Liquidity Provider", pursuant to which
 the Liquidity Provider is permitted to acquire up to five per cent. (5%) of the Buyer's total
 issued share capital on any given trading day to execute buy and sell trades on the Dubai
 Financial Market;

6.4 save
 in respect of any dry dock and vessel upgrades required to be undertaken by the Buyer (or
 other Buyer Group Company, as applicable) up to a maximum value of USD 6,000,000, not incur
 or authorise any capital expenditure exceeding in aggregate USD 1,500,000 or USD 500,000
 per item; and

6.5 not
 declare, make or pay any dividend or other distribution.

7. Each
 Party agrees not to take (and in the case of the Seller it will procure that no Group Company
 will take) any action which is inconsistent with the provisions of this Agreement or the
 consummation of the transactions contemplated by this Agreement.

**Schedule 8<br>DOCUMENTS TO BE DELIVERED AT COMPLETION**

(Clause ‎8.2 (Completion))

1. At
 Completion the Seller shall deliver or make available to the Buyer the following:-

1.1 a
 legal opinion from reputable Cayman legal counsel in respect of the capacity of the Seller
 to enter into the Transaction Documents (in a form reasonably acceptable to the Buyer);

1.2 share
 certificates for all the issued shares in each of the Companies (or an indemnity in a form
 satisfactory to the Buyer in the case of any missing certificates) and duly executed transfers
 of all shares in each of the Companies held by nominees to the Buyer or as it directs;

1.3 a
 deed of acknowledgement and/or waiver from the Seller that all intra group indebtedness has
 been discharged;

1.4 a
 copy of the Seller's Supplemental Disclosure Letter executed by the Seller; and

1.5 a
 signed acknowledgement of receipt of the Buyer's Supplemental Disclosure Letter.

2. At
 Completion the Buyer shall deliver or make available to the Seller the following:-

2.1 a
 copy of the Buyer's Supplemental Disclosure Letter executed by the Buyer;

2.2 [\*\*\*];
 and

2.3 a
 signed acknowledgement of receipt of the Seller's Supplemental Disclosure Letter.

**Schedule 9<br>PART A - PERMITTED LEAKAGE**

1. Accrual
 and/or payment of all amounts owed by the Group Companies under existing debt facilities
 (including principal, interest, gross up obligations or other Tax payment and any pre-payment
 fees, break fees, make whole payments or similar amounts) which have been disclosed to the
 Buyer at document [\*\*\*] of the Seller's Data Room and to release all security in relation
 to any such debt facilities.

2. Any
 payment made or to be made by or on behalf of a Group Company to the extent that it is specifically
 agreed to as "Permitted Leakage" in writing by the Buyer.

3. Any
 of the following amounts:

[\*\*\*]

**PART B – OPERATIONAL COSTS**

[\*\*\*]

**Schedule 10<br>POST-COMPLETION OBLIGATIONS**

**Obligations of the Seller post-Completion**

Following Completion, the Seller undertakes to the Buyer that:

1. it
 will not, and will procure that none of its directors, officers or Employees, nor any person
 appointed by it to the board of directors of the Buyer will, vote or attend any meetings
 of the Buyer (whether as a shareholder, director or otherwise) in relation to any matter
 concerning (whether directly or indirectly) any decision by any member of the Buyer's
 Group to take (or refrain from taking) any action against the Seller in connection with any
 breach of any of the Transaction Documents or any other claim against the Seller arising
 out of or connected to the Transaction Documents.

2. [\*\*\*]

**Obligations of the Buyer post-Completion**

Following Completion, the Buyer undertakes to the Seller, in each case in accordance with Applicable Law, including, without limitation, the Companies Law and any obligations and restrictions imposed by SCA that:

1. it
 will co-operate and provide reasonable support and assistance as may be required by the Seller
 in order to facilitate the transfer of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Mandatory Convertible Bonds; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 portion of the Consideration Shares [\*\*\*],

in each case to the Permitted Transferees in accordance with Clause ‎10.2;

2. [\*\*\*]

3. [\*\*\*]

4. [\*\*\*]

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| | |
|:---|:---|
| **SIGNED** by<br> a duly authorised officer<br> for and on behalf of<br> **BROOGE ENERGY LIMITED**<br> in the presence of:-<br>Signature of Witness: /s/ Saif Alhazaimeh<br>Name of Witness: Saif Alhazaimeh<br>Address: [\*\*\*]<br>Occupation: CEO BPGIC | ) /s/ Ines Bezaznia)))<br>|

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| | |
|:---|:---|
| **SIGNED** by<br> a duly authorised officer<br> for and on behalf of<br> **GULF NAVIGATION HOLDING PJSC**<br> in the presence of:-<br>Signature of Witness: /s/ Samer Katerji<br>Name of Witness: Samer Katerji<br>Address: [\*\*\*]<br>Occupation: Banker<br>| ) /s/ Ahmad Kilani)))<br>|

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