# EDGAR Filing Document

**Accession Number:** 0002099039
**File Stem:** 0001193125-26-151439
**Filing Date:** 2026-4
**Character Count:** 2488954
**Document Hash:** 682e17c958a3b8733005fb288dfb42f0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-151439.hdr.sgml**: 20260410

**ACCESSION NUMBER**: 0001193125-26-151439

**CONFORMED SUBMISSION TYPE**: 20FR12B

**PUBLIC DOCUMENT COUNT**: 20

**FILED AS OF DATE**: 20260410

**DATE AS OF CHANGE**: 20260410

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Wise Group plc
- **CENTRAL INDEX KEY:** 0002099039
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Y9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 20FR12B
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-43229
- **FILM NUMBER:** 26855716

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 65 CLIFTON STREET
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** EC2A 4JE
- **BUSINESS PHONE:** 44 20 3974 1321

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 65 CLIFTON STREET
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** EC2A 4JE

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on April 10, 2026.** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Form 20-F** 

**(Mark One)** 

☒ **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**OR** 

☐ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934** 

**For the fiscal year ended<u> </u>** 

**OR** 

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**OR** 

☐ **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**Date of event requiring this shell company report<u> </u>** 

**For the transition period from<u> </u> to<u> </u>** 

**Commission file number: 337-08773** 

## Wise Group plc
**(Exact name of Registrant as specified in its charter)** 

**N/A** 

**(Translation of Registrant's name into English)** 

**Jersey** 

**(Jurisdiction of Incorporation or Organization)** 

**1st Floor, Worship Square** 

**65 Clifton Street** 

**London EC2A 4JE** 

**United Kingdom** 

**(Address of principal executive offices)** 

**Kristo Käärmann** 

**Chief Executive Officer** 

**Wise plc** 

**1st Floor Worship Square** 

**65 Clifton Street** 

**London EC2A 4JE** 

**United Kingdom** 

**Tel: +1 888 501 4041** 

**Email: Owners@wise.com** 

**(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)** 

***Copies to:***

---

| | |
|:---|:---|
| **David Peinsipp**<br> **Jean Park**<br> **Peter Byrne**<br> **Trey Reilly**<br> **Cooley LLP**<br> **55 Hudson Yards**<br> **New York, New York 10001**<br> **Tel: +1 (212) 479-6000** | **Claire Keast-Butler**<br> **Philip Whitehead**<br> **Cooley (UK) LLP**<br> **22 Bishopsgate**<br> **London EC2N 4BQ**<br> **United Kingdom**<br> **Tel: +44 (0) 20 7583 4055** |

---

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##### [**Table of Contents**](#toc)
**Securities registered or to be registered pursuant to Section 12(b) of the Act.** 

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| **Class A ordinary shares, nominal value $0.01 per share** | **WSE** | **The Nasdaq Stock Market LLC** |

---

**Securities registered or to be registered pursuant to Section 12(g) of the Act. None** 

**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. None** 

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: As of the date of this registration statement, Wise plc had 1,025,672,252 Class A ordinary shares and 208,883,268 Class B ordinary shares issued and outstanding. Pursuant to the Reorganization Transaction (as defined in the registration statement), the holders of ordinary shares of Wise plc will receive Class A ordinary shares and Class B ordinary shares of the registrant in exchange for the transfer of their Class A ordinary shares and Class B ordinary shares in Wise plc, on a 1:1 basis (excluding shares held by Excluded Shareholders, as described in "Item 4.C. Information on the Company—Organizational Structure").

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☒ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☐ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☐ Yes ☒ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☐ Yes ☐ No

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ |
|  |  |  |  | Emerging growth company | ☐ |

---

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards<sup>†</sup> provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial
Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that require a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☒ International Financial Reporting Standards as issued Other ☐ <br> by the International Accounting Standards Board ☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☐ No

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  [Basis of Presentation](#tx19735_1) | ii |
|  [Cautionary Statement Regarding Forward-Looking Statements](#tx19735_2) | iii |
|  [Market And Industry Data](#tx19735_3) | v |
|  [Part I](#tx19735_4) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 1. Identity of Directors, Senior Management and Advisers](#tx19735_5) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 2. Offer Statistics and Expected Timetable](#tx19735_6) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 3. Key Information](#tx19735_7) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 4. Information on the Company](#tx19735_8) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 4A. Unresolved Staff Comments](#tx19735_9) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 5. Operating and Financial Review and Prospects](#tx19735_10) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 6. Directors, Senior Management and Employees](#tx19735_11) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 7. Major Shareholders and Related Party Transactions](#tx19735_12) | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 8. Financial Information](#tx19735_13) | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 9. The Offer and Listing](#tx19735_14) | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 10. Additional Information](#tx19735_15) | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 11. Quantitative and Qualitative Disclosures About Market Risk](#tx19735_16) | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 12. Description of Securities Other than Equity Securities](#tx19735_17) | 123 |
|  [Part II](#tx19735_18) | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 13. Defaults, Dividend Arrearages and Delinquencies](#tx19735_19) | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds](#tx19735_20) | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 15. Controls and Procedures](#tx19735_21) | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 16. \[Reserved\]](#rom19735_500) | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 16A. Audit Committee Financial Expert](#tx19735_22) | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 16B. Code of Ethics](#tx19735_23) | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 16C. Principal Accountant Fees and Services](#tx19735_24) | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 16D. Exemptions from the Listing Standards for Audit Committees](#tx19735_25) | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 16E. Purchases of Equity Securities by the Issuer](#tx19735_26) | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 16F. Change in Registrant's Certifying Accountant and Affiliated Purchasers](#tx19735_27) | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 16G. Corporate Governance](#tx19735_28) | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 16H. Mine Safety Disclosure](#tx19735_29) | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#tx19735_30) | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 16J. Insider Trading Policies](#tx19735_31) | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 16K. Cybersecurity](#tx19735_32) | 124 |
|  [Part III](#tx19735_33) | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 17. Financial Statements](#tx19735_34) | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 18. Financial Statements](#tx19735_35) | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Item 19. Exhibits](#tx19735_36) | 125 |
|  [Index to Consolidated Financial Statements](#tx19735_37) | F-1 |

---

i

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##### [**Table of Contents**](#toc)
**BASIS OF PRESENTATION** 

In connection with the completion of our listing on the Nasdaq Stock Market LLC ("Nasdaq"), Wise plc, together with its subsidiaries, intends to reorganize by means of a Scheme of Arrangement pursuant to Part 26 of the U.K. Companies Act 2006 (the "Scheme") under Wise Group plc, a newly incorporated Jersey public limited company, as the ultimate parent of Wise plc and its consolidated subsidiaries.

Unless otherwise stated or the context otherwise requires, all information in this registration statement reflects the completion of the reorganization transaction, which we refer to as the "Reorganization Transaction." See "Item 4.C. Information on the Company—Organizational Structure" for more information.

Unless otherwise indicated or the context otherwise requires, all references in this registration statement to the terms "we," "us," "our," "Wise," the "Group," the "Company" and similar references refer to (i) prior to the completion of the Reorganization Transaction, Wise plc and its wholly owned subsidiaries and (ii) following the completion of the Reorganization Transaction, Wise Group plc and its wholly owned subsidiaries.

Following the completion of the Reorganization Transaction, Wise Group plc will be a holding company and the sole shareholder of Wise plc (other than as described under "Item 4.C. Information on the Company—Organizational Structure" with respect to the shares held by the Excluded Shareholders (as defined therein)), and its principal asset will be its equity interest in Wise plc and its subsidiaries. Wise plc is the predecessor of the registrant, Wise Group plc, for financial reporting purposes. Wise Group plc will be the financial reporting entity following the completion of the Reorganization Transaction and our listing on Nasdaq, which is expected to be completed on or about May 11, 2026. As we will have no other interest in any operations other than those of Wise plc and its subsidiaries following the Reorganization Transaction, the historical consolidated financial information included in this registration statement is that of Wise plc and its subsidiaries. The historical financial information of Wise Group plc has not been included in this registration statement as it is a newly incorporated entity, has no business transactions or activities to date and had no assets or liabilities during the periods presented in this registration statement.

Our financial year ends on March 31, and our reporting currency is the U.S. dollar. Unless indicated otherwise, any non-U.S. dollar denominated amounts in this registration statement have been calculated based on the March 31, 2025 closing exchange rate of £1.00 to $1.29. Our audited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP").

ii

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##### [**Table of Contents**](#toc)
**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS** 

This registration statement contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this registration statement can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "plan," "potential" and "should," among others.

Forward-looking statements appear in a number of places in this registration statement and include, but are not limited to, statements regarding our intent, belief, or current expectations. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. While we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. Such statements are subject to substantial risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various important factors, including, but not limited to, those identified in "Item 3.D. Key Information—Risk Factors." In light of the significant uncertainties in these forward-looking statements, you should not unduly rely upon these statements nor regard these statements as a guarantee by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all.

Forward-looking statements include, but are not limited to, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations regarding our revenue, operating expenses and other operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to acquire new customers and successfully retain existing customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• anticipated trends, the size and growth rates of the markets in which we compete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• market acceptance of our products and our ability to increase adoption of our products, including
customers' changes in digital adoption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future investments in our business, including investments in our infrastructure, our anticipated capital
expenditures and our estimates regarding our capital requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to adapt to technological change and industry trends and innovate solutions for our clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to scale, enhance and adapt our infrastructure, develop or acquire new products and services and
bring them to market in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs and success of our marketing efforts and our ability to maintain and enhance our brand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our growth strategies, including our ability to manage our growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to manage our international operations and expansion into new jurisdictions, including our exposure
to foreign currency exchange rate fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the estimated addressable market opportunity for our products and services generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our reliance on key personnel and our ability to attract and retain highly qualified personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to obtain, maintain, protect and enforce our intellectual property rights and any costs associated
therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to compete effectively with existing competitors and new market entrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to comply with applicable laws and regulations, including our ability to obtain and maintain required
licenses, in the jurisdictions in which we currently and may in the future operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of regulatory developments in the jurisdictions in which we currently and may in the future operate;

iii

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully identify acquisition targets, consummate acquisitions and successfully integrate
acquired businesses and personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of unstable market and economic conditions, including as a result of actual or anticipated changes in
interest and inflation rates and barriers to trade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of political instability, shifts in immigration patterns or policies, global travel, natural
disasters, events of terrorism, wars and other global events on our business, industry and the global economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the performance, reliability, security and efficiency of our payments network, including the risk of service
interruptions, outages or system failures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other risks and uncertainties, including those listed in "Item 3.D. Key Information—Risk
Factors."

In addition, forward-looking statements contained in this registration statement represent our views only as of the date of this registration statement and should not be relied upon as representing our views as of any subsequent date. We anticipate that subsequent events and developments may cause our views to change. Although we may elect to update these forward-looking statements publicly at some point in the future, we specifically disclaim any obligation to do so, except as required by applicable law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.

iv

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##### [**Table of Contents**](#toc)
**MARKET AND INDUSTRY DATA** 

Certain industry data and market data included in this registration statement were obtained from independent third-party surveys, market research, publicly available information, reports of governmental agencies, and industry publications and surveys. All of the market data used in this registration statement involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We believe that the information from these industry publications and surveys included in this registration statement is reliable. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section titled "Item 3.D. Key Information—Risk Factors." These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

v

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##### [**Table of Contents**](#toc)
**PART I** 

**Item 1. Identity of Directors, Senior Management and Advisers** 

***A. Directors and Senior Management***

**Board of Directors** 

The following table sets forth the names and positions of the members of our board of directors as of the date of this registration statement. The business address of all directors is: 1st Floor Worship Square, 65 Clifton Street, London EC2A 4JE, United Kingdom.

---

| | |
|:---|:---|
| **Name** | **Position** |
| Kristo Käärmann | Chief Executive Officer and Executive Director |
| Emmanuel Thomassin | Chief Financial Officer and Executive Director |
| David Wells | Chair of the Board of Directors |
| Clare Gilmartin | Senior Independent Director |
| Elizabeth G. Chambers | Non-Executive Director |
| Terri Duhon | Non-Executive Director |
| Scott Hill | Non-Executive Director |
| Alastair Rampell | Non-Executive Director |
| Hooi Ling Tan | Non-Executive Director |

---

**Executive Officers** 

The following table sets forth the names and positions of our executive officers as of the date of this registration statement. The business address for the Chief Executive Officer, Chief Financial Officer and Chief Product Officer is: 1st Floor Worship Square, 65 Clifton Street, London EC2A 4JE, United Kingdom. The business address for the Chief Technology Officer is Domain Tower 2, 10025 Alterra Parkway, Floor 23, Austin, TX 78758, United States.

---

| | |
|:---|:---|
| **Name** | **Position** |
| Kristo Käärmann | Chief Executive Officer and Executive Director |
| Emmanuel Thomassin | Chief Financial Officer and Executive Director |
| Nilan Peiris | Chief Product Officer |
| Harsh Sinha | Chief Technology Officer |

---

***B. Advisers***

Our external legal advisers are Cooley LLP, Cooley (UK) LLP and Ogier (Jersey) LLP.

Cooley LLP's address is 55 Hudson Yards, New York, NY 10001.

Cooley (UK) LLP's address is 22 Bishopsgate, London EC2N 4BQ, United Kingdom.

Ogier (Jersey) LLP's address is 44 Esplanade, St Helier, Jersey JE4 9WG, Channel Islands.

***C. Auditors***

The Group's auditor is PricewaterhouseCoopers LLP ("PwC"), with its registered office at 1 Embankment Place London, United Kingdom, WC2N 6RH. PwC is an independent registered public accounting firm, registered with the Public Company Accounting Oversight Board (United States).

**Item 2. Offer Statistics and Expected Timetable** 

Not applicable.

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##### [**Table of Contents**](#toc)
**Item 3. Key Information** 

***A. [Reserved]***

***B. Capitalization and Indebtedness***

The following table presents our cash and cash equivalents and capitalization as of September 30, 2025.

---

| | |
|:---|:---|
|  | **As of September 30, 2025** |
|  | (In million) |
|  **Cash and cash equivalents** | $22381.2 |
|  Revolving Credit Facility | 268.9 |
|  **Total debt<sup>(1)</sup>** | $268.9 |
|  Equity: |  |
|  Class A ordinary shares | 14.2 |
|  Class B ordinary shares |  |
|  Additional paid-in capital | 161.6 |
|  Treasury stock | (269.4) |
|  Accumulated other comprehensive income | 92.5 |
|  Retained earnings | 1873.7 |
|  **Total Shareholders' Equity** | $1872.6 |
|  **Total Capitalization** | $2141.5 |

---

(1) Excludes $329.0 million aggregate principal amount of British pound sterling-denominated unsecured notes
due 2030, issued as of November 25, 2025, under the Euro medium-term note program established on November 13, 2025. See "Item 5.B. Operating and Financial Review and Prospects—Liquidity and Capital
Resources—Indebtedness."

***C. Reasons for the Offer and Use of Proceeds***

Not applicable.

***D. Risk Factors***

*Investing in our Class A ordinary shares involves a high degree of risk. You should consider and read carefully all of the risks and uncertainties described below, as well as other information included in this registration statement, including our consolidated financial statements and related notes appearing elsewhere in this registration statement, before making an investment decision. The risks described below are not the only ones we face. The occurrence of any of the following risks or additional risks and uncertainties not presently known to us or that we currently believe to be immaterial could materially and adversely affect our business, financial condition or operating results. In such case, the market price of our Class A ordinary shares could decline, and you may lose some or all of your original investment. You should not interpret our disclosure of any of the following risks to imply that such risks have not already materialized.*

**Summary of Selected Risk Factors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Future revenue and growth depend on our ability to retain existing customers, attract new customers and increase
transaction volume with both new and existing customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to establish and maintain relationships with banks, payment processing partners, payment card
networks, investment managers and other financial institutions is key to our ability to operate and expand into new markets, and any failure to do so may materially harm our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use of our products and services for illegal, improper or fraudulent activities could harm our business,
financial condition, operating results, reputation and prospects.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely upon third-party service providers in order to provide our products and services, and any disruption in
the operations of these third-party providers or interference with our use could adversely affect our business, financial condition and operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We transfer large sums of customer funds and are subject to the risk of loss due to errors or fraudulent or
illegitimate activities of customers, employees or third parties, which could result in financial losses or damage to our reputation and trust in our brand, which would harm our business and financial results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our failure to manage and safeguard our customer funds properly could materially harm our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If one or more of our counterparties, including financial institutions, default on their financial or performance
obligations to us or fail, we may incur significant losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be unable to compete successfully against existing and future competitors that employ a variety of
existing business models and technologies or new innovations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increases in transaction, processing and other fees could increase our costs, affect our profitability, cause us
to lose customers or otherwise limit our operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If our information technology systems or those of third parties with whom we work are or were compromised, we
could experience adverse events from such compromise, which could adversely affect our business, financial condition and operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unfavorable geopolitical or macroeconomic conditions could limit our ability to grow our business and negatively
affect our operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business depends on our strong and trusted brand, and we may fail to maintain and protect our brand, which
may adversely affect our business, financial condition, and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We expect fluctuations in our financial results, making it difficult to project future results, and if we fail to
meet the expectations of securities analysts or investors with respect to our operating results, the market price of our Class A ordinary shares and the value of your investment could decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business is subject to extensive regulation and oversight in a variety of areas, all of which are subject to
change and uncertain interpretation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we, or the financial institutions that we work with, fail to comply with the regulatory license conditions in
a given market, our operations would be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our (or the third parties with whom we work) actual or perceived failure to comply with data privacy and security
obligations could expose us to regulatory investigations or actions, litigation, fines and penalties or other financial liabilities, or otherwise adversely affect our ability to conduct our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any failure to obtain, maintain, protect or enforce our intellectual property and proprietary rights could impair
our ability to protect our brand and technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a result of being a public company in the United States, we will be obligated to maintain proper and effective
internal control over financial reporting, and any failure to maintain the adequacy of these internal controls may adversely affect investor confidence in our company and, as a result, the market price of our Class A ordinary shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In connection with our preparation for compliance with the Sarbanes-Oxley Act, we have identified deficiencies in
our internal control over financial reporting that constitute material weaknesses. If we are unable to remediate these material weaknesses or if we are unable to develop and maintain an effective system of internal control over financial reporting,
we may not be able to produce timely and accurate financial statements or comply with applicable laws and regulations, which may adversely affect our business and the market price of our Class A ordinary shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The dual class structure of our ordinary shares has the effect of enhancing the voting control of the holders of
our Class B ordinary shares, limiting the ability of holders of our Class A ordinary shares to influence the outcome of important transactions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As the rights of shareholders under Jersey law differ from those under U.S. law, you may have fewer protections
as a shareholder.

**Risks Related to Our Business and Operations** 

***Future revenue and growth depend on our ability to retain existing customers, attract new customers and increase transaction volume with both new and existing customers.***

Our continued growth and success depend on our ability to retain and attract customers across our three products: Wise Account for personal customers, Wise Business for small and medium-sized businesses and Wise Platform for banks and other enterprises. The failure to retain customers and attract additional customers could harm our business, financial condition, operating results and prospects.

We have invested and will continue to invest in improving our business in order to offer better and/or new features, products and services, but if those features, products and services fail to be successful, or if our competitors develop new features, products and services that rival our own, our ability to acquire new customers may be unsuccessful and our growth may materially slow or decline. There may be financial institutions that are potential Wise Platform partners that also compete with us with respect to certain services we provide, and our competitive strategy, positioning and approach to marketing our services may result in some of those financial institutions deciding not to partner with us. In addition, the growth of our business depends in part on existing customers expanding their use of our products and services. Our customers have no obligation to continue to use our products and services, and we cannot assure you that they will do so. The difficulty and costs associated with switching to a competitor may not be significant; alternatively, customers may not be willing to switch to us from a competitor. Our customers' activity with us may decrease for a variety of reasons, including customers' level of satisfaction with our products and services, our pricing and the pricing and quality of competing products or services, the effects of global economic conditions or other factors set forth in these risk factors.

***Our ability to establish and maintain relationships with banks, payment processing partners, payment card networks, investment managers and other financial institutions is key to our ability to operate and expand into new markets, and any failure to do so may materially harm our business.***

The nature of our business requires us to enter into commercial and contractual relationships with banks, payment processing partners, payment card networks, investment managers and other financial institutions. If we are unsuccessful in establishing or maintaining relationships with these financial institution partners, our business may be harmed.

As of March 31, 2026, we held over 80 licenses globally. In most jurisdictions, our licenses and approvals allow us to offer our products without the need for agreements with local financial institutions. In certain jurisdictions, we enter into such agreements for the following reasons: (i) we do not hold the relevant licenses or approvals in that jurisdiction; (ii) although we hold the relevant licenses and approvals, applicable laws or regulations still require us to enter into such agreements; or (iii) for other business or commercial reasons, such as enhancing our products and features. For example, in the United States, because we are not a bank, our business is not eligible for membership in card payment networks, and we are, therefore, unable to directly access card payment networks in the United States. These networks' operating regulations require us to be sponsored by a member bank in order to process card payment transactions.

If we have disagreements or disputes or are otherwise unable to establish or maintain our relationships with our financial institution partners, it may limit our ability to offer our products and services in certain jurisdictions, and can lead to disputes or require us to find new providers to partner with, which could prove costly and time consuming to resolve. Furthermore, disputes with certain of our financial institution partners may result in them holding on to our or our customers' funds or taking other action that would be detrimental to us. In 2021, our relationship with MS Bank S.A. Banco de Câmbio, a Brazilian financial institution, was terminated. MS Bank

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S.A. Banco de Câmbio subsequently made allegations in connection with certain taxation matters arising from our previous relationship that has led to an investigation by Brazilian authorities. We have in the past experienced, and may in the future experience, the termination of a relationship with a financial institution partner, requiring us to expend resources to transfer existing customers to new partners. We may have disputes with these local financial institutions or our agreements and operational arrangements with financial institutions may also be challenged by local regulators or other governmental bodies, which may result in the termination of such arrangements and therefore have an adverse impact on our ability to operate in such jurisdictions.

If, for any reason, any banks, payment card schemes, issuers or other financial institutions cease to supply us with the services we require to conduct our business, or the terms on which such services are provided were to become less favorable, or a dispute occurs or a contractual claim is made against us, it could impact our ability to provide certain products or features, or the basis on which we are able to provide such services, and have an adverse effect on our operating results, financial condition and prospects.

***Use of our products and services for illegal, improper or fraudulent activities could harm our business, financial condition, operating results, reputation and prospects.***

Payments and financial services, such as those provided by Wise, are susceptible to illegal, improper or fraudulent uses, including money laundering, terrorist financing, sanctions evasion, bank fraud, payments involving human trafficking, consumer scams and the facilitation of other illegal, improper or fraudulent activity. Our products and services have been improperly utilized for illegal, improper and fraudulent uses in the past, and we cannot guarantee that our policies, procedures and internal controls would adequately protect our business, maintain our continued ability to operate in the jurisdictions that we serve or protect our reputation if illegal, improper or fraudulent activities were discovered to have taken place using our infrastructure in the future. For example, third parties have in the past conducted scams, such as impersonating financial service providers, including Wise, in order to secure the transfer of funds from customers, a practice known as authorized push payment fraud. To provide a faster and more convenient service, we also in certain instances may transfer money to recipients before cleared funds are actually received from our customers, which increases these risks in the event that these customers have insufficient funds in their bank account or their transactions are otherwise invalidated. We have adopted and continue to invest in controls and security measures to detect, prevent and stop these types of fraudulent activities, but there can be no assurance that these measures will be effective against new and continually evolving forms of fraud or scams or that customers will continue to view us as secure.

Our transaction loss expenses may increase if our anti-fraud systems are not effective, including against new methods or schemes that are developed to defraud us or our customers. Since the methods and schemes utilized by perpetrators of fraud are constantly evolving or, in some cases, not immediately detectable, we cannot assure you that our policies, procedures and controls for preventing or managing fraud will be effective over time or of our ability to update these measures to address emerging fraud risks. In addition, if illicit, improper or fraudulent activity levels involving our products and services were to rise, it could lead to changes in liability regimes and reputational and/or financial damage to us, including a perception that our product offering is less secure than those offered by traditional banks and our other competitors. Fraudulent or other illegal activity could lead to increased government oversight and regulatory intervention, including the suspension or termination of our licenses in certain jurisdictions, freezing of customer accounts, suspension of customer onboarding, fines and other penalties. Any of these factors may result in a reduction in the use and acceptance of our products and services, or an increase in our compliance costs, any of which would harm our business, financial condition, operating results and prospects.

Our anti-money laundering detection and monitoring systems, customer due diligence procedures, suspicious activity reporting and identity verification processes may contain weaknesses that we have not identified or fully remediated, and there is a risk that these controls may not keep pace with the growth of our business and evolution of our products and features. Any failure in the design or effectiveness of these systems, by our operational teams or outsourced service providers has in the past, and may in the future, lead to regulatory and

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legal consequences. These may include criminal and civil lawsuits, a requirement to engage in remediation activities, suspension of customer onboarding, fines or public censure. Furthermore, if our measures to detect illegal, improper or fraudulent activities are too restrictive and/or inadvertently prevent or delay legitimate transactions, this could result in suspension of legitimate customer activity, deter new and existing customers or otherwise diminish our customer experience, any of which could harm our business, financial condition, operating results and prospects.

***We rely upon third-party service providers in order to provide our products and services, and any disruption in the operations of these third-party providers or interference with our use could adversely affect our business, financial condition and operating results.***

We use third-party service providers for certain aspects of our business, such as business process outsourcing for parts of our operations, productivity and communication tools, financial reporting, information security, cloud hosting, human resources and professional services and other support services. Any incident affecting our providers' infrastructure and our access to such infrastructure, including any incident that may be caused by cyber-attacks, natural disasters, fire, flood, severe storm, earthquake, power loss, telecommunications failures, terrorist or other attacks and other similar events beyond our control, could negatively affect our operations. As our primary payment processing is hosted in Amazon Web Services's ("AWS") Frankfurt region, outages in other AWS regions generally have a limited impact on our activities. However, we may still experience disruptions if our third-party providers are hosted in an affected AWS region. For example, the AWS outage in October 2025 caused temporary disruptions to one of our third-party service providers' systems, which affected parts of our customer service capabilities. As a result, our phone and chat support channels were partially or completely unavailable for around 3.5 hours. In some instances, we may not be able to identify the cause of such performance problems and recover the operations within a period of time acceptable to our customers. A prolonged disruption affecting our service could damage our reputation with current and potential customers, expose us to liability, cause us to lose customers or otherwise harm our business. We may also incur significant costs for using alternative services or taking other actions in preparation for, or in reaction to, events that damage the third-party services we use. Features and functionality for our products and services may also not be available on the same basis or at all on one or more platforms, which may hinder adoption of our products and services, reduce transaction volume and harm our brand, business and operating results.

In addition, a material change to service features or contractual terms, a failure to maintain necessary licensing, a failure to remain up to date with market developments, disruption to or insolvency of a provider or a termination of any of the agreements we have in place with these providers could adversely impact our ability to provide our products and services, and therefore our reputation and ultimately our operating results. Our third-party service providers may also seek to introduce or modify terms and conditions that result in increased costs, or terms and conditions that we are unable to meet or that are commercially unacceptable to us. Either of us may also choose to terminate all or part of the relationship. If this happens, we may not be able to find a replacement service provider on commercially acceptable terms or at all, or be able to develop our own replacement technology, which would have an adverse effect on our business, financial condition and operating results.

In certain cases, we also indirectly rely on third-party service providers for certain aspects of our business, for example, where we handle payments originating from overseas, we rely on the operators of local domestic payment systems in order to provide our products and services. Any disruptions to such third-party service providers may adversely affect our ability to service our customers.

***We transfer large sums of customer funds and are subject to the risk of loss due to errors or fraudulent or illegitimate activities of customers, employees or third parties, which could result in financial losses or damage to our reputation and trust in our brand, which would harm our business and financial results.***

Our business is subject to the risk of financial losses as a result of operational errors, fraudulent activity, employee misconduct or other similar actions or errors by us or our service providers. Such behavior, either by

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our employees, vendors, counterparties or other third parties, may include fraudulent actions, breaches of applicable laws, rules, regulations and contractual obligations, or failure to adhere to our policies and procedures or those of our partners and other counterparties. Companies in the payments and financial services sector, such as Wise, are regularly targeted by parties who seek to commit acts of financial fraud, using a variety of techniques, including stolen bank accounts, compromised business email accounts, employee fraud, attempted use of stolen or false identities by remote employees, account takeover, false account creation and other new techniques and technologies. Our risk management efforts may not effectively prevent these errors and activities. We expect that losses of similar or greater magnitude may occur again in the future. If any of these errors or activities are significant, we may be subject to increased regulatory oversight or enforcement actions, including the suspension or termination of our licenses in certain jurisdictions, as well as termination of services provided by third parties. As a result of such circumstances, we may suffer significant losses or reputational harm, and our business, financial condition, operating results and prospects could be adversely affected.

***Our failure to manage and safeguard our customer funds properly could materially harm our business.***

In certain jurisdictions we hold a substantial amount of funds and custody assets belonging to our customers. We hold, and in certain jurisdictions are required to hold and segregate, at least 100% of the aggregate amount of all customer funds and assets held by our licensed entities. Depending on the product, we satisfy these requirements through safeguarding arrangements or through the appointment of a third-party custodian to segregate securities or the underlying units within the funds invested in by our customers.

Our ability to manage and accurately account for the assets underlying our customer funds and comply with applicable safeguarding requirements and regulations requires high precision internal controls. As our business continues to grow and we expand our products and services, we must continue to strengthen and scale our associated internal controls. Our continued success requires our customers' confidence in our ability to properly safeguard their balances and handle large and growing transaction volumes and amounts of customer funds and custody assets. Any failure to maintain or scale the necessary controls or to appropriately manage our growing transaction volumes, balances and assets under management, could result in the inappropriate amount of funds or assets being safeguarded. This could lead to customer harm, reputational harm, customers deciding to discontinue or reduce their use of our products and services, and result in significant penalties and fines and additional restrictions, which could materially harm our business.

***If one or more of our counterparties, including financial institutions, default on their financial or performance obligations to us or fail, we may incur significant losses.***

We have significant amounts of cash and cash equivalents outstanding on deposit or in accounts with banks or other counterparties. We are, and will continue to be, subject to the risk of actual or perceived deterioration of the commercial and financial soundness of our counterparties, including other potentially interconnected financial institutions with varying levels of credit worthiness, in particular in relation to cash and cash equivalents held at financial institutions, purchasing funds in specific currencies and the provision of local payment, account and investment services. If one of our counterparties were to be impacted by such actual or perceived deterioration, become insolvent or file for bankruptcy, our ability to recover losses incurred as a result of default or to access or recover our or our customers' assets that are held in accounts with or otherwise due from such counterparty may be limited, including by the counterparty's liquidity or the applicable laws governing the insolvency or bankruptcy proceedings. An institution appropriating funds, defaulting, failing a stress test or requiring bail-in by its shareholders, creditors and/or respective governments could lead to significant liquidity problems and losses or defaults by other institutions. Even the perceived lack of available liquidity or creditworthiness of, or questions about, a counterparty or major financial institution may lead to market-wide liquidity problems and losses or defaults by financial institutions to which we have exposure, which could, in turn, have an impact on our business and financial position. This risk resulting from the interdependence on financial institutions is sometimes referred to as "systemic risk" and may adversely affect financial intermediaries, such as industry payment systems and banks, with whom we interact on a daily basis. Systemic risk could have a material adverse

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effect on our ability to operate our business, which would have an adverse effect on our business, operating results and financial condition.

***We may be unable to compete successfully against existing and future competitors that employ a variety of existing business models and technologies or new innovations.***

The payments and financial services-related industries are fragmented and highly competitive, characterized by rapidly changing technology and evolving standards, changing customer requirements and frequent new product introductions. Our primary competitors are traditional banks, in addition to digital first banks and other financial technology companies. We also compete with payment networks, such as Visa and Mastercard, and legacy foreign exchange businesses.

The major competitive factors in our industry are pricing, product offering functionality, quality and breadth, global customer support, employee and development costs, brand recognition and reputation, market reach and reliability. Some of our current and potential competitors, particularly traditional banks with whom we compete, have longer operating histories, as well as other potential advantages over us, including greater customer bases, volume, scale or market share, while some have less burdensome licensing, capital, liquidity and other regulatory requirements. They may devote greater resources to the development of their products and services, which may limit the competitive advantage offered by our unique and powerful technology infrastructure. These companies may also invest more in the promotion and sale of their products and services, or may offer lower prices than us, including by cross-subsidizing across their product offerings.

The success of our business will depend, in part, on our ability to adapt and respond effectively to changing customer needs, requirements and preferences on a timely basis. Our current and potential competitors, including new market entrants, may introduce new and disruptive products or services that negatively affect our ability to retain and attract customers at prices that are consistent with our pricing model and operating budget. Because the market for our products and services is highly fragmented, it is difficult to predict customer adoption and demand for our products and services, the size and growth rate of this market, the introduction of new competitive products or the success of existing competitive products. We may not be able to make product or technological improvements as quickly or effectively as our competitors and/or as expected by our customers, or to market them successfully, which could harm our ability to attract or retain customers. Additionally, our investment of resources, including management attention and talent allocation, to develop new products and services, or to make related changes or updates to our services, may be insufficient relative to the offerings of existing competitors or new market entrants, and therefore fail to return our investment. Finally, our competitors use a variety of funding and pricing methodologies which may be more attractive to customers in some geographies or demographics. If we fail to timely anticipate or adapt to changes in these competitive activities or customer behavior, it is possible that we would have to change our pricing strategy inconsistent with our current financial model, which could harm our business, financial condition, operating results and prospects.

***Increases in transaction, processing and other fees could increase our costs, affect our profitability, cause us to lose customers or otherwise limit our operations.***

Our payment processing and banking partners charge us fees, which may be increased from time to time and with little prior notice. Card processors may also increase the fees charged for each credit or debit transaction to add funds to customers' Wise accounts, which may be passed on to us or our customers. Any such increases in transaction and processing fees could challenge our profitability and put upwards pressure on our prices. Governments could also impose new rules, the compliance of which may result in fees being imposed upon our customers or otherwise impact the manner in which we provide our services. Any such increased fees could increase our operating costs, require us to provide additional collateral, reduce our profit margin and impact our prices.

Our revenue is composed substantially of fees charged for our services, and decreasing fees faster than costs have in the past had and may in the future have a negative impact on our financial results. Our ability to charge

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sustainable fees in the future may be adversely affected if we fail to continue to expand our infrastructure in the markets that we serve, whether due to regulatory constraints or otherwise. Any significant or unsustainable reduction in the fees we charge relative to our costs, including for reasons beyond our control, or the elimination of certain types or methods of charging fees could impact our profitability.

***If our information technology systems or those of third parties with whom we work are or were compromised, we could experience adverse events from such compromise, which could adversely affect our business, financial condition and operating results.***

We face unique security threats as a financial technology company, as we and the third parties with whom we work collect, receive, store, process, generate, use, transfer, disclose, make accessible, protect, secure, dispose of, transmit and share (collectively, "process") sensitive data, which includes financial information, trade secrets, personal data (collectively, "sensitive information"). As a result, we and the third parties with whom we work are, and have been, subject to a variety of evolving threats, including but not limited to malicious code (such as viruses and worms), social engineering attacks (including through deep fakes, which may be increasingly more difficult to identify as fake, and phishing attacks), malware (including as a result of advanced persistent threat intrusions), ransomware attacks, supply chain attacks, software bugs, server malfunctions, software or hardware failures, loss of data or other information technology assets, adware, telecommunications failures, network outages, supplier outages, denial-of-service attacks, credential harvesting or stuffing, efforts by individuals or groups of hackers and sophisticated organizations, including organized criminal threat actors, nation states, and state-sponsored or state-supported organizations, errors or malfeasance of our personnel or those of third parties with whom we work, including personnel who have authorized access to our systems, attacks enhanced or facilitated by artificial intelligence ("AI"), online and offline fraud, and other similar threats to the confidentiality, integrity and availability of our sensitive information and information technology systems. In particular, severe ransomware attacks, including those perpetrated by organized criminal threat actors, nation-states and nation-state-supported actors, are becoming increasingly prevalent and severe and can lead to significant interruptions in our operations, ability to provide our services, loss of sensitive data and income, reputational harm and diversion of funds. Extortion payments may alleviate the negative impact of a ransomware attack, but we may be unwilling or unable to make such payments due to, for example, applicable laws or regulations prohibiting such payments. Such threats are constantly evolving, and we or the third parties with whom we work may be unable to anticipate attempted security breaches, react in a timely manner, or implement adequate preventative measures. Furthermore, the reliability and continuous availability of our products are critical to our business and therefore may be subject to adverse consequences from any vulnerabilities or outages in our products or customer misuse of our products. Vulnerabilities could be exploited and result in a security incident.

Some threat actors now engage and are expected to continue to engage in cyber-attacks, including nation-state actors for geopolitical reasons and in conjunction with military conflicts and defense activities. During times of war and other major conflicts, we and the third parties with whom we work may be at heightened risk of these attacks, including retaliatory cyber-attacks, that could materially disrupt our systems and operations, supply chain and ability to produce, sell and distribute our services.

It may be difficult and/or costly to detect, investigate, mitigate, contain, and remediate a security incident or vulnerability. Our efforts to do so may not be successful. Actions taken by us or the third parties with whom we work to detect, investigate, mitigate, contain, and remediate a security incident or vulnerability could result in outages, data losses, and disruptions of our business. Threat actors may also gain access to other networks and systems after a compromise of our networks and systems. We may expend significant resources or modify our business activities to try to protect against security incidents.

Future business transactions (such as acquisitions or integrations) could also expose us to additional cybersecurity risks and vulnerabilities, as our systems could be negatively affected by vulnerabilities or other security issues present in acquired or integrated entities' systems and technologies.

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In addition, our reliance on third-party banks and service providers could introduce new cybersecurity risks and vulnerabilities, including supply-chain attacks, and other threats to our business operations. We rely on third parties to hold certain funds, operate some of our critical business systems and process the sensitive information that we own, process or control, including customer information, proprietary data and source code, for example third-party cloud hosting providers and providers of technology to support our customer service operations. Our ability to monitor these third parties' information security practices is limited, and these third parties may not have adequate security measures and could experience a security incident that compromises the confidentiality, integrity or availability of the systems they operate for us, the information they process on our behalf, or, in the case of financial institutions, funds they hold on our behalf. If the third parties with whom we work experience a security incident or other interruption, we could experience adverse consequences. For example, a third-party bank with whom we worked in the past experienced a cybersecurity incident, whereby an unauthorized third party gained access to certain of our customer information processed by that third-party bank. In another instance, in November 2024, one of our third-party vendors that provides customer service support was subject to unauthorized access that led to unauthorized access to a very limited number of our customer accounts.

While we may be entitled to damages if our third-party service providers fail to satisfy their data privacy or security-related obligations to us, any award may be insufficient to cover our damages, or we may be unable to recover such award. In addition, supply-chain attacks have increased in frequency and severity, and we cannot guarantee that third parties' infrastructure in our supply chain or our third-party partners' supply chains have not been compromised.

If we, or a third party with whom we work, experience a security incident or are perceived to have experienced a security incident, we may experience material adverse consequences. Such incidents could reduce demand for our products, damage our brand, disrupt business operations, result in the exfiltration of sensitive information, including source code, require us to notify third parties, including customers, investors, and regulators, require us to spend material resources to investigate or correct the incident and to prevent future security incidents, expose us to liabilities, including litigation, regulatory enforcement (including investigations, fines, penalties, audits and inspections), additional oversight, restrictions or bans on processing personal information or processing transactions, indemnity obligations, claims by our customers or other relevant parties that we have failed to comply with contractual obligations to implement specified security measures, negatively impact our ability to grow and operate our business, and adversely affect our business, financial condition and operating results.

Certain security obligations have required us and may in the future require us to implement and maintain specific security measures or industry-standard or reasonable security measures to protect our information technology systems and sensitive information. We may expend significant resources or modify our business activities to address these requirements, and any failure or perceived failure to comply with these obligations could result in adverse consequences including, but not limited to, notification requirements, liabilities, including litigation, regulatory enforcement (including investigations, fines, penalties, audits and inspections), additional oversight, and restrictions or bans on processing personal information, indemnity obligations, and claims by our customers or other relevant parties that we have failed to comply with contractual obligations to implement specified security measures.

Our contracts may not contain limitations of liability, and even where they do, there can be no assurance that the limitations of liability in our contracts would be enforceable or adequate or would otherwise protect us from such liabilities, damages, or claims related to our data privacy and security obligations. Additionally, we cannot be certain that our insurance coverage will be adequate or otherwise protect us with respect to claims, expenses, fines, penalties, business loss, data loss, litigation, regulatory actions or other impacts arising out of security incidents, particularly if we experience an event that impacts multiple customers, that such coverage will continue to be available on acceptable terms or at all, or that such coverage will pay future claims. Any of these results could adversely affect our business, financial condition and operating results.

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***Real or perceived errors, failures, bugs or defects in our infrastructure or products could adversely affect our reputation and harm our business.***

In addition, errors in our products could cause system failures, loss of data or other adverse effects for our customers that may assert warranty and other claims for substantial damages against us. Although our agreements with our customers typically contain provisions that seek to limit our exposure to such claims, it is possible that these provisions may not be effective or enforceable under the laws of some jurisdictions. While we seek to insure against these types of claims, our insurance policies may not adequately limit our exposure to such claims. These claims, even if unsuccessful, could be costly and time consuming to defend and could harm our business, financial condition and operating results.

***Unfavorable geopolitical or macroeconomic conditions could limit our ability to grow our business and negatively affect our operating results.***

We offer our products to personal customers and businesses around the world. As a result of our extensive international operations, unfavorable geopolitical or macroeconomic conditions, including conditions resulting from financial and credit market fluctuations, fluctuating inflation, foreign exchange and interest rates, the imposition of tariffs and international trade relations, capital controls, political turmoil and regime change, tax reform or changes in tax law, natural catastrophes, outbreaks of contagious diseases, warfare and terrorist attacks on the United States, Europe, the Asia Pacific region or elsewhere, could cause a decrease in our customers' willingness to spend, transfer or hold money or otherwise disrupt our operations, which would likely increase our costs to operate in affected jurisdictions, have a negative impact on demand for our products and services and adversely affect the growth of our business and our operating results.

In addition, global economic conditions or government restrictions on international travel and changes in immigration laws that make it more difficult for individuals to migrate or work abroad could also reduce transaction volumes.

Our competitors may respond to challenging market conditions by lowering prices in an attempt to attract our customers, which may require us to respond in kind, potentially outside of our pricing model. We cannot predict the timing, strength or duration of any economic slowdown, instability or recovery, generally or within any particular industry.

***Our exposure to market risk, particularly interest rate risk, could adversely affect our financial condition and operating results.***

We are exposed to various categories of market risk, including interest rate and foreign currency risks, due to the financial instruments associated with our operations, including our cash and cash equivalents, short term investments, customer account balances and bond holdings. Such market risks may lead to economic losses on

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market risk-sensitive instruments arising from adverse changes in market factors such as interest rates, foreign currency exchange rates and credit spreads/ counterparty risk.

Specifically, we face interest rate risk from fixed interest rate assets and liabilities on our balance sheet, primarily related to our investments in bonds. As interest rates increase, the value of these investments will decline, leading to either unrealized losses through other comprehensive income or realized losses to net income in the event we were required to sell these securities, therefore impacting our capital position in both cases. Separately, our interest income is affected by changes in market interest rates from our cash, cash equivalents and short-term investment holdings. We are exposed to changes in interest income resulting from movements in interest rates on our financial assets, including cash and cash equivalents and short-term investments. Our earnings are also impacted by the amount of interest income we return to our customers. In particular, as we resolve any regulatory hurdles to increase the portion of interest income yield that we return to our customers, our interest expense on customer liabilities may grow.

While management has processes in place aimed at identifying and mitigating the impact of these risks, including through financial hedges or collateralization, these measures may not be fully effective, if at all.

See "Item 5.A. Operating and Financial Review and Prospects—Operating Results—Quantitative and Qualitative Disclosures About Market Risk" for additional information."

***Our business depends on our strong and trusted brand, and we may fail to maintain and protect our brand, which may adversely affect our business, financial condition, and results of operations***

We have developed a strong and trusted brand that has contributed significantly to the success of our business. We believe that maintaining and protecting our brand identity and reputation is critical to our ability to attract and retain customers, commercial counterparties and employees. Maintaining and promoting our brand will depend largely on our continued investment in marketing and our ability to provide reliable products and services that continue to meet the needs of our customers and our ability to maintain our customers' trust. Harm to our brand can arise from many sources, including failure by us or third parties with whom we work to satisfy customer expectations of service and quality; inadequate protection, misuse or disclosure of confidential, proprietary, personal, or sensitive data by us, or third parties with whom we work; employee misconduct; fraud committed by third parties using our products compliance failures by us or third parties with whom we work; and litigation, investigations, regulatory activity and other claims relating to us. If we fail to successfully maintain and promote our brand, our business, financial condition, and results of operations may be adversely affected.

***We rely on the performance of highly skilled personnel, including our leadership team and our engineering, product and other financial services professionals. If we are unable to retain or motivate key personnel or hire, retain and motivate qualified personnel, our business would be harmed.***

We believe that the efforts and talents of our leadership team have been important to our success. From time to time, there have been, and may in the future be, changes in our executive management team or other key employees resulting from the hiring or departure of these personnel. We may not be able to retain the members of our leadership team, or find and hire adequate replacements on a timely basis following the departure of one or more members of our leadership team, either of which could disrupt our business and impact our ability to implement our growth strategies.

In addition, to deliver our mission, we must attract and retain highly qualified personnel. From time to time, we have experienced, and we expect to continue to experience, difficulty in the timely hiring and retention of employees with appropriate qualifications. Many of the companies with which we compete for experienced personnel may have greater resources than we have. Further, inflationary pressures or other macroeconomic factors may impact employee attrition. If we hire employees from competitors or other companies, their former employers may attempt to assert that these employees or we have breached certain legal obligations, resulting in

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a diversion of our time and resources. In addition, prospective and existing employees often take into account the value of the equity awards they receive in connection with their employment. If the actual or perceived value of our equity awards declines or experiences significant volatility, such that prospective or existing employees believe there is limited upside to the value of our equity awards, it may adversely affect our ability to recruit and retain key employees. If we fail to attract new personnel or fail to retain and motivate our current personnel, our business and prospects would be harmed.

***We expect fluctuations in our financial results, making it difficult to project future results, and if we fail to meet the expectations of securities analysts or investors with respect to our operating results, the market price of our Class A ordinary shares and the value of your investment could decline.***

Our operating results have fluctuated in the past and are expected to fluctuate in the future due to a variety of factors, many of which are outside of our control. As a result, our past results may not be indicative of our future performance. In addition to the other risks described in this "Risk Factors" section, factors that may affect our operating results include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to attract new customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to retain and increase transaction volume with our existing customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in demand for our products and services or pricing of our fees associated with our products and
services, including as a result of any product unavailability or system downtime;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain and expand our relationships with our payment processing and banking partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use of our products and services for illegal, improper or fraudulent activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in competitive dynamics of our industry, including the development or introduction of new platforms or
services by our competitors that provide better customer experience, lower pricing and / or adapt customers' demands more than our current suite of products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cyberattacks, cybersecurity breaches, service outages or other similar incidents with respect to the delivery and
use of our products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to control amount or timing of costs, including our operating expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount and timing of noncash expenses, including share-based compensation expense, depreciation and
amortization and other noncash charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount and timing of costs associated with recruiting, training and integrating new employees and retaining
and motivating existing employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in market interest rates, which impact interest earned on funds held for customers, or foreign
currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effects of any potential acquisitions and their integration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of new accounting pronouncements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• awareness of our brand and our reputation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to comply with existing and future regulatory developments in the markets in which we currently and
may in the future operate, including in connection with any audits, inspections or investigations from the responsible regulatory authorities in such jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our effective tax rate or our ability to comply with applicable tax laws in the markets in which we
currently and may in the future operate, including in connection with any audits, examinations, or investigations from the responsible tax authorities in such jurisdictions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to introduce new and existing products and services in new jurisdictions, including obtaining new and
maintaining existing licenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic conditions and geopolitical forces, both domestically and abroad, as well as economic conditions
specifically affecting industries in which our customers participate.

Any of these and other factors, or the cumulative effect of some of these factors, may cause our operating results to vary significantly. Furthermore, these factors may be exacerbated, or new factors that affect our operating results may arise, as a result of our growth and expansion. As we continue to grow and expand, our business may become increasingly complex, require more operational resources and otherwise result in operating difficulties in managing our business across numerous jurisdictions. We may not successfully accomplish our growth objectives, which makes it difficult for us, investors and analysts to definitively forecast our future operating results. If our operating results fall below any guidance we release with respect to our projected financial performance or the expectations of investors and securities analysts who follow our company, the price of our Class A ordinary shares could decline substantially, and we could face costly shareholder activism and lawsuits, including securities class action suits.

***Our estimates of market opportunity and forecasts of market growth may prove to be inaccurate, and even if the market in which we compete achieves the forecasted growth, our business could fail to grow at similar rates, if at all.***

Our estimates of market opportunity and forecasts of market growth are subject to significant uncertainty and are based on assumptions and estimates that may not prove to be accurate, including due to the risks described in these risk factors. The variables that go into the calculation of our market opportunity are subject to change over time, and there is no guarantee that any particular number or percentage of addressable customers or companies covered by our market opportunity estimates will use our products or services or generate any particular level of revenue for us. Any expansion in our market depends on a number of factors, including the cost, performance and perceived value associated with our products and services, as well as offerings from our competitors. Even if the market in which we compete meets our size estimates and growth forecasts, our business could fail to grow at similar rates, if at all because our growth is subject to many factors, including our success in implementing our business strategy, which is subject to many risks and uncertainties.

***We are exposed to risk relating to artificial intelligence.***

The use of evolving technologies, such as AI or machine learning ("ML"), in our operations and those of our partners and third-party service providers, presents new risks and challenges that could negatively impact our business. For example, the use of certain AI/ML technologies can give rise to privacy and data security risks related to both the inputs and outputs, as well as risks relating to the integrity and quality of customer experiences. Several jurisdictions have proposed, enacted, or are considering, laws governing the development and use of AI/ML, such as the European Union's AI Act. Further, several jurisdictions have proposed, enacted, or are considering privacy laws that extend rights to individuals and/or regulate the use of automated decision making tools.

We have invested in AI/ML across the last decade, including in fighting financial crime, currency flow prediction and risk management, and we currently process large volumes of documents with AI-driven technology. Legal obligations affect our use of AI/ML, and any failure, or perceived failure, to meet those obligations could result in additional compliance costs, regulatory investigations and actions, and lawsuits. Additionally, sensitive information of Wise or our customers could be leaked, disclosed or revealed as a result of or in connection with our employees', personnel's or vendors' use of AI technologies. Further, due to inaccuracies or flaws in the inputs, outputs, or logic of the AI/ML, the underlying models and the content they generate could be biased, inaccurate, offensive, or otherwise harmful.

The use of certain AI/ML technologies can also give rise to intellectual property risks, including risks to the creation and preservation of intellectual property rights and risks related to intellectual property infringement.

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Further, bad actors may use sophisticated methods to engage in illegal activities involving the theft and misuse of sensitive data. Additionally, bad actors could manipulate or misuse AI/ML tools we may offer. Any of these impacts could damage our reputation, result in manipulation, the loss of valuable information, breach applicable laws and regulations, and harm our business, financial condition and operating results.

***Existing and any future indebtedness could adversely affect our ability to operate our business.***

We have historically maintained credit facilities and other financing arrangements to provide a source of liquidity for our business and may introduce additional sources of indebtedness in the future for liquidity or other funding purposes. In particular, these sources of liquidity allow us to speed up the processing of payments by pre-funding payout accounts and to provide timely access to customer funds while complying with regulatory requirements. For example, In November 2025, we established a £2 billion ($2.6 billion at issuance date) Euro medium-term note program, under which we issued £250.0 million ($329.0 million at issuance date) aggregate principal amount of pound sterling-denominated unsecured notes due 2030. We also have a £330.0 million ($443.6 million at September 30, 2025) multicurrency revolving facility agreement with a syndicate of banks entered into on December 12, 2024 for a period of three years, with the potential for two one-year extensions. In addition, our subsidiary that is an authorized electronic money institution in the United Kingdom is subject to requirements to safeguard "relevant funds" which we satisfy in part through comparable guarantees from investment grade issuers. All such arrangements include certain operating and financial covenants, and our ability to meet such covenants can be affected by events beyond our control or we may otherwise not be able to continue to meet those covenants. See "Item 5.B. Operating and Financial Review and Prospects—Liquidity and Capital Resources—Indebtedness."

Our current and future indebtedness, together with our other financial obligations and contractual commitments, could have significant adverse consequences on our business, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring us to dedicate a portion of our cash resources to the payment of interest and principal, reducing money
available to fund working capital, capital expenditures, potential acquisitions, international expansion, new product development, marketing and other general corporate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing our vulnerability to adverse changes in general economic, industry and market conditions, including
changes in interest rates and credit risk appetites;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our flexibility in planning for, or reacting to, changes in our business and the industry in which we
compete; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• placing us at a competitive disadvantage compared to our competitors that have less debt or better debt servicing
options.

We intend to satisfy our current and future debt service obligations with cash received from our operations. However, we may not have sufficient funds, and may be unable to arrange for additional financing, to repay the amounts due under the Facility Agreement or any other debt instruments. Failure to make payments or comply with other covenants under our debt instruments could result in an event of default and acceleration of amounts due.

***We are exposed to fluctuations in currency exchange rates, which could negatively affect our operating results.***

We are exposed to fluctuations in foreign currency exchange rates for international transfers on our platform. On most transfers, we offer our customers a guaranteed mid-market exchange rate, which is the midpoint between the price the market is willing to pay for a currency and the price at which the market is willing to sell a currency. This rate is offered as guaranteed for a limited period of time to allow the customer time to fund their transfer. If foreign exchange rates change between the time a transfer is booked (at which time the exchange rate is set) and when the recipient is paid out, or if the customer does not fund the transfer, we may suffer a loss on that transaction. Also, by allowing our customers to use our products and services when markets are closed, including on weekends, we are exposed to exchange rate fluctuations during periods when it is not possible to offset foreign currency exposures through financial instruments. For the financial year ended March 31, 2025 and

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financial year ended March 31, 2024, our largest currencies by cross-border volume were U.S. dollar, British pound sterling and Euro. This risk of exchange rate movement is most acute during periods of large short-term fluctuations in foreign exchange rates.

We also face risks associated with schemes seeking to exploit exchange rate volatility, for example by using sophisticated algorithms and bots. There is no guarantee that our internal control mechanisms will be able to effectively identify and thwart any such exploitation in the future, which could result in needing to expend significant resources in an attempt to recover losses, inhibit our ability to lower our prices or harm our profitability.

We are exposed to foreign exchange risk on certain customer balances where related liabilities to customers are not identically matched by holding equivalent funds in the same currency, including where regulatory requirements or operational constraints limit our ability to hold certain currencies. If we cannot fully hedge these positions that are not matched in currency type and exchange rates move materially or for a sustained period, our financial results could be significantly adversely affected.

We enter into derivative financial and other instruments to seek to mitigate any adverse effect of currency-related fluctuations on our business, financial condition and operating results, but there can be no assurance that such arrangements will fully eliminate the potentially materially adverse effects of such fluctuations, nor that appropriate financial instruments will be available in all market conditions. While we have adopted measures to monitor and manage the impact of foreign exchange risk, such measures may not be effective at adequately protecting against fluctuations in currency exchange rates, which could cause our operating results to be adversely affected.

**Risks Related to Regulatory Compliance and Governmental Matters** 

***Our business is subject to extensive regulation and oversight in a variety of areas, all of which are subject to change and uncertain interpretation.***

Our business is subject to complex and changing laws, rules, regulations, policies and legal interpretations in the markets in which we offer our products and services, including, but not limited to, those governing: payment services (including payment processing and settlement services), banking, deposit taking, cross-border and domestic money transmission, prepaid access, foreign currency exchange, privacy, data protection, data governance, cybersecurity, taxation, banking secrecy, digital currencies and payments, fraud detection, consumer protection, antitrust and competition, economic and trade sanctions, anti-money laundering and counter-terrorist financing.

Regulators and legislators globally have been establishing, evolving, and increasing their regulatory authority, oversight and enforcement over financial services in a manner that impacts our business. As we introduce new products and services and expand into new markets, we expect to become subject to additional regulations, restrictions and licensing requirements. As we expand and localize our activities, we expect that our obligations in the markets in which we operate will continue to increase. In addition, because we provide products and services to customers worldwide, one or more jurisdictions may claim that we or our customers are required to comply with their laws, which may impose different, more specific or conflicting obligations on us, as well as broader liability. In delivering our strategy, we regularly evaluate our portfolio of licenses and regulatory approvals held in different jurisdictions in which we operate, including in major jurisdictions such as the United States and the United Kingdom, as well as other jurisdictions to which we may expand our operations. As part of that portfolio review, we may, from time to time, evaluate whether applying for additional licenses or approvals, or operationalizing or retaining those licenses, may be beneficial for the business. These additional licenses and approvals may subject us to additional rules and regulations, including capital requirements, and regulatory oversight. See "Item 4. Information on the Company—B. Business Overview—Government Regulation" for additional information on certain applications in process or under evaluation.

Any failure or perceived failure to comply with applicable laws, regulations or orders of any government authority (including changes to or expansion of their interpretation), in particular in relation to anti-money

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laundering, economic and trade sanctions, fraud detection and taxation, has in the past and may in the future result in regulatory and legal consequences. These may include significant fines, penalties, monetary damages, public censure, injunctive relief, criminal and civil lawsuits, forfeiture of significant assets and enforcement actions in one or more jurisdictions; result in additional compliance and licensing requirements; cause us to lose existing licenses or prevent or delay us from obtaining additional licenses that may be required for our business; increase regulatory scrutiny of our business; divert management's time and attention from our business; restrict or prohibit our operations; lead to increased friction for customers; force us to make changes to our business practices, products or operations; require us to engage in remediation activities; or delay planned transactions, product launches or improvements. Any of the foregoing could, individually or in the aggregate, harm our reputation, damage our brands and business and adversely affect our operating results and financial condition. The complexity of regulatory and enforcement regimes in the jurisdictions in which we operate, coupled with the global scope of our operations and the evolving global regulatory environment, could result in a single event prompting a material number of overlapping investigations and legal and regulatory proceedings by multiple government authorities in different jurisdictions. While we have implemented policies, procedures and controls designed to help ensure compliance with applicable laws and regulations, there can be no assurance that our employees, contractors and agents will not inadvertently or otherwise violate such laws and regulations.

If there is a conflict between the regulations to which we are bound (including conflict between regulatory requirements and applicable tax laws) and our operations, we may need to restructure our intercompany and third-party transactions to be in compliance with applicable regulations and any such restructurings could have adverse tax implications. Furthermore, it may not be possible to be in compliance with applicable laws and regulations to which we are subject if such laws and regulations pose conflicting and incompatible requirements on our business. Noncompliance with applicable regulations could harm our business, require the payment of significant fees or fines, subject our operations to additional tax liabilities, or prevent us from operating in the markets in which we currently or may in the future operate. Furthermore, any tax, fee or other requirement or restriction exclusively on money movement or money management services could put us at a competitive disadvantage to other means of payment or money management which are not subject to the same taxes, fees, requirements or restrictions. Such initiatives may increase our or our customers' costs and have a material adverse impact on our business, financial condition and operating results. Finally, our business could be harmed if a government in a jurisdiction in which we operate were to levy taxes on money movement.

Further, governmental agencies worldwide have imposed, and may impose new or additional rules on financial services affecting us; our third-party providers, including our payment processing and banking partners; or commercial counterparties, including regulations that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prohibit, restrict and/or impose taxes or fees on payment transactions in, to or from certain countries or with
certain governments, individuals and entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impose new requirements, change requirements or re-interpret existing
requirements regarding the acquisition of local currency for disbursement to recipients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impose additional customer identification or due diligence requirements, including requirements to verify the
professional, immigration or other status of customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impose additional third-party provider due diligence and vendor management requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impose additional disclosures, reporting or recordkeeping requirements, or additional enhanced transaction
monitoring;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limit the types of entities capable of providing cross-border payment services, impose additional licensing or
registration requirements on us, or our third-party providers, or impose additional requirements on us with regard to selection or oversight of our third-party providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impose or increase minimum capital or other financial requirements on us or our third-party providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limit or restrict the revenue which may be generated from money movement, including transaction fees and revenue
derived from foreign exchange or investment services;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require we provide additional, jurisdiction-specific consumer protection rights to our customers across multiple
jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require the principal amount of money originated in a country to be held or invested in that country or held in a
trust until the relevant governmental agencies are paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limit the number or principal amount of payments that may be sent to or from a jurisdiction, or the amount of
certain currencies that may be held within a jurisdiction, whether by an individual, through one third-party provider, or in aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impose more stringent information technology, cybersecurity, privacy and operational security requirements on us
or our third-party providers and their service providers, including relating to data transfers and the use of cloud infrastructure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impose additional risk management and related governance and oversight requirements, including relating to the
outsourcing of services to other group companies or to third parties.

In addition, changes in regulatory expectations, interpretations or practices could increase the risk of regulatory enforcement actions, fines and penalties. If the regulatory bodies that oversee our operations adopt, or if customer advocacy groups are able to generate widespread support for, positions that are detrimental to our business, then our business, financial condition, operating results and prospects could be harmed.

On June 16, 2025, we applied to the Office of the Comptroller of the Currency (the "OCC") for a national bank charter to establish Wise National Trust ("WNT") in the United States. If our trust application is not granted, our ability to scale our U.S. operations efficiently may be impacted. We may also continue to face operational and cost inefficiencies due to dependence on third-party banks and a competitive disadvantage against those with national trust bank charters or similar bank authorizations who could offer faster and cheaper settlement of transfers involving U.S. dollars.

If our trust application is granted, operating a national trust bank would introduce a higher level of scrutiny and operational complexity than our current U.S. money transmitter licenses ("MTLs"). We would be subject to a higher degree of federal oversight and compliance failure could result in severe enforcement actions. In acting as a fiduciary for customer funds, WNT will also be responsible for the investment and management of those assets. If the investments perform poorly or are mismanaged, WNT could be exposed to liability. Any of these factors may adversely affect our business, operating results and prospects.

***If we, or the financial institutions that we work with, fail to comply with the regulatory license conditions in a given market, our operations would be adversely affected.***

The provision of money movement, payment, stored value/e-money and other financial services is highly regulated, and the requirements vary from jurisdiction to jurisdiction. We obtain and maintain licenses issued by governmental authorities that, in some cases, including in the United States, permit us to operate without holding a bank charter. Obtaining and maintaining a banking license or bank charter, including in the United States, would subject us to additional and different regulatory requirements that may be above and beyond what is required by our current licensing portfolio. These may include capital and liquidity standards, as well as additional reporting and disclosure obligations.

Nevertheless, as an entity licensed to provide these services, we are subject to extensive financial, operational and other regulatory requirements that we must comply with to maintain our licenses and conduct business. These may include: net worth requirements; restrictions or obligations with respect to customer funds, including requirements to maintain insurance or reserves in an amount equivalent to outstanding payment obligations and limitations on our investment of customer funds; bonding requirements; liquidity requirements; limitations on the amount and type of receivables we may be owed by our affiliates or third parties; requirements for regulatory approval of controlling shareholders; reporting requirements; anti-money laundering and countering the finance of terrorism compliance requirements; privacy and cybersecurity requirements; customer disclosure requirements; and monitoring, examination and oversight by regulatory agencies in the jurisdictions in which we operate.

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As part of our licenses or authorizations, we are required to comply with a significant number of requirements. We cannot guarantee that our controls, policies and procedures will fully prevent failures to comply with specific requirements. We also provide services into and from jurisdictions in which we are not expressly required to be licensed or authorized, in reliance on exemptions or our understanding of the applicable authorization regime.

Some of the jurisdictions where we operate, like the United Kingdom, require us to comply with certain regulatory capital and liquidity requirements. If the capital requirements to which we are subject increase, or if new jurisdictions impose capital requirements on us, we may need to reallocate a portion of our cash or similar resources, raise additional capital, either through external financing sources or by raising prices, in order to support these requirements and maintain our licenses.

We may also be required to comply with local governance and oversight requirements. If boards of directors of our entities, accountable individuals or control frameworks are insufficient, or if group policies and arrangements are inadequate, inconsistently implemented or not tailored to local requirements, we could face compliance failures, inaccurate or late regulatory reporting or breaches of contractual obligations, which create additional complexity for our business. The risk that we may exercise inadequate governance and oversight may be further exacerbated by our global corporate structure and group-wide arrangements. These issues could result in regulatory sanctions or license restrictions, loss of relationships with banks and other partners, increased costs, and other material harm to our business, financial condition and results of operations.

In certain jurisdictions we are required to comply with safeguarding requirements to protect customer funds received in connection with the provision of our services. Regulatory scrutiny of safeguarding has steadily intensified in recent years, and new requirements may require us to undergo additional independent or regulatory audits. In addition, regulators may, from time to time, conduct inspections or examinations, thematic reviews or other assessments of our compliance with safeguarding requirements. Any failure by us to comply with safeguarding obligations could result in reputational harm, monetary penalties and other sanctions or impact our ability to do business in certain jurisdictions.

We are also subject to laws and regulations which prohibit us from transmitting money to specified countries or to or on behalf of prohibited individuals, including, but not limited to, the laws and regulations enforced by OFAC in the United States, H.M. Treasury's Office of Financial Sanctions Implementation ("OFSI") in the United Kingdom, regulations enacted by the European Union and the United Nations Security Council. Geopolitical events may result in new or expanded embargoes or sanctions, which would significantly limit or adversely impact our ability to continue operations in that country and may increase operating costs. If any sanctions or similar restrictions are imposed on the third parties that we work with, this would restrict our ability to work with them in the future.

Certain countries may require us to engage with designated banks or other financial counterparties or may introduce other legislation, such as exchange controls, which decreases the volume of our business.

The jurisdictions in which we operate may also introduce reforms or amend regulations that could lead to increased costs to us or our customers, limit the currencies which we offer or impose actions that could affect currency liquidity. We may not be able to comply with or anticipate these new or additional requirements and may need to change our operations significantly or incur increased costs to comply.

Regulators around the world increasingly take note of each other's approaches to regulating the payments and financial services industry. Consequently, new laws or regulations in one jurisdiction may be replicated in others, therefore affecting our business across multiple jurisdictions or product or service offerings. Implementing such changes across jurisdictions may require significant work and resources.

In addition to relying on our own licenses and approvals, we partner with and/or depend upon financial institutions to provide our products. First, we depend on financial institutions in the execution of funds transfers, foreign currency

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transactions, and in connection with our Wise Assets and payment card products. Those financial institutions are subject to a wide range of strict regulatory requirements, similar to, but in some cases, above and beyond those applicable to our business. Any changes to existing regulations, internal risk appetites or regulatory expectations impacting such financial institutions could in turn have an impact on us. For example, any restrictions placed on those institutions' businesses may affect their ability to partner with Wise or to offer the services that Wise depends on, both of which would have an adverse impact on our ability to offer services to our own customers. These financial institutions could also decide to restrict or stop providing the services on which we depend, potentially requiring us to transition to another provider, increase our costs or restrict or terminate certain products or services.

Second, we have relationships with financial institutions, including banks and non-banks, in connection with Wise Platform, our global payment infrastructure for banks, financial institutions and enterprises. We offer products and services to these institutional partners or their customers, including through application programming interfaces ("API"). These services include allowing the institutional partners to send and receive payments on behalf of their customers or embedding Wise services into their platform via Wise's API. These institutional partners may also be subject to similar or the same regulatory regimes as Wise. Any changes to existing laws and regulations, or any instances of material non-compliance by our Wise Platform partners, may affect their ability to offer their own services and thus to partner with Wise. Loss of these partner relationships could adversely impact revenue generated from the services delivered through Wise Platform.

If we, or the financial institutions that we work with, are unable to conduct our business in compliance with the licenses, laws, regulations and standards to which we are subject, or if we are not able to remain compliant as they change, or if changes negatively impact our businesses, we may decide to or could be forced to leave certain markets, stop offering certain products or services to our customers or be subject to increased costs or fines.

***Our ability to offer our services and to offer competitive fees may be reduced or limited because of regulatory initiatives and changes in laws and regulations or their interpretation and industry practices and standards.***

The evolving policy and regulatory environment, including increased fees or taxes, regulatory initiatives and changes in laws and regulations or their interpretation, industry practices and standards imposed by governments and changes in expectations regarding our products and compliance efforts may impact the manner in which we operate our business, may change the competitive landscape and may adversely affect our financial results. Recently proposed and enacted legislation related to financial services providers and consumer protection in various jurisdictions around the world has subjected and may continue to subject us to additional regulatory oversight, mandate additional consumer disclosures and remedies, including refunds to consumers, or may otherwise impact the manner in which we provide our services.

In particular, the U.S. Consumer Financial Protection Bureau ("CFPB") has authority over Regulation E, which implements the Electronic Fund Transfer Act and, among other things, consumer protection requirements under the Remittance Transfer Rule. The CFPB could modify the Remittance Transfer Rule or issue administrative guidance that may impose limitations on remittance providers, such as the type of fees charged by remittance companies, how remittances are advertised to consumers, how the exchange rate is applied to transactions by these companies. Such changes may require us to assume fees and charges by third-party providers that are outside of our control.

In addition, the CFPB administers other regulations governing consumer financial services and may adopt new regulations, including regulations defining unfair, deceptive or abusive acts or practices and new model disclosures. The CFPB's authority to change the interpretation of regulations, or to rescind or alter past regulatory guidance, could force us to make changes to our products or business operations, which may lead to an increase in our compliance costs and litigation exposure, and thus our ability to offer our products at competitive prices. These regulations, changes to these regulations, and other potential changes under CFPB regulations could harm our business, financial condition, operating results and prospects and could force us to change the way we operate our business.

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These risks are heightened for companies, like Wise, that have previously been the subject of enforcement action by the CFPB. Although Wise's January 2025 Consent Order was amended in May 2025 to significantly reduce the penalty, Wise may face increased CFPB or other regulatory scrutiny for compliance with these laws and CFPB regulations.

Governmental authorities could also regulate foreign exchange rates, implement capital controls or tax foreign exchange purchases in countries in which we do business, and this could harm our business. Similarly, if governments implement new laws or regulations that limit our right to set fees, then our business, financial condition, operating results and prospects could be adversely affected.

***The greater level of regulatory scrutiny and compliance demand in the financial sector increases the risk of regulatory action against us or our financial institutional partners, whether formal or informal.***

Regulators across the world subject financial institutions, including Wise, to intense review, supervision and scrutiny and have authority to commence investigations and take enforcement action. Regulators regularly review our operations, and there can be no guarantee that all regulators will agree with our internal assessments of compliance with applicable laws, regulations or regulatory policies.

We are subject to examination by financial industry regulators, such as the FCA (U.K.), the National Bank of Belgium (EU), the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority (Australia), U.S. state regulators, and CFPB (U.S.). We are, and have been, engaged in discussions with regulators regarding the adequacy of our financial crime systems and controls, including in the areas of customer due diligence, transaction monitoring and reporting, customer onboarding and the oversight of outsourced functions. These regulators have the authority to examine and supervise us, and may take formal or informal actions against us that force us to adopt new compliance programs or policies, remove personnel including senior executives, provide remediation or refunds to customers or undertake other changes to our products or business operations. Any gaps or perceived weaknesses in our compliance management system may also subject us to penalties or other enforcement action by regulatory authorities. For example, in July 2025, Wise US Inc. paid a $4.2 million administrative penalty and entered into a settlement with six U.S. state regulators to resolve concerns identified in a routine exam of operations from July 2022 to September 2023 related to compliance with AML/CTF obligations. In connection with the settlement, Wise made enhancements to its AML/CTF compliance program.

Many of the jurisdictions in which we operate have implemented or are in the process of implementing reporting, record-keeping or information-sharing obligations to improve tax compliance. In addition, as a result of the U.S. Foreign Account Tax Compliance Act and Organization for Economic Co-operation and Development ("OECD") Common Reporting Standard regulations, most countries that we operate in have introduced information-sharing obligations that are either currently applicable or may become applicable in the future to us or our partners. Any failure by us to comply with these or any similar obligations could result in substantial monetary penalties and other sanctions and impact our ability to do business in certain jurisdictions.

If we fail to manage our legal and regulatory risk in the many jurisdictions in which we operate, our business could suffer, our reputation could be harmed, and we could be subject to additional legal and regulatory risks. This could, in turn, increase the size and number of claims and damages asserted against us and/or subject us to regulatory investigations, enforcement actions or other proceedings, or lead to increased regulatory concerns. We may also be required to spend additional time and resources on remedial measures and conducting inquiries beyond those which may already be initiated and ongoing, which could have an adverse effect on our business. Similarly, a failure to comply with the applicable regulations in various jurisdictions by our employees, representatives and third-party service providers either in or outside the course of their services, or suspected or perceived failures by them, may result in further inquiries, investigations or regulatory or enforcement action by government authorities against us, our employees, representatives and third-party service providers.

While we have implemented policies and procedures designed to help ensure compliance with applicable laws and regulations, there are a number of risks that cannot be completely eliminated or controlled, particularly given

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our international presence. Regulators and enforcement authorities in every jurisdiction in which we operate have the power to restrict our operations or bring administrative or judicial proceedings against us (or our employees, representatives and third-party service providers), which could result, among other things, in suspension or revocation of one or more of our licenses, cease and desist orders, fines, civil penalties, criminal penalties or other disciplinary action which could materially harm our business, financial condition, operating results, reputation and prospects. Expansion into additional jurisdictions also increases the complexity of our risks in a number of areas including currency risks, interest rate risks, compliance risk, regulatory risk, reputational risk and operational risk. We, or our employees, may from time to time, and as is common in the financial services industry, be the subject of inquiries, examinations or investigations that could lead to proceedings against us or our employees.

***We are subject to economic sanctions laws and regulations. We could face liability and other serious consequences for violations that could harm our business.***

We are subject to various economic and trade sanctions regulations administered by the OFSI in the United Kingdom, the U.S. Treasury Department's Office of Foreign Assets Control, regulations enacted by the European Union, and other governmental authorities in the countries in which we conduct business. These regulations prohibit the provision of certain services to, and engagement in transactions and business with, countries, governments and persons targeted by sanctions. In some cases, we may be required to block or freeze assets associated with certain designated individuals, entities, and other persons, and file reports with applicable governmental authorities.

We have developed and maintain compliance policies, procedures, systems, and controls to comply with applicable sanctions regulations, including providing regular training to relevant staff and utilizing our proprietary software to screen each customer and each transaction. Despite this, there is no certainty that all of our employees, agents, contractors or partners, or those of our affiliates, will comply with all applicable sanctions laws and regulations. In addition, we may have inadvertently engaged in transactions or dealings with certain customers in violation of applicable sanctions laws. As a result, we have submitted and from time to time may continue to submit disclosures regarding compliance with sanctions laws and regulations with applicable government authorities. For example, in 2022, we submitted a voluntary disclosure to OFSI regarding a potential breach of U.K. sanctions regulations relating to a cash withdrawal made from a business account held by a company owned or controlled by an OFSI-designated person. In response, on August 31, 2023, OFSI issued a report regarding this matter and did not impose any monetary penalties on the Company.

Violations of sanctions laws and regulations could result in fines, criminal sanctions against us, our officers, or our employees and implementation of mandated compliance reviews. Any such violations could include prohibitions on our ability to offer our services in one or more jurisdictions and could materially damage our reputation, our brand, our international expansion efforts, our ability to attract and retain employees, and our business, prospects, operating results and financial condition.

***Our (or the third parties with whom we work) actual or perceived failure to comply with data privacy and security obligations could expose us to regulatory investigations or actions, litigation, fines and penalties or other financial liabilities, or otherwise adversely affect our ability to conduct our business.***

In the ordinary course of business, we process personal information and other sensitive information, including proprietary and confidential business data, trade secrets, source code, intellectual property, sensitive employee data, third-party data and customer data (including proprietary and confidential information of our employees, customers and our customers' customers, such as their confidential business data and intellectual property). Our data processing activities subject us to numerous laws, rules, regulations, guidance, external and internal privacy and security policies, contractual requirements, industry standards and other obligations related to privacy and data security, including in the United Kingdom and European Union, where we have material operations, and other jurisdictions around the world.

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European countries have imposed strict laws, regulations, directives and requirements for processing personal data, such as the European Union's General Data Protection Regulation ("EU GDPR"), the United Kingdom's General Data Protection Regulation ("U.K. GDPR") (collectively, "GDPR") and the Privacy and Electronic Communications Directive 2002/58/EC ("ePrivacy Directive"). For example, GDPR requires companies to offer individuals certain rights over their personal data (such as the right to be forgotten), imposes strict data breach notification requirements, requires companies to appoint data protection officers and imposes additional recordkeeping obligations, in addition to other requirements. Penalties under these laws and other related laws can be severe. In particular, under GDPR we may face temporary or definitive bans on data processing and other corrective actions that could materially and adversely impact our operations and ability to do business; fines of up to 17.5 million pounds sterling or 20 million euros (under the U.K. GDPR and the EU GDPR, respectively) or 4% of annual global revenue, whichever is greater; or private litigation related to processing of personal data brought by individual data subjects or groups of data subjects or consumer protection organizations authorized at law to represent their interests. Developments and changes in privacy and data security laws in the European Union and the United Kingdom, including to GDPR, ePrivacy Directive and U.K. or EU privacy and data security laws, may materially affect our business given the scale of our operations, particularly because of the number of customers we serve and number of employees we have in these jurisdictions.

Additionally, under various privacy laws and other obligations, we may be required to obtain certain consents to process personal data. For example, some of our data processing practices may in the future be subject to challenges or lawsuits under data privacy and communications laws in connection with sharing consumer information with third parties through various methods, including session replay providers or via third-party marketing pixels. These practices may be subject to increased challenges by plaintiffs, including in class actions. Our inability or failure to obtain the necessary consent for these practices could result in adverse consequences, including class action litigation and mass arbitration demands.

In the ordinary course of business, we transfer personal data from the European Union, the United Kingdom, and other jurisdictions to the United States or other countries. The European Union, the United Kingdom and other jurisdictions have enacted laws heavily conditioning or limiting the transfer of personal data to other countries. In particular, the European Union and the United Kingdom have restricted the transfer of personal data to the United States and other countries which have not yet been provided an adequacy decision by the relevant authorities in the United Kingdom or European Union. We are subject to data localization requirements under payment services regulations in jurisdictions in which we operate such as India, Indonesia and the UAE. Other jurisdictions may adopt or have already adopted similarly stringent data localization and cross-border data transfer laws. We may be unable to transfer personal data from the European Union, the United Kingdom and other jurisdictions to different countries due to data localization laws, regulations, requirements or limitations on cross-border data flows. Although there are various mechanisms that may be used in some cases to lawfully transfer personal data from the United Kingdom, European Union and other jurisdictions to the different countries, such as standard contractual clauses and data agreements, these mechanisms are subject to legal challenges, and there is no assurance that we can satisfy or rely on these measures to lawfully transfer personal data. A prohibition or material limitation on our ability to transfer personal data to other countries could materially and adversely impact our business operations, including the interruption or degradation of our operations, the need to reorganize part of or all of our business operations related to our processing activities, increased exposure to regulatory actions, substantial fines and penalties, the inability to transfer data and work with partners, vendors, and other third parties, and injunctions against our processing or transfer of personal data necessary to operate our business. Furthermore, companies that transfer personal data out of the European Union and the United Kingdom to other jurisdictions, particularly to the United States, are subject to increased scrutiny from regulators, individual litigants, and activist groups. Some EU regulators have ordered certain companies to suspend or permanently cease certain transfers out of the European Union for allegedly violating the GDPR's cross-border data transfer limitations.

Additionally, the U.S. Department of Justice places additional restriction on certain data transactions involving specified countries (e.g., China, Russia, Iran) and covered individuals (i.e., individuals and entities located in or

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controlled by individuals or entities located in those jurisdictions) that may impact certain business activities such as third-party relationships, sale or sharing of data and employment of certain individuals. Violations of the rule could lead to significant civil and criminal fines and penalties. The rule applies regardless of whether data is anonymized, key-coded, pseudonymized, de-identified or encrypted, which presents particular challenges for companies like ours with a global presence and that handle large amounts of personal data and could impact our ability to engage in transactions or agreements with certain third parties in the future.

In the United States, federal, state and local governments have enacted numerous privacy and data security laws, including consumer protection laws (e.g., Section 5 of the Federal Trade Commission Act), data breach notification laws, personal data privacy laws, and other similar laws (e.g., wiretapping laws). Additionally, certain sector-specific regulations, including regarding the financial industry, require additional privacy and security-related obligations. For example, the Gramm Leach Bliley Act ("GLBA"), as amended, imposes specific requirements relating to the privacy and security of certain "nonpublic personal information" processed by covered financial institutions. Numerous U.S. states have enacted comprehensive privacy laws that impose certain obligations on covered businesses, including providing specific disclosures and affording residents with certain rights concerning their personal data. As applicable, such rights may include the right to access, correct, or delete certain personal data, and to opt-out of certain data processing activities, such as targeted advertising, profiling, and automated decision-making. The exercise of these rights may impact our business and ability to provide our products and services. Certain states also impose stricter requirements for processing certain personal data, including sensitive information, such as conducting data privacy impact assessments. For example, the California Consumer Privacy Act ("CCPA") requires businesses to provide specific disclosures and honor requests of applicable individuals to exercise certain privacy rights. The CCPA provides for administrative fines of up to $7,500 per intentional violation and allows private litigants affected by certain data breaches to recover significant statutory damages. The diverse approach taken across different U.S. state privacy laws to the relevant entity and/or data exemptions may further complicate compliance efforts and could increase legal risk and compliance costs for us, the third parties with whom we work, and our customers. Additional laws are being considered in several other states, as well as at the federal and local levels, and we expect more states to pass similar laws in the future.

In addition to the privacy laws of the European Union, United Kingdom and the United States, we are or may in the future become subject to various privacy laws in the other jurisdictions where we operate globally. An increasing number of laws, regulations, and industry standards govern data privacy and security in these and other jurisdictions in which we operate, including, but not limited to, Brazil's General Data Protection Law (Lei Geral de Proteção de Dados Pessoais, or "LGPD") (Law No. 13,709/2018), Australia's Privacy Act, and China's Personal Information Protection Law ("PIPL"), impose requirements privacy, security and data transfer requirements related to the processing personal data.

In addition to privacy and data security laws, we are contractually subject to industry standards adopted by industry groups, and we are, or may become, subject to such obligations in the future. For example, we are subject to the Payment Card Industry Data Security Standard ("PCI DSS"). The PCI DSS requires companies to adopt certain measures to ensure the security of cardholder information, including using and maintaining firewalls, adopting proper password protections for certain devices and software, and restricting data access. Noncompliance with PCI DSS could result in penalties ranging from $5,000 to $100,000 per month by credit card companies, restrictions on our ability to issue cards, litigation, damage to our reputation, and revenue losses. We also rely on vendors to process payment card data, who may be subject to PCI DSS, and our business may be negatively affected if third parties with whom we work are fined or suffer other consequences as a result of PCI DSS noncompliance. We are also bound by contractual obligations related to data privacy and security, and our efforts to comply with such obligations may not be successful. For example, certain privacy laws, such as GDPR and the CCPA, require our business customers or partners to impose specific contractual restrictions on their processors or service providers. Additionally, we publish privacy policies, marketing materials and other statements, such as compliance with certain certifications or self-regulatory principles, including to our customers and others regarding data privacy and security. Regulators in the United States are increasingly scrutinizing these statements, and if these policies, materials or statements are found to be deficient, lacking transparency, deceptive, unfair or misrepresentative of our practices, we may be subject to investigation, enforcement actions by regulators or other adverse consequences.

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Obligations related to privacy and data security are quickly changing, becoming increasingly stringent, and creating regulatory uncertainty. Additionally, these obligations may be subject to differing applications and interpretations, which may be inconsistent or conflict among jurisdictions. Preparing for and complying with these obligations requires us to devote significant resources, which may necessitate changes to our products or services, information technologies, systems and practices and to those of any third parties that process personal data on our behalf. We may at times fail (or be perceived to have failed) in our efforts to comply with our data privacy and security obligations. Moreover, despite our efforts, our personnel or third parties with whom we work may fail to comply with such obligations, which could negatively impact our business operations.

Applicable privacy and data security obligations, including contractual obligations, may also require us, or we may voluntarily choose, to notify relevant stakeholders, including affected individuals and customers, of security incidents or to take other actions, such as providing credit monitoring and identity theft protection services. Such notifications are costly, and the notifications or the failure to comply with such requirements could lead to adverse consequences.

Any failure or perceived failure by us or the third parties with whom we work to comply with applicable privacy or data security obligations could result in significant consequences for our business. For example, plaintiffs have become increasingly more active in bringing privacy-related claims against companies, including class action claims and mass arbitration demands. Some of these claims could allow for the recovery of statutory damages on a per violation basis and, if viable, carry the potential for vast statutory damages, depending on the volume of data and the number of violations. Any of these events could have a material adverse effect on our reputation, business or financial condition, including but not limited to: adverse publicity, loss of trust in us by our customers and partners, reputational harm, inability to process personal data or to operate in certain jurisdictions, expenditure of time and resources to defend any claim or inquiry and interruptions or stoppages in our business operations.

***We are subject to the U.K. Bribery Act, the U.S. Foreign Corrupt Practices Act and other anti-corruption laws.***

Our operations are subject to anti-corruption laws, including the U.K. Bribery Act, the Foreign Corrupt Practices Act (the "FCPA"), the U.S. domestic bribery statute contained in 18 U.S.C. §201, the U.S. Travel Act, and other anti-corruption laws that apply in countries where we do business. The U.K. Bribery Act, the FCPA and these other laws generally prohibit us, our employees, representatives, agents, and other intermediaries from authorizing, promising, offering or providing, directly or indirectly, improper or prohibited payments, or anything else of value, to government officials or other persons to obtain or retain business or gain some other business advantage. Under the U.S. Bribery Act, we may also become liable for failing to prevent a person associated with us from committing a bribery offense. In addition, the FCPA requires public companies to make and keep books and records that accurately and fairly reflect the transactions of the corporation and to devise and maintain an adequate system of internal accounting controls.

We operate or may in the future operate in jurisdictions that present a heightened risk of U.K. Bribery Act, FCPA and other anti-corruption law violations. We may engage third parties to market or sell our products or to help us obtain necessary permits, licenses, patent registrations, and other regulatory approvals in these jurisdictions. We can be held liable under anti-corruption laws for the corrupt or other illegal activities of our employees, agents, contractors, and other partners, even if we do not explicitly authorize or have actual knowledge of such activities. While we operate a risk-based anti-bribery and corruption framework, and therefore controls which we deem to be proportionate to our business activities, there may be significant counterparty- and geography-related risks given Wise's operating model stemming from the conduct of third parties, variance in legal frameworks, and divergent business practices. Enforcement of these laws continues to intensify globally, and evolving regulatory expectations may increase our compliance burden. In addition, we cannot predict the nature, scope or effect of future regulatory requirements to which our international operations might be subject or the manner in which existing laws might be administered or interpreted. Any violation of anti-corruption laws and regulations may result in substantial civil and criminal fines and penalties for both natural persons and legal entities, resulting in imprisonment, the loss of licenses, debarment, tax reassessments, breach of contract and fraud litigation, reputational harm and other consequences.

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**Risks Related to Our Intellectual Property** 

***Any failure to obtain, maintain, protect or enforce our intellectual property and proprietary rights could impair our ability to protect our brand and technology.***

Our success depends to a significant degree on our ability to obtain, maintain, protect and enforce our intellectual property rights across an increasing number of jurisdictions worldwide. We rely on a combination of trademarks, trade secrets, copyrights, service marks, contractual restrictions and other intellectual property laws and confidentiality procedures to establish and protect our proprietary rights. However, the steps we take to obtain, maintain, protect and enforce our intellectual property rights may be inadequate. We will not be able to adequately protect our intellectual property rights if we are unable to enforce our rights or if we do not detect unauthorized use of our intellectual property rights. In addition, defending our intellectual property rights might entail significant expense. Any trademarks or other intellectual property rights that we have or may obtain may under specific circumstances be challenged or circumvented by others or invalidated or held unenforceable through administrative process, including re-examination, inter partes review, interference and derivation proceedings, equivalent proceedings in foreign jurisdictions (e.g., opposition proceedings) or litigation.

These risks are heightened by our international operations. Our intellectual property rights in some countries outside the United States, the United Kingdom and the European Union can be less extensive than those in such jurisdictions. In addition, the laws of some foreign countries do not protect proprietary rights to the same extent as the laws of our major jurisdictions, and many companies have encountered significant challenges in establishing and enforcing their proprietary rights worldwide. Accordingly, we may not be able to stop the infringement, misappropriation or other violation of our intellectual property rights, or choose not to seek protection, in certain countries.

The value of our intellectual property could diminish if others assert rights in our ownership of our trademarks and other intellectual property rights, or trademarks that are similar to our trademarks. We may be unable to successfully resolve these types of conflicts to our satisfaction. Furthermore, third parties have and may assert intellectual property claims against us, and we may be subject to liability, required to enter into costly license agreements, or required to rebrand our products or prevented from selling our products if third parties successfully oppose or challenge our trademarks or successfully claim that we infringe, misappropriate or otherwise violate their trademarks or other intellectual property rights. As we expand our international activities, our exposure to unauthorized copying and use of our products and proprietary information will likely increase. Moreover, policing unauthorized use of our technologies, trade secrets and intellectual property may be difficult, expensive and time-consuming. Accordingly, despite our efforts, we may be unable to prevent third parties from infringing upon, misappropriating or otherwise violating our intellectual property rights.

We may also consider litigation to be necessary in the future to protect and enforce our intellectual property rights and to protect our trade secrets, which could be costly, time-consuming and distracting to management, and could result in the impairment or loss of portions of our intellectual property. Further, our efforts to enforce our intellectual property rights have been and may in the future be met with defenses, counterclaims and countersuits attacking the validity and enforceability of our intellectual property rights, and if such defenses, counterclaims or countersuits are successful, we could lose valuable intellectual property rights. Our potential inability to protect our proprietary technology against unauthorized copying or use, could delay the release of new products or technology capabilities, impair the functionality of our products and platform capabilities, result in our substituting inferior or more costly technologies into our products, or injure our reputation.

***We are from time to time subject to intellectual property disputes, which are costly and may subject us to significant liability and increased costs of doing business.***

We are, have been and may in the future be subject to intellectual property disputes. Our success as a business depends, in part, on our ability to develop and commercialize our offerings without infringing, misappropriating or otherwise violating the intellectual property rights of third parties. Even though we have procedures in place to confirm availability of the chosen product names, we still may not be aware that our offerings are infringing,

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misappropriating or otherwise violating third-party intellectual property rights, and such third parties may bring claims against us, our business partners and our customers alleging such infringement, misappropriation or violation.

Companies in the technology industry are often required to defend against litigation claims based on allegations of infringement, misappropriation or other violations of intellectual property rights. We may not in all instances be able to successfully defend or ascertain all third-party rights implicated by our business. Any claims of intellectual property infringement, even those without merit, may be time-consuming and expensive to resolve, divert management's attention, cause us to cease using or incorporating the challenged technology, expose us to other legal liabilities, such as indemnification obligations, or require us to enter into licensing agreements to obtain the right to use a third-party's intellectual property. In addition, many companies have the capability or willingness to dedicate substantially greater resources to enforce their intellectual property rights and to defend claims that may be brought against them. If we are found to infringe a third-party's intellectual property rights and we cannot obtain a license or develop a non-infringing alternative, we would be forced to cease business activities related to such intellectual property.

Lastly, like any other business we are not protected from bogus, and disingenuous intellectual property infringement disputes filed by malicious actors such as patent trolls.

Although we carry general liability insurance, our insurance may not cover potential claims of this type or may not be adequate to indemnify us for all liability that may be imposed. We cannot predict the outcome of lawsuits and cannot ensure that the results of any such actions will not have an adverse effect on our business, financial condition or operating results.

***We may be subject to claims asserting that our employees, consultants or advisors have wrongfully used or disclosed alleged proprietary information of their existing or former employers or claims asserting ownership of what we regard as our own intellectual property.***

Although we try to ensure that our employees, consultants, advisors and other contractors and partners do not use the proprietary information or know-how of others in their work for us, we may be subject to claims that we or these individuals have used or disclosed intellectual property, including trade secrets or other proprietary information, of any such individual's existing or former employers or other third parties. Litigation may be necessary to defend against these claims. If we fail in defending any such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights or personnel. Even if we are successful in defending against such claims, litigation could result in substantial costs and be a distraction to management.

In addition, while it is our policy to require our employees and contractors who may be involved in the creation or development of intellectual property on our behalf to execute agreements assigning such intellectual property to us, we may be unsuccessful in having all such employees and contractors execute such an agreement. The assignment of intellectual property may not be self-executing, or the assignment agreement may be breached and we may be forced to bring claims against third parties or defend claims that they may bring against us to determine the ownership of what we regard as our intellectual property. Any of the foregoing could have a material adverse effect on our business, financial condition and operating results.

***We use third-party open-source software in our products, which could negatively affect our ability to sell our products or subject us to litigation or other actions.***

We use, and expect to continue using, open source software in connection with our products and services. Some open source software licenses, which we may be subject to, require those who distribute open source software to publicly disclose all or part of the source code to such software product or to make available any derivative works of the open source code on unfavorable terms or at no cost. Accordingly, we could inadvertently be subject to terms we did not intend to accept, or be alleged to have done so, in part because open source license

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terms are often ambiguous. Additionally, we could face claims from third parties seeking to enforce the terms of the applicable open source license. In such an event, we could be required to seek licenses from third parties to continue offering our products and services, to make our proprietary code generally available in source code form, to re-engineer our products and services, or to discontinue our products and services if re-engineering could not be accomplished on a timely basis, any of which could harm our business, financial condition, operating results and prospects. The terms of certain open source licenses to which we are subject have not been interpreted by U.S. or foreign courts, and there is a risk that these licenses could be construed in a way that could impose unanticipated conditions or restrictions on our ability to provide our products and services.

In addition to risks related to license requirements, use of certain open source software can lead to greater risks than use of third-party commercial software, as open source licensors generally do not provide warranties or controls on the origin of software. There is limited legal precedent in this area and any actual or claimed requirement to disclose our proprietary source code or pay damages for breach of contract could harm our business and could help third parties, including our competitors, develop products and services that are similar to or more competitive than ours. Any of these risks could be difficult to eliminate or manage, and, if not addressed, could adversely affect our business, financial condition, operating results, reputation and prospects.

***Provisions in various agreements to which we are party potentially expose us to substantial liability for intellectual property infringement, data protection violations and other losses.***

Our agreements with customers and other third parties sometimes include provisions under which we are liable or agree to indemnify them for losses suffered or incurred as a result of claims of intellectual property infringement, data protection violations, damages caused by us to property or persons or other liabilities relating to or arising from our platform, products, services or other contractual obligations. Some of these agreements provide for uncapped liability for which we would be responsible, and some provisions survive termination or expiration of the applicable agreement. Large liability payments could harm our business, operating results and financial condition. Although we normally contractually limit our liability with respect to such obligations, we may still incur substantial liability related to them, and in case of an intellectual property infringement indemnification claim, we may be required to cease use of certain functions of our platform or product offerings as a result of any such claims. Any dispute with a third party with respect to such obligations could have adverse effects on our relationship with that third party and other existing and new third parties and harm our business.

**Risks Related to Tax Matters** 

***Evolving tax laws or interpretations of tax laws by tax authorities, including how they are applied to us and the local financial institutions that we work with, could adversely affect our business.***

As a multinational organization operating in multiple jurisdictions we may be subject to increasingly complex tax laws and taxation in several jurisdictions, the application of which can be uncertain. The amount of taxes we are required to pay in these jurisdictions could increase substantially as a result of changes in the applicable tax principles and tax authority practice, including increased tax rates, new tax laws, in particular those that are implemented with limited notice, revised interpretations of existing tax laws (including new administrative guidance or executive action), or changes to enforcement practices and procedures, and potential disputes with tax authorities, which could have a material adverse effect on our business. The amount of taxes we pay in different jurisdictions depends on the application of the tax laws in those jurisdictions and includes complex rules and regulations that require significant judgment. Our effective tax rate and tax filings reflect the interpretation of such tax laws.

Tax authorities may disagree with our positions and conclusions regarding certain tax positions or otherwise assert that we have failed to comply with applicable tax laws in the jurisdictions in which we currently or may in the future operate. For example, we have established processes and procedures intended to comply with tax laws that apply to us and the transactions that we handle, but we may inadvertently fail to comply with all applicable tax payment, reporting or compliance obligations as a result of the large volume of transactions that we handle

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and the multiple jurisdictions in which we operate. Further, tax authorities may challenge our VAT treatment or input VAT recovery methodology as we operate in the financial services sector, which often adds another layer of complexity and sensitivity to VAT application. Alternatively, tax authorities may challenge our related party transfer pricing policies, claim that our operations constitute a taxable presence in different jurisdictions, that various withholding requirements apply to us, or assert that benefits of tax treaties are not available to us.

If any tax authority were to be successful in challenging our tax positions, such as these, we may be liable for additional taxes plus penalties and interest, which may have a significant impact on our business, financial condition, operating results and prospects.

As a result, any adverse outcome of our current and future audits by tax authorities could result in unforeseen tax-related liabilities that differ from the amounts recorded in our financial statements, which may materially affect our financial results in the periods for which such determination is made. While we have established reserves based on assumptions and estimates that we believe are reasonable to cover such eventualities based on current knowledge, these reserves may prove to be insufficient.

In addition, we work with local financial institutions that are required to comply with applicable tax obligations in connection with transactions on our service. The failure by the local financial institutions that we work with to comply with such obligations could result in inquiries by tax authorities or other regulators, reputational damage, enforcement actions and additional reporting and withholding requirements.

The OECD introduced significant changes to the international tax law framework through the Pillar Two rules. These rules were established to create a 15% minimum tax rate for certain multinational enterprises. Many countries in which we operate have enacted, or are in the process of enacting, core elements of the Pillar Two rules, and further elements are expected to be enacted in future in these jurisdictions and elsewhere. While the Pillar Two rules have not given rise to a material increase in our effective tax rate, we may in future be subject to tax rate changes, higher effective tax rates, potential tax disputes and adverse impacts to our cash flows, tax liabilities, operating results, compliance costs and financial position.

The United States has enacted several significant changes to U.S. tax laws some of which may adversely affect us, for example, as our U.S. operations expand. Future guidance from the Internal Revenue Service (the "IRS") and other tax authorities with respect to any legislation may affect us, and certain aspects of such legislation could be repealed or modified in future legislation or sunset in future years. The U.S. government may enact further changes to the taxation of business entities, which could include among others, an increase in the corporate income tax rate, the imposition of minimum taxes or surtaxes on certain types of income and significant changes to the taxation of income derived from international operations. We are unable to predict what changes to the tax laws of the United States and other jurisdictions may be proposed or enacted in the future or what effect such changes would have on our business. Any of these or similar developments or changes to tax laws or rulings (which changes may have retroactive application) could result in adverse impacts to our financial condition, operating results and prospects and a material change to the tax considerations described herein.

In summary, the multi-national nature of our business as well as complex, changing tax laws and the conclusion of tax audits and other challenges by tax authorities could increase our effective tax rate and cash outflows, adversely affecting our business and financial results.

***If we were to qualify as a passive foreign investment company, it could result in adverse U.S. tax consequences to certain U.S. holders of our Class A ordinary shares.***

A non-U.S. corporation will be classified as a passive foreign investment company ("PFIC") for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (generally determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of

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passive income. For this purpose, we will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly or indirectly, at least 25% (by value) of the stock of such corporation.

We believe that we should not be classified as a PFIC for the taxable year ended March 31, 2025, and we do not expect to be classified as a PFIC for the taxable year ended March 31, 2026. However, no assurance can be given in this regard because the determination of PFIC status for any taxable year is a fact intensive determination made annually that depends, in part, upon the composition and classification of our income and assets. Fluctuations in the market price of our Class A ordinary shares could cause us to be or become classified as a PFIC for the current or future taxable years because the value of any assets for purposes of the asset test, including the value of any goodwill, may be determined by reference to the market price of our Class A ordinary shares. If our market capitalization subsequently declines, we may be or become classified as a PFIC for the current taxable year or future taxable years. Furthermore, the law applicable to determinations of PFIC status is complex, uncertain and subject to varying interpretation, and the IRS may not agree with the PFIC determinations that we make or have made and their application of the PFIC rules. Even if we determine that we are not (or were not) a PFIC for a particular tax year, the IRS is not bound by that determination and could take a different view. In light of the foregoing, our U.S. counsel expresses no opinion with respect to our PFIC status for any prior, current or future taxable year.

If we are classified as a PFIC for any year during which a U.S. holder holds our Class A ordinary shares, we would typically continue to be treated as a PFIC for all succeeding years during which such U.S. holder holds such shares. See "Item 10.E. Additional Information—Taxation—Certain Material U.S. Federal Income Tax Considerations for U.S. Holders—Passive Foreign Investment Company Rules" for a further discussion of the PFIC rules.

***If we were to be treated as a U.S. corporation for U.S. federal income tax purposes under Section 7874 of the Code, it would result in significant adverse U.S. tax consequences to us and certain holders of our Class A ordinary shares.***

We are incorporated in Jersey and are intended to be solely a U.K. tax resident. However, the IRS may assert that we should be treated as a U.S. corporation (and, therefore, a U.S. tax resident) pursuant to Section 7874 of the Internal Revenue Code of 1986, as amended (the "Code"). We do not believe that we should be treated as a U.S. corporation for U.S. federal income tax purposes. However, the relevant law is not entirely clear and is subject to detailed but relatively new regulations (the application of which is uncertain in various respects, and whose interaction with general principles of U.S. tax law remains untested). A corporation generally is considered for U.S. federal income tax purposes to be a tax resident in the jurisdiction of its organization or incorporation. If the IRS successfully challenged our status as a foreign corporation, significant adverse U.S. tax consequences would result for us and certain holders of our Class A ordinary shares. For example, we could be subject to substantial liability for U.S. income taxes, and the gross amount of any dividend payments to certain non-U.S. holders of our Class A ordinary shares could be subject to U.S. withholding taxes.

***We may be liable for U.K. stamp duty in connection with our reorganization.***

The U.K. tax authority ("HMRC") may decline to grant relief from stamp duty for which we currently intend to apply under section 77 of the U.K. Finance Act 1986 in respect of the share for share exchange effected pursuant to our reorganization. If, contrary to our expectation, HMRC does decline to grant relief, stamp duty will arise at a rate of 0.5%, chargeable on the greater of the amount or value of the consideration given (being the value of the shares issued by us under the share for share exchange) and the market value of the shares transferred, and such stamp duty would be payable by us.

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**Risks Related to Being a Public Company in the United States** 

***We will incur increased costs as a result of operating as a public company in the United States, and management will be required to continue devoting substantial time to compliance with public company responsibilities and corporate governance practices.***

As a public company in the United States, we will incur significant legal, accounting and other expenses that we did not incur previously as a public company solely listed in the United Kingdom. The Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the listing requirements of Nasdaq and other applicable securities rules and regulations impose various requirements on public companies. While we have been publicly listed in the United Kingdom since July 2021, our management and other personnel are not experienced in managing a public company in the United States and will be required to devote a substantial amount of time to compliance with these requirements. Moreover, these rules and regulations will increase certain legal and financial compliance costs and will make some activities more time-consuming and costly, particularly where we engage with third parties to assist with these activities. We cannot precisely predict or estimate the amount of additional costs we will incur as a public company or the specific timing of such costs.

***As a result of being a public company in the United States, we will be obligated to maintain proper and effective internal control over financial reporting, and any failure to maintain the adequacy of these internal controls may adversely affect investor confidence in our company and, as a result, the market price of our Class A ordinary shares.***

Upon becoming a publicly traded company in the United States, we will be required, pursuant to Section 404 of the Sarbanes-Oxley Act, to furnish a report by management on, among other things, the effectiveness of our internal control over financial reporting as of the end of the financial year that coincides with the filing of our second annual report on Form 20-F. This assessment will need to include disclosure of any material weaknesses identified by our management in our internal control over financial reporting. Following management's assessment, our independent registered public accounting firm will be required to attest to the effectiveness of our internal control over financial reporting in our annual reports required to be filed with the U.S. Securities and Exchange Commission ("SEC").

Our current controls were designed for compliance with the requirements applicable to our listing in the United Kingdom, and these and any new controls that we develop may be deemed inadequate because of poor design, gaps in operating effectiveness or changes in conditions in our business. This includes the transition of our primary listing from the United Kingdom to the United States and increased complexity resulting from any international expansion. In addition, changes in accounting principles or interpretations could also challenge our internal controls and require that we establish new business processes, systems and controls to accommodate such changes. Additionally, if these new systems, controls or standards and the associated process changes do not give rise to the benefits that we expect or do not operate as intended, it could materially and adversely affect our financial reporting systems and processes, our ability to produce timely and accurate financial reports or the effectiveness of internal control over financial reporting. Moreover, our business may be harmed if we experience problems with any new systems and controls that result in delays in their implementation or increased costs to correct any post-implementation issues that may arise. Any failure to implement and maintain effective internal control over financial reporting could adversely affect the results of assessments by our independent registered public accounting firm and their attestation reports. If we are unable to certify the effectiveness of our internal controls, or if our internal controls have a material weakness, we may not detect errors in a timely manner, our consolidated financial statements could be misstated, and we could be subject to regulatory scrutiny and a loss of confidence by stakeholders, which could harm our business and adversely affect the market price of our Class A ordinary shares.

During the evaluation and testing process, if we identify one or more material weaknesses in our internal control over financial reporting, we will be unable to certify that our internal control over financial reporting is effective. We have identified material weaknesses in our internal control over financial reporting, and we cannot assure you that there will not be material weaknesses or significant deficiencies in our internal control over financial

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reporting in the future. Any failure to maintain internal control over financial reporting could severely inhibit our ability to accurately report our financial condition or operating results. If we are unable to conclude that our internal control over financial reporting is effective, or if our independent registered public accounting firm determines we have a material weakness or significant deficiency in our internal control over financial reporting, we could lose investor confidence in the accuracy and completeness of our financial reports, the market price of our Class A ordinary shares could decline, and we could be subject to sanctions or investigations by the SEC or other regulatory authorities. Failure to remedy any material weakness in our internal control over financial reporting, or to implement or maintain other effective control systems required of public companies in the United States, could also restrict our future access to the capital markets.

The growth and expansion of our business places a continuous, significant demand on our operational and financial resources. Further growth of our operations to support our customer base, product offerings, software, and internal controls and procedures may not be adequate to support our operations. As we continue to grow, we may not be able to successfully implement requisite improvements to these systems, controls and processes, such as system access and change. Our failure to improve our systems and processes, or their failure to operate in the intended manner, whether as a result of the growth of our business or otherwise, may result in our inability to accurately forecast our revenue and expenses, or to prevent certain losses. Moreover, the failure of our systems and processes could impact the effectiveness of our internal control over financial reporting and could undermine our ability to provide accurate, timely and reliable reports on our financial and operating results. In addition, our systems and processes may not prevent or detect all errors, omissions or fraud.

***In connection with our preparation for compliance with the Sarbanes-Oxley Act, we have identified deficiencies in our internal control over financial reporting that constitute material weaknesses. If we are unable to remediate these material weaknesses or if we are unable to develop and maintain an effective system of internal control over financial reporting, we may not be able to produce timely and accurate financial statements or comply with applicable laws and regulations, which may adversely affect our business and the market price of our Class A ordinary shares.***

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of annual or interim financial statements will not be prevented or detected on a timely basis.

In connection with our preparation for complying with the Sarbanes-Oxley Act, we identified material weaknesses in internal control over financial reporting due to the requirement of Wise to evaluate the effectiveness of its internal control over financial reporting following its U.S. listing and SEC registration, and the process of preparing for our first report by management on the effectiveness of internal control over financial reporting. We are reviewing our processes, risks and controls and assessing the design, implementation and operating effectiveness of our business process, IT and entity level controls. This work of documenting our processes, risks and controls has identified that we have material weaknesses in internal control over financial reporting in the following areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We identified deficiencies within our transaction level business processes related to the identification of risks
of material misstatement, effective design of key controls, the creation and retention of the evidence of control operation, the design of review controls, methods for confirming the accuracy and completeness of reports and information used in the
performance of controls, and segregation of duties controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a result of the complexity in our finance systems environment, we have identified deficiencies in the review
and approval of manual journal entries and the flow of these journal entries into our core finance ledger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have identified a number of deficiencies relating to IT general controls on the systems that underpin our
internal controls over financial reporting. The key areas of control deficiency relate to access management, change management, interface management and third-party management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When considering the above-mentioned material weaknesses, we have identified the root cause against the
components of effective internal control under the Committee of Sponsoring Organizations of the

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Treadway Commission (COSO) framework, in the components of risk assessment, control environment, control activities, information & communication and monitoring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overarching the above, we lacked a sufficient complement of personnel with an appropriate level of internal
controls and U.S. GAAP accounting knowledge and experience commensurate with U.S. financial reporting requirements.

We are developing a remediation plan and are in the process of implementing the actions associated with the plan, which include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• building an operating model and team to support the uplift of controls across business process, IT and entity
level control domains and the annual cycle of activities associated with management's report on the effectiveness of internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• completing the documentation of processes, risks and controls for internal control over financial reporting and
the assessment of the design, implementation and operating effectiveness of those controls under U.S. financial reporting requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing detailed remediation plans for each of the deficiencies identified through this process and by our
external auditors, governed by a steering committee which is chaired by the Chief Financial Officer, to ensure adequate attention is given to these activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regular reporting to our management and Audit Committee on the status of internal control over financial
reporting assessment and remediation.

There are aspects of our internal control over financial reporting that we have not yet assessed in accordance with the requirements of the Sarbanes-Oxley Act, including entity level controls and some areas of business process and IT controls. Therefore, there remains a possibility that further material weaknesses are identified as we complete the remainder of this exercise.

The material weakness will be considered remediated when these controls have been designed, implemented and operate for a sufficient period of time and our management has concluded, through testing, that these controls are effective. Although we intend to complete this remediation process as quickly as practicable, we cannot at this time estimate how long it will take or the costs that will be incurred, and our initiatives may not prove to be successful in remediating the material weakness. We cannot assure you that the actions we have taken to date, and actions we may take in the future, will be sufficient to remediate the control deficiencies that led to our material weakness in our internal control over financial reporting or that they will prevent or avoid potential future material weaknesses or restatements in our financial statements. Further, additional material weaknesses in our disclosure controls and internal control over financial reporting may be discovered in the future.

***As a foreign private issuer, we are permitted to, and do, follow certain home country corporate governance practices instead of otherwise applicable requirements, and we will not be subject to certain U.S. securities laws including, but not limited to, U.S. proxy rules and the filing of certain Exchange Act reports.***

We are a "foreign private issuer" as defined in the SEC rules and regulations. As a foreign private issuer, we have the option to follow certain home country corporate governance practices rather than those of Nasdaq, provided that we disclose any requirements we are not following and describe the home country practices we are following. We intend to rely on this "foreign private issuer exemption" with respect to the Nasdaq rules for shareholder meeting quorums, shareholder approval requirements for certain equity issuances and the independence requirements with respect to the nomination committee and selection of director nominees. We may in the future elect to follow home country practices with regard to other matters. As a result, our corporate governance practices may differ in significant respects from the corporate governance requirements applicable to U.S. companies listed on Nasdaq, and as such our shareholders will not have the exact same protections afforded to shareholders of companies that are subject to all of the Nasdaq corporate governance requirements.

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In addition, as a foreign private issuer, we are not subject to all of the disclosure requirements applicable to companies organized within the United States. For example, we are exempt from the rules and regulations under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), related to the furnishing and content of proxy statements, including the applicable compensation disclosure requirements. In addition, we are not required under the Exchange Act to file reports and financial statements with the SEC as frequently or as promptly as U.S. domestic companies whose securities are registered under the Exchange Act and we are exempt from filing quarterly reports with the SEC under the Exchange Act. Moreover, we are not required to comply with Regulation FD, which restricts the selective disclosure of material information, although we have voluntarily adopted a corporate disclosure policy substantially similar to Regulation FD. These exemptions and leniencies reduce the frequency and scope of information and protections for which you may otherwise have been eligible in relation to a U.S. domestic issuer.

In June 2025, the SEC published a concept release inviting public comment on potential amendments to the definition of "foreign private issuer." The release highlights six possible approaches to amending the foreign private issuer definition, including updating the existing eligibility requirements, adding a foreign trading volume requirement, adding a major foreign exchange listing requirement, requiring that each foreign private issuer be incorporated in a jurisdiction that the SEC determines to have a robust regulatory and oversight framework, developing robust mutual recognition systems and adding an international cooperation arrangement requirement. To the extent the SEC adopts rules amending the definition of "foreign private issuer," we may no longer qualify as a foreign private issuer.

If we no longer qualified as a foreign private issuer, we would be required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act applicable to U.S. domestic issuers, including the U.S. federal proxy requirements, which are more detailed and extensive than the requirements applicable to foreign private issuers. The regulatory and compliance costs to us under the U.S. securities laws as a U.S. domestic issuer would likely be materially higher. We also would lose our ability to rely upon exemptions from certain corporate governance requirements under the listing rules, which may require us to modify certain of our policies to comply with accepted governance practices associated with U.S. domestic issuers. Such conversion and modifications will involve additional costs.

**Risks Related to Ownership of Our Class A Ordinary Shares** 

***The dual class structure of our ordinary shares has the effect of enhancing the voting control of the holders of our Class B ordinary shares, limiting the ability of holders of our Class A ordinary shares to influence the outcome of important transactions.***

Our Class B ordinary shares have nine votes per share, and our Class A ordinary shares have one vote per share. Our Class B ordinary shares are non-tradable and non-transferable. As of March 31, 2026, our outstanding Class B ordinary shares represented approximately 59.38% of the voting power of our outstanding share capital, after giving effect to the applicable voting right caps on the voting power of our Class B ordinary shares, as described in "Item 10.B. Additional Information—Memorandum and Articles of Association—Voting, Shareholder Meetings and Resolutions." As a result, the holders of our Class B ordinary shares, which includes Kristo Käärmann, our co-founder, Chief Executive Officer and a member of our board of directors, exercise considerable influence over matters requiring shareholder approval, including the election of directors and approval of significant corporate transactions, such as a merger or other sale of our company or our assets, even if their shareholdings represent less than 50% of our outstanding share capital. This enhancement of voting control limits the ability of other shareholders to influence corporate matters and may cause us to make strategic decisions that could involve risks to holders of our Class A ordinary shares or that may not be aligned with the interests of holders of our Class A ordinary shares. This control may adversely affect the market price of our Class A ordinary shares.

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***The market price of our Class A ordinary shares may be volatile, and the value of our Class A ordinary shares may decline.***

The market price of our Class A ordinary shares may be highly volatile and may fluctuate or decline substantially as a result of a variety of factors, some of which are beyond our control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated fluctuations in our financial condition or operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variance in our financial performance from our forecasts or the expectations of securities analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our revenue mix;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes we make to the pricing of our products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our projected operating and financial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in laws or regulations applicable to our products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements by us or our competitors of significant business developments or new products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant security or data breaches, disruptions or other incidents involving our infrastructure or products
and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our involvement in litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future sales of our Class A ordinary shares by us or our shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in senior management or key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the trading volume of our Class A ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the anticipated future size and growth rate of our market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• rumors and market speculation involving us or other companies in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overall performance of the equity markets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general political, social, economic and market conditions, in both domestic and our foreign markets, including
effects of increased interest rates, inflationary pressures, bank failures and macroeconomic uncertainty and challenges.

Broad market and industry fluctuations, as well as general economic, political, regulatory and market conditions, may also negatively impact the market price of our Class A ordinary shares. In addition, technology stocks have historically experienced high levels of volatility. In the past, companies that have experienced volatility in the market price of their securities have been subject to securities class action litigation. We may be the target of this type of litigation in the future, which could result in substantial expenses and divert our management's attention.

***Future substantial sales of our Class A ordinary shares in the public market could cause the market price of our Class A ordinary shares to decline.***

Sales of a substantial number of our Class A ordinary shares in the public market, or the perception that these sales might occur, could depress the market price of our Class A ordinary shares and could impair our ability to raise capital through the sale of additional equity securities. We are unable to predict the effect that such sales may have on the prevailing market price of our Class A ordinary shares.

In addition, we intend to register all of the Class A ordinary shares issuable upon exercise of outstanding options, the vesting and settlement of outstanding restricted stock units and other equity incentives we may grant in the future, for public resale under the Securities Act of 1933, as amended. The Class A ordinary shares will become eligible for sale in the public market to the extent such options are exercised or restricted stock units are vested and settled.

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We may also issue Class A ordinary shares or securities convertible into Class A ordinary shares from time to time in connection with financings, acquisitions, investments or otherwise. Any such issuance could result in substantial dilution to our existing shareholders and cause the market price of our Class A ordinary shares to decline.

***We do not intend to pay dividends for the foreseeable future and, as a result, your ability to achieve a return on your investment will depend on appreciation in the market price of our Class A ordinary shares.***

We have never declared or paid any cash dividends on our share capital, and we do not intend to pay any cash dividends in the foreseeable future. Any determination to pay dividends in the future will be at the discretion of our board of directors. Our ability to pay dividends may be restricted by agreements that we are or become a party to, and accordingly, you may need to rely on sales of our Class A ordinary shares after market price appreciation, which we cannot guarantee, to realize future gains on your investment.

**Risks Related to Our Incorporation under the Laws of Jersey** 

***As the rights of shareholders under Jersey law differ from those under U.S. law, you may have fewer protections as a shareholder.***

Following the completion of the Reorganization Transaction, we will be incorporated under Jersey law. The rights of holders of Class A ordinary shares are governed by Jersey law, including the Jersey Companies Law, and by our articles of association to be in effect prior to the listing of our Class A ordinary shares on Nasdaq (the "Articles"). These rights differ in certain respects from the rights of shareholders in typical U.S. corporations. See "Item 10.B. Additional Information—Memorandum and Articles of Association—Comparison of Delaware Corporate Law and Jersey Corporate Law" in this registration statement for a description of the principal differences between the provisions of the Jersey Companies Law applicable to us and the Delaware General Corporation Law relating to shareholders' rights and protections.

The rights of shareholders to take legal action against our directors, actions by minority shareholders (such as derivative claims or applications for relief on the grounds of unfairly prejudicial conduct), and the fiduciary responsibilities of directors under Jersey law are governed by the Jersey Companies Law and the customary law of Jersey. The customary law of Jersey in the field of company law is derived in significant part from English common law, and judicial decisions from the senior courts of England and Wales are of high persuasive authority in the Jersey courts.

The rights of our shareholders and the fiduciary responsibilities of our directors under Jersey law are primarily codified in the Jersey Companies Law, but they are not as comprehensively established by statute or judicial precedent as they would be in some jurisdictions in the United States. The duties and liabilities of directors of a Jersey company are governed by a combination of statute and customary law. Notably, the Jersey Companies Law expressly sets out certain key directors' duties in statute. For instance, Article 74 codifies the directors' fundamental duty to act honestly and in good faith with a view to the best interests of the company. Article 75 codifies the duty to exercise the care, diligence, and skill that a reasonably prudent person would exercise in comparable circumstances. These statutory duties supplement, rather than replace, the broader duties developed at customary law.

In particular, Jersey has a less exhaustive body of securities laws as compared to the United States, and some U.S. states (such as Delaware) have more fully developed and judicially interpreted bodies of corporate law.

Furthermore, there is no statutory mechanism or treaty in Jersey for the automatic recognition or enforcement of judgments obtained in the United States. However, the Royal Court of Jersey will, subject to certain established principles, recognize and enforce a final, conclusive, and monetary judgment of a foreign court of competent jurisdiction (such as a U.S. Federal or State court) without retrial on the merits. This enforcement is achieved by way of a fresh action at customary law based on the judgment debt, provided the judgment is not for a penalty, tax, or fine, and was not obtained in a manner contrary to Jersey principles of natural justice or public policy.

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As a result of all of the above, holders of our Class A ordinary shares may have more difficulty in protecting their interests in the face of actions taken by our management, members of the board of directors, or major shareholders than they would as shareholders of a U.S. company. In addition, there can be no assurance that Jersey law will not change in the future or that it will serve to protect investors in a similar fashion afforded under corporate law principles in the United States, which could adversely affect the rights of investors.

***Our Articles will contain certain provisions, including anti-takeover provisions, that limit the ability of shareholders to take certain actions and could delay or discourage takeover attempts that shareholders may consider favorable.***

Our Articles contain provisions that could have the effect of rendering more difficult, delaying, or preventing an acquisition that shareholders may consider favorable, including transactions in which shareholders might otherwise receive a premium for their shares. For example, our Articles authorize our board of directors to issue, grant options over, grant rights to subscribe for or convert any security into or otherwise deal with or dispose of any unissued shares in our company (save for Class B ordinary shares, as defined in the Articles) without any vote or action by our shareholders. In addition, our board of directors can, for example, authorize and issue preferred shares with voting or conversion rights that could adversely affect the voting or other rights of holders of our ordinary shares in accordance with a shareholder rights plan which the board of directors may adopt if we cease to be subject to the U.K. City Code on Takeovers and Mergers. These rights may have the effect of delaying, discouraging, or preventing a takeover attempt of our company, even if a takeover attempt might be beneficial to our shareholders.

These provisions could also limit the price that investors might be willing to pay in the future for our Class A ordinary shares and therefore depress the trading price. These provisions could also make it difficult for shareholders to take certain actions, including electing directors who are not nominated by the incumbent members of our board of directors or taking other corporate actions, including effecting changes in our management, and may inhibit the ability of an acquiror to effect an unsolicited takeover attempt. Shareholders may experience difficulties in effecting service of legal process, enforcing foreign judgments, or bringing original actions in the jurisdictions in which we are incorporated or in which we operate based on U.S. or other foreign laws against us or our management.

***U.S. shareholders may not be able to obtain judgments or enforce civil liabilities against us, our executive officers or our board of directors.***

We are a Jersey incorporated company, and substantially all of our assets and operations are located outside of the United States. In addition, six of our directors and executive officers reside outside the United States, and the substantial majority of their assets are located outside of the United States. As a result, it may be difficult to effect service of process within the United States or elsewhere upon these persons.

It may also be difficult to enforce judgments in the jurisdictions in which we operate or in Jersey courts against us and our executive officers and directors. It may be difficult or impossible to bring an action against us in Jersey if you believe your rights under the U.S. securities laws have been infringed. In addition, there is uncertainty as to whether the Royal Court of Jersey or courts in jurisdictions in which we operate would recognize or enforce judgments of U.S. courts against us or such persons predicated upon the civil liability provisions of the securities laws of the United States or any state, and it is uncertain whether such Jersey courts or courts in jurisdictions in which we operate would hear original actions brought in Jersey or jurisdictions in which we operate against us or such persons predicated upon the securities laws of the United States or any state.

The United States and Jersey do not currently have a treaty providing for the reciprocal recognition and enforcement of judgments, other than arbitration awards rendered pursuant to the "Convention on the settlement of investment disputes between States and nationals of other States," which was opened for signature in Washington, D.C. in March 1965, in civil and commercial matters. Consequently, a final judgment for payment

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given by a court in the United States, whether or not predicated solely upon U.S. securities laws, may not be enforceable in Jersey, as applicable.

**General Risks** 

***Any future litigation against us could be costly and time-consuming to defend.***

We may become subject to legal proceedings and claims that arise in the ordinary course of business, such as (but not limited to) contractual disputes with partners, vendors or suppliers, customer disputes in connection with the provision of our products and services, securities and class action litigation, litigation arising from a data security incident, antitrust litigation, intellectual property claims, including trademark or patent litigation, and employment disputes involving current or former employees. Litigation might result in potential liabilities, which might seriously harm our business, including its financial condition and operating results, and its reputation and goodwill. Litigation might also result in substantial costs and may divert management's attention and resources. Insurance might not cover such claims, might not provide sufficient payments to cover all the costs to resolve one or more such claims, and might not continue to be available on terms acceptable to us. A claim brought against us that is uninsured or underinsured could result in unanticipated costs, potentially harming our business, financial condition and operating results.

***Natural disasters, catastrophic events, public health crises or other similar events may have serious adverse consequences on our business, financial condition and operating results.***

A catastrophic event could have a material adverse impact on our business, operating results and financial condition. Our facilities can be negatively impacted by damage or interruption from human error, intentional bad acts, health pandemics, earthquakes, hurricanes, floods, fires, geopolitical conflicts and wars, terrorist attacks, power losses, hardware failures, systems failures, telecommunications failures and similar events. The occurrence of any of the foregoing events could damage our systems and hardware or could cause them to fail completely, resulting in lengthy interruptions in provision of our products and services. Our insurance may not cover such events or may be insufficient to compensate us for the potentially significant losses, including the potential harm to the future growth of our business, that may result from interruptions in the provision of our products and services to customers as a result of system failures.

Further, a natural disaster, catastrophic event or public health crises could cause us or our customers to suspend all or a portion of their operations for a significant period of time, resulting in a permanent loss of resources, or requiring the relocation of personnel and material to alternate facilities that may not be available or adequate. Such an event could also cause an indirect economic impact on our customers, which could impact our customers' purchasing decisions and reduce demand for our products and services.

All of the aforementioned risks may be exacerbated if our disaster recovery plans prove to be inadequate. To the extent that any of the above results in delayed, reduced or cessation of revenue or increases our cost of products or services, our business, financial condition and operating results could be adversely affected.

***If securities or industry analysts publish unfavorable or inaccurate research about our business, the market price of our Class A ordinary shares and trading volume could decline.***

The market price and trading volume of our Class A ordinary shares will be heavily influenced by the way analysts interpret our financial information and other disclosures. We do not have control over these analysts. If few securities analysts commence coverage of us following our listing in the United States, or if industry analysts cease coverage of us, our share price would be negatively affected. If securities or industry analysts do not publish research or reports about our business, downgrade our Class A ordinary shares, or publish negative reports about our business, our share price would likely decline. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, demand for our Class A ordinary shares could decrease, which might cause the market price of our Class A ordinary shares to decline and could decrease the trading volume of our Class A ordinary shares.

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***Our insurance coverage will not fully protect us from all types of losses.***

We have insurance with leading insurers to cover, among others, losses related to cyber-liability, physical loss or damage, operational risks and general third-party liability. The occurrence of losses or other damages not covered by insurance could result in unexpected additional costs. In particular, if we face losses or liabilities in connection with cybersecurity issues or data security breaches, we may not be covered by insurance to the full extent of damages that we face. In addition, our insurance premiums may increase, which could have an ongoing impact on our profitability, and it may be difficult to obtain sufficient coverage in the future which could expose us to significant liabilities in the event of losses caused by incidents which are not covered.

**Item 4. Information on the Company** 

***A. History and Development of the Company***

**General History and Development** 

Fifteen years ago, we set out with a simple but visionary goal that became the mission for Wise: money without borders. To do this, we have built an innovative infrastructure to power the world's money, achieving many important milestones along the way.

In 2012, we opened our first office in London and raised $1.3 million in seed funding.

In 2015, we expanded to the United States and Australia.

In 2016, we launched our first business product offering. Also in 2016, a bank used our new API offering — which would later become Wise Platform — to leverage our infrastructure for its customers for the first time.

In 2017, we further expanded our Asia-Pacific operations, opening an office in Singapore. We also launched our Multi-Currency Account ("Wise account") for individuals and businesses, which became our Wise Account and Wise Business product offerings, respectively.

In 2018, we joined Faster Payments in the United Kingdom as the first non-bank payment service provider to be a directly connected settling participant. We also hired our 1,000th employee in 2018.

Between 2018 and 2019, we launched the Wise Card in the United Kingdom, European Union, United States, Australia, New Zealand and Singapore.

In 2019, we opened our Brussels office, marking our tenth key office location.

In 2020, we were granted an FCA license to offer regulated investment activities in the United Kingdom.

In 2021, we rebranded from TransferWise to Wise and completed the listing of our Class A ordinary shares on the London Stock Exchange. We also launched our "Stocks" feature for our customers to invest their money in an index tracking fund as part of our "Wise Assets" offering.

In 2022, we expanded into Brazil and Malaysia.

In 2023, we hired our 5,000th employee and launched our "Interest" feature in the United Kingdom, Singapore and a number of European countries.

In 2025, we opened our office in Hyderabad.

**Corporate Information** 

The legal and commercial name of our company is currently Wise plc. Wise plc was originally incorporated in February 2021 as 456 Newco plc, a private company with limited liability under the laws of England and Wales.

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In July 2021, we re-registered 456 Newco plc as a public limited company and our name was changed from 456 Newco plc to Wise plc. Wise plc is registered with the Registrar of Companies in England and Wales under number 13211214.

In connection with the completion of our listing on Nasdaq, Wise plc, together with its subsidiaries, intends to reorganize by means of a Scheme of Arrangement pursuant to Part 26 of the U.K. Companies Act 2006 under Wise Group plc, a Jersey public limited company incorporated on June 17, 2025, as the ultimate parent of Wise plc and its consolidated subsidiaries. Wise Group plc is Jersey incorporated and is intended to be solely a U.K. tax resident. See "Item 4.C. Information on the Company—Organizational Structure" for more information.

Our principal executive office is located at 1st Floor Worship Square, 65 Clifton Street, London EC2A 4JE, United Kingdom. Our agent for service of process in the United States is BizFilings, located at 525 Junction Road, Suite 5000, Madison, Wisconsin 53717 and the telephone number is (800) 981-7183.

See "Item 5. Operating and Financial Review and Prospects" for a description of our capital expenditures and divestitures.

There has been no public takeover offer as of the date of this registration statement by third parties in respect of our shares.

**Where You Can Find More Information** 

Upon the effectiveness of this registration statement, we will become subject to the information requirements of the Exchange Act, except that as a foreign private issuer, we will not be subject to the proxy rules of the Exchange Act. In accordance with these statutory requirements, we will file or furnish reports and other information with the SEC. The SEC maintains an internet website that contains reports and other information about issuers that file electronically with the SEC. The address of that website is *www.sec.gov.*

Our website address is *www.wise.com*. Information contained on or that can be accessed through our website is not incorporated by reference into this registration statement, and you should not consider information on our website to be part of this registration statement.

***B. Business Overview***

**Our Business** 

Fifteen years ago, we set out with a simple but visionary goal that became the mission for Wise: money without borders. It should not be more expensive or less convenient to use your money in another country. People and businesses should always know what each transaction actually costs.

Guided by this mission, we started with the goal of fixing overseas transfers and went on to build the Wise account for a truly borderless experience for people and businesses using their money. An increasing number of banks and online platforms now offer our products to their customers via Wise Platform.

To power this borderless experience, we have built an innovative infrastructure for the world's money—one that makes payments instant, convenient, low-cost and transparent. In the year ended March 31, 2025, this infrastructure powered payments across more than 40 currencies, moved $185.2 billion across borders for 15.6 million people and businesses, and saved them approximately $2.6 billion along the way, based on our estimates of per-transaction savings calculated by reference to publicly available foreign exchange rates and fees of alternative banks and payment providers. As of September 30, 2025, our customers' holdings across Wise accounts and Wise Assets equaled $33.9 billion, reflecting the trust we have built with our customers. This included $7.5 billion held with Wise Assets, an account feature that helps our customers earn a return on their money while ensuring it remains conveniently accessible.

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We are still just getting started.

We market our services through three product offerings, Wise Account for personal customers, Wise Business for small and medium-sized businesses, and Wise Platform for banks, financial institutions and enterprises. We offer a range of services across all of our three product offerings. For example, both Wise Accounts and Wise Business customers utilize cross-border transaction services when they send money internationally or convert currencies.

The Wise Account is our solution for individual customers to send, spend, hold and get paid in one or more currencies. One of the features of Wise Account is Wise Assets, an investment feature that allows eligible customers to elect to earn a return on their holdings by investing in certain assets, such as money market funds. Wise Business offers the main features of our Wise Account product offering along with business-specific functionalities designed to enable businesses to operate internationally, including managing their accounting and accounts payable and receivables. With Wise Platform, banks, financial institutions and enterprises can integrate into our global payment infrastructure, allowing these institutional partners to send and receive payments on behalf of their customers or embed our services into their platform.

We estimate that the market for our products adds up to $43 trillion worth of cross-border payments every year, and continues to grow. People work, spend and invest internationally. The smallest businesses now have the tools to hire, sell and grow anywhere in the world from day one. We believe that as our customers' lives become more digital, their financial relationships will become even more global. We estimate that by 2029, cross border payments may reach $55 trillion per year. In other words, the $185.2 billion we moved across borders in the year ended March 31, 2025 is only a fraction of our total addressable market.

**Our Infrastructure** 

In theory, the tools for "modern" global money movement have existed for decades. A lack of competition, however, led to underinvestment in technology and infrastructure, resulting in an inefficient legacy system that costs people and businesses billions of dollars in inflated fees for cross-border transactions. These inflated fees are usually hidden in marked-up exchange rates. In many cases, it could also take days for these payments to travel from one country to another through a complicated series of intermediaries.

All of this is why we decided to build a new global payments network that directly connects local banks and payment systems at both ends of the transaction, bypassing the traditional correspondent networks used by banks, and that eliminates costly intermediaries and outdated processes.

In most jurisdictions, our licenses and approvals allow us to offer our products without the need for agreements with local financial institutions. In a few jurisdictions, we enter into such agreements for certain transactions or activities. These providers operate under our instructions, applicable regulatory requirements and payment scheme rules, being the set of rules and procedures for the provision of payment services in that jurisdiction. These providers include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Payment processing partners**, which include licensed local banks, payment service providers and similar
financial institutions that facilitate the receipt of funds, payout of a transaction, currency conversion, account

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top-up (referring to the process by which a customer adds funds to their Wise account from an external source, such as a transfer from the customer's bank account), use of Wise Assets or other similar services. For example, where a transaction or account top-up is funded by card, bank transfer or other permitted method, funds may be received by the payment processing partner and settled to Wise's designated accounts in accordance with scheme rules and our contracts with such partners. In addition, where we do not have a direct connection or integration to the relevant domestic payment system, these partners may also deliver payouts to recipients by executing a local transfer to the recipient's bank account in accordance with our instruction. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Banking partners**, which include licensed banks that provide Wise with safeguarding and operating accounts,
custody, cash management and, in some cases, access to payment schemes or sponsorship for network memberships.

Across these arrangements, we remain responsible for customer due diligence, onboarding, financial crime checks, customer support, sanctions screening and other aspects of the transaction. Where we have direct connections to the relevant domestic payment systems, we typically complete the execution of the transaction directly and do not rely on third-party providers such as payment processing partners.

The examples below illustrate (i) a cross-border transaction where we are directly connected to the relevant domestic payment systems and do not rely on a third party to receive or disburse funds, which represents nearly half of all transactions processed during the year ended March 31, 2025; and (ii) a cross-border transaction where we use third-party providers to receive and disburse funds because we are not directly connected to the relevant domestic payment systems.

![LOGO](g19735g00r74.jpg)

***Regulatory Licenses***

Our products are supported by our ever-growing global licensing footprint. We frequently work with regulators in countries around the world to obtain the licenses and approvals needed to operate and provide the products and features that our customers want. Securing new licenses also allows us to offer new products and features, further fueling our rapid global expansion. As of March 31, 2026, we held over 80 regulatory licenses globally, enabling us to offer customers the ability to hold money in 40 currencies and use the Wise Multi-Currency Card (the "Wise Card") to make payments online and in stores in over 40 currencies across 160 countries and territories, and withdraw money from three million ATMs worldwide.

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***Domestic Payment Systems***

***Technology***

We have spent the past 15 years building and refining our purpose-built technology, enabling us to scale rapidly while delivering the experience and convenience our customers expect. Our website, mobile applications and third-party integrations are all built on a single global technology stack, enabling us to provide a streamlined experience to our customers and the customers of our Wise Platform partners around the world. Our single stack technology also means we can offer a global product while adding local customizations to provide bespoke features, such as spending money like a local with QR code payments and getting paid with local account details, such as U.S. routing and account numbers and Euro IBANs. Finally, our single technology stack gives us a meaningful advantage through the ability to efficiently leverage data from our global customer base to iterate our machine-learning models, thereby strengthening our ability to detect and prevent financial crime and improving our single, 24/7 global treasury system to manage liquidity more efficiently worldwide.

![LOGO](g19735g00n58.jpg)

As of September 30, 2025, over 900 engineers across four continents work to evolve and deploy our technology, which processes over 2,000 transactions per minute, every day, including weekends.

We have heavily invested in technology to strengthen our operations. Our machine learning models are trained on data points and patterns observed across millions of customer profiles and their transactions, enabling us to generate real-time alerts to support our global teams. These tools give us a scalable, cost effective way to help detect and mitigate risks promptly. For example, we have launched large language model copilots across our

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teams, including Financial Crime and Customer Support teams, to help agents improve their investigative precision and efficiency, and we continue to invest in this evolving area.

***Operations***

Our infrastructure is supported by a 24/7 global operations team handling customer support, customer due diligence, onboarding, financial crime checks and payment operations. This operations team is a critical component in delivering a safe, fast and convenient customer experience.

We believe the best customer service is when our products deliver an experience that means customers do not need our help; but when they do, we want to make it easy, seamless and instant. To provide this level of service and to scale our operations at pace with our growth, we have made deliberate investments over the last several years, including in artificial intelligence and developing sophisticated machine-learning models to drive efficiencies, along with our servicing workforce comprising in-house specialists and outsourced agents.

In addition to providing superior customer service, as a financial institution Wise is committed to mitigating financial crime risk and complying with applicable laws, regulations, license conditions and regulatory guidelines. As of September 30, 2025, approximately one third of our global team was dedicated to preventing financial crime, helping to keep our customers' money safe and ensure we are in compliance with the regulatory requirements of the licenses we maintain globally.

**Our Product Offerings** 

Our unique and powerful infrastructure powers our three product offerings: Wise Account, Wise Business and Wise Platform.

***Wise Account***

The Wise Account is our solution for people with cross-border financial needs.

The Wise Account is increasingly popular with customers who want to send, spend, hold and get paid faster and with transparency and convenience. Key features of the Wise Account include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full transparency on fees, with no hidden fees or exchange rate mark ups. Instead, we offer the mid-market exchange rate and charge a transparent, upfront fee, providing certainty on the amount the recipient will actually receive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fast speeds for transfers, with our infrastructure having delivered 74% of transfers instantly (in under 20
seconds) as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access to local account details, such as U.S. routing and account numbers and Euro IBANs, allowing our customers
to more easily receive money in 40 currencies as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access to the Wise Card, which enables customers to spend in more than 160 countries and withdraw money from
three million ATMs globally. Customers do not need to hold the local currency in their account because Wise can convert the amount from another currency the customer holds using our "Smart Conversion" technology, which automatically
selects and converts money from a currency with the lowest conversion fee for that transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For eligible customers, access to our Wise Assets presents an opportunity to earn a return on the money held in
their account by investing in funds holding secure, government-guaranteed assets or in a selected index-tracking fund, while retaining instant access to their funds to make payments or spend with a debit card. As of September 30, 2025, we had
over $7.5 billion in assets under custody.

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During the six months ended September 30, 2025, our Wise Accounts served over 13.4 million active customers around the world, defined as the number of unique customers who have completed at least one cross-currency transaction during the period.

***Wise Business***

Wise Business is the one account that businesses need to grow and operate internationally. Launched in 2017 with a focus on micro businesses and sole traders, Wise Business has been developed to deliver the benefits of our infrastructure to small and medium businesses (SMBs), entrepreneurs and freelancers across 79 countries.

Wise Business offers the main features of our Wise Account product offering along with business-specific functionalities designed to enable business customers to operate internationally. Key features of Wise Business include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Local account details, to pay and get paid in multiple currencies with ease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Multi-user access, enabling customers to assign roles and permissions, such as "admins,"
"payers" and "viewers," to individuals within their business. Multi-user access is supported by real-time notifications and payment approval features for increased security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access to the Wise Business Debit Card, enabling employees of our business customers to order their own physical
or digital debit cards for separate expense types, pre-set individual spending limits and track purchases in real time. Such employees can use their own Wise Business debit cards to pay supplier invoices, buy
inventory and withdraw cash from ATMs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Integration with over 15 accounting platforms as of September 30, 2025, including Xero, QuickBooks and
FreeAgent, and automated syncing of activities, expenses and multi-currency accounts, removing the need to manually export or upload data. These API-based integrations are now used by 12% of Wise Business
customers who hold a balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Professional invoice templates and tooling to automate invoice payments, allowing businesses to create and issue
invoices directly from their Wise Business account in 23 different languages. Depending on their location, customers can then pay in multiple currencies using domestic account details, SWIFT, or instantly through "Pay with Wise."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Batch payments tool to create and complete multiple payments in a single transaction.

As of September 30, 2025, Wise Business served approximately 613,000 active customers.

***Wise Platform***

Wise Platform makes it faster and easier for banks, financial institutions and enterprises around the world to provide their customers with the fast, cost-effective and reliable international financial services that people and businesses increasingly expect.

By integrating with Wise, these banks, financial institutions and enterprises, which we refer to as our Wise Platform partners, can leverage the benefits of our infrastructure without rebuilding their own legacy systems, which often include manual operations, outdated technology, higher fees, lack of transparency and a poor customer experience leading to customer churn.

According to data from Swift, nearly two-thirds of people and SMBs would not use their current provider again if they were charged hidden fees or had a failed payment. Through the growth of the Wise Account and Wise Business, we have seen that customers are increasingly seeking alternatives to their current providers. Wise Platform offers our Wise Platform partners an opportunity to retain existing and attract new customers.

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Key features of Wise Platform include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access to all aspects of Wise's services from instant cross-border transfers to the multi-currency account
and card issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access to a global network of local payment systems — from national payment schemes to wallets and payment
methods — to enable payments in over 40 currencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A global regulatory framework that provides compliance at scale and speed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A single treasury system that provides 24/7 global coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Over 99% straight-through processing rate on transfers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 24/7 operational support around the world with 99% of compliance checks completed in less than one second using
machine learning algorithms.

Wise Platform is already trusted by some of the world's largest banks, including Itaú, Mandiri, Nubank and Monzo, to offer their customers the speed, ease, reliability and cost savings of Wise. The services that we deliver through Wise Platform do not yet generate a material percentage (i.e., currently generates less than 10%) of the Group's overall transaction revenue.

Wise Platform also benefits from powerful network effects for our customers. As more banks and financial institutions integrate with Wise Platform and move their volume through our network, these network effects drive greater economies of scale, expanding our capacity to reinvest efficiency gains into our infrastructure, products, features and pricing, with the aim of driving further volume and delivering better outcomes for everyone on the Wise network.

**Our Competitive Advantages** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Unique and powerful infrastructure.** Over the last 15 years we have invested over $3.8 billion to
build our infrastructure. During this time, we have become increasingly efficient at integrating with payment systems and securing the licenses that underpin our infrastructure. Obtaining approvals to connect with domestic payment networks is
typically a multi-year process, requiring extensive cooperation with regulators to secure the necessary approvals and then building bespoke technical integrations with the systems themselves. Many countries have multiple payment systems, each
optimized for different payment sizes, settlement times, and speeds. Each connection requires significant expertise and investment to meet strict regulatory and technological standards unique to each system. We believe our ongoing investments in
infrastructure translates into market-leading speed and price: the proportion of instant transfers rose to 74% as of September 30, 2025, with an average price of 0.52%, well below the 3-5% charged by most
major banks, which drives long-term customer acquisition, retention and word-of-mouth recommendations. As we build these connections, we continue to refine and
accelerate our processes, making our network increasingly harder to replicate at scale and speed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Products customers love to use.** We are building products that our customers love to use and recommend. We
are solving real problems across cost, speed and price transparency through products that are easy to use and globally available. We continually add to this user experience, launching new features to make Wise Account and Wise Business even more
useful and convenient for people and businesses. This relentless focus on customer outcomes is what drives our growth: over 70% of new customers who joined in the year ended March 31, 2025 came from word-of-mouth recommendations. And with Wise Platform, customers around the world can experience the benefits of our products through their existing providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Leading on price and speed in an increasingly transparent market.** We offer low fees by passing on the
benefits of our scale and cost optimization to our customers. New customers consistently switch

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to Wise because these fees are significantly lower than those charged by traditional banks. This is evident in our Net Promoter Score (NPS) of 69 as of September 30, 2025. Global banks earn roughly $250 billion each year from hidden retail cross-border fees. With technology reshaping financial services and regulators moving toward greater transparency, these fees are likely to decrease over time. In a world where clear, searchable pricing becomes widely expected as standard, consumers and businesses will increasingly prioritize cost efficiency, and we believe Wise is uniquely positioned to lead in this new era of transparency. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **A highly diversified, global business.** Our scaling and profitable business model gives us the capacity to
invest in a range of innovative products and international expansion, allowing us to build a robust and diversified revenue base. We have a broad base to grow our business due to our significant presence across all five of our geographical regions
in North America, Europe, United Kingdom, Asia-Pacific and the rest of the world, which also helps limit the negative impact of country specific events. As the popularity of Wise Account and Wise Business grows, more individuals and businesses are
spending on their Wise cards and holding money in their Wise accounts. Further, for the year ended March 31, 2025, almost a quarter of transaction revenue was derived from business customers and approximately 49% of net revenue from products
and services other than cross-border payments, reflecting increasing diversification across both individual and SMB customers and between domestic and cross-border activities.

**Our Growth Strategy** 

***Products customers love*.** This combination of our investments in building a high speed, resilient and scalable infrastructure with our tireless focus on developing products that address our customers' needs and the challenges they encounter means that we have built a compelling customer proposition. This proposition drives customer growth in two ways.

First, expanding our feature sets and product suite increases our addressable market. For instance, with the launch of the Wise account, we expanded our consumer audience from people who needed to send money across borders to those that wanted to send, spend or receive money too. In addition, as we build these features, existing customers move more of their financial activities to Wise too.

Second, the continual improvements we drive across our products and experience—including those in speed, price and convenience—also leads to existing customers moving more of their financial activities to Wise. For instance, our improvements in price positively impacted growth in larger volume transactions for the year ended March 31, 2025, allowing us to capture more of the $43 trillion market with our existing products.

Adoption of the Wise account, our global solution for people with cross-border financial needs, continues to provide a strong runway of growth. The core features, such as local account details and holding balances in multiple currencies, as well as the Wise Card, are growing our non-cross border revenue and our cross border revenue (from customers converting currency balances, spending cross border on their Wise Card or sending money cross border) and making Wise essential to our customers' international lives.

It is our aim that Wise Business becomes the primary account for businesses operating internationally – whether that's to pay, get paid, earn a return or manage their accounting and accounts payable and receivables. We are also expanding our focus beyond SMBs to serve larger businesses. We expect that new features, combined with our strategic focus on business customers, will solve even more financial needs for our business customers, further fueling our growth.

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With Wise Platform, our infrastructure has the potential to transform the cross-border payments industry, including for our emerging customer category of the banks themselves. Major fast-moving challenger banks, financial institutions and enterprises have already built their international payments products and features on Wise Platform. Traditional banks, which are subject to longer procurement and development cycles, are beginning to follow suit. Wise Platform, while not yet a material percentage (i.e., currently less than 10%) of the Group's overall transaction revenue, has grown in recent years and we expect it to be a major driver of long-term growth. These partnerships typically start with a subset of customers and currencies, then expand to additional currencies and broader customer sectors over time. We are already seeing this progression, and our long-term aim is for Wise Platform to account for more than 50% of Wise's cross-border volume. The growth of Wise Platform remains a long-term initiative; we aim to secure and onboard larger traditional financial institutions that typically have longer procurement and implementation cycles and to bring their significant transaction volumes onto the Wise network. We believe this is achievable over the long term for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased attractiveness of our infrastructure as a result of continued investment in our infrastructure designed
to improve speed, lower cost and increase efficiency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased likelihood that banks, financial institutions and other enterprises whose own customers seek
alternative options for payment transactions and experience positive customer outcomes with Wise, elect to integrate with Wise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each new Wise Platform partner incentivizing others to act, as remaining banks and platforms seek to remain
competitive with peers that adopt Wise's offering and use it to improve price, speed and customer experience, all of which amplify our network effects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expanding reach and utility as more customers connect to our infrastructure, supporting our aim to build the
best global payments infrastructure.

We also continue to grow the number of regions we serve, allowing us to reach even more customers globally. We see significant opportunities across multiple geographies and customer segments that we believe we are well-positioned to capture.

***Greater flows within the Wise network.*** The growth in our customers in turn drives greater flows into and within the Wise network. As these flows increase over time, we realize more economies of scale and network effects. We are already starting to see increased network effects, with 33% of Wise Business customers having received at least one payment from another Wise customer as of September 30, 2025.

This continued scaling has led to improved efficiency and allowed us to reinvest incremental gains into our infrastructure, product development, brand awareness and pricing with the aim of driving further customer growth, leading to volume growth and increased profitability, part of which funds further investment. As we grow, we expect this cycle to continue to accelerate our progress and growth, making it still harder for competitors to match our scale, efficiency and speed.

***Targeted marketing investments to increase awareness of the Wise brand***. With continued investment in intuitive features for our customers, combined with low cost, fast payments, the quality of our account speaks for itself. We consistently see around two-thirds of new customers join us through word-of-mouth from existing customers. Existing customers' recommendations, together with their moving more of their financial activities to Wise, demonstrates the strength and trustworthiness of the Wise brand. To reach more potential customers we continue to invest across multiple marketing channels across key markets to drive incremental adoption and engagement, and increase brand awareness of Wise. Investing in enhancing the awareness of our brand helps us meet our long-term growth goals amidst a growing and increasingly competitive digital-first cross-border market.

***Profitable business providing significant capacity to reinvest for growth and handle trillions***. This dynamic of increased efficiency and targeted reinvestment, combined with our financial discipline, has enabled us to strengthen our position and be profitable. We believe our financial discipline and strength will continue to enable

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our long-term, customer-centric investments into price, product and infrastructure, positioning us to handle trillions and become "the network" for the world's money.

**Our Culture and Employees** 

Our employees are the driving force behind our success. As of September 30, 2025, we employ over 7,500 people, from 126 nationalities, working in 11 key locations around the world. As a global team solving a global problem, we're constantly innovating to deliver the best for our customers. This enables us to continue building products, improve our infrastructure, support our core functions and help attract and serve even more customers.

Our customer-focused culture is fueled by our mission and underpinned by four core values:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *This isn't just a job, we're a revolution*: We're making a positive, important change in
the world. That doesn't happen from hanging out in our comfort zones, and it doesn't happen alone. We need each other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *We get it done*: We break through walls that others haven't touched to make amazing things happen. We
take ownership of what we do. This belongs to us all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Customers > team > ego*: We're building a better world for our customers – that's
the whole point. Customer voices are in the essence of our work, guiding every decision we make.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *No drama. Good karma*: We start by assuming everyone has good intentions. We respect different perspectives
and challenge ideas, not individuals. We're open and honest – there's no hidden agendas here.

These values shape how we communicate and engage with customers and each other. They define what we expect from each other so we can achieve our mission together. Every employee shares in the responsibility of making Wise a success and each of them has the opportunity to participate in our equity and various incentive plans as a way to share the value in our growth, as more fully described elsewhere in this registration statement.

Employees are empowered to solve the most urgent and relevant problems they see for our customers and get things done. Regular feedback is fundamental to our ways of working as a company. During our quarterly planning, teams from across the organization share insights on how we can improve the experience for our customers, from those who are closest to them. This feedback helps us iterate and improve for both customers and employees alike. We take on board what customers are asking for, which shapes our priorities and helps focus our work going forward.

**Competition** 

We operate in a large, dynamic and fragmented market underpinned by rapidly evolving customer expectations and regulatory standards. The primary competitors for our products fall into the following distinct categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• global traditional banks which have yet to become Wise Platform partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• newer financial institutions or platforms, such as Airwallex, Block, Chime, Flywire, Paymentus, Payoneer, PayPal
and Revolut;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legacy foreign exchange businesses, such as Moneygram, Western Union or remittance players such as Remitly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment infrastructure providers, such as MasterCard and Visa.

We believe that Wise and our products are well positioned to capture an increasing share of the market opportunity within this dynamic market. See the section titled "Item 3.D. Key Information—Risk Factors—We may be unable to compete successfully against existing and future competitors that employ a variety of existing business models and technologies or new innovations."

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**Intellectual Property** 

Intellectual property and proprietary rights are important to the success of our business. We utilize a combination of copyright, trademark and trade secret laws in multiple jurisdictions, as well as license agreements, confidentiality procedures, non-disclosure agreements and other contractual protections, to help us establish, maintain and protect our intellectual property and proprietary rights. This includes our proprietary technology, software, know-how and brand.

As of September 30, 2025, we had 19 U.S. registered trademarks, three U.S. pending trademark applications, 421 foreign registered trademarks and 59 foreign pending trademark applications, covering "Wise," "Wise Business," "TransferWise," "Money Without Borders," "Borderless" and several other brands.

We monitor our trademarks and service marks through watch services, which notify us when applications for potentially conflicting marks have been filed in the United States and in other jurisdictions. We take action and enforce our trademarks, service marks, trade names and domain names against infringing third-party trademarks, trade names and domain names. This action includes sending cease and desist letters, filing complaints and commencing administrative and other legal proceedings in the United States and other jurisdictions.

We control access to and the use of our proprietary technology and other confidential information through the use of internal and external controls, including contractual protections with employees, contractors, customers and partners. We generally require employees, consultants and other third parties to enter into confidentiality and proprietary information and invention assignment agreements. We have systems in place designed to control and monitor access to our software, documentation, proprietary technology and other confidential information. Our policy is to require all employees and independent contractors to sign agreements assigning to us inventions, trade secrets, works of authorship, developments, processes and other intellectual property rights generated by them on our behalf and under which they agree to protect our confidential information. In addition, we generally enter into confidentiality agreements with our partners. See the section titled "Item 3.D. Key Information—Risk Factors—Risks Related to Our Intellectual Property" for a description of risks related to our intellectual property.

**Government Regulation** 

With over 80 licenses globally, we are subject to numerous laws and regulations in the various jurisdictions in which we operate. Depending on the jurisdiction, we may require local licenses or a partnership with a local financial institution to operate. In certain jurisdictions in which our principal activities consist of paying funds to local recipients, we generally do not require a regulatory license.

We are regulated by many different authorities, which oversee, among other topics, licensing, consumer protection, financial crime prevention, corporate governance and capital requirements.

Maintaining the trust of our customers, regulators and partners is of paramount importance to us. We continuously assess our assurance and oversight at both the global and local level. Our compliance teams monitor applicable regulatory requirements for compliance purposes across the markets in which we operate. Wise actively participates in government advisory groups and is helping to shape the future regulation of our industry. We have engaged with our regulators and relevant policymakers around the world and will continue this engagement in relation to upcoming changes to the regulatory landscape.

The laws and regulations to which we are subject are rapidly evolving and increasing in scope. As a result, we monitor regulatory changes closely and we expect to continue to invest significant resources in our legal, compliance, product, and engineering teams to ensure our business practices comply with, and plan and prepare for, current and future regulations. Any actual or perceived failure to comply with these requirements may result in, among other things, revocation of required licenses or registrations, loss of approved status, private litigation, regulatory or governmental investigations, administrative enforcement actions, sanctions, civil and criminal liability, monetary penalties, and constraints on our ability to continue to operate.

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The following are summaries of the regulatory regimes in the most significant jurisdictions in which we operate, namely, the United Kingdom, Europe (Belgium and the EEA), the United States and Australia.

***United States***

Our regulated entities in the United States are Wise US Inc. ("Wise US") and Wise US Assets Inc. ("Wise US Assets"). Wise US is registered as a Money Services Business ("MSB") and Prepaid Access Provider with the Financial Crimes Enforcement Network ("FinCEN") and is licensed to operate as a money transmitter in 48 states, the District of Columbia and Puerto Rico. These licenses and registrations subject Wise US to, among other things, record-keeping requirements, reporting requirements, bonding requirements, limitations on the investment of customer funds, and examination by state and federal regulatory agencies.

Wise US Assets is a registered broker-dealer with the SEC, a member of the Financial Industry Regulatory Authority ("FINRA") and certain U.S. state authorities. As such, Wise US Assets is subject to SEC, FINRA and certain state laws and regulations covering, without limitation, how it markets its services, handles customer assets, keeps records, and reports to the SEC and FINRA.

***Wise National Trust (pending)***

On June 16, 2025, we submitted to the Office of the Comptroller of the Currency ("OCC") an application to form Wise National Trust ("WNT") as a nondepository national trust bank to enhance our global payment infrastructure. WNT would operate as a federally regulated trust institution, subject to ongoing supervision and examination by the OCC. If approved, WNT is expected to provide to customers payments processing and fiduciary services, in accordance with applicable fiduciary, capital, risk management, and operational standards prescribed by the OCC for national trust banks and, where applicable, the Federal Reserve. We believe that WNT would expand Wise's fiduciary capabilities to the benefit of customers. For example, WNT would be able to invest customer funds held in Wise accounts pursuant to a trust agreement. Additionally, WNT would enable Wise to provide to customers a custodial account structure designed to qualify for pass-through protection, allowing customer funds to be insured by the Federal Deposit Insurance Corporation ("FDIC"). WNT would achieve this by acting as a fiduciary custodian, placing customer funds with third-party U.S. insured depository institutions in designated pass-through accounts. WNT would achieve this by acting as a fiduciary custodian, placing customer funds with third-party U.S. insured depository institutions in designated pass-through accounts. WNT would implement protocols designed to maintain internal recordkeeping as necessary to identify each beneficial owner's individual interest and to establish pass-through FDIC insurance coverage for each customer.

Further, WNT would be able to provide fiduciary services to our subsidiary in the United States, Wise US Inc. ("Wise US"), including acting as a custodian for money transfers by our customers in the United States that are in transit. Wise US would expect to maintain custodial accounts at WNT and provide direction on the investment of those funds, with WNT serving as custodian for associated bank accounts and investment assets.

We also believe direct supervision by the OCC would evidence a higher level of federal oversight and regulatory maturity commensurate with Wise's current stage of growth and operations. If the trust application is approved, we will have an 18-month period from the date of approval to operationalize WNT, per OCC rules and procedures.

In addition, if the Federal Reserve Master Account were granted, WNT would integrate directly into the Federal Reserve's payment systems, including FedNow. Such access is designed to enable faster settlement times, increase control over the payment process and reduce or eliminate reliance on third-party banks.

WNT will seek to obtain a master account with the Federal Reserve Bank of Dallas ("Federal Reserve Master Account"). A Federal Reserve Master Account would allow WNT to establish a direct connection to the Federal Reserve's payment systems to clear and settle U.S. dollar payments. While conditional approval from the OCC to

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form WNT as a nondepository national trust bank is pending, approval of WNT by the OCC would not assure that any application for a Federal Reserve Master Account would be approved. Master account requests are evaluated under the Federal Reserve's three-tiered review framework. As a nondepository national trust bank supervised by the OCC, we believe WNT would be reviewed under the Federal Reserve's Tier 3 framework. Tier 3 institutions will generally receive the strictest level of review and may be subject to a regulatory framework that is substantially different from the regulatory framework that applies to federally insured institutions. An approval of a Federal Reserve Master Account for WNT, if granted, may be subject to conditions or limited in scope.

***Key Regulatory Authorities***

*FinCEN* 

FinCEN is the U.S. federal regulatory authority established "to safeguard the financial system from illicit use, combat money laundering and promote national security." MSBs are subject to FinCEN's regulatory oversight and enforcement with respect to anti-money laundering ("AML"), terrorist-financing reporting, and record-keeping laws and regulations.

*SEC* 

The SEC is an independent federal government agency and the primary regulator of the nation's securities markets. Established by Congress, its three-part mission is to "protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation." The SEC achieves this by requiring public companies and other regulated entities to disclose essential financial and operational information. The SEC has broad oversight authority over all key market participants, including securities exchanges, broker-dealers, investment advisers, and mutual funds, as well as the industry's self-regulatory organizations such as the FINRA.

*FINRA* 

FINRA is a private, not-for-profit self-regulatory organization for member broker-dealers, authorized by Congress and supervised by the SEC. Its core mission is to protect investors and safeguard market integrity by regulating and supervising the conduct of virtually all broker-dealer firms and their registered representatives. FINRA operates by writing and enforcing rules, examining member firms for compliance with both FINRA rules and federal securities laws, administering qualification exams, and actively monitoring U.S. markets for fraud and manipulation, such as insider trading.

*OFAC* 

The Office of Foreign Assets Control ("OFAC") is responsible for enforcing the U.S. economic and trade sanctions against targeted foreign countries, terrorists, drug cartels, and others. OFAC maintains a list of individuals, businesses, non-profits, and government agencies called the Specially Designated Nationals and Blocked Persons List ("SDN list"). All businesses are required to check their customers against the OFAC list, and ensure that transactions are not otherwise in violation of OFAC sanctions regulations.

*State Regulators* 

Most U.S. states require companies engaged in money transfer and stored value transactions for residents to be registered as money service businesses. To date, we have obtained money transmitter licenses in 48 U.S. states, the District of Columbia and Puerto Rico where such licenses are required, and are registered as an MSB and Prepaid Access Provider with FinCEN. Licensing requirements generally include minimum net worth requirements, provision of surety bonds, compliance with operational procedures, and the maintenance of reserves or "permissible investments" in an amount equivalent to outstanding payment obligations, as defined by

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our various regulators. The types of securities that are considered "permissible investments" vary across jurisdictions, but generally include cash and cash equivalents, U.S. government securities and other highly-rated debt instruments. Most states require us to file reports on a regular basis to verify our compliance with their requirements. Many states and other regulators also subject us to periodic examinations and require us to comply with AML and other laws and regulations similar to The Bank Secrecy Act of 1970, as amended by the USA PATRIOT Act of 2001 ("BSA/PATRIOT Act").

While our state licenses and federal registration status subject us to regulations that govern material aspects of our business, such regulation is not equivalent to the type of prudential regulation and supervision that applies to regulated banks, such as under the Federal Deposit Insurance Act, National Bank Act, Bank Holding Company Act, and Federal Reserve Act, which include prudential supervision by regulators, minimum capital requirements, and specified prohibited activities.

***Other Key Regulatory Considerations***

*Anti-Money Laundering, Anti-Corruption, and Sanctions* 

We are also subject to AML, anti-corruption, and economic and trade sanctions laws and regulations, such as the BSA/PATRIOT Act, that requires that we develop and implement risk-based AML programs, verify the identity of customer accounts, report suspicious activity, and maintain transaction records. In addition to the foregoing, we are required to designate a BSA/AML compliance officer, provide regular training to employees on money laundering prevention, and undergo an annual, independent audit to assess the effectiveness of our AML program. We have policies and procedures in place to address these requirements, including know-your-customer procedures and transaction monitoring designed to identify potentially suspicious persons and activity.

We have policies and procedures for screening OFAC sanctions lists and utilize our proprietary software to screen each customer and each transaction to identify potential OFAC matches. Country-based sanctions lists and the SDN List update every 24 hours and our software automatically cross-references the names of all correspondents, counterparties, and their owners against the updated lists.

*Consumer Laws and Regulations* 

The Consumer Financial Protection Bureau ("CFPB") and other federal, local, and state regulatory and law enforcement agencies regulate financial products and enforce consumer protection laws, including those applicable to credit, debit, payments and other similar services. These agencies have broad consumer protection mandates, and they promulgate, interpret, and enforce rules and regulations that affect our business. Wise US is subject to, among other things, the Electronic Funds Transfer Act ("EFTA") and Regulation E, issued by CFPB as well as prohibitions on unfair, deceptive, or abusive acts or practices. The EFTA establishes the conditions for any transfer of funds initiated by electronic means to debit or credit an account held by a consumer in a financial institution. Regulation E provides additional detail with respect to the rights and remedies set forth in the EFTA as applied to consumer customers, including but not limited to disclosures, pricing guidelines, and error resolution procedures.

*Communications* 

Laws, regulations, and standards covering marketing, advertising, and other activities conducted by telephone, email, mobile devices, and the internet may be or become applicable to our business, such as the Federal Communications Act, the Federal Wiretap Act, the Electronic Communications Privacy Act, the Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003 (the "CAN-SPAM Act"), and similar state consumer protection and communication privacy laws, such as the California Invasion of Privacy Act.

*Data Protection and Information Technology* 

We collect and use a wide variety of information for various purposes in our business. In the United States, the Gramm-Leach-Bliley Act ("GLBA") sets out the federal privacy and data protection framework to which we are

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subject. The GLBA: (1) restricts the collection, processing, storage, use, and disclosure of consumer personal information; (2) requires notice to individuals of privacy practices; and (3) provides individuals with certain rights to prevent the use and disclosure of protected information. The GLBA also imposes requirements for the safeguarding of consumer personal information. Certain state laws also restrict the ability to collect and utilize certain types of information, such as Social Security or driver's license numbers.

In addition to the GLBA, state lawmakers and regulatory authorities have increased their attention to the collection and use of consumer data. For example, certain states in the United States have enacted stringent privacy and data protection legislation and regulations, such as the California Consumer Privacy Act (the "CCPA"), which gives California residents the right to access and request deletion of their personal data, opt out of the sale of personal data, and receive detailed information about how their personal data is processed, and provides a private right of action for certain data breaches involving the loss of personal data. The California Privacy Rights Act modified the CCPA by expanding consumers' rights with respect to certain personal data and creating a new state agency to oversee implementation and enforcement efforts. Certain state laws also restrict the ability to collect and utilize certain types of information, such as Social Security or driver's license numbers.

***The United Kingdom***

Our U.K. regulated entities are Wise Payments Limited (FRN 900507) ("WPL") and Wise Assets UK Ltd (FRN 839689) ("Wise Assets UK").

WPL is authorized by the U.K. Financial Conduct Authority ("FCA") as an electronic money institution ("EMI") to provide payment services and issue electronic money, the conduct of which is subject to the PSRs.

Wise Assets UK is authorized by the FCA to carry out various investment services (under Part IV of the Financial Services and Markets Act 2000 (as amended) ("FSMA")) including dealing in units as principal in respect of retail clients (subject to such activity meeting the "matched principal exemption" conditions (as defined in the FCA's Glossary). Wise Assets UK is classified as a non-Small and Non-Interconnected ("non-SNI") firm under rule 1.2.1R of the FCA's Prudential sourcebook for MiFID Investment Firms ("MIFIDPRU"). Wise Assets UK holds permission from the FCA to classify the Class A Shares as Common Equity Tier 1 instruments on a consolidated basis.

In addition, we are in the process of evaluating whether to make an application to the Prudential Regulation Authority for a banking license in the United Kingdom.

***Regulatory Authorities***

*The FCA* 

WPL and Wise Assets UK are each authorized and regulated by the FCA. Their being regulated under differing regulatory regimes means that the applicability of FCA rules and guidance, and the basis upon which regulatory supervision is exercised, is slightly different for each firm.

As an EMI, WPL is required to comply with the Payment Services Regulations 2017 ("PSRs") and Electronic Money Regulations 2011 ("EMRs"), as well as the FCA's Principles for Business. The FCA is the authority responsible for supervising an EMI's compliance with the applicable conduct of business rules, authorization and registration requirements (which include initial and ongoing capital requirements and safeguarding requirements), and AML and counter-terrorist financing ("CTF") obligations.

Meanwhile, as an investment firm, the FCA imposes requirements on Wise Assets UK through a combination of its Principles for Businesses and more detailed provisions contained in the FCA Handbook.

The FCA has wide supervisory, monitoring and enforcement powers, requiring both regular and ad hoc reporting from firms.

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*The Payment Systems Regulator* 

The Payment Systems Regulator is the regulator and concurrent competition authority for payment systems and all participants in payment systems in the United Kingdom. The Payment Systems Regulator operates under the FCA but has separate duties and powers, including the ability to issue rules, written guidance and decisions.

WPL falls within the Payment Systems Regulator's jurisdiction as a direct participant in the United Kingdom's domestic payment system, the Bank of England's Faster Payments Scheme. As a participant, WPL is required to deal with the Payment Systems Regulator in an open and cooperative way and must appropriately disclose to it anything relating to WPL's business which could have a material adverse impact on its statutory objectives and duties.

*Financial Ombudsman Service ("FOS")* 

The FOS determines complaints by eligible complainants in relation to authorized financial services firms and certain other businesses in respect of activities and transactions under its jurisdiction. Complaints about payment services and electronic money can be within the jurisdiction of the FOS.

A large number of our U.K. customers fall within the definition of "eligible complainants" and therefore the FOS's jurisdiction. The FOS determines complaints on the basis of what, in its opinion, is fair and reasonable in all the circumstances of the case and can authorize awards of up to £445,000 plus interest and costs (although a lower maximum award may be applicable, depending on the date a complaint is referred to the FOS and when the relevant act or omission occurred). The FOS may also make directions which direct the relevant business to take steps which the FOS considers just and appropriate.

***Applicable Law***

WPL and Wise Assets UK are subject to legal requirements and applicable regulatory rules and guidance with respect to prudential requirements, client money protection, conduct of business and AML and CTF (among other things). Further details on key legal obligations and rules that relate to our U.K. entities are set out below.

*WPL – EMRs* 

WPL is authorized under the EMRs to issue electronic money (as defined in the EMRs) and provide both related and unrelated payment services.

The EMRs set out the authorization and conduct of business requirements for EMIs such as WPL, including rules covering pre-and-post contract information requirements, notice of variation of terms, the safeguarding of customers' funds, redemption of funds, and termination rights. The payment services-related activities involved in the issuing of electronic money are governed by the PSRs.

As an authorized EMI, WPL must meet certain conditions. Such conditions include having:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• robust governance arrangements for its e-money issuance and payment
service business, including a clear organizational structure with well-defined, transparent and consistent lines of responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effective procedures to identify, manage, monitor and report any risks to which WPL might be exposed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adequate internal control mechanisms, including sound administrative, risk management and accounting procedures.

WPL is also under an initial and ongoing duty to meet certain minimum capital ("own funds") requirements under the EMRs. Other initial and ongoing requirements include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• having fit and proper controllers;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• having directors and management of good repute and with the appropriate knowledge and experience to issue e-money and provide payment services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• having adequate measures in place to safeguard e-money holders' and
payment service users' funds, which includes the requirement to segregate relevant funds from any other funds that it holds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ensuring that any close links with another person are not likely to prevent the FCA's effective supervision
of the firm.

*WPL – PSRs* 

When WPL performs payment services, it is subject to the conduct requirements set out in the PSRs. Parts 6 and 7 of the PSRs set out the obligations relating to the conduct of business in providing payment services, which fall into two main categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information to be provided to the customer before and after execution of a payment transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rights and obligations of both WPL and customers in relation to payment transactions.

The information requirements differ depending on whether the transaction concerned is carried out as part of an ongoing relationship under a "framework contract" (essentially where there is an ongoing relationship with a customer) or as a single payment transaction. There are also different requirements for payment instruments that are limited to low value transactions. However, in broad terms, the PSRs cover conduct of business requirements covering pre-and-post contract information requirements, notice of variation of terms, termination rights and information on transactions. Other provisions address authorization procedures for payments, refunds, liability for unauthorized or incorrect payments, procedure for execution and value dating.

*WPL– Safeguarding Regimes* 

WPL is subject to separate safeguarding requirements under the EMRs (in relation to the e-money issued through Wise account) and the PSRs (in relation to send money transfers).

Under regulation 20 of the EMRs, WPL is required to safeguard funds received in exchange for e-money it has issued. Any unrelated payment services WPL provides are separately subject to the safeguarding provisions set out in regulation of the PSRs. Pursuant to these requirements, WPL holds relevant funds (as defined in the EMRs and PSRs, respectively, as applicable) in separate accounts from all other funds it holds (including its working capital and other proprietary funds) or ensures such funds are covered by a comparable guarantee given by an authorized insurer, so that, in the event of its insolvency, claims of e-money holders or payment service users are paid from the asset pool formed from the segregated relevant funds or payment under the guarantee in priority to all other creditors (other than in respect of the costs of distributing the asset pool).

*Capital Requirements* 

Wise Assets UK is classified as a non-SNI firm, as it does not meet the SNI criteria defined under rule 1.2.1R of MIFIDPRU. Consequently, the Wise plc group is also treated as a non-SNI investment firm group.

Following an official agreement with the FCA, Wise applies full prudential consolidation. Accordingly, we conduct our Internal Capital Adequacy and Risk Assessment on a consolidated basis, in full compliance with the Investment Firm Prudential Regulation and the MIFIDPRU sourcebook.

*Wise Assets UK – FSMA* 

The FSMA establishes a framework for financial services legislation in the United Kingdom and gives the FCA powers to make rules and guidance for firms within the scope of the FSMA regulatory regime, which includes Wise Assets UK.

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*Wise Assets UK – SM&CR* 

The Senior Managers & Certification Regime ("SM&CR") seeks to enhance individual responsibility and accountability within financial services firms. Wise Assets UK is a core firm for the purposes of the SM&CR and has designated senior managers under the SM&CR. The SM&CR comprises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a Senior Managers Regime for individuals who are subject to FCA approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a Certification Regime, which requires relevant firms to assess the fitness and propriety of certain employees
carrying out a "significant harm" function; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a set of Conduct Rules applicable to most employees.

*Sanctions* 

There are a number of relevant regulators and authorities in the United Kingdom with sanctions related responsibilities. The Foreign, Commonwealth & Development Office is responsible for formulating overall U.K. government policy on international sanctions, while the Office for Financial Sanctions Implementation ("OFSI"), His Majesty's Treasury, is responsible for ensuring that financial sanctions are properly understood, implemented and enforced. OFSI handles applications for financial sanctions licenses and associated notifications and authorizations. The Department for Business and Trade is primarily responsible for trade sanctions and licensing related to the same (through the Office of Trade Sanctions Implementation), including civil enforcement, while His Majesty's Revenue & Customs is responsible for the criminal enforcement of all trade sanctions measures. Breaches of the United Kingdom's sanctions regime can result in criminal or civil penalties, including potentially considerable fines.

*MLRs and the Proceeds of Crime Act 2002* 

The United Kingdom's AML and CTF legal and regulatory framework, as applicable to WPL and Wise Assets UK, comprises two parts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the criminal offences of money laundering and terrorist financing, which are applicable to all individuals and
entities in the United Kingdom. The primary offences are set out in the Proceeds of Crime Act 2002 ("POCA") and the Terrorism Act 2000 ("TACT"). The key offences in POCA include concealing or removing the proceeds of crime
from the jurisdiction, arranging for the acquisition or use of the proceeds of crime, possessing or using the proceeds of crime and failing to disclose knowledge or suspicion of the activity of money laundering. Both corporate entities and
individual officers can be prosecuted for these offences. As the proceeds of crime may derive from conduct occurring in the United Kingdom or abroad if the conduct occurring overseas would have been unlawful had it occurred in the United Kingdom,
the United Kingdom's AML regime will have a certain degree of extra-territorial effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
("MLRs"), which place administrative requirements on persons carrying on certain types of business in the United Kingdom, including in the financial services industry, to conduct customer due diligence and to keep records to help detect
and counter (and wherever possible prevent) money laundering, terrorist-financing and fraud. Such firms must take a risk-based approach in establishing procedures to meet the requirements of the MLRs.

The FCA expects businesses such as WPL to comply with its anti-financial crime obligations, as detailed in the FCA's Payment Services and Electronic Money Approach Document. This includes implementing internal policies, procedures, and adhering to industry standards, such as those from the Joint Money Laundering Steering Group. Similarly, the FCA Handbook requires FSMA-authorized firms such as Wise Assets UK to maintain effective systems and controls against financial crime, as outlined in the FCA's Systems and Controls sourcebook.

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***Belgium and EEA***

Wise's Belgian regulated entity is Wise Europe SA ("Wise Europe"), with registration number 0713629988. Wise Europe is regulated as a Payment Institution in Belgium by the National Bank of Belgium ("NBB"), and with this authorization has passporting rights to provide its services to EEA clients on a cross-border basis.

Wise Europe is authorized by the NBB to provide the following payment services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• execution of payment transactions, including transfers of funds on a payment account with the user's
payment service provider or with another payment service provider, including execution of direct debits, including one-off direct debits; execution of payment transactions through a payment card or a similar
device; and execution of credit transfers, including standing orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issuing of payment instruments and/or acquiring of payment transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• money remittance.

Wise Europe is also authorized to provide its services across the EEA through its passporting rights.

Wise Assets Europe AS ("Wise Assets Europe") is authorized by the Estonian Financial Supervision and Resolution Authority ("EFSA") under the Securities Markets Act ("SMA") to carry out various investment services which it passports across EEA, in particular (i) reception and transmission of orders related to securities; (ii) execution of orders related to securities in the name of or for the account of the client; (iii) safekeeping and administration of securities for a client and activities related thereto; and (iv) provision of foreign exchange services where these are connected with the provision of investment services.

***Regulatory Authorities***

*NBB* 

Wise Europe's primary regulator in Belgium is the NBB. The NBB is responsible for prudential supervision of credit institutions, insurers, stockbrokers, and other financial organizations, and, alongside the Belgian Financial Services and Markets Authority and the FPS Finance, the NBB ensures the supervision of the Belgian financial sector. Its authority includes oversight of the financial information that Wise Europe disseminates and the products it offers to people and its compliance with the rules of business conduct. The NBB and Belgian Financial Services and Markets Authority act in concert with the European Banking Authority, an independent EU authority that provides prudential regulation and supervision across the European banking sector.

*EFSA* 

Wise Assets Europe is regulated by the EFSA. EFSA carries out state supervision over banks, insurance companies, insurance intermediaries, investment firms, fund managers, investment and pension funds, payment institutions, e-money institutions, creditors and credit intermediaries, and the securities market that all operate under activity licenses granted by EFSA.

***Applicable Law***

*PSD2* 

The primary aim of the Revised Payment Service Directive ("PSD2") was to update, complement and replace the original Payment Services Directive. PSD2 was transposed in Belgium through the Act of 11 March 2018 on the legal status and supervision of payment institutions and e-money institutions, which entered into force on March 26, 2018, and the Act of 19 July 2018 amending and inserting provisions relating to payment services in various books of the Economic Law Code. It introduced new requirements aimed at enhancing payments security and regulating online payment services, in addition to creating a more integrated and seamless payments

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experience for payment institution customers across the EEA. PSD2 captures Wise Europe as a payment institution. The primary aims of the regulation are to improve consumer protection, create a more secure payment environment while fostering innovation, and ensuring a level playing field between payment services providers.

PSD2 builds on the original Payment Service Directive by requiring Wise Europe to notably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue and use strong customer authentication solutions, allowing for authorization to be linked to the specific
amount and payee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offer transaction and device monitoring to identify unusual payment patterns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide standardized and reliable access interface to payment accounts (i.e., an API) which makes it possible to
identify third-party payment service providers in a secure way and secures all related communication between all parties involved.

PSD2 also extended provisions on transparency and information requirements to all currencies (as opposed to only those in the EEA), broadened the definition of "payment services" to include payment initiation services and account information services and amended certain exemptions and conduct of business rules.

*Interchange Fee Regulation* 

The Interchange Fee Regulation introduced ceilings for inter-change fee rates on card-based payment transactions. Business cards are excluded from the section on inter-charge fees and the Intercharge Fee Regulation specifies that it applies to transactions where both the payer's payment service provider and the payee's payment service provider are located within the European Union.

*Capital Requirements* 

Under PSD2, authorized PIs are required to hold a minimum amount of capital as a buffer in the event of unexpected losses or to satisfy first losses if it were to be wound up. Minimum capital requirements (referred to as "Own Funds") are calculated in accordance with the Royal Decree of 27 April 2018 approving the Regulation of 10 April 2018 of the National Bank of Belgium on the own funds of payment institutions. As a result, Wise Europe is required, at all times, to hold Own Funds equal to or in excess of the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of initial capital required (€125,000); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the minimum own funds requirement which amounts to the sum of the following elements multiplied with scaling
factors: 4% of average monthly payment volumes up to €5 million; 2.5% of average monthly payment volumes above €5 million up to €10 million; 1% of average monthly payment volumes above €10 million up to
€100 million; 0.5% of average monthly payment volumes above €100 million up to €250 million; and 0.25% of average monthly payment volumes above €250 million.

*Sanctions* 

The sanctions regimes applicable in Belgium are imposed at different levels: internationally by the UN Security Council and the European Union and nationally by different Belgian authorities. The General Administration of the Treasury is authorized to carry out the administration and compliance inspection for these sanctions. In addition to its implementation of the UN and EU sanctions regimes, Belgium has taken measures to draw up its National List, adopted by a Royal Decree of 28 December 2006, as amended from time to time. The decree requires the immediate freezing of all funds and economic assets of the persons and entities mentioned in the national list and forbids, directly or indirectly, facilitating the funds and economic assets of these persons and entities. Financial institutions, including Wise, must forward information regarding the implementation of the Decree, including information about bank accounts and other assets and economic resources of the aforementioned, to the Minister of Finance c/o General Administration of Treasury. Breaches of these restrictive measures are enforced under Belgian Law of 11 May 1995.

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*Wise Assets Europe - MiFID II* 

SMA implements the Markets in Financial Instruments Directive II (MiFID II), the Markets in Financial Instruments Regulation and the Markets in Financial Instruments Directive Organisational Regulation, which also apply to Wise Assets Europe.

*Wise Assets Europe - Capital Requirements* 

Under the Investment Firms Regulation, a firm's minimum capital requirement is determined by its regulatory permission profile and the activities it undertakes. Wise Assets Europe, classified as a Class 2 investment firm, has a permanent minimum capital requirement of €150,000 under Article 9 of Directive (EU) 2019/2034.

***Australia***

Our Australian regulated entity is Wise Australia Pty Ltd ("Wise Australia"). It is regulated by the Australian Securities and Investments Commission ("ASIC") as an Australian financial services ("AFS") licensee pursuant to the Corporations Act 2001 (Cth) Australian Corporations Act. As an AFS licensee, Wise Australia is authorized to carry on a financial services business in Australia and to provide certain financial services specified under its AFS license. Under its AFS license, Wise Australia is authorized to (i) provide general financial product advice in respect of foreign exchange contracts, managed investment schemes (excluding investor-directed portfolio services), and non-cash payment products; (ii) deal in financial products by issuing, applying for, acquiring, varying or disposing of foreign exchange contracts and non-cash payment products and by applying for, acquiring, varying or disposing of those products on behalf of another person; and (iii) make a market for foreign exchange contracts. Wise Australia is authorized to provide these financial services to both retail and wholesale clients.

Wise Australia is also regulated by the Australian Prudential Regulation Authority ("APRA") under an authorized deposit-taking institution ("ADI") license. This license permits Wise Australia to carry on banking business in Australia under subsection 9(3) of the Banking Act 1959 (Cth) ("Australian Banking Act"), limited to providing purchased payment facilities ("PPF").

Further, Wise Australia is regulated by the Australian Transaction Reports and Analysis Centre ("AUSTRAC") as a registered independent remittance dealer and account provider in accordance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 ("Australian AML/CTF Act"). It is enrolled on the AUSTRAC Reporting Entities Roll and registered on the AUSTRAC Remittance Sector Register.

Wise Australia Investments Pty Ltd (Wise Australia Investments) holds an Australian Financial Services license issued by ASIC to carry out various investment services, including offering our Wise Assets product in Australia.

***Regulatory Authorities***

*ASIC* 

ASIC is Australia's regulator for corporations, financial markets, financial services and consumer credit. The principal law governing corporations and the provision of financial services in Australia is the Australian Corporations Act and its regulations under the Corporations Regulations 2001 (Cth).

ASIC maintains broad supervisory powers in respect of companies and AFS licensees. These include the imposition of any criminal or civil liability for breaches of relevant provisions in the Australian Corporations Act. Under certain circumstances, ASIC also has, for example, the power to deregister proprietary companies, to cancel an AFS license and to issue a banning order which prohibits the person from providing any financial services or specified financial services in specified circumstances or capacities.

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*APRA* 

APRA is the prudential regulator of the financial services industry in Australia. It licenses and supervises banking, insurance and superannuation businesses. APRA establishes prudential standards that regulated institutions must comply with. These standards set out a range of requirements in relation to financial soundness, risk management, and governance.

The license obtained by Wise Australia from APRA permits it to carry on banking business in Australia, limited to providing PPF. Wise Australia must meet certain prudential requirements applicable to providers of PPF, as set out in Prudential Standard APS 610. Specifically, pursuant to the terms of its license, Wise Australia is required, at all times, to maintain Common Equity Tier 1 capital above its prudential capital requirements, which is minimum of 4% of total outstanding stored value liabilities. Wise Australia must not pay interest on amounts held for the benefit of its customers. In addition, it is not authorized to conduct general banking business in Australia.

After an institution is licensed by APRA, it is subject to ongoing supervision to ensure it is meeting APRA's prudential requirements. If APRA has concerns about a supervised institution's prudential strength or risk management, it will work with the institution to have those issues promptly addressed. If the institution is uncooperative, or APRA otherwise considers it necessary, APRA can take a range of enforcement actions against an institution, or individuals associated with that institution, to protect the interests of depositors.

*AUSTRAC* 

AUSTRAC administers the AML and CTF laws in Australia, and is also the primary regulator of remittance service providers in Australia. AUSTRAC maintains ongoing oversight of reporting entities. This includes the imposition of any criminal or civil liability against such entities for breach of relevant provisions in the Australian AML/CTF Act. In addition, AUSTRAC has the power to cancel a person's registration on the AUSTRAC Remittance Sector Register (i.e., require the person to cease providing registrable designated remittance services) in certain circumstances, including breaches of a condition of registration.

*Department of Foreign Affairs ("DFAT")* 

DFAT is a department of the Federal Government of Australia. DFAT administers Australia's sanctions regime and may impose criminal liability against persons for breach of relevant sanctions provisions.

***Applicable Law***

*Australian Corporations Act* 

In respect of financial services, the Australian Corporations Act requires a person, subject to applicable exemptions, to hold an AFS license, or be an authorized representative of a person who holds an AFS license, if they carry on a financial services business in Australia. ASIC maintains oversight of the AFS licensing regime.

The Australian Corporations Act imposes overriding general obligations on AFS licensees, including the requirement to do all things necessary to ensure that the financial services covered by the relevant AFS license are provided efficiently, honestly and fairly. In addition to the general obligations, AFS licensees are otherwise required to comply with certain requirements relevant to the financial services and products that they provide to their clients (such as disclosure requirements in the form of a Product Disclosure Statement in specified situations involving the issue of a financial product to a retail client).

*Australian Banking Act* 

Under the Australian Banking Act, it is an offence to conduct banking business in Australia without the proper authority. A company that intends to conduct any business that can be classed as banking business, needs to obtain an ADI license from APRA giving it the authority to conduct banking business in Australia.

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ADIs must also comply with the Financial Accountability Regime ("FAR"), which is set out in the Australian Financial Accountability Regime Act 2023. FAR, which is jointly administered by ASIC and APRA, establishes accountability obligations for ADIs and their senior executives and directors, including, among other things, deferred remuneration, key personnel and notification obligations for ADIs. It also requires ADIs to appoint accountable persons to the responsibilities covered under the regime.

*Capital Requirements* 

Prudential Standard APS 610 requires ADIs that have obtained an authority to provide PPF to meet prudential requirements commensurate with their risk profile. These ADIs form a class of ADI known as PPF providers. PPF providers are not authorized to conduct general banking business in Australia.

Prudential Standard APS 610 sets out the ADI prudential standards that apply to PPF providers, as well as additional requirements applying to PPF providers that have stored value at risk. The key requirements of this prudential standard for PPF providers with stored value at risk are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A PPF provider must maintain Common Equity Tier 1 Capital above its prudential capital requirement at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A PPF provider with stored value at risk must hold, at all times, high quality liquid assets equal to its stored
value liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A PPF provider with stored value at risk must meet certain operational risk requirements.

A PPF provider has a notification obligation to inform APRA of any actual or potential breach of the capital adequacy requirements, and any breach of its minimum liquidity holdings, or concerns over the adequacy of its liquidity holdings.

*Other Prudential Requirements* 

Prudential Standard APS 610 also requires Wise Australia to comply with several other prudential standards in relation to operational risk management (CPS 230), risk management (CPS 220), information security (CPS 234), governance (CPS 510), fit and proper (CPS 520), resolution planning (CPS 900) and audit (APS 310).

*Australian AML/CTF Act* 

Entities that carry on a business in Australia providing designated services, including remittance and currency exchange services, must enroll with AUSTRAC as reporting entities and comply with certain requirements under the Australian AML/CTF Act and AML/CTF Rules. Remittance and currency exchange services are deemed to be designated services under the Australian AML/CTF Act, and providers of designated remittance services must separately register on the AUSTRAC Remittance Sector Register.

Reporting entities are required to develop and maintain an AML/CTF program. The purpose of an AML/CTF program is to specify how the reporting entity will identify, mitigate and manage risk that it might reasonably face that the provision of designated services at or through a permanent establishment of the entity in Australia might involve or facilitate money laundering or financing of terrorism, and to set out applicable customer identification procedures for customers of the reporting entity.

In addition to developing and maintaining an AML/CTF program, some other key requirements for reporting entities include compliance with reporting obligations (including the reporting of suspicious matters to AUSTRAC) and record-keeping (for example, regarding applicable customer identification procedure).

*Sanctions Laws* 

The Charter of the United Nations Act 1945 ("United Nations Act"), which implements the United Nations Security Council sanctions, and the Autonomous Sanctions Act establish the sanctions regime in Australia. Both

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laws are administered by DFAT. These laws impose particular sanctions measures (including undertaking a sanctioned supply or sanctioned import) in respect of specific countries or particular groups of people (such as persons who commit terrorism).

It is an offence under the United Nations Act for any person to engage in conduct that would contravene a UN sanction enforcement law. Contravention of a United Nations sanction enforcement law is punishable by imprisonment (for individuals) or by imposition of a fine (for both individuals and corporations).

The Autonomous Sanctions Act prohibits persons from engaging in conduct that would contravene a sanction law. Sanction laws are specified by the Minister for Foreign Affairs by legislative instrument, and include autonomous sanctions that have been legislated under the Autonomous Sanctions Regulations.

*Privacy Laws* 

The Privacy Act outlines the Australian Privacy Principles that companies need to meet to ensure protection of privacy for individuals. Currently there are 13 privacy principles which cover collection, disclosure, security, access, and management of personal information as well as direct marketing and anonymity requirements.

*Governance of Third-Party Risk* 

Wise maintains a Third-Party Management & Outsourcing Policy ("TPM Policy") to deliver guidelines and practices for governance, regulatory compliance and risk management of its in-scope third party arrangements. Wise's Group Risk Committee, a committee of the leadership team, is responsible for approving the TPM Policy. The TPM Policy sets out a number of controls, including pre-onboarding and onboarding controls (e.g., risk profile determination, service materiality evaluations, due diligence, activity suitability evaluations), contract controls and ongoing monitoring controls (e.g., periodic reassessments and required business continuity and disaster recovery documentation). Collectively, these processes are designed to ensure effective risk management and regulatory compliance for all in-scope third parties throughout their lifecycle with Wise, from onboarding to offboarding.

***C. Organizational Structure***

Prior to the Reorganization Transaction, Wise Group plc is a standalone entity with no subsidiaries.

In connection with the completion of our listing on Nasdaq, Wise plc, together with its subsidiaries, intends to reorganize by means of a Scheme of Arrangement pursuant to Part 26 of the U.K. Companies Act 2006 under Wise Group plc, a newly incorporated Jersey public limited company that is intended to be solely a U.K. tax resident, as the ultimate parent of Wise plc and its consolidated subsidiaries.

Pursuant to the Reorganization Transaction, the holders of ordinary shares of Wise plc will receive Class A ordinary shares and Class B ordinary shares in Wise Group plc in exchange for the transfer of their Class A ordinary shares and Class B ordinary shares in Wise plc, on a 1:1 basis (excluding shares held by Excluded Shareholders, as described below). Immediately following the Reorganization Transaction, Wise Group plc will be a holding company, and its sole material asset will be its equity interest in Wise plc and its subsidiaries.

We believe that the transfer of our primary listing to the United States, together with the Reorganization Transaction, will bring a number of benefits to Wise and its shareholders, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expanding the pool of investors able to invest in Wise, in particular U.S. domestic institutional and retail
investors, the largest global constituent of investors, many of whom are unable to hold our Class A ordinary shares without a listing in the United States. Wise is a global business with a vision for as many people and businesses to use our
products as possible. We apply this same vision to our shareholder base, and want to enable as many people as possible to benefit from the value we create.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increasing trading liquidity in our Class A ordinary shares to give current and prospective shareholders
greater flexibility and opportunity to buy and hold our Class A ordinary shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing a potential pathway to inclusion in major U.S. indices, further enhancing liquidity and demand for our
Class A ordinary shares. While we are not initially expected to be eligible for these indices, a U.S. primary listing provides the opportunity to work towards this inclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supporting Wise's mission of money without borders. Wise Group plc will be subject to the applicable
listing rules, corporate governance standards and Jersey corporate law with certain features that are aligned with U.S. market practice, including a dual-class share structure. We believe these features help preserve stability and strategic
direction and ensure that the focus that has driven Wise's success continues to be upheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Helping to accelerate our growth in the United States, the biggest market opportunity in the world for our
products today, and advance our mission of money without borders. We believe a primary U.S. listing would significantly enhance our profile among potential customers, including for Wise Platform, as the United States is home to over 4,000
banks, including several of the world's largest.

At separate meetings held on July 28, 2025, our Class A and Class B shareholders approved the Scheme of Arrangement by the necessary statutory majorities and at an extraordinary general meeting of shareholders held the same day, our shareholders overwhelmingly approved certain matters necessary to effect the Scheme of Arrangement and the Reorganization Transaction. The Reorganization Transaction remains subject to the satisfaction of certain conditions, including the final sanction of the Scheme by the High Court of Justice in England and Wales (the "Court").

We intend to seek the consent of the Court to modify the Scheme such that certain Wise plc Class A ordinary shares (representing less than 0.1% of the issued Wise Class A ordinary shares) that we have recently been informed are held on behalf of persons subject to restrictions under applicable sanctions laws ("Excluded Shareholders") will not be transferred to Wise Group plc on the date on which the Scheme becomes effective in accordance with its terms, but will only be transferred to Wise Group plc upon such shareholders ceasing to be subject to sanctions or when we obtain a license or other authorization or oral or written confirmation from the relevant authorities for Wise Group plc to acquire such shares. The Scheme as modified would provide that, after the Scheme becomes effective and pending the transfer of the Wise plc Class A ordinary shares held by the Excluded Shareholders to Wise Group plc, the rights and entitlements that would otherwise be exercisable in relation to, or attach to, such Wise plc Class A ordinary shares will not be exercisable or applicable.

The table below lists the significant subsidiaries of Wise Group plc following the completion of the Reorganization Transaction:

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| | | | |
|:---|:---|:---|:---|
| **Company Name** | **Country of Incorporation** | **Ownership<br>Interest** |  |
|  Wise plc | United Kingdom | 100 | %\* |
|  Wise Financial Holdings Ltd | United Kingdom | 100 | % |
|  Wise Payments Limited | United Kingdom | 100 | % |
|  Wise Europe SA | Belgium | 100 | % |
|  Wise US Inc. | United States | 100 | % |

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\* As explained in above, certain Wise plc Class A ordinary shares (representing less than 0.1% of the issued Wise plc Class A ordinary shares) will remain held by Excluded Shareholders until they can be transferred to Wise Group plc in accordance with the terms of the Scheme as proposed to be modified. Pending such transfer to Wise Group plc, the rights and entitlements which would otherwise be exercisable in relation to, or attach to, such shares will not be exercisable or applicable. 

Unless otherwise stated, the share capital of the subsidiaries listed above is held directly or indirectly by Wise Group plc, and the proportion of ownership held is equal to the proportion of voting power held by Wise Group plc in each such subsidiary.

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***D. Property, Plant and Equipment***

Our principal executive office is located in leased office space on 1st Floor Worship Square, 65 Clifton Street, London EC2A 4JE, United Kingdom, and consists of approximately 83,000 square feet. As of September 30, 2025, we principally leased offices in six additional cities: Austin, Budapest, Brussels, New York, Singapore and Tallinn. We also operate out of flexible office locations across the globe as needed to support our operations. We are not aware of any environmental issues or other constraints that would materially impact the intended use of our facilities. While we may require additional space and facilities as our business expands, we believe that our current facilities are adequate to meet our current needs.

**Item 4A. Unresolved Staff Comments** 

Not applicable.

**Item 5. Operating and Financial Review and Prospects** 

*You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes thereto appearing elsewhere in this registration statement. Some of the information contained in this discussion and analysis or set forth elsewhere in this registration statement, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the section titled "Risk Factors" for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis, as well as the section titled "Cautionary Statement Regarding Forward-Looking Statements." The accompanying review, including all periods presented, have been prepared under U.S. GAAP.* 

*This section of our registration statement on Form 20-F discusses our financial condition and results of operations for the six months ended September 30, 2025 and financial year ended March 31, 2025 compared to the six months ended September 30, 2024 and financial year ended March 31, 2024, respectively.* 

***A. Operating Results***

**Overview** 

Fifteen years ago, we set out with a simple but visionary goal that became the mission for Wise: money without borders. It should not be more expensive or less convenient to use your money in another country. People and businesses should always know what each transaction actually costs.

Guided by this mission, we started with fixing overseas transfers and went on to build the international Wise account for a truly borderless experience for people and businesses using their money. An increasing number of banks and online platforms now offer our products to their customers via Wise Platform.

To power this borderless experience, we have built an innovative infrastructure for the world's money—one that makes payments instant, convenient, low-cost and transparent. In the year ended March 31, 2025, this infrastructure powered payments across more than 40 currencies, moved $185.2 billion across borders for 15.6 million people and businesses, and saved them approximately $2.6 billion along the way, based on our estimates of per-transaction savings calculated by reference to publicly available foreign exchange rates and fees of alternative banks and payment providers. As of September 30, 2025, our customers' holdings across Wise account and Wise Assets equaled $33.9 billion, reflecting the trust we have built with our customers. This included $7.5 billion held with Wise Assets, an account feature that helps our customers earn a return on their money while ensuring it's still conveniently accessible.

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**Our Business Model** 

We have achieved strong growth and operating results since we started. Our net revenue was $2.1 billion for the financial year ended March 31, 2025, an increase of $0.3 billion over the financial year ended March 31, 2024. Our net income was $550.3 million for the financial year ended March 31, 2025, an increase of $48.8 million over the financial year ended March 31, 2024. For the six months ended September 30, 2025, our net revenue was $1.2 billion and our net income was $234.8 million, an increase of $0.2 billion and decrease of $91.7 million over the six months ended September 30, 2024, respectively.

We report our revenue based on the nature of the underlying services provided, which are consistent across all three product offerings. Our transaction revenue streams consist of: (i) revenue from cross-border payment services, including money transfers, currency conversions and account services; (ii) card revenue from interchange and other card usage fees; and (iii) other revenue from account top-ups, same-currency transfers and Wise Assets management fees. We also generate interest income from interest we earn on customer funds. Separately, a portion of interest or cashback is paid back to customers (where regulations permit, including to customers in Brazil, the European Economic Area and the United States). Such interest or cashback, even where permitted, is not paid on all currency balances, and in the United States, is only paid where customers opt in to the product. See " —Key Trends and Factors Affecting Our Performance—Interest Rates and Interest Expense on Customer Balances and Liabilities" for additional information on interest expense on customer liabilities.

Wise Account, Wise Business and Wise Platform generate revenue across these net revenue streams. For example, both Wise Account and Wise Business customers generate cross-border transaction revenue when they send money internationally or convert currencies, and both generate card revenue when they use their Wise Cards. Similarly, Wise Platform partners' customers generate cross-border transaction revenue and may generate card revenue when they access our services. We evaluate and manage our revenue principally based on these net revenue streams rather than by individual product offerings. The Wise Account is our global solution for people who want to send, spend and earn with more speed, transparency and convenience. In the financial year ended March 31, 2025, Wise Account served 14.9 million active personal customers across the world, up from around 12 million in the prior year. Personal customer balances also grew significantly, up 37% to $13.6 billion at March 31, 2025 compared to March 31, 2024. Wise Account primarily generates revenue from cross-border transactions, with personal cross-border take rates averaging 0.63% for the financial year ended March 31, 2025 and 0.72% for the financial year ended March 31, 2024.

Wise Business is our business-focused product tailored to enable businesses to grow and operate internationally. For the financial year ended March 31, 2025, Wise Business had 690,000 active business customers, including an average of 20,000 new businesses joining per month during this period. Business deposits held at Wise totaled $8.4 billion at March 31, 2025 as compared to $6.8 billion at March 31, 2024. We continue to see growth in volume with businesses having sent or spent a total of $4.1 billion on average every month in the financial year ended March 31, 2025, growing our business cross-border volumes by 26% since the financial year ended March 31, 2024. Wise Business primarily generates revenue from cross-border transactions, with business cross-border take rates averaging 0.44% for the financial year ended March 31, 2025 and 0.54% for the financial year ended March 31, 2024.

Both Wise Account and Wise Business generate revenue primarily from fees we charge customers for transfers, conversions, card transactions, account set-up and use of Wise Assets products.

Wise Platform is our global payment infrastructure for banks, financial institutions and enterprises around the world, leveraging our infrastructure to provide market-leading benefits for their customers. Wise Platform provides these organizations with the capabilities to serve their customers with a world-class experience to send, receive, hold and spend money cross-border instantly, reliably, securely and cost-effectively. The value of our infrastructure has been clearly demonstrated by some of the leading global banks choosing Wise as a partner for their cross-border payment needs. Wise Platform generates revenue from end customers, both personal and business, who use our services, such as from convenience fees charged in addition to the applicable transaction

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fees on cross-border transfers as well as from the fees we charge banks, financial institutions and enterprises for integration with our infrastructure through the API.

While a distinct product offering that has grown significantly in recent years, Wise Platform does not yet generate a material percentage (i.e., it currently generates less than 10%) of the Group's overall transaction activity and as such is included within both the Wise account and Wise Business activity. For each of the financial years ended March 31, 2025 and March 31, 2024 and the six months ended September 30, 2025, Wise Business represented approximately one quarter of transaction activity for the periods, with Wise Account representing the remaining balance.

We are committed to fueling growth through scaled investments that are strategic and return-led. Over the medium term, we plan to increase our annual spend to support Wise's growth, including increased investment in marketing, hiring, infrastructure, servicing and products to accommodate a growing customer base and to expand into our total addressable market. Investing in enhancing the awareness of our brand and our products will ensure our growth remains strong amidst a growing and increasingly competitive digital-first money transfer market.

**Key Operating Metrics** 

In addition to the measures presented in our consolidated financial statements, we regularly monitor certain key operating metrics, including cross-border volume, cross-border take rate and active customers. We use these metrics to evaluate our business and trends, measure our performance, prepare financial projections and make strategic decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Cross-border volume** is calculated as the volume of transactions, measured in U.S. dollars, where the
source currency and target currency are different. We believe cross-border volume is a meaningful indicator of our business performance as our revenue is primarily generated on fees from cross-border transactions, calculated as a percentage of
cross-border transaction volumes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Cross-border take rate** is calculated as cross-border revenue divided by cross-border volume. We believe
cross-border take rate is a meaningful indicator of our business performance as it describes the percentage of revenue collected on the volume of transactions processed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Active customers** represent the total number of unique customers who have completed at least one
cross-border transaction in a given reporting period. We believe active customers is a meaningful indicator of our business performance as it is a key driver for the growth in our cross-border volume.

These metrics may not be comparable to similar performance measures used by our competitors.

Across these key operating metrics, we monitor the split between personal and business customers. We consider this split to be useful in monitoring key trends underpinning business performance.

In the six months ended September 30, 2025, our cross-border volume was $113.9 billion, up from $87.6 billion in the six months ended September 30, 2024. Cross-border volume was split between personal cross-border volume of $81.8 billion and business cross-border volume of $32.1 billion, up from $64.9 billion and $22.7 billion in the six months ended September 30, 2025 and 2024, respectively.

Growth in cross-border volume over these periods was underpinned by growth in active customers, which increased from 11.4 million in the six months ended September 30, 2024 to 13.4 million in the six months ended September 30, 2025. This was split between active personal customers, which grew from 10.8 million to 12.8 million, and active business customers which was stable at 0.6 million.

The growth in cross-border volume and active customers has been supported by a reduction in our cross-border take rates, making our products more attractive to our customers. Our cross-border take rate decreased from an

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average of 0.62% for the six months ended September 30, 2024 to 0.52% for the six months ended September 30, 2025, with personal customer cross-border take rates decreasing from 0.66% to 0.57% and business customer cross-border take rates decreasing from 0.48% to 0.39%.

In the financial year ended March 31, 2025, our cross-border volume was $185.2 billion, up from $149.0 billion in the financial year ended March 31, 2024. Cross-border volume was split between personal cross-border volume of $135.7 billion and business cross-border volume of $49.5 billion, up from $109.7 billion and $39.3 billion in the financial years ended March 31, 2025 and 2024, respectively.

Growth in cross-border volume over these periods was underpinned by growth in active customers, which increased from 12.8 million in the financial year ended March 31, 2024 to 15.6 million in the financial year ended March 31, 2025. This was split between active personal customers, which grew from 12.2 million to 14.9 million, and active business customers which grew from 0.6 million to 0.7 million.

The growth in cross-border volume and active customers has been supported by a reduction in our cross-border take rates, making our products more attractive to our customers. Our cross-border take rate decreased from an average of 0.67% for the financial year ended March 31, 2024 to 0.58% for the financial year ended March 31, 2025, with personal customer cross-border take rates decreasing from 0.72% to 0.63% and business customer cross-border take rates decreasing from 0.54% to 0.44%.

**Key Trends and Factors Affecting Our Performance** 

***Global and Regional Macroeconomic Factors***

Global and regional economic as well as political factors, including inflation, currency fluctuations, immigration, conflict, global travel, and regulatory changes, affect demand for our services and product offerings. These factors, particularly currency appreciation or depreciation, shifts in migration patterns or immigration policy, and changes in digital adoption, can alter transaction timing and volume, and customer numbers; although the increasingly global nature of our business with diversified revenues across regions somewhat mitigates this risk.

***Customer Growth***

Our long-term growth is primarily driven by our ability to attract new customers in a competitive landscape, including through our Wise Platform product offering; the market for our products is fragmented and characterized by changing customer expectations, evolving regulatory standards and frequent launches of new products and features. Key competitors include global banks, new financial institutions or platforms, legacy foreign exchange businesses and payment infrastructure providers.

We attract Wise Account and Wise Business customers through our competitive pricing model, our speed of transactions and the transparent service we provide. As the benefits of Wise have become more widely known, banks have been incentivized to partner with us, leveraging our infrastructure to provide these benefits for their customers, through Wise Platform. This means that current competitors can turn into partners, and their customers can turn into our customers, as we continue to invest into our infrastructure to maintain our competitive advantage. Our long-term aim is for Wise Platform to account for more than 50% of Wise's cross-border volume. See "Item 4. Information on the Company—B. Business Overview—Our Growth Strategy."

Our transparent and competitive pricing is evident through our latest cross-take rate for instant transfers. Our cross-take rate, which represents cross-border revenue across all customer activity as a portion of cross-border volume, was 0.58% for the year ended March 31, 2025, a reduction of 0.09% from the year ended March 31, 2024. We are continuously seeking to expand our customer base through our investment in infrastructure, innovating both existing and new products, and strengthening our trusted financial services for customers with

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cross-border financial needs. Our customer growth is dependent on our ability to maintain existing and obtain new licenses, as well as maintaining capacity to onboard new customers.

***Fee Structure***

Our commitment to a return-led approach means we continue to pass on efficiency gains and sustainable reductions in our costs to our customers as price reductions, driving our long-term growth and reducing our take rate. Conversely if our costs increase we may need to increase the fees charged to customers which could make us less competitive.

***Interest Rates and Interest Expense on Customer Balances and Liabilities***

Interest income on customer balances is affected by the amount of customer deposits we hold and market interest rates. We are also exposed to changes in interest income resulting from movements in interest rates on our financial assets, including cash and cash equivalents and short-term investments. Our earnings are also impacted by the amount of interest income we return to our customers. While our interest framework has historically aimed to ultimately return to our customers 80% of interest income yield greater than 1%, we have not been able to do so across all jurisdictions. We returned 45% of this target in the financial year ended March 31, 2025, with the remainder unable to be returned due to several reasons, including: regulatory restrictions applicable to deposits in certain jurisdictions that prevent the payment of interest or cashback (such as the United Kingdom, which made up two-thirds of the shortfall); the use of currencies for which we do not yet pay interest or cashback; and regulatory requirements in certain geographies, such as the United States, requiring customers to "opt-in" to receive interest.

We have paid interest at variable rates to customers on balances held in Wise accounts in the following jurisdictions and currencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in Brazil, on balances held in Wise accounts in Brazilian Real;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the European Economic Area, on balances held in Wise accounts in Euro, U.S. dollar and pound sterling; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the United States, on eligible balances held in Wise accounts in U.S. dollar, Euro and pound sterling.

As we resolve any regulatory hurdles or otherwise increase the portion of interest income yield that we return to our customers (including if a greater percentage of customers opt-in to receive interest), our interest expense on customer liabilities may grow.

***Investments in Infrastructure and Marketing***

We plan to continue making significant uncapitalized investments in our infrastructure, products and marketing over the upcoming years. These investments include the expansion of our licenses and connections to banks and payment systems; enhancements to our Wise Account and Wise Business product offerings and brand marketing. In line with our financial model, we expect these investments to fuel future growth in customers, volume and efficiencies, thereby creating further capacity for investment. Our cost base is affected by the need to maintain regulatory compliance across numerous jurisdictions in which we operate, which requires continued investment in our infrastructure, servicing, technology and products.

***Headcount Growth***

We expect to continue to grow our headcount to support the expansion of the business, including product development, market expansion, regulatory and risk management capabilities and customer operations. The rate of expansion is assessed on an ongoing basis taking into account factors such as the growth of our business, productivity, automation, use of outsourced services, regulatory requirements, talent availability and

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macroeconomic conditions, each of which may cause variability in our hiring plans and, as such, we may adjust the pace of hiring accordingly.

***Public Company Costs***

While we currently operate as a U.K. listed public company, we expect to incur additional costs associated with operating as a U.S. listed public company. We anticipate that these costs will include additional personnel, legal, consulting, audit and other expenses. Of particular note, the Sarbanes-Oxley Act, as well as rules adopted by the SEC and U.S. national securities exchanges, requires U.S. public companies to implement and adhere to specific corporate governance practices, rules and regulations which will increase our legal, regulatory and financial compliance costs.

***Currency Fluctuations***

Currency fluctuations can influence customer behavior, cross-border volumes and pricing.

In addition, we report our results in U.S. dollars while a share of our revenues, expenses, assets, liabilities and equity is denominated in other currencies; as a result, movements in exchange rates affect our reported performance.

Where possible and cost effective we mitigate exposure by matching assets and liabilities by currency and, where appropriate, using derivative financial instruments to mitigate the impact.

***Share Price***

Income tax expense is impacted by tax deductions generated from share based payments. Therefore, movements in share price could cause fluctuations in our net income.

***Transaction Frequency***

We have historically experienced some degree of higher transaction frequency, primarily in card revenue, as customers travel and send gifts for regional and global holidays, which resulted in higher active customer numbers in the first and second financial quarters. We anticipate that this trend in card revenue will continue, but the impact on our financial results is limited considering the proportion of net revenue that is card revenue, which was 13% for the financial year ended March 31, 2025.

**Components of Operating Results** 

***Transaction Revenue***

*Revenue from Cross-Border Payments* 

We generate revenue primarily from cross-border payment services, including money transfers, currency conversions and Wise account services.

The key driver of revenue from cross-border payments is the number of active customers transacting with Wise. When active customers increase, this generally leads to an increase in our cross-border volume which, depending on the level of the relevant cross-border take rate, can drive increased revenue from cross-border payments.

Applicable fees vary depending on several factors, including the currency route, transaction size, transaction type and payment method. A contract is established between the customer and Wise upon Wise account opening or initiation of a money transfer. Customers formally accept the terms and conditions of the relevant service via Wise's website or app. Revenue recognition occurs upon performance obligation fulfillment. For money

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transfers, this happens when funds reach the recipient. For currency conversions, revenue is recognized when a customer's balance is converted to a different currency within their account. The time required to process the payment to the recipient, and therefore to satisfy our performance obligations, depends on the processing time our payment processing partners require to deliver funds to the recipient. As such, the revenue is deferred until the funds are delivered.

*Revenue from Card* 

Card revenue primarily consists of interchange fees and card usage fees. A contract is formed between the customer and Wise when a virtual or physical card becomes available for use, enabling payments and withdrawals. Card revenue is based on the agreed terms and conditions. Revenue recognition is tied to a single performance obligation, satisfied upon transaction capture.

Revenue from card is driven by usage of the card as a feature within the Wise account. An increase in Wise account adoption generally leads to an increase in card usage by customers, which then drives revenue from card.

*Revenue from Other Services* 

Other revenue streams primarily consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Account Top-Ups and Same-Currency Transfers: Revenue is generated from top-ups of Wise account balances or transfers to recipients using the same currency, which we refer to as "same-currency transfers." Revenue recognition occurs upon transaction completion for top-ups and upon delivery of funds to the recipient for transfers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Business Account Setup Fees: A one-time fee is charged to Wise Business
customers upon account setup. Revenue is recognized over time, aligning with the expected duration of account usage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Physical Card Provision/Replacement Fees: Fees are earned for the provision or replacement of physical cards.
Revenue is recognized over time, corresponding to the expected card service period (typically the card's lifespan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wise Assets Management Fees: We generate revenue from our multi-currency investment feature, Wise Assets, by
charging fees based on the daily value of assets held under custody. Revenue is accrued daily and recognized over time, reflecting the period we provide services to our Assets customers. We act as an agent on behalf of the customers and do not
retain control nor benefit from the assets, thus it does not recognize the financial assets and the respective liabilities for the assets.

Revenue from other services is driven by the usage of the above features within the Wise account, including account top-ups and same-currency transfers, business account set-up fees and physical card provision/replacement fees. Revenue from other services is also driven by usage of Wise Assets as another feature within the Wise account. When these and other features of the Wise account increase in usage, revenue from other services generally increases as a result.

***Interest Income on Customer Balances***

Interest income on customer balances is earned from holding customer funds as cash and cash equivalents or investing them into highly liquid permitted financial assets. These amounts are recognized in the Consolidated Statement of Comprehensive Income of our consolidated financial statements using the effective interest rate method.

***Interest Expense on Customer Liabilitie*s** 

Interest expense on customer liabilities is the interest expense payable to customers for holding eligible balances in their Wise accounts, based on our interest framework, which has historically aimed to return to our customers 80% of interest income yield greater than 1%, subject to regulatory requirements or other restrictions. These

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amounts are calculated as a percentage of those eligible balances and provided as either cashback or interest depending on the jurisdiction. These amounts are recognized in the income statement as "Interest expense on customer liabilities" in the period for which the customer receives the benefit. In subsequent periods, as we resolve any regulatory hurdles to increase the portion of interest income yield that we return to our customers, our interest expense on customer liabilities may grow.

***Cost and Expenses***

*Transaction Expense* 

Transaction expense (excluding depreciation and amortization) consists of the costs incurred by Wise in processing and settlement of transactions as well as providing debit card services. This includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banking and other fees, net of applicable rebates, incurred in processing customer transfers, card transactions
and the costs of providing cards to customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net foreign exchange costs generated due to customer transactions, including the costs related to the difference
between the published mid-market rate offered to customers and the rate obtained by the Group in acquiring currency. Net foreign exchange differences are also incurred from the revaluation of customer balances
at period end; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other product costs including product losses that are directly generated from customer transactions, such as
chargeback losses, fraud charges, as well as taxes directly attributable to customer activity.

*Transaction and Credit Losses* 

Transaction and credit losses consist primarily of allowance for credit losses in relation to accounts receivable and cash and cash equivalents.

*Technology and Product Development* 

Technology and product development expenses consist of employee-related expenses for our engineering and product teams, including salaries, benefits and share-based compensation expenses, professional services fees and costs for software subscription services dedicated for the use by our technology teams, cloud infrastructure costs as well as costs of other company-wide technology tools.

*Servicing* 

Servicing includes costs to provide customer onboarding and support, as well as compliance costs. These costs include employee-related expenses associated with our servicing staff, including salaries, benefits and share-based compensation expenses; outsourced services providers; and technology solutions used by servicing teams.

*Marketing and Sales* 

Marketing expenses consist primarily of advertising costs used to attract new customers, including branding-related expenses and employee-related expenses associated with our marketing and sales people, principally salaries, benefits and share-based compensation expenses. Marketing and sales expenses also include promotions, costs for software subscription services dedicated for use by our marketing and sales teams, and outsourced service providers contracted for marketing purposes.

*General and Administrative*

General and administrative expenses consist of employee-related expenses for finance, legal, compliance, people, workplace, and other administrative teams and leadership functions including salaries, benefits and share-based compensation expenses. General and administrative expenses also include professional services fees, subscriptions, office expenses, depreciation, amortization and other corporate expenses.

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***Other Income/(Loss), Net***

Other income/(loss), net consists primarily of losses on the sale or maturity of available-for-sale debt securities, interest expense related to the Revolving Credit Facility and interest income earned from our corporate short-term financial instruments.

***Income Tax Benefit/(Expense)***

We are subject to corporate taxation in the United Kingdom and our wholly owned subsidiaries are subject to corporate taxation either in the United Kingdom or in the relevant foreign jurisdiction that the subsidiary is a tax resident.

The deferred tax asset is primarily generated in the United Kingdom and the United States, and mainly arises from unexercised share options and other temporary differences.

***Foreign Currency Fluctuations***

While we incur foreign exchange rate movement from holding assets and liabilities in different currencies and guaranteeing customers a foreign exchange rate on their international transfers for a short period of time, we actively monitor this foreign exchange risk and exposures are managed through a combination of natural hedging and derivative financial instruments.

Our operating subsidiaries' financial results are translated to U.S. dollars for reporting purposes. Income and expenses are translated at monthly average exchange rates, assets and liabilities are translated at the exchange rate at the period end.

As a result of the translations described above, our results are impacted by fluctuations in foreign exchange rates.

**Results of Operations** 

***Comparison of the Six Months Ended September 30, 2025 and 2024***

The following table sets forth our results of operations for the six months ended September 30, 2025 and 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br>September 30,** | **Six months ended<br>September 30,** | | **Variance%** |
|  | **2025** | **2024** |<br>**Variance** | **Variance%** |
| *(in million)* |  |  |  |  |
|  Transaction revenue | $883.2 | $758.6 | $124.6 | 16% |
|  Interest income on customer balances | 399.0 | 385.4 | 13.6 | 4% |
|  Interest expense on customer liabilities | (98.4) | (108.7) | 10.3 | (9)% |
|  **Net revenue** | $**1183.8** | $**1035.3** | $**148.5** | **14%** |
|  **Operating expenses:** |  |  |  |  |
|  Transaction expense | (260.9) | (123.1) | (137.8) | 112% |
|  Transaction and credit losses | (6.2) | (5.8) | (0.4) | 7% |
|  Technology and development | (193.3) | (156.3) | (37.0) | 24% |
|  Servicing | (179.2) | (143.0) | (36.2) | 25% |
|  Marketing and sales | (76.6) | (46.1) | (30.5) | 66% |
|  General and administrative | (182.7) | (119.0) | (63.7) | 54% |
|  Total operating expenses | $(898.9) | $(593.3) | $(305.6) | 52% |
|  **Operating income** | $**284.9** | $**442.0** | $**(157.1)** | **(36)%** |
|  Other income/(loss), net | 21.8 | (17.4) | 39.2 | (225)% |
|  **Income before tax** | $**306.7** | $**424.6** | $**(117.9)** | **(28)%** |
|  Income tax expense | (71.9) | (98.1) | 26.2 | (27)% |
|  **Net income** | $**234.8** | $**326.5** | $**(91.7)** | **(28)%** |

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***Transaction Revenue***

The following table summarizes our total transaction revenue:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br>September 30,** | **Six months ended<br>September 30,** | | **Variance%** |
|  | **2025** | **2024** |<br>**Variance** | **Variance%** |
| (in million) |  |  |  |  |
|  Transaction revenue by nature: |  |  |  |  |
|  Cross-border | $591.8 | $536.6 | $55.2 | 10% |
|  Card | 176.8 | 132.1 | 44.7 | 34% |
|  Other | 114.6 | 89.9 | 24.7 | 27% |
|  **Total transaction revenue**  | $**883.2** | $**758.6** | $**124.6** | **16%** |

---

*Cross-Border Revenue* 

Cross-border revenue increased $55.2 million, or 10%, to $591.8 million for the six months ended September 30, 2025, compared to $536.6 million for the six months ended September 30, 2024. This was primarily a result of volume increases with the volume of cross-border transactions increasing 30% from $87.6 billion to $113.9 billion. This volume increase was driven, in part, by an increase of active customers, from 11.4 million to 13.4 million, and lower pricing. Cross-border take rate decreased by an average 0.10%, from 0.62% to 0.52% due to continued price reductions.

*Card Revenue* 

Card revenue increased $44.7 million, or 34%, to $176.8 million for the six months ended September 30, 2025, compared to $132.1 million for the six months ended September 30, 2024. The increase was primarily a result of a year-over-year growth in card transaction volumes of 33%.

*Other Revenue* 

Other revenue grew by $24.7 million, or 27%, to $114.6 million for the six months ended September 30, 2025, compared to $89.9 million for the six months ended September 30, 2024. The increase was mostly driven by revenue from same-currency transfers which grew $15.5 million in the six months ended September 30, 2025, primarily driven by growth in same-currency transfer volumes.

***Interest Income on Customer Balances***

Interest income on customer balances increased $13.6 million, or 4%, to $399.0 million for the six months ended September 30, 2025, compared to $385.4 million for the six months ended September 30, 2024. While there was a 35% growth in Wise account customer balances to $26.4 billion as of September 30, 2025 compared to $19.6 billion as of September 30, 2024, while over this same time period, average interest income yields declined from 4.2% to 3.2% as interest rates on relevant currencies reduced during the period.

***Interest Expense on Customer Liabilities***

Interest expense on customer liabilities reduced $10.3 million, or 9%, to $98.4 million for the six months ended September 30, 2025, compared to $108.7 million for the six months ended September 30, 2024. The reduction was primarily due to a reduction in interest income yields from 2.9% to 1.8% as interest rates on relevant currencies reduced during the period.

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***Transaction Expense***

Transaction expense ****increased $137.8 million, or 112%, to $260.9 million for the six months ended September 30, 2025, compared to $123.1 million for the six months ended September 30, 2024. Of this movement $115.8 million related to foreign exchange movements, primarily on the Wise accounts driven by the strengthening of the euro against the U.S. dollar and pound sterling. From a foreign exchange exposure perspective, this foreign exchange movement is partially offset by unrealized foreign exchange movements in the available-for-sale debt securities, which are recognized in other comprehensive income. The remaining increase was primarily due to increasing transaction volumes with cross-border volumes increasing 30% between the six months ended September 30, 2024 and September 30, 2025.

***Transaction and Credit Losses***

Transaction and credit losses increased $0.4 million, or 7%, to $6.2 million for the six months ended September 30, 2025, compared to $5.8 million for the six months ended September 30, 2024.

***Technology and Development***

Technology and development expenses increased $37.0 million, or 24%, to $193.3 million for the six months ended September 30, 2025, compared to $156.3 million for the six months ended September 30, 2024. As we continue to invest in our technology, this growth was driven by a combination of a $18.4 million increase in employee related benefit expenses, driven from a 14% increase in average headcount, as well as a $12.5 million increase in technology costs to support increased transactional volumes.

***Servicing***

Servicing expenses increased $36.2 million, or 25%, to $179.2 million for the six months ended September 30, 2025, compared to $143.0 million for the six months ended September 30, 2024. This was primarily due to average headcount growth of 15%. Additionally we increased uncapitalizable investment in the servicing team and infrastructure to support the high volume of customers as well as to support our compliance processes.

***Marketing and Sales***

Marketing and sales expenses increased $30.5 million, or 66%, to $76.6 million for the six months ended September 30, 2025, compared to $46.1 million for the six months ended September 30, 2024. The increase was primarily due to the continuation of higher advertising spend across our existing paid marketing channels along with headcount increases, with average headcount growth of 41%. The growth in advertising spend included investment in the launch of awareness marketing to build brand awareness in key markets.

***General and Administrative***

General and administrative expenses increased $63.7 million, or 54%, to $182.7 million for the six months ended September 30, 2025, compared to $119.0 million for the six months ended September 30, 2024. The increase was primarily driven by a $23.3 million increase in employee-related expenses as a result of average headcount increasing by 32%*.*** Other increases included an increase in outsourced services of $19.4 million, partially driven by preparations for the change in listing location, as well as growth in regulatory costs and hiring costs as a result of expansion. There was also an increase of $4.3 million in office servicing costs following the operational move to new offices in the second half of the March 31, 2025 financial year.

***Other Income/(Loss), Net***

Other income, net was $21.8 million gain for the six months ended September 30, 2025 compared to other (loss), net of $17.4 million for the six months ended September 30, 2024. The change is primarily related to the reduction in foreign exchange losses on available-for-sale securities, which reduced from a $23.0 million loss in

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the six months ended September 30, 2024 to a $6.8 million loss in the six months year ended September 30, 2025. Foreign exchange losses on available-for-sale securities were combined with increased corporate investment interest income, which rose from $20.4 million in the six months ended September 30, 2024 to $31.8 million in the six months ended September 30, 2025. This was as a result of growth in cash and cash equivalents, with the increase in cash balances offset slightly by the drop in interest rates through the six months ended September 31, 2025.

***Income Tax Expense***

Income tax expense was $71.9 million for the six months ended September 30, 2025 compared to an expense of $98.1 million for the six months ended September 30, 2024. This change of $26.2 million, or 27%, relates to an decrease in the tax charge primarily in the United Kingdom as a result of lower income before tax which was down 28% on the six months to September 30, 2025 compared to September 30, 2024. The effective tax rate for the six months ended September 30, 2025 was 23.44% as compared to 23.10% for the six months ended September 30, 2024.

***Comparison of the Financial Years Ended March 31, 2025 and 2024***

The following table sets forth our results of operations for the financial years ended March 31, 2025 and 2024

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** | | |
|  | **2025** | **2024** |<br>**Variance** |<br>**Variance%** |
| *(in million)* |  |  |  |  |
|  Transaction revenue | $1546.3 | $1323.1 | $223.2 | 17% |
|  Interest income on customer balances | 758.3 | 610.0 | 148.3 | 24% |
|  Interest expense on customer liabilities | (205.7) | (157.0) | (48.7) | 31% |
|  **Net revenue** | $**2098.9** | $**1776.1** | $**322.8** | **18%** |
|  **Operating expenses:** |  |  |  |  |
|  Transaction expense | (378.0) | (331.5) | (46.5) | 14% |
|  Transaction and credit losses | (11.6) | (15.7) | 4.1 | (26)% |
|  Technology and development | (314.1) | (287.6) | (26.5) | 9% |
|  Servicing | (287.5) | (216.9) | (70.6) | 33% |
|  Marketing and sales | (106.1) | (79.6) | (26.5) | 33% |
|  General and administrative | (273.4) | (194.7) | (78.7) | 40% |
|  Total operating expenses | (1370.7) | (1126.0) | (244.7) | 22% |
|  **Operating income** | $**728.2** | $**650.1** | **78.1** | **12%** |
|  Other (loss)/ income, net | (10.7) | 6.6 | (17.3) | (262)% |
|  **Income before tax** | $**717.5** | $**656.7** | **60.8** | **9%** |
|  Income tax expense | (167.2) | (155.2) | (12.0) | 8% |
|  **Net income** | $**550.3** | $**501.5** | $**48.8** | **10%** |

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***Transaction Revenue***

The following table summarizes our total transaction revenue:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** | | |
|  | **2025** | **2024** |<br>**Variance** |<br>**Variance%** |
| (in million) |  |  |  |  |
|  Transaction revenue by nature: |  |  |  |  |
|  Cross-border | $1071.7 | $999.7 | $72.0 | 7% |
|  Card | 280.5 | 207.2 | 73.3 | 35% |
|  Other | 194.1 | 116.2 | 77.9 | 67% |
|  **Total transaction revenue** | $**1546.3** | $**1323.1** | $**223.2** | **17%** |

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*Cross-Border Revenue* 

Cross-border revenue increased $72.0 million, or 7%, to $1,071.7 million for the financial year ended March 31, 2025, compared to $999.7 million for the financial year ended March 31, 2024. This was primarily a result of volume increases with the volume of cross-border transactions increasing 24% from $149.0 billion to $185.2 billion. This volume increase was driven, in part, by an increase of active customers, from 12.8 million to 15.6 million, and lower pricing following the global price change made in the first half of the financial year ended March 31, 2025, pursuant to which we refreshed our pricing to better reflect the cost of each transaction. Cross-border take rate decreased by an average of 0.09%, from 0.67% to 0.58%, due to price reductions undertaken during the first half of the financial year ended March 31, 2025.

*Card Revenue* 

Card revenue increased $73.3 million, or 35%, to $280.5 million for the financial year ended March 31, 2025, compared to $207.2 million for the financial year ended March 31, 2024. The increase was primarily a result of a year-over-year growth in card transaction volumes, particularly in the European Union, United Kingdom, and Australia.

*Other Revenue* 

Other revenue grew by $77.9 million, or 67%, to $194.1 million for the financial year ended March 31, 2025, compared to $116.2 million for the financial year ended March 31, 2024. The increase was mostly driven by same-currency transfers, which grew $56.3 million in the financial year ended March 31, 2025. Growth in revenue generated from same-currency transfers was in part driven by the global price change made in the first half of the financial year ended March 31, 2025, pursuant to which we refreshed our pricing to better reflect the cost of each transaction. This resulted in higher fees on most same-currency transfers and top-ups. As a result, the growth in same-currency transfer revenue exceeded the 31% increase in same-currency transfer volume in the financial year ended March 31, 2025.

***Interest Income on Customer Balances***

Interest income on customer balances increased $148.3 million, or 24%, to $758.3 million for the financial year ended March 31, 2025, compared to $610.0 million for the financial year ended March 31, 2024. The increase is primarily due to 32% growth in Wise account customer balances to $22.0 billion for the financial year ended March 31, 2025 compared to $16.8 billion for the year ended March 31, 2024. Over this same time period, average interest income yields declined from 4.0% to 3.9% as interest rates on relevant currencies reduced during the period.

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***Interest Expense on Customer Liabilities***

Interest expense on customer liabilities increased $48.7 million, or 31%, to $205.7 million for the financial year ended March 31, 2025, compared to $157.0 million for the financial year ended March 31, 2024. The increase is primarily due to the growth in the average eligible Wise account customer balance, with interest expense paid out on eligible Wise account customer balances. The average interest expense paid to customers declined from 3.0% to 2.4% in the same period as interest rates on relevant currencies reduced during the period.

***Transaction Expense***

Transaction expense increased $46.5 million, or 14%, to $378.0 million for the financial year ended March 31, 2025, compared to $331.5 million for the financial year ended March 31, 2024. The increase was primarily due to increasing transaction volumes, with cross-border volumes increasing 24% the financial year ended March 31, 2024 to the financial year ended March 31, 2025 along with growth in card transaction volumes. These volume increases were offset by scaling of some costs.

***Transaction and Credit Losses***

Transaction and credit losses decreased $4.1 million, or 26%, to $11.6 million for the financial year ended March 31, 2025, compared to $15.7 million for the financial year ended March 31, 2024. The decrease was driven by improvements in transfer flows, resulting in fewer credit losses.

***Technology and Development***

Technology and development expenses increased $26.5 million, or 9%, to $314.1 million for the financial year ended March 31, 2025, compared to $287.6 million for the financial year ended March 31, 2024. As we continue to invest in our technology, this growth was driven by a combination of a $16.8 million increase in technology costs to support increased transactional volumes, as well as a $8.3 million increase in employee related benefit expenses, driven from a 5% increase in average headcount.

***Servicing***

Servicing expenses increased $70.6 million, or 33%, to $287.5 million for the financial year ended March 31, 2025, compared to $216.9 million for the financial year ended March 31, 2024. This was primarily due to average headcount growth of 15%. Additionally we increased investment in the servicing team to reduce contact rates and saw growth in third-party costs, as we continued to outsource the provision of specific elements of our servicing operations, allowing us to flex capacity at a lower cost.

***Marketing and Sales***

Marketing and sales expenses increased $26.5 million, or 33%, to $106.1 million for the financial year ended March 31, 2025, compared to $79.6 million for the financial year ended March 31, 2024. The increase was primarily due to higher advertising spend across our existing paid marketing channels along with headcount increases, with average headcount growth of 8%. The growth in advertising spend included investment in the launch of awareness marketing to build brand awareness in key markets, to fuel long term growth.

***General and Administrative***

General and administrative expenses increased $78.7 million, or 40%, to $273.4 million for the financial year ended March 31, 2025, compared to $194.7 million for the financial year ended March 31, 2024. The increase was primarily driven by an increase in costs of $23.0 million related to the newly leased offices that we moved our operations to during the financial year ended March 31, 2025. Employee-related expenses also increased $13.4 million as a result of average general and administrative headcount increasing 9% and increased business taxes. Also our tax provisions increased by $8.7 million.

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***Other (Loss)/Income, Net***

Other (loss)/income, net was $10.7 million loss for the financial year ended March 31, 2025 compared to other income, net of $6.6 million for the financial year ended March 31, 2024. The change is primarily related to the increase in foreign exchange losses on available-for-sale securities, which increased from $3.7 million in the financial year ended March 31, 2024 to $42.5 million in the financial year ended March 31, 2025. Foreign exchange losses on available-for-sale securities were offset by increased corporate investment interest income, which rose from $24.8 million in the financial year ended March 31, 2024 to $42.5 million in the financial year ended March 31, 2025 as a result of growth in cash and cash equivalents, with the increase in cash balances offset slightly by the drop in interest rates through the financial year ended March 31, 2025. Interest expense also reduced from $24.1 million to $15.0 million between the financial year ended March 31, 2024 and the financial year ended March 31, 2025, mainly due to lower average draw down of the Revolving Credit Facility.

***Income Tax Expense***

Income tax expense was $167.2 million for the financial year ended March 31, 2025 compared to an expense of $155.2 million for the financial year ended March 31, 2024. This change of $12.0 million, or 8%, relates to an increase in the tax charge primarily in the United Kingdom as a result of higher net income. The effective tax rate for the financial year ended March 31, 2025 was 23.30% as compared to 23.62% for the financial year ended March 31, 2024.

**Quantitative and Qualitative Disclosures About Market Risk** 

Market risk is the potential for economic losses to be incurred on market risk-sensitive instruments arising from adverse changes in market factors such as interest rate, foreign currency and credit risk. Management establishes and oversees the implementation of policies governing our investing, funding, and foreign currency activities in order to mitigate market risks. We monitor risk exposures on an ongoing basis.

We also use derivative instruments to manage exposure to market risks as set out in "Note 14. Derivative Instruments" of the consolidated financial statements and in "Note 12. Derivative Instruments" of the condensed consolidated financial statements, both appearing elsewhere in this registration statement.

***Interest Rate Risk***

We are exposed to interest rate risk from fixed interest rate assets and liabilities on the balance sheet. Interest rate risk is managed against a control framework, which is defined with set metrics and limits in place.

The main fixed interest rate exposure for us is driven by sovereign bonds, with any changes in the fair value of the bonds (due to changes in interest rates) reported through other comprehensive income.

We are also exposed, more generally, to the risk of changes in interest income, primarily on customer balances, and interest expense on customer liabilities resulting from potential movements in interest rates on our financial assets, including cash and cash equivalents and short-term investments.

A 1% instantaneous downward shock of all interest rate curves would have resulted in a reduction of $111.2 million in income before tax for the financial year ended March 31, 2025 (2024: $87.2 million). A 1% instantaneous upwards shock would have resulted in an increase of $112.0 million in income before tax for the financial year ended March 31, 2025 (2024: $89.0 million).

***Foreign Currency Risk***

We are exposed to foreign exchange rate movement from holding assets and liabilities in different currencies and guaranteeing customers a foreign exchange rate on their international transfers not funded from balance for a period of time, dependent on funding currency. We actively monitor foreign exchange risk in pounds sterling, and exposures are managed through a combination of natural hedging and derivative financial instruments.

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We use a combination of foreign currency swaps, foreign exchange spots/forwards and non-deliverable foreign exchange swaps/forwards to manage our exposure to foreign currency risk.

We monitor foreign exchange risk on an ongoing basis using a value at risk and stressed value at risk approach, considering the foreign exchange risk arising from open non-sterling currency positions as foreign exchange rates move adversely against our open positions. For the sensitivity analysis, a severe stress was applied to our March 31, 2025 positions, which assumes that both euros and U.S. dollars would depreciate 5% against other currencies simultaneously. In this scenario, the impact to the consolidated group in U.S. dollars, translated at the year end closing rate of U.S. dollars to pounds sterling would be a realized loss of $4.1 million over one day (2024: $1.8 million).

Our reporting currency is the U.S. dollar, while some subsidiaries operate across a range of non-U.S. dollar functional currencies. Consequently, our financial results are affected by the translation of transactional currencies to functional currency at subsidiary level, and then from functional currency to the reporting currency of U.S. dollar.

***Credit Risk***

We manage credit risk exposure based on our credit risk appetite. We actively manage credit concentration risk through our policy of imposing credit limits in order to control the exposures (amount and period) we have with each counterparty considering their level of risk. These limits are set based on the credit ratings or perceived credit quality of each counterparty and approval must be obtained from the Credit Risk Committee for any exceptions outside of the framework.

Our credit risk is spread over a range of assets, further details of which are set out in the notes to our consolidated financial statements appearing elsewhere in this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash and cash equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Account receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest receivable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Collateral deposits the Group holds with its counterparties.

Credit risk is mitigated as the majority of these financial assets are held with investment grade financial institutions or invested in highly rated financial instruments with credit ratings assigned by reputable credit rating agencies such as Moody's, Standard & Poor's and Fitch Ratings.

Our policy only allows exposures to banks and counterparties with sound credit quality and limits the exposures to a maximum amount, considering their level of risk. Furthermore, as per the Group's investment policy, the debt securities consist of quoted bonds and other fixed asset securities that are graded in the top investment categories (rated A- and above), predominantly in Government bonds as set out in "Note 11. Available-for-Sale Debt Securities" of the consolidated financial statements appearing elsewhere in this registration statement.

***B.***  ***Liquidity and Capital Resources*** 

**Sources of Liquidity** 

As of September 30, 2025, our primary sources of liquidity were our cash and cash equivalents, Safeguarding Guarantees (as defined below) and our Revolving Credit Facility.

As at September 30, 2025, we had cash and cash equivalents of $22,381.2 million, as compared to $18,066.3 million as at March 31, 2025.

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As at September 30, 2025, we have a Safeguarding Guarantee in place to guarantee $1,135.9 million (£845.0 million) of customer funds, so that this amount does not need to be safeguarded and can be used for operating customer liquidity. As at March 31, 2025, $671.8 million (£520.0 million) was guaranteed by the Safeguarding Guarantee, and there was no Safeguarding Guarantee in place in the financial year ended March 31, 2024.

We had $174.8 million available under our $443.6 million (£330 million) unsecured Revolving Credit Facility as at September 30, 2025, compared to $297.1 million as at March 31, 2025 under the $426.3 million (£330 million) unsecured Revolving Credit Facility and $252.7 million available under our previous $516.0 million (£400.0 million) secured revolving credit facility as at March 31, 2024. The amount drawn as at September 30, 2025 was $268.9 million as compared to $129.2 million at March 31, 2025.

We are required to maintain minimum levels of liquidity within our regulated businesses and the Group overall in accordance with local regulatory requirements. We monitor liquidity levels of our regulated entities on an ongoing basis, in accordance with our internal liquidity adequacy assessment process.

Due to our strong operating cash flow, the available balance under the Revolving Credit Facility, EMTN Programme (as defined below) and Safeguarding Guarantee, we believe that we have sufficient financial resources to fund our activities and execute our business for at least the next 12 months and over the long term.

We are committed to financial discipline and a sustainable level of profitability, while continuing to invest in growth opportunities, so that both our customers and our shareholders continue to benefit from our long term growth. We plan to continue investing in product innovation, infrastructure and partnerships to help people and businesses move and manage their money. We have no material financing commitments that are expected to affect our liquidity over the next five years, other than our lease obligations and supplier purchase commitments in the normal course of business and as disclosed in the notes to our consolidated financial statements appearing elsewhere in this registration statement and the maturity of the November 2025 notes issued under the EMTN Programme.

**Indebtedness** 

***Revolving Credit Facility***

In December 2024, we entered into an agreement for a multicurrency revolving facility agreement (the "Revolving Credit Facility") with certain of our subsidiaries as borrowers or guarantors, as applicable (together with any additional borrowers or guarantors, as applicable, the "Borrowers and the "Guarantors"), HSBC Innovation Bank Limited, as mandated lead arranger, the other lenders party thereto (together with HSBC Innovation Bank Limited, the "Lenders") and HSBC Bank plc, as agent. Pursuant to the Revolving Credit Facility, the Borrowers may borrow up to £330.0 million ($443.6 million at September 30, 2025) aggregate principal amount, which may in certain circumstances be increased by an additional aggregate principal amount of £100.0 million ($134.4 million at September 30, 2025). The Revolving Credit Facility matures on December 12, 2027, subject to a maximum of two one-year extensions in accordance with the terms thereof.

Borrowings under the Revolving Credit Facility bear interest at a rate equal to SONIA (in the case of loans made in sterling), SOFR upon the occurrence of certain pre-agreed trigger events (in the case of loans made in U.S. dollars), EURIBOR (in the case of loans made in euros) and the Australian Bank Bill Swap Reference Rate (in the case of loans made in Australian dollars), (in each case, subject to a zero floor), plus a margin of 1.75% to 2.25% per annum determined by reference to adjusted leverage (calculated as the ratio of senior debt on the last day of the Relevant Period (as defined under the Facility Agreement) to Adjusted EBITDA for the Relevant Period).

The agreement governing the Revolving Credit Facility (the "Facility Agreement") contains customary representations, information undertakings and covenants. In addition, the Facility Agreement includes financial covenants that require that: (1) adjusted leverage does not exceed a ratio of 3:1 in respect of any Relevant Period;

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(2) interest cover (calculated as a ratio of Adjusted EBITDA to Finance Charges (as defined under the Facility Agreement)) is not less than a ratio of 3.5:1 in respect of any Relevant Period; and (3) adjusted contingent leverage (calculated as a ratio of the guarantee amount under each Safeguarding Guarantee) to Adjusted EBITDA does not exceed a ratio of 3:1 in respect of any Relevant Period. These financial covenants are tested on a semi-annual basis.

As of September 30, 2025, we had $174.8 million available for borrowing under the Revolving Credit Facility.

***Safeguarding Guarantees***

To comply with requirements set out in the Electronic Money Regulations 2011, Wise Payments Limited ("WPL") is required to safeguard 'relevant funds' received from customers. WPL meets these requirements by a combination of: (1) holding funds in a third-party safeguarding bank account; and (2) taking out insurance with an authorized insurer or an authorized credit institution (such insurance, the "Safeguarding Guarantee").

In May 2024, WPL entered into a Safeguarding Guarantee with each of Chubb European Group SE, Euler Hermes SA (NV), Everest Insurance (Ireland), DAC, HCC International Insurance Company plc, Liberty Mutual Insurance Europe SE, Markel International Insurance Company Limited, Swiss Re International SE, UK Branch, Travelers Insurance Company Limited and Zurich Insurance Company Ltd, UK Branch (the sureties), which collectively provide guarantees of up to an aggregate amount of £520 million ($699.0 million at September 30, 2025), with an initial term of 18 months. In July 2025, each Safeguarding Guarantee was renewed until November 10, 2027, with the same nine sureties collectively providing guarantees up to an aggregate amount of £845 million ($1,135.9 million at September 30, 2025).

In connection with the renewed Safeguarding Guarantees, we and certain of our subsidiaries entered into a deed of indemnity with each surety, under which we and the relevant subsidiaries (collectively, the "Indemnitors") have agreed to indemnify each surety for losses incurred if it makes the safeguarding payments.

Each Safeguarding Guarantee contains certain customary warranties, representations and undertakings. In addition, each Safeguarding Guarantee includes financial covenants which require that: (1) the adjusted senior leverage ratio of senior debt under the Revolving Credit Facility to Adjusted EBITDA cannot exceed 3:1; (2) the adjusted contingent leverage ratio of the aggregate insurance amount to Adjusted EBITDA cannot exceed 3:1; and (3) the aggregate insurance amount cannot exceed cash, cash equivalents and undrawn amounts under the Revolving Credit Facility on the last day of the half financial year or full financial year period.

Under the conditions of each Safeguarding Guarantee, a surety can demand cash from any indemnitor upon the occurrence of certain events, including insolvency, change of control and termination of the Revolving Credit Facility. Any one indemnitor can trigger such a demand. Each Safeguarding Guarantee also includes cross-acceleration provisions, which allow an insurer to demand payment if a lender has demanded repayment under the Revolving Credit Facility (subject to a £10 million ($13.4 million at September 30, 2025) de minimis threshold).

No security is provided to the sureties.

***Euro Medium Term Note Programme*** 

In November 2025, we established a Euro Medium Term Note Programme (the "EMTN Programme"), under which Wise Financing plc ("Wise Financing"), a subsidiary of Wise plc, may from time to time issue senior unsecured notes ("Notes") up to an aggregate principal amount £2.0 billion ($2.6 billion at issuance date). Notes issued under the EMTN Programme will be guaranteed by Wise plc, Wise Financial Holdings Ltd, Wise Payments Limited, Wise Europe SA, Wise US Inc. and such other guarantors as amended from time to time.

Notes may be issued in bearer form or in registered form only. Subject to compliance with applicable laws and regulations, Notes will be issued in denominations of at least €100,000 or the equivalent in any other currency and with such terms as may be specified in the applicable pricing supplement. Notes may bear interest at fixed or

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floating rates, may be zero-coupon, and may be issued at their nominal amount or at a discount or premium to it, as set out in the relevant pricing supplement. The rate of interest for floating-rate Notes may be linked to customary money-market reference rates or alternative reference rates, as specified in the applicable pricing supplement.

The documentation governing the Notes includes customary covenants and provisions relating to events of default, payment mechanics, substitution of Wise Financing or Wise plc as issuer and parent guarantor of the Notes, respectively, accession and release of guarantors, transfer restrictions other terms typical for unsecured note instruments of this type.

In November 2025, we issued £250.0 million ($329.0 million at issuance date) aggregate principal amount of Notes under the EMTN Programme. Such Notes bear interest at a rate of 5.1000% per annum, and mature on November 25, 2030.

**Cash Flows** 

The following table summarizes the primary sources and uses of cash for each period presented:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended September 30,** | **Six months ended September 30,** | **Year ended March 31,** | **Year ended March 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| (in million) |  |  |  |  |
|  Cash and cash equivalents at beginning of the period/year | $18066.3 | $13245.7 | $13245.7 | $9474.6 |
|  Net cash provided by operating activities | 3805.6 | 2571.1 | 5719.5 | 4075.1 |
|  Net cash used in investing activities | (200.4) | (50.4) | (758.5) | (181.1) |
|  Net cash used in financing activities | (111.4) | (306.8) | (229.9) | (148.0) |
|  Effect of exchange rate fluctuations on cash and cash equivalents | 821.1 | 450.2 | 89.5 | 25.1 |
|  Cash and cash equivalents at end of the period/year | $22381.2 | $15909.8 | $18066.3 | $13245.7 |

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***Comparison of the Six Months Ended September 30, 2025 and 2024***

Net cash provided by our operating activities was $3,805.6 million for the six months ended September 30, 2025, compared to $2,571.1 million for the six months ended September 30, 2024. The increase of $1,234.5 million, or 48%, was primarily due to a 38% increase in Wise account balances.

Net cash used in investing activities was $200.4 million for the six months year ended September 30, 2025, compared to $50.4 million for the six months ended September 30, 2024. The increase of $150.0 million, or 298%, in net cash used in investing activities was primarily due to a net increase in purchase of available-for-sale debt securities of $149.0 million.

Net cash used by our financing activities during the six months ended September 30, 2025 was $111.4 million as compared to $306.8 million for the six months ended September 30, 2024. The reduction of $195.4 million, or 64%, was primarily due to there being a net drawdown on the Revolving Credit Facility of $132.3 million in the six months ended September 30, 2025 compared to a net repayment of $262.2 million in the six months ended September 30, 2024. This reduction in cash outflow was offset by an increase in cash outflow with respect to the Employee Benefit Trust share purchases of $198.8 million in the six months ended September 30, 2025 as compared to the six months ended September 30, 2024.

Net cash provided by our operating activities was $5,719.5 million for the financial year ended March 31, 2025, compared to $4,075.1 million for the financial year ended March 31, 2024. The increase of $1,644.4 million, or 40%, was primarily due to a 32% increase in Wise account balances.

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Net cash used in investing activities was $758.5 million for the financial year ended March 31, 2025, compared to $181.1 million for the financial year ended March 31, 2024. The increase of $577.4 million, or 319%, in net cash used in investing activities was primarily due to an increase in purchase of bonds of $548.4 million. Investing activities also increased $30.7 million as a result of purchase of property, plant and equipment, predominantly with respect to new office spaces in London and Tallinn.

Net cash used by our financing activities during the financial year ended March 31, 2025 was $229.9 million as compared to $148.0 million for the financial year ended March 31, 2024. The increase of $81.9 million, or 55%, was primarily due to an increase in the net repayments on the Revolving Credit Facility of $75.6 million along with an increase of $6.3 million cash outflow with respect to the Employee Benefit Trust share purchases in the financial year ended March 31, 2025 as compared to the financial year ended March 31, 2024.

**Contractual Obligations and Commitments** 

We routinely incur contractual obligations for marketing and advertising, software subscriptions and various service arrangements, including cloud infrastructure and compliance applications. While many of these contracts are short-term (cancelable within one year), some significant software and cloud service agreements involve multi-year commitments. Additionally, we have substantial long-term lease obligations for office space. Changes in our business needs, contractual cancellation provisions, fluctuating interest rates, and other factors may result in actual payments differing from the estimates. We cannot provide certainty regarding the timing and amounts of these payments. For further discussion of commitments and contingencies, please refer to "Note 20. Commitments and Contingencies" and "Note 10. Leases" in the notes to our consolidated financial statements appearing elsewhere in this registration statement.

***C. Research and Development, Patents and Licenses, etc.***

Please refer to "Item 4.B. Information on the Company—Business Overview—Intellectual Property" for further information on our material intellectual property and to "Note 2. Summary of Significant Accounting Policies" within our consolidated financial statements appearing elsewhere in this registration statement.

***D. Trend Information***

Other than as disclosed elsewhere in this registration statement (see "—A. Operating Results—Key Trends and Factors Affecting Our Performance"), we are not aware of any trends, uncertainties, demands, commitments or events for the year ended March 31, 2026 that are reasonably likely to have a material and adverse effect on our net revenues, income, profitability, liquidity or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future results of operations or financial conditions.

***E. Critical Accounting Estimates***

Our consolidated financial statements have been prepared in accordance with U.S. GAAP. The preparation of the consolidated financial statements requires us to make judgments, estimates and assumptions that affect the value of assets and liabilities—as well as contingent assets and liabilities—as reported on the balance sheet date, and revenues and expenses arising during the financial year.

The estimates and associated assumptions are based on information available when the consolidated financial statements are prepared. This includes historical experience, current conditions and various other factors which are believed to be reasonable under the circumstances. Due to market changes or circumstances arising that are beyond our control estimates may vary from the actual values.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revision of accounting estimates is recognized in the period in which they become known and are applied prospectively.

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**Transaction and Credit Losses** 

We have exposure to current expected credit losses for financial assets including cash and cash equivalents, debt securities, accounts receivable, interest receivable and collateral deposits that we hold with its counterparties.

We utilize a combination of aging and probability of default methods to develop an estimate of credit losses, depending on the nature and risk profile of the underlying asset pool. A broad range of information is considered in the estimation process, including historical loss information adjusted for current conditions and expectations of future trends. The estimation process also includes consideration of qualitative and quantitative risk factors associated with the age of asset balances, expected timing and probability of default, loss given default, exposure at default, counterparty tiering classifications, merchant and customer risk profiles, country risk profiles for higher risk jurisdictions and relevant macro-economic factors. Determining the appropriate current expected credit loss allowance is an inherently uncertain process requiring significant estimation and ultimate losses could differ materially from the current estimates.

Please refer to "Note 2. Summary of Significant Accounting Policies—Transaction and Credit Losses" in the notes to our consolidated financial statements appearing elsewhere in this registration statement for additional information.

**Item 6. Directors, Senior Management and Employees** 

***A. Directors and Senior Management***

**Board of Directors** 

The following table sets forth the names, ages and positions of the members of our board of directors as of the date of this registration statement.

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|:---|:---|:---|
| **Name** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Age**  | **Position** |
| Kristo Käärmann | 45 | Chief Executive Officer and Executive Director |
| Emmanuel Thomassin | 57 | Chief Financial Officer and Executive Director |
| David Wells | 54 | Chair of the Board of Directors |
| Clare Gilmartin | 50 | Senior Independent Director |
| Elizabeth G. Chambers | 63 | Non-Executive Director |
| Terri Duhon | 53 | Non-Executive Director |
| Scott Hill | 58 | Non-Executive Director |
| Alastair Rampell | 44 | Non-Executive Director |
| Hooi Ling Tan | 42 | Non-Executive Director |

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Biographical information for each member of our board of directors is set forth below.

***Kristo Käärmann*** is our co-founder and has served as our Chief Executive Officer and an Executive Director since our inception 2010. Prior to founding Wise, Mr. Käärmann was a consultant at Deloitte and PwC. Käärmann holds a bachelor's and master's degree in Mathematics and Technology from the University of Tartu.

***Emmanuel Thomassin*** has served as our Chief Financial Officer and an Executive Director since October 2024. Prior to joining Wise, Mr. Thomassin served as Chief Financial Officer at Delivery Hero SE from January 2014 to June 2024. Prior to Delivery Hero, Mr. Thomassin spent six years as Chief Financial Officer and executive board member at MetaDesign, an international corporate branding agency. He has also served as the Chief Financial Officer and a Managing Director at Team Global, a Berlin-based incubator, since January 2023. Mr. Thomassin holds Master's degrees in Economics from both the Université de Metz and Saarbrücken.

***David Wells*** has served as Chair of the Board of Directors since December 2021, having initially joined the board of directors as a non-executive director in July 2019. Mr. Wells previously served as Chief Financial Officer of

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Netflix from December 2010 until his retirement in January 2019. During his time at Netflix, Mr. Wells served as overall head of Financial Planning & Analysis and spent two years, from July 2015 to July 2017, in the Netherlands as part of the build-up of Netflix's European operations. Mr. Wells has served on the board of directors, including as chair of the audit committee, of Hims & Hers Health, Inc. since January 2021, having also served on the board of directors of its predecessor Hims, Inc. from September 2020 to January 2021. He also served on the board of directors, including as chair of the audit committee, of Trade Desk, Inc., a public company that provides a technology platform for advertising buyers from December 2015 to May 2025. Mr. Wells holds a BS in Commerce and English from the University of Virginia and an MBA/MPP Magna Cum Laude from the University of Chicago.

***Clare Gilmartin*** has served as Senior Independent Director since June 2021. Prior to joining us, Ms. Gilmartin served as Chief Executive Officer of Trainline, a digital rail and coach travel platform, from April 2014 to March 2021, where she led an expansion of the business internationally and then guided the company in a sale to KKR in 2015 and its initial public offering on the London Stock Exchange in 2019. Prior to Trainline, Ms. Gilmartin spent ten years at eBay, last serving as Vice President, eBay Europe. Earlier in her career, Ms. Gilmartin was a consultant at Boston Consulting Group. She also currently serves as Senior Advisor to KKR. Ms. Gilmartin has served on the board of directors of GetYourGuide GmbH, a travel experience booking platform, since February 2021. Ms. Gilmartin holds a Bachelor of Commerce (Int) degree from University College of Dublin.

***Elizabeth G. Chambers*** has served as a Non-Executive Independent Director since April 2023. She has extensive experience as a board director, investor, and senior financial services executive, leading strategy, product and marketing. She also serves on the boards of Kape Technologies and TSB Bank plc, several fintech and payments startups, and the non-profit University of Colorado Anschutz Medical Campus. Earlier boards have included several FTSE-250 listed and private companies in the United States and United Kingdom. Her executive career included C-suite roles at Western Union, Barclays, Bank of America and other global companies. She advises private equity firms on their investments in financial services, including five years as an Operating Partner at Searchlight Capital. Earlier in her career, Ms. Chambers was a Partner at McKinsey & Company and she started her career as a financial analyst with Morgan Stanley & Co. Ms. Chambers holds a MBA from Harvard Business School and a BA in Economics and Political Science from Stanford University.

***Terri Duhon*** has served as a Non-Executive Director since January 2022. Ms. Duhon has served as an associate fellow at the Saïd Business School at Oxford University since 2015. She is also a motivational speaker for Speakers for Schools and a frequent keynote speaker on culture, diversity and corporate purpose. Earlier in her career, Ms. Duhon worked as a derivatives trader at JP Morgan before becoming an entrepreneur and founding a consulting business. Ms. Duhon has served on the boards of directors of Morgan Stanley International Board since 2016, including as chair of its Risk Committee, and Rathbones Group plc, including as chair of its Risk Committee, since July 2018. Ms. Duhon holds a degree in Mathematics from the Massachusetts Institute of Technology.

***Scott Hill*** has served as a Non-Executive Director since March 2026. Mr. Hill served as CS Disco, Inc.'s Chief Executive Officer from September 2023 to April 2024, and served in an interim, non-officer capacity as advisor to the Chief Executive Officer until May 11, 2024. Mr. Hill served as an advisor to the Chief Executive Officer of Intercontinental Exchange, Inc. from May 2021 to February 2023 and also served as its Chief Financial Officer from May 2007 to May 2021. Before that, Mr. Hill was an international finance executive for International Business Machines Corporation from 1991 to 2007. Mr. Hill has served on the boards of directors of Cardlytics, Inc. since September 2023 and VVC Exploration Corporation since August 2017. Mr. Hill earned his B.B.A in finance from the University of Texas at Austin and his M.B.A. from New York University.

***Alastair Rampell*** has served as a Non-Executive Director since January 2018. Mr. Rampell has served as a General Partner at Andreessen Horowitz since September 2015, where he focuses on financial services. In his role, Mr. Rampell serves on the boards of several Andreessen Horowitz portfolio companies and has led a number of Andreessen Horowitz's investments. Before joining Andreessen Horowitz, Mr. Rampell co-founded

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multiple companies, including Affirm, FraudEliminator, Point and TrialPay. He has served as a member of the board of directors of Rocket Companies, Inc., a financial technology and homeownership services company, since February 2024, and previously served as a director of KCG Holdings from 2015 to 2017. Mr. Rampell holds a BA in Applied Mathematics and Computer Science from Harvard University.

***Hooi Ling Tan*** has served as a Non-Executive Director since June 2021. Ms. Tan is the Co-Founder and former Chief Operating Officer of Grab, Southeast Asia's leading superapp serving millions with mobility, delivery, and digital financial solutions. Before stepping down from her operational and board roles in 2024, she played a key role in driving Grab's growth, leading the Technology, Strategy, and Ads divisions, and prior to that, oversaw functions including People Operations, Customer Experience, and Business Operations. She is also a global board member at Endeavor, where she contributes her expertise in scaling innovative technology businesses worldwide. Ms. Tan holds a Bachelor of Engineering in Mechanical Engineering from the University of Bath and an MBA from Harvard Business School.

**Executive Officers** 

Our executive officers are responsible for the day-to-day management of our business and operations. Each executive officer serves at the discretion of our board of directors.

The following table sets forth the names, ages and positions of members of our executive officers as of the date of this registration statement.

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Kristo Käärmann | 45 | Chief Executive Officer and Executive Director |
| Emmanuel Thomassin | 57 | Chief Financial Officer and Executive Director |
| Nilan Peiris | 49 | Chief Product Officer |
| Harsh Sinha | 45 | Chief Technology Officer |

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For biographical information regarding Kristo Käärmann and Emmanuel Thomassin, see "—Board of Directors" above.

***Nilan Peiris*** has served as our Chief Product Officer since April 2021. Mr. Peiris joined Wise in 2014 as Vice President of Growth, following his time as an advisor to the Company since 2012. Before Wise, he spent six years expanding and scaling startups in the United Kingdom. As Chief Product Officer, Mr. Peiris is responsible for driving growth across Wise's products and platform. He played a pivotal role in launching the Wise Account as well as the Wise Platform. Beyond his work at Wise, Mr. Peiris serves as a board member at OakNorth and invests in social impact projects through Daring Capital. Mr. Peiris holds a bachelor's degree in Mathematics from the University of Bristol.

***Harsh Sinha*** has served as our Chief Technology Officer since May 2015, having also acted as our interim Chief Executive Officer from September to December 2023. As Chief Technology officer, he has been instrumental in scaling Wise's proprietary technology infrastructure to support millions of active customers and multi-billion-dollar transaction volumes. Before joining us, Mr. Sinha was the director of product at PayPal, where he led the product strategy and development of PayPal's mobile apps and software. Earlier, he was a director of engineering at eBay. Mr. Sinha holds an MBA from the Haas School of Business at the University of California, Berkeley and a bachelor's degree in Computer Engineering from Sikkim Manipal University, India.

**Family Relationships** 

There are no family relationships among any of our directors or executive officers.

***B. Compensation***

While we determined our remuneration in pounds sterling for the relevant periods presented below, these amounts have been converted to U.S. dollars for the purposes of this "Compensation" section. Unless indicated

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otherwise, any non-U.S. dollar denominated amounts in this section have been calculated based on the average exchange rate for the year ended March 31, 2025 of £1.00 to $1.275. These translations should not be considered representations that any such amounts have been, could have been, or could be converted into U.S. dollars at that or any other exchange rate as of that or any other date.

For the financial year ended March 31, 2025, the total compensation paid to our non-executive directors, executive directors and executive officers as a group was $8,059,412. For our non-executive directors, this amount comprises cash fees only. For our executive directors and executive officers, this amount includes salary, equity awards granted during the year, sabbatical allowance, private medical insurance, relocation expenses and/or pension-related benefits, in each case as applicable. No bonuses were awarded or paid to our executive directors or executive officers during the financial year ended March 31, 2025.

We do not set aside or accrue any amounts to provide pension, retirement or similar benefits to our non-executive directors, executive directors and executive officers. We made defined contribution pension contributions on behalf of our executive directors and executive officers in an aggregate amount of $25,384 during the financial year ended March 31, 2025, which amount is included in the foregoing aggregate compensation figure.

**Remuneration of Non-Executive Directors** 

The remuneration of our non-executive directors is set by our board of directors taking into account the time and responsibility involved in each role, and the remuneration for the Chair of the Board is set by the Compensation Committee.

The schedule of fees for the Wise plc non-executive directors for the financial year ended March 31, 2025 is set out in the table below:

---

| | |
|:---|:---|
|  | **Fees<br>($000)** |
|  Non-Executive Director Base Fee | 217 |
|  Board Chair Fee (in lieu of the annual amount above) | 363 |
|  Additional Fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Independent Director's additional fee | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and Risk Committee Chair's additional fee | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomination Committee Chair's additional fee | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remuneration Committee Chair's additional fee | 13 |

---

The following table sets out the aggregate remuneration received by each non-executive director for the financial year ended March 31, 2025:

---

| | | |
|:---|:---|:---|
| **Non-Executive Directors** | **Wise plc Board Committee Membership as at<br>March 31, 2025** | **Fees<br>($000)** |
|  Alastair Rampell<sup>(1)</sup> | N/A | **—** |
|  Clare Gilmartin | Nomination Committee, Audit and Risk Committee | **236** |
|  David Wells<sup>(2)</sup> | Board Chair, Nomination Committee (Chair), Remuneration Committee | **363** |
|  Elizabeth G. Chambers | Remuneration Committee (Chair) | **230** |
|  Hooi Ling Tan | Nomination Committee | **217** |
|  Ingo Uytdehaage<sup>(3)</sup> | Audit and Risk Committee (Chair), Remuneration Committee | **236** |
|  Terri Duhon | Audit and Risk Committee | **217** |

---

(1) Mr. Rampell commenced receiving fees as a non-executive director from June 19, 2025.

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(2) An increase to Mr. Wells' annual fee to $484,500 effective from April 1, 2025 was approved by
the Remuneration Committee in May 2025.

(3) Mr. Uytdehaage resigned from our board of directors and the Audit and Risk and Remuneration Committees upon
the expiration of his term at our 2025 Annual General Meeting of Shareholders on September 25, 2025.

**Remuneration of Executive Directors** 

The table below reflects the amount of compensation paid and benefits in kind granted, to the executive directors, during the financial year ended March 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Salary<br>($000)** | **Taxable<br>Benefits<br>($000)<sup>(2)</sup>** | **Pension-<br>related<br>Benefits<br>($000)<sup>(3)</sup>** | **Equity<br>Awards<br>($000)<sup>(4)</sup>** | **Total**<br>**($000)** |
|  **Executive Directors** |  |  |  |  |  |
|  Kristo Käärmann | 251 | 1.7 | 12.5 |  | **265** |
|  Emmanuel Thomassin<sup>(1)</sup> | 319 | 36 | 7.7 | 3826 | **4188** |

---

(1) Mr. Thomassin joined Wise plc on October 1, 2024. The amounts shown relate to his remuneration from
that date.

(2) The benefits total represents the taxable value of benefits paid. Benefits provided to executive directors
include private health insurance. Expenses for Mr. Thomassin include reimbursement of relocation expenses as agreed on his appointment.

(3) Executive directors are entitled to opt in to pension contribution benefits, equivalent to 5% of salary.

(4) The equity awards amount reflects the market value on the grant date of awards granted during the financial year
ended March 31, 2025, as further described below.

**Equity Awards** 

During the financial year ended March 31, 2025, equity awards were granted to Mr. Thomassin in respect of Class A ordinary shares in Wise plc under the Wise plc Long Term Incentive Plan (the "LTIP"). Mr. Thomassin received a "normal" award of nil cost options with a maximum opportunity set at 400% of salary, and an "enhanced" award, with a maximum opportunity of 200% of salary, each as detailed below. Neither Mr. Käärmann nor any non-executive director received any equity awards during the financial year ended March 31, 2025.

***Normal LTIP Award***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Award** | **Number<br>of Shares** | **% of<br>base<br>salary<br>awarded** | **Grant Date<br>Fair Value<br>($)<sup>(1)</sup>** | **Vesting at<br>Threshold** | **End of<br>Performance<br>Period<sup>(2)(3)(4)</sup>** |
|  **Executive Directors** |  |  |  |  |  |  |
|  Emmanuel Thomassin | Performance | 123002 | 200% | 1275282 | 25% of maximum | March 31, 2027 |
|  Emmanuel Thomassin | Service-based | 123001 | 200% | 1275282 | N/A | N/A |

---

(1) Value calculated using the prior 3-day average closing market price to
the date of grant (November 14, 2024) of $1.037.

(2) The performance award has a three-year performance period which will end on March 31, 2027.

(3) The service-based award vests in equal annual tranches over three years in March 2025, March 2026 and March
2027, subject to a performance underpin as described below.

(4) The vested shares, net of any tax liabilities, will be subject to a post-vesting holding period of two years.

The performance measures and targets for the financial year ended March 31, 2025 for the performance award portion of this normal LTIP award are set out below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Weighting** | **Threshold<sup>(1)</sup><br>(25% payout)** | **Maximum<sup>(1)</sup><br>(100% payout)** |
|  Relative TSR vs FTSE 100**<sup>(2)</sup>** | 40% | Median | Upper quartile |
|  Volume Growth**<sup>(3)</sup>** | 40% | 13% | 25% |
|  Customer NPS**<sup>(4)</sup>** | 20% | 63 | 70 |

---

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(1) Vesting will be on a straight-line basis between the threshold and maximum.

(2) Measured against the constituents of the FTSE 100 index (excluding investment trusts).

(3) Compound Annual Growth Rate (CAGR) over the three-year performance period.

(4) Performance measured as the average Customer Net Promoter Score (NPS) over the three-year performance period.

The performance underpins for the service-based portion of the award are as follows. In the financial year ended March 31, 2025, the Remuneration Committee determined that the first tranche of the service-based element of the normal annual LTIP award would vest in full, after an assessment of the following performance factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Satisfactory financial performance over the relevant vesting period, as determined by the Remuneration Committee,
taking into account volume growth, profit, and/or revenue performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintaining the risk and compliance environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Satisfactory individual performance.

***Enhanced LTIP Award***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Award** | **Number<br>of Shares** | **% of<br>base<br>salary<br>awarded** | **Grant<br>Date Fair<br>Value<br>($)<sup>(1)</sup>** | **Vesting at<br>Threshold** | **End of<br>Performance<br>Period<sup>(2)(3)(4)</sup>** |
|  **Executive Directors** |  |  |  |  |  |  |
|  Emmanuel Thomassin | Performance | 61501 | 100% | 637641 | 25% of maximum | March 31, 2027 |
|  Emmanuel Thomassin | Service-based | 61501 | 100% | 637641 | N/A | N/A |

---

(1) The value has been calculated using the prior 3-day average closing
market price to the date of grant (November 14, 2024) of $1.037.

(2) The performance award has a three-year performance period which will end on March 31, 2027.

(3) The service-based award vests in equal tranches over two years in October 2025 and October 2026.

(4) The vested shares, net of any tax liabilities, will be subject to a post-vesting holding period of two years,
subject to a performance underpin as described above.

The performance award is subject to the same performance conditions and time horizons as those granted as part of the normal annual LTIP grant, detailed above. The service-based award will vest in equal tranches over two years, subject to the same performance underpins as the normal annual service-based LTIP grant as detailed above. Any shares vesting will be subject to a two-year post-vesting holding period.

**Executive Director Employment Agreements** 

Wise plc currently employs our executive directors pursuant to the terms of a service agreement entered into between Wise plc and each executive director.

***Kristo Käärmann***

Pursuant to this agreement, Mr. Käärmann is entitled to a gross annual base salary of £197,000 (equivalent to $251,231). This salary is subject to annual review. Mr. Käärmann does not currently have any entitlement to a bonus or equity awards.

Mr. Käärmann is entitled to participate in the applicable pension and private medical expenses insurance plans. Mr. Käärmann is entitled to reimbursement of reasonable expenses incurred in the course of his duties. The period of notice required to terminate Mr. Käärmann's employment is three months. The agreement does not provide Mr. Käärmann with any contractual severance benefits, but the Company may terminate Mr. Käärmann's employment at any time with immediate effect by making a payment in lieu of notice in respect of salary (only) that would otherwise be due during his notice period.

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***Emmanuel Thomassin***

Pursuant to this agreement, Mr. Thomassin is entitled to a gross annual base salary of £500,000 (equivalent to $637,641). This salary is subject to annual review. The agreement provides that Mr. Thomassin may be eligible to participate in the LTIP and/or any other cash-based or share-based incentive plans, subject to approval by the duly appointed Compensation Committee. However, Mr. Thomassin has no contractual entitlement to such incentives.

Mr. Thomassin is entitled to participate in the applicable pension and private medical expenses insurance plans. Mr. Thomassin is also entitled to reimbursement of reasonable expenses incurred in the course of his duties. The period of notice required to terminate Mr. Thomassin's employment is six months. The agreement does not provide Mr. Thomassin with any contractual severance benefits, but the Company may terminate Mr. Thomassin's employment at any time with immediate effect by making a payment in lieu of notice in respect of salary (only) that would otherwise be due during his notice period.

**Non-Executive Director Appointment Letters** 

Our non-executive directors are engaged by Wise plc on letters of appointment that set out their duties and responsibilities. The appointment of each non-executive director's appointment is terminable by either party on one month's written notice. The non-executive directors do not receive benefits upon termination or resignation from their respective positions as directors. In connection with the Reorganization Transaction, we intend to enter into new appointment letters with our non-executive directors which will reflect the foregoing key terms.

**Equity Plans** 

We maintain the following equity plans for employees including certain former employees (and, where the specific rules permit, non-executive directors and/or non-employee contractors): the TransferWise 2016 Share Option Plan (the "2016 Option Plan"); the Rules of the TransferWise 2021 Equity Incentive Plan (the "2021 EIP") and the LTIP. The 2016 Option Plan, the 2021 EIP and the LTIP are referred to collectively as the "Legacy Plans."

In connection with the Reorganization Transaction, Wise Group plc will grant awards in respect of its Class A ordinary shares to replace existing awards in respect of Wise plc Class A ordinary shares granted under the Legacy Plans.

***The TransferWise 2016 Share Option Plan***

The 2016 Option Plan was adopted on June 15, 2016 and amended on February 27, 2019 and April 8, 2026, and permitted the grant of unapproved options and U.K. tax advantaged options, and was also designed to comply with certain U.S. tax legislation. No awards were granted under the 2016 Option Plan following the adoption of the LTIP. No awards remain unvested. The outstanding options under the 2016 Option Plans are exercisable up to 2030. Awards covering an aggregate of 16,311,187 Class A ordinary shares in Wise plc were outstanding under the 2016 Option Plan as at March 31, 2025.

***The Rules of the TransferWise 2021 Equity Incentive Plan***

The 2021 EIP was adopted on January 1, 2021, and permitted the grant of nil cost options or restricted share units. No awards were granted under the 2021 EIP following the adoption of the LTIP. Only nil cost options were granted under the 2021 EIP. No awards remain unvested. The outstanding options under the 2021 EIP are exercisable up to 2031. Awards covering an aggregate of 40,767,978 Class A ordinary shares in Wise plc were outstanding under the 2021 EIP as at March 31, 2025.

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***The Rules of the Wise plc Long Term Incentive Plan***

The LTIP was adopted on June 18, 2021 for the grant of incentive-based share plan awards over Class A ordinary shares in Wise plc after Wise plc's listing on the London Stock Exchange. Awards covering an aggregate of 7,547,396 Class A ordinary shares in Wise plc were outstanding under the LTIP as at March 31, 2025.

During the financial year ended March 31, 2025, we granted equity awards pursuant to the LTIP in respect of an aggregate of 6,469,414 of Class A ordinary shares in Wise plc.

***Wise Group plc 2026 Equity Incentive Plan with Non-Employee Sub-Plan***

In connection with the Reorganization Transaction, on April 8, 2026, we have adopted the Wise Group plc 2026 Equity Incentive Plan with Non-Employee Sub-Plan (the "2026 Plan") as a vehicle to continue granting equity to our, and our affiliates', current and prospective employees, together with our officers, non-executive directors and consultants.

This plan is intended to provide a means through which to grant equity throughout our business through a more customary and streamlined U.S.-style incentive plan in the event of a primary listing on a U.S. stock exchange. Following the adoption of the 2026 Plan, we do not expect to make further equity grants under the Legacy Plans.

The 2026 Plan has an initial share pool of 102,567,200 Wise Group plc Class A ordinary shares (which represents approximately 10% of our current issued and outstanding Class A ordinary shares). In addition, such number of Class A ordinary shares reserved for issuance under the 2026 Plan will automatically increase on January 1 of each year for a period of ten years commencing on January 1, 2027 and ending on (and including) January 1, 2036, in an amount equal to 10% of the total number of all classes of shares of the Company that have been issued as at December 31 of the preceding year subject to the Company having sufficient authorized but unissued shares. The Board may act prior to January 1 of a given year to provide that the increase for such year will be a lesser number of Class A ordinary shares. A form of the 2026 Plan is filed as an exhibit to this registration statement.

**Wise Employee Share Trust** 

We established the Wise Employee Share Trust (the "EST") to assist with our obligations to satisfy historical and future share awards under certain of our equity plans as well as to reduce the effect of future dilution on existing shareholders arising from the share-based compensation offered to employees. The trustee of the EST has waived its right to receive dividends on any shares held by the EST. We provide financing to the EST to either purchase our shares on the open market, or to subscribe for newly issued share capital to meet our obligation to provide shares when employees exercise their options or awards.

We paid approximately $93 million to the EST during the financial year ended March 31, 2025.

In connection with the Reorganization Transaction, it is intended that the settlor of the EST will be changed from Wise plc to Wise Group plc. It is intended that the EST will continue to be used to settle employee equity awards in order to reduce the dilutive impact of such equity awards on shareholders.

**Clawback Policy** 

Our board of directors has adopted an Incentive Compensation Recoupment Policy ("Clawback Policy") in compliance with Section 10D of the Exchange Act and applicable rules of Nasdaq. The Clawback Policy will be administered by our Compensation Committee and will provide that if we are required to record an accounting restatement, then we will seek to recover incentive-based compensation from certain current or former executive officers' that was erroneously awarded and received during the three completed fiscal years immediately preceding the date we are required to record such accounting restatement, as well as any transition period (resulting from a change in our financial year) within or immediately following those three completed financial years.

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***C. Board Practices***

**Composition of Our Board of Directors** 

Upon the effectiveness of this registration statement, our board of directors will consist of nine members. Our board of directors has determined that each of David Wells, Clare Gilmartin, Elizabeth G. Chambers, Terri Duhon, Scott Hill, Alastair Rampell and Hooi Ling Tan does not have a relationship that would interfere with the exercise of their independent judgment in carrying out the responsibilities of director and that each of these directors is "independent" as that term is defined under the applicable Nasdaq listing standards. Neither Mr. Käärmann nor Mr. Thomassin qualify as independent under the applicable Nasdaq listing standards due to their respective positions as employees of our company.

In accordance with our amended and restated articles of association to be adopted upon the completion of the Reorganization Transaction and prior to the first day of trading our Class A ordinary shares on Nasdaq, our board of directors will be divided into two classes, designated as Class I and Class II, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class I will consist of David Wells, Emmanuel Thomassin, Terri Duhon and Hooi Ling Tan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class II will consist of Kristo Käärmann, Elizabeth G. Chambers, Scott Hill, Clare Gilmartin
and Alastair Rampell.

Each class shall consist, as nearly as possible, of a number of directors equal to one-half of the total number of directors. The Class I directors will stand for re-election at the first annual general meeting following the completion of the Reorganization Transaction and the Class II directors will stand for re-election at the second annual general meeting following the completion of the Reorganization Transaction, in each case to be re-elected to hold office for a term ending upon the conclusion of the second annual general meeting following their re-election. At each succeeding annual general meeting, directors shall be appointed to succeed, and/or be re-appointed to continue, as the directors of the class whose term expires at such annual general meeting for a term ending upon the conclusion of the second annual general meeting following their re-election.

**Committees of Our Board of Directors** 

Upon the effectiveness of this registration statement, our board of directors will have four standing committees: an Audit Committee, a Risk Committee, a Compensation Committee and a Nominating and Corporate Governance Committee. The composition and responsibilities of each of the committees of our board of directors are described below. Members serve on these committees until their resignation or until otherwise determined by our board of directors. Our board of directors may establish other committees as it deems necessary or appropriate from time to time.

***Audit Committee***

The Audit Committee will consist of Clare Gilmartin, Terri Duhon and Scott Hill. The chair of the Audit Committee will be Scott Hill. Our board of directors has determined that each member of the Audit Committee satisfies the independence requirements under the applicable Nasdaq listing standards and Rule 10A-3(b)(1) of the Exchange Act. Each member of the Audit Committee can read and understand fundamental financial statements in accordance with applicable requirements. In addition, our board of directors has determined that Scott Hill is an "audit committee financial expert" within the meaning of SEC regulations.

The primary purpose of the Audit Committee is to discharge the responsibilities of our board of directors with respect to oversee the governance of our risk management system with respect to financial and accounting risks, financial reporting, the external audit process, internal control and related assurance processes. Specific responsibilities of the Audit Committee include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring our financial reporting process and integrity of the financial statements, including the review of
significant financial reporting judgments;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing, with management and the external auditor, the appropriateness of the interim and annual consolidated
financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing, with the external auditor the scope and results of their audit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making recommendations to the board of directors, to be put to shareholders for approval at the annual general
meeting, in relation to the appointment, reappointment and removal of the external auditor and be responsible for the compensation, retention and oversight of the external auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and monitoring the qualifications, performance and independence of the external audit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussing and reviewing with management and the external auditors, as appropriate, the scope, adequacy and
effectiveness of our internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring the activities and reviewing the effectiveness of any internal audit function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing regular reports regarding the procedures for detecting and preventing fraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing related-party transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and discussing with management material risks relating to data privacy, technology and information
security, as well as our internal controls and disclosure controls and procedures relating to cybersecurity incidents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and providing advice to our board of directors on the approval of our U.S. Annual Report on Form 20-F.

The Audit Committee will operate under a written charter, to be effective prior to the effectiveness of this registration statement, that satisfies the applicable Nasdaq listing standards.

***Risk Committee***

The Risk Committee will consist of Elizabeth G. Chambers, Terri Duhon and Scott Hill. The chair of the Risk Committee is Terri Duhon. The primary purpose of our Risk Committee is to assist our board of directors in fulfilling its oversight responsibilities with respect to our risk management and control framework. Specific responsibilities of the Risk Committee include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advising the board of directors on our overall risk appetite, risk profile and strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring and reviewing our risk management and internal control systems over non-financial reporting and
nonaccounting matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing our systems and controls for the prevention of bribery and receiving reports on non-compliance.

The Risk Committee will operate under a written charter, to be effective prior to the effectiveness of this registration statement.

***Compensation Committee***

The Compensation Committee will consist of Elizabeth G. Chambers, Alastair Rampell and Hooi Ling Tan. The chair of the Compensation Committee is Elizabeth G. Chambers. Our board of directors has determined that each member of the Compensation Committee is independent under the applicable Nasdaq listing standards and a "non-employee director" as defined in Rule 16b-3 under the Exchange Act.

The primary purpose of our Compensation Committee is to discharge the responsibilities of our board of directors in overseeing our compensation policies, plans and programs and to review and determine the compensation to be paid to our senior executives, directors and other senior management, as appropriate. Specific responsibilities of the Compensation Committee include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending to the board of directors the form and amount of our non-executive directors'
compensation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving, or recommending to the board of directors for approval, their compensation and corporate
goals and objectives relevant to the compensation of our Chief Executive Officer and other executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in determining the compensation policy, taking into account all factors which it deems necessary including
relevant legal and regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing compensation consultants and commissioning or purchasing any reports, surveys or information which it
deems necessary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving, or recommending the design of all equity-based compensation for approval by the board of
directors and, where required, our shareholders.

The Compensation Committee will operate under a written charter, to be effective prior to the effectiveness of this registration statement.

***Nominating and Corporate Governance Committee***

The Nominating and Corporate Governance Committee will consist of Clare Gilmartin, Kristo Käärmann, Hooi Ling Tan and David Wells. The chair of the Nominating and Corporate Governance Committee is David Wells. Our board of directors has determined that each member of the Nominating and Corporate Governance Committee is independent under applicable Nasdaq listing standards. Because we are a foreign private issuer, we are not required to (i) have a nomination committee comprised solely by independent directors or (ii) otherwise have director nominees selected, or recommended for the board of directors' selection, by independent directors constituting a majority of the board of directors' independent directors, in a vote in which only independent directors participate.

Specific responsibilities of the Nominating and Corporate Governance Committee include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the structure, size and composition of the board of directors and various board committees and making
recommendations to the board of directors with regard to any changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ensuring that plans are in place for an orderly succession to the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying and nominating, for the approval of the board of directors, candidates to fill vacancies of the board
of directors as and when they arise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evaluating developments in corporate governance and shareholder engagement, and reviewing our governance
framework, disclosures and other related actions.

The Nominating and Corporate Governance Committee will operate under a written charter, to be effective prior to the effectiveness of this registration statement.

***D. Employees***

The tables below comprise a breakdown of the number of our employees as of the end of each of the past three financial years by (i) employee activity and (ii) geographic location.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
| **Employee Activity** | **2025** | **2024** | **2023** |
|  Product Engineering; *(including Analytics, Design, Product)* | 1289 | 1150 | 1104 |
|  Core *(including Banking, Finance, Marketing, People, Risk & Compliance)* | 1077 | 902 | 766 |
|  Servicing *(including Customer Support, Operations)* | 4136 | 3573 | 3127 |
|  Other | 18 | 29 | 157 |
|  Total | 6520 | 5654 | 5154 |

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| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
| **Geography** | **2025** | **2024** | **2023** |
|  Europe, Middle East and Africa | 4392 | 4032 | 3738 |
|  Asia-Pacific | 968 | 743 | 629 |
|  United States | 862 | 754 | 698 |
|  Latin America | 298 | 125 | 89 |
|  Total | 6520 | 5654 | 5154 |

---

Our relationship with some of our employees located in Belgium, Brazil and Spain is subject to collective bargaining agreements. In general, the collective bargaining agreements include terms that regulate remuneration, minimum salary, salary complements, extra time, benefits, bonuses and partial disability. We believe our employee relations are positive, and we have not experienced any work stoppages.

***E. Share Ownership***

For information regarding the share ownership of our directors and executive officers, see "Item 6.B. Directors, Senior Management and Employees—Compensation—Outstanding Equity Awards, Grants and Option Exercises" and "Item 7.A. Major Shareholders and Related Party Transactions—Major Shareholders."

***F. Disclosure of a Registrant's Actions to Recover Erroneously Awarded Compensation***

Not applicable.

**Item 7. Major Shareholders and Related Party Transactions** 

***A. Major Shareholders***

The following table sets forth the beneficial ownership of our shares as of December 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person, or group of affiliated persons, who is known by us to beneficially own 5% or more of our
Class A ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person, or group of affiliated persons, who is known by us to beneficially own 5% or more of our
Class B ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person, or group of affiliated persons, who is known by us to beneficially own 5% or more of our
Class A ordinary shares and Class B ordinary shares in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our executive officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our directors and executive officers as a group.

The percentage ownership and voting power information shown in the table is based upon 1,025,672,252 Class A ordinary shares and 214,084,255 Class B ordinary shares outstanding as of December 31, 2025, in each case of Wise plc. Pursuant to the Reorganization Transaction, the holders of ordinary shares of Wise plc will receive class A ordinary shares and class B ordinary shares in Wise Group plc in exchange for the transfer of their class A ordinary shares and class B ordinary shares in Wise plc, on a 1:1 basis (excluding shares held by Excluded Shareholders, as described in "Item 4.C. Information on the Company—Organizational Structure"). See "Item 4.C. Information on the Company—Organizational Structure" for more information.

We have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities. In addition, the rules include ordinary shares issuable pursuant to the vesting of restricted stock units and the exercise of share options that are either immediately exercisable or will

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become exercisable on or before March 1, 2026, which is 60 days after December 31, 2025. These shares are deemed to be outstanding and beneficially owned by the person holding those options for the purpose of computing the percentage ownership of that person, but they are not treated as outstanding for the purpose of computing the percentage ownership of any other person.

The information contained in the following table is not necessarily indicative of beneficial ownership for any other purpose, and the inclusion of any shares in the table does not constitute a representation of beneficial ownership of those shares. Unless otherwise indicated, the persons or entities identified in this table have sole voting and investment power with respect to all shares shown as beneficially owned by them, subject to applicable community property laws.

Except as otherwise noted below, the address for persons listed in the table is c/o Wise plc, 1st Floor Worship Square, 65 Clifton Street, London EC2A 4JE, United Kingdom.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A Ordinary<br>Shares Beneficially<br>Owned** | **Class A Ordinary<br>Shares Beneficially<br>Owned** | **Class B Ordinary<br>Shares Beneficially<br>Owned <sup>+</sup>** | **Class B Ordinary<br>Shares Beneficially<br>Owned <sup>+</sup>** | **Total<br>Voting<br>Power †** |
|  | **Shares** | **%** | **Shares** | **%** | **%** |
|  **<u>Name of Beneficial Owner</u>** |  |  |  |  |  |
|  **5% or Greater Shareholders** |  |  |  |  |  |
|  Kristo Käärmann<sup>(1)</sup> | 186858255 | 18.2 | 161802356 | 75.6 | 49.99<sup>(1)</sup> |
|  Baillie Gifford & Co. | 109747354 | 10.7 | 20803289 | 9.7 | 10.1 |
|  Skaala Investments OÜ<sup>(2)</sup> | 37966926 | 3.7 | 28966929 | 13.5 | 10.1 |
|  **Executive Officers and Directors:** |  |  |  |  |  |
|  Kristo Käärmann<sup>(1)</sup> | 186858255 | 18.2 | 161802356 | 75.6 | 49.99<sup>(1)</sup> |
|  Emmanuel Thomassin<sup>(3)</sup> | 560209 | \* |  |  | \* |
|  Nilan Peiris<sup>(4)</sup> | 1959760 | \* | 1125790 | \* | \* |
|  Harsh Sinha<sup>(5)</sup> | 1547042 | \* |  |  | \* |
|  David Wells<sup>(6)</sup> | 500000 | \* |  |  | \* |
|  Clare Gilmartin | 48360 | \* |  |  | \* |
|  Elizabeth G. Chambers |  |  |  |  | \* |
|  Terri Duhon<sup>(7)</sup> | 9213 | \* |  |  | \* |
|  Scott Hill |  |  |  |  | \* |
|  Alastair Rampell<sup>(8)</sup> | 1075532 | \* |  |  | \* |
|  Hooi Ling Tan | 96720 | \* |  |  | \* |
|  All current executive officers and directors as a group (11 persons)<sup>(9)</sup> | 192655091 | 18.8 | 162928146 | 76.1 | 50.54<sup>(9)</sup> |

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\* Represents beneficial ownership of less than 1%. 

† Represents the voting power with respect to all of our Class A ordinary shares and Class B ordinary
shares, voting together as a single class. Each Class A ordinary share is entitled to one vote per share and each Class B ordinary share is entitled to nine votes per share. The Class A ordinary shares and Class B ordinary shares
will generally vote together on main matters (including the election of directors) submitted to a vote of shareholders.

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| | |
|:---|:---|
| + | Class B ordinary shares are subject to certain voting right caps: (i) for most Class B shareholder groups, the aggregate votes cannot exceed one vote less than 35% of the total eligible votes on any resolution; (ii) for Kristo Käärmann's Class B shareholder group, while he serves as Chief Executive Officer, the cap is one vote less than 50% of the total eligible votes on any resolution; if he ceases to be Chief Executive Officer, the 35% cap applies; (iii) any votes in excess of these caps are treated as Affected Votes (as defined in the Articles) and are disregarded for voting purposes. See "Item 10.B. Additional Information—Memorandum and Articles of Association—Voting, Shareholder Meetings and Resolutions" for more information.  |

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(1) Includes 779,766 Class A ordinary shares and 779,766 Class B ordinary shares held by Kotilda OÜ, over
which Mr. Käärmann exercises voting and investment power. The percentage included under the column titled "Total Voting Power" reflects the application of the voting right cap with respect to Class B ordinary shares
held by Mr. Käärmann's Class B shareholder group, as described under "Item 10.B. Additional Information—Memorandum and Articles of Association—Voting, Shareholder Meetings and Resolutions."

(2) Taavet Hinrikus is the majority owner of Skaala Investments OÜ and may be deemed to exercise voting and
investment power over the shares held thereby.

(3) Includes 560,209 Class A ordinary shares issuable upon the exercise of options granted to Mr. Thomassin
that are exercisable within 60 days of December 31, 2025.

(4) Includes 815,285 Class A ordinary shares issuable upon the exercise of options granted to Mr. Peiris
that are exercisable within 60 days of December 31, 2025.

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(5) Includes 812,500 Class A ordinary shares issuable upon the exercise of options granted to Mr. Sinha
that are exercisable within 60 days of December 31, 2025.

(6) Includes 500,000 Class A ordinary shares issuable upon the exercise of options granted to Mr. Wells that
are exercisable within 60 days of December 31, 2025.

(7) Consists of 9,213 Class A ordinary shares held by family members of Ms. Duhon, over which Ms. Duhon
may be deemed to exercise voting and investment power.

(8) Consists of 1,075,532 Class A ordinary shares held by a revocable trust, over which Mr. Rampell may be
deemed to exercise voting and investment power.

(9) The percentage included under the column titled "Total Voting Power" reflects the application of the
voting right cap with respect to Class B ordinary shares held by Mr. Käärmann's Class B shareholder group, as described under "Item 10.B. Additional Information—Memorandum and Articles of
Association—Voting, Shareholder Meetings and Resolutions."

As of December 31, 2025, 1,025,672,252 of our Class A ordinary shares and 214,084,255 of our Class B ordinary shares were issued and outstanding. To our knowledge, approximately 38% of our total outstanding Class A ordinary shares were held by 56 holders of record in the United States. As of December 31, 2025, to our knowledge, no Class B ordinary shares were held by holders of record in the United States.

***B. Related Party Transactions***

**Policies and Procedures for Related Person Transactions** 

In connection with our listing on Nasdaq, we have adopted a written related person transaction policy that requires that each specified related person transaction, and any material amendment or modification to such transactions, be reviewed and approved or ratified by the board of directors or the Audit Committee. For purposes of our policy, a related person transaction is a transaction, arrangement or relationship, or any series of similar transactions, arrangements or relationships, to which the Company or any of its subsidiaries, on the one hand, and any related person, on the other hand, were parties, which is material to the Company or the related person or that is unusual in its nature or conditions. Transactions involving compensation for services provided to us as an employee or director are not covered by this policy. A related person generally includes enterprises that directly or indirectly through one or more intermediaries, control or are controlled by, or are under common control with, the Company, unconsolidated enterprises in which the Company has a significant influence or which has significant influence over the Company; individuals owning, directly or indirectly, an interest in the voting power of the Company that gives them significant influence over the Company, and close members of any such individual's family; the Company's directors and senior management and close members of such individuals' families; and enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by directors or senior management or close members of such individuals' families or over which such a person is able to exercise significant influence.

***C. Interests of Experts and Counsel***

Not applicable.

**Item 8. Financial Information** 

***A. Consolidated Statements and Other Financial Information.***

**Consolidated Financial Statements** 

See "Item 18. Financial Statements" for a list of all financial statements filed as part of this registration statement.

**Legal Proceedings** 

From time to time, we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. The outcome of litigation and claims cannot be predicted with certainty, and the resolution of these matters could materially affect our future results of operations, cash flows, or financial position. We are not aware of any current legal proceedings that we believe could have, individually or in the aggregate, a material adverse effect on our business, results of operations, cash flows or financial position.

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**Dividend Distribution Policy** 

We have never declared or paid cash dividends on our ordinary shares. We currently intend to retain all available funds and future earnings, if any, to fund the development and expansion of our business, and we do not anticipate declaring or paying any cash dividends in the foreseeable future. Any future determination regarding the declaration and payment of dividends, if any, will be at the discretion of our board of directors and will depend on the relevant circumstances, including our financial condition, operating results, contractual restrictions (including any restrictions in our debt arrangements), capital requirements, business prospects and other factors the board of directors may deem relevant.

***B. Significant Changes***

Please refer to "Note 22 - Subsequent Events*"* in the notes to our consolidated financial statements appearing elsewhere in this registration statement for a discussion of significant changes since March 31, 2025.

**Item 9. The Offer and Listing** 

***A. Offer and Listing Details***

We intend to list our Class A ordinary shares, nominal value of $0.01 per share, on Nasdaq in the United States under the symbol "WSE." Our Class A ordinary shares are also listed on the London Stock Exchange under the symbol "WISE."

The principal trading market of the Class A ordinary shares of Wise plc is currently the London Stock Exchange, where the Class A ordinary shares of Wise plc are traded under the symbol "WISE."

***B. Plan of Distribution***

Not applicable.

***C. Markets***

See "—A. Offer and Listing Details" above for all stock exchanges where our Class A ordinary shares are traded.

***D. Selling Shareholders***

Not applicable.

***E. Dilution***

Not applicable.

***F. Expenses of the Issue***

Not applicable.

**Item 10. Additional Information** 

***A. Share Capital***

As of September 30, 2025, the authorized share capital of Wise plc consisted of 1,025,000,252 Class A ordinary shares with a nominal value of £0.01 per share and 218,584,255 Class B ordinary shares with a nominal value of £0.000000001 per share, of which 1,025,000,252 Class A ordinary shares and 218,584,255 Class B ordinary

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shares were issued, respectively. As of September 30, 2025, 36,946,411 Class A ordinary shares were issuable upon the exercise of outstanding options to purchase additional Class A ordinary shares and upon vesting of restricted share awards. All of the allotted and issued shares are fully paid or credited as fully paid. For additional information on our Class A ordinary shares issuable upon the exercise of outstanding options to purchase Class A ordinary shares, please refer to "Item 6.B. Directors, Senior Management and Employees—Compensation—Equity Plans."

Below is information regarding changes in the share capital of Wise plc since March 31, 2022 through September 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the year ended March 31, 2023, we allotted 87,396 Class A ordinary shares to the customer shareholder
program "OwnWise," which allowed customers to acquire shares and potential bonus shares. This program opened at the time of our direct listing on the London Stock Exchange in 2021 and closed in 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the year ended March 31, 2024, we allotted 100,000 Class A ordinary shares related to share options
granted under the legacy share plans prior to admission to trading on the London Stock Exchange in 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the year ended March 31, 2025, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• allotted a further 223,000 Class A ordinary shares related to share options granted to our non-executive directors under the legacy share plans prior to our admission to trading on the London Stock Exchange in 2021; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• redeemed 155,305,559 Class B ordinary shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the six month period ended September 30, 2025, we redeemed 25,000,000 Class B ordinary shares.

***B. Memorandum and Articles of Association***

**Introduction** 

Wise plc is a public limited company incorporated pursuant to the laws of England and Wales with company number 13211214, with its registered office at 1st Floor Worship Square, 65 Clifton Street, London EC2A 4JE, United Kingdom, Wise plc was originally incorporated under the name 456 Newco plc on February 18, 2021 and renamed Wise plc on June 17, 2021.

In connection with the completion of our listing, Wise plc, together with its subsidiaries, intends to reorganize by means of a Scheme of Arrangement pursuant to Part 26 of the U.K. Companies Act 2006 under Wise Group plc, a newly incorporated Jersey public limited company, as the ultimate parent of Wise plc and its consolidated subsidiaries. See "Item 4.C. Information on the Company—Organizational Structure" for more information.

Wise Group plc was incorporated under the laws of Jersey, Channel Islands as a public limited company on June 17, 2025 with registration number 160362 and having its registered office address at 3<sup>rd</sup> Floor, 44 Esplanade, St. Helier, JE4 9WG, Jersey, Channel Islands.

The following represents a summary of certain key provisions of the memorandum of association (the "Memorandum") and articles of association (the "Articles") of Wise Group plc to be in effect prior to the listing of our Class A ordinary shares on Nasdaq, as well as a description of relevant provisions of the Companies (Jersey) Law 1991, as amended (the "Jersey Companies Law"). The summary does not purport to be a summary of all of the provisions of the Memorandum or the Articles and it is subject to and qualified in its entirety by reference to the Memorandum and Articles, each of which is incorporated by reference as an exhibit to this Registration Statement. We encourage you to read the Memorandum and Articles for additional information.

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**Key Provisions in our Memorandum of Association and Articles of Association** 

***Objects and Purposes***

Neither the Memorandum nor the Articles stipulate any particular objects or purposes of Wise Group plc and no objects or purposes are required to be stated by the Jersey Companies Law.

***Ordinary Shares***

***Dividend and Liquidation Rights***

Holders of Class A ordinary shares are entitled to receive equally, share for share, any dividends that may be declared in respect of our Class A ordinary shares by the board of directors out of funds lawfully available for such purpose under Jersey law. Our board of directors has the power to declare interim dividends as it determines. Declaration of a final dividend (not exceeding the amount recommended by our board of directors) requires shareholder approval by adoption of an ordinary resolution. Failure to obtain such shareholder approval does not affect previously paid interim dividends.

Holders of Class B ordinary shares have no right to receive dividends or other distributions, except as provided in the Articles upon a winding-up.

In the event of our liquidation, after satisfaction of liabilities to creditors, the surplus assets of the company shall be applied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• first, in paying to each holder of Class B ordinary shares the nominal value of their Class B ordinary
shares (pro rata if insufficient); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• second, the balance among holders of Class A ordinary shares pro rata to the number of Class A ordinary
shares held.

Such rights may be affected by the grant of preferential dividend or distribution rights to the holders of a class or series of preferred shares that may be authorized in the future. The Articles provide that any dividend which has remained unclaimed for a period of 10 years from the date of declaration shall, if the board of directors so resolves, be forfeited and cease to remain owing by Wise Group plc and shall thereafter belong to Wise Group plc absolutely.

***Voting, Shareholder Meetings and Resolutions***

Each Class A ordinary share carries one vote on all matters submitted to a vote of holders of ordinary shares.

Each Class B ordinary share carries nine votes, subject to the following restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class B voting rights are non-transferable and may only be exercised
by the original holders to whom such shares were issued under the Scheme.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class B voting rights are subject to caps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For most Class B shareholder groups, the aggregate votes cannot exceed one vote less than 35% of the total
eligible votes on any resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Kristo Käärmann's Class B shareholder group, while he serves as Chief Executive Officer,
the cap is one vote less than 50% of the total eligible votes on any resolution; if he ceases to be Chief Executive Officer, the 35% cap applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any votes in excess of these caps are treated as Affected Votes (as defined in the Articles) and are disregarded
for voting purposes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class B voting rights cease permanently upon certain events, including death of the holder, any transfer of
the Class B share or its corresponding Class A share, an indirect change of control of the holder, or at 23:59 (London time) on the tenth anniversary of the effective date of the Scheme, after which the Class B share is automatically
redeemed for no consideration and canceled.

All shareholder resolutions are decided on a poll. There is no cumulative voting.

Under Jersey law, an annual general meeting must be held once every calendar year and within 18 months of the previous annual general meeting. The Articles provide that the quorum for a general meeting is two qualifying persons present and entitled to vote. Should we cease to qualify as a foreign private issuer under the Exchange Act (or such other date as specified in the Articles) (referred to as the "Domestic Issuer Transition Date"), the quorum requirement would also include that those qualifying persons together hold at least one-third of the issued shares entitled to vote (excluding treasury shares) or such higher percentage as may be required by the U.S. stock exchange on which our Class A ordinary shares are then listed.

Extraordinary general meetings may be called by the board of directors or by requisition of shareholders holding not less than 10% of the voting rights. At least 14 clear days' notice must be given for any general meeting. Shareholders of record are entitled to attend and may appoint one or more proxies to attend and vote on their behalf.

An ordinary resolution (such as a resolution for the declaration of a final dividend) requires approval by a simple majority of votes cast. A special resolution (such as a resolution to amend the Memorandum or the Articles) requires approval by at least two-thirds of votes cast. There are no provisions in the Jersey Companies Law or the Articles relating to cumulative voting.

***Amendments to Governing Documents***

A special resolution is required to amend the Memorandum or the Articles, approve any change in authorized share capital, or approve a liquidation or winding-up. A special resolution requires at least 14 clear days' notice of the relevant general meeting and approval by the holders of two-thirds of the votes cast at the meeting.

***Requirements for Advance Notification of Shareholder Nominations and Proposals***

The Articles establish advance notice and related procedures with respect to shareholder proposals and nominations of candidates for election as directors. In summary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior to the Domestic Issuer Transition Date: Shareholders have no right to propose business at an annual general
meeting other than through the board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Following the Domestic Issuer Transition Date: Shareholders may nominate directors or propose other business at
an annual general meeting if they comply with certain notice and disclosure requirements, including providing specified information about the proposing shareholder, any associated persons, and the proposed nominee or business. Notice must generally
be delivered not earlier than 150 days and not later than 120 days before the anniversary of the preceding year's annual general meeting, subject to adjustments if the meeting date changes by more than 30 days.

***Limits on Written Consents***

Shareholder action by written resolution is permitted only while holders of Class B ordinary shares collectively hold a simple majority of the total voting rights. During that period, written resolutions (including special resolutions, except for removal of auditors) may be passed by the requisite majority without a meeting. At all other times, shareholder action may only be taken at a duly convened meeting.

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***Notices***

Each shareholder of record is entitled to receive at least 14 clear days' notice of a general meeting. For the purposes of determining the shareholders entitled to notice and to vote, the board of directors may fix a record date not less than 10 days and not more than 60 days before the meeting.

***Modification of Class Rights***

The rights attached to any class of shares (unless otherwise provided by the terms of issue of that class) may be varied with the consent in writing of holders of at least two-thirds in nominal value of the issued shares of that class or with the sanction of a special resolution passed at a separate meeting of the holders of that class.

***Directors***

***Powers of Directors***

Our business is managed by the board of directors, which may exercise all powers not required by Jersey law or the Articles to be exercised by shareholders in a general meeting. These powers include the ability to borrow money and issue shares within the limits of the Articles.

***Board Structure and Terms***

Upon the adoption of the Articles, our directors will be divided into two classes, Class I and Class II, serving staggered terms. At the first annual general meeting following adoption of the Articles, Class I directors will stand for re-election for a term ending at the second annual general meeting thereafter; Class II directors will stand for re-election at the second annual general meeting following adoption of the Articles for a similar term. Thereafter, directors are elected for terms ending at the second annual general meeting following their re-election. Directors serve until their successors are duly appointed or until earlier removal or resignation.

***Election and Removal***

Directors may be elected by ordinary resolution of shareholders or appointed by the board to fill vacancies or as additional directors. Shareholders may remove a director by ordinary resolution at any time, without cause. The board may also remove a director in certain circumstances specified in the Articles.

***Conflicts of Interest***

The Articles, to the fullest extent permitted by Jersey law, renounce any interest or expectancy that we may have in business opportunities presented to our directors or certain shareholders, except where expressly offered to a director in writing solely in their capacity as a director of our company.

***Change in Control***

The Articles do not contain a specific provision that delays, defers or prevents a change in control of our company. However, the board of directors is authorized to issue additional shares, including preferred shares, in accordance with a shareholder rights plan which could be used for a variety of corporate purposes, including to deter a takeover attempt. Jersey law does not prohibit a company from adopting a shareholder rights plan and the Articles authorize the board to adopt such a plan, except while we are subject to the U.K. City Code on Takeovers and Mergers.

**Other Jersey Law Considerations** 

***Purchase of Own Shares***

As with declaring a dividend, we may not buy back or redeem our shares unless our directors who authorize the buyback or redemption have made a statutory solvency statement that, immediately following the date on which

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the buyback or redemption is proposed, we will be able to discharge our liabilities as they fall due and, having regard to prescribed factors, we will be able to continue to carry on business and discharge our liabilities as they fall due for the 12 months immediately following the date on which the buyback or redemption is proposed (or until we are dissolved on a solvent basis, if earlier).

If the above conditions are met, we may purchase our shares in the manner described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may purchase on a stock exchange our fully paid shares pursuant to a special resolution of our shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may purchase our own fully paid shares other than on a stock exchange pursuant to a special resolution of our
shareholders, but only if the purchase is made on the terms of a written purchase contract which has been approved in advance by an ordinary resolution of our shareholders. The shareholder from whom we propose to purchase or redeem ordinary shares
is not entitled to vote in respect of the ordinary shares to be purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may fund a redemption or purchase of our shares from any source. We cannot purchase our shares if, as a result
of such purchase, only redeemable shares would remain in issue.

If authorized by a resolution of our shareholders, any shares that we redeem or purchase may be held by us as treasury shares. Any shares held by us as treasury shares may be canceled, sold, transferred for the purposes of or under an employee share scheme or held without cancelling, selling or transferring them. Shares redeemed or purchased by us are canceled where we have not been authorized to hold such shares as treasury shares.

***Mandatory Purchases and Acquisitions***

The Jersey Companies Law provides that where a person has made an offer to acquire a class or all of our outstanding ordinary shares not already held by the person and has as a result of such offer acquired or contractually agreed to acquire 90% or more of such outstanding ordinary shares, that person is then entitled (and may be required) to acquire the remaining ordinary shares. In such circumstances, a holder of any such remaining ordinary shares may apply to the courts of Jersey for an order that the person making such offer not be entitled to purchase the holder's ordinary shares or that the person purchase the holder's ordinary shares on terms different to those under which the person made such offer.

***Compromises and Arrangements***

Where we and our creditors or shareholders or a class of either of them propose a compromise or arrangement between us and our creditors or its shareholders or a class of either of them (as applicable), the courts of Jersey may order a meeting of the creditors or class of creditors, or of our shareholders or class of shareholders (as applicable), to be called in such a manner as the court directs.

Any compromise or arrangement approved by a majority in number present and voting at the meeting representing 75% or more in value of the creditors or 75% or more of the voting rights of shareholders or class of either of them (as applicable) if sanctioned by the court, is binding upon us and all the creditors, shareholders or members of the specific class of either of them (as applicable).

Whether our capital is to be treated as being divided into a single or multiple class(es) of shares is a matter to be determined by the court. The court may in its discretion treat a single class of shares as multiple classes, or multiple classes of shares as a single class, for the purposes of the shareholder approval referred to above taking into account all relevant circumstances, which may include circumstances other than the rights attaching to the shares themselves.

**Comparison of Delaware Corporate Law and Jersey Corporate Law** 

Jersey companies are governed by the Jersey Companies Law. The Jersey Companies Law differs from laws applicable to Delaware corporations and their shareholders. For comparison purposes, set forth below is a

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summary of some significant differences between the laws applicable to companies incorporated in the State of Delaware and the provisions of the Jersey Companies Law applicable to Wise Group plc. This summary is not intended to be a complete discussion of the respective rights and it is qualified in its entirety by reference to Delaware law and Jersey law.

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|:---|:---|
| **Delaware Corporate Law** | **Jersey Corporate Law** |
| ***Mergers and Similar Arrangements; Appraisal Rights*** | ***Mergers and Similar Arrangements; Appraisal Rights*** |
| Under the Delaware General Corporation Law, with certain exceptions, a merger, consolidation, sale, lease or transfer of all or substantially all of the assets of a corporation must be approved by the board of directors and a majority of the outstanding shares entitled to vote thereon. A shareholder of a Delaware corporation participating in certain major corporate transactions may, under certain circumstances, be entitled to appraisal rights pursuant to which such shareholder may receive cash in the amount of the fair value of the shares held by such shareholder (as determined by a court) in lieu of the consideration such shareholder would otherwise receive in the transaction. The Delaware General Corporation Law also provides that a parent corporation, by resolution of its board of directors, may merge with any subsidiary, of which it owns at least 90% of each class of capital stock, without a vote by the shareholders of such subsidiary. Upon any such merger, dissenting shareholders of the subsidiary would have appraisal rights. | A sale or disposal of all or substantially all the assets of a Jersey company must be approved by the board of directors and, only if the articles of association of the company require, by the shareholders in a general meeting. A merger involving a Jersey company must be generally documented in a merger agreement, which must be approved by special resolution (being a two-thirds majority, if the articles of association of the company do not specify a greater majority) of shareholders of that company.<br>There are no appraisal rights under the Jersey Companies Law. |
| ***Shareholders' Suits*** | ***Shareholders' Suits*** |
| Class actions and derivative actions generally are available to shareholders of a Delaware corporation for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable law. In such actions, the court has discretion to permit the winning party to recover incurred attorneys' fees. | Under Article 141 of the Jersey Companies Law, a shareholder may apply to court for relief on the ground that the conduct of a company's affairs, including a proposed or actual act or omission by a company, is "unfairly prejudicial" to the interests of shareholders generally or of some part of shareholders, including at least the shareholder making the application.<br>There may also be customary law personal actions available to shareholders. Under Article 143 of the Jersey Companies Law (which sets out the types of relief a court may grant in relation to an action brought under Article 141 of the Jersey Companies Law), the a court may make an order regulating the affairs of a company, requiring a company to refrain from doing or continuing to do an act complained of, authorizing civil proceedings and providing for the purchase of shares by a company or by any of its other shareholders. |
| ***Shareholder Vote on Board and Management Compensation*** | ***Shareholder Vote on Board and Management Compensation*** |
| Under the Delaware General Corporation Law, the board of directors has the authority to fix the compensation of directors, unless otherwise restricted by the certificate of incorporation or bylaws. | Subject to the Articles, the board of directors may set the compensation of directors and members of management. |

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| | |
|:---|:---|
| **Delaware Corporate Law** | **Jersey Corporate Law** |
| ***Annual Vote on Board Renewal*** | ***Annual Vote on Board Renewal*** |
| Unless directors are elected by written consent in lieu of an annual meeting, directors are elected in an annual meeting of shareholders on a date and at a time designated by or in the manner provided in the bylaws. Re-election is possible.<br>Classified boards are permitted. | Unless otherwise stated in the Articles, directors of Jersey companies may be elected at any meeting of shareholders including the annual general meeting. Re-election is possible.<br>Classified boards are permitted. |
| ***Indemnification of Directors and Executive Officers and Limitation of Liability*** | ***Indemnification of Directors and Executive Officers and Limitation of Liability*** |
| &nbsp;&nbsp;&nbsp;&nbsp; The Delaware General Corporation Law provides that a certificate of incorporation may eliminate or limit the personal liability of directors and officers for monetary damages for breach of a fiduciary duty as a director or officer, except no provision may eliminate or limit the liability for:<br>• any breach of the duty of loyalty to the corporation or its shareholders;<br>• acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;<br>• statutory liability for unlawful payment of dividends or unlawful share purchase or redemption; or<br>• any transaction from which the director or officer derived an improper personal benefit.<br>A Delaware corporation may indemnify any person who was or is a party or is threatened to be made a party to any proceeding, other than an action by or on behalf of the corporation, because the person is or was a director or officer, against liability incurred in connection with the proceeding if the director or officer acted in good faith and in a manner reasonably believed to be in, or not opposed to, the best interests of the corporation; and the director or officer, with respect to any criminal action or proceeding, had no reasonable cause to believe their conduct was unlawful.<br>Unless ordered by a court, any foregoing indemnification is subject to a determination that the director or officer has met the applicable standard of conduct:<br>• by a majority vote of the directors who are not parties to the proceeding, even though less than a quorum;<br>• by a committee of directors designated by a majority vote of the eligible directors, even though less than a quorum;<br>| &nbsp;&nbsp;&nbsp;&nbsp; The Jersey Companies Law does not contain any provision permitting Jersey companies to limit the liabilities of directors for breach of fiduciary duty.<br>However, a Jersey company may exempt from liability and indemnify directors and officers for liabilities:<br>• incurred in defending any civil or criminal legal proceedings where:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• judgment is given in the person's favor or the person is acquitted;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the proceedings are discontinued other than by reason of such person (or someone on their behalf) giving some benefit or suffering some detriment; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the proceedings are settled on terms that such person (or someone on their behalf) gives some benefit or suffers some detriment but in the opinion of a majority of the disinterested directors, the person was substantially successful on the merits in the person's resistance to the proceedings;<br>• incurred to anyone other than to the company if the person acted in good faith with a view to the best interests of the company;<br>• incurred in connection with an application made to the court for relief from liability for negligence, default, breach of duty or breach of trust under Article 212 of the Jersey Companies Law in which relief is granted to the person by the court; or<br>• incurred in a case in which the company normally maintains insurance for persons other than directors.<br>|

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|:---|:---|
| **Delaware Corporate Law** | **Jersey Corporate Law** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> • by independent legal counsel in a written opinion if there are no eligible directors, or if the eligible directors so direct; or<br>• by the shareholders.<br>Further, a Delaware corporation may not indemnify a director or officer in connection with any proceeding in which the director or officer has been found liable to the corporation unless and only to the extent that the court determines that, despite the adjudication of liability but in view of all the circumstances of the case, the director or officer is fairly and reasonably entitled to indemnity for those expenses which the court deems proper. |  |
| ***Directors' Fiduciary Duties*** | ***Directors' Fiduciary Duties*** |
| &nbsp;&nbsp;&nbsp;&nbsp; A director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components:<br>• the duty of care; and<br>• the duty of loyalty.<br>The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform themself of all material information reasonably available regarding a significant transaction.<br>The duty of loyalty requires that a director act in a manner they reasonably believes to be in the best interests of the corporation. They must not use their corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation. | &nbsp;&nbsp;&nbsp;&nbsp; Under the Jersey Companies Law, a director of a Jersey company, in exercising the director's powers and discharging the director's duties, has a duty to:<br>• act honestly and in good faith with a view to the best interests of the company; and<br>• exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.<br>Customary law is also an important source of law in the area of directors' duties in Jersey as it expands upon the general duties and obligations of directors. The Jersey courts view English common law as highly persuasive in this area.<br>In summary, the following duties will apply in connection with this general fiduciary duty: a duty to act in good faith and in what they bona fide considers to be the best interests of the company; a duty to exercise powers for a proper purpose; a duty to avoid any actual or potential conflict between their own and the company's interests; and a duty to account for profits and not take personal profit from any opportunities arising from their directorship, even if they is acting honestly and for the good of the company. However, the articles of association of a company may permit the director to be personally interested in arrangements involving the company (subject to the requirement to have disclosed such interest). |

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|:---|:---|
| **Delaware Corporate Law** | **Jersey Corporate Law** |
| ***Shareholder Action by Written Consent*** | ***Shareholder Action by Written Consent*** |
| A Delaware corporation may, in its certificate of incorporation, eliminate the right of shareholders to act by written consent. | If permitted by the articles of association, a written consent signed and passed by the specified majority of members may affect any matter that otherwise may be brought before a shareholders' meeting, except for the removal of a company's auditors. Such consent shall be deemed effective when the instrument, or the last of several instruments, is signed by the specified majority of members or on such later date as is specified in the resolution.<br>The Articles state that if Class B shareholders hold at least a simple majority of total voting rights, they may pass written shareholder resolutions (including special resolutions, but not auditor removals) with the required voting majority, without holding a meeting or giving notice. Such resolutions may be signed in counterparts and by authorized representatives. Except in these circumstances or where allowed by law, written resolutions are not permitted. |
| ***Shareholder Proposals; Special Meetings of Shareholders*** | ***Shareholder Proposals; Special Meetings of Shareholders*** |
| A shareholder of a Delaware corporation has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents.<br>A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings. | The Jersey Companies Law does not provide for a shareholder right to put a proposal before the shareholders at the annual general meeting.<br>Shareholders holding 10% or more of a Jersey company's voting rights and entitled to vote at the relevant meeting may legally require such company's directors to call a meeting of shareholders. The Jersey Financial Services Commission may, at the request of any officer, secretary or shareholder, call or direct the calling of an annual general meeting. Failure to call an annual general meeting in accordance with the requirements of the Jersey Companies Law is a criminal offence on the part of a Jersey company and its directors and secretary. |
| ***Cumulative Voting*** | ***Cumulative Voting*** |
| Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation provides for it. | There are no provisions in the Jersey Companies Law relating to cumulative voting. |
| ***Removal of Directors*** | ***Removal of Directors*** |
| A director of a Delaware corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. | There is no statutory right under Jersey Companies Law for shareholders to remove directors of a company.<br>If provided for in the articles of association, a director may be removed from office by the holders of ordinary shares by special resolution or other threshold only for "cause" (as defined in the articles |

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|:---|:---|
| **Delaware Corporate Law** | **Jersey Corporate Law** |
|  | of association). In addition, a director may be removed by resolution made by the board of directors for "cause" if the articles of association provide for such a right.<br>Under the Articles, the office of a director shall be vacated if all of the other directors sign a notice stating that the relevant director should cease to hold office. |
| ***Transactions with Interested Directors*** | ***Transactions with Interested Directors*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interested director transactions are permissible and may not be voided if:<br>• either a majority of disinterested directors, or a majority in interest of holders of shares of the corporation's capital stock entitled to vote upon the matter, approves the transaction upon disclosure of all material facts; or<br>• the transaction is determined to have been fair as to the corporation as of the time it is authorized, approved or ratified by the board of directors, a committee of the board of directors or the shareholders.<br>| An interested director must disclose to the company the nature and extent of any interest in a transaction with the company, or one of its subsidiaries, which to a material extent conflicts or may conflict with the interests of the company and of which the director is aware.<br>Failure to disclose an interest entitles the company or a shareholder to apply to the court for an order setting aside the transaction and directing that the director account to the company for any profit.<br>A transaction is not voidable and a director is not accountable notwithstanding a failure to disclose an interest if the transaction is confirmed by special resolution of shareholders and the nature and extent of the director's interest in the transaction are disclosed in reasonable detail in the notice calling the meeting.<br>Although it may still order that a director account for any profit, a court will not set aside a transaction unless it is satisfied that the interests of third parties who have acted in good faith would not thereby be unfairly prejudiced and the transaction was not reasonable and fair in the interests of the company at the time it was entered into. |
| ***Transactions with Interested Shareholders*** | ***Transactions with Interested Shareholders*** |
| The Delaware General Corporation Law generally prohibits a Delaware corporation from engaging in a business combination (as defined in Delaware General Corporation Law Section 203) with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or group that owns or owned 15% or more of the corporation's outstanding voting shares within the past three years.<br>This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested | The Jersey Companies Law has no comparable provision. As a result, a Jersey company cannot avail itself of the types of protections afforded by the Delaware business combination statute. However, as a general matter, such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders. |

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|:---|:---|
| **Delaware Corporate Law** | **Jersey Corporate Law** |
| shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors. |  |
| ***Dissolution; Winding Up*** | ***Dissolution; Winding Up*** |
| Unless the board of directors of a Delaware corporation approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board. | Under the Jersey Companies Law, a Jersey company may be voluntarily dissolved, liquidated or wound up by a special resolution of the shareholders. In addition, a company may be wound up by the courts of Jersey if the court is of the opinion that it is just and equitable to do so or that it is expedient in the public interest to do so.<br>Alternatively, a creditor with a claim against a Jersey company of not less than £3,000 may apply to the Royal Court of Jersey for the property of that company to be declared *en désastre* (being the Jersey law equivalent of a declaration of bankruptcy). Such an application may also be made by the Jersey company itself without having to obtain any shareholder approval. |
| ***Variation of Rights of Shares*** | ***Variation of Rights of Shares*** |
| A Delaware corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. | Under Jersey law, the rights attached to any class of shares may only be varied (unless otherwise provided in the articles of association or by the terms of issue of that class) with the written consent of the holders of two-thirds of the shares of such class or with the sanction of a special resolution passed at a general meeting of the holders of the shares of that class.<br>The Articles state that the rights attached to any class (unless otherwise provided by the terms of issue of that class), such as voting, dividends and the like, may be varied with the consent in writing of the holders of at least two-thirds in nominal value of the issued shares of that class or with the authority of a special resolution passed at a separate general meeting of the holders of those shares. |
| ***Amendment of Governing Documents*** | ***Amendment of Governing Documents*** |
| A Delaware corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. | The memorandum of association and the articles of association of a Jersey company may only be amended by special resolution (being a two-thirds majority if the articles of association of the company do not specify a greater majority) passed by shareholders in general meeting or by written resolution (if not prohibited by the articles of association) signed by either all the shareholders |

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| **Delaware Corporate Law** | **Jersey Corporate Law** |
|  | entitled to vote or, if authorized by the articles of association, a two-thirds majority (if the articles of association of the company do not specify a greater majority). |
| ***Blank Check Preferred Stock/Shares*** | ***Blank Check Preferred Stock/Shares*** |
| A Delaware corporation's certificate of incorporation may give the board of directors the right to issue new classes of preferred shares with voting, conversion dividend distribution, and other rights to be determined by the board of directors at the time of issuance, which could prevent a takeover attempt. In addition, Delaware law does not prohibit a corporation from adopting a shareholder rights plan which could prevent a takeover attempt.<br>| Subject to the restrictions in the Articles, the Articles give the board of directors the right to provide for other classes of shares, including series of preferred shares, out of the authorized but unissued share capital, which could be utilized for a variety of corporate purposes, including future offerings to raise capital for corporate purposes or for use in employee benefit plans.<br>Where the U.K. City Code on Takeovers and Mergers does not apply to a company, Jersey law does not prohibit a company from adopting a shareholder rights plan which could prevent a takeover attempt. |
| ***Inspection of Books and Records*** | ***Inspection of Books and Records*** |
| Shareholders of a Delaware corporation, upon written demand under oath, have the right during the usual hours for business to inspect for any proper purpose, and to obtain copies of list(s) of shareholders and other books and records of the corporation and its subsidiaries, if any, to the extent the books and records of such subsidiaries are available to the corporation. | The register of shareholders and books containing the minutes of general meetings or of meetings of any class of shareholders of a Jersey company must, during business hours, be open to the inspection of a shareholder of the company without charge.<br>The register of directors and secretaries must during business hours (subject to such reasonable restrictions as the company may by its articles of association or in general meeting impose but so that not less than two hours in each business day be allowed for inspection) be open to the inspection of a shareholder or director of the company without charge. |
| ***Payment of Dividends*** | ***Payment of Dividends*** |
| &nbsp;&nbsp;&nbsp;&nbsp; The board of directors may approve a dividend without shareholder approval. Subject to any restrictions contained in its certificate of incorporation, the board may declare and pay dividends either:<br>• out of its surplus; or<br>• in case there is no such surplus, out of its net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year.<br>Shareholder approval is required to authorize capital stock in excess of that provided in the charter. | Subject to restrictions in the Articles, a Jersey company may make a distribution at any time and out of any source (other than the nominal capital account or capital redemption reserve) provided that the directors of the company who authorize the distribution make a statutory solvency statement confirming that they have formed the opinion that immediately following the date on which the distribution is proposed and for a 12 month period thereafter the company will be able to discharge its liabilities as they fall due.<br>Likewise, authorizing directors must also make a statutory solvency statement in the event of redeeming or purchasing the company's shares. |

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| **Delaware Corporate Law** | **Jersey Corporate Law** |
| ***Creation and Issuance of New Shares*** | ***Creation and Issuance of New Shares*** |
| All creation of shares requires the board of directors to adopt a resolution or resolutions, pursuant to authority expressly vested in the board of directors by the provisions of the company's certificate of incorporation. Directors may issue authorized shares without shareholder approval. | Pursuant to authority vested in the board under the memorandum and articles of association, the board of directors may authorize the issuance of new shares through a resolution. |

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***C. Material Contracts***

Our material contracts include the Revolving Facility Agreement and the deed of trust for the EMTN Programme. For a description of the Revolving Facility Agreement and EMTN Programme, see "Item 5.B. Operating and Financial Review and Prospects—Liquidity and Capital Resources—Indebtedness."

***D. Exchange Controls***

There are no governmental laws, decrees, regulations or other legislation in Jersey that may affect the import or export of capital, including the availability of cash and cash equivalents for use by us, or that may affect the remittance of dividends, interest, or other payments by us to non-resident holders of our Class A ordinary shares, other than withholding tax requirements. There is no limitation imposed by Jersey law or our Articles to be in effect upon completion of the reorganization on the right of non-residents to hold or vote shares.

***E. Taxation***

*Wise Group plc is a Jersey incorporated company that is intended to be resident for tax purposes solely in the U.K.* 

*The following sections provide an overview of certain Jersey, U.K. and U.S. tax considerations, and are not intended to constitute a complete analysis of all tax consequences relating to the acquisition, ownership and disposition of our ordinary shares in each such jurisdiction. You should consult your own tax advisor concerning the tax consequences of your particular situation, as well as any tax consequences that may arise under the laws of any state, local, foreign or other taxing jurisdiction.* 

**Certain Jersey Tax Considerations** 

The following summary of the anticipated treatment of Wise Group plc and holders of shares (other than residents of Jersey) is based on Jersey taxation law and practice as it is understood to apply at the date of this document and may be subject to any changes in Jersey law. It does not constitute legal or tax advice and does not address all aspects of Jersey tax law and practice (including such tax law and practice as it applies to any land or building situated in Jersey. It also does not deal with any Jersey tax considerations applicable to any Excluded Shareholder. Accordingly, prospective investors should consult their own tax advisers regarding tax considerations with respect to their investment in Wise.

Shareholders should note that tax law and interpretation can change and that, in particular, the levels and basis of, and reliefs from, taxation may change and may alter the benefits of the investment in Wise Group plc.

Under the Income Tax (Jersey) Law 1961 (as amended), an entity shall be regarded as tax resident in Jersey as it is incorporated under the Companies Law unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• its business is centrally managed and controlled outside Jersey in a country or territory where the highest rate
at which any company may be charged to tax on any part of its income is 10% or higher; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the entity is resident for tax purposes in that country or territory.

It is intended that Wise Group plc will not be resident for tax purposes in Jersey and not subject to any rate of tax in Jersey as it will instead be resident in the United Kingdom where the tax rate is in excess of 10%.

For so long as Wise Group plc is managed and controlled in the United Kingdom and therefore deemed not to be tax resident in Jersey, it is entitled to pay dividends to shareholders without any withholding or deduction for or on account of Jersey income tax. Shareholders who are not resident for income tax purposes in Jersey are not subject to taxation in Jersey in respect of any income or gains arising in respect of the shares held by them. Shareholders who are resident for income tax purposes in Jersey will be subject to income tax in Jersey on any dividends paid on shares held by them or on their behalf.

There is no stamp duty in Jersey on the issue or transfer of shares. On the death of an individual holder (whether or not such individual was resident in Jersey), duty at rates of up to 0.75% of the value of the relevant shares (subject to a cap on liability of £100,000) may be payable upon the registration of a grant of probate or letters of administration which would be required in order to transfer the shares of a deceased sole shareholder. There is no capital gains tax, estate duty or inheritance tax in Jersey nor is there any tax on gifts.

***Goods and Services Tax***

Pursuant to the Goods and Services Tax (Jersey) Law 2007 (the "2007 Law"), Jersey goods and services tax is payable on the supply of applicable goods and services at the rate of 5%. For so long as Wise Group plc is an 'international services entity' under the 2007 Law, having satisfied the requirements of the Goods and Services Tax (International Service Entities) (Jersey) Regulations 2007, as amended, a supply of goods or a service made by Wise Group plc shall not be a taxable supply for the purposes of the 2007 Law.

***Information Reporting***

Information relating to the shares, their holders and beneficial owners may be required to be provided to tax authorities in certain circumstances pursuant to domestic or international reporting and transparency regimes. This may include (but is not limited to) information relating to the value of shares, amounts paid or credited with respect to shares, details of the holders or beneficial owners of shares and information and documents in connection with transactions relating to shares. In certain circumstances, the information obtained by a tax authority may be provided to tax authorities in other countries.

***Economic Substance***

The Taxation (Companies — Economic Substance) (Jersey) Law 2018 (the "Substance Law") came into force on January 1, 2019.

It is intended that Wise Group plc be managed and controlled in the United Kingdom and therefore will not be deemed to be tax resident in Jersey. Accordingly, the Substance Law will not apply to Wise Group plc.

***No Restrictions on Capital Movement or Shareholding Rights for Non-Residents***

There are no governmental laws, decrees, regulations or other legislation in Jersey that may affect the import or export of capital, including the availability of cash and cash equivalents for use by us, or that may affect the remittance of dividends, interest, or other payments by us to non-resident holders of our Class A ordinary shares, other than withholding tax requirements. There is no limitation imposed by Jersey law or our Articles to be in effect upon completion of the reorganization on the right of non-residents to hold or vote shares.

**Certain United Kingdom Tax Considerations** 

The following discussion is a summary of certain limited aspects of the U.K. taxation treatment of holding and disposing of our Class A ordinary shares. It does not constitute legal or tax advice and does not purport to be a

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complete analysis of all applicable U.K. tax considerations, including the circumstances in which holders of our Class A ordinary shares may benefit from an exemption or relief from U.K. taxation. The discussion (including any reference to rates of taxation) is based on current U.K. tax legislation and HM Revenue and Customs ("HMRC") practice (which may not be binding on HMRC), in each case as at the date of this registration statement, both of which are subject to change, possibly with retrospective effect. It is written on the basis that the company does not (and will not) directly or indirectly derive 75% or more of its qualifying asset value from U.K. land, and that the company is and remains resident solely in the United Kingdom for tax purposes and will be subject to the U.K. tax regime and not the Jersey tax regime or the U.S. tax regime save as set out above under "—Certain Jersey Tax Considerations" and below under "—Certain Material U.S. Federal Income Tax Considerations for U.S. Holders."

The discussion is intended as a general guide and, in particular, does not deal with certain types of holders of Class A ordinary shares, such as financial institutions, pension schemes, charities, tax-exempt organizations, trustees, intermediaries, market makers, brokers, dealers in securities, persons who have or could be treated for tax purposes as having acquired their Class A ordinary shares by reason of their office, employment or as carried interest, collective investment schemes, persons who hold investments in any HMRC-approved arrangements or schemes, persons connected to us, insurance companies and persons subject to U.K. tax under the foreign income and gains regime that came into force in the United Kingdom with effect from April 6, 2025. It also does not deal with any U.K. tax considerations applicable to any Excluded Shareholder.

Special tax provisions not covered by this discussion may in particular apply to persons who have acquired or who acquire their Class A ordinary shares pursuant to the exercise of options or other awards.

References below to "U.K. Shareholders" are to holders of our Class A ordinary shares (a) who are resident for tax purposes in, and only in, the United Kingdom and do not have a permanent establishment, branch, agency (or equivalent) or fixed base in any other jurisdiction with which the holding of the Class A ordinary shares is connected, (b) in the case of individuals, to whom "split year" treatment does not apply, (c) who hold their Class A ordinary shares as an investment (other than under a self-invested personal pension plan or individual savings account), and (d) who are the absolute beneficial owners of their Class A ordinary shares.

We anticipate that the tax treatment summarized under the headings "*Income from Class A ordinary shares*" and "*Disposal of Class A ordinary shares*" will apply to U.K. Shareholders whose Class A ordinary shares are represented by DIs, including on the basis that the DI depositary should be treated as holding the Class A ordinary shares on trust (as bare trustee under English law) for such U.K. Shareholders.

**THESE PARAGRAPHS ARE A SUMMARY OF CERTAIN U.K. TAX CONSIDERATIONS AND ARE INTENDED AS A GENERAL GUIDE ONLY. IT IS RECOMMENDED THAT ALL HOLDERS OF OUR CLASS A ORDINARY SHARES OBTAIN ADVICE AS TO THE CONSEQUENCES OF THE ACQUISITION, OWNERSHIP AND DISPOSAL OF THEIR SHARES IN THEIR OWN SPECIFIC CIRCUMSTANCES FROM THEIR OWN TAX ADVISORS. IN PARTICULAR, NON-U.K. RESIDENT PERSONS ARE ADVISED TO CONSIDER THE POTENTIAL IMPACT OF ANY RELEVANT DOUBLE TAXATION AGREEMENTS.** 

***Income from Class A Ordinary Shares***

***Dividends***

Dividends paid by us will not be subject to any withholding or deduction for or on account of U.K. tax.

***Income Tax***

An individual U.K. Shareholder may, depending on his or her particular circumstances, be subject to U.K. tax on dividends received from us. All dividends received by an individual U.K. Shareholder from us or from other sources

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will form part of that U.K. Shareholder's total income for income tax purposes and will constitute the top slice of that income. A nil rate of income tax will apply to the first £500 of taxable dividend income received by the individual U.K. Shareholder in the tax year 2026/2027. Income within the nil rate band will be taken into account in determining whether income in excess of the £500 tax-free allowance falls within the basic rate, higher rate or additional rate tax bands. In the tax year 2026/2027, dividend income in excess of the tax-free allowance will (subject to the availability of any income tax personal allowance) be taxed at 10.75% to the extent that the excess amount falls within the basic rate tax band, 35.75% to the extent that the excess amount falls within the higher rate tax band and 39.35% to the extent that the excess amount falls within the additional rate tax band.

An individual holder of Class A ordinary shares who is not resident for tax purposes in the United Kingdom should not be chargeable to U.K. income tax on dividends received from us unless he or she carries on (whether solely or in partnership) a trade, profession or vocation in the United Kingdom through a branch or agency to which the Class A ordinary shares are attributable.

***Corporation Tax***

Corporate U.K. Shareholders should not be subject to U.K. corporation tax on any dividend received from us so long as the dividends qualify for exemption, which should generally be the case for many such corporate U.K. Shareholders, although certain conditions must be met. If the conditions for the exemption are not satisfied, or such corporate U.K. Shareholder elects for an otherwise exempt dividend to be taxable, U.K. corporation tax will be chargeable on the amount of any dividends (in the tax year 2026/2027, at the main rate of 25% for companies with profits in excess of £250,000, or the small profits rate of 19% for companies with profits of £50,000 or less, with marginal relief from the main rate available to companies with profits between £50,000 and £250,000 subject to meeting certain criteria).

A corporate holder of Class A ordinary shares that is not resident for tax purposes in the United Kingdom should not be chargeable to U.K. corporation tax on dividends received from us unless it carries on (whether solely or in partnership) a trade in the United Kingdom through a permanent establishment to which the Class A ordinary shares are attributable.

***Disposal of Class A Ordinary Shares***

A disposal or deemed disposal of Class A ordinary shares by a U.K. Shareholder for U.K. tax purposes may, depending on the U.K. Shareholder's particular circumstances and subject to any available exemption or relief, give rise to a chargeable gain or allowable loss for the purposes of capital gains tax or corporation tax on chargeable gains.

If an individual U.K. Shareholder who is subject to U.K. income tax at either the higher or the additional rate is liable to U.K. capital gains tax on the disposal of Class A ordinary shares, the current applicable rate will be 24%. For an individual U.K. Shareholder who is subject to U.K. income tax at the basic rate and liable to U.K. capital gains tax on such disposal, the current applicable rate would be 18%, save to the extent that any capital gains when aggregated with the U.K. Shareholder's other taxable income and gains in the relevant tax year exceed the unused basic rate tax band. In that case, the rate currently applicable to the excess would be 24%.

If a corporate U.K. Shareholder becomes liable to U.K. corporation tax on the disposal (or deemed disposal) of Class A ordinary shares, U.K. corporation tax would apply (in the tax year 2026/2027, at the main rate of 25% for companies with profits in excess of £250,000, or the small profits rate of 19% for companies with profits of £50,000 or less, with marginal relief from the main rate available to companies with profits between £50,000 and £250,000 subject to meeting certain criteria).

A holder of Class A ordinary shares which is not resident for tax purposes in the United Kingdom should not normally be liable to U.K. capital gains tax or corporation tax on chargeable gains on a disposal (or deemed

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disposal) of Class A ordinary shares unless the person is carrying on (whether solely or in partnership) a trade, profession or vocation in the United Kingdom through a branch or agency (or, in the case of a corporate holder of Class A ordinary shares, through a permanent establishment) to which the Class A ordinary shares are attributable. However, an individual holder of Class A ordinary shares who has ceased to be resident for tax purposes in the United Kingdom for a period of less than five years and who disposes of Class A ordinary shares during that period may be liable on his or her return to the United Kingdom to U.K. tax on any capital gain realized (subject to any available exemption or relief).

***U.K. Stamp Duty and Stamp Duty Reserve Tax***

***Issue of Class A Ordinary Shares***

No U.K. stamp duty or stamp duty reserve tax ("SDRT") is payable on the issuance of our Class A ordinary shares.

***Transfers of Class A Ordinary Shares***

No U.K. stamp duty will be payable on the paperless transfer of our Class A ordinary shares through the facilities of DTC.

Provided that our Class A ordinary shares are not registered in a register held or maintained in the United Kingdom or paired with shares issued by a body corporate incorporated in the United Kingdom (as is our expectation), no U.K. SDRT will arise in respect of an agreement to transfer our Class A ordinary shares.

***Issue of DIs***

No U.K. stamp duty or SDRT is payable on the issuance of depositary interests representing our Class A ordinary shares.

***Transfers of Depositary Interests***

No U.K. stamp duty will be payable on the paperless transfer of depositary interests in CREST. HMRC has provided confirmation that no U.K. SDRT will arise on an agreement to transfer depositary interests representing the Class A ordinary shares in CREST, unless the transfer is made to a depositary receipt issuer or clearance service. In such a scenario, other than in certain specific cases (such as if an exemption is available), U.K. SDRT may, generally, arise at the rate of 1.5%. Any such U.K. SDRT will, in practice, generally be borne by the transferor.

**Certain Material U.S. Federal Income Tax Considerations for U.S. Holders** 

The following is a general summary based on present law of certain U.S. federal income tax considerations relevant to U.S. Holders (as defined below) regarding (i) the consummation of the Reorganization Transaction and (ii) the ownership and disposition of Class A ordinary shares of Wise Group plc following the Reorganization Transaction. It addresses only U.S. Holders that hold ordinary shares of Wise plc and will hold Class A ordinary shares of Wise Group plc and who hold such shares as "capital assets" within the meaning of Section 1221 of the Code and use the U.S. dollar as their functional currency. This summary does not address the U.S. federal estate, gift or other non-income tax considerations, alternative minimum tax considerations, special tax accounting rules under Section 451(b) of the Code, the Medicare contribution tax on certain net investment income, or any state, local or non-U.S. tax considerations. The following summary does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances or to persons in special tax situations, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks and other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pension plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cooperatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• traders that elect to use a mark-to-market method of accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain former U.S. citizens or long-term residents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities (including private foundations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. holders who acquire or acquired their ordinary shares pursuant to any employee share option or otherwise as
compensation (including, for the avoidance of doubt, U.S. holders holding options with a nil or de minimis strike price);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. holders that hold or will hold their ordinary shares as part of a straddle, hedge, conversion, constructive
sale or other integrated or risk reduction transaction for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who are Excluded Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that actually or constructively own 5% or more of the equity securities of Wise plc or Wise Group plc,
either before or after the implementation of the Reorganization Transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partnerships or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding
ordinary shares through such entities,

all of whom may be subject to tax rules that differ significantly from those discussed below.

If you are a partnership (or other pass-through entity) for U.S. federal income tax purposes, the tax treatment of your partners (or other owners) will generally depend on the status of the partners, the activities of the partnership and certain determinations made at the partner level. Accordingly, partnerships (or other pass-through entities) and the partners (or other owners) in such partnerships (or such other pass-through entities) should consult their tax advisers regarding the U.S. federal income tax consequences to them relating to the matters discussed below.

For purposes of this summary, a U.S. Holder means a beneficial owner of ordinary shares of Wise plc (prior to the consummation of the Reorganization Transaction) or Wise Group plc (after the consummation of the Reorganization Transaction) that for U.S. federal income tax purposes is (i) an individual citizen or resident of the United States; (ii) a corporation organized in or under the laws of the U.S., any state thereof, or the District of Columbia; (iii) a trust that (1) is subject to the primary supervision of a U.S. court and the control of one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Code, or (2) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes; or (iv) an estate the income of which is subject to U.S. federal income taxation regardless of its source;

This summary is for general information only and is not tax advice. It is not a complete description of all of the tax considerations that may be relevant to a particular U.S. Holder. This discussion is based on the Code, U.S. Treasury Regulations, and judicial and administrative interpretations thereof, all as in effect on the date hereof. All of the foregoing is subject to differing interpretations and change. Such change may apply retroactively and may affect the tax considerations described in this summary. We have not sought, and do not intend to seek, a ruling from the IRS as to any U.S. federal income tax consideration described herein. No assurance can be given that the IRS would not assert, or that a court would not sustain, a position contrary to any of the tax considerations described below.

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Although not free from doubt, a holder of a depositary interest representing a Class A ordinary share generally should be treated for U.S. federal income tax purposes as holding the Class A ordinary shares represented by such depositary interest. The following discussion assumes that such treatment applies and references below to Class A ordinary shares include references to depositary interests representing our Class A ordinary shares. Holders of depositary interests should consult their tax advisers regarding the U.S. federal income tax consequences to them relating to the matters discussed below.

***Passive Foreign Investment Company Considerations***

A non-U.S. corporation, such as Wise plc or Wise Group plc, will be classified as a passive foreign investment company ("PFIC") for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (generally determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. For this purpose, each of Wise plc and Wise Group plc will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which such entity owns, directly or indirectly, at least 25% (by value) of the stock.

We believe that Wise plc should not be classified as a PFIC for the taxable year ended March 31, 2025 or for any prior year during which shares of Wise plc stock have been admitted to trading on the London Stock Exchange and we do not expect Wise plc or Wise Group plc to be a PFIC for the taxable year ended March 31, 2026 or any other taxable year. While we do not expect that Wise plc or Wise Group plc should be or become a PFIC, no assurance can be given in this regard because the determination of PFIC status for any taxable year is a fact intensive determination made annually that depends, in part, upon the composition and classification of the income and assets of Wise plc or Wise Group plc, as applicable. Fluctuations in the market price of ordinary shares of Wise plc or Wise Group plc may cause Wise plc or Wise Group plc to be or become classified as a PFIC for the current or future taxable years because the value of any assets for purposes of the asset test, including the value of any goodwill, may be determined by reference to the market price of ordinary shares of Wise plc or Wise Group plc, as applicable, which may be volatile. If the market capitalization of Wise plc or Wise Group plc subsequently declines, Wise plc or Wise Group plc may be or become classified as a PFIC for the current taxable year or future taxable years. Furthermore, the law applicable to determinations of PFIC status is very complex, uncertain and subject to varying interpretation, and the IRS may not agree with the PFIC determinations that Wise plc or Wise Group plc make or have made and the application of the PFIC rules. Even if Wise plc or Wise Group plc determines that it is not (or was not) a PFIC for a particular tax year, the IRS is not bound by that determination and could take a different view. In light of the foregoing, our U.S. counsel expresses no opinion with respect to the PFIC status of Wise plc or Wise Group plc for any prior, current or future taxable year.

If Wise plc or Wise Group plc is a PFIC for any year during which a U.S. Holder holds ordinary shares of Wise plc or Wise Group plc, as applicable, such entity generally will continue to be treated as a PFIC for all succeeding years during which such U.S. Holder holds such ordinary shares of Wise plc or Wise Group plc, as applicable.

Except as specifically set forth below, the remainder of this discussion is written on the basis that neither Wise plc nor Wise Group plc has been or will be classified as a PFIC for U.S. federal income tax purposes. If Wise plc or Wise Group plc is classified as a PFIC for any taxable year during which a U.S. Holder holds (or has held) ordinary shares of Wise plc or Wise Group plc, as applicable, the tax consequences applicable to such U.S. Holder may differ materially from, and may be materially adverse when compared to, those described herein, including for example, resulting in the consummation of the Reorganization Transaction being a taxable transaction for a U.S. Holder. U.S. Holders should consult their tax advisers regarding the U.S. federal income tax consequences of (1) the consummation of the Reorganization Transaction if Wise plc is treated as a PFIC and (2) the ownership and disposition of ordinary shares of Wise Group plc if Wise Group plc is treated as a PFIC.

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***Treatment of U.S. Holders as a Result of the Consummation of the Reorganization Transaction***

The transfer of ordinary shares of Wise plc in exchange for the issuance of ordinary shares of Wise Group plc (the "Share Exchange") in connection with the Reorganization Transaction will be structured in a manner that is intended to qualify for tax-deferred treatment for United States federal income tax purposes (the "Intended Tax Treatment"). Wise plc will elect to be a fiscally transparent entity for United States federal income tax purposes (an "Entity Classification Election") in connection with the Reorganization Transaction, following Wise plc's conversion from a public limited company to a private limited company under the laws of the United Kingdom. It is expected that the Share Exchange and the Entity Classification Election, taken together, should qualify as a tax-deferred transaction under Section 368(a) of the Code. The consummation of the Reorganization Transaction is not conditioned upon the receipt of an opinion of counsel as to the Reorganization Transaction's qualification as a tax deferred transaction and we have not and do not intend to request a ruling from the IRS regarding the U.S. federal income tax treatment of the Reorganization Transaction. Accordingly, no assurance can be given that the IRS will not challenge the Intended Tax Treatment or that a court will not sustain such a challenge by the IRS.

If the Reorganization Transaction qualifies for the Intended Tax Treatment, the U.S. federal income tax consequences for U.S. Holders generally should be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a U.S. Holder of ordinary shares of Wise plc that exchanges such ordinary shares for ordinary shares of Wise
Group plc in connection with the Reorganization Transaction generally will not recognize gain or loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a U.S. Holder of ordinary shares of Wise plc generally will have an aggregate tax basis in ordinary shares of
Wise Group plc issued in connection with the Reorganization Transaction equal to the aggregate adjusted tax basis in the ordinary shares of Wise plc surrendered in connection with the Reorganization Transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a U.S. Holder of ordinary shares of Wise plc generally will have a holding period for ordinary shares of Wise
Group plc that includes the holding period of the ordinary shares of Wise plc surrendered in connection with the Reorganization Transaction.

If a U.S. Holder acquired different blocks of ordinary shares of Wise plc at different times or at different prices, then the basis and holding period of each block of ordinary shares of Wise Group plc received will be determined on a block-for-block basis depending on the basis and holding period of the blocks of ordinary shares of Wise plc exchanged for such ordinary shares of Wise Group plc. U.S. Holders that acquired different blocks of ordinary shares of Wise plc at different times or at different prices should consult their tax advisers regarding the allocation of basis and holding period among the ordinary shares of Wise Group plc that will be issued in the Reorganization Transaction.

If the Reorganization Transaction does not qualify for the Intended Tax Treatment, the tax consequences of the Reorganization Transaction for U.S. Holders will depend on whether the Reorganization Transaction (or any component thereof) would qualify for tax-deferred treatment under any other provisions of the Code and/or whether Wise plc or Wise Group plc are PFICs. In general, if the Reorganization Transaction does not qualify for the Intended Tax Treatment or tax-deferred treatment under other provisions of the Code, each U.S. Holder would recognize gain or loss in an amount equal to the difference, if any, between the fair market value of ordinary shares of Wise Group plc received by the U.S. Holder in the Share Exchange over such U.S. Holder's tax basis in the ordinary shares of Wise plc surrendered in the Share Exchange. Gain or loss must be calculated separately for each block of ordinary shares of Wise plc exchanged by such U.S. Holder if such blocks were acquired at different times or at different prices. Any gain or loss so recognized would generally be long-term capital gain or loss if the U.S. Holder had held the ordinary shares of Wise plc for more than one year (or short-term capital gain or loss otherwise). Long-term capital gain of non-corporate U.S. Holders (including individuals) may be eligible for preferential U.S. federal income tax rates. The deductibility of capital losses is subject to limitations. Such U.S. Holder's holding period in the ordinary shares of Wise Group plc received in the

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Share Exchange would not include the holding period for the ordinary shares of Wise plc exchanged therefor and would begin on the day following the implementation of the scheme. U.S. Holders should consult their tax advisers regarding the U.S. federal income tax consequences of the Reorganization Transaction if it does not qualify for the Intended Tax Treatment.

***Ownership and Disposition of Class A Ordinary Shares of Wise Group plc***

***Dividends Paid in Respect of Class A Ordinary Shares of Wise Group plc***

Subject to the discussion below under the heading "Passive Foreign Investment Company Rules," any cash distributions paid on ordinary shares of Wise Group plc out of the current or accumulated earnings and profits of Wise Group plc, as determined under U.S. federal income tax principles, generally will be includible in the gross income of a U.S. Holder as dividend income when actually or constructively received by the U.S. Holder. Because Wise Group plc does not intend to determine its earnings and profits on the basis of U.S. federal income tax principles, the full amount of any distribution paid by Wise Group plc generally will be treated as a "dividend" for U.S. federal income tax purposes. Dividends received on ordinary shares of Wise Group plc will not be eligible for the dividends received deduction generally allowed to corporations. Dividends received by individuals and certain other non-corporate U.S. Holders may be subject to tax at the lower capital gain tax rate applicable to "qualified dividend income," provided that certain conditions are satisfied, including that (1) the ordinary shares of Wise Group plc on which the dividends are paid are readily tradeable on an established securities market in the United States, or Wise Group plc is eligible for the benefits of the U.S.-U.K. income tax treaty (the "Treaty"), (2) Wise Group plc is not a PFIC for the taxable year in which the dividend was paid and the preceding taxable year, and (3) certain holding period requirements are met. Wise Group plc expects that its Class A ordinary shares will be listed on a U.S. stock exchange and therefore expects that Class A ordinary shares (but not Class B ordinary shares) of Wise Group plc will qualify as readily tradeable on an established securities market in the United States, although there can be no assurance in this regard.

For foreign tax credit limitation purposes, dividends paid by Wise Group plc generally will be treated as passive category income. Because no income taxes will be withheld from dividends on ordinary shares of Wise Group plc, there will be no creditable foreign taxes associated with any dividends that a U.S. Holder will receive.

***Sale or Other Disposition of Ordinary Shares of Wise Group plc***

Subject to the discussion below under the heading "Passive Foreign Investment Company Rules," a U.S. Holder generally will recognize capital gain or loss upon the sale or other disposition of ordinary shares of Wise Group plc in an amount equal to the difference between the amount realized upon the disposition and the holder's adjusted tax basis in such ordinary shares. Any capital gain or loss will be long-term if the ordinary shares have been held for more than one year. Long-term capital gain of individuals and certain other non-corporate U.S. Holders generally will be eligible for a reduced rate of taxation. The deductibility of a capital loss may be subject to limitations.

***Passive Foreign Investment Company Rules***

Following the Reorganization Transaction, if Wise Group plc is classified as a PFIC for any taxable year during which a U.S. Holder holds its ordinary shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder generally will be subject to special tax rules on (1) any excess distribution that Wise Group plc makes to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125 percent of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for ordinary shares Wise Group plc), and (2) any gain realized on the sale or other disposition of ordinary shares of Wise Group plc. Under the PFIC rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the excess distribution or gain will be allocated ratably over the U.S. Holder's holding period for
ordinary shares of Wise Group plc;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to the taxable year of the distribution or gain and any taxable years in the U.S.
Holder's holding period prior to the first taxable year in which Wise Group plc became a PFIC will be treated as ordinary income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect for individuals or corporations, as appropriate, for that year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an additional tax equal to the interest on the resulting tax deemed deferred will be imposed on the tax
attributable to each prior taxable year, other than a pre-PFIC year.

If Wise Group plc is a PFIC for any taxable year during which a U.S. Holder holds ordinary shares of Wise Group plc, and any of Wise Group plc's corporate subsidiaries is also a PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders are urged to consult their tax advisors regarding the application of the PFIC rules to any of Wise Group plc's subsidiaries.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that such stock is regularly traded on a qualified exchange or other market, as defined in applicable U.S. Treasury Regulations. Wise Group plc expects that its Class A ordinary shares will be listed on a U.S. stock exchange and therefore expect that its Class A ordinary shares (but not Class B ordinary shares) will be regularly traded on a qualified exchange, but there can be no assurance in this regard. If a U.S. Holder makes this election, the holder generally will (1) include as ordinary income for each taxable year that Wise Group plc is a PFIC the excess, if any, of the fair market value of ordinary shares of Wise Group plc held at the end of the taxable year over the adjusted tax basis of such ordinary shares and (2) deduct as an ordinary loss the excess, if any, of the adjusted tax basis of ordinary shares of Wise Group plc over the fair market value of such ordinary shares held at the end of the taxable year, but such deduction will only be allowed to the extent of the amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in ordinary shares of Wise Group plc would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes a mark-to-market election in a year when Wise Group plc is classified as a PFIC and Wise Group plc subsequently ceases to be classified as a PFIC, the holder will not be required to take into account the gain or loss described above during any period that Wise Group plc is not classified as a PFIC. If a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale or other disposition of ordinary shares of Wise Group plc in a year when Wise Group plc is a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss, but such loss will only be treated as ordinary loss to the extent of the net amount previously included in income as a result of the mark-to-market election.

Because as a technical matter a mark-to-market election cannot be made for any lower-tier PFICs that Wise Group plc may own, a U.S. Holder that makes the mark-to-market election may continue to be subject to the PFIC rules with respect to such U.S. Holder's indirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes.

If Wise Group plc is a PFIC, Wise Group plc will use reasonable efforts to provide information necessary for U.S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different from the general tax treatment for PFICs described above and different from the treatment if a mark-to-market election is made. If Wise Group plc does provide such information with respect to a taxable year in which it determines that it is a PFIC, Wise Group plc cannot guarantee that such information will be made available for all years in which Wise Group plc is a PFIC or that the information will be available at the time required for any particular U.S. Holder to make a "qualified electing fund" election under Section 1295 of the Code (a "QEF Election"). U.S. Holders should consult their tax advisors regarding the tax consequences and implications of making a QEF Election.

If a U.S. Holder owns ordinary shares of Wise Group plc during any taxable year that Wise Group plc is a PFIC, the holder must generally file an annual IRS Form 8621. You should consult your tax advisors regarding the U.S. federal income tax consequences of owning and disposing of ordinary shares of Wise Group plc if Wise plc or Wise Group plc (or any of their respective subsidiaries) is or becomes a PFIC.

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***Information Reporting and Backup Withholding***

Payments of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries may be subject to information reporting and backup withholding, unless (1) the U.S. Holder is a corporation or other "exempt recipient" and (2) in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against the U.S. Holder's U.S. federal income tax liability and may entitle it to a refund, provided that the required information is timely furnished to the IRS.

Certain U.S. Holders who are individuals (or certain specified entities) may be required to report information relating to their ownership of ordinary shares of Wise Group plc, unless such ordinary shares are held in accounts at financial institutions (in which case the accounts may be reportable if maintained by non-U.S. financial institutions). U.S. Holders should consult their tax advisers regarding their reporting obligations with respect to ordinary shares of Wise Group plc.

***F. Dividends and Paying Agents***

We have no specific procedures for non-resident holders to claim dividends but might expect to pay their dividends in the same manner as resident holders. We expect to appoint Computershare Investor Services (Jersey) Limited as our registrar and Computershare Trust Company, N.A. as our transfer agent in the United States and as our paying agent for dividends in the United States.

***G. Statement by Experts***

The financial statements of Wise plc as of March 31, 2025 and 2024, and for each of the two years in the period ended March 31, 2025 included in this registration statement have been so included in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

***H. Documents on Display***

Upon the effectiveness of this registration statement, we will become subject to the information reporting requirements of the Exchange Act applicable to foreign private issuers. Accordingly, we are required to file reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. Those reports may be inspected without charge. As a foreign private issuer, we are exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements. In addition, we are not required to file periodic reports and financial statements with the SEC as frequently or as promptly as United States companies whose securities are registered under the Exchange Act. Nevertheless, we will file with the SEC an Annual Report on Form 20-F containing financial statements that have been examined and reported on, with and opinion expressed by an independent registered public accounting firm, and we intend to submit quarterly interim consolidated financial data to the SEC in connection with Form 6-K.

We also maintain a website at http://www.wise.com. We intend to post our registration statement on our website promptly following it being filed with the SEC. Information contained in, or accessible through, our website is not a part of this registration statement.

The SEC maintains a website (http://www.sec.gov) that contains reports and other information regarding registrants, such as Wise, that file electronically with the SEC.

With respect to references made in this registration statement to any contract or other document of Wise, such references are not necessarily complete and you should refer to the exhibits attached or incorporated by reference to this registration statement for copies of the actual contract or document.

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***I. Subsidiary Information***

Not applicable.

***J. Annual Report to Security Holders***

If we are required to provide an annual report to security holders in response to the requirements of Form 6-K, we will submit the annual report to security holders in electronic format in accordance with the EDGAR Filer Manual.

**Item 11. Quantitative and Qualitative Disclosures About Market Risk** 

See "Item 5.A. Operating and Financial Review and Prospects—Operating Results— Quantitative and Qualitative Disclosures About Market Risk."

**Item 12. Description of Securities Other than Equity Securities** 

***A. Debt Securities***

Not applicable.

***B. Warrants and Rights***

Not applicable.

***C. Other Securities***

Not applicable.

***D. American Depositary Shares***

Not applicable.

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**PART II** 

**Item 13. Defaults, Dividend Arrearages and Delinquencies** 

Not applicable.

**Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds** 

Not applicable.

**Item 15. Controls and Procedures** 

Not applicable.

**Item 16. [Reserved]** 

**Item 16A. Audit Committee Financial Expert** 

Not applicable.

**Item 16B. Code of Ethics** 

Not applicable.

**Item 16C. Principal Accountant Fees and Services** 

Not applicable.

**Item 16D. Exemptions from the Listing Standards for Audit Committees** 

Not applicable.

**Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers** 

Not applicable.

**Item 16F. Change in Registrant's Certifying Accountant** 

Not applicable.

**Item 16G. Corporate Governance** 

Not applicable.

**Item 16H. Mine Safety Disclosure** 

Not applicable.

**Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections** 

Not applicable.

**Item 16J. Insider Trading Policies** 

Not applicable.

**Item 16K. Cybersecurity** 

Not applicable.

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**PART III** 

**Item 17. Financial Statements** 

We are providing our audited consolidated financial statements and the related information thereto pursuant to Item 18.

**Item 18. Financial Statements** 

See pages F-1 through F-38 of this registration statement for our audited consolidated financial statements and pages F-39 through F-56 of this registration statement for our unaudited condensed consolidated interim financial statements.

**Item 19. Exhibits** 

The following exhibits are filed as part of this registration statement.

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| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description of Document** |
| 1.1^ | [Articles of Association of Wise plc, as amended](d19735dex11.htm) |
| 1.2 | [Form of Memorandum and Articles of Association of Wise Group plc](d19735dex12.htm) |
| 4.1^ | [Multicurrency Revolving Facility Agreement, dated as of December 12, 2024, by and among Wise plc, HSBC Innovation Bank Limited, as mandated lead arranger, the original lenders party thereto and HSBC Bank plc, as agent](d19735dex41.htm) |
| 4.2^ | [Trust Deed, dated November 13, 2025, by and among Wise plc, Wise Financing plc, as issuer, the initial guarantors party thereto and Citicorp Trustee Company Limited, as trustee](d19735dex42.htm) |
| 4.3+ | [TransferWise 2016 Share Option Plan](d19735dex43.htm) |
| 4.4+ | [Rules of the TransferWise 2021 Equity Incentive Plan](d19735dex44.htm) |
| 4.5+ | [Long Term Incentive Plan](d19735dex45.htm) |
| 4.6+ | [Wise Group plc 2026 Equity Incentive Plan with Non-Employee Sub-Plan](d19735dex46.htm) |
| 8.1 | [List of Subsidiaries](d19735dex81.htm) |
| 15.1 | [Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm](d19735dex151.htm) |

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+ Indicates management contract or compensatory plan.

^ The Registrant has omitted schedules and exhibits pursuant to Item 601(a)(5) of Regulation S-K. The Registrant agrees to furnish supplementally a copy of the omitted schedules and exhibits to the SEC upon request.

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**SIGNATURES** 

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this registration statement on its behalf.

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| |
|:---|
| **WISE GROUP PLC** |
| /s/ Kristo Käärmann |
| Name: Kristo Käärmann |
| Title: Chief Executive Officer |

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Date: April 10, 2026

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**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS** 

AUDITED CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED MARCH 31, 2025 AND 2024:

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| | |
|:---|:---|
|  [Report of Independent Registered Public Accounting Firm](#fin19735_1) | F-2 |
|  [Consolidated Statements of Comprehensive Income](#fin19735_2) | F-4 |
|  [Consolidated Statements of Financial Position](#fin19735_3) | F-5 |
|  [Consolidated Statement of Changes in Shareholders' Equity](#fin19735_4) | F-6 |
|  [Consolidated Statements of Cash Flows](#fin19735_5) | F-7 |
|  [Notes to the Consolidated Financial Statements](#fin19735_6) | F-8 |

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UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS AS OF AND FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024:

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| | |
|:---|:---|
|  [Condensed Consolidated Statements of Comprehensive Income](#fin19735_7) | F-39 |
|  [Condensed Consolidated Statement of Financial Position](#fin19735_8) | F-40 |
|  [Condensed Consolidated Statement of Changes in Shareholders' Equity](#fin19735_9) | F-41 |
|  [Condensed Consolidated Statement of Cash Flows](#fin19735_10) | F-42 |
|  [Notes to the Condensed Consolidated Interim Financial Statements](#fin19735_11) | F-43 |

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors and Shareholders of Wise plc

***Opinion on the Financial Statements***

We have audited the accompanying consolidated statement of financial position of Wise plc and its subsidiaries (the "Group") as of March 31, 2025 and 2024, and the related consolidated statements of comprehensive income, of changes in shareholders' equity and of cash flows for the years then ended, including the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of March 31, 2025 and 2024, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Group's management. Our responsibility is to express an opinion on the Group's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

***Critical Audit Matters***

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Cash and Cash Equivalents* 

As described in Note 2 to the consolidated financial statements, within the $18,066.3 million of cash and cash equivalents, $7,503.0 million of customer funds is in segregated, safeguarding bank accounts and term deposits. The Group is subject to various regulatory safeguarding compliance requirements with respect to customer funds. Such requirements may vary across the different jurisdictions in which the Group operates. The Group receives and holds customer funds in exchange for electronic money issued as part of the money transfer settlement process and recognizes the respective financial assets and corresponding liabilities for the funds customers hold in their Wise accounts and the funds the Group receives as part of the money transfer settlement process. At the point that the cash is received from the customer, the Group becomes party to a contract and has a right and an ability to control the economic benefit from the cash flows associated with this balance. 

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The principal considerations for our determination that performing procedures relating to cash and cash equivalents is a critical audit matter are the high degree of auditor effort in performing procedures related to existence and accuracy of cash and cash equivalents.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others, (i) assessing management's process for safeguarding customer balances including reconciliations of customer balances to safeguarded accounts, (ii) testing intragroup cash movements and transfers between company bank accounts throughout the year, (iii) testing journals associated with cash movements (iv) testing bank reconciliations and (v) confirming the existence and accuracy of the year-end cash and cash equivalents balances.

/s/ PricewaterhouseCoopers LLP

London, United Kingdom

December 5, 2025, except for the disaggregation of government bonds within the total available-for-sale debt securities disclosure discussed in Note 11 and the concentration of payment processors, partners, customers and brokers within the total accounts receivable disclosure discussed in Note 12 to the consolidated financial statements, as to which the date is February 12, 2026

We have served as the Group's or its predecessor's auditor since 2014.

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**WISE PLC** 

**CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME** 

**(in million, except for per share data)** 

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| | | | |
|:---|:---|:---|:---|
|  | | **Year ended March 31,** | **Year ended March 31,** |
|  |<br>**Note** | **2025** | **2024** |
|  Transaction revenue | 3 | $1546.3 | $1323.1 |
|  Interest income on customer balances |  | 758.3 | 610.0 |
|  Interest expense on customer liabilities |  | (205.7) | (157.0) |
|  **Net revenue** |  | $**2098.9** | $**1776.1** |
|  **Operating expenses:** |  |  |  |
|  Transaction expense |  | $(378.0) | $(331.5) |
|  Transaction and credit losses |  | (11.6) | (15.7) |
|  Technology and development |  | (314.1) | (287.6) |
|  Servicing |  | (287.5) | (216.9) |
|  Marketing and sales |  | (106.1) | (79.6) |
|  General and administrative |  | (273.4) | (194.7) |
|  Total operating expenses |  | (1370.7) | (1126.0) |
|  **Operating income** |  | $**728.2** | $**650.1** |
|  Other (loss)/income, net | 4 | (10.7) | 6.6 |
|  **Income before tax** |  | $**717.5** | $**656.7** |
|  Income tax expense | 6 | (167.2) | (155.2) |
|  **Net income** |  | $**550.3** | $**501.5** |
|  Net income per share - basic, in cents | 8 | $53.31 | $48.57 |
|  Net income per share - diluted, in cents | 8 | $52.63 | $47.81 |
|  Weighted average shares outstanding - basic | 8 | 1032.3 | 1032.6 |
|  Weighted average shares outstanding - diluted | 8 | 1045.7 | 1048.9 |
|  **Net income** |  | $**550.3** | $**501.5** |
|  **Other comprehensive income/(loss), net of tax charge of $5.2 million and tax benefit of $8.6 million in 2025 and 2024, respectively** |  |  |  |
|  Gain on foreign currency translation | 7 | $20.8 | $10.9 |
|  Unrealized gain/(loss) on Available-For-Sale debt securities, net | 7 | 14.8 | (24.6) |
|  **Other comprehensive income/(loss), net of tax** |  | $**35.6** | $**(13.7)** |
|  **Total comprehensive income** |  | $**585.9** | $**487.8** |

---

The accompanying notes form an integral part of these Group consolidated financial statements.

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**WISE PLC** 

**CONSOLIDATED STATEMENT OF FINANCIAL POSITION** 

**(in million)** 

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| | | | |
|:---|:---|:---|:---|
|  | | **As at March 31,** | **As at March 31,** |
|  |<br>**Note** | **2025** | **2024** |
|  **Current assets** |  |  |  |
|  Cash and cash equivalents |  | $18066.3 | $13245.7 |
|  Available-for-sale debt securities | 11 | 6013.6 | 5097.4 |
|  Accounts receivable, net of allowance for credit losses | 12 | 347.8 | 444.7 |
|  Prepaid expenses and other current assets | 13 | 103.6 | 113.2 |
|  Current tax assets |  | 19.4 | 5.0 |
|  **Total current assets** |  | $**24550.7** | $**18906.0** |
|  Property, plant and equipment, net | 9 | 150.8 | 45.1 |
|  Intangible assets, net |  | 5.1 | 8.2 |
|  Other assets, noncurrent | 13 | 20.5 | 8.5 |
|  Deferred tax assets | 6 | 54.0 | 54.7 |
|  **Total assets** |  | $**24781.1** | $**19022.5** |
|  **Liabilities and shareholders' equity** |  |  |  |
|  **Current liabilities** |  |  |  |
|  Accounts payable and other current liabilities | 15 | $468.9 | $474.6 |
|  Funds payable and amounts due to customers | 16 | 22279.9 | 17055.4 |
|  Current tax liabilities |  | 5.7 | 7.6 |
|  Short-term debt | 17 | 128.4 | 256.1 |
|  Operating lease liabilities | 10 | 13.4 | 7.8 |
|  **Total current liabilities** |  | $**22896.3** | $**17801.5** |
|  Deferred tax liabilities | 6 | 5.4 | 3.1 |
|  Other long term liabilities | 15 | 44.9 | 34.2 |
|  Operating lease liabilities, noncurrent | 10 | 97.1 | 18.6 |
|  **Total liabilities** |  | $**23043.7** | $**17857.4** |
|  Commitments and contingent liabilities | 20 |  |  |
|  **Shareholders' equity** |  |  |  |
|  Class A Common shares - $0.01 par value; 1,025,000,252 shares authorized; 1,025,000,252 shares issued and outstanding as of March 31, 2025 and 1,024,777,252 shares issued and outstanding as of March 31, 2024 | 7 | 14.2 | 14.2 |
|  Class B Common shares - $0.000 000 001 par value; 243,584,255 shares authorized; 243,584,255 shares issued and outstanding as of March 31, 2025 and 398,889,814 shares issued and outstanding as of March 31, 2024 | 7 |  |  |
|  Additional paid-in capital |  | 163.5 | 172.5 |
|  Treasury stock | 7 | (85.0) | (70.1) |
|  Retained earnings |  | 1655.9 | 1095.3 |
|  Accumulated other comprehensive income | 7 | (11.2) | (46.8) |
|  **Total shareholders' equity** |  | $**1737.4** | $**1165.1** |
|  **Total liabilities and shareholders' equity** |  | $**24781.1** | $**19022.5** |

---

The accompanying notes form an integral part of these Group consolidated financial statements.

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**WISE PLC** 

**CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY** 

**(in million, except per share data)** 

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Common Shares** | **Common Shares** | **Common Shares** | **Common Shares** | | | | | |
|  | **Note** | **Class A** | **Class A** | **Class B** | **Class B** | | | | | |
|  | **Note** | **Shares** | **Cost** | **Shares** | **Cost** |<br>**Additional<br>paid-in<br>capital** |<br>**Treasury<br>stock** |<br>**Retained<br>earnings** |<br>**Accumulated<br>other<br>comprehensive<br>income** |<br>**Total<br>shareholders'**<br>**equity** |
|  **At April 1, 2023** |  | **1024677252** | $**14.2** | **398889814** | $— | $**149.3** | $**(12.8)** | $**555.4** | $**(33.1)** | $**673.0** |
|  Net income |  |  |  |  |  |  |  | 501.5 |  | 501.5 |
|  Other comprehensive loss, net | 7 |  |  |  |  |  |  |  | (13.7) | (13.7) |
|  Common shares issued | 7 | 100000 |  |  |  |  |  |  |  |  |
|  Shares acquired by Employee Benefit Trust | 7 |  |  |  |  |  | (88.3) |  |  | (88.3) |
|  Share-based compensation expense | 19 |  |  |  |  | 91.3 |  |  |  | 91.3 |
|  Exercise of share awards | 19 |  |  |  |  | (68.1) | 31.0 | 38.4 |  | 1.3 |
|  **At March 31, 2024** |  | **1024777252** | $**14.2** | **398889814** | $**—** | $**172.5** | $**(70.1)** | $**1095.3** | $**(46.8)** | $**1165.1** |
|  Net income |  |  |  |  |  |  |  | 550.3 |  | 550.3 |
|  Other comprehensive income, net | 7 |  |  |  |  |  |  |  | 35.6 | 35.6 |
|  Common shares issued / (redeemed) | 7 | 223000 |  | (155305559) |  |  |  |  |  |  |
|  Shares acquired by Employee Benefit Trust | 7 |  |  |  |  |  | (90.5) |  |  | (90.5) |
|  Share-based compensation expense | 19 |  |  |  |  | 75.3 |  |  |  | 75.3 |
|  Exercise of share awards | 19 |  |  |  |  | (84.3) | 75.6 | 10.3 |  | 1.6 |
|  **At March 31, 2025** |  | **1025000252** | $**14.2** | **243584255** | $**—** | $**163.5** | $**(85.0)** | $**1655.9** | $**(11.2)** | $**1737.4** |

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The accompanying notes form an integral part of these Group consolidated financial statements.

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**WISE PLC** 

**CONSOLIDATED STATEMENT OF CASH FLOWS** 

**(in million)** 

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| | | | |
|:---|:---|:---|:---|
|  | **Note** | **2025** | **2024** |
|  **Cash flow from operating activities** |  |  |  |
|  Net income |  | $550.3 | $501.5 |
|  Adjustments for non-cash items: |  |  |  |
|  Depreciation and amortization |  | 9.7 | 14.3 |
|  Impairment of assets | 9 | 14.6 |  |
|  Share-based compensation | 19 | 74.6 | 91.1 |
|  Unrealized foreign exchange (gain)/loss |  | 4.7 | (23.4) |
|  Deferred tax (benefit)/expenses | 6 | (0.5) | 43.2 |
|  Operating lease expense | 10 | 19.4 | 10.8 |
|  Other |  | (0.5) | 2.5 |
|  **Changes in operating assets and liabilities:** |  |  |  |
|  Accounts receivable, net |  | 93.4 | (236.0) |
|  Prepaid expenses and other assets |  | (121.9) | (177.9) |
|  Accounts payable and other liabilities (including tax) |  | (49.3) | 289.7 |
|  Operating lease liabilities |  | (13.4) | (12.2) |
|  Funds payable and amount due to customers |  | 5138.4 | 3571.5 |
|  **Net cash provided by operating activities** |  | $**5719.5** | $**4075.1** |
|  **Cash flow from investing activities** |  |  |  |
|  Purchase of property, plant and equipment |  | (44.1) | (13.4) |
|  Purchase of intangible assets |  | (1.2) | (3.0) |
|  Purchase of available-for-sale debt securities | 11 | (8227.9) | (11988.5) |
|  Proceeds from sale of available-for-sale debt securities | 11 | 7514.7 | 11823.7 |
|  Other investing activities, net |  | 0.0 | 0.1 |
|  **Net cash used in investing activities** |  | $**(758.5)** | $**(181.1)** |
|  **Cash flow from financing activities** |  |  |  |
|  Repurchases of shares | 7 | (92.5) | (86.2) |
|  Proceeds from issuance of shares and other equity |  | 1.3 | 1.3 |
|  Proceeds from revolving credit facility | 17 | 248.6 | 526.9 |
|  Repayments of revolving credit facility | 17 | (387.3) | (590.0) |
|  **Net cash used in financing activities** |  | $**(229.9)** | $**(148.0)** |
|  Effect of exchange rate fluctuations on cash and cash equivalents |  | 89.5 | 25.1 |
|  Net change in cash and cash equivalents |  | 4820.6 | 3771.1 |
|  Cash and cash equivalents at beginning of period |  | 13245.7 | 9474.6 |
|  **Cash and cash equivalents at end of period** |  | $**18066.3** | $**13245.7** |
|  **Supplemental cash flow disclosure:** |  |  |  |
|  Cash paid for interest |  | $(19.0) | $(21.0) |
|  Cash paid for income taxes, net |  | (184.4) | (93.1) |

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The accompanying notes form an integral part of these Group consolidated financial statements.

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**1. Description of Business** 

Wise plc (the Company) was incorporated in England in 2021. The principal activity of the Company and its subsidiaries (the Group) is the provision of cross-border and domestic financial services. The Group's mission is to build the best way to move and manage the world's money.

Unless otherwise expressly stated or the context otherwise requires, the terms "Wise" and the "Group" within these notes to the consolidated financial statements refer to Wise plc and its wholly owned subsidiaries.

**2. Summary of Significant Accounting Policies** 

**Basis of Preparation** 

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the SEC) regarding financial reporting.

**Principles of Consolidation** 

The accompanying consolidated financial statements include the accounts of Wise Plc, and its wholly-owned subsidiaries. All intercompany transactions have been eliminated in consolidation. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for the fair statement of the Group's financial position, results of operations and cash flow have been included.

All financial information is presented in millions of U.S dollars (USD), which is the Group's reporting currency, rounded to the nearest $0.1 million, unless otherwise stated.

**Use of Estimates** 

The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reported period. These estimates and assumptions include, but are not limited to, transaction and credit losses; refer to "*Transaction and Credit Losses"* for further information.

The Group bases its estimates on historical experience and on assumptions that management considers reasonable. Actual results could differ materially from those estimates, and these differences could be material to the consolidated financial statements. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

**Foreign Currencies** 

The reporting currency of the Group is the U.S. dollar. The functional currency of each of the subsidiaries of the Group is based on the currency of the economic environment in which they operate.

Gains and losses from the remeasurement of foreign currency transactions into the functional currency are recognized as "Transaction Expense" for customer related balances and as "Other income/(loss), net" for non-customer related balances, on our Consolidated Statement of Comprehensive Income.

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Upon consolidation, assets and liabilities of each subsidiary with a functional currency that differs from the reporting currency are translated into U.S. dollars at period-end exchange rates, and revenues and expenses are translated into U.S. dollars using average exchange rates for each reporting period. Translation adjustments are reflected as other comprehensive income/(loss) and is included in "Accumulated Other Comprehensive Income."

**Transaction Revenue Recognition** 

The Group follows a five-step framework to determine when and how revenue is recognized, based on the core principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the considerations to which the Group expects to be entitled in exchange for those goods or services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify the contract with a customer (step 1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify the performance obligations in the contract (step 2)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Determine the transaction price (step 3)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allocate the transaction price to the performance obligations in the contract (step 4)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recognize revenue when the Group satisfies a performance obligation (step 5)

The Group generates transaction revenue from contracts with customers by providing cross-border services (which includes money transfers, currency conversion services and Wise Accounts), debit card services and transaction revenue from other services. Refer to "Note 3 - Transaction revenue" for additional information regarding the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.

**Interest Income on Customer Balances** 

Interest income on customer balances is earned from holding customer funds as cash and cash equivalents or investing them into highly liquid permitted financial assets. These amounts are recognized in the Consolidated Statement of Comprehensive Income using the effective interest rate method.

**Interest Expense on Customer Liabilities** 

Interest expense on customer liabilities is the interest expense payable to customers for holding eligible balances in their Wise accounts. These are calculated as a percentage of those eligible balances and provided to the customer as either cashback or interest depending on the jurisdiction. They are recognized in the Consolidated Statement of Comprehensive Income as "Interest expense on customer liabilities" in the period for which the customer receives the benefit.

**Transaction Expense** 

Transaction expense (excluding depreciation and amortization) comprises the costs incurred by the Group in processing and settlement of transactions as well as providing debit card services. This includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banking and other fees, net of applicable rebates, incurred in processing customer transfers, currency conversion
services and the costs of providing cards to customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net foreign exchange costs generated due to customer transactions, including the costs related to the difference
between the published mid-market rate offered to customers and the rate obtained by the Group in acquiring currency. Net foreign exchange differences are also incurred from the revaluation of customer balances
at period end. The Group recorded net foreign exchange gain of $42.6 million and $49.2 million for the years ended March 31, 2025 and 2024 respectively; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other product costs include product losses that are directly generated from customer transactions, including
chargeback losses, fraud charges, as well as taxes directly attributable to customer activity.

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**Technology and Development** 

Technology and development expenses consist of employee-related expenses for the Group's engineering and products team, including salaries, benefits, and share-based compensation expenses, professional services fees and costs for software subscription services dedicated for the use by the Group's technology teams, cloud infrastructure costs as well as costs of other company-wide technology tools. Technology and development costs are generally expensed as incurred and the Group does not have software development costs which qualify for capitalization as internal-use software for the year ended March 31, 2025 (2024: $2.6 million was capitalized).

During the financial year ended March 31, 2025, the Group expensed $164.6 million of product engineering costs (2024: $145.6 million). These costs directly relate to the evolution of the Group's product offerings and primarily comprise employee-related expenses of the Engineering and Product teams.

**Servicing** 

Servicing including costs to provide customer onboarding, support as well as compliance costs. These costs include: employee-related expenses associated with our servicing staff, including salaries, benefits, and share-based compensation expenses; outsourced services providers; and technology solutions used by servicing teams.

**Marketing and Sales** 

Marketing and sales expenses consist primarily of advertising costs used to attract new customers, including branding-related expenses, and employee-related expenses associated with the Group's marketing and sales people, principally salaries, benefits, and share-based compensation expenses. Marketing and sales expenses also include promotions, costs for software subscription services dedicated for use by the Group's marketing and sales teams, and outsourced service providers contracted for marketing purposes. Advertising expense included in Marketing and Sales totaled $62.5 million for the year ended March 31, 2025, (2024: $40.6 million).

**General and Administrative** 

General and administrative expenses consist of employee-related expenses for finance, legal, compliance, people, workplace, and other administrative teams, and leadership functions, including salaries, benefits, and share-based compensation expenses. General and administrative expenses also include professional services fees, subscriptions, office expenses, indirect taxes, depreciation, amortization and other corporate expenses.

**Share-Based Compensation** 

The Group operates a number of employee equity-settled schemes as part of its reward strategy.

The grant date fair value of a share award is determined using the Group's stock price on the date of grant. These awards are subject to a service condition or a performance condition. The awards with a service condition vest ratably, typically over four years and the share-based compensation expense is recognized over this requisite service period using the straight-line method. The maximum term of share awards granted is 10 years.

The awards with a performance condition vest on achievement of the relative total shareholder return (TSR) compared to the FTSE 250 and volume growth performance measures over the 3-year performance period. Share-based compensation expense for these awards are recognized over the requisite service period and as the performance targets are considered probable of being achieved.

The Group recognizes share-based compensation net of estimated forfeitures and revises the estimates in subsequent periods if actual forfeitures differ from the estimates. The Group estimates the forfeiture rate based on historical experience as well as expected future behavior.

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**Income Tax** 

The provision for income taxes is determined using the asset and liability approach considering guidance related to uncertain tax positions. Tax laws require items to be included in tax filings at different times than the items are reflected in the financial statements. A current liability is recognized for the estimated taxes payable for the current year. Deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. Deferred taxes are initially recognized at the enacted tax rate and are adjusted for any enacted changes in tax rates and tax laws. Subsequent changes to deferred taxes originally recognized in equity are recognized in the Consolidated Statement of Comprehensive Income. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Deferred tax liabilities and assets attributable to different tax paying components or to different tax jurisdictions of the Group are not offset.

The income tax effects from an uncertain tax position are recognized when it is more likely than not that the position will be sustained based on its technical merits and considerations of the tax authorities' widely understood administrative practices and precedents. Although the Group believes that the estimates and assumptions used are reasonable and legally supportable, the final determination of tax audits could be different than that which is reflected in historical tax provisions and recorded assets and liabilities. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group records interest and penalties related to uncertain tax positions in "Income tax (benefit)/expense" on the Consolidated Statement of Comprehensive Income.

**Cash and Cash Equivalents** 

Cash and cash equivalents include on-demand deposits, term deposits used for meeting short-term cash commitments, deposits (with collateral) held, money market funds ("MMFs") and other short-term high-quality liquid investments with an original maturity of three months or less, and cash held with banking partners.

The Group receives and holds customer funds and recognizes the respective financial assets and corresponding liabilities for the funds customers hold in their Wise accounts and the funds the Group receives as part of the money transfer settlement process. At the point that the cash is received from the customer, the Group becomes party to a contract and has a right and an ability to control the economic benefit from the cash flows associated with this balance. Additionally, the Group considers it does not have a legally enforceable right to set off these financial assets and liabilities, or an intention to settle them on a net basis or settle them simultaneously. Therefore, management has concluded that the recognition of the financial assets and their respective liabilities on the balance sheet is appropriate.

The Group is subject to various regulatory safeguarding compliance requirements with respect to customer funds. Such requirements may vary across the different jurisdictions in which the Group operates. Within the $18,066.3 million (2024: $13,245.7 million) of cash and cash equivalents $7,503.0 million (2024: $6,685.3 million) of customer funds is in segregated, safeguarding bank accounts and term deposits held at investment grade banking institutions, or the highest possible credit-rated institutions in non-investment grade jurisdictions (bank ratings being limited by the relevant country rating).

The remainder of safeguarded customer deposits were held across highly liquid MMFs ($7,034.4 million and $4,731.0 million for 2025 and 2024 respectively), treasury bonds and investment grade corporate paper ($6,013.6 million and $5,097.4 million for 2025 and 2024 respectively), as allowed by local regulations. In addition, during the year ended March 31, 2025, the Group has introduced a hybrid approach to safeguarding U.K. customer funds by implementing Safeguarding via Comparable Guarantees, of total value of $671.8 million (£520.0 million), with nine investment grade sureties.

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**Accounts Receivable** 

Accounts receivable includes receivables mainly from payment processors, partners, brokers and customers that represent revenues or income earned, but not yet collected and amounts receivables as part of the money transfer settlement process.

Accounts receivable are classified as current assets if receipts are due within one year or less. If not, they are presented as non-current assets. Accounts receivable, net are initially measured at fair value and subsequently measured at their amortized cost less transaction and credit losses. The carrying values of current accounts receivable approximate their fair values due to their short maturity.

Refer to "*Transaction and Credit Losses"* below for the measurement of the allowance for doubtful debts.

**Transaction and Credit Losses** 

The Group has exposure to Current Expected Credit Losses (CECLs) for financial assets including cash and cash equivalents, debt securities, accounts receivable, interest receivable and collateral deposits the Group holds with its counterparties.

We utilize a combination of aging and probability of default methods to develop an estimate of credit losses, depending on the nature and risk profile of the underlying asset pool. A broad range of information is considered in the estimation process, including historical loss information adjusted for current conditions and expectations of future trends. The estimation process also includes consideration of qualitative and quantitative risk factors associated with the age of asset balances, expected timing and probability of default, loss given default, exposure at default, counterparty tiering classifications, merchant and customer risk profiles, country risk profiles for higher risk jurisdictions, and relevant macro-economic factors. Determining the appropriate current expected credit loss allowance is an inherently uncertain process requiring significant estimation and ultimate losses could differ materially from the current estimates. There have not been any material movements in the CECL during the financial years ended March 31, 2024 and March 31, 2025, as a result of there being no material movements in aging or risk profiles of the underlying asset pools.

Receivables from customers have been grouped based on shared credit risk characteristics and number of days past due. In calculating the CECLs on receivables recognized for chargebacks, the Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the macro-economic environment.

Negative customer balances occur primarily when there are insufficient funds in a customer's Wise account to cover charges, debit card transactions, and merchant-related chargebacks due to non-delivery or unsatisfactory delivery of purchased items, and fraudulent customer activity. If an active non-fraudulent Wise account goes negative and remains more than 30 days past due, according to Group policy, allowance for the receivable is provided in full.

Financial assets are presented net of the allowance for credit losses in the Consolidated Statement of Financial Position. CECLs expense is included as "Transaction and Credit Losses" in the Consolidated Statement of Comprehensive Income. Write-offs are recorded in the period in which the asset is deemed to be uncollectible.

*Credit Risk Characteristics and Concentration* 

The credit risk exposures for all financial assets are managed at Group level according to the Group's credit risk appetite. Wise actively manages credit concentration risk and it is Wise's policy to impose credit limits in order to control the exposures (amount and period) Wise has with each counterparty considering their level of risk. These limits are set based on the credit ratings or perceived credit quality of each counterparty and approval must be obtained from the Credit Risk Committee for any exceptions outside of the framework.

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**Property, Plant and Equipment** 

Property, plant and equipment is stated at cost less accumulated depreciation and any impairment loss.

Depreciation is recognized over the estimated useful lives of the corresponding assets, using the straight-line method, on the following basis:

---

| | |
|:---|:---|
| Right-of-use assets: | Lease term: 1-10 years |
| Leasehold improvements | Lease term: 1-10 years |
| Office equipment | 5 years |

---

Depreciation expense is recorded in the Consolidated Statement of Comprehensive Income within "General and Administrative" expenses. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in "Other income/(loss), net" within the Consolidated Statement of Comprehensive Income.

*Change in Estimates* 

During the financial year ended March 31, 2025, the Group has entered into new long-term leases in several locations and conducted a review of the useful lives of leased office improvements and office equipment. As a result, the expected useful life of the leasehold improvements was updated to the lease term and the useful life of the office equipment increased from 2 to 5 years. The effect of these changes on the depreciation expense for the financial year and the future periods, included in "General and Administrative" expenses, is not material.

**Leases** 

The Group determines whether an arrangement is a lease at inception. The Group has operating leases for office space in various locations.

For short term leases, the Group recognizes lease payments on a straight-line basis in the Consolidated Statement of Comprehensive Income within "General and Administrative" expenses, in the period in which the obligation is incurred.

Extension and termination options are included in a number of office space leases across the Group to maximize operational flexibility and they are exercisable only by the Group and not by the lessors. The Group assesses at the lease commencement date whether it is reasonably certain to exercise the extension options. The Group reassesses whether it is reasonably certain to exercise the options if there is a significant event or significant change in circumstances within its control.

The Group recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed lease payments (including in-substance fixed payments) less any lease incentives received and receivable, and variable lease payments that depend on an index or a rate, initially measured using the index or rate at the commencement date. During the years ended March 31, 2025 and 2024, the Group did not incur material variable lease expense.

The right-of-use asset is initially measured at the amount equal to the lease liability, adjusted for any lease payments made at or before lease commencement, lease incentives and any initial direct costs. The right-of-use asset is included in "Property, plant and equipment" in the Consolidated Statement of Financial Position.

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The lease liabilities are presented as separate line items in the Consolidated Statement of Financial Position. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The lease term has changed, in which case the lease liability is remeasured by discounting the revised lease
payments using a revised discount rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case
the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When a lease term has changed or been modified, variable lease payments that depend on an index or a rate shall
be remeasured using the index or rate as of the date the remeasurement is required.

Lease expense for operating leases is recognized on a straight-line basis over the lease term, which is the non-cancelable term adjusted for any renewal and termination options that are considered reasonably certain, and included in "General and Administrative" expenses within the Consolidated Statement of Comprehensive Income.

During the years ended March 31, 2025 and 2024, the Group did not have any finance leases.

**Intangible Assets** 

Intangible assets consist of internally generated software, licenses and domain purchases. Intangible assets are amortized over the period of estimated benefit using the straight-line method and estimated useful lives ranging from two to ten years. No significant residual value is estimated for intangible assets.

**Impairment of Long-Lived Assets** 

The Group assesses potential impairments to its long-lived assets when events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. If any indicators of impairment are present, the Group tests recoverability. The carrying value of a long-lived asset or asset group is not recoverable if the carrying value exceeds the sum of the estimated undiscounted future cash flows expected to be generated from the use and eventual disposition of the asset or asset group. If the estimated undiscounted future cash flows do not exceed the asset or asset group's carrying amount, then an impairment loss is recorded, measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its estimated fair value.

During the year ended March 31, 2025, impairment of right-of-use assets and the related leased office improvements was recorded. Refer to "Note 9 - Property, Plant, and Equipment" for additional information.

**Financial Instruments** 

Financial instruments measured at fair value through net income include MMFs, derivative assets and derivative liabilities. Changes in fair value for derivatives are recognized in the Consolidated Statement of Comprehensive Income in "Transaction expense." The decision to elect the fair value option is determined on an instrument-by-instrument basis and applied to the entire class of instruments. For MMFs, the Group considers the fair value to better reflect the underlying economics of the instrument.

Financial assets measured at amortized cost include cash and cash equivalents (excluding MMFs where the Group has designated the instruments at fair value through net income), accounts receivable and other assets. Financial liabilities measured at amortized cost include debt, accounts payable and other liabilities, and funds payable and amounts due to customers.

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Financial assets are classified as current assets if receipts are due within one year or less. If not, they are presented as non-current assets. Financial liabilities are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial assets and liabilities are offset and the net amount presented in the Consolidated Statements of Financial Position when, and only when, the Group has a legally enforceable right to set off the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. The Group has not offset any financial assets and liabilities for the period under review.

Refer below for details on the Group's debt securities.

**Debt Securities** 

Debt securities may be classified as Trading, Held-To-Maturity or Available-For-Sale (AFS). Trading debt securities are held principally for resale and recorded at their fair values. Unrealized gains and losses on trading debt securities are included immediately in earnings. Held-to-maturity debt securities are those which management has the positive intent and ability to hold to maturity and are reported at amortized cost.

AFS debt securities consist of debt securities not classified as trading debt securities nor as held-to-maturity debt securities. The Group's debt securities (e.g. bonds) are classified as AFS and recorded at their fair value. Unrealized holding gains and losses on AFS debt securities are reported as a net amount in accumulated other comprehensive income in shareholders' equity until realized. Gains and losses on the sale or maturity of AFS debt securities are determined using the specific-identification method and recognized in "Other income/(loss), net" in the Consolidated Statement of Comprehensive Income. Premiums and discounts on debt securities are recognized in interest income using the effective interest rate method over the period to maturity.

**Derivative Instruments** 

The Group enters into derivative financial instruments to manage its exposure to market risks. The principal market risk involves the managing of potential adverse effects of foreign exchange rates. All derivative financial instruments are recognized as "Derivative financial assets" or "Derivative financial liabilities" within the "Prepaid expenses and Other Current Assets" and "Accounts Payable and Other Current Liabilities" respectively, in the Consolidated Statement of Financial Position. The Group has not designated any derivatives in hedging relationships.

The fair value of the derivative financial instruments is determined by mark-to-market valuation technique. The key inputs in the valuation model are the observable foreign exchange rates for the currencies involved. The Group's derivatives balances in the financial statements are classified as current or non-current, depending on their respective maturities. For the years ended March 31, 2025 and 2024, all the Group's derivatives balances matured within one year and were classified as current.

The Group has not offset any derivative financial assets and liabilities for the period under review.

**Debt** 

The Group's debt mainly consists of a Revolving Credit Facility (RCF) which is recognized initially at fair value, net of transaction costs incurred, and is subsequently carried at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized as interest expense using the effective interest method over the term of the facility. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred and treated as a transaction cost when the draw-down occurs. The Group presents the impact of transaction costs as part of financing cash flows.

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Debts are classified as current liabilities unless, at the end of the reporting period, the Group has the intent and ability to utilize proceeds from its RCF to refinance such debt on a long-term basis. For the years ended March 31, 2025 and 2024, the Group's RCF is reported as short-term debt in the Consolidated Statement of Financial Position.

**Fair Value Measurements** 

The Group defines fair value as the price to sell an asset or amount paid to transfer a liability in an orderly transaction between market participants at the measurement date. The determination of fair value is based on the principal or most advantageous market in which the Group could participate and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of non-performance. Also, determination of fair value assumes that market participants will consider the highest and best use of the asset.

The Group uses the hierarchy prescribed in the aforementioned accounting guidance for fair value measurements, based on the available inputs to the valuation and the degree to which they are observable or not observable in the market.

The three levels of the hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 Inputs—Unadjusted quoted prices in active markets for identical assets or liabilities
accessible to the reporting entity at the measurement date. Financial instruments classified as level 1 predominantly comprise treasury bonds, investment grade corporate paper and money market funds. The quoted market price used for financial
assets held by the Group is the current close price at the balance sheet date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 Inputs—Other than quoted prices included in Level 1 inputs that are observable for the
asset or liability, either directly or indirectly, for substantially the full term of the asset or liability if it has a specified or contractual term. The Group classifies derivative financial assets and liabilities as level 2 financial
instruments. These instruments are valued by observable foreign exchange rates. There were no changes to the valuation techniques during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 Inputs—Unobservable inputs for the asset or liability used to measure fair value allowing for
inputs reflecting the Group's assumptions about what other market participants would use in pricing the asset or liability, including assumptions about risk. The Group does not have any financial instruments in level 3.

Refer to "Note 18—Fair Value Measurement" for additional information.

**Funds Payable and Amount Due to Customers** 

Funds payable and amount due to customers consist of Wise Accounts and outstanding money transmission liabilities.

Wise Accounts relate to the funds customers hold in their Wise accounts and the funds the Group receives as part of the money transfer settlement process. When electronic e-money is issued the Group recognizes the corresponding liability to the customer equal to the amount of electronic e-money that has been issued.

Outstanding money transmission liabilities represent transfers that have not yet been paid out or delivered to a recipient.

**Accounts Payable and Other Liabilities** 

Accounts payable consist of obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers on the basis of normal credit terms and do not bear interest.

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Payables are initially recognized at fair value and subsequently measured at amortized cost. Accounts payable are presented as current in the statement of financial position if it is expected to be settled in the normal operating cycle; or expected to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current. Accounts payables are unsecured unless otherwise indicated; due to the short-term nature of current payables, their carrying values approximate their fair value.

**Recently Adopted Accounting Pronouncements** 

*Segment Reporting* 

In November 2023, the FASB issued ASU 2023-07, which amended Segment Reporting (Topic 280). This update enhances reportable segment disclosure requirements, primarily by requiring disclosure of the significant segment expenses for each reportable segment that are regularly provided to the Chief Operating Decision Maker and aligning the segment reporting disclosure requirements in interim and annual reporting periods. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Group has adopted this guidance in our March 31, 2025 annual financial statements.

Refer to "Note 5 - Segment Reporting" for expanded disclosures on the Group's significant segment expenses for its reportable segments.

*Reference Rate Reform* 

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), which provides optional expedients and exceptions to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference London Inter-bank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022 for which an entity has elected certain optional expedients and which are retained through the end of the hedging relationship. The amendments in this update also include a general principle that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. If elected, the optional expedients for contract modifications must be applied consistently for all eligible contracts or eligible transactions within the relevant ASC Topic or Industry Subtopic that contains the guidance that otherwise would be required to be applied. The amendments in this update were effective upon issuance and could be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022.

In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which clarified the scope of ASU 2020-04 indicating that certain optional expedients and exceptions included in ASU 2020-04 are applicable to derivative instruments affected by the market-wide change in interest rates used for discounting, margining, or contract price alignment.

In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848), which defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities are no longer be permitted to apply the relief in Topic 848. The adoption of the above amendment did not have a material impact on the Group.

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**Accounting Pronouncements** **Not Yet Adopted**

*Income Taxes* 

In December 2023, the FASB issued ASU 2023-09, which amends Income taxes (Topic 740). This update enhances annual income tax disclosure requirements, primarily by requiring public business entities to provide disclosures regarding the statutory tax rate and effective tax rate in tabular format presented both as percentages and dollar amounts with eight specific categories identified (state/local taxes, foreign tax effects, changes in tax laws/rates, cross-border tax effects, tax credits, valuation allowance changes, non-taxable/non-deductible items, and changes in unrecognized tax benefits), and to provide additional disclosures for reconciling items that meet quantitative thresholds. This update is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Group will adopt this guidance in line with the required timetable in the March 31, 2026 financial statements.

*Disaggregation of Income Statement Expenses* 

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which is intended to improve the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. This update requires public business entities to expand disclosures about specific expense categories in the notes to the financial statements, including inventory, employee compensation, depreciation, and intangible asset amortization, among others. This update is effective for annual periods beginning after December 15, 2026 and for interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Group is evaluating the impact of the adoption of this update on the consolidated financial statements.

*Intangibles – Goodwill and Other Internal-Use Software* 

In September 2025, the FASB issued ASU 2025-06, which modernizes the accounting for internal-use software by eliminating project stage-based capitalization and clarifying the probable-to-complete threshold to commence the capitalization of software costs. The new guidance is effective for annual periods beginning after December 15, 2027, and transition approaches include prospective, retrospective or modified methods. The Group is evaluating the impact of the ASU on our consolidated financial statements.

*Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers* (Topic 606)

In September 2025, the FASB issued ASU 2025-07, which refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting and also clarifies the guidance on share-based payments from a customer in a revenue contract under Topic 606. The new guidance is effective for annual reporting periods beginning after December 15, 2026, with early adoption permitted. The Group is evaluating the provisions of this ASU and do not expect this ASU to have a material impact on the Company's consolidated financial statements.

*Measurement of Credit Losses for Accounts Receivable* 

In July 2025, the FASB issued ASU 2025-05, Financial Instruments–Credit Losses– Measurement of Credit Losses for Accounts Receivable and Contract Assets (Topic 326), which added a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. The guidance is effective for annual periods beginning after December 15, 2025. The Group is evaluating the impact of the adoption of this update on the consolidated financial statements.

**Revision on Previously Issued Financial Statements** 

We have revised the disclosure of the contractual maturities on the available-for-sale debt securities as set out in *"*Note 11–Available-for-Sale Debt Securities" of these consolidated financial statements.

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**3. Transaction Revenue** 

The Group generates transaction revenue from contracts with customers by providing the following services:

**Cross-Border** 

Cross-border revenue comprises money transfers, currency conversions and Wise Accounts.

A customer enters into a contract with the Group at the time of opening a Wise account or initiating a money transfer. The customer agrees to the contractual terms by formally accepting the terms and conditions of the respective service, on Wise's website or the app (Step 1). The Group's performance obligation is to provide money transfer services and currency conversion services (Step 2). The Group charges a fee based on the nature of the transaction, which is stipulated in the customer agreement, and can depend on a number of factors, including the currency route, the transaction size, the type of transaction being undertaken and the payment method used (Step 3). The fees charged are applied to a single performance obligation, either the money transfer service or currency conversion service as described in Step 2 (Step 4). The revenue is recognized at the point in time the performance obligation has been satisfied. For money transfers, the revenue is recognized upon delivery of funds to the recipient. For currency conversions, it is recognized when a customer balance is converted into a different currency in their account (Step 5).

The time required for the Group to process the payment to the recipient, and therefore to satisfy its performance obligations, depends on the processing time its banking partners require to deliver funds to the recipient. As such the revenue is deferred until the funds are delivered.

**Card** 

Card revenue refers to debit card services and mainly comprises interchange fees and card usage fees.

A customer enters into a contract with the Group at the time the card, either virtual or physical, is made available for use and the customer is able to either make a payment or a withdrawal (Step 1). The performance obligation for card usage fees is the customer's use of the card to make a purchase or pay for a service in the desired currency. The performance obligation for interchange fees is to facilitate the payment from the customer's account to the merchant via use of the Wise card (Step 2). The fees for card transactions are in accordance with the agreed terms and conditions (Step 3). The transaction price is allocated to the single performance obligations as described in Step 2 (Step 4). Revenue is recognized point-in-time upon transaction capture, that the performance obligation is deemed to have been satisfied (Step 5).

**Other** 

Other revenue mainly comprises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue earned from the top-up of Wise account balances or transfers to
recipients in the same currencies. The revenue is recognized on transaction completion for top-ups and delivery of funds to the recipient for transfers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• One-time fee charged to Wise business customers for setting up an account
or to obtain their account details. The customer enters into a contract with the Group at the time of account set up or of requesting account details (Step 1). The performance obligation is the access and use of the account (Step 2). The transaction
fee is dictated per the customer agreement, and is a fixed, one-time fee (Step 3), and is allocated to the single performance obligation as described in Step 2 (Step 4). The revenue is recognized over
time, throughout the period the customer is expected to use the business account (Step 5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fees earned for the provision or replacement of physical cards. A customer enters into a contract with the Group
at the time of a physical card request (Step 1). The performance obligation is the benefits

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that the customer receives via use of a physical card (Step 2). The transaction price is defined as a fixed, one-time fee in the contract (Step 3), and is applied to the single performance obligation as described in Step 2 (Step 4). The revenue is recognized over time throughout the period the debit card services are provided, which is expected to be the life of the card (Step 5). <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue from the multi-currency investment feature called Wise Assets, that customers can hold, buy and sell
units. The customer enters into a contract with Wise upon investing in Wise Assets product and formally accepting the Wise Assets terms and conditions (Step 1). The performance obligation is providing the asset account to the customers (Step 2),
where Wise generates revenue from charging a fee based on the value of the assets under custody (Step 3). The transaction price is allocated to the single performance obligation as described in Step 2 (Step 4). The revenue is accrued on a daily
basis, based on the daily value of the assets under custody, and is recognized over time in line with the period the Group provides its services to Wise Assets customers (Step 5). The Group acts as an agent on behalf of the customers and does not
retain control nor benefits from the Wise Assets, thus it does not recognize the financial assets and the respective liabilities for the Wise Assets.

Below is the transaction revenue split by nature:

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| | | |
|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** |
|  | **2025** | **2024** |
|  | (In million) | (In million) |
|  Transaction revenue by nature |  |  |
|  Cross-border | $1071.7 | $999.7 |
|  Card | 280.5 | 207.2 |
|  Other | 194.1 | 116.2 |
|  **Total transaction revenue** | $**1546.3** | $**1323.1** |

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No individual customer contributed more than 10% to Wise's total transaction revenue in 2025 and 2024.

The following table presents the Group's transaction revenues from contracts with customers disaggregated by timings of revenue recognition:

---

| | | |
|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** |
|  | **2025** | **2024** |
|  | (In million) | (In million) |
|  Transaction revenue |  |  |
|  Recognized at a point in time | $1505.5 | $1303.2 |
|  Recognized over time | 40.8 | 19.9 |
|  **Total transaction revenue** | $**1546.3** | $**1323.1** |

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*Contract Balances* 

Contract liabilities are recognized when consideration is received in advance of the provision of service and are subsequently recognized as transaction revenue when the related performance obligations are satisfied. The Group has $32.8 million and $19.5 million contract liabilities included in "Accounts Payable and Other Liabilities" for the years ended March 31, 2025 and 2024, respectively. The amount of revenue recognized during the year ended March 31, 2025 and 2024 that was included in the contract liabilities balance at the beginning of the period was $18.4 million and $8.2 million, respectively.

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The following table presents the Group's remaining performance obligation for contracts with a duration of more than one year for the year ended March 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 2026 | 2027 | 2028 | thereafter |
|  | (in million) | (in million) | (in million) | (in million) |
|  Revenue expected to be recognized on multi-year contracts in place as of March 31, 2025 | $14.9 | 8.9 | 5.2 | 3.8 |

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Contract assets typically arise when the Group has transferred services to a customer, but the right to consideration is not yet unconditional. The Group does not have contract assets for the years ended March 31, 2025 and 2024.

**4. Other income/(loss), net** 

The following table presents the breakdown of the Group's Other income, net:

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| | | |
|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** |
|  | **2025** | **2024** |
|  | (In million) | (In million) |
|  Interest income from corporate investments | $42.5 | $24.8 |
|  Loss on available-for-sale debt securities¹ | (42.5) | (3.7) |
|  Interest expense | (15.0) | (24.1) |
|  Foreign exchange gain/(loss) | (5.1) | 2.4 |
|  Other | 9.4 | 7.2 |
|  **Total other income/(loss), net** | $**(10.7)** | $**6.6** |

---

<sup>1</sup> Refer to "Note 7—Shareholders' equity" for details in the "Loss on available-for-sale debt securities."

**5. Segment Reporting** 

Operating segments are defined as components of a Group that engage in business activities and for which discrete financial information is available that is evaluated on a regular basis by the Chief Operating Decision Maker (CODM). The Group determines operating segments based on how its CODM manages the business, makes operating decisions around the allocation of resources, and evaluates operating performance. The Group's CODM is the Chief Executive Officer (CEO) of the Group, for the purpose of resource allocation and assessment of the Group's operating results on a consolidated basis. Based on the Group's business model, the CODM determines that the Group operates as one operating segment, which is provision of cross-border and domestic financial services. The operating segment is based on how the Group is organized, reflecting the difference in nature of the services they each provide. The Group derives revenues from customers by providing money transfers, conversion and debit card services.

The geographical market depends on the type of the service provided and is based either on customer address or the source of currency.

*Segment Income and Performance Measurement* 

The Group's CODM is provided the financial performance of the Group's one operating segment showing net income as the primary measure of segment profitability. Net income reflects revenue generated and expenses incurred for the business. The CODM uses this measure to evaluate the operational efficiency and profitability of the Group, to make strategic decisions about capital allocation, and to assess whether the Group is meeting its financial targets.

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The Group's CODM is regularly provided results comparing actual performance against budgeted targets and prior periods. This measure aligns with how resources are managed and allocated within the Group's one operating segment business.

The Group's CODM does not evaluate the performance of the operating segment using asset information.

*Significant Segment Expenses* 

The Group's CODM evaluates significant expenses based on the Consolidated Statement of Comprehensive Income and does not further disaggregate expenses in deciding how to allocate resources and assess performance. Since the Group operates as a single reporting segment, all required segment reporting disclosures can be found in the consolidated financial statements and notes of the consolidated financial statements.

*Geographic Information* 

Net revenue from external customers by major geographic region is allocated based on the customer address for transaction revenue and the geography of the legal entity in which the cash is held for interest income on customer balances and interest expense on customer liabilities. The information below summarizes net revenue by geographic areas for the years ended March 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended March 31, 2025** | **Year ended March 31, 2025** | **Year ended March 31, 2025** | **Year ended March 31, 2025** |
|  | **Transaction<br>revenue** | **Interest<br>income on<br>customer<br>balances** | **Interest<br>expense on<br>customer<br>liabilities** | **Net<br>revenue** |
|  | (In million) | (In million) | (In million) | (In million) |
|  Europe (excluding United Kingdom) | $467.0 | $281.1 | $(154.8) | $593.3 |
|  Asia-Pacific | 336.5 | 47.0 |  | 383.5 |
|  North America | 229.7 | 136.9 | (49.1) | 317.5 |
|  United Kingdom | 288.9 | 258.8 |  | 547.7 |
|  Rest of the world | 224.2 | 34.5 | (1.8) | 256.9 |
|  **Total** | $**1546.3** | $**758.3** | $**(205.7)** | $**2098.9** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended March 31, 2024** | **Year ended March 31, 2024** | **Year ended March 31, 2024** | **Year ended March 31, 2024** |
|  | **Transaction<br>revenue** | **Interest<br>income on<br>customer<br>balances** | **Interest<br>expense on<br>customer<br>liabilities** | **Net<br>revenue** |
|  | (In million) | (In million) | (In million) | (In million) |
|  Europe (excluding United Kingdom) | $404.6 | $231.8 | $(135.6) | $500.8 |
|  Asia-Pacific | 272.0 | 25.5 |  | 297.5 |
|  North America | 209.6 | 101.9 | (21.4) | 290.1 |
|  United Kingdom | 254.8 | 223.9 |  | 478.7 |
|  Rest of the world | 182.1 | 26.9 |  | 209.0 |
|  **Total** | $**1323.1** | $**610.0** | $**(157.0)** | $**1776.1** |

---

The Group has revised the disclosure of the total net revenue by geographic region for the years ended March 31, 2025 and 2024.

Refer to "Note 9 – Property, Plant and Equipment" for information related to the Group's geographical information for long-lived assets.

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**6. Tax** 

In accordance with ASC 740, *Income Taxes*, income taxes are recognized for the amount of taxes payable for the current year and for the impact of deferred tax liabilities and assets, which represent future tax consequences of events that have been recognized differently in the financial statements than for tax purposes. Deferred tax assets and liabilities are established using the enacted statutory tax rates and are adjusted for any changes in such rate in the period of change.

*Income Tax Expense* 

Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in the Consolidated Statement of Comprehensive Income. The income tax expense for the years ended March 31, 2025 and 2024 consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** |
|  | **2025** | **2024** |
|  | (In million) | (In million) |
|  Current: |  |  |
|  United Kingdom | $145.8 | $93.4 |
|  Foreign Other | 21.9 | 18.6 |
|  **Total** | $**167.7** | $**112.0** |
|  Deferred: |  |  |
|  United Kingdom | (0.7) | 40.7 |
|  Foreign Other | 0.2 | 2.5 |
|  **Total** | $**(0.5)** | $**43.2** |
|  **Tax expense** | $**167.2** | $**155.2** |

---

The effective tax rate for the years ended March 31, 2025 and 2024 was 23.30%, and 23.62%, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | (In million) | % | (In million) | % |
|  **Income before tax** | **717.5** |  | $**656.7** |  |
|  U.K. income tax effect | $179.4 | 25.00% | $164.2 | 25.00% |
|  Adjustments in respect of prior periods | (3.4) | (0.47)% | (2.2) | (0.34)% |
|  Nontaxable or nondeductible items | 9.2 | 1.28% | 0.9 | 0.14% |
|  Changes in unrecognized tax benefits |  | 0.00% | 4.0 | 0.61% |
|  Share-based compensation | (25.3) | (3.53)% | (16.0) | (2.44)% |
|  Foreign tax effects | 6.9 | 0.96% | 4.6 | 0.70% |
|  Effect of changes in tax laws or rates enacted in the current period | 0.4 | 0.06% | (0.3) | (0.05)% |
|  Foreign tax credits | 5.0 | 0.70% |  | 0.00% |
|  Change in valuation allowances | (5.0) | (0.70)% |  | 0.00% |
|  Reported income tax expense | $**167.2** | 23.30% | $**155.2** | 23.62% |
|  **Effective tax rate** |  | **23.30%** |  | **23.62%** |

---

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*Deferred Tax* 

Deferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis using enacted tax rates in effect for the year in which the differences are expected to reverse. Significant deferred tax assets and liabilities consist of the following:

---

| | | |
|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** |
|  | **2025** | **2024** |
|  | (In million) | (In million) |
|  Deferred tax assets: |  |  |
|  Property, plant and equipment | $1.1 | $1.2 |
|  Share-based compensation | 42.6 | 41.6 |
|  Intangibles |  |  |
|  Provisions | 8.4 | 6.4 |
|  Net operating loss and tax credit carryforwards | 5.5 | 1.7 |
|  Other | 1.4 | 3.8 |
|  **Total deferred tax assets** | $**59.0** | $**54.7** |
|  Valuation allowance | (5.0) |  |
|  **Net deferred tax assets** | $**54.0** | $**54.7** |
|  Deferred tax liabilities: |  |  |
|  Intangibles | (0.2) | (2.0) |
|  Other | (5.2) | (1.1) |
|  **Net deferred tax assets** | $**48.6** | $**51.6** |

---

The deferred tax asset is predominantly generated in the United Kingdom and the United States and mainly comprises unexercised share awards which are forecast to be exercised within four years and as such are less sensitive to changes in long-term profit forecasts. The deferred tax asset on share awards is not impacted by the future share price.

The deferred tax assets are reviewed at each reporting date to determine recoverability and to determine a reasonable time frame for utilization. To determine this, the Group uses the approved Group forecast used for the viability statement and going concern analysis. The Group considers it is probable that there will be sufficient taxable income in the coming years to realize the majority of the deferred tax asset. A valuation allowance is provided in respect of those assets where we do not expect to realize a benefit. All available evidence is considered in determining the amount of the required valuation allowance using a "more likely than not" threshold. Our assessment considers both positive and negative evidence and the extent to which that evidence can be objectively verified. Such evidence includes: (i) net earnings or losses in recent years; (ii) the likelihood of future, sustainable net earnings; (iii) the carry forward periods of tax losses and the impact of relevant reversing temporary differences; and (iv) any available tax planning strategies. For the years ended March 31, 2025, and 2024 the Group has total deferred tax assets of $59.0 million and $54.7 million respectively, with a $5.0 million valuation allowance in respect of deductible temporary differences relating to foreign tax credits (2024: $nil). This results in a net deferred tax asset of $48.6 million and $51.6 million for the years ended March 31, 2025, and 2024 respectively.

Both the United Kingdom and the United States brought forward losses were utilized in the periods ended March 31, 2025, and 2024 with the U.K. taxable losses fully utilized as at March 31, 2024 and the U.S. taxable losses fully utilized as at March 31, 2025. Therefore, there are no deferred tax assets in respect of losses recognized in the United Kingdom and the United States as at March 31, 2025.

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We have income tax net operating losses carryforwards related to our international operations of approximately $2.1 million. We have recorded a deferred tax asset of $0.5 million reflecting the benefit of $2.1 million in loss carryforwards. Such deferred tax assets expire as follows:

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| | |
|:---|:---|
|  | **Deferred tax asset** |
|  | (In million) |
|  April 1, 2025 to March 31, 2029 | $0.3 |
|  No expiration | 0.2 |
|  **Total** | $**0.5** |

---

*Pillar Two* 

The Organization for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting published on December 20, 2021 introduced the Pillar Two model rules designed to address the tax challenges arising from the digitalization of the global economy. The Pillar Two regulation provides for an international framework of rules aimed at ensuring that worldwide profits of multinational groups are subject to tax at a rate not lower than 15% in every jurisdiction in which a group operates.

The Group operates, amongst other locations, in the United Kingdom, which has enacted or substantively enacted new legislation to implement the global minimum top-up taxes. The first period for which enacted legislation is effective for the Group is the year ended March 31, 2025. The Group has performed an assessment of the Group's potential exposure to Pillar Two income taxes. This assessment is based on the most recent information available regarding the financial performance of the constituent entities in the Group. Based on the assessment performed, the Group does not expect any material top-up taxes. The Group is continuing to monitor potential future implications.

*Uncertain Tax Positions* 

Accounting for taxes involves some estimation because the tax law is uncertain, and the application requires a degree of judgment, which authorities may dispute. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. The Group establishes reserves for uncertain tax positions where appropriate, based on amounts expected to be paid to the tax authorities.

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for uncertain tax positions is as follows:

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| | | |
|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** |
|  | **2025** | **2024** |
|  | (In million) | (In million) |
|  Beginning unrecognized tax benefits | $1.1 | $1.0 |
|  Increases related to prior year tax positions |  | 0.1 |
|  **Ending unrecognized tax benefits** | $**1.1** | $**1.1** |

---

The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate for the years ended March 31, 2025, and 2024 is $1.1 million and $1.1 million, respectively, which is recorded within "Accounts payable and other liabilities" within the Consolidated Statement of Financial Position, refer to "Note 15—Accounts Payable and Other Liabilities." This is the amount held in respect of uncertain tax positions across all jurisdictions for all periods where the statutes of limitation have not closed. The Group classifies interest and penalties on direct taxes as a component of the provision for income taxes.

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We conduct business globally and file income tax returns in the United Kingdom, United States and other foreign jurisdictions. In the normal course of business, we are subject to examination by taxing authorities around the world. Wise and its subsidiaries file income tax returns in all applicable jurisdictions, the major tax jurisdictions being the United Kingdom, Belgium and the United States. The earliest tax year subject to normal examination by tax authorities is the year ended March 31, 2021 (for the United Kingdom), March 31, 2022 (for the United States) and March 31, 2024 (for Belgium).

**7. Shareholders' equity** 

*Common Shares* 

*Class A* 

During the year, the Company allotted 223,000 Class A Ordinary Shares with a nominal value of $0.01 related to share options granted to Non-Executive Directors of Wise under the Company's legacy incentive plans prior to the Company's admission to trading on the London Stock Exchange (2024: 100,000 Class A Ordinary Shares).

Each Class A Ordinary shareholder is entitled to one vote for each Class A Ordinary Share held, subject to any restrictions on total voting rights as set out in the Company's Articles of Association. Class A Ordinary shareholders are entitled to interim or annual dividends to the extent declared and do not hold any preferential rights to dividends. Class A Ordinary Shares are non-redeemable.

*Class B* 

During the year, the Company redeemed 155,305,559 Class B Ordinary Shares with a nominal value of $0.000 000 001 in accordance with Article 15.3.2 of the Company's Articles of Association (2024: nil).

Each Class B shareholder is entitled to nine votes for each Class B Share held, subject to any restrictions on total voting rights as set out in the Company's Articles of Association. Class B Shares carry no rights to distributions of dividends except on distribution of assets, up to their nominal value, on a liquidation or winding up. Class B Shares are strictly non-transferable, non-tradable and non-distributable to any person or entity whatsoever.

*Treasury Stock* 

Treasury stock represents the weighted average cost of shares of Wise Plc that are held by the Employee Benefit Trust for the purpose of fulfilling obligations in respect of various employee share plans. Treasury stock are treated as a deduction from equity, and on exercising of employee awards, are transferred from treasury stock to retained earnings at their weighted average cost.

*Employee Benefit Trust* 

The Group provides financing to the Employee Benefit Trust ("EBT") to either purchase the Company's shares on the open market, or to subscribe for newly issued share capital, to meet the Group's obligation to provide shares when employees exercise their options or awards. Costs of running the EBT are charged to the Consolidated Statement of Comprehensive Income. The Group consolidates the EBT. Shares held by the EBT are deducted from reserves and presented in equity as treasury stock until such time that employees exercise their awards.

*Purchase of Company's Shares* 

During the financial year, Wise continued the program, which commenced in 2023, to purchase the Company's shares in the market through the EBT in order to reduce the impact of dilution from share-based employee compensation. The consideration paid, including any directly attributable incremental costs (net of income taxes), on purchase of Company's equity instruments is deducted from equity.

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As of March 31, 2025, a total of 8,704,883 shares (March 31, 2024: 9,071,706) were purchased from the market at an average of $10.46 per share (2024: $9.55). Directly attributable costs of $0.6 million (2024: $0.5 million) have been charged to equity.

*Accumulated Other Comprehensive Income* 

The following table presents a summary of the changes in the components of the Group's accumulated other comprehensive income ("AOCI").

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Unrealized<br>gains/<br>(losses) on<br>AFS debt<br>securities** | **Foreign<br>currency<br>translation<br>gains/<br>(losses)** | **Tax<br>(expense)/**<br>**benefit** | **Total<br>AOCI** |
|  | (In million) | (In million) | (In million) | (In million) |
|  **Balance at April 1, 2023** | $**(8.5)** | $**(28.2)** | $**3.6** | $**(33.1)** |
|  Increase/(decrease) | (36.9) | 10.9 | 8.6 | (17.4) |
|  Reclassification adjustments, included in net income | 3.7 |  |  | 3.7 |
|  Total increase/(decrease) | $(33.2) | $10.9 | $8.6 | $(13.7) |
|  **Balance at March 31, 2024** | $**(41.7)** | $**(17.3)** | $**12.2** | $**(46.8)** |
|  Increase/(decrease) | (22.5) | 20.8 | (5.2) | (6.9) |
|  Reclassification adjustments, included in net income | 42.5 |  |  | 42.5 |
|  Total increase/(decrease) | $20.0 | $20.8 | $(5.2) | $35.6 |
|  **Balance at March 31, 2025** | $**(21.7)** | $**3.5** | $**7.0** | $**(11.2)** |

---

The tax benefit/(expense) relates to accumulated unrealized loss on AFS debt securities.

Amounts reclassified from AOCI and the affected line items in the statements of income during the years ended March 31, 2025 and 2024, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Amount Reclassified<br>from AOCI** | **Amount Reclassified<br>from AOCI** | **Affected Line Item in**<br> **the Statement of**<br> **Comprehensive<br>Income** |
|  | **2025** | **2024** | **Affected Line Item in**<br> **the Statement of**<br> **Comprehensive<br>Income** |
|  | (In million) | (In million) | **Affected Line Item in**<br> **the Statement of**<br> **Comprehensive<br>Income** |
|  Unrealized losses on available-for-sale securities | $42.5 | $3.7 | Other income/(loss), net |
|  | 42.5 | 3.7 | Income before tax |
|  |  |  | Income tax expense/(benefit) |
|  **Total reclassification out of AOCI** | $**42.5** | $**3.7** |  |

---

Unrealized losses on available-for-sale securities predominantly relate to unrealized foreign exchange differences (March 31, 2025: $42.5 million loss and March 31, 2024: $3.4 million loss) arising on portfolios denominated in currencies other than the functional currency of the holding entity. Upon maturity of these securities, the related cumulative unrealized gains and losses were reclassified from the Accumulated other comprehensive income to "Other income/(loss), net" in the Consolidated Statement of Comprehensive Income.

**8. Earnings per Share** 

Basic EPS is computed by dividing the net income of the Group by the weighted average number of ordinary shares outstanding during the financial year, including, the ordinary shares issuable for no consideration for which all conditions are satisfied (26.2 million shares as at March 31, 2025 and 34.0 million shares as at March 31, 2024).

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Shares held by the EBT are deducted from both basic and diluted EPS calculations. At the end of the reporting period, there were 14.6 million (March 31, 2024: 22.9 million) shares held in the EBT.

Diluted EPS is computed by dividing net income attributable to the Group by the weighted-average shares outstanding during the period, adjusted for the impact of potentially dilutive securities, as determined under the treasury stock method. Rights granted to employees under employee share award plans, with a strike price and/or with conditions which have not yet been met at the balance sheet date, are considered to be potential dilutive shares and therefore have been included in the calculation of diluted EPS. In periods with net loss, all potentially dilutive securities are excluded from the calculation of earnings per share as their inclusion would have an antidilutive effect. For the purposes of diluted earnings per share, it is assumed that any performance conditions attached to the schemes have been met at the balance sheet date.

The following table sets forth the computation of the Group's basic and diluted net income/(loss) per ordinary share attributable to the Group.

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| | | |
|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** |
|  | **2025** | **2024** |
| **Numerator** | (In million, except per share data) | (In million, except per share data) |
|  Net income - basic | $550.3 | $501.5 |
|  Net income - diluted | $550.3 | $501.5 |
|  **Denominator** |  |  |
|  Weighted average number of shares – basic (in millions of shares) | 1032.3 | 1032.6 |
|  Plus the effect of dilution from share awards (in millions of shares) | 13.4 | 16.3 |
|  Weighted average number of shares – diluted (in millions of shares) | 1045.7 | 1048.9 |
|  **Earnings per share** |  |  |
|  Basic (cents) | $53.31 | $48.57 |
|  Diluted (cents) | $52.63 | $47.81 |

---

**9. Property, Plant, and Equipment** 

Property, plant, and equipment balances and corresponding useful lives are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Estimated**<br> **Useful<br>Lives**<br> **in Years** | **Year ended March 31,** | **Year ended March 31,** |
|  |  | **2025** | **2024** |
|  |  | (In million) | (In million) |
|  Office equipment | 5 | $21.4 | $13.0 |
|  Leasehold improvements | 1-10 | 59.9 | 25.0 |
|  Right-of-use assets | 1-10 | 126.4 | 43.4 |
|  Accumulated depreciation and impairment |  | (56.9) | (36.3) |
|  **Property, plant, and equipment, net** |  | $**150.8** | $**45.1** |

---

Depreciation expense of $5.4 million and $5.7 million was recognized for the years ended March 31, 2025 and 2024. For details over the right-of-use assets, refer to "Note 10 - Leases."

During the financial year, the Group moved or transferred part of its operations into new leased premises and as part of this tested for impairment the right of use asset and the related leased office improvements for office space that will no longer be utilized. An impairment loss of $14.6 million (2024: $nil) was subsequently recognized from writing down to its recoverable amount the right-of-use asset and the related leased office improvements. The impairment loss is included in "General and administrative" expenses in the Statement of Comprehensive Income.

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The following table presents the Group's long-lived assets based on geography, which consist of property, plant and equipment, net for the years ended March 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** |
|  | **2025** | **2024** |
|  | (In million) | (In million) |
|  United Kingdom | $70.2 | $8.6 |
|  Estonia | 56.4 | 12.2 |
|  United States of America | 8.2 | 13.6 |
|  Singapore | 7.7 | 4.6 |
|  Hungary | 4.6 | 4.7 |
|  Other countries | 3.7 | 1.4 |
|  **Total long-lived assets** | $**150.8** | $**45.1** |

---

Long-lived assets are based upon the country in which the asset is located or owned.

**10. Leases** 

Components of lease expense, lease term, and discount rate for operating leases are as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** |
|  | **2025** | **2024** |
|  | (In million) | (In million) |
|  **Operating lease expense** | $**(19.4)** | $**(10.8)** |
|  Weighted-average remaining lease term (in years) | 7 | 3 |
|  Weighted-average discount rate | 6.31% | 6.09% |

---

Supplemental cash flow information related to leases are as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** |
|  | **2025** | **2024** |
|  | (In million) | (In million) |
|  Operating cash outflows from operating leases | $13.4 | $12.2 |
|  Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $83.0 | $18.7 |

---

Future minimum lease payments for our leases as of March 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Year** | **Amount** |
|  | (In million) |
| 2026 | $13.4 |
| 2027 | 13.6 |
| 2028 | 19.2 |
| 2029 | 17.2 |
| 2030 | 14.9 |
|  Thereafter | 66.7 |
|  Total | $145.0 |
|  Less: present value discount | (34.5) |
|  **Lease liability** | $**110.5** |
|  Current portion of lease liability | 13.4 |
|  Noncurrent portion of lease liability | 97.1 |

---

The total expense, relating to short-term leases to which the lessee recognition and measurement requirement has not been applied, for the year ended March 31, 2025 is $1.8 million (2024: $1.3 million).

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Operating lease liability of $110.5 million, includes an option to extend the lease term for a period of 12 months, which the Group recognized as part of the right-of-use assets and lease liabilities as it was reasonably certain to be exercised as at March 31, 2025. No options to extend were exercised as at March 31, 2024. The Group also has other extension options, which have not been exercised as at March 31, 2025. The potential future lease payments, should the Group exercise the extension options, would result in an increase in the lease liability of $6.5 million.

The Group also has termination options in multiple office leases, one of which management is certain as at March 31, 2025 that the termination option will be exercised. The potential future lease payments, should the Group not exercise this termination option, would result in an increase in the lease liability by $1.0 million.

**11. Available-for-Sale Debt Securities** 

Investments in debt securities are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Year ended March 31, 2025** | **Year ended March 31, 2025** | **Year ended March 31, 2025** |
|  | **Amortized**<br>**cost** | **Unrealized<br>gains/(losses)** | **Fair value** |
| **Available-for-sale debt securities:** | (In million) | (In million) | (In million) |
|  U.S. government bonds | $1690.9 | $(1.9) | $1689.0 |
|  U.K. government bonds | 1088.9 | (7.1) | 1081.8 |
|  Other foreign bonds | 2538.1 | (11.3) | 2526.8 |
|  Corporate debt securities | 717.5 | (1.5) | 716.0 |
|  **Total Available-for-sale debt securities** | $**6035.4** | $**(21.8)** | $**6013.6** |
|  | **Year ended March 31, 2024** | **Year ended March 31, 2024** | **Year ended March 31, 2024** |
|  | **Amortized**<br>**cost** | **Unrealized<br>gains/(losses)** | **Fair value** |
| **Available-for-sale debt securities:** | (In million) | (In million) | (In million) |
|  U.S. government bonds | $1814.0 | $(11.2) | $1802.8 |
|  U.K. government bonds | 1506.5 | (11.9) | 1494.6 |
|  Other foreign bonds | 1522.9 | (18.6) | 1504.3 |
|  Corporate debt securities | 295.7 |  | 295.7 |
|  **Total Available-for-sale debt securities** | $**5139.1** | $**(41.7)** | $**5097.4** |

---

Other foreign bonds include foreign government and state bonds.

The amortized cost and fair value of securities available-for-sale at March 31, 2025, by contractual maturity, are shown below.

---

| | | |
|:---|:---|:---|
|  | **Amortized<br>cost** | **Fair value** |
|  | (In million) | (In million) |
|  Within one year | $4468.2 | $4454.7 |
|  Due after one year through five year | 1567.2 | 1558.9 |
|  Total Available-for-sale debt securities | $6035.4 | $6013.6 |

---

We have revised the disclosure of the contractual maturities on the available-for-sale debt securities for the year ended March 31, 2025. These disclosure revisions as a result of misclassification were determined to be immaterial, both individually and in the aggregate, to our previously filed consolidated financial statements.

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Proceeds from sales, maturities, principal payments received and net realized losses on available-for-sale debt securities were as follows for the years ended March 31:

---

| | | |
|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** |
|  | **2025** | **2024** |
|  | (In million) | (In million) |
|  Proceeds from sales, maturities and principal payments received | $7514.7 | $11823.7 |
|  Gross realized gains | 10.4 | 44.2 |
|  Gross realized losses | (52.9) | (47.9) |
|  **Net realized gains/(losses)** | $**(42.5)** | $**(3.7)** |

---

Net realized losses on available-for-sale debt securities of $42.5 million (2024: $3.7 million) primarily resulted from the reclassification of cumulative unrealized foreign-exchange adjustments (March 31, 2025: $42.5 million loss and March 31, 2024: $3.4 million loss, respectively) from Accumulated Other Comprehensive Income upon the maturity of these securities. Refer to "Note 7—Shareholders' equity" for additional information. The gross realized gains and losses are mainly due to the movement in government bonds.

The following is a summary of gross unrealized losses and fair value for those investments with unrealized losses, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, at March 31, 2025 and 2024.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Less than 12**<br>**months** | **Less than 12**<br>**months** | **12 months or**<br>**longer** | **12 months or**<br>**longer** | **Total** | **Total** |
|  |<br>**Number<br>of**<br>**securities** | **Fair**<br>**value** | **Gross<br>unrealized<br>loss** | **Fair<br>value** | **Gross<br>unrealized<br>loss** | **Fair**<br>**value** | **Gross<br>unrealized<br>loss** |
|  | | (In million) | (In million) | (In million) | (In million) | (In million) | (In million) |
|  **March 31, 2025** |  |  |  |  |  |  |  |
|  U.S. government bonds | 46 | $569.3 | $(5.4) | $— | $— | $569.3 | $(5.4) |
|  U.K. government bonds | 15 | 166.9 | (0.3) | 91.7 | (7.5) | 258.6 | (7.8) |
|  Other foreign bonds | 97 | 1203.4 | (9.9) | 282.4 | (5.9) | 1485.8 | (15.8) |
|  Corporate debt securities | 38 | 307.2 | (1.6) |  |  | 307.2 | (1.6) |
|  **Balance at March 31, 2025** | **196** | $**2246.8** | $**(17.2)** | $**374.1** | $**(13.4)** | $**2620.9** | $**(30.6)** |
|  |  | **Less than 12 months** | **Less than 12 months** | **12 months or longer** | **12 months or longer** | **Total** | **Total** |
|  | **Number<br>of**<br>**securities** | **Fair**<br>**value** | **Gross<br>unrealized<br>loss** | **Fair<br>value** | **Gross<br>unrealized<br>loss** | **Fair**<br>**value** | **Gross<br>unrealized<br>loss** |
|  |  | (In million) | (In million) | (In million) | (In million) | (In million) | (In million) |
|  **March 31, 2024** |  |  |  |  |  |  |  |
|  U.S. government bonds | 63 | $872.9 | $(12.4) | $20.0 | $— | $892.9 | $(12.4) |
|  U.K. government bonds | 39 | 253.3 | (0.3) | 212.5 | (12.3) | 465.8 | (12.6) |
|  Other foreign bonds | 59 | 1217.9 | (17.2) | 72.2 | (5.1) | 1290.1 | (22.3) |
|  Corporate debt securities | 30 | 234.7 | (0.1) | 0 |  | 234.7 | (0.1) |
|  **Balance at March 31, 2024** | **191** | $**2578.8** | $**(30.0)** | $**304.7** | $**(17.4)** | $**2883.5** | $**(47.4)** |

---

Management evaluates debt securities available-for-sale in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Group to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.

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Management does not have the intent to sell any of these securities and believes that it is more likely than not that the Group will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as of March 31, 2025, management believes that the unrealized losses detailed in the previous tables are due to noncredit-related factors, including changes in market interest rates and other market conditions, and therefore the Group carried no allowance for credit losses on securities available-for-sale as of March 31, 2025 and 2024. The Group has elected to write off accrued interest receivables by recognizing credit loss expense. There was no accrued interest reversed against interest income for the years ended March 31, 2025 and 2024. Accrued interest receivable on available-for-sale securities, included in "Prepaid expenses and other current assets" in the Consolidated Statement of Financial Position, totaled $31.2 million and $10.7 million at March 31, 2025 and 2024, the Group has elected the practical expedient to exclude the accrued interest from the estimate of credit losses.

**12. Account Receivables, net of Allowance for Credit Losses** 

---

| | | |
|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** |
|  | **2025** | **2024** |
|  | (In million) | (In million) |
|  Receivables from payment processors | $50.6 | $117.6 |
|  Receivables from partners | 99.5 | 119.4 |
|  Receivables from customers | 127.5 | 182.5 |
|  Receivables from brokers | 70.2 | 25.2 |
|  **Total Account Receivables, net of Allowance for Credit Losses** | $**347.8** | $**444.7** |

---

The Group's Allowance for Credit Losses of $60.2 million and $52.2 million as of March 31, 2025 and 2024, respectively.

Management has considered the concentration risk within our Accounts Receivables, net of Allowance for Credit Losses balance. Refer to *Note 2 - Credit Risk Characteristics and Concentration* for how the exposure is managed by the Group.

As of March 31, 2025, no payment processors represented more than 10% of Wise's Total Account Receivables, net of Allowance for Credit Losses. As of March 31, 2024 one payment processor represented $73.6 million (17%) of Wise's Total Account Receivables, net of Allowance for Credit Losses.

As of March 31, 2025, one partner represented $100.9 million (29%) of Wise's Total Account Receivables, net of Allowance for Credit Losses ($122.6 million (28%) as of March 31, 2024).

There was no individual customer that represented more than 10% of Wise's Total Account Receivables, net of Allowance for Credit Losses as of March 31, 2025 or 2024.

As of March 31, 2025 one broker represented $64.6 million (19%) of Wise's Total Account Receivables, net of Allowance for Credit Losses. As of March 31, 2024, there were no brokers that represented more than 10% of Wise's Total Account Receivables, net of Allowance for Credit Losses.

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**13. Prepaid Expenses and Other Assets** 

Prepaid expenses and other assets is comprised of the following balances:

---

| | | |
|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** |
|  | **2025** | **2024** |
|  | (In million) | (In million) |
|  Prepaid expenses and other current assets |  |  |
|  Prepayments | $34.1 | $38.1 |
|  Collateral deposits | 32.8 | 31.2 |
|  Interest receivable | 29.7 | 39.0 |
|  Other receivables | 3.8 | 2.9 |
|  Derivatives Financial Assets | 3.2 | 2.0 |
|  **Total Prepaid expenses and Other Current Assets** | $**103.6** | $**113.2** |
|  Other assets, noncurrent: |  |  |
|  Office lease deposits | $8.4 | $3.6 |
|  Other receivables, noncurrent | 12.1 | 4.9 |
|  **Total Other assets, noncurrent** | $**20.5** | $**8.5** |

---

**14. Derivative Instruments** 

The Group's derivative instruments consist of foreign currency swaps, foreign exchange forwards and non-deliverable foreign exchange forwards. The derivative instruments are used to manage exposure to market risks. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value through net income at each reporting date.

The following table summarizes the notional amount at inception and fair value of these instruments:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Carrying**<br>**amount<br>assets** | **Carrying**<br>**amount**<br>**liabilities** | **Notional**<br>**amount** | **Carrying**<br>**amount<br>assets** | **Carrying**<br>**amount**<br>**liabilities** | **Notional**<br>**amount** |
|  | (In million) | (In million) | (In million) | (In million) | (In million) | (In million) |
|  Foreign currency swaps | $2 | $3.2 | $1452.2 | $1.4 | $1.1 | $625.3 |
|  Foreign currency forwards | 1.1 | 0.6 | 727 | 0.5 | 0.6 | 614.8 |
|  Non-deliverable foreign exchange forwards | 0.1 | 1 | 123.9 | 0.1 | 0.4 | 57.6 |
|  **Total derivative instruments** | **3.2** | **4.8** | **2303.1** | **2.0** | **2.1** | **1297.7** |

---

The notional contract amounts of derivatives indicate the nominal value of transactions outstanding at the balance sheet date. They do not represent amounts at risk. Since the balance sheet date all open treasury positions have been realized or settled.

Refer to "Note 18-Fair Value Measurement" for additional information related to the fair value measurements.

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**15. Accounts Payable and Other Liabilities** 

Accounts payable and other liabilities is comprised of the following balances:

---

| | | |
|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** |
|  | **2025** | **2024** |
|  | (In million) | (In million) |
|  Accounts payable and other current liabilities |  |  |
|  Accounts payable | $21.7 | $10.0 |
|  Accrued expense | 133.0 | 96.4 |
|  Contract liabilities | 14.7 | 13.7 |
|  Payables to payment processors | 161.9 | 274.0 |
|  Other taxes | 13.3 | 14.8 |
|  Other payables | 86.3 | 52.1 |
|  Provisions¹ | 33.2 | 11.5 |
|  Derivative financial liabilities | 4.8 | 2.1 |
|  **Total Accounts payable and other current liabilities** | $**468.9** | $**474.6** |
|  Other long term liabilities: |  |  |
|  Accounts payable and accrued expense | $11.3 | $9.3 |
|  Contract liabilities | 18.1 | 5.8 |
|  Other payables | 0.1 | 11.2 |
|  Provisions¹ | 15.4 | 7.9 |
|  **Total other long term liabilities** | $**44.9** | $**34.2** |

---

<sup>(1)</sup> Include primarily legal and regulatory provisions of $17.6 million in 2025 (2024:$2.8 million) and tax provisions of $22.5 million in 2025 (2024:$13.8 million). 

**16. Funds Payable and Amount Due To Customers** 

Funds payable and amount due to customers is comprised of the following balances:

---

| | | |
|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** |
|  | 2025 | 2024 |
|  | (In million) | (In million) |
|  Outstanding money transmission liabilities | $243.9 | $298.1 |
|  Wise Accounts | 22036.0 | 16757.3 |
|  **Total Funds Payable and Amount Due To customers** | $22279.9 | $17055.4 |

---

**17. Short-Term Debt** 

The Group's current facility is a multi-currency revolving facility of $426.3 million offered by a syndicate of six lenders: HSBC Innovation Banking Limited, JP Morgan Chase Bank N.A. London Branch, National Westminster Bank Plc, Citibank N.A. London Branch, Barclays Bank PLC and Goldman Sachs Lending Partners LLC (the, Revolving Credit Facility). The maturity date of the facility is in December 2027, and the agreement offers two one-year extension options. In addition, there is an unused commitment fee, which accrues at a rate of 35% of the margin on the unused portion of the revolving commitments.

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The key terms of the facility is as follow:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Facility** | **Currency** | **Interest**<br>**rate** | **Effective<br>interest<br>rate** | **Tranche**<br>**maturity**<br>**date** | **Principal<br>outstanding<br>at March 31,<br>2025 (Local<br>currency)** | **Principal<br>outstanding<br>at March 31,<br>2025 (USD)** |
|  |  |  |  |  | (In million) | (In million) |
|  Revolving Credit Facility | GBP | SONIA +<br>1.75% | 8.81% | July 2025 | £100.0 | $129.2 |

---

The Group has made drawdowns and repayments on the Revolving Credit Facility throughout the year. As of March 31, 2025 and 2024, $129.2 million and $252.7 million, respectively, was drawn down on the Revolving Credit Facility.

*Compliance with Covenants* 

The Group's facility as described contain certain customary covenants, including to maintain a maximum total net leverage ratio not in excess of 3:1 and interest cover (calculated as a ratio of adjusted EBITDA as defined by the Revolving Credit Facility agreement to finance charges in accordance with the terms of the agreement) not less than a ratio of 3.5:1 in respect of any relevant period.

The Group monitors compliance with the covenants throughout the reporting period and was in compliance at March 31, 2025 and 2024.

As of March 31, 2025, the Group had $128.4 million outstanding borrowing (net of commitment fees) under the Revolving Credit Facility with a weighted-average interest rate of 7.22%. As of March 31, 2024, the Group had $256.1 million outstanding borrowing (net of commitment fees) under the Revolving Credit Facility with a weighted-average interest rate of 5.69%. As of March 31, 2025 and 2024, the Group had unused borrowing capacity of $297.1 million and $252.7 million, respectively.

**18. Fair Value Measurement** 

The fair value hierarchy of financial instruments measured at fair value as of March 31, 2025 and March 31, 2024 is provided below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Year ended March 31, 2025** | (In million) | (In million) | (In million) | (In million) |
|  **Financial assets measured at fair value:** |  |  |  |  |
|  Derivative financial assets | $— | $3.2 | $— | $3.2 |
|  Money market funds | 7741.6 |  |  | 7741.6 |
|  Available-for-sale debt securities | 5409.8 | 603.8 |  | 6013.6 |
|  **Financial liabilities measured at fair value:** |  |  |  |  |
|  Derivative financial liabilities | $— | $(4.8) | $— | $(4.8) |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Year ended March 31, 2024** | (In million) | (In million) | (In million) | (In million) |
|  **Financial assets measured at fair value:** |  |  |  |  |
|  Derivative financial assets | $— | $2.0 | $— | $2.0 |
|  Money market funds | 4771.7 |  |  | 4771.7 |
|  Available-for-sale debt securities | 4847.2 | 250.2 |  | 5097.4 |
|  **Financial liabilities measured at fair value:** |  |  |  |  |
|  Derivative financial liabilities | $— | $(2.1) | $— | $(2.1) |

---

As at March 31, 2025, the Group considers the carrying value of cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable and other liabilities, and funds payable and amounts due to customers to approximate fair value given the short-term nature of these items. At March 31, 2025, the

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aggregate fair value of debt (a Level 2 measurement) approximated carrying value and is based on market yields for similar debt facilities and observable trading data related to the Group's debt securities. The valuations are based on discounted cash flows using market rate for the respective maturity of the debt instruments. The Group does not currently have any financial instruments in Level 3.

**19. Share-Based Employee Compensation** 

The Group operates a number of employee equity-settled schemes as part of its reward strategy, which are designed to provide long-term incentives for all employees to deliver long-term shareholder returns. Under the plans, participants are granted share awards of the Company, which vest gradually over the vesting period and are equity settled for shares within Wise plc. The total amount to be expensed is determined by reference to the fair value of the awards granted and it is calculated using the closing share price at the grant date. It is recognized in employee benefit expenses together with a corresponding increase in equity (additional paid-in capital), over the period in which the service and the performance conditions are fulfilled (the vesting period). Upon vesting or exercising of the awards, the impact is recognized in retained earnings. For non-market-based awards, vesting conditions are included in the assumptions of the number of options and awards that are expected to vest. At each reporting date, the entity revises its estimates of the number of options and awards that are expected to vest. It recognizes the impact of the revision to original estimates, if any, in the statement of comprehensive income, with a corresponding adjustment to the additional paid-in capital. For awards subject to a market-based performance condition, no subsequent adjustments may be made.

*Employee Share Award Plans*

The awards are subject to service conditions, i.e., the requirement for recipients of awards to remain in employment with the Group over the vesting period, which typically is 4 years.

For the market-based award, the vesting is conditional on achievement of the relative total shareholder return ("TSR") compared to the FTSE 250 and volume growth performance measures over the 3-year performance period.

The following table shows the total share-based compensation expenses recognized in the Statement of Comprehensive Income:

---

| | | |
|:---|:---|:---|
|  | **Year ended March 31** | **Year ended March 31** |
|  | 2025 | 2024 |
|  | (In million) | (In million) |
|  Servicing | $13.8 | $18.3 |
|  Marketing and sales | 3.2 | 5.9 |
|  Technology and product development | 44.6 | 52.8 |
|  General and administrative | 13.0 | 14.1 |
|  **Total** | $**74.6** | $**91.1** |

---

The number and weighted average exercise prices of share awards are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number of shares issuable** | **Number of**<br>**share awards<br>(#)** | **Weighted**<br>**average**<br>**exercise<br>price** | **Average**<br>**Remaining**<br>**Contractual**<br>**Term** | **Aggregate**<br>**Intrinsic<br>Value**<br>**(in million)** |
|  **Outstanding at April 1, 2023** | **65648858** | $**0.11** | **7.1 years** | $**433.4** |
|  Awards granted | 11460714 | 0.00 |  |  |
|  Awards exercised | (19895709) | 0.07 |  | 177.7 |
|  Awards forfeited | (3623805) | 0.01 |  | 33.6 |
|  **Outstanding at March 31, 2024** | **53590058** | **0.11** | **6.8 years** | **624.3** |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number of shares issuable** | **Number of**<br>**share awards<br>(#)** | **Weighted**<br>**average**<br>**exercise<br>price** | **Average**<br>**Remaining**<br>**Contractual**<br>**Term** | **Aggregate**<br>**Intrinsic<br>Value**<br>**(in million)** |
|  Awards granted | 7547396 | 0.00 |  |  |
|  Awards exercised | (17194598) | 0.10 |  | 148.4 |
|  Awards forfeited | (3174878) | 0.00 |  | 27.6 |
|  **Outstanding at March 31, 2025** | **40767978** | **0.10** | **6.4<br>years** | **504.0** |
|  **Exercisable at March 31, 2025** | **22823849** | $**0.18** | **4.9<br>years** | $**280.4** |

---

The weighted average fair value of share awards granted in 2025 was $10.84 (2024: $8.30). The weighted average share price at the date of exercise of the awards during the year was $11.0 (2024: $9.0).

In the years ended March 31, 2025 and 2024 the total intrinsic value of stock awards exercised was $148.4 million, and $177.7 million, respectively. The tax benefit arising on the exercise of stock awards was $25.3 million and $16.0 million for the years ended March 31, 2025 and 2024, respectively.

**20. Commitments and Contingent Liabilities** 

*Litigation Provision* 

Through the normal course of the Group's business, the Group may be subject to a number of litigation proceedings both brought against and brought by the Group. The Group maintains liabilities for losses from legal actions that are recorded when they are determined to be both probable in their occurrence and can be reasonably estimated. Although the results of litigation and claims are inherently unpredictable, the Group has assessed that there was no reasonable possibility that it had incurred a material loss with respect to such loss contingencies as of March 31, 2025 and 2024.

*Purchase Commitments* 

The Group routinely enters into marketing and advertising contracts, software subscriptions or other service arrangements, including cloud infrastructure arrangements, and compliance-application related arrangements that contractually obligate us to purchase services, including minimum service quantities, unless given notice of cancellation based on the applicable terms of the agreements.

The Group's expenses in relation to non-cancelable agreements as at March 31, 2025, in the years ended March 31, 2025 and 2024 were $25.8 million and $16.5 million, respectively. The Group's minimum future payments from non-cancelable agreements as at March 31, 2025 are detailed below:

---

| | |
|:---|:---|
| **Year** | **Amount** |
|  | (In million) |
| 2026 | $33.0 |
| 2027 | 26.8 |
| 2028 | 25.4 |
| 2029 | 8.5 |
| 2030 | 2.8 |
|  Thereafter | 16.6 |
|  **Total future minimum payments** | $**113.1** |

---

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**21. Related Party Transactions** 

The Group has provided and purchased services to and from various affiliates of certain directors or entities under common control. The dollar amounts related to these related party activities are not significant to the Group consolidated financial statements.

During the year ended March 31, 2025, management of the Group held deposits of $6.0 million (financial year ended March 31, 2024: $7.1 million) in Wise Accounts or Wise Assets.

Intercompany balances and transactions between the Group and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.

**22. Subsequent Events** 

**Launch of Euro Medium Term Note Programme** 

In November 2025, we established a Euro Medium Term Note Programme (the "EMTN Programme"), under which Wise Financing plc ("Wise Financing"), a subsidiary of Wise plc, may from time to time issue senior unsecured notes ("Notes") up to an aggregate principal amount £2.0 billion ($2.6 billion). The proceeds of Notes issued under the program will be utilized for the Group's general corporate purposes.

In November 2025, we issued £250.0 million ($329.0 million) aggregate principal amount of Notes under the EMTN Programme. Such Notes bear interest at a rate of 5.1000% per annum, and mature on November 25, 2030.

In preparing these consolidated financial statements, management evaluated subsequent events through February 12, 2026, on which date the consolidated financial statements were available for issue.

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**WISE PLC** 

**CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (unaudited)** 

**(in million, except for per share data)** 

---

| | | | |
|:---|:---|:---|:---|
|  | | **Six months ended<br>September 30,** | **Six months ended<br>September 30,** |
|  |<br>**Note** | **2025** | **2024** |
|  Transaction revenue | 3 | $883.2 | $758.6 |
|  Interest income on customer balances |  | 399.0 | 385.4 |
|  Interest expense on customer liabilities |  | (98.4) | (108.7) |
|  **Net revenue** |  | $**1183.8** | **1035.3** |
|  **Operating expenses:** |  |  |  |
|  Transaction expense |  | (260.9) | (123.1) |
|  Transaction and credit losses |  | (6.2) | (5.8) |
|  Technology and development |  | (193.3) | (156.3) |
|  Servicing |  | (179.2) | (143.0) |
|  Marketing and sales |  | (76.6) | (46.1) |
|  General and administrative |  | (182.7) | (119.0) |
|  Total operating expenses |  | (898.9) | (593.3) |
|  **Operating income** |  | $**284.9** | $**442.0** |
|  Other income/(loss), net | 4 | 21.8 | (17.4) |
|  **Income before tax** |  | $**306.7** | $**424.6** |
|  Income tax expense | 6 | (71.9) | (98.1) |
|  **Net income** |  | $**234.8** | $**326.5** |
|  Net income per share - basic, in cents | 8 | $22.95 | $31.76 |
|  Net income per share - diluted, in cents | 8 | $22.67 | $31.29 |
|  Weighted average shares outstanding - basic | 8 | 1023.0 | 1028.1 |
|  Weighted average shares outstanding - diluted | 8 | 1035.7 | 1043.4 |
|  **Net income** |  | $**234.8** | $**326.5** |
|  **Other comprehensive income, net of tax charge of $8.4 million and tax benefit of $9.2 million in 2025 and 2024, respectively** |  |  |  |
|  Gain on foreign currency translation | 7 | 75.0 | 71.5 |
|  Unrealized gain/(loss) on available-for-sale debt securities, net | 7 | 28.7 | (21.1) |
|  **Other comprehensive income, net of tax** |  | **103.7** | **50.4** |
|  **Total comprehensive income** |  | $**338.5** | $**376.9** |

---

The accompanying notes form an integral part of these Group condensed consolidated interim financial statements.

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**WISE PLC** 

**CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (unaudited)** 

**(in million)** 

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Note** | **As at<br>September 30,**<br>**2025** | **As at<br>March 31,**<br>**2025** |
|  **Current assets** |  |  |  |
|  Cash and cash equivalents |  | $22381.2 | $18066.3 |
|  Available-for-sale debt securities | 9 | 6515.2 | 6013.6 |
|  Accounts receivable, net of allowance for credit losses | 10 | 316.8 | 347.8 |
|  Prepaid expenses and other current assets |  | 133.3 | 103.6 |
|  Current tax assets |  | 22.4 | 19.4 |
|  **Total current assets** |  | **29368.9** | **24550.7** |
|  Property, plant and equipment, net |  | 185.7 | 150.8 |
|  Intangible assets, net |  | 5.7 | 5.1 |
|  Other assets, noncurrent |  | 26.8 | 20.5 |
|  Deferred tax assets |  | 52.9 | 54.0 |
|  **Total assets** |  | $**29640.0** | $**24781.1** |
|  **Liabilities and shareholders' equity** |  |  |  |
|  **Current liabilities** |  |  |  |
|  Accounts payable and other current liabilities |  | $530.7 | $468.9 |
|  Funds payable and amounts due to customers |  | 26756.9 | 22279.9 |
|  Current tax liabilities |  | 4.5 | 5.7 |
|  Short-term debt | 13 | 273.4 | 128.4 |
|  Operating lease liabilities | 11 | 11.0 | 13.4 |
|  **Total current liabilities** |  | $**27576.5** | $**22896.3** |
|  Deferred tax liabilities |  | 7.0 | 5.4 |
|  Other long term liabilities |  | 62.2 | 44.9 |
|  Operating lease liabilities, noncurrent | 11 | 121.7 | 97.1 |
|  **Total liabilities** |  | $**27767.4** | $**23043.7** |
|  Commitments and contingent liabilities | 15 |  |  |
|  **Shareholders' equity** |  |  |  |
|  Class A Common shares - $0.01 par value; 1,025,000,252 shares authorized; 1,025,000,252 shares issued and outstanding as of September 30, 2025 and 1,025,000,252 as of March 31, 2025 | 7 | 14.2 | 14.2 |
|  Class B Common shares - $0.000 000 001 par value; 218,584,255 shares authorized; 218,584,255 shares issued and outstanding as of September 30, 2025 and 243,584,255 shares issued and outstanding as of March 31, 2025 | 7 |  |  |
|  Additional paid-in capital |  | 161.6 | 163.5 |
|  Treasury stock | 7 | (269.4) | (85.0) |
|  Retained earnings |  | 1873.7 | 1655.9 |
|  Accumulated other comprehensive income/(loss) | 7 | 92.5 | (11.2) |
|  **Total shareholders' equity** |  | $**1872.6** | $**1737.4** |
|  **Total liabilities and shareholders' equity** |  | $**29640.0** | $**24781.1** |

---

The accompanying notes form an integral part of these Group condensed consolidated interim financial statements.

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##### [**Table of Contents**](#toc)
**WISE PLC** 

**CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)** 

**(in million, except per share data)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Note** | **Class A** | **Class A** | **Class B** | **Class B** | | | | | |
|  | **Note** | **Shares** | **Cost** | **Shares** | **Cost** |<br>**Additional<br>paid-in<br>capital** |<br>**Treasury<br>stock** |<br>**Retained<br>earnings** |<br>**Accumulated<br>other<br>comprehensive<br>income** |<br>**Total<br>shareholders'**<br>**equity** |
|  **At April 1, 2024** |  | **1024777252** | $**14.2** | **398889814** | $— | $**172.5** | $**(70.1)** | $**1095.3** | $**(46.8)** | $**1165.1** |
|  Net income |  |  |  |  |  |  |  | 326.5 |  | 326.5 |
|  Other comprehensive income, net | 7 |  |  |  |  |  |  |  | 50.4 | 50.4 |
|  Common shares issued | 7 | 223000 |  |  |  |  |  |  |  |  |
|  Shares acquired by Employee Benefit Trust | 7 |  |  |  |  |  | (46.4) |  |  | (46.4) |
|  Share-based compensation expense |  |  |  |  |  | 40.1 |  |  |  | 40.1 |
|  Exercise of share awards |  |  |  |  |  | (41.2) | 28.7 | 13.0 |  | 0.5 |
|  **At September 30, 2024** |  | **1025000252** | $**14.2** | **398889814** | $**—** | $**171.4** | $**(87.8)** | $**1434.8** | $**3.6** | $**1536.2** |
|  **At April 1, 2025** |  | **1025000252** | $**14.2** | **243584255** | $**—** | $**163.5** | $**(85.0)** | $**1655.9** | $**(11.2)** | $**1737.4** |
|  Net income |  |  |  |  |  |  |  | 234.8 |  | 234.8 |
|  Other comprehensive income, net | 7 |  |  |  |  |  |  |  | 103.7 | 103.7 |
|  Common shares redeemed | 7 |  |  | **(25000000)** |  |  |  |  |  |  |
|  Shares acquired by Employee Benefit Trust | 7 |  |  |  |  |  | (244.0) |  |  | (244.0) |
|  Share-based compensation expense |  |  |  |  |  | 40.3 |  |  |  | 40.3 |
|  Exercise of share awards |  |  |  |  |  | (42.2) | 59.6 | (17.0) |  | 0.4 |
|  **At September 30, 2025** |  | **1025000252** | $**14.2** | **218584255** | $**—** | $**161.6** | $**(269.4)** | $**1873.7** | $**92.5** | $**1872.6** |

---

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##### [**Table of Contents**](#toc)
**WISE PLC** 

**CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)** 

**(in million)** 

---

| | | | |
|:---|:---|:---|:---|
|  | | **Six months ended<br>September 30,** | **Six months ended<br>September 30,** |
|  |<br>**Note** | **2025** | **2024** |
|  **Cash flow from operating activities** |  |  |  |
|  Net income |  | $234.8 | $326.5 |
|  Adjustments for non-cash items: |  |  |  |
|  Depreciation and amortization |  | 7.3 | 5.2 |
|  Impairment of assets |  | 1.1 |  |
|  Share-based compensation |  | 40.0 | 39.7 |
|  Unrealized foreign exchange loss/(gain) |  | 172.3 | (16.6) |
|  Deferred tax expenses | 6 | 4.4 | 0.8 |
|  Operating lease expense | 11 | 9.0 | 7.7 |
|  Other |  | 1.1 | (0.8) |
|  **Changes in operating assets and liabilities:** |  |  |  |
|  Accounts receivable, net |  | 48.1 | 36.3 |
|  Prepaid expenses and other assets |  | (59.4) | (62.0) |
|  Accounts payable and other liabilities (including tax) |  | 11.5 | (60.5) |
|  Operating lease liabilities |  | (8.1) | (6.4) |
|  Funds payable and amount due to customers |  | 3343.5 | 2301.2 |
|  **Net cash provided by operating activities** |  | $**3805.6** | $**2571.1** |
|  **Cash flow from investing activities** |  |  |  |
|  Purchase of property, plant and equipment |  | (15.6) | (15.0) |
|  Purchase of intangible assets |  | (1.7) | (1.3) |
|  Purchase of available-for-sale debt securities | 9 | (4901.2) | (3855.8) |
|  Proceeds from sale of available-for-sale debt securities | 9 | 4718.1 | 3821.7 |
|  **Net cash used in investing activities** |  | $**(200.4)** | $**(50.4)** |
|  **Cash flow from financing activities** |  |  |  |
|  Repurchases of shares | 7 | (243.9) | (45.1) |
|  Proceeds from issuance of shares and other equity |  | 0.2 | 0.5 |
|  Proceeds from revolving credit facility | 13 | 267.2 | 125.1 |
|  Repayments of revolving credit facility | 13 | (134.9) | (387.3) |
|  **Net cash used in financing activities** |  | $**(111.4)** | $**(306.8)** |
|  Effect of exchange rate fluctuations on cash and cash equivalents |  | 821.1 | 450.2 |
|  Net change in cash and cash equivalents |  | 4314.9 | 2664.1 |
|  Cash and cash equivalents at beginning of period |  | 18066.3 | 13245.7 |
|  **Cash and cash equivalents at end of period** |  | $**22381.2** | $**15909.8** |
|  **Supplemental cash flow disclosure:** |  |  |  |
|  Cash paid for interest |  | $(5.4) | $(15.8) |
|  Cash paid for income taxes, net |  | (80.6) | (80.7) |

---

The accompanying notes form an integral part of these Group condensed consolidated interim financial statements.

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##### [**Table of Contents**](#toc)
**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited)** 

**1. Description of business** 

Wise Plc (the Company) was incorporated in England in 2021. The principal activity of the Company and its subsidiaries (the Group) is the provision of cross-border and domestic financial services. The Group's mission is to build the best way to move and manage the world's money.

Unless otherwise expressly stated or the context otherwise requires, the terms "Wise" and the "Group" within these notes to the condensed consolidated interim financial statements refer to Wise plc and its wholly owned subsidiaries.

**2. Summary of significant accounting policies** 

**Basis of Preparation** 

The accompanying condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and applicable rules and regulations of the U.S. Securities and Exchange Commission (the SEC) regarding financial reporting. These unaudited condensed consolidated interim financial statements do not include all footnote disclosures from the audited consolidated financial statements and should be read in conjunction with the audited consolidated financial statements for the year ended March 31, 2025.

In the opinion of management, these condensed consolidated interim financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the condensed consolidated interim financial statements for all interim periods presented. In preparing these condensed consolidated interim financial statements, there have been no material changes in significant accounting policies or estimates as those applied to the consolidated financial statements of for the year ended March 31, 2025, except as presented. The operating results for the six months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending March 31, 2026 or any other interim period.

**Principles of Consolidation** 

The accompanying unaudited condensed consolidated interim financial statements include the accounts of Wise Plc and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for the fair statement of the Group's financial position, results of operations and cash flow have been included.

All financial information is presented in millions of U.S. dollars (USD), which is the Group's reporting currency, rounder to the nearest $0.1 million, unless otherwise stated.

**Use of Estimates** 

The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reported period. These estimates and assumptions include, but are not limited to, transaction and credit losses; refer to "*Transaction and credit Losses*" for further information.

The Group bases its estimates on historical experience and on assumptions that management considers reasonable. Actual results could differ materially from those estimates, and these differences could be material to the condensed consolidated interim financial statements. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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*Transaction and Credit Losses* 

The Group has exposure to Current Expected Credit Losses (CECLs) for financial assets including cash and cash equivalents, debt securities, accounts receivable, interest receivable and collateral deposits the Group holds with its counterparties.

The Group utilizes a combination of aging and probability of default methods to develop an estimate of credit losses, depending on the nature and risk profile of the underlying asset pool. A broad range of information is considered in the estimation process, including historical loss information adjusted for current conditions and expectations of future trends. The estimation process also includes consideration of qualitative and quantitative risk factors associated with the age of asset balances, expected timing and probability of default, loss given default, exposure at default, counterparty tiering classifications, merchant and customer risk profiles, country risk profiles for higher risk jurisdictions, and relevant macro-economic factors. Determining the appropriate current expected credit loss allowance is an inherently uncertain process requiring significant estimation and ultimate losses could differ materially from the current estimates.

*Credit Risk Characteristics and Concentration* 

The credit risk exposures for all financial assets are managed at Group level according to the Group's credit risk appetite. Wise actively manages credit concentration risk and it is Wise's policy to impose credit limits in order to control the exposures (amount and period) Wise has with each counterparty considering their level of risk. These limits are set based on the credit ratings or perceived credit quality of each counterparty and approval must be obtained from the Credit Risk Committee for any exceptions outside of the framework.

**Cash and Cash Equivalents** 

Cash and cash equivalents include on-demand deposits, term deposits used for meeting short-term cash commitments, deposits (with collateral) held, money market funds (MMFs) and other short-term high-quality liquid investments with an original maturity of three months or less, and cash held with banking partners.

The Group receives and holds customer funds and recognizes the respective financial assets and corresponding liabilities for the funds customers hold in their Wise accounts and the funds the Group receives as part of the money transfer settlement process. The Group is subject to various regulatory safeguarding compliance requirements to these customer funds.

During the six months ended September 30, 2025, the Group increased the value of Safeguarding via Comparable Guarantees to $1,135.9 million (£845.0 million), from $671.8 million (£520.0 million) at March 31, 2025 and extended the cover to November 2027.

**Accounting Pronouncements Not Yet Adopted** 

*Income Taxes* 

In December 2023, the FASB issued ASU 2023-09, which amends Income taxes (Topic 740). This update enhances annual income tax disclosure requirements, primarily by requiring public business entities to provide disclosures regarding the statutory tax rate and effective tax rate in tabular format presented both as percentages and dollar amounts with eight specific categories identified (state/local taxes, foreign tax effects, changes in tax laws/rates, cross-border tax effects, tax credits, valuation allowance changes, non-taxable/non-deductible items, and changes in unrecognized tax benefits), and to provide additional disclosures for reconciling items that meet quantitative thresholds. This update is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Group will adopt this guidance for the March 31, 2026 annual financial statements.

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*Disaggregation of Income Statement Expenses* 

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which is intended to improve the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. This update requires public business entities to expand disclosures about specific expense categories in the notes to the financial statements, including inventory, employee compensation, depreciation, and intangible asset amortization, among others. This update is effective for annual periods beginning after December 15, 2026 and for interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Group is evaluating the impact of the adoption of this update on the condensed consolidated interim financial statements.

*Intangibles – Goodwill and Other Internal-Use Software* 

In September 2025, the FASB issued ASU 2025-06, which modernizes the accounting for internal-use software by eliminating project stage-based capitalization and clarifying the probable-to-complete threshold to commence the capitalization of software costs. The new guidance is effective for annual reporting periods beginning after December 15, 2027, and transition approaches include prospective, retrospective or modified methods. The Group is currently evaluating the impact of the ASU on the condensed consolidated interim financial statements.

*Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606)* 

In September 2025, the FASB issued ASU 2025-07, which refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting and also clarifies the guidance on share-based payments from a customer in a revenue contract under Topic 606. The new guidance is effective for annual reporting periods beginning after December 15, 2026, with early adoption permitted. The Group is evaluating the provisions of this ASU and do not expect this ASU to have a material impact on the Company's condensed consolidated interim financial statements.

*Measurement of Credit Losses for Accounts Receivable* 

In July 2025, the FASB issued ASU 2025-05, Financial Instruments–Credit Losses– Measurement of Credit Losses for Accounts Receivable and Contract Assets (Topic 326), which added a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. The guidance is effective for annual periods beginning after December 15, 2025. The Group is evaluating the impact of the adoption of this update on the condensed consolidated interim financial statements.

**3. Transaction Revenue** 

The Group generates transaction revenue from contracts with customers by providing the following services: Cross-border, Card and Other revenue. There have been no material changes in terms of the type and nature of revenue streams since the year ended March 31, 2025.

**Below is the revenue split by nature:** 

---

| | | |
|:---|:---|:---|
|  | **Six months ended<br>September 30,** | **Six months ended<br>September 30,** |
|  | **2025** | **2024** |
|  | (In million) | (In million) |
|  Transaction revenue by nature |  |  |
|  Cross-border | $591.8 | $536.6 |
|  Card | 176.8 | 132.1 |
|  Other | 114.6 | 89.9 |
|  **Total transaction revenue** | $**883.2** | $**758.6** |

---

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##### [**Table of Contents**](#toc)
The following table presents the Group's transaction revenues from contracts with customers disaggregated by timings of revenue recognition:

---

| | | |
|:---|:---|:---|
|  | **Six months ended<br>September 30,** | **Six months ended<br>September 30,** |
|  | **2025** | **2024** |
|  | (In million) | (In million) |
|  Transaction revenue |  |  |
|  Recognized at a point in time | $858.9 | $741.9 |
|  Recognized over time | 24.3 | 16.7 |
|  **Total transaction revenue** | $**883.2** | $**758.6** |

---

*Contract Balances* 

Contract liabilities are recognized when consideration is received in advance of the provision of service and are subsequently recognized as transaction revenue when the related performance obligations are satisfied. The Group has $38.0 million contract liabilities included in "Accounts Payable and Other Liabilities" at September 30, 2025 and had $32.8 million for the year ended March 31, 2025. The amount of revenue recognized during the six months ended September 30, 2025 and 2024 that was included in the contract liabilities balance at the beginning of the six-month periods was $9.4 million and $7.2 million respectively.

The following table presents the Group's remaining performance obligation for contracts with a duration of more than one year at September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2026 | 2027 | 2028 | thereafter |
|  | (in million) | (in million) | (in million) | (in million) |
|  Revenue expected to be recognized on multi-year contracts in place as of September 30, 2025 | $9.6 | 14.4 | 7.3 | 6.7 |

---

Contract assets typically arise when the Group has transferred services to a customer, but the right to consideration is not yet unconditional. The Group does not have contract assets as at September 30, 2025 or as at March 31, 2025.

**4. Other income/(loss), net** 

The following table presents the breakdown of the Group's Other income/(loss), net:

**Other income, net** 

---

| | | |
|:---|:---|:---|
|  | **Six months ended<br>September 30,** | **Six months ended<br>September 30,** |
|  | **2025** | **2024** |
|  | (In million) | (In million) |
|  Interest income from corporate investments | $31.8 | $20.4 |
|  Loss on available-for-sale debt securities<sup>1</sup> | (6.8) | (23.0) |
|  Interest expense | (10.0) | (10.3) |
|  Foreign exchange gain/(loss) | 1.7 | (7.3) |
|  Other | 5.1 | 2.8 |
|  **Total other income/(loss), net** | $**21.8** | $**(17.4)** |

---

<sup>1</sup> Refer to "Note 7 – Shareholders' equity" for details on the "Loss on available-for-sale debt securities."

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##### [**Table of Contents**](#toc)
**5. Segment Reporting** 

Operating segments are defined as components of a Group that engage in business activities and for which discrete financial information is available that is evaluated on a regular basis by the Chief Operating Decision Maker (CODM). The Group determines operating segments based on how its CODM manages the business, makes operating decisions around the allocation of resources, and evaluates operating performance. The Group's CODM is the Chief Executive Officer (CEO) of the Group, for the purpose of resource allocation and assessment of the Group's operating results on a consolidated basis. Based on the Group's business model, the CODM determines that the Group operates as one operating segment, which is the provision of cross-border and domestic financial services. The operating segment is based on how the Group is organized, reflecting the difference in the nature of the services they each provide. The Group derives revenues from customers by providing money transfers, conversion and debit card services.

The geographical market depends on the type of service provided and is based either on customer address or the source of currency.

*Segment Income and Performance Measurement* 

The Group's CODM is provided the financial performance of the Group's one operating segment showing net income as the primary measure of segment profitability. Net income reflects revenue generated and expenses incurred for the business. The CODM uses this measure to evaluate the operational efficiency and profitability of the Group, to make strategic decisions about capital allocation, and to assess whether the Group is meeting its financial targets.

The Group's CODM is regularly provided results comparing actual performance against budgeted targets and prior periods. This measure aligns with how resources are managed and allocated within the Group's one operating segment business.

The Group's CODM does not evaluate the performance of the operating segment using asset information.

*Significant Segment Expenses* 

The Group's CODM evaluates significant expenses based on the Condensed Consolidated Statement of Comprehensive Income and does not further disaggregate expenses in deciding how to allocate resources and assess performance. Since the Group operates as a single reporting segment, all required segment reporting disclosures can be found in the condensed consolidated interim financial statements and notes of the condensed consolidated interim financial statements.

**6. Tax** 

In accordance with ASC 740, *Income Taxes*, income taxes are recognized for the amount of taxes payable for the current period and for the impact of deferred tax liabilities and assets, which represent future tax consequences of events that have been recognized differently in the financial statements than for tax purposes. Deferred tax assets and liabilities are established using the enacted statutory tax rates and are adjusted for any changes in such rate in the period of change.

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*Income Tax Expense* 

Income tax expense/(benefit) comprises current and deferred tax. Current tax and deferred tax are recognized in the Condensed Consolidated Statement of Comprehensive Income. The income tax expense/(benefit) for the six months ended September 30, 2025 and 2024 consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **Six months ended<br>September 30,** | **Six months ended<br>September 30,** |
|  | **2025** | **2024** |
|  | (In million) | (In million) |
|  Current: |  |  |
|  United Kingdom | $62.0 | $91.2 |
|  Foreign Other | 5.5 | 6.1 |
|  **Total** | $**67.5** | $**97.3** |
|  Deferred: |  |  |
|  United Kingdom | 2.6 | 0.8 |
|  Foreign Other | 1.8 |  |
|  **Total** | $**4.4** | $**0.8** |
|  **Tax expense** | $**71.9** | **98.1** |

---

The effective tax rate for the six months ended September 30, 2025 and 2024 was 23.44%, and 23.10%, respectively.

*Deferred Tax* 

Deferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis using enacted tax rates in effect for the year in which the differences are expected to reverse. As at September 30, 2025 the Group had held a net deferred tax asset of $45.9 million, as compared to $48.6 million at March 31, 2025 and recognized a valuation allowance in respect of deductible temporary differences related to foreign tax credits of $5.0 million at September 30, 2025 ($5.0 million at March 31, 2025).

*Pillar Two* 

The Organization for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting published on December 20, 2021 introduced the Pillar Two model rules designed to address the tax challenges arising from the digitalization of the global economy. The Group does not expect any material top-up taxes.

**7. Shareholders' equity** 

*Common Shares* 

*Class A* 

During the six months to September 30, 2025, the Company did not allot any Class A Ordinary Shares with a nominal value of $0.01 related to share options granted to Non-Executive Directors of Wise under the Company's legacy incentive plans prior to the Company's admission to trading on the London Stock Exchange (for the six months to September 30, 2024: 223,000 Class A Ordinary Shares).

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*Class B* 

During the six months to September 30, 2025, the Company redeemed 25,000,000 Class B Ordinary Shares with a nominal value of $0.000 000 001 in accordance with Article 15.3.2 of the Company's Articles of Association (six months to September 30, 2024: nil).

*Purchase of Company's Shares* 

During the six months to September 30, 2025, Wise continued the program, which commenced in 2023, to purchase the Company's shares in the market through the Employee Benefit Trust (EBT) in order to reduce the impact of dilution from share-based employee compensation. The consideration paid, including any directly attributable incremental costs (net of income taxes), on purchase of the Company's equity instruments is deducted from equity.

During the six months to September 30, 2025, a total of 17,030,373 shares (six months to September 30, 2024: 4,662,518) were purchased from the market at an average of $14.24 per share (six months ended September 30, 2024: $9.43). Directly attributable costs for the six months ended September 30, 2025 of $1.6 million (six months ended September 30, 2024: $0.3 million) have been recognized in equity along with $nil of committed market purchases not executed as of the balance sheet date September 30, 2025 (September 30, 2024: $2.1 million).

*Accumulated other comprehensive income* 

The following table presents a summary of the changes in the components of the Group's accumulated other comprehensive income (AOCI).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Unrealized<br>gains/<br>(losses) on<br>AFS debt<br>securities** | **Foreign<br>currency<br>translation<br>gains/<br>(losses)** | **Tax<br>(expense)/<br>benefit** | **Total<br>AOCI** |
|  | (In million) | (In million) | (In million) | (In million) |
|  **Balance at March 31, 2024** | $**(41.7)** | $**(17.3)** | $**12.2** | $**(46.8)** |
|  Increase/(decrease) | (53.3) | 71.5 | 9.2 | 27.4 |
|  Reclassification adjustments, included in net income | 23.0 |  |  | 23.0 |
|  Total increase/(decrease) | $**(30.3)** | $**71.5** | $**9.2** | $**50.4** |
|  **Balance at September 30, 2024** | $**(72.0)** | $**54.2** | $**21.4** | $**3.6** |
|  **Balance at March 31, 2025** | $**(21.7)** | $**3.5** | $**7.0** | $**(11.2)** |
|  Increase/(decrease) | 30.3 | 75.0 | (8.4) | 96.9 |
|  Reclassification adjustments, included in net income | 6.8 |  |  | 6.8 |
|  Total increase/(decrease) | $37.1 | $75.0 | $(8.4) | $103.7 |
|  **Balance at September 30, 2025** | $**15.4** | $**78.5** | $**(1.4)** | $**92.5** |

---

The tax benefit/(expense) relates to accumulated unrealized loss on available-for-sale (AFS) debt securities.

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Amounts reclassified from AOCI and the affected line items in the statements of income during the six months ended September 30, 2025 and 2024, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Amount Reclassified from<br>AOCI** | **Amount Reclassified from<br>AOCI** | **Affected Line Item in**<br> **the Statement of**<br> **Comprehensive<br>Income** |
|  | **Six months ended<br>September 30,** | **Six months ended<br>September 30,** | **Affected Line Item in**<br> **the Statement of**<br> **Comprehensive<br>Income** |
|  | **2025** | **2024** |  |
|  | **(In million)** | **(In million)** |  |
|  Unrealized losses on available-for-sale securities | $6.8 | $23.0 | Other income/(loss), net |
|  | 6.8 | 23.0 | Income before tax |
|  |  | **—** | Income tax expense/(benefit) |
|  **Total reclassification out of AOCI** | $**6.8** | $**23.0** |  |

---

Unrealized losses on available-for-sale debt securities of $6.8 million for the six months ended September 30, 2025 ($23.0 million for the six months ended September 30, 2024) relate to unrealized foreign exchange differences arising on portfolios denominated in currencies other than the functional currency of the holding entity. Upon maturity of these securities, the related cumulative unrealized gains and losses were reclassified from the Accumulated other comprehensive income to "Other income/(loss), net" in the Consolidated Statement of Comprehensive Income.

**8. Earnings per Share** 

Basic and diluted earnings per share is calculated as follows:

**Group's basic and diluted net income/(loss) per ordinary share** 

---

| | | |
|:---|:---|:---|
|  | **Six months ended<br>September 30,** | **Six months ended<br>September 30,** |
|  | **2025** | **2024** |
| **Numerator** | (In million, except per<br>share data) | (In million, except per<br>share data) |
|  Net income - basic | $234.8 | $326.5 |
|  Net income - diluted | $234.8 | $326.5 |
|  **Denominator** |  |  |
|  Weighted average number of shares – basic (in millions of shares) | 1023.0 | 1028.1 |
|  Plus the effect of dilution from share awards (in millions of shares) | 12.7 | 15.3 |
|  Weighted average number of shares – diluted (in millions of shares) | 1035.7 | 1043.4 |
|  **Earnings per share** |  |  |
|  Basic (cents) | $22.95 | $31.76 |
|  Diluted (cents) | $22.67 | $31.29 |

---

------

##### [**Table of Contents**](#toc)
**9. Available-for-Sale Debt Securities** 

Investments in debt securities are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended September 30, 2025** | **Six months ended September 30, 2025** | **Six months ended September 30, 2025** | **Six months ended September 30, 2025** |
|  | **Amortized**<br>**cost** | **Gross<br>unrealized<br>gains** | **Gross<br>unrealized<br>losses** | **Fair value** |
| **Available-for-sale debt securities:** | (In million) | (In million) | (In million) | (In million) |
|  U.S. government bonds | $1735.3 | $2.1 | $(11.5) | $1725.9 |
|  U.K. government bonds | 1142.2 | 1.4 | (6.2) | 1137.4 |
|  Other foreign bonds | 2804.6 | 39.0 | (9.1) | 2834.5 |
|  Corporate debt securities | 817.7 |  | (0.3) | 817.4 |
|  **Total Available-for-sale debt securities** | $**6499.8** | $**42.5** | $**(27.1)** | $**6515.2** |
|  | **Year ended March 31, 2025** | **Year ended March 31, 2025** | **Year ended March 31, 2025** | **Year ended March 31, 2025** |
|  | **Amortized**<br>**cost** | **Gross<br>unrealized<br>gains** | **Gross<br>unrealized<br>losses** | **Fair value** |
| **Available-for-sale debt securities:** | (In million) | (In million) | (In million) | (In million) |
|  U.S. government bonds | $1690.9 | $3.5 | $(5.4) | $1689.0 |
|  U.K. government bonds | 1088.9 | 0.7 | (7.8) | 1081.8 |
|  Other foreign bonds | 2538.1 | 4.5 | (15.8) | 2526.8 |
|  Corporate debt securities | 717.5 | 0.1 | (1.6) | 716.0 |
|  **Total Available-for-sale debt securities** | $**6035.4** | $**8.8** | $**(30.6)** | $**6013.6** |

---

Other foreign bonds include foreign government and state bonds.

The amortized cost and fair value of securities available-for-sale at September 30, 2025, by contractual maturity, are shown below.

---

| | | |
|:---|:---|:---|
|  | **Amortized**<br>**cost** | **Fair**<br>**value** |
|  | (In million) | (In million) |
|  Within one year | $5149.1 | $5159.4 |
|  Due after one year through five years | 1350.7 | 1355.8 |
|  **Total Available-for-sale debt securities** | $**6499.8** | $**6515.2** |

---

Proceeds from sales, maturities, principal payments received and net gross realized gains and losses on available-for-sale debt securities were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended<br>September 30,** | **Six months ended<br>September 30,** |
|  | **2025** | **2024** |
|  | (In million) | (In million) |
|  Proceeds from sales, maturities and principal payments received | $4718.1 | $3821.7 |
|  Gross realized gains | 10.4 | 3.8 |
|  Gross realized losses | (17.2) | (26.8) |
|  **Net realized losses** | $**(6.8)** | $**(23.0)** |

---

Net realized losses on available-for-sale debt securities of $6.8 million for the six months ended September 30, 2025 ($23.0 million for the six months ended September 30, 2024) resulted from the reclassification of

------

##### [**Table of Contents**](#toc)
cumulative unrealized foreign-exchange adjustments (September 30, 2025: $6.8 million loss and September 30, 2024: $23.0 million loss from Accumulated Other Comprehensive Income upon the maturity of these securities. Refer to "Note 7 — Shareholders' equity" for additional information. The gross realized gains and losses are mainly due to the movement in government bonds.

Gains and losses on the sale or maturity of available-for-sale debt securities are determined using the specific-identification method and recognized in "Other income/(loss), net" in the Condensed Consolidated Statement of Comprehensive Income.

The following is a summary of gross unrealized losses and fair value for those investments with unrealized losses, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, at September 30, 2025 and March 31, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Less than 12 months** | **Less than 12 months** | **12 months or longer** | **12 months or longer** | **Total** | **Total** |
|  |<br>**Number<br>of**<br>**securities** | **Fair**<br>**value** | **Gross<br>unrealized<br>loss** | **Fair<br>value** | **Gross<br>unrealized<br>loss** | **Fair**<br>**value** | **Gross<br>unrealized<br>loss** |
|  | | (In million) | (In million) | (In million) | (In million) | (In million) | (In million) |
|  **September 30, 2025** |  |  |  |  |  |  |  |
|  U.S. government bonds | 38 | $470.0 | $(11.5) | $47.4 | $— | $517.4 | $(11.5) |
|  U.K. government bonds | 23 | 236.4 | (0.2) | 96.9 | (6.0) | 333.3 | (6.2) |
|  Other foreign bonds | 75 | 701.5 | (8.6) | 78.4 | (0.5) | 779.9 | (9.1) |
|  Corporate debt securities | 55 | 476.1 | (0.3) |  |  | 476.1 | (0.3) |
|  **Balance at September 30, 2025** | **191** | $**1884.0** | $**(20.6)** | $**222.7** | $**(6.5)** | $**2106.7** | $**(27.1)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Less than 12 months** | **Less than 12 months** | **12 months or longer** | **12 months or longer** | **Total** | **Total** |
|  |<br>**Number<br>of**<br>**securities** | **Fair**<br>**value** | **Gross<br>unrealized<br>loss** | **Fair<br>value** | **Gross<br>unrealized<br>loss** | **Fair**<br>**value** | **Gross<br>unrealized<br>loss** |
|  | | (In million) | (In million) | (In million) | (In million) | (In million) | (In million) |
|  **March 31, 2025** |  |  |  |  |  |  |  |
|  U.S. government bonds | 46 | $569.3 | $(5.4) | $— | $— | $569.3 | $(5.4) |
|  U.K. government bonds | 15 | 166.9 | (0.3) | 91.7 | (7.5) | 258.6 | (7.8) |
|  Other foreign bonds | 97 | 1203.4 | (9.9) | 282.4 | (5.9) | 1485.8 | (15.8) |
|  Corporate debt securities | 38 | 307.2 | (1.6) |  |  | 307.2 | (1.6) |
|  **Balance at March 31, 2025** | **196** | $**2246.8** | $**(17.2)** | $**374.1** | $**(13.4)** | $**2620.9** | $**(30.6)** |

---

Management does not have the intent to sell any of these securities and believes that it is more likely than not that the Group will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as of September 30, 2025, management believes that the unrealized losses detailed in the previous tables are due to noncredit-related factors, including changes in market interest rates and other market conditions, and therefore the Group carried no allowance for credit losses on securities available-for-sale as of September 30, 2025 and March 31, 2025. The Group has elected to write off accrued interest receivables by recognizing credit loss expenses. There was no credit loss expense relating to accrued interest receivables for the six months ended September 30, 2025 and the year ended March 31, 2025.

Accrued interest receivable on available-for-sale securities, included in "Prepaid expenses and other current assets" in the Condensed Consolidated Statement of Financial Position, totaled $1.3 million and $31.2 million at September 30, 2025 and March 31, 2025, respectively, the Group has excluded the practical expedient to exclude the accrued interest from the estimate of credit losses.

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##### [**Table of Contents**](#toc)
**10. Account Receivables, net of Allowance for Credit Losses** 

---

| | | |
|:---|:---|:---|
|  | **Six months<br>ended<br>September 30,**<br>**2025** | **Year<br>ended<br>March 31,**<br>**2025** |
|  | (In million) | (In million) |
|  Receivables from payment processors | $60.0 | $50.6 |
|  Receivables from partners | 104.3 | 99.5 |
|  Receivables from customers | 110.7 | 127.5 |
|  Receivables from brokers | 41.8 | 70.2 |
|  **Total Account Receivables, net of Allowance for Credit Losses** | $**316.8** | $**347.8** |

---

The Group's Allowance for Credit Losses of $63.8 million and $60.2 million as of September 30, 2025 and March 31, 2025, respectively.

**11. Leases** 

Operating lease expense for the six months ended September 30, 2025 was $9.0 million ($7.7 million for the six months ended September 30, 2024) with a weighted-average discount rate of 6.42% and 7.14% respectively.

Future minimum lease payments for our leases as of September 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Year** | **Amount** |
|  | (In million) |
| 2026 | $9.3 |
| 2027 | 16.4 |
| 2028 | 23.7 |
| 2029 | 21.6 |
| 2030 | 20 |
|  Thereafter | 88.9 |
|  Total | $179.9 |
|  Less: present value discount | (47.2) |
|  **Lease liability** | $**132.7** |
|  Current portion of lease liability | 11.0 |
|  Noncurrent portion of lease liability | 121.7 |

---

During the six months to September 30, 2025, the Group entered into a new lease agreement with a term of 10 years and an option to extend for an additional 7 years. The lease commencement date was established on September 1, 2025. Accordingly, an operating lease right-of-use asset of $18.7 million and corresponding $18.7 million lease liability was recorded in the Condensed Consolidated Statement of Financial Position as of the lease commencement date. The optional lease term is not recognized as part of the right-of-use asset and lease liability.

Extension options are included in a number of office space leases across the Group to maximize operational flexibility. The potential future lease payments, should the Group exercise the extension options, would result in an increase in the lease liability of $15.6 million.

**12. Derivative Instruments** 

The Group's derivative instruments consist of foreign currency swaps, foreign exchange forwards and non-deliverable foreign exchange forwards. The derivative instruments are used to manage exposure to market

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##### [**Table of Contents**](#toc)
risks. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value through net income at each reporting date. All derivative financial instruments are recognized as "Derivative financial assets" or "Derivative financial liabilities" within the "Prepaid expenses and Other Current Assets" and "Accounts Payable and Other Current Liabilities" respectively, in the Consolidated Statement of Financial Position.

The following table summarizes the notional amount at inception and fair value of these instruments:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  | **Carrying**<br>**amount<br>assets** | **Carrying**<br>**amount**<br>**liabilities** | **Notional**<br>**amount** | **Carrying**<br>**amount<br>assets** | **Carrying**<br>**amount**<br>**liabilities** | **Notional**<br>**amount** |
|  | (In million) | (In million) | (In million) | (In million) | (In million) | (In million) |
|  Foreign currency swaps | $5.7 | 2.9 | 1072.1 | $2.0 | $3.2 | $1452.2 |
|  Foreign currency forwards | 0.4 | 0.6 | 708.6 | 1.1 | 0.6 | 727.0 |
|  Non-deliverable foreign exchange forwards | 0.3 | 1.7 | 214.0 | 0.1 | 1 | 123.9 |
|  **Total derivative instruments** | **6.4** | **5.2** | **1994.7** | **3.2** | **4.8** | **2303.1** |

---

See "Note 14—Fair Value Measurement" for additional information related to the fair value measurements.

**13. Short-term Debt** 

The Group's current facility is a multi-currency revolving facility of $443.6 million offered by a syndicate of six lenders: HSBC Innovation Banking Limited, JP Morgan Chase Bank N.A. London Branch, National Westminster Bank Plc, Citibank N.A. London Branch, Barclays Bank PLC and Goldman Sachs Lending Partners LLC (the "Revolving Credit Facility"). The maturity date of the facility is in December 2027, and the agreement offers two one-year extension options. In addition, there is an unused commitment fee, which accrues at a rate of 35% of the margin on the unused portion of the revolving commitments.

The key terms of the facility is as follow:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Facility** | **Currency** | **Interest**<br> **rate** | **Effective<br>interest<br>rate** | **Tranche**<br> **maturity**<br> **date** | **Principal<br>outstanding at<br>September 30,<br>2025 (GBP)** | **Principal<br>outstanding at<br>September 30,<br>2025 (USD)** |
|  |  |  |  |  | (In million) | (In million) |
|  Revolving Credit Facility | GBP | SONIA + 1.75% | 6.38% | December 2027 | £200.0 | $268.9 |

---

The Group has made drawdowns and repayments on the Revolving Credit Facility throughout the six months to September 30, 2025. As of September 30, 2025 $268.9 million was drawn down on the Revolving Credit Facility compared to $129.2 at March 31, 2025.

As of September 30, 2025 the Group had unused borrowing capacity of $174.8 million compared to $297.1 million at March 31, 2025.

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##### [**Table of Contents**](#toc)
**14. Fair Value Measurement** 

The fair value hierarchy of financial instruments measured at fair value as of September 30, 2025 and March 31, 2025 is provided below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **September 30, 2025** | (In million) | (In million) | (In million) | (In million) |
|  **Financial assets measured at fair value:** |  |  |  |  |
|  Derivative financial assets | $— | $6.4 | $— | $6.4 |
|  Money market funds | 9203.9 |  |  | 9203.9 |
|  Available-for-sale debt securities | 5746.9 | 768.3 |  | 6515.2 |
|  **Financial liabilities measured at fair value:** |  |  |  |  |
|  Derivative financial liabilities | $— | $(5.2) | $— | $(5.2) |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **March 31, 2025** | (In million) | (In million) | (In million) | (In million) |
|  **Financial assets measured at fair value:** |  |  |  |  |
|  Derivative financial assets | $— | $3.2 | $— | $3.2 |
|  Money market funds | 7741.6 |  |  | 7741.6 |
|  Available-for-sale debt securities | 5409.8 | 603.8 |  | 6013.6 |
|  **Financial liabilities measured at fair value:** |  |  |  |  |
|  Derivative financial liabilities | $— | $(4.8) | $— | $(4.8) |

---

As at September 30, 2025, the Group considers the carrying value of cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable and other liabilities, and funds payable and amounts due to customers to approximate fair value given the short-term nature of these items. As at September 30, 2025, the aggregate fair value of debt (a Level 2 measurement) approximated carrying value and is based on market yields for similar debt facilities and observable trading data related to the Group's debt securities. The valuations are based on discounted cash flows using market rate for the respective maturity of the debt instruments. The Group does not currently have any financial instruments in Level 3.

**15. Contingent Liabilities** 

*Litigation Provision* 

Through the normal course of the Group's business, the Group may be subject to a number of litigation proceedings both brought against and brought by the Group. The Group maintains liabilities for losses from legal actions that are recorded when they are determined to be both probable in their occurrence and can be reasonably estimated. Although the results of litigation and claims are inherently unpredictable, the Group has assessed that there was not a reasonable possibility that it had incurred a material loss with respect to such loss contingencies as of September 30, 2025 and March 31, 2025.

**16. Related party transactions** 

There have been no material changes to the nature or size of related party transactions since March 31, 2025.

**17. Subsequent Events** 

**Launch of Euro Medium Term Note Programme** 

In November 2025, the Group established a Euro Medium Term Note Programme (the "EMTN Programme"), under which Wise Financing plc ("Wise Financing"), a subsidiary of Wise plc, may from time to time issue senior unsecured notes ("Notes") up to an aggregate principal amount £2.0 billion ($2.6 billion). The proceeds of Notes issued under the EMTN Programme will be utilized for the Group's general corporate purposes.

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##### [**Table of Contents**](#toc)
In November 2025, the Group issued £250.0 million ($329.0 million) aggregate principal amounts of Notes under the EMTN Programme. Such Notes bear interest at a rate of 5.1000% per annum, and mature on November 25, 2030.

No further material post balance sheet events have been identified.

## Exhibit 1.1

**Exhibit 1.1**![LOGO](g19735snap1.jpg)

The Companies Act 2006

Company Limited by Shares

**ARTICLES OF ASSOCIATION** 

of

**Wise plc** 

**(Company No. 13211214)** 

------

The Companies Act 2006

Company Limited by Shares

**Articles of Association** 

**of** 

**Wise plc (the "Company")** 

(as amended by a special resolution passed on 28 July 2025)

**Preliminary** 

---

| | |
|:---|:---|
| **1** | **Default Articles not to apply**  |

---

Neither the regulations in The Companies (Model Articles) Regulations 2008 nor any other articles or regulations prescribing forms of articles which may apply to companies under the Legislation or any former enactment relating to companies shall apply to the Company.

---

| | |
|:---|:---|
| **2** | **Liability of members**  |

---

The Company is a public limited company, which means that each member's liability is limited to the amount (if any) unpaid on the shares held by them.

**Shares** 

---

| | |
|:---|:---|
| **3** | **Shares and special rights**  |

---

**3.1** The Class B Shares shall rank *pari passu* with the Class A Shares, save as otherwise
provided in these Articles. The rights and restrictions attached to the Class B Shares are as set out in Articles 6, 7, 10, 11, 13, 15, 38, 40, 76, 77, 86 and 87 below.

**3.2** Without prejudice to any rights attached to any existing shares, the Company may issue shares with such
rights or restrictions as determined by either the Company by ordinary resolution or, if the Company passes a resolution to so authorise them, the Directors.

---

| | |
|:---|:---|
| **4** | **Commissions on issue of shares**  |

---

The Company may pay a commission to any person who: (i) subscribes or agrees to subscribe for shares; or (ii) procures or agrees to procure subscriptions for shares. Such payment may be in cash and/or by allotting fully or partly paid shares or other securities.

---

| | |
|:---|:---|
| **5** | **Fractions arising on consolidation, subdivision or capitalisation**  |

---

**5.1** Whenever as a result of a subdivision, consolidation or capitalisation of shares any members would
become entitled to fractions of a share, the Directors may (subject to the provisions of these Articles):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.1** in relation to fractions arising in respect of a subdivision or consolidation, sell the shares
representing the fractions for the best price reasonably obtainable (including to the Company) and distribute the net proceeds of sale to those members in proportion to their shareholdings; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.2** in relation to fractions arising in connection with a capitalisation (including an issuance of shares),
deal with any fractional entitlements as they think fit.

**5.2** Where any member's entitlement to a portion of the proceeds of sale amounts to less than a minimum
figure determined by the Directors, that member's portion may, at the Directors' discretion, be distributed to an organisation which is a charity for the purposes of the law of England and Wales.

---

| | |
|:---|:---|
| **6** | **Capitalisation of profits and reserves**  |

---

**6.1** The members can pass an ordinary resolution to allow the Directors to change into capital any sum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.1** which is part of any of the Company's reserves (including premiums received when any shares were
issued, capital redemption reserves or other undistributable types of reserves); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.2** which the Company is holding as retained and undistributed profits.

**6.2** The Directors may apply any such capitalised sum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.1** in paying up any new shares in the Company to be allotted as fully paid shares to entitled members or to non-members as the members may direct (and, for the avoidance of doubt, any new Class A Shares issued in this way shall carry rights on a liquidation or winding up in accordance with Article 86);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.2** towards paying up any amounts unpaid on existing shares held by entitled members; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.3** in paying up new debentures of the Company which are then allotted credited as fully paid to the
entitled members or as they may direct,

in each case in proportion to the number of shares held by entitled members on the date the resolution is passed in accordance with Article 6.1, unless the resolution states otherwise, in which case the Directors may apply such sum in such other proportions and manner as stated in the resolution.

**6.3** Unless the ordinary resolution passed under Article 6.1 provides otherwise, if the Company holds
treasury shares on the date determined under Article 6.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.1** it shall be treated as an entitled member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.2** all such shares held by it as treasury shares shall be included in determining the proportions in which
the capitalised sum is set aside.

------

**Share Certificates** 

---

| | |
|:---|:---|
| **7** | **Issue of share certificates**  |

---

**7.1** Subject to Articles 7.5 and 13.3, the Company shall, on request, issue a share certificate to every
person whose name is entered in the Register in respect of shares in certificated form, except where the Legislation allows the Company not to issue a certificate.

**7.2** Subject to Article 9, the Company shall issue share certificates without charge.

**7.3** Where shares are held jointly by Joint Holders, the Company is not required to issue more than one
certificate in respect of those shares, and delivery of a certificate to one Joint Holder shall be sufficient delivery to them all.

**7.4** Each certificate must be in respect of one class of shares only. If a member holds more than one class
of shares, separate certificates must be issued to that member in respect of each class.

**7.5** The Company shall not issue a share certificate to any person in respect of Class B Shares.
Class B Shares are to be held in uncertificated form with the registered ownership of Class B Shares to be evidenced by reference to the Company's Register.

---

| | |
|:---|:---|
| **8** | **Form of share certificate**  |

---

Every share certificate shall specify the number and class of shares to which it relates, the nominal value of those shares, the amount paid up on them and any distinguishing numbers assigned to them.

---

| | |
|:---|:---|
| **9** | **Replacement of share certificates**  |

---

**9.1** The Company may decline a member's request to issue a consolidated share certificate or to replace
a consolidated share certificate with two or more separate share certificates.

**9.2** If a share certificate is damaged or defaced or alleged to have been lost, stolen or destroyed, the
member shall be issued a new certificate representing the same shares upon request.

**9.3** No new share certificate will be issued pursuant to this Article 9 unless the relevant member, having
paid such reasonable fee as the Directors may decide, has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.1** first delivered the old certificate or certificates to the Company for cancellation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.2** complied with such conditions as to evidence and indemnity as the Directors may think fit.

**9.4** In the case of shares held jointly by Joint Holders, any request pursuant to this Article 9 may be
made by any one of the Joint Holders.

------

**Shares not held in Certificated Form** 

---

| | |
|:---|:---|
| **10** | **Uncertificated shares**  |

---

**10.1** Any share of the Company may be issued or held, so that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.1** it is not evidenced by a certificate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.2** it may be transferred without a certificate.

**10.2** The Directors have power to take such steps as they think fit in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.1** the evidencing of and transfer of title to uncertificated shares (including in connection with the issue
of such shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.2** any records relating to the holding of uncertificated shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.3** the conversion of certificated shares into uncertificated shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.4** the conversion of uncertificated shares into certificated shares.

**10.3** The Company may by notice to the holder of a share require that share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.1** if it is uncertificated, to be converted into certificated form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.2** if it is certificated, to be converted into uncertificated form,

to enable it to be dealt with in accordance with the Articles.

**10.4** Unless the Directors resolve otherwise, the Directors must treat a member's shares which are held
in certificated form and in uncertificated form as separate shareholdings.

**10.5** A class of shares must not be deemed two classes simply because some shares of that class are held in
certificated form and others are held in uncertificated form.

**Variation of Rights** 

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| | |
|:---|:---|
| **11** | **Manner of variation of rights**  |

---

**11.1** Subject to Article 11.2, whenever the share capital of the Company is divided into different classes of
shares, the special rights attached to any class may be varied or cancelled with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.1** the written consent of the holders of three-quarters in nominal value of the issued shares of the class
(excluding any shares held as treasury shares); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.2** a special resolution passed at a separate meeting of the holders of the shares of the class.

------

**11.2** The special rights attaching to each of the Class A Shares and the Class B Shares shall not be
varied or cancelled without:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.1** a special resolution passed at a separate meeting of the holders of Class A Shares in respect of a
variation or cancellation of Class B Share rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.2** a special resolution passed at a separate meeting of the Class B Shares (for as long as any
Class B Shares are in issue) in respect of a variation or cancellation of Class A Share rights.

**11.3** The provisions of these Articles relating to General Meetings shall apply to any separate meetings of a
class of shareholders, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3.1** the necessary quorum shall be at least two persons holding or representing by proxy at least one third
in nominal value of the issued shares of the relevant class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3.2** subject to Article 38, every holder of shares of the class present in person or in proxy shall on a poll
have one vote for every share of the class held by such holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3.3** if a meeting is adjourned for any reason, including a lack of quorum, the adjourned meeting may be held
less than 10 clear days after the original meeting, despite Article 27.2.

**11.4** The provisions of this Article 11 shall apply to the variation or cancellation of the special rights
attached to some only of the shares of any class as if each group of shares of the class differently treated form a separate class, the special rights of which are to be varied.

---

| | |
|:---|:---|
| **12** | **Matters not constituting variation of rights**  |

---

The special rights attached to any class of shares having preferential rights shall not, unless otherwise expressly provided by their terms of issue, be deemed to be varied by:

**12.1** the creation or issue of further shares ranking, as regards participation in the dividends or assets of
the Company, in some or all respects equally with them but in no respect in priority to them; or

**12.2** the purchase or redemption by the Company of any of its own shares in accordance with these Articles.

---

| | |
|:---|:---|
| **13** | **Allotment of Class B Shares and Holdings of Corresponding Class A Shares**  |

---

**13.1** In respect of the allotment of Class B Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1.1** subject to the provisions of Section 551 of the Companies Act, the Board may approve the issue and
allotment of such number of Class B Shares as is required to satisfy the Share for Share Exchange and allot and issue Class B Shares to the Initial Class B Shareholders in the amounts and proportions as are required to satisfy the
Share for Share Exchange (and as set out in Schedule 1) (the "**Class B Share Issue** "); and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1.2** Class B Shares may be issued and allotted pursuant to the Class B Share Issue on a non-pro rata basis and paid up by the capitalisation of any sum standing to the credit of the Company's reserve accounts or profit and loss account in accordance with Article 6.

**13.2** The Initial Class B Shares may only be allotted and issued together with Corresponding Class A
Shares, pursuant to the Share for Share Exchange.

**13.3** Corresponding Class A Shares are to be held in uncertificated form and their ownership is to be
evidenced by reference to the Company's Register. Registered holders of Corresponding Class A Shares can request the issuance of a share certificate in respect of such Corresponding Class A Shares in accordance with Article 7. As set
out in Article 15.2 below, each Class B Share shall immediately cease to carry any entitlement to voting rights on the issuance of a share certificate in respect of its Corresponding Class A Share.

**Transfer of Shares** 

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| | |
|:---|:---|
| **14** | **Form of transfer**  |

---

**14.1** All transfers of shares which are in certificated form may be effected in writing in any form acceptable
to the Directors.

**14.2** The instrument of transfer shall be signed by the transferor or on their behalf.

**14.3** The transferor shall remain the holder of the shares concerned until the name of the transferee is
entered in the Register in respect of those shares.

**14.4** All instruments of transfer which are registered may be retained by the Company.

**14.5** All transfers of shares which are in uncertificated form (save, for the avoidance of doubt, for
Class B Shares which are non-transferable) shall be effected by means of a Relevant System in accordance with the CREST Regulations or otherwise in accordance with the Legislation.

---

| | |
|:---|:---|
| **15** | **Non-transferability of Class B Shares**  |

---

**15.1** Class B Shares are strictly non-transferable, non-tradeable and non-distributable to any person or entity whatsoever. The Directors must not approve any instrument of transfer in respect of any Class B Shares.

**15.2** Each Class B Share shall immediately cease to carry any entitlement to voting rights in any of the
following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2.1** the relevant Class B Shareholder being issued a share certificate in respect of that Class B
Share's Corresponding Class A Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2.2** the Class B Shareholder's Corresponding Class A Share relating to that Class B
Share being deposited into any depositary for equity securities, as defined in Sections 560(1) to (3) inclusive of the Companies Act;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2.3** the death of the Class B Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2.4** the purported trade and/or transfer of the beneficial and/or legal interest of the relevant Class B
Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2.5** the purported trade and/or transfer of the beneficial and/or legal interest of a Class B
Shareholder's Corresponding Class A Share relating to the relevant Class B Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2.6** any indirect change in control in respect of the Class B Shareholder (as determined by the Board);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2.7** 23:59 (London time) on the fifth anniversary following Admission.

**15.3** Following any Class B Share ceasing to carry any entitlement to voting rights in accordance with
Article 15.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3.1** no entitlement to voting rights may be reinstated in respect of such Class B Share at any time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3.2** the Company may, in its sole discretion, redeem any such Class B Share for no consideration at such
time, and in such manner, as the Directors may determine and, upon such redemption, each such Class B Share shall be cancelled.

---

| | |
|:---|:---|
| **16** | **Right to refuse registration**  |

---

**16.1** The Directors may decline to register any transfer of shares in certificated form unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1.1** the instrument of transfer is in respect of only one class of share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1.2** the instrument of transfer is lodged (duly stamped if required) at the Transfer Office accompanied by
the relevant share certificate(s) or such other evidence as the Directors may reasonably require to show the right of the transferor to make the transfer or, if the instrument of transfer is executed by some other person on the transferor's
behalf, the authority of that person to do so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1.3** it is fully paid.

**16.2** The Directors may also refuse to register an allotment or transfer of shares (whether fully paid or not)
in favour of more than four persons jointly.

**Persons automatically entitled to shares by law** 

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| | |
|:---|:---|
| **17** | **Persons entitled to shares on death**  |

---

**17.1** Subject to Article 15.2, if a member dies, the only persons the Company shall recognise as having any
title to such member's interest in the shares shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1.1** the survivors or survivor where the deceased was a Joint Holder; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1.2** the executors or administrators of the deceased where the deceased was a sole or only surviving holder.

---

| | |
|:---|:---|
| **18** | **Election by persons entitled to shares by operation of law**  |

---

**18.1** A person becoming entitled to a share (excluding Class B Shares) in consequence of the death or
bankruptcy of a member or otherwise by operation of law may either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.1.1** be registered as the holder of the share upon giving to the Company notice in writing to that effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.1.2** transfer such share to some other person,

upon supplying to the Company such evidence as the Directors may reasonably require to show such person's title to the share.

**18.2** All the limitations, restrictions and provisions of these Articles relating to the right to transfer and
the registration of transfers of shares shall apply to any such notice or transfer as if the notice or transfer were a transfer made by the member registered as the holder of any such share.

**18.3** The Company may give notice requiring a person entitled to a share to make the election referred to in
Article 18.1. If such notice is not complied with within one year of being sent, the Company may register that person as the holder of that share.

---

| | |
|:---|:---|
| **19** | **Rights of persons entitled to shares by operation of law**  |

---

A person becoming entitled to a share (excluding Class B Shares) as a result of the death or bankruptcy of a member or by operation of law, shall be entitled to the same dividends and other advantages as a registered holder of the share upon supplying to the Company such evidence as the Directors may reasonably require to show such person's title to the share.

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| | |
|:---|:---|
| **20** | **Prior notices binding**  |

---

If a notice is given to a member in respect of a share, a person entitled to that share is bound by the notice if it was given to the member before the name of the person entitled was entered into the Register.

**Untraced Shareholders** 

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| | |
|:---|:---|
| **21** | **Untraced shareholders**  |

---

**21.1** Except for Class B Shares, the Company is entitled to sell any shares in circumstances where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1.1** during the period of 12 years before the sending of the notice referred to in Article 21.1.2, the
relevant registered member has been entered in the Company's Register and at least three dividends in respect of the shares have become payable and no dividends have been claimed by that member;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1.2** following the expiry of the 12-year period referred to in
Article 21.1.1, the Company has sent a notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in hard copy form to the last known physical address that the Company has for the relevant holder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in electronic form to the last known email address that the Company has for the relevant holder,

stating the Company's intention to sell the relevant shares. Before sending such notice, the Company must have used reasonable efforts to trace the relevant holder or person entitled by operation of law to such shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1.3** during the period of three months following the Company sending the notice referred to in Article 21.1.2
the Company has not received any communication from the relevant holder.

**21.2** The Company is also entitled to sell any additional shares in the Company held by a relevant holder
under Article 21.1 that were issued by the Company during the 12-year period referred to in Article 21.1.1, if and provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.2.1** the criteria in Articles 21.1.2 and 21.1.3 are satisfied in relation to the additional shares (but as if
the words "following the expiry of the 12-year period" were omitted from Article 21.1.2); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.2.2** no dividend on such additional shares has been claimed by the relevant holder.

**21.3** The net proceeds of such sale (after payment of the costs of the sale) shall be forfeited by the
relevant holder and shall belong to the Company.

**General Meetings** 

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| | |
|:---|:---|
| **22** | **Annual General Meetings**  |

---

An Annual General Meeting shall be held in each period of six months beginning with the day following the Company's accounting reference date, at such date and time decided by the Directors.

---

| | |
|:---|:---|
| **23** | **Convening of General Meetings**  |

---

**23.1** The Directors may proceed to convene a General Meeting whenever they think fit.

**23.2** The Directors are required to convene a General Meeting if the Company receives requests to do so from
members representing at least 5% of the paid up share capital of the Company, in accordance with the Companies Act.

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---

| | |
|:---|:---|
| **24** | **Postponement or cancellation of General Meetings**  |

---

**24.1** The Directors may resolve to postpone or cancel any General Meeting or move the place or places
(including, for a combined physical and electronic General Meeting, electronic platform) of such meeting before the time at which it is to be held.

**24.2** The Directors may give notice of a postponement or cancellation or move as they think fit but any
failure to give notice of a postponement or cancellation or move does not invalidate the postponement or cancellation or move or any resolution passed at a postponed or moved meeting. Notice of the business of a postponed or moved meeting does not
need to be given again.

**24.3** If a meeting is postponed or moved, the appointment of a proxy for that meeting is valid if it is done
in accordance with these Articles and received not less than 48 hours before the commencement of the postponed or moved meeting to which it relates. The Directors may also postpone or cancel or move a postponed or moved meeting under this Article
24. **Notice of General Meetings** 

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| | |
|:---|:---|
| **25** | **Notice of General Meetings**  |

---

**25.1** The Company may determine that only those persons entered on the Register at the close of business on a
day decided by the Company, such day being no more than 21 days before the day that notice of the meeting is sent, shall be entitled to receive such a notice.

**25.2** The Company must specify in the notice of a meeting a time (not more than 48 hours before the time fixed
for the meeting) by which a person must be entered on the Register in order to have the right to attend or vote at the meeting.

**Proceedings at General Meetings** 

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| | |
|:---|:---|
| **26** | **Chair**  |

---

The Chair of the Board of Directors shall preside as chair of any General Meeting at which the Chair is present (as long as the Chair is willing to do so). If the Chair of the Board of Directors is not present or is unwilling, the Senior Independent Director, failing whom any Director present and willing to act and, if more than one, chosen by the Directors present at the meeting, shall preside as chair. If no Director is present within 10 minutes after the time appointed for holding the meeting and willing to act as chair, a member may be elected to be the chair by a resolution of the Company passed at the meeting.

---

| | |
|:---|:---|
| **27** | **Requirement for Quorum at General Meetings**  |

---

**27.1** No business other than the appointment of a chair shall be transacted at any General Meeting unless a
quorum is present at the time when the meeting proceeds to business.

------

**27.2** If within five minutes from the time selected for a General Meeting (or such longer time as the chair of
the meeting thinks fit) a quorum is not present, or if during the meeting a quorum ceases to be present:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.2.1** if the meeting was called by any shareholder(s), it shall be dissolved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.2.2** in the case of any other meeting, it shall be adjourned to another day, time and place as may be decided
by the Chair that is at least 10 clear days after the original General Meeting.

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| | |
|:---|:---|
| **28** | **Adjournment**  |

---

**28.1** The chair of any General Meeting at which a quorum is present may adjourn the meeting if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.1.1** the members consent to an adjournment by passing an ordinary resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.1.2** the chair considers it necessary to restore order or to otherwise facilitate the proper conduct of the
meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.1.3** the chair considers it necessary for the safety of the people attending the meeting (including if there
is insufficient room at the meeting venue to accommodate everyone who wishes to, and is entitled to, attend).

**28.2** The chair of any General Meeting at which a quorum is present must adjourn the meeting if requested to
do so by a majority of Directors at the meeting.

**28.3** If the chair adjourns a meeting, the chair may specify the time and place or places and (if applicable
for a combined physical and electronic General Meeting) electronic platform to which it is adjourned. Where a meeting is adjourned without specifying a new time and place or places and (if applicable) electronic platform, the time and place or
places and (if applicable) electronic platform for the adjourned meeting shall be fixed by the Chair.

**28.4** The only business that can be discussed and implemented at an adjourned meeting is the business lawfully
proposed at the original General Meeting.

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| | |
|:---|:---|
| **29** | **Notice of adjourned meeting**  |

---

No notice is required for an adjourned meeting if the chair of the original meeting announces the time and place of the adjourned meeting at the original meeting. If the time and place of the adjourned meeting are not announced at the original meeting, the Company must give at least three days' notice of the adjourned meeting in the same way as was required for the original meeting.

---

| | |
|:---|:---|
| **30** | **Amendments to resolutions**  |

---

**30.1** A special resolution proposed for consideration at a General Meeting may only be amended by ordinary
resolution to correct an obvious error.

------

**30.2** An ordinary resolution proposed for consideration at a General Meeting may be amended by ordinary
resolution provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.2.1** in the good faith opinion of the chair of the meeting, the amendment is within the scope of the business
of the meeting as described and does not impose further obligations on the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.2.2** notice of the proposed amendment is given to the Company by a person entitled to vote at the General
Meeting in question at least 48 hours before the meeting or adjourned meeting (as the case may be).

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| | |
|:---|:---|
| **31** | **Security arrangements and orderly conduct**  |

---

**31.1** The Chair and the Directors may put in place such arrangements or restrictions as they think fit to
ensure the safety and security of the attendees at a General Meeting and the proper and orderly conduct of the meeting, including requiring attendees attending physically to submit to searches and/or health and safety restrictions.

**31.2** The Directors may refuse entry to, or remove from, a General Meeting any member, proxy or other person
who fails to comply with such arrangements or restrictions.

---

| | |
|:---|:---|
| **32** | **Combined physical and electronic General Meetings**  |

---

**32.1** The Directors may decide to hold a General Meeting as a combined physical and electronic General
Meeting.

**32.2** The Directors and the chair of a combined physical and electronic General Meeting may make any
arrangement and impose any requirement or restriction as is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32.2.1** necessary to ensure the identification of those taking part and the security of the electronic
communication; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32.2.2** proportionate to achieving these objectives.

**32.3** All resolutions put to members at a combined physical and electronic General Meeting shall be voted on
by a poll in accordance with Articles 35, 36 and 37.

**32.4** Persons seeking to attend or participate in a combined physical and electronic General Meeting via an
electronic platform shall be responsible for ensuring that they have access to the facilities (including, without limitation, systems, equipment and connectivity) which are necessary to enable them to attend or participate in such General Meeting.
Any failure of such facilities will not affect the validity of such General Meeting or any business conducted at such General Meeting or any action taken pursuant to such General Meeting.

------

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| | |
|:---|:---|
| **33** | **Attendance at and participation in General Meetings**  |

---

**33.1** The Directors may make whatever arrangements they consider appropriate to enable those attending a
General Meeting to exercise their rights to speak or vote at it.

**33.2** A person is able to exercise the right to speak at a General Meeting when that person is in a position
to communicate, during the meeting, information and opinions which that person has on the business of the meeting.

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| | |
|:---|:---|
| **34** | **Schemes of Arrangement**  |

---

For the purposes of giving effect to a Scheme of Arrangement between the Company and the Shareholders (or any group of the Shareholders subject to the Scheme of Arrangement), the Directors (or a duly authorised committee of the Directors) shall only be authorised to take such action (or any actions as they may consider necessary or appropriate for carrying a Scheme of Arrangement into effect) if given prior authority by the Company's Shareholders through the passing of a special resolution at a General Meeting.

**Polls** 

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| | |
|:---|:---|
| **35** | **Poll voting**  |

---

At any General Meeting, a resolution put to the vote of the meeting shall be decided on a poll, which shall be taken in such manner as the chair of the meeting shall direct.

---

| | |
|:---|:---|
| **36** | **Procedure on a poll**  |

---

**36.1** A poll shall be taken in such manner (including by electronic means) as the chair of the meeting
directs.

**36.2** The chair of the meeting may appoint scrutineers (who need not be members) and shall decide how and when
the result of the poll is to be declared.

**36.3** On a poll, votes may be given either personally or by proxy and a person entitled to more than one vote
need not use all such votes or cast all such votes in the same way.

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| | |
|:---|:---|
| **37** | **Timing of poll**  |

---

**37.1** A poll can either be taken immediately at the meeting or within 30 days and at a place and time decided
on by the chair of the meeting.

**37.2** No notice is required for a poll which is not taken immediately if the time and place it is to be taken
are announced at the meeting. If the time and place the poll is to be taken are not announced at the meeting, the Company must give three days' notice of the time and place the poll is to be taken.

------

**Votes of Members** 

---

| | |
|:---|:---|
| **38** | **Votes attaching to shares**  |

---

**38.1** Subject to any restrictions on voting in these Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.1.1** on a poll every member who is present in person or by proxy shall have one vote for every share of which
such member is the holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.1.2** on a poll every Class B Shareholder who is present in person or by proxy shall have nine votes for
every Class B Share of which such member is the holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.1.3** the Class B Shares shall carry no entitlement to voting rights unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the registered holder is an Initial Class B Shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class A Shares have been admitted to listing and/or trading on a regulated market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.1.4** the entitlement to voting rights held exclusively by the Initial Class B Shareholders is non-transferable and may only be exercised by the named Initial Class B Shareholders, as set out in Schedule 1, whether in person or by proxy.

**38.2** A proxy shall not be entitled to vote on a poll where the member appointing the proxy would not have
been entitled to vote on the resolution had such member been present in person.

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| | |
|:---|:---|
| **39** | **Validity and result of vote**  |

---

Any objection to the right of any person to vote must be made at the General Meeting (or adjourned meeting) at which the vote is cast. If a vote is not disallowed at a meeting, it is valid for all purposes. Any objection must be raised with the chair of the meeting and their decision is final.

---

| | |
|:---|:---|
| **40** | **Restrictions on Voting – Class B Shares**  |

---

**40.1** Subject to Articles 40.2 to 40.4, each Class B Shareholder shall be entitled to attend and speak at
any General Meeting of the Company or any meeting of the holders of any class of shares or to vote at any such meeting, and shall have the right to attend (whether in person or by proxy), to speak and to demand and vote on a poll.

**40.2** The number of votes that each Class B Shareholder Group (other than Kristo
Käärmann's Class B Shareholder Group) is entitled to exercise by virtue of its consolidated holding of Class B Shares shall be capped, in accordance with Article 40.8, on the following basis and in the following
circumstances in respect of each Shareholder resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40.2.1** each member of the relevant Class B Shareholder Group shall be entitled to all votes attaching to
the Class A Shares held by it (for the avoidance of doubt regardless of the number of Class B Shares owned by that member or by any other members of that Class B Shareholder Group and even in excess of the Non-CEO Permitted Maximum);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40.2.2** in addition to the votes under Article 40.2.1 above, each member of the relevant Class B
Shareholder Group shall be entitled to any and all votes attaching to the Class B Shares held by it, provided always that the total number of votes exercisable by the Class B Shareholder Group (in aggregate across all members of the
Class B Shareholder Group and including all votes attaching to Class A Shares and Class B Shares held across all members of the Class B Shareholder Group) shall not exceed the Non-CEO Permitted Maximum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40.2.3** in circumstances where any restriction under Article 40.2.2 above applies, the excess votes in respect
of Class B Shares (over the Non-CEO Permitted Maximum) that are not exercisable in accordance with this Article 40.2 shall be deducted from the number of votes that would otherwise be exercisable by the
members of the relevant Class B Shareholder Group, in each case pro rata to their holdings of Class B Shares.

**40.3** The number of votes that each member of Kristo Käärmann's Class B Shareholder Group
is entitled to by virtue of its consolidated holding of Class B Shares shall be capped, in accordance with Article 40.8, on the following basis and in the following circumstances, while Kristo Käärmann is Chief Executive Officer of
the Company, in respect of each Shareholder resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40.3.1** each member of Kristo Käärmann's Class B Shareholder Group shall be entitled to all
votes attaching to the Class A Shares held by him or it (for the avoidance of doubt regardless of the number of Class B Shares owned by that member or by any other members of that Class B Shareholder Group and even in excess of the Non-CEO Permitted Maximum);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40.3.2** in addition to the votes under Article 40.3.1 above, each member of Kristo Käärmann's
Class B Shareholder Group shall be entitled to any and all votes attaching to the Class B Shares held by him or it, provided always that the total number of votes exercisable by his Class B Shareholder Group (in aggregate across the
Class B Shareholder Group and including all votes attaching to Class A Shares and Class B Shares held across all members of his Class B Shareholder Group) shall not exceed the CEO Permitted Maximum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40.3.3** in circumstances where any restriction under Article 40.3.2 above applies, the excess votes in respect
of Class B Shares (over the CEO Permitted Maximum) that are not exercisable in accordance with this Article 40.3 shall be deducted from the number of votes that would otherwise be exercisable by the members of Kristo Käärmann's
Class B Shareholder Group, in each case pro rata to their holdings of Class B Shares.

------

**40.4** The number of votes that each member of Kristo Käärmann's Class B Shareholder Group
is entitled to by virtue of its consolidated holding of Class B Shares shall, in accordance with Article 40.8, be capped on the following basis and in the following circumstances at any time Kristo Käärmann is not Chief Executive
Officer of the Company, in respect of each Shareholder resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40.4.1** each member of Kristo Käärmann's Class B Shareholder Group shall be entitled to all
votes attaching to the Class A Shares held by him or it (for the avoidance of doubt regardless of the number of Class B Shares owned by that member or by any other members of that Class B Shareholder Group and even in excess of the Non-CEO Permitted Maximum);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40.4.2** in addition to the votes under Article 40.4.1 above, each member of Kristo Käärmann's
Class B Shareholder Group shall be entitled to any and all votes attaching to the Class B Shares held by him or it, provided always that the total number of votes exercisable by the Class B Shareholder Group (in aggregate across the
Class B Shareholder Group and including all votes attaching to Class A Shares and Class B Shares held across all members of the Class B Shareholder Group) shall not exceed the Non-CEO Permitted Maximum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40.4.3** in circumstances where any restriction under Article 40.4.2 above applies, the excess votes in respect
of Class B Shares (over the Non-CEO Permitted Maximum) that are not exercisable in accordance with this Article 40.4 shall be deducted from the number of votes that would otherwise be exercisable by the
members of Kristo Käärmann's Class B Shareholder Group, in each case pro rata to their holdings of Class B Shares.

**40.5** For the avoidance of doubt, nothing in Articles 40.1 to 40.4 shall prevent any shareholder or
Class B Shareholder Group from being entitled to exercise votes attaching to shares in the Company in excess of the CEO Permitted Maximum or the Non-CEO Permitted Maximum (as applicable) by virtue solely
of the votes attaching to Class A Shares.

**40.6** At any time when the aggregate number of a Class B Shareholder Group's votes attaching to
Shares in the Company exceeds the Non-CEO Permitted Maximum or, in the case of Kristo Käärmann's Class B Shareholder Group, the CEO Permitted Maximum or the Non-CEO Permitted Maximum (as applicable), the Directors may deal with such votes attaching to Class B Shares as are in excess of the CEO Permitted Maximum or the Non-CEO Permitted Maximum (as applicable) as Affected Votes. The Directors shall give an Affected Vote Notice to the registered holder of any Class B Share which they determine to deal with as an Affected
Vote and shall state that the provisions of Article 40.7 (all of which shall be set out in the Affected Vote Notice) are to be applied in respect of such Affected Votes.

**40.7** A registered holder of Class B Shares upon whom an Affected Vote Notice has been served shall not
be entitled to exercise or cast their Affected Votes at the General Meeting of the Company or any meeting of the holders of any class of shares at which such Affected Votes have been deemed effective. In the case of a General Meeting of the Company
or any meeting of the holders of any class of shares, the Affected Votes shall vest in the Chair of such meeting who shall abstain from exercising or casting the Affected Votes.

------

**40.8** For the purposes of Articles 40.2 to 40.4, votes in respect of Class B Shares shall be capped such
that, on a Shareholder resolution, the number of votes eligible to be cast by a Class B Shareholder Group shall not exceed the CEO Permitted Maximum or the Non-CEO Permitted Maximum (as applicable) as a
proportion of all votes eligible to be cast in respect of that Shareholder resolution. In calculating the total number of votes eligible to be cast in respect of a Shareholder resolution (as the denominator in the calculation), any Affected Votes
shall be excluded thereby decreasing the total number of votes eligible to be cast and, as a consequence, decreasing the total number of votes required for a Shareholder to reach the CEO Permitted Maximum and the Non-CEO Permitted Maximum. This mechanism can be illustrated by way of a worked example as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40.8.1** if there are 100 votes in the Company and Kristo Käärmann (as Chief Executive Officer of the
Company) holds 60 of these votes, the voting rights that Kristo Käärmann is entitled to will exceed the CEO Permitted Maximum (for the purposes of this worked example, such threshold being after receipt of the Regulatory Approvals, namely
one vote below 50 per cent.), thereby triggering the vote capping mechanism;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40.8.2** 40 votes in the Company will be held by Shareholders other than Kristo Käärmann, therefore
Kristo Käärmann is entitled to votes, by virtue of his Class B Shares, such that as a proportion of the aggregate of the votes Kristo Käärmann is entitled to and the votes that Shareholders other than Kristo
Käärmann are entitled to, Kristo Käärmann does not exceed the CEO Permitted Maximum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40.8.3** Kristo Käärmann is therefore entitled to cast 39 votes in respect of that Shareholder
resolution by virtue of his Class B Shares, with the voting rights he holds in excess of that number by virtue of his Class B Shares being Affected Votes.

**Proxies and Corporate Representatives** 

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| | |
|:---|:---|
| **41** | **Appointment of proxies**  |

---

**41.1** A member is entitled to appoint a proxy to exercise all or any of such member's rights to attend
and to speak and vote at a General Meeting.

**41.2** A proxy need not be a member of the Company.

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| | |
|:---|:---|
| **42** | **Multiple proxies**  |

---

A member may appoint more than one proxy in relation to a meeting, provided that each proxy is appointed to exercise the rights attached to a different share or shares held by such member.

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| | |
|:---|:---|
| **43** | **Form of proxy**  |

---

**43.1** The appointment of a proxy must be in writing in any form which the Directors may approve and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43.1.1** in the case of an individual, must either be signed by the appointor or the appointor's attorney
or authenticated in accordance with Article 93; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43.1.2** in the case of a corporation, must be either given under its Seal or be signed on its behalf by an
attorney or a duly authorised officer of the corporation or authenticated in accordance with Article 93.

**43.2** Any signature on or authentication of such appointment need not be witnessed. Where an appointment of a
proxy is signed or authenticated in accordance with Article 93 on behalf of the appointor by an attorney, the Company may treat that appointment as invalid unless the power of attorney or a notarially certified copy of the power of attorney is
submitted to the Company.

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| | |
|:---|:---|
| **44** | **Deposit of form of proxy**  |

---

**44.1** The appointment of a proxy must be received in the manner set out in the notice convening the meeting
(or if no address is specified for receipt, at the Transfer Office).

**44.2** A proxy form must be received at least 48 hours before the meeting or adjourned meeting to which it
relates, except where a poll is taken more than 48 hours after the conclusion of a meeting or adjourned meeting, in which case it must be received at least 24 hours before the time appointed for the taking of the poll.

**44.3** The Directors may at their discretion resolve that, in calculating the periods mentioned in Article
44.2, no account shall be taken of any part of any day that is not a working day (within the meaning of Section 1173 of the Companies Act).

**44.4** In relation to any shares in uncertificated form, the Directors may permit a proxy to be appointed
electronically in the form of an Uncertificated Proxy Instruction. They may also permit any supplement to, or amendment or revocation of, any Uncertificated Proxy Instruction to be made by a further Uncertificated Proxy Instruction. The Directors
may prescribe the method used by the Company to determine it has received any such instruction. The Directors may treat any Uncertificated Proxy Instruction which appears or claims to be sent on behalf of a holder of a share as sufficient evidence
of the authority of the person sending the instruction to send it on behalf of that holder.

**44.5** Unless the contrary is stated on the proxy form, the appointment of a proxy shall be as valid for any
adjournment of a meeting as it is for the meeting to which it relates.

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| | |
|:---|:---|
| **45** | **Rights of proxy**  |

---

A proxy shall have the right to exercise all or any of the rights of the proxy's appointor, or (where more than one proxy is appointed by a member) all or any of the rights attached to the shares in respect of which such person is appointed the proxy to attend, and to speak and vote, at a General Meeting.

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| | |
|:---|:---|
| **46** | **Termination of proxy's authority**  |

---

**46.1** Unless notice of any of the following has been received in accordance with the Companies Act, any vote
cast in the manner authorised by a proxy form will be valid even if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46.1.1** the person who appointed the proxy has died or is of unsound mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46.1.2** the proxy form has been withdrawn; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46.1.3** the authority of the person who signed the proxy form for the shareholder has been withdrawn.

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| | |
|:---|:---|
| **47** | **Corporations acting by representatives**  |

---

Any corporation which is a member of the Company may, by resolution of its directors or other governing body, authorise a person or persons to act as its representative or representatives at any General Meeting.

**Directors** 

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| | |
|:---|:---|
| **48** | **Number of Directors**  |

---

The Directors shall not be less than two nor more than 20 in number, save that the Company may by ordinary resolution from time to time vary the minimum number and/or maximum number of Directors.

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| | |
|:---|:---|
| **49** | **Directors' remuneration and benefits**  |

---

**49.1** The ordinary remuneration of each Director shall from time to time be determined by the Directors.

**49.2** Any Director who holds any executive office (including for this purpose the office of Chair whether or
not such office is held in an executive capacity), or who serves on any committee of the Directors, or who otherwise performs services which in the opinion of the Directors are outside the scope of the ordinary duties of a Director, may be paid such
extra remuneration by way of salary, commission or otherwise or may receive such other benefits as the Directors may determine.

**49.3** The Directors may repay to any Director all such reasonable expenses as that Director may incur in
connection with the business of the Company, including (without limitation) in attending and returning from meetings of the Directors, any committee of the Directors or General Meetings.

**49.4** The Directors shall have power to pay and agree to pay a Director's remuneration. A
Director's remuneration may include the payment of gratuities, allowances, pensions or other retirement, superannuation, death, sickness or disability benefits to, or to any person in respect of, that Director.

------

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| | |
|:---|:---|
| **50** | **Appointment of executive Directors and Chair**  |

---

The Directors may from time to time appoint one or more of them to be the holder of any executive office they see fit (including, where considered appropriate, the office of Chair) on such terms and for such period as they may resolve and, subject to the terms of any contract entered into in any particular case, revoke or vary the terms of any such appointment.

**Appointment and Retirement of Directors** 

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| | |
|:---|:---|
| **51** | **Election or appointment of additional Director**  |

---

**51.1** The Company may by ordinary resolution elect, and the Directors shall have power at any time to appoint,
any person to be a Director either to fill a casual vacancy or as an additional Director, but not so that the total number of Directors shall exceed the maximum number in accordance with these Articles.

**51.2** No person shall be elected as a Director unless such person is recommended by the Board or the Company
has received from such person confirmation in writing of that person's willingness to be elected as a Director, no later than seven days before the General Meeting at which the relevant resolution is proposed.

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| | |
|:---|:---|
| **52** | **Retirement at Annual General Meetings**  |

---

**52.1** At every Annual General Meeting all the Directors (being those Directors whose appointments are active
as at the date of the notice convening the Annual General Meeting) shall retire from office.

**52.2** A Director who retires at any Annual General Meeting shall be eligible for election or re-election, unless the Directors have resolved before the date of the notice of such Annual General Meeting not to elect or re-elect such Director at such meeting.

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| | |
|:---|:---|
| **53** | **Re-election of retiring Director**  |

---

**53.1** Where a Director retires at an Annual General Meeting in accordance with Article 52, or otherwise, the
Company may at the meeting by ordinary resolution fill the office being vacated by electing the retiring Director (if eligible for re-election). In the absence of such a resolution, the retiring Director shall
nevertheless be deemed to have been re-elected except in any of the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**53.1.1** where at such meeting a resolution for the re-election of such
Director is put to the meeting and lost; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**53.1.2** where such Director is ineligible for re-election or has given
notice in writing to the Company that he/she is unwilling to be re-elected.

**53.2** The retirement shall not have effect until the conclusion of the meeting except where a resolution is
passed to elect some other person in the place of the retiring Director or a resolution for the retiring Director's re-election is put to the meeting and lost. Accordingly, a retiring Director who is re-elected or deemed to have been re-elected will continue in office without a break.

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| | |
|:---|:---|
| **54** | **Termination of office**  |

---

**54.1** The office of a Director is terminated if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54.1.1** the Director becomes prohibited by law from acting as a Director or ceases to be a Director by virtue of
any provision of the Companies Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54.1.2** the Company has received notice of the Director's resignation or retirement from office and such
resignation or retirement from office has taken effect in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54.1.3** the Director has retired at an Annual General Meeting in accordance with Article 52, or otherwise, and
any of Articles 53.1.1 or 53.1.2 applies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54.1.4** the Director has a bankruptcy order made against her/him, compounds with her/him creditors generally or
applies to the court for an interim order under Section 253 of the Insolvency Act 1986 in connection with a voluntary arrangement under that Act or any analogous event occurs in relation to the Director in another country;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54.1.5** an order is made by any court claiming jurisdiction in that behalf on the ground (however formulated) of
mental disorder for the Director's detention or for the appointment of another person (by whatever name called) to exercise powers with respect to the Director's property or affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54.1.6** the Director is absent from meetings of the Directors for six months without permission and the
Directors have resolved that the Director's office be vacated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54.1.7** notice of termination is served or deemed served on the Director and that notice is given by all the
Director's co-Directors for the time being; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54.1.8** in the case of a Director other than the Chair and any Director holding an executive office, the
Directors resolve to require the Director to resign and the Director fails to do so within 30 days of notification of such resolution being served or deemed served on the Director.

**54.2** The appointment of any Director to the office of Chair shall automatically terminate if such Director
ceases to be a Director. Other Director appointments will, where the relevant Director ceases to be Director, only terminate if the contract or resolution appointing the Director to such post says so.

**54.3** Any termination of a Director's appointment under this Article 54 shall be deemed to be an act of
the Company.

------

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| | |
|:---|:---|
| **55** | **Removal of Director by resolution of the Company**  |

---

The Company may remove any Director from office by ordinary resolution of which special notice has been given and elect another person in place of that Director. Such removal may take place despite any provision of these Articles or of any agreement between the Company and such Director.

**Meetings and Proceedings of Directors** 

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| | |
|:---|:---|
| **56** | **Convening of meetings of Directors**  |

---

**56.1** Subject to the provisions of these Articles, the Directors may meet together and otherwise regulate
their proceedings as they think fit. At any time, any Director may call a meeting of the Directors by giving notice to the other Directors. Notice may be sent to any address provided by the Director and need not be in writing.

**56.2** Any Director may waive notice of any meeting and any such waiver may be retroactive.

**56.3** The Directors shall be deemed to meet together if they are in separate locations but are linked by
communication equipment which allows those participating to hear and speak to each other. Such a meeting shall be deemed to take place where the largest group of Directors participating is assembled or, if there is no such group, where the chair of
the meeting then is.

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| | |
|:---|:---|
| **57** | **Quorum at board meetings**  |

---

The quorum necessary for the transaction of business of the Directors may be fixed from time to time by the Directors (provided it may not exceed the number of Directors at any time) and unless so fixed at any other number shall be two. A meeting of the Directors at which a quorum is present shall be competent to exercise all powers and discretions for the time being exercisable by the Directors.

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| | |
|:---|:---|
| **58** | **Chair and Senior Independent Director**  |

---

The Directors may elect from among themselves a Chair and the Senior Independent Director to deputise for the Chair and decide the period for which each is to hold office. If no Chair or Senior Independent Director has been appointed or if at any meeting of the Directors no Chair or Senior Independent Director is present within five minutes after the time appointed for holding the meeting, the Directors present may choose one of themselves to be chair of the meeting.

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| | |
|:---|:---|
| **59** | **Casting vote**  |

---

Questions arising at any meeting of the Directors shall be determined by a majority of votes. In the case of an equality of votes, the chair of the meeting shall have a second or casting vote.

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| | |
|:---|:---|
| **60** | **Number of Directors below minimum**  |

---

If and for so long as the number of Directors is reduced below the minimum number in accordance with Article 48, the continuing Directors may act for the purpose of appointing such number of additional Directors as is required to meet the minimum or of summoning General Meetings, but not for any other purpose. If no Directors are able or willing to act, then any two members may summon a General Meeting for the purpose of appointing Directors.

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| | |
|:---|:---|
| **61** | **Directors' written resolutions**  |

---

**61.1** Any Director may, and the Secretary at the request of a Director shall, propose a written resolution by
giving written notice to the other Directors.

**61.2** A Directors' written resolution is adopted when all the Directors who would have been entitled to
vote on such resolution if it had been proposed at a meeting of the Directors have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**61.2.1** signed one or more copies of it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**61.2.2** otherwise indicated their agreement to it in writing.

**61.3** A Directors' written resolution is not adopted if the number of Directors who have signed it is
less than the quorum for Directors' meetings.

**61.4** Once a Directors' written resolution has been adopted, it must be treated as if it had been a
resolution passed at a Directors' meeting in accordance with the Articles.

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| | |
|:---|:---|
| **62** | **Validity of proceedings**  |

---

All acts done by any meeting of Directors, any committee of the Directors, or any person acting as a member of any such committee, shall as regards all persons dealing in good faith with the Company be valid, even if:

**62.1** there was some defect in the appointment of any Director or any such persons;

**62.2** any such persons were disqualified or had vacated office; or

**62.3** any such persons were not entitled to vote.

**Directors' Interests** 

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| | |
|:---|:---|
| **63** | **Directors' interests - general**  |

---

**63.1** For the purposes of Articles 63 to 67, a person is connected with a Director if that person is connected
for the purposes of Section 252 of the Companies Act.

------

**63.2** Where a Director has an interest which can reasonably be regarded as likely to give rise to a conflict
of interest, the Director may, and shall if so requested by the other Directors, take such additional steps as may be necessary or desirable to manage the conflict of interest. These steps may include complying with any procedures laid down by the
Board to manage conflicts of interest generally, or carrying out any specific procedures approved by the Board for managing the situation or matter in question, including (without limitation) the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**63.2.1** not attending any meetings of the Directors at which the relevant situation or matter falls to be
considered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**63.2.2** not reviewing documents or information made available to the Directors generally in relation to such
situation or matter and/or arranging for such documents or information to be reviewed by a professional adviser to ascertain the extent to which it might be appropriate for the Director concerned to have access to such documents or information.

**63.3** The Company may by ordinary resolution ratify any contract, transaction or arrangement, or other
proposal, not properly authorised by reason of a breach of any provisions of Articles 63 to 67.

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| | |
|:---|:---|
| **64** | **Authorisation of Directors' interests**  |

---

**64.1** For the purposes of Section 175 of the Companies Act, the Directors can authorise any matter which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**64.1.1** would or could be a breach of a Director's duty under that section; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**64.1.2** may conflict with the interests of the Company.

**64.2** Any authorisation of a matter under this Article 64 may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**64.2.1** extend to any actual or potential conflict of interest which may arise out of the matter so authorised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**64.2.2** be subject to such conditions or limitations as the Directors may resolve, whether at the time such
authorisation is given or subsequently; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**64.2.3** be terminated by the Directors at any time,

and a Director shall comply with any obligations imposed on the Director by the Directors under any such authorisation.

**64.3** A Director does not have to hand over to the Company any benefit they receive (or a person connected
with them receives) as a result of anything the Board has authorised under this Article 64. No contract, transaction or arrangement can be set aside because of any Director's interest or benefit which has been so authorised.

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| | |
|:---|:---|
| **65** | **Permitted interests**  |

---

**65.1** Subject to compliance with Article 65.2, a Director can have the following interests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65.1.1** a Director (or a person connected with the Director) can be a director or other officer of, or employed
by, or can otherwise be interested in any Relevant Company;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65.1.2** a Director (or a person connected with the Director) can have an interest in any Relevant Company that
the Company also has an interest in or be a party to a contract with that Relevant Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65.1.3** a Director (or a person connected with the Director or any firm the Director is a partner, employee or
shareholder of) can do professional work for any Relevant Company (other than as Auditor) whether or not the Director or the person connected with the Director is paid for the work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65.1.4** a Director can have an interest which cannot reasonably be regarded as likely to give rise to a conflict
of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65.1.5** a Director can have an interest of which the Director is not aware; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65.1.6** a Director can have any other interest authorised by ordinary resolution.

No authorisation under Section 175 of the Companies Act is required for any interests under this Article 65.1.

**65.2** A Director shall declare the nature and extent of any interest permitted under Article 65.1, and not
falling with Article 65.3, at a meeting of the Directors or in such other manner as the Directors may resolve.

**65.3** No declaration of an interest shall be required by a Director in relation to an interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65.3.1** falling within Article 65.1.4 or Article 65.1.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65.3.2** if the other Directors are already aware of such interest (and for this purpose the other Directors are
treated as aware of anything of which they ought reasonably to be aware); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65.3.3** if, or to the extent that, it concerns the terms of the Director's service contract (as defined in
Section 227 of the Companies Act) that have been or are to be considered by a meeting of the Directors, or by a committee of Directors appointed for the purpose under these Articles.

**65.4** A Director does not have to hand over to the Company any benefit he or she (or a person connected with
him or her) receives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65.4.1** from any contract, transaction or arrangement or from any such office or employment or from any interest
in any Relevant Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65.4.2** for any payment as referred to in Article 65.1, and

no such contract, transaction or arrangement can be set aside on the grounds of any such interest or benefit.

**65.5** For the purposes of this Article 65, "**Relevant Company**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65.5.1** the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65.5.2** a subsidiary undertaking of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65.5.3** any parent undertaking of the Company or a subsidiary undertaking of any such parent undertaking;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65.5.4** any body corporate promoted by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65.5.5** any body corporate in which the Company is otherwise interested.

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| | |
|:---|:---|
| **66** | **Restrictions on quorum and voting**  |

---

**66.1** Unless provided for in this Article 66, and whether or not the interest is one which is authorised
pursuant to Article 64 or permitted under Article 65, a Director shall not be entitled to vote on any resolution in respect of any contract, transaction or arrangement, or any other proposal, in which the Director (or a person connected with the
Director) is interested. Any vote of a Director in respect of a matter where the Director is not entitled to vote shall be disregarded.

**66.2** A Director shall not be counted in the quorum at a meeting of the Directors in relation to any
resolution on which the Director is not entitled to vote.

**66.3** A Director shall (in the absence of some other interest than is set out below) be entitled to vote, and
be counted in the quorum, in respect of any resolution concerning any contract, transaction or arrangement, or any other proposal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**66.3.1** in which the Director has an interest of which the Director is not aware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**66.3.2** in which the Director has an interest which cannot reasonably be regarded as likely to give rise to a
conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**66.3.3** in which the Director has an interest only by virtue of interests in shares, debentures or other
securities of the Company, or by reason of any other interest in or through the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**66.3.4** which involves the giving of any security, guarantee or indemnity to the Director or any other person in
respect of (i) money lent or obligations incurred by the Director or by any other person at the request of or for the benefit of the Company or any of its subsidiary undertakings or (ii) a debt or other obligation of the Company or any of
its subsidiary undertakings for which the Director has assumed responsibility in whole or in part under a guarantee or indemnity or by the giving of security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**66.3.5** concerning an offer of shares or debentures or other securities of or by the Company or any of its
subsidiary undertakings (i) in which offer the Director is or may be entitled to participate as a holder of securities or (ii) in the underwriting or sub-underwriting of which the Director is to
participate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**66.3.6** concerning any other body corporate in which the Director is interested, directly or indirectly and
whether as an officer, shareholder, creditor, employee or otherwise, provided that the Director (together with persons connected with the Director) is not the holder of, or beneficially interested in, 1 per cent. or more of the issued equity
share capital of any class of such body corporate or of the voting rights available to members of the relevant body corporate;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**66.3.7** relating to an arrangement for the benefit of the employees or former employees of the Company or any of
its subsidiary undertakings which does not award the Director any privilege or benefit not generally awarded to the employees or former employees to whom such arrangement relates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**66.3.8** concerning the purchase or maintenance by the Company of insurance for any liability for the benefit of
Directors or for the benefit of persons who include Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**66.3.9** concerning the giving of indemnities in favour of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**66.3.10** concerning the funding of expenditure by any Director or Directors (i) on defending criminal, civil
or regulatory proceedings or action against the Director or them, (ii) in connection with an application to the court for relief, or (iii) on defending the Director or them in any regulatory investigations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**66.3.11** concerning the doing of anything to enable any Director or Directors to avoid incurring expenditure as
described in Article 66.3.10; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**66.3.12** in respect of which the Director's interest, or the interest of Directors generally, has been
authorised by ordinary resolution.

**66.4** This Article 66 applies if the Directors are considering proposals to appoint two or more Directors to
positions with the Company or any company that the Company is interested in. It also applies if the Directors are considering setting or changing the terms of an appointment. These proposals can be split up to deal with each proposed Director
separately. If this is done, each proposed Director can vote and be included in the quorum for each resolution, except the one concerning him or her.

**66.5** If any question comes up at a meeting about whether a Director has a material interest or whether they
can vote or be counted in the quorum, and the Director does not agree to abstain from voting on the issue or not be counted in the quorum, the question will be referred to the chair of the meeting. The chair's ruling about the question is
conclusive, unless the nature or extent of the Director's interests has not been fairly disclosed to the Board. If the chair is the Director in question, the question will be decided by a resolution of the Board (the chair will be counted in
the quorum but will not vote on the matter) and the resolution will be final unless the nature or extent of the chair's interest (so far as it is known to them) has not been fairly disclosed to the Board.

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| | |
|:---|:---|
| **67** | **Confidential information**  |

---

**67.1** Subject to Article 67.2, if a Director, otherwise than by virtue of the Director's position as
Director, receives information in respect of which the Director owes a duty of confidentiality to a person other than the Company, the Director shall not be required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**67.1.1** disclose such information to the Company or to the Directors, or to any Director, officer or employee of
the Company; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**67.1.2** otherwise use or apply such confidential information for the purpose of or in connection with the
performance of the Director's duties as a Director.

**67.2** Where such duty of confidentiality arises out of a situation in which the Director has, or can have, a
direct or indirect interest that conflicts, or possibly may conflict, with the interests of the Company, Article 67.1 shall apply only if the conflict arises out of a matter which has been authorised under Article 64 or falls within Article 65.

**67.3** This Article 67 does not affect any equitable principle (rule of fairness) or rule of law which may
excuse or release the Director from disclosing information, in circumstances where disclosure may otherwise be required under this Article 67.

**Powers of Directors** 

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| | |
|:---|:---|
| **68** | **General powers**  |

---

The Directors shall manage the business and affairs of the Company and may exercise all powers of the Company other than those that are required by the Legislation or by these Articles to be exercised by the Company in General Meeting.

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| | |
|:---|:---|
| **69** | **Bank mandates**  |

---

The Directors may by resolution authorise such person or persons as they think fit to act as signatories to any bank account of the Company and may amend or remove such authorisation from time to time by resolution. The Directors may by resolution delegate the power to authorise persons to act as signatories to any bank account of the Company.

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| | |
|:---|:---|
| **70** | **Borrowing powers**  |

---

**70.1** Subject to these Articles, the Directors may exercise all the powers of the Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**70.1.1** borrow money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**70.1.2** mortgage or charge all or any part or parts of its undertaking, property and assets (present or future)
and uncalled capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**70.1.3** issue debentures and other securities, whether outright or as collateral security for any debt,
liability or obligation of the Company or of any third party.

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**Delegation of Powers** 

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| | |
|:---|:---|
| **71** | **Appointment and constitution of committees**  |

---

**71.1** The Directors may delegate any of their powers or discretions (including all powers and discretions
whose exercise involves or may involve the payment of remuneration to, or the conferring of any other benefit on, all or any of the Directors) to such person (who may or may not be a Director) or committee (comprising any number of persons, who need
not be Directors) and in such manner as they think fit. Any such delegation may be either in parallel with or in place of their own powers and the Directors may revoke or alter the terms of any such delegation. Any such person or committee shall,
unless the Directors otherwise resolve, have power to sub-delegate any of the powers or discretions delegated to them.

**71.2** Any reference in these Articles to the exercise of a power or discretion by the Directors shall include
a reference to the exercise of such power or discretion by any person or committee to whom it has been delegated.

**71.3** The Directors may make regulations in relation to the proceedings of committees. Subject to any such
regulations, the meetings and proceedings of any committee consisting of two or more persons shall be governed by the provisions of these Articles regulating the meetings and proceedings of the Directors.

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| | |
|:---|:---|
| **72** | **Appointment of attorney**  |

---

**72.1** The Directors may from time to time appoint any company, firm or person or the members of a group which
changes over time, whether nominated directly or indirectly by the Directors, to be the attorneys of the Company for such purposes and with such powers, authorities and discretions and for such period and subject to such conditions as they may think
fit.

**72.2** The Directors may also authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions vested in the attorney.

**Secretary** 

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| | |
|:---|:---|
| **73** | **Secretary**  |

---

The Secretary shall be appointed by the Directors on such terms and for such period as they may think fit. Any Secretary so appointed may at any time be removed from office by the Directors. The Board can also remove the Company Secretary, but this does not affect any claim for damages against the Company for breach of any contract of employment they may have. If thought fit, two or more persons may be appointed as joint secretaries.

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**The Securities Seal** 

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| | |
|:---|:---|
| **74** | **The Securities Seal**  |

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The Securities Seal shall only be used for sealing securities issued by the Company and documents creating or evidencing securities so issued. The Securities Seal and the Seal shall not be used without the authority of the Directors or of a committee authorised by the Directors for that purpose.

**Authentication of Documents** 

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| | |
|:---|:---|
| **75** | **Authentication of documents**  |

---

**75.1** Any Director or the Secretary or any person appointed by the Directors for the purpose shall have power
to authenticate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**75.1.1** any document affecting the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**75.1.2** any resolution passed at a General Meeting or at a meeting of the Directors or any committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**75.1.3** any record, document or account relating to the business of the Company,

and to certify copies or extracts as true copies or extracts.

**75.2** A document which appears to be a copy of a resolution, or an extract from the minutes of any meeting
which is certified in accordance with this Article 75 shall be conclusive evidence for anyone dealing with the Company that such resolution has been properly passed or that the extract is a true and accurate record of proceedings at a valid meeting.

**Dividends** 

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| | |
|:---|:---|
| **76** | **Declaration of final dividends**  |

---

**76.1** The Company may by ordinary resolution declare final dividends.

**76.2** No dividend shall be declared unless it has been recommended by the Directors and does not exceed the
amount recommended by the Directors.

**76.3** The Company is not permitted to declare or distribute dividends in respect of Class B Shares (which
carry no rights to distributions except in accordance with Article 86).

**76.4** None of the Class A Shares hold a preferential right to dividends.

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| | |
|:---|:---|
| **77** | **Fixed and interim dividends**  |

---

**77.1** If and so far as in the opinion of the Directors the profits of the Company justify such payments, the
Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**77.1.1** not pay fixed dividends on Class A Shares and Class B Shares but may pay fixed dividends on
future share classes carrying a fixed dividend expressed to be payable on fixed dates; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**77.1.2** pay interim dividends on shares of any class (other than Class B Shares) of such amounts and on
such dates and in respect of such periods as they think fit.

**77.2** Provided the Directors act in good faith, they shall not incur any liability to the holders of any
shares for any loss they may suffer by the lawful payment of any dividend.

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| | |
|:---|:---|
| **78** | **Non-cash distributions**  |

---

**78.1** If the Directors recommend this, the shareholders can pass an ordinary resolution to pay or make a
dividend or other distribution to the holders of shares (other than Class B Shares) in whole or in part by transferring non-cash assets or by procuring the receipt by such shareholders of non-cash assets.

**78.2** Where any difficulty arises in regard to a non-cash distribution, the Directors may make such arrangements as they think fit, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**78.2.1** authorising any person to sell or transfer any fractional entitlements (or ignoring any fractional
entitlements altogether);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**78.2.2** fixing the value for distribution purposes of any of the assets to be transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**78.2.3** paying cash to any distribution recipient on the basis of the value fixed for the assets in order to
secure equality of distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**78.2.4** vesting any assets in trustees.

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| | |
|:---|:---|
| **79** | **Ranking of shares for dividend**  |

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**79.1** All dividends shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**79.1.1** declared and paid according to the amounts paid up on the shares on which the dividend is paid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**79.1.2** apportioned and paid proportionately to the amounts paid on the shares during any portion or portions of
the period in respect of which the dividend is paid.

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| | |
|:---|:---|
| **80** | **Manner of payment of dividends**  |

---

**80.1** Any sum payable by the Company in respect of a share shall be paid to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**80.1.1** the holder of that share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**80.1.2** if the share is held by more than one person, whichever of the Joint Holders' names appears first
in the Register;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**80.1.3** if the member is no longer entitled to the share, the person or persons entitled to it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**80.1.4** such other person or persons as the member (or, in the case of Joint Holders, all of them) may direct,

and such person shall be the "**payee**" for the purpose of this Article 80.

**80.2** Such sum payable by the Company may be paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**80.2.1** by bank transfer to such account as the payee or payees shall in writing direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**80.2.2** (if so authorised by the holder of shares in uncertificated form) using the facilities of a Relevant
System (subject to the facilities and requirements of the Relevant System); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**80.2.3** by such other method of payment as the payee or payees and the Directors may agree.

**80.3** Any sum payable by the Company in respect of a share may be paid in such currency as the Directors may
resolve, provided that prior to payment of any such sum a relevant member may request the Company settle payment to them in a currency of their choice. In such case, the Directors may (but are not obliged to) settle payment to such member in the
requested currency using the same exchange rate available at such time to a customer of the Company and subject to the payment by the member of any fee that would be charged to a customer of the Company.

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| | |
|:---|:---|
| **81** | **Record date for dividends**  |

---

**81.1** Any resolution for the declaration or payment of a dividend on shares of any class may specify that the
dividend shall be payable to the persons registered as the holders of such shares at a specified time on a particular date (the "**Record Date** ").

**81.2** If no Record Date is specified then, unless the terms of issue of the shares in question provide
otherwise, the dividend shall be paid by reference to each member's holding of shares at close of business on the date of the ordinary resolution (in the case of a final dividend) or board resolution (in the case of an interim dividend)
approving the payment of that dividend.

**81.3** The Record Date may be a date prior to that on which the resolution is passed.

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| | |
|:---|:---|
| **82** | **No interest on dividends**  |

---

The Company shall not pay interest on any sum payable by the Company in respect of a share unless the terms of issue or any agreement between the Company and the holder of that share provide otherwise.

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| | |
|:---|:---|
| **83** | **Unclaimed dividend**  |

---

**83.1** The Company may cease to send payments of dividends on any shares if payments in respect of at least two
consecutive dividends have failed or been returned undelivered but, subject to the provisions of these Articles, shall recommence sending payments in respect of any dividends payable on those shares if the person entitled to them claims the arrears
of dividend and confirms payment details to the Company.

**83.2** A dividend will be treated as unclaimed if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**83.2.1** a payee does not specify a bank account, or other details necessary in order to make a payment of a sum
payable by the Company in respect of a share by the means by which the Directors have decided that a payment is to be made and such details are necessary in order for the Company to make the relevant payment in accordance with such decision or
election; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**83.2.2** if a payment cannot be made by the Company using the details provided by the payee.

**83.3** Any unclaimed dividends may be invested or otherwise applied for the benefit of the Company until they
are claimed and, if the Directors decide to pay unclaimed dividends into a separate account of the Company for any purpose, the Company will not be deemed to be a trustee of such money for any person.

**83.4** Any dividend which has not been claimed for 12 years after the date on which it was declared or became
due for payment will be forfeited and belong to the Company. The Company shall not be liable for or required to account to the relevant member or person entitled by operation of law to such dividends. The Company shall be entitled to use such
dividends for the Company's benefit, as the Directors may think fit.

**83.5** If the Company sells shares in accordance with Article 21, any sum that has not been claimed by a member
(or person entitled by operation of law) to such sums shall be forfeited and shall revert to the Company when such shares are sold. The Company shall be entitled to use such unclaimed sums for the Company's benefit in any manner that the
Directors may think fit.

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| | |
|:---|:---|
| **84** | **Waiver of dividend**  |

---

A shareholder or other person entitled to a dividend may waive it in whole or in part. The waiver of any dividend shall be effective only if such waiver is in writing and signed or authenticated in accordance with Article 93 by the shareholder or the person entitled to the dividend and delivered to the Company.

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**Scrip Dividends** 

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| | |
|:---|:---|
| **85** | **Scrip dividends**  |

---

**85.1** The Directors may offer to holders of shares (other than Class B Shares) the right to elect to
receive an allotment of new shares ()"**Scrip Shares**") credited as fully paid in lieu of the whole or part of a dividend.

**85.2** The Directors may, without the need for any further ordinary resolution, offer rights of election in
respect of any dividend declared or proposed after the date of the adoption of these Articles and at or prior to the next Annual General Meeting.

**85.3** The Directors shall not allot Scrip Shares unless so authorised by ordinary resolution. Such a
resolution may give authority in relation to particular dividends or may extend to all dividends declared or paid in the period specified in the resolution. This period may not be longer than three years from the date of the resolution.

**85.4** The Directors may offer such rights of election to shareholders either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85.4.1** in respect of the next dividend proposed to be paid; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85.4.2** in respect of that dividend and all subsequent dividends, until such time as the election is revoked or
the authority given pursuant to Article 85.3 expires without being renewed (whichever is the earlier).

**85.5** The number of Scrip Shares to be allotted in lieu of any amount of dividend shall be decided by the
Directors and shall be such whole number of shares as have a value equal to or as near as possible to but in no event greater than such amount. For such purpose, the value of a share shall be the average of the middle market quotations of a share on
the London Stock Exchange, as derived from the Daily Official List, on each of the first five dealing days on which the shares are quoted as being "ex" the relevant dividend (meaning they trade without the right to the relevant
dividend).

**85.6** If the Directors decide to offer a right of election, they shall give written notice to the shareholders
specifying the procedures to be followed in order to exercise such right. For those shareholders who have elected to receive shares in lieu of all future dividends, the Company shall send such shareholder a reminder of the election made, indicating
how that election may be revoked in time for the next dividend proposed to be paid.

**85.7** If a member has elected to receive Scrip Shares in place of a dividend (the "**elected Shares**") the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85.7.1** such number of Scrip Shares as are calculated in accordance with Article 85.5 shall be allotted to the
holders of the elected Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85.7.2** unless the CREST Regulations require otherwise, if the elected Shares are in uncertificated form on the
Record Date then the Scrip Shares shall be issued as uncertificated shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85.7.3** if the elected Shares are in certificated form on the Record Date then the Scrip Shares shall be issued
as certificated shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85.7.4** the Directors shall capitalise, in accordance with the provisions of Article 6, a sum equal to the
aggregate nominal amount of Scrip Shares to be allotted and shall apply that sum in paying up in full the appropriate number of new ordinary shares for allotment and distribution to and amongst the holders of the elected Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85.7.5** the Scrip Shares allotted shall rank equally in all respects with the fully paid shares then in issue,
save only as regards participation in the relevant dividend.

**85.8** No fraction of a share shall be allotted. The Directors may make such provision as they think fit for
any fractional entitlements, including that the whole or part of the benefit of those fractions accrues to the Company or that the fractional entitlements are accrued and/or retained on behalf of any shareholder.

**85.9** The Directors may resolve that rights of election shall not be made available to any shareholders in
jurisdictions where the Directors consider it reasonably necessary, including to comply with, or avoid the requirements of, local law or regulation.

**85.10** In relation to any particular proposed dividend, the Directors may in their absolute discretion resolve
and shall so resolve if the Company has insufficient reserves or otherwise does not have the necessary authorities or approvals to issue new shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85.10.1** that shareholders shall not be entitled to make any election to receive shares in place of a cash
dividend and that any election previously made shall not extend to such dividend; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85.10.2** at any time prior to the allotment of the shares which would otherwise be allotted in lieu of that
dividend, that all elections to take shares shall be treated as not applying to that dividend,

and, if so, the dividend shall be paid in cash as if no elections had been made in respect of it.

**Liquidation Preference** 

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| | |
|:---|:---|
| **86** | **Liquidation Preference**  |

---

**86.1** On a distribution of assets on a liquidation or winding up, the surplus assets of the Company remaining
after payment of its liabilities shall be applied (to the extent that the Company is lawfully permitted to do so):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**86.1.1** first, to the extent outstanding, repaying in full to the holder of any Redeemable Reorganisation Shares
the amount paid up on such shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**86.1.2** second, in paying to each of the Class B Shareholders the nominal value of their Class B
Shares (provided that, if there are insufficient surplus assets to pay the amounts per share equal to the nominal value, the remaining surplus assets shall be distributed to the Class B Shareholders pro rata to the aggregate amounts otherwise
due to them under this Article 86.1.2); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**86.1.3** third, the balance of the surplus assets (if any) shall be distributed among the Class A
Shareholders pro rata to the number of Class A Shares held.

**Redemption of Shares** 

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| | |
|:---|:---|
| **87** | **Initial redeemable shares and non-redeemability of Class A Shares**  |

---

**87.1** The Company may issue any shares which are to be redeemed or are liable to be redeemed at the option of
the Company or the holder.

**87.2** Any redeemable non-voting preference shares in issue immediately
following the Share for Share Exchange (the "**Redeemable Reorganisation Shares**") may be redeemed by the Company at their nominal amount at any time determined by the Directors and, upon any such redemption, such Redeemable
Reorganisation Shares shall be cancelled.

**87.3** Each Class A Share shall be fully paid up on issue. The Class A Shares are not redeemable and,
subject to this Article 87, there shall not be, and the Directors shall be under no obligation at any time to effect, any return of any amount paid up in respect of any Class A Share (whether in respect of its nominal value or by way of
premium).

**Accounts** 

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| | |
|:---|:---|
| **88** | **Access to accounting records**  |

---

No person shall have any right simply by virtue of being a member to inspect any account or book or document of the Company except as conferred by the Legislation or ordered by a court of competent jurisdiction or authorised by the Directors.

**Communications with Members** 

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| | |
|:---|:---|
| **89** | **Service of notices**  |

---

**89.1** The Company may send or supply all types of notices, documents or information to members by electronic
means and/or by making such notices, documents or information available on a website.

**89.2** Subject to Articles 89 to 91 which will take priority, the Company Communications Provisions govern how
the Company sends or receives notices, documents or information and communications relating to Joint Holders, and deceased and bankrupt members.

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**89.3** Any notice, document, share certificate, or information which is sent or supplied by the Company in hard
copy form and which is sent by pre-paid post and properly addressed, shall be deemed to have been received by the intended recipient at the expiration of 48 hours after the time it was posted. In proving such
receipt, it shall be sufficient to show that such notice, document or information was properly addressed, pre-paid and posted.

**89.4** Any notice, document or information which is sent by the Company by electronic means shall be deemed to
have been received by the intended recipient 24 hours after it was transmitted, and it shall be sufficient to show that such notice, document or information was properly addressed to prove such receipt.

**89.5** Any notice, document or information which is sent by the Company by means of a website shall be deemed
to have been received when the material was first made available on the website or, if later, when the recipient is deemed to have received notice of the fact that the material was available on the website.

**89.6** An accidental failure to send or subsequent late sending of, or non-receipt by any person entitled to, any notice of, or other document or information relating to, any meeting or other proceeding shall not invalidate the relevant meeting or proceeding.

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| | |
|:---|:---|
| **90** | **Communication with Joint Holders**  |

---

**90.1** The Company will consider anything which needs to be agreed by Joint Holders as agreed when the first
Joint Holder who is listed on the Register has agreed. The Company will treat a notice given to the first Joint Holder in this way as given to all of the Joint Holders.

**90.2** When a notice or document is given to Joint Holders, it will be given to the first Joint Holder who is
listed on the Register.

**90.3** Where more than one Joint Holder gives instructions or notifications to the Company under these Articles
then (unless the Articles provide otherwise) the Company shall recognise the instructions or notifications of whichever of the Joint Holders' names appears first in the Register.

**90.4** If two or more persons are registered as Joint Holders of any share, or are entitled jointly to a share
in consequence of the death or bankruptcy of the holder or otherwise by operation of law, any one of them may give instructions to the Company and give effectual receipts for any dividend or other moneys payable or property distributable in respect
of the share.

---

| | |
|:---|:---|
| **91** | **Deceased or bankrupt members**  |

---

**91.1** A person who claims to be entitled to a share in consequence of the death or bankruptcy of a member or
otherwise by operation of law shall supply to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**91.1.1** such evidence as the Directors may reasonably require to show such person's title to the share;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**91.1.2** an address at which notices may be sent or supplied to such person.

------

**91.2** Subject to complying with Article 91.1, such a person shall be entitled to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**91.2.1** have sent or supplied to such address any notice, document or information to which the relevant member
would have been entitled. Any notice, document or information so sent or supplied shall for all purposes be deemed to be duly sent or supplied to all persons interested in the share (whether jointly with or as claiming through or under such person);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**91.2.2** give instructions or notifications to the Company pursuant to these Articles in relation to the relevant
shares and the Company may treat such instruction or notification as duly given by all persons interested in the share (whether jointly with or as claiming through or under such person).

**91.3** Unless a person entitled to the share has complied with Article 91.1, any notice, document or
information sent or supplied to the address of any member pursuant to these Articles shall be deemed to have been duly sent or supplied in respect of any share registered in the name of such member as sole or first named Joint Holder. This Article
shall apply even if such member is dead or bankrupt or in liquidation, and whether or not the Company has notice of such member's death or bankruptcy or liquidation.

---

| | |
|:---|:---|
| **92** | **Failure to supply address**  |

---

**92.1** The Company shall not be required to send notices, documents or information to a member who has not
supplied to the Company either a postal address or an electronic address for the service of notices.

**92.2** If the Company sends more than one document to a member on separate occasions during a 12-month period and each of them is returned undelivered, that member will not be entitled to receive notices from the Company until the member has supplied a new postal or electronic address for the service of
notices.

---

| | |
|:---|:---|
| **93** | **Signature or authentication of documents sent by electronic means**  |

---

**93.1** Where these Articles require a notice or other document to be signed or authenticated by a member or
other person, then any notice or other document sent or supplied in electronic form is sufficiently authenticated in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**93.1.1** any manner authorised by the Company Communications Provisions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**93.1.2** in such other manner as may be approved by the Directors.

**93.2** The Directors may specify ways for validating a notice or other document, and any such notice or other
document not validated in the way the Company specifies shall be deemed not to have been received by the Company.

---

| | |
|:---|:---|
| **94** | **Statutory provisions as to notices**  |

---

Nothing in any of Articles 89 to 93 shall affect any provision of the Legislation that requires or permits any particular notice, document or information to be sent or supplied in any particular manner.

------

**Directors' Liabilities** 

---

| | |
|:---|:---|
| **95** | **Indemnity**  |

---

**95.1** So far as may be permitted by the Legislation, every Relevant Officer may be indemnified by the Company
out of its own funds against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**95.1.1** any liability incurred by or attaching to the Relevant Officer in connection with any negligence,
default, breach of duty or breach of trust by the Relevant Officer in relation to the Company or any Associated Company of the Company other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any liability to the Company or any Associated Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any liability of the kind referred to in Section 234(3) of the Companies Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**95.1.2** any other liability incurred by or attaching to the Relevant Officer in relation to or in connection
with the Relevant Officer's duties, powers or office, including in connection with the activities of the Company or an Associated Company in its capacity as a trustee of an occupational pension scheme.

**95.2** Where a Relevant Officer is indemnified against any liability in accordance with this Article 95, such
indemnity may extend to all costs, charges, losses, expenses and liabilities incurred by the Relevant Officer in relation thereto.

**95.3** In this Article 95:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**95.3.1** "**Associated Company**" shall have the same meaning as in Section 256 of the
Companies Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**95.3.2** "**Relevant Officer**" means a Director, former Director or Secretary of the Company or
of an Associated Company of the Company.

---

| | |
|:---|:---|
| **96** | **Insurance**  |

---

**96.1** Without prejudice to Article 95, the Directors shall have power to purchase and maintain insurance for
or for the benefit of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**96.1.1** any person who is or was at any time a Director or Secretary of any Relevant Company (as defined in
Article 96.2); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**96.1.2** any person who is or was at any time a trustee of any pension fund or employees' share scheme in
which employees of any Relevant Company are interested,

including insurance against any liability (including all costs, charges, losses and expenses in relation to such liability) incurred by or attaching to such person in relation to such person's duties, powers or offices in relation to any Relevant Company, or any such pension fund or employees' share scheme.

------

**96.2** For the purpose of Article 96.1, "**Relevant Company**" shall mean

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**96.2.1** the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**96.2.2** any parent undertaking of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**96.2.3** any other body, whether or not incorporated, in which the Company or such parent undertaking or any of
the predecessors of the Company or of such parent undertaking has or had any interest whether direct or indirect or which is in any way allied to or associated with the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**96.2.4** any subsidiary undertaking of the Company or of such other body.

---

| | |
|:---|:---|
| **97** | **Defence expenditure**  |

---

**97.1** So far as may be permitted by the Legislation, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**97.1.1** provide a Relevant Officer with funds to meet expenditure incurred or to be incurred by the Relevant
Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in defending any criminal or civil proceedings in connection with any negligence, default, breach of duty or
breach of trust by the Relevant Officer in relation to the Company or an Associated Company of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in connection with any application for relief under the provisions mentioned in Section 205(5) of the
Companies Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**97.1.2** do anything to enable any such Relevant Officer to avoid incurring such expenditure.

**97.2** The terms set out in Section 205(2) of the Companies Act shall apply to any provision of funds or
other things done under Article 97.1.

**97.3** So far as may be permitted by the Legislation, the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**97.3.1** may provide a Relevant Officer with funds to meet expenditure incurred or to be incurred by the Relevant
Officer in defending himself/herself in an investigation by a regulatory authority or against action proposed to be taken by a regulatory authority in connection with any alleged negligence, default, breach of duty or breach of trust by the Relevant
Officer in relation to the Company or any Associated Company of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**97.3.2** may do anything to enable any such Relevant Officer to avoid incurring such expenditure.

**97.4** In this Article 97:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**97.4.1** "**Associated Company**" shall have the same meaning as in Section 256 of the
Companies Act; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**97.4.2** "**Relevant Officer**" means a Director, former Director or Secretary of the Company or
of an Associated Company of the Company.

---

| | |
|:---|:---|
| **98** | **Shares not otherwise subject to the Scheme**  |

---

**98.1** In this Article only, references to the "**Scheme**" are references to the scheme of
arrangement between the Company and its members dated 3 July 2025 under Part 26 of the Companies Act 2006, in its original form or with or subject to any modification, addition or condition approved or imposed by the High Court and (save as defined
in this Article) expressions defined in the Scheme shall have the same meaning in this Article.

**98.2** Notwithstanding any other provisions in these Articles, if any Wise Shares are allotted and issued to
any person other than Wise Holdco (and/or its nominee) (a "**New Member**") after the time at which this Article becomes effective and before the Scheme Record Time, such Wise Shares shall be allotted and issued subject to the terms
of the Scheme and shall be Scheme Shares for the purposes thereof and the New Member, and any subsequent holder other than Wise Holdco and/or its nominee or nominees, shall be bound by the terms of the Scheme.

---

| | |
|:---|:---|
| **99** | **Definitions and Interpretation**  |

---

In these Articles (if not inconsistent with the subject or context), the provisions of this Article 99 apply:

**99.1** Any reference to issued shares of any class (whether of the Company or of any other company) shall not
include any shares of that class held as treasury shares except where the contrary is expressly provided.

**99.2** Words denoting the singular shall include the plural and vice versa. Words denoting the masculine shall
include the feminine. Words denoting persons shall include bodies corporate and unincorporated associations.

**99.3** Words or expressions contained in these Articles which are not defined in Article 99.12 but are defined
in the Companies Acts shall have the same meaning as in the Companies Acts (but excluding any modification of the Companies Acts not in force at the date these Articles took effect) unless inconsistent with the subject or context.

**99.4** References to an Article are to a numbered paragraph of these Articles.

**99.5** The words "including" and "include" and words of similar effect shall not be
deemed to limit the general effect of the words which precede them.

**99.6** References to any statute or statutory provision shall be construed as relating to any statutory
modification or re-enactment for the time being in force (whether coming into force before or after the incorporation of the Company).

**99.7** References to a share (or to a holding of shares) being in certificated or uncertificated form are
references, respectively, to that share being a certificated or an uncertificated unit of a security for the purposes of the CREST Regulations.

------

**99.8** Subject to Article 11.3, the provisions of these Articles relating to General Meetings and to the
proceedings at such meetings shall apply to separate meetings of a class of shareholders.

**99.9** References to a person being present at a General Meeting include a person present by corporate
representative.

**99.10** Except as provided above, any words or expressions defined in the Companies Acts or the CREST
Regulations shall (if not inconsistent with the subject or context) bear the same meanings in these Articles.

**99.11** These Articles are subject to the provisions of Legislation as applicable.

**99.12** Definitions:

---

| | |
|:---|:---|
| **address** | means any address or number (including, in the case of any Uncertificated Proxy Instruction, an identification number of a participant in the Relevant System) used for the purposes of sending or receiving notices, documents or information by electronic means and/or by means of a website; |
| **Admission** | means the admission of all or any of the Class A Shares or securities representing those shares (including without limitation depositary interests, American depositary receipts, American depositary shares and/or other instruments) to or the grant of permission by any like authority for the same to be admitted to or traded or quoted the Official List of the United Kingdom Listing Authority or the AIM Market operated by the London Stock Exchange Plc or any other recognised investment exchange (as defined in section 285 of the Financial Services and Markets Act 2000); |
| **Affected Vote Notice** | means a notice in writing served in accordance with the provisions of Article 40.6; |
| **Affected Vote(s)** | means any Class B Share votes which shall be treated as such pursuant to Article 40.6; |
| **Annual General Meeting** | means a General Meeting held as the Company's annual general meeting in accordance with Section 336 of the Companies Act; |
| **Auditor** | means the auditor of the Company from time to time; |
| **Board** | means the board of Directors of the Company; |

---

------

---

| | |
|:---|:---|
| **CEO Permitted Maximum** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; means:<br>(a) until such time as:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Regulatory Approvals have been granted; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) due to the Company's licensing arrangements, the Regulatory Approvals are no longer required,<br>in each case only when the satisfaction of such condition has been approved by the Board, one vote below 25 per cent. of the aggregate number of votes attaching to Shares eligible to be cast in respect of that Shareholder resolution (such aggregate number of votes, for the avoidance of doubt, excluding any Affected Votes); and<br>(b) at all other times following the Board's approval of the satisfaction of condition (a)(i) or (a)(ii) above, one vote below 50 per cent. of the aggregate number of votes attaching to Shares eligible to be cast in respect of that Shareholder resolution (such aggregate number of votes, for the avoidance of doubt, excluding any Affected Votes); |
| **Chair** | means the chair of the Board, from time to time; |
| **Class A Shareholder(s)** | means the registered holders of Class A Shares; |
| **Class A Share(s)** | means the class A ordinary shares in the capital of the Company from time to time; |
| **Class B Share Issue** | has the meaning given to it in Article 13.1.1, being the issue and allotment of such number of Class B Shares as is required to satisfy the Share for Share Exchange and allotment and issuance of Class B Shares to the Initial Class B Shareholders in the amounts and proportions as are required to satisfy the Share for Share Exchange; |
| **Class B Shareholder(s)** | means the registered holders of Class B Shares; |
| **Class B Shareholder Group(s)** | means the groups of Initial Class B Shareholders, as set out in Schedule 1 (such Schedule 1 being not capable of amendment, save for updates to reflect any redemption and cancellation of Class B Shares); |
| **Class B Share(s)** | means the class B ordinary shares in the capital of the Company from time to time, including, for the avoidance of doubt, the Initial Class B Shares; |

---

------

---

| | |
|:---|:---|
| **clear days** | means a period of notice of the specified length excluding the day of the meeting and the day on which the notice is given; |
| **combined physical and electronic General Meeting** | means a General Meeting convened and held in accordance with these Articles and which persons may attend either at a physical place of meeting or via an electronic platform; |
| **Companies Acts or Companies Act** | references to the Companies Acts shall have the same meaning as in Section 2 of the Companies Act 2006 in so far as they apply to the Company, and references to the Companies Act shall mean the Companies Act 2006 solely; |
| **Company Communications Provisions** | shall have the same meaning as in Section 1143 of the Companies Act 2006; |
| **Corresponding Class A Shares** | means the Class A Shares that correspond to Initial Class B Shares as set out Schedule 1 (such Schedule 1 being not capable of amendment, save for updates to reflect any redemption and cancellation of Class B Shares); |
| **CREST Regulations** | means The Uncertificated Securities Regulations 2001; |
| **Directors** | means the directors of the Company; |
| **electronic form** | shall have the same meaning as in the Company Communications Provisions; |
| **electronic means** | shall have the same meaning as in the Company Communications Provisions; |
| **electronic platform** | means any form of electronic platform or facility and includes, without limitation, website addresses, application technology and conference call systems; |
| **General Meeting** | means any general meeting of the Company, including any general meeting held as the Company's Annual General Meeting or separate meetings of any class of members or debenture holders and whether held as a physical General Meeting or as a combined physical and electronic General Meeting; |
| **hard copy form** | shall have the same meaning as in the Company Communications Provisions; |
| **in writing** | means written or produced by any substitute for writing (including anything in electronic form) or partly one and partly another; |

---

------

---

| | |
|:---|:---|
| **Initial Class B Shareholder(s)** | means the holders of Initial Class B Shares, as set out in Schedule 1 (such Schedule 1 being not capable of amendment, save for updates to reflect any redemption and cancellation of Class B Shares); |
| **Initial Class B Shares** | means the Class B Shares issued to the Initial Class B Shareholders in the Class B Share Issue; |
| **Joint Holder(s)** | means the holder or holders of shares that are held jointly by more than one person; |
| **Legislation** | means the Companies Acts, the CREST Regulations and every other enactment for the time being in force concerning companies and affecting the Company; |
| **London Stock Exchange** | means London Stock Exchange plc; |
| **Month** | means calendar month; |
| **Non-CEO Permitted Maximum** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; means:<br>(a) until such time as:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Regulatory Approvals have been granted; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) due to the Company's licensing arrangements, the Regulatory Approvals are no longer required,<br>in each case only when the satisfaction of such condition has been approved by the Board, one vote below 25 per cent. of the aggregate number of votes attaching to Shares eligible to be cast in respect of that Shareholder resolution (such aggregate number of votes, for the avoidance of doubt, excluding any Affected Votes); and<br>(b) at all other times following the Board's approval of the satisfaction of condition (a)(i) or (a)(ii) above, one vote below 35 per cent. of the aggregate number of votes attaching to Shares eligible to be cast in respect of that Shareholder resolution (such aggregate number of votes, for the avoidance of doubt, excluding any Affected Votes); |
| **Office** | means the registered office of the Company for the time being; |
| **paid** | means paid or credited as paid; |
| **person entitled** | means, in relation to a share, a person entitled to that share by reason of the death or bankruptcy of a member or otherwise by operation of law; |

---

------

---

| | |
|:---|:---|
| **physical General Meeting** | means any General Meeting which persons may attend only at a physical place of meeting; |
| **present** | means, for the purposes of a physical General Meeting, present at a physical place of meeting or, for the purposes of a combined physical and electronic General Meeting, either present at a physical place of meeting or present by attending via an electronic platform; |
| **Redeemable Reorganisation Shares** | has the meaning given in Article 87.2; |
| **Register** | means the register of members of the Company; |
| **Regulatory Approvals** | means, to the extent applicable: (i) the mandatory regulatory approval required from the Hong Kong Customs and Excise Department with respect to the control of issued share capital, voting rights, and/or management of the Company; and (ii) the mandatory regulatory approvals required from the U.S. states of New York and Virginia with respect to the control of issued share capital, voting rights, and/or management of the Company; |
| **relevant holder** | means a holder of shares who is a member or a person who is entitled by virtue of operation of law on death, bankruptcy or operation of law for the purposes of Article 21; |
| **Relevant System** | means a computer-based system, and procedures, which enable title to units of a security to be evidenced and transferred without a written instrument pursuant to the CREST Regulations; |
| **Scheme of Arrangement** | means a scheme of arrangement between the Company and the Shareholders (or any group of the Shareholders) under Part 26 of the Companies Act; |
| **Seal** | means the common seal of the Company; |
| **Secretary** | means the secretary of the Company and any person appointed by the Directors to perform any of the duties of the secretary including, a joint, assistant or deputy secretary; |
| **Securities Seal** | means an official seal (which may be printed) kept by the Company for sealing securities issued by the Company, or for sealing documents creating or evidencing securities so issued, as permitted by the Companies Acts; |

---

------

---

| | |
|:---|:---|
| **Senior Independent Director** | means a senior independent director of the Company, from time to time; |
| **Shareholder** | means the holder of any Shares; |
| **Share for Share Exchange** | means the acquisition by the Company of the entire issued and to be issued share capital of TransferWise Ltd (company number 07209813) in consideration for the issue of shares in the Company to the shareholders of TransferWise Ltd in proportion to their shareholdings prior to the Share for Share Exchange; |
| **Shares** | means the Class A Shares and the Class B Shares from time to time; |
| **these/the Articles** | means these Articles of Association as from time to time altered; |
| **Transfer Office** | means the place where the Register is situated for the time being; |
| **Uncertificated Proxy Instruction** | means a properly authenticated dematerialised instruction, and/or other instruction or notification, sent by means of a Relevant System to a participant in that system acting on behalf of the Company as the Directors may prescribe, in such form and subject to such terms and conditions as may from time to time be prescribed by the Directors (subject always to the facilities and requirements of the Relevant System); |
| **United Kingdom** | means the United Kingdom of Great Britain and Northern Ireland; and |
| **Year** | means calendar year. |

---

------

**Schedule 1** 

**Initial Class B Shareholders** 

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| Preliminary | Preliminary | 1 |
| 1 | Default Articles not to apply | 1 |
| 2 | Liability of members | 1 |
| Shares | Shares | 1 |
| 3 | Shares and special rights | 1 |
| 4 | Commissions on issue of shares | 1 |
| 5 | Fractions arising on consolidation, subdivision or capitalisation | 1 |
| 6 | Capitalisation of profits and reserves | 2 |
| Share Certificates | Share Certificates | 3 |
| 7 | Issue of share certificates | 3 |
| 8 | Form of share certificate | 3 |
| 9 | Replacement of share certificates | 3 |
| Shares not held in Certificated Form | Shares not held in Certificated Form | 4 |
| 10 | Uncertificated shares | 4 |
| Variation of Rights | Variation of Rights | 4 |
| 11 | Manner of variation of rights | 4 |
| 12 | Matters not constituting variation of rights | 5 |
| 13 | Allotment of Class B Shares and Holdings of Corresponding Class A Shares | 5 |
| Transfer of Shares | Transfer of Shares | 6 |
| 14 | Form of transfer | 6 |
| 15 | Non-transferability of Class B Shares | 6 |
| 16 | Right to refuse registration | 7 |
| Persons automatically entitled to shares by law | Persons automatically entitled to shares by law | 7 |
| 17 | Persons entitled to shares on death | 7 |
| 18 | Election by persons entitled to shares by operation of law | 8 |
| 19 | Rights of persons entitled to shares by operation of law | 8 |
| 20 | Prior notices binding | 8 |
| Untraced Shareholders | Untraced Shareholders | 8 |
| 21 | Untraced shareholders | 8 |
| General Meetings | General Meetings | 9 |
| 22 | Annual General Meetings | 9 |
| 23 | Convening of General Meetings | 9 |
| 24 | Postponement or cancellation of General Meetings | 10 |
| Notice of General Meetings | Notice of General Meetings | 10 |
| 25 | Notice of General Meetings | 10 |

---

i

------

**TABLE OF CONTENTS** 

(continued)

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| Proceedings at General Meetings | Proceedings at General Meetings | 10 |
| 26 | Chair | 10 |
| 27 | Requirement for Quorum at General Meetings | 10 |
| 28 | Adjournment | 11 |
| 29 | Notice of adjourned meeting | 11 |
| 30 | Amendments to resolutions | 11 |
| 31 | Security arrangements and orderly conduct | 12 |
| 32 | Combined physical and electronic General Meetings | 12 |
| 33 | Attendance at and participation in General Meetings | 13 |
| 34 | Schemes of Arrangement | 13 |
| Polls | Polls | 13 |
| 35 | Poll voting | 13 |
| 36 | Procedure on a poll | 13 |
| 37 | Timing of poll | 13 |
| Votes of Members | Votes of Members | 14 |
| 38 | Votes attaching to shares | 14 |
| 39 | Validity and result of vote | 14 |
| 40 | Restrictions on Voting – Class B Shares | 14 |
| Proxies and Corporate Representatives | Proxies and Corporate Representatives | 17 |
| 41 | Appointment of proxies | 17 |
| 42 | Multiple proxies | 17 |
| 43 | Form of proxy | 17 |
| 44 | Deposit of form of proxy | 18 |
| 45 | Rights of proxy | 18 |
| 46 | Termination of proxy's authority | 19 |
| 47 | Corporations acting by representatives | 19 |
| Directors | Directors | 19 |
| 48 | Number of Directors | 19 |
| 49 | Directors' remuneration and benefits | 19 |
| 50 | Appointment of executive Directors and Chair | 20 |
| Appointment and Retirement of Directors | Appointment and Retirement of Directors | 20 |
| 51 | Election or appointment of additional Director | 20 |
| 52 | Retirement at Annual General Meetings | 20 |
| 53 | Re-election of retiring Director | 20 |
| 54 | Termination of office | 21 |
| 55 | Removal of Director by resolution of the Company | 22 |

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ii

------

**TABLE OF CONTENTS** 

(continued)

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| Meetings and Proceedings of Directors | Meetings and Proceedings of Directors | 22 |
| 56 | Convening of meetings of Directors | 22 |
| 57 | Quorum at board meetings | 22 |
| 58 | Chair and Senior Independent Director | 22 |
| 59 | Casting vote | 22 |
| 60 | Number of Directors below minimum | 23 |
| 61 | Directors' written resolutions | 23 |
| 62 | Validity of proceedings | 23 |
| Directors' Interests | Directors' Interests | 23 |
| 63 | Directors' interests - general | 23 |
| 64 | Authorisation of Directors' interests | 24 |
| 65 | Permitted interests | 24 |
| 66 | Restrictions on quorum and voting | 26 |
| 67 | Confidential information | 27 |
| Powers of Directors | Powers of Directors | 28 |
| 68 | General powers | 28 |
| 69 | Bank mandates | 28 |
| 70 | Borrowing powers | 28 |
| Delegation of Powers | Delegation of Powers | 29 |
| 71 | Appointment and constitution of committees | 29 |
| 72 | Appointment of attorney | 29 |
| Secretary | Secretary | 29 |
| 73 | Secretary | 29 |
| The Securities Seal | The Securities Seal | 30 |
| 74 | The Securities Seal | 30 |
| Authentication of Documents | Authentication of Documents | 30 |
| 75 | Authentication of documents | 30 |
| Dividends | Dividends | 30 |
| 76 | Declaration of final dividends | 30 |
| 77 | Fixed and interim dividends | 30 |
| 78 | Non-cash distributions | 31 |
| 79 | Ranking of shares for dividend | 31 |
| 80 | Manner of payment of dividends | 31 |
| 81 | Record date for dividends | 32 |
| 82 | No interest on dividends | 32 |
| 83 | Unclaimed dividend | 33 |
| 84 | Waiver of dividend | 33 |

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iii

------

**TABLE OF CONTENTS** 

(continued)

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| Scrip Dividends | Scrip Dividends | 34 |
| 85 | Scrip dividends | 34 |
| Liquidation Preference | Liquidation Preference | 35 |
| 86 | Liquidation Preference | 35 |
| Redemption of Shares | Redemption of Shares | 36 |
| 87 | Initial redeemable shares and non-redeemability of Class A Shares | 36 |
| Accounts | Accounts | 36 |
| 88 | Access to accounting records | 36 |
| Communications with Members | Communications with Members | 36 |
| 89 | Service of notices | 36 |
| 90 | Communication with Joint Holders | 37 |
| 91 | Deceased or bankrupt members | 37 |
| 92 | Failure to supply address | 38 |
| 93 | Signature or authentication of documents sent by electronic means | 38 |
| 94 | Statutory provisions as to notices | 38 |
| Directors' Liabilities | Directors' Liabilities | 39 |
| 95 | Indemnity | 39 |
| 96 | Insurance | 39 |
| 97 | Defence expenditure | 40 |
| 98 | Shares not otherwise subject to the Scheme | 41 |
| 99 | Definitions and Interpretation | 41 |

---

iv

## Exhibit 1.2

**Exhibit 1.2** 

**THE COMPANIES (JERSEY) LAW 1991** 

**A COMPANY LIMITED BY SHARES** 

**AMENDED AND RESTATED** 

**MEMORANDUM** 

**AND** 

**ARTICLES OF ASSOCIATION** 

**OF** 

**WISE GROUP PLC** 

**(COMPANY NUMBER: 160362)** 

**(Adopted by special resolution passed on** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**and effective on)** 

------

Company number 160362

**THE COMPANIES (JERSEY) LAW 1991** 

**A COMPANY LIMITED BY SHARES** 

**AMENDED AND RESTATED MEMORANDUM OF ASSOCIATION** 

**OF** 

**WISE GROUP PLC** 

**(Adopted by special resolution passed on and effective** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**on)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the company is **Wise Group plc** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The company is a public company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The company is a par value company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The share capital of the company is $ divided into:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 3,000,000,000 Class A Ordinary Shares with a par value of $0.01 each;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B Ordinary Shares with a par value of $0.000000001 each; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 3,000,000,000 preferred shares of $0.01 each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The liability of a member of the company is limited to the amount unpaid (if any) on such member's share
or shares.

------

Company number 160362

**THE COMPANIES (JERSEY) LAW 1991** 

**A COMPANY LIMITED BY SHARES** 

**AMENDED AND RESTATED ARTICLES OF ASSOCIATION** 

**OF** 

**WISE GROUP PLC** 

**(Adopted by special resolution passed on and effective** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**on)** 

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
|  **PRELIMINARY** | **PRELIMINARY** | **1** |
| **1.** | **EXCLUSION OF STANDARD TABLE** | **1** |
| **2.** | **INTERPRETATION** | **1** |
| **3.** | **LIMITED LIABILITY** | **7** |
| **4.** | **SHARE CAPITAL AND RIGHTS ATTACHED TO SHARES** | **7** |
| **5.** | **FURTHER PROVISIONS RELATING TO THE CLASS B ORDINARY SHARES** | **7** |
| **6.** | **AUTHORITY TO ALLOT SHARES AND GRANT RIGHTS** | **8** |
| **7.** | **POWER TO PAY COMMISSION** | **8** |
| **8.** | **POWER TO ALTER SHARE CAPITAL** | **8** |
| **9.** | **SHAREHOLDER RIGHTS PLAN** | **9** |
| **10.** | **POWER TO ISSUE REDEEMABLE SHARES AND CONVERSION OF EXISTING NON-REDEEMABLE SHARES** | **11** |
| **11.** | **POWER TO PURCHASE OWN SHARES** | **11** |
| **12.** | **POWER TO REDUCE CAPITAL** | **11** |
| **13.** | **TRUSTS NOT RECOGNISED** | **11** |
|  **UNCERTIFICATED SHARES – GENERAL POWERS** | **UNCERTIFICATED SHARES – GENERAL POWERS** | **11** |
| **14.** | **UNCERTIFICATED SHARES – GENERAL POWERS** | **11** |
|  **VARIATION OF RIGHTS** | **VARIATION OF RIGHTS** | **12** |
| **15.** | **VARIATION OF RIGHTS** | **12** |
|  **TRANSFERS OF SHARES** | **TRANSFERS OF SHARES** | **13** |
| **16.** | **RIGHT TO TRANSFER SHARES** | **13** |
| **17.** | **TRANSFERS OF UNCERTIFICATED SHARES** | **13** |
| **18.** | **TRANSFERS OF CERTIFICATED SHARES** | **13** |
| **19.** | **OTHER PROVISIONS RELATING TO TRANSFERS** | **14** |
| **20.** | **NOTICE OF REFUSAL** | **14** |
|  **TRANSMISSION OF SHARES** | **TRANSMISSION OF SHARES** | **14** |
| **21.** | **TRANSMISSION ON DEATH** | **14** |
| **22.** | **ELECTION OF PERSON ENTITLED BY TRANSMISSION** | **14** |
| **23.** | **RIGHTS OF PERSON ENTITLED BY TRANSMISSION** | **15** |
|  **GENERAL MEETINGS** | **GENERAL MEETINGS** | **15** |
| **24.** | **GENERAL MEETINGS** | **15** |
| **25.** | **MEETING AT MORE THAN ONE PLACE OR IN MORE THAN ONE FORMAT** | **16** |
| **26.** | **ANNUAL GENERAL MEETINGS** | **17** |
| **27.** | **CONVENING OF GENERAL MEETINGS OTHER THAN ANNUAL GENERAL MEETINGS** | **17** |
| **28.** | **PROPOSALS AT ANNUAL GENERAL MEETINGS** | **17** |
| **29.** | **SEPARATE GENERAL MEETINGS** | **25** |
|  **NOTICE OF GENERAL MEETINGS** | **NOTICE OF GENERAL MEETINGS** | **25** |
| **30.** | **LENGTH, FORM AND CONTENT OF NOTICE** | **25** |

---

i

------

**TABLE OF CONTENTS** 

(continued)

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **31.** | **OMISSION OR NON-RECEIPT OF NOTICE** | **26** |
|  **PROCEEDINGS AT GENERAL MEETINGS** | **PROCEEDINGS AT GENERAL MEETINGS** | **26** |
| **32.** | **QUORUM** | **26** |
| **33.** | **SECURITY** | **27** |
| **34.** | **CHAIR** | **27** |
| **35.** | **RIGHT TO ATTEND AND SPEAK** | **28** |
| **36.** | **RESOLUTIONS AND AMENDMENTS** | **28** |
| **37.** | **ADJOURNMENT** | **28** |
| **38.** | **METHOD OF VOTING** | **29** |
| **39.** | **HOW POLL IS TO BE TAKEN** | **29** |
| **40.** | **VALIDITY OF MEETING** | **30** |
|  **VOTES OF MEMBERS** | **VOTES OF MEMBERS** | **30** |
| **41.** | **VOTING RIGHTS** | **30** |
| **42.** | **RESTRICTIONS ON VOTING – CLASS B ORDINARY SHARES** | **30** |
| **43.** | **REPRESENTATION OF CORPORATIONS** | **33** |
| **44.** | **VOTING RIGHTS OF JOINT HOLDERS** | **33** |
| **45.** | **VOTING RIGHTS OF MEMBERS INCAPABLE OF MANAGING THEIR AFFAIRS** | **34** |
| **46.** | **VOTING RIGHTS SUSPENDED WHERE SUMS OVERDUE** | **34** |
| **47.** | **OBJECTIONS TO ADMISSIBILITY OF VOTES** | **34** |
|  **PROXIES** | **PROXIES** | **34** |
| **48.** | **PROXIES** | **34** |
| **49.** | **APPOINTMENT OF PROXY** | **34** |
| **50.** | **RECEIPT OF PROXY** | **35** |
| **51.** | **NOTICE OF REVOCATION OF AUTHORITY ETC.** | **36** |
| **52.** | **INFORMATION RIGHTS** | **36** |
|  **MEMBERS' RESOLUTIONS IN WRITING** | **MEMBERS' RESOLUTIONS IN WRITING** | **37** |
| **53.** | **MEMBERS' RESOLUTIONS IN WRITING** | **37** |
| **DIRECTORS** | **DIRECTORS** | **37** |
| **54.** | **NUMBER AND CLASSIFICATION OF DIRECTORS** | **37** |
| **55.** | **DIRECTORS NEED NOT BE MEMBERS** | **37** |
|  **ELECTION, RETIREMENT AND REMOVAL OF DIRECTORS** | **ELECTION, RETIREMENT AND REMOVAL OF DIRECTORS** | **37** |
| **56.** | **ELECTION OF DIRECTORS BY THE COMPANY** | **37** |
| **57.** | **SEPARATE RESOLUTIONS FOR ELECTION OF EACH DIRECTOR** | **38** |
| **58.** | **THE BOARD'S POWER TO APPOINT DIRECTORS** | **38** |
| **59.** | **RETIREMENT OF DIRECTORS** | **38** |
| **60.** | **REMOVAL OF DIRECTORS** | **39** |
| **61.** | **VACATION OF OFFICE OF DIRECTOR** | **39** |
| **62.** | **EXECUTIVE DIRECTORS** | **40** |

---

ii

------

**TABLE OF CONTENTS** 

(continued)

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
|  **REMUNERATION, EXPENSES, PENSIONS AND OTHER BENEFITS** | **REMUNERATION, EXPENSES, PENSIONS AND OTHER BENEFITS** | **40** |
| **63.** | **SPECIAL REMUNERATION** | **40** |
| **64.** | **EXPENSES** | **41** |
| **65.** | **PENSIONS AND OTHER BENEFITS** | **41** |
|  **POWERS OF THE BOARD** | **POWERS OF THE BOARD** | **41** |
| **66.** | **GENERAL POWERS OF THE BOARD TO MANAGE THE COMPANY'S BUSINESS** | **41** |
| **67.** | **POWER TO ACT NOTWITHSTANDING VACANCY** | **42** |
| **68.** | **PROVISIONS FOR EMPLOYEES** | **42** |
| **69.** | **POWER TO BORROW MONEY** | **42** |
| **70.** | **POWER TO CHANGE THE NAME OF THE COMPANY** | **42** |
|  **DELEGATION OF BOARD'S POWERS** | **DELEGATION OF BOARD'S POWERS** | **42** |
| **71.** | **DELEGATION TO INDIVIDUAL DIRECTORS** | **42** |
| **72.** | **COMMITTEES** | **42** |
| **73.** | **POWERS OF ATTORNEY** | **43** |
|  **DIRECTORS' INTERESTS** | **DIRECTORS' INTERESTS** | **43** |
| **74.** | **DECLARATION OF INTERESTS IN A PROPOSED TRANSACTION OR ARRANGEMENT WITH THE COMPANY** | **43** |
| **75.** | **PROVISIONS APPLICABLE TO DECLARATIONS OF INTEREST** | **43** |
| **76.** | **DIRECTORS' INTERESTS AND VOTING** | **43** |
| **77.** | **NO DUTY OF CONFIDENTIALITY TO ANOTHER PERSON; WAIVER OF CORPORATE OPPORTUNITY** | **46** |
|  **PROCEEDINGS OF THE BOARD** | **PROCEEDINGS OF THE BOARD** | **47** |
| **78.** | **BOARD MEETINGS** | **47** |
| **79.** | **NOTICE OF BOARD MEETINGS** | **47** |
| **80.** | **QUORUM** | **47** |
| **81.** | **CHAIR OR DEPUTY CHAIR TO PRESIDE** | **48** |
| **82.** | **COMPETENCE OF BOARD MEETINGS** | **48** |
| **83.** | **VOTING** | **48** |
| **84.** | **TELEPHONE/ELECTRONIC BOARD MEETINGS** | **48** |
| **85.** | **RESOLUTIONS WITHOUT MEETINGS** | **49** |
| **86.** | **VALIDITY OF ACTS OF DIRECTORS IN SPITE OF FORMAL DEFECT** | **49** |
| **87.** | **MINUTES** | **49** |
|  **SECRETARY** | **SECRETARY** | **49** |
| **88.** | **SECRETARY** | **49** |
|  **SHARE CERTIFICATES** | **SHARE CERTIFICATES** | **49** |
| **89.** | **ISSUE OF SHARE CERTIFICATES** | **49** |
| **90.** | **CHARGES FOR AND REPLACEMENT OF CERTIFICATES** | **50** |
|  **LIEN ON SHARES** | **LIEN ON SHARES** | **51** |

---

iii

------

**TABLE OF CONTENTS** 

(continued)

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **91.** | **LIEN ON PARTLY PAID SHARES** | **51** |
| **92.** | **ENFORCEMENT OF LIEN** | **51** |
|  **CALLS ON SHARES** | **CALLS ON SHARES** | **51** |
| **93.** | **CALLS** | **51** |
| **94.** | **INTEREST ON CALLS** | **52** |
| **95.** | **SUMS TREATED AS CALLS** | **52** |
| **96.** | **POWER TO DIFFERENTIATE** | **52** |
| **97.** | **PAYMENT OF CALLS IN ADVANCE** | **52** |
|  **FORFEITURE OF SHARES** | **FORFEITURE OF SHARES** | **52** |
| **98.** | **NOTICE OF UNPAID CALLS** | **52** |
| **99.** | **FORFEITURE ON NON-COMPLIANCE WITH NOTICE** | **53** |
| **100.** | **POWER TO ANNUL FORFEITURE OR SURRENDER** | **53** |
| **101.** | **DISPOSAL OF FORFEITED OR SURRENDERED SHARES** | **53** |
| **102.** | **ARREARS TO BE PAID NOTWITHSTANDING FORFEITURE OR SURRENDER** | **53** |
|  **SEAL** | **SEAL** | **54** |
| **103.** | **SEAL** | **54** |
|  **DIVIDENDS** | **DIVIDENDS** | **54** |
| **104.** | **DECLARATION OF DIVIDENDS BY THE COMPANY** | **54** |
| **105.** | **FIXED AND INTERIM DIVIDENDS** | **54** |
| **106.** | **CALCULATION AND CURRENCY OF DIVIDENDS** | **55** |
| **107.** | **METHOD OF PAYMENT** | **55** |
| **108.** | **DIVIDENDS NOT TO BEAR INTEREST** | **56** |
| **109.** | **CALLS OR DEBTS MAY BE DEDUCTED FROM DIVIDENDS** | **56** |
| **110.** | **UNCLAIMED DIVIDENDS ETC.** | **56** |
| **111.** | **UNCASHED DIVIDENDS** | **57** |
| **112.** | **DIVIDENDS IN SPECIE** | **57** |
| **113.** | **SCRIP DIVIDENDS** | **57** |
|  **CAPITALISATION OF RESERVES** | **CAPITALISATION OF RESERVES** | **59** |
| **114.** | **CAPITALISATION OF RESERVES** | **59** |
| **115.** | **CAPITALISATION OF RESERVES – EMPLOYEES' SHARE SCHEMES** | **59** |
|  **RECORD DATES** | **RECORD DATES** | **60** |
| **116.** | **FIXING OF RECORD DATES** | **60** |
|  **ACCOUNTS** | **ACCOUNTS** | **61** |
| **117.** | **ACCOUNTING RECORDS** | **61** |
|  **REGISTER** | **REGISTER** | **61** |
| **118.** | **REGISTER REQUIREMENTS** | **61** |
|  **COMMUNICATIONS** | **COMMUNICATIONS** | **62** |
| **119.** | **COMMUNICATIONS TO THE COMPANY** | **62** |

---

iv

------

**TABLE OF CONTENTS** 

(continued)

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **120.** | **COMMUNICATIONS BY THE COMPANY** | **62** |
| **121.** | **WHEN COMMUNICATION IS DEEMED RECEIVED** | **62** |
| **122.** | **RECORD DATE FOR COMMUNICATIONS** | **63** |
| **123.** | **COMMUNICATION TO PERSON ENTITLED BY TRANSMISSION** | **63** |
|  **UNTRACED MEMBERS** | **UNTRACED MEMBERS** | **64** |
| **124.** | **SALE OF SHARES OF UNTRACED MEMBERS** | **64** |
| **125.** | **APPLICATION OF PROCEEDS OF SALE** | **65** |
|  **DESTRUCTION OF DOCUMENTS** | **DESTRUCTION OF DOCUMENTS** | **65** |
| **126.** | **DESTRUCTION OF DOCUMENTS** | **65** |
|  **WINDING UP** | **WINDING UP** | **66** |
| **127.** | **POWERS TO DISTRIBUTE IN SPECIE** | **66** |
|  **INDEMNITY AND INSURANCE, ETC.** | **INDEMNITY AND INSURANCE, ETC.** | **66** |
| **128.** | **DIRECTORS' INDEMNITY, INSURANCE AND DEFENCE** | **66** |
|  **FORUM SELECTION** | **FORUM SELECTION** | **67** |
| **129.** | **FORUM SELECTION** | **67** |
|  **CERTAIN ARRANGEMENTS IN RESPECT OF THE COMPANY'S LISTING IN THE UNITED STATES** | **CERTAIN ARRANGEMENTS IN RESPECT OF THE COMPANY'S LISTING IN THE UNITED STATES** | **67** |
| **130.** | **ARRANGEMENTS IN RESPECT OF THE CREST SHARES** | **68** |

---

v

------

**PRELIMINARY** 

1. **Exclusion of Standard Table** 

The regulations constituting the Standard Table in the Companies (Standard Table) (Jersey) Order 1992 do not apply to the Company.

2. **Interpretation** 

(a) In these articles, unless the contrary intention appears:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the following definitions apply:

**Affected Vote Notice** means a notice in writing served in accordance with the provisions of article 42(f);

**Affected Vote(s)** means any Class B Ordinary Share votes which shall be treated as such pursuant to article 42(f);

**Affiliate** has the meaning given in article 28(j);

**these articles** means these articles of association, as amended from time to time;

**Associate** has the meaning given in article 28(j);

**bankrupt** and/or **bankruptcy** shall have the meaning specified in the Interpretation (Jersey) Law 1954 and includes individual insolvency proceedings in a jurisdiction other than the Bailiwick of Jersey which have an effect similar to that of bankruptcy;

**Board** means the board of directors for the time being of the Company or the directors present or deemed to be present at a duly convened meeting of the directors at which a quorum is present;

**CEO Permitted Maximum** means one vote below 50 per cent. of the aggregate number of votes attaching to shares eligible to be cast in respect of that shareholder resolution (such aggregate number of votes, for the avoidance of doubt, excluding any Affected Votes);

**Circular** means the explanatory circular published by Wise plc on 3 July 2025 in connection with the Scheme of Arrangement;

**Class A Ordinary Shares** means the Class A ordinary shares in the capital of the Company from time to time, with the rights set out in these articles;

**Class A Shareholder** means the registered holders of Class A Ordinary Shares;

**Class B Ordinary Shares** means the Class B ordinary shares in the capital of the Company from time to time, with the rights set out in these articles;

**Class B Shareholder** means the registered holders of Class B Ordinary Shares;

------

**Class B Shareholder Group(s)** means the groups of Initial Class B Shareholders as set out in Schedule 1 of the articles of association of Wise plc as in effect as at the effective time of the Scheme of Arrangement;

**clear days** means, in relation to the period of a notice, that period excluding the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect;

**committee** means a committee of the Board;

**Companies Law** means the Companies (Jersey) Law 1991 as in force from time to time;

**Company** means Wise Group plc;

**Corresponding Class A Shares** means the Class A Ordinary Shares that are issued in consideration for the transfer of Class A ordinary shares in Wise plc that are "Corresponding Class A Shares" as defined in the articles of association of Wise plc and that correspond to the Class B Ordinary Shares that are allotted and issued to the Class B Shareholders on the Effective Date;

**"CREST Participants**" has the meaning given in article 130;

"**CREST Shares**" has the meaning given in article 130;

"**DI Custodian**" has the meaning given in article 130;

**director** means a director for the time being of the Company;

**Domestic Issuer Transition Date** means such date on which the Company no longer qualifies as a "foreign private issuer" (as defined under the rules promulgated under the Exchange Act) or voluntarily elects to file domestic company forms in connection with the reporting requirements of the Exchange Act;

**DTC** means the Depository Trust Company;

**Effective Date** means the date on which the Scheme of Arrangement becomes effective in accordance with its terms;

**electronic** has the meaning given to that term in the Electronic Communications (Jersey) Law 2000;

**electronic address** means any number, electronic mailbox address, unique resource locator or other unique identifier, designated or used for the purposes of sending or receiving electronic communications;

**electronic communication** has the meaning given in the Electronic Communications (Jersey) Law 2000 and includes, without limitation, a document sent or supplied by electronic means between an originator and an addressee (for example, by electronic mail or fax, or by any other means while in an electronic form);

------

**electronic general meeting** means, subject to the Statutes, a general meeting held or conducted in such a way that allows persons who may not be physically present together at a physical venue to participate in the general meeting and communicate with each other any information or opinions they may have on any particular item of business of the meeting, and for the avoidance of doubt, such participation and communication requires that each member participating and communicating at the meeting can both hear any other of them or be heard by any other of them throughout the meeting;

**electronic signature** has the meaning given in the Electronic Communications (Jersey) Law 2000;

**Exchange Act** means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as the same may be amended from time to time;

**hard copy form** means a document sent or supplied by paper copy or a similar form capable of being read;

**holder** in relation to any share means the member whose name is entered in the register as the holder of that share;

**Initial Class B Shareholders** means the persons to whom the Class B Ordinary Shares were allotted and issued pursuant to the Scheme of Arrangement as recorded in the register and, where applicable, set out in Schedule 1 of the articles of association of Wise plc as in effect as at the effective time of the Scheme of Arrangement;

**member** means any person or persons entered on the register from time to time as the holder of a share;

**Member Associated Person** has the meaning given in article 28(j);

**Member Information** has the meaning given in article 28(d)(ii);

**Non-CEO Permitted Maximum** means one vote below 35 per cent. of the aggregate number of votes attaching to shares eligible to be cast in respect of that shareholder resolution (such aggregate number of votes, for the avoidance of doubt, excluding any Affected Votes);

**Noticing Member** has the meaning given in article 28(c);

**office** means the registered office for the time being of the Company;

**ordinary resolution** means a resolution passed by a simple majority of the votes cast by such members present and entitled to vote (including, where proxies are allowed, votes cast by proxy) at a general meeting of the Company and where a poll is taken regard shall be had in computing a majority to the voting rights represented by the number of shares to which each member is entitled;

------

**ordinary shares** means the Class A Ordinary Shares and Class B Ordinary Shares and any other shares in the capital of the Company designated as ordinary shares from time to time;

**originator** has the meaning given to that term in the Electronic Communications (Jersey) Law 2000;

**Owner** has the meaning given in article 28(d)(ii);

**paid up** and **fully paid** means paid up or credited as paid up;

**person entitled by transmission** means a person whose entitlement to a share in consequence of the death or bankruptcy of a member or of any other event giving rise to its transmission by operation of law has been noted in the register;

**physical general meeting** means a general meeting held or conducted at one physical venue (at which facilities are not available to allow for persons who are not at such physical venue to attend or participate in the meeting by means of electronic communication);

**principal register** means the register maintained in Jersey;

a **proxy notification address** means the address or addresses (including any electronic address) specified in a notice of a meeting or in any other information issued by the Company in relation to a meeting (or, as the case may be, an adjourned meeting or a poll) for the receipt of proxy notices relating to that meeting (or adjourned meeting or poll) or, if no such address is specified, the office;

**Qualified Representative** has the meaning given in article 28(j);

**register** means the register of members of the Company (and, unless the context requires otherwise, includes any overseas branch register as provided for in article 118(b) of these articles) kept and maintained in accordance with these articles and pursuant to the Companies Law;

**relevant system** has the meaning given to the term "computer system" in the 2014 Order;

**Relevant US Exchange** means any market operated by the New York Stock Exchange or NASDAQ Inc. on which the Company's shares are, with the approval of the Board, listed or quoted or proposed to be listed or quoted;

**requisition notice** has the meaning given in article 28(m);

**Scheme of Arrangement** means the scheme of arrangement made under Part 26 of the UK Companies Act 2006 between Wise plc and the Scheme Shareholders (as defined in the Scheme of Arrangement) particulars of which are set out in the Circular;

**seal** means any common seal of the Company (if any) or any official seal or securities seal which the Company may have or be permitted to have under the Statutes;

------

**secretary** means the secretary of the Company or, if there are joint secretaries, any of the joint secretaries and includes an assistant or deputy secretary and any person appointed by the Board to perform any of the duties of the secretary of the Company;

**share** means a Class A Ordinary Share, Class B Ordinary Share, or any other share in the share capital of the Company, and the expression (i) includes stock (except where a distinction between shares and stock is expressed or implied) and (ii) where the context permits, also includes a fraction of a share;

**special resolution** means a resolution passed by a majority of not less than two-thirds of the votes cast by such members present and entitled to vote (including, where proxies are allowed, votes cast by proxy) at a general meeting of the Company of which not less than fourteen clear days' notice, including the text of the resolution and specifying the intention to propose the resolution as a special resolution, has been duly given and where a poll is taken regard shall be had in computing such majority to the voting rights represented by the number of shares to which each member is entitled;

**Statutes** means the Companies Law, the 2014 Order and every other statute, statutory instrument, regulation or order for the time being in force concerning companies in so far as they concern the Company;

**transfer office** means: (i) in relation to the principal register, the location in Jersey where the principal register is kept and maintained; and (ii) where the Company keeps an overseas branch register in respect of any country, territory or place outside of Jersey (not being in the United Kingdom), the location in that country, territory or place where that overseas branch register is kept and maintained;

**treasury shares** means those shares held by the Company in treasury in accordance with the Companies Law;

**United States of America** means the United States of America and its territories and possessions, including the District of Columbia;

**US branch register** means the overseas branch register of the Company, if any, maintained in the United States of America;

**Voting Commitment** has the meaning given in article 28(l);

**2014 Order** means the Companies (Transfers of Shares – Exemptions) (Jersey) Order 2014, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any reference to an uncertificated share, or to a share being held in uncertificated form, means a share title
to which may be transferred by means of a relevant system, and any reference to a certificated share means any share other than an uncertificated share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other words or expressions defined in the Companies Law or, if not defined in the Companies Law, in any
other of the Statutes (in each case as in force on the date these articles take effect) have the same meaning in these articles except that the word company includes any body corporate;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any reference in these articles to any statute or statutory provision includes a reference to any modification
or re-enactment of it for the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) words importing the singular number include the plural number and vice versa, words importing one gender
include the other gender and words importing persons include bodies corporate and unincorporated associations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any reference to writing includes a reference to any method of reproducing words in a legible form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any words following the terms "including", "include", "in particular",
"for example" or any similar expression shall be interpreted as illustrative and the words "(but not limited to)" shall be deemed as immediately following such term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any reference to a document being sealed or executed under seal or under the common seal of any body corporate
(including the Company) or any similar expression includes a reference to its being executed in any other manner which has the same effect as if it were executed under seal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any reference to a meeting shall not be taken as requiring more than one person to be present in person if any
quorum requirement can be satisfied by one person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any reference to a show of hands includes such other method of casting votes as the Board may from time to time
approve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any reference to a person who is attending or participating in a meeting by means of electronic communication
is a reference to a person whose attendance or participation at that meeting is enabled by a facility or facilities (whether electronic or otherwise), other than physical presence at a general meeting, which allows persons who may not be physically
present together to communicate with each other any information or opinions they may have on any particular item of business of the meeting; electronic attendance and participation shall be construed accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) where the Company has a power of sale or other right of disposal in relation to any share, any reference to the
power of the Company or the Board to authorise a person to transfer that share to or as directed by the person to whom the share has been sold or disposed of shall, in the case of an uncertificated share, be deemed to include a reference to such
other action as may be necessary to enable that share to be registered in the name of that person or as directed by that person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) rights attaching to any share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) members having a right to attend and vote at general meetings of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) dividends being paid, or any other distribution of the Company's assets being made, to members; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) interests in a certain proportion or percentage of the issued share capital, or any class of share capital,

shall, unless otherwise expressly provided by the Statutes, be construed as though any treasury shares held by the Company had been cancelled.

(b) Subject to the Statutes, a special resolution shall be effective for any purpose for which an ordinary
resolution is expressed to be required under these articles.

(c) Headings to these articles are inserted for convenience only and shall not affect construction.

3. **Limited liability** 

The liability of the members is limited to the amount, if any, unpaid on the shares in the Company respectively held by them.

**SHARE CAPITAL** 

4. **Share capital and rights attached to shares** 

The authorised share capital of the Company is as specified in the Memorandum of Association of the Company.

The Company may issue the following shares in the capital of the Company with rights attaching to them as follows:

(a) **Class A Ordinary Shares**: Each Class A Ordinary Share shall be non-redeemable and shall be issued with one vote attaching to it for voting purposes in respect of all matters on which ordinary shares in the capital of the Company have voting rights. Each Class A Ordinary
Share shall rank *pari passu* in all respects with all other Class A Ordinary Share in the capital of the Company, including (but not limited to) as to rights to receive dividends and distributions, liquidation rights and proceeds upon a
change of control.

(b) **Class B Ordinary Shares**: Each Class B Ordinary Share shall be issued with no
votes attaching to it for voting purposes in respect of all matters on which ordinary shares in the capital of the Company have voting rights, unless the registered holder of such Class B Ordinary Share is the Initial Class B Shareholder
in respect of such Class B Ordinary Share, in which case each Class B Ordinary Share held by them shall carry 9 votes, subject to article 5(b) and article 42. The Class B Ordinary Shares shall be redeemable in the circumstances set
out in article 5(c)(ii), but otherwise are non-redeemable. The Class B Ordinary Shares carry no rights to dividends and distributions, liquidation rights and proceeds upon a change of control except as
set out in article 127(b). The Class B Ordinary Shares are strictly non-transferable, non-tradeable and non-distributable to
any person whatsoever. The Board may only allot Class B Ordinary Shares in satisfaction of the terms of the Scheme of Arrangement

5. **Further provisions relating to the Class B Ordinary Shares** 

(a) Class B Ordinary Shares are strictly non-transferable, non-tradeable and non-distributable to any person whatsoever. The Directors must not approve any instrument of transfer in respect of any Class B Ordinary Shares.

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(b) Each Class B Ordinary Share shall immediately cease to carry any entitlement to voting rights in any of
the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relevant Class B Shareholder's Corresponding Class A Ordinary Shares being transferred out
of restricted registered form to an unrestricted account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the death of the Class B Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the purported trade and/or transfer of the beneficial and/or legal interest of the relevant Class B
Ordinary Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the purported trade and/or transfer of the beneficial and/or legal interest of a Class B
Shareholder's Corresponding Class A Ordinary Share relating to the relevant Class B Ordinary Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any indirect change in control in respect of the Class B Shareholder (as determined by the Board); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) 23:59 (London time) on the tenth anniversary of the Effective Date.

(c) Following any Class B Ordinary Share ceasing to carry any entitlement to voting rights in accordance with
article 5(b) or, in respect of any Class B Ordinary Share subject to article 5(d):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no entitlement to voting rights may be reinstated in respect of such Class B Ordinary Shares at any time;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Class B Ordinary Share shall automatically be redeemed for no consideration and shall be cancelled
without any further action being required by any person.

(d) In the event that any Class B Ordinary Shares are issued pursuant to the Scheme of Arrangement in
consideration for the transfer of any class B ordinary shares in the capital of Wise plc that had ceased to carry any entitlement to voting rights in accordance with the provisions of the articles of association of Wise plc prior to the Effective
Date, such Class B Ordinary Shares shall not carry any entitlement to voting rights and shall be subject to article 5(c).

6. **Authority to allot shares and grant rights** 

Subject to the Statutes, these articles and any resolution of the Company, the Board may offer, allot (with or without conferring a right of renunciation), grant options over, grant rights to subscribe for or to convert any security into or otherwise deal with or dispose of any unissued shares in the Company to such persons, at such times and generally on such terms as the Board may decide, save that the Board may only allot Class B Ordinary Shares in satisfaction of the terms of the Scheme of Arrangement.

7. **Power to pay commission** 

The Company may pay commissions or brokerage fees in respect of shares on such terms as the directors may think proper.

8. **Power to alter share capital** 

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(a) Subject to the Statutes and any restrictions in these articles, the Company may exercise the powers conferred
by the Statutes to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) increase its share capital by creating new shares of such amount and in such currency or currencies as it
thinks expedient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reduce its share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) sub-divide or consolidate and divide all or any of its share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) redenominate all or any of its shares and cancel some of its shares in connection with such a redenomination;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) alter its share capital in any other manner permitted by the Companies Law.

(b) A resolution by which any share is sub-divided may determine that, as
between the holders of the shares resulting from the sub-division, one or more of the shares may have such preferred or other special rights, or may have such qualified or deferred rights or be subject to such
restrictions, as compared with the other or others, as the Company has power to attach to new shares.

(c) If as a result of any consolidation and division or sub-division of
shares any members would become entitled to fractions of a share, the Board may deal with the fractions as it thinks fit. In particular, the Board may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (on behalf of those members) aggregate and sell the shares representing the fractions to any person (including,
subject to the Statutes, the Company) and distribute the net proceeds of sale in due proportion among those members (except that any proceeds in respect of any holding less than a sum fixed by the Board may be retained for the benefit of the
Company) and the directors may authorise some person to execute an instrument of transfer of shares and/or any relevant buyback instrument (if applicable) to, or in accordance with the directions of, the purchaser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to the Statutes, first, allot to a member credited as fully paid by way of capitalisation of any
reserve account of the Company such number of shares as rounds up the member's holding to a number which, following consolidation and division or sub-division, leaves a whole number of shares.

(d) For the purpose of a sale under paragraph (c)(i) above, the Board may authorise a person to transfer the shares
to, or as directed by, the purchaser, who shall not be bound to see to the application of the purchase money and the title of the new holder to the shares shall not be affected by any irregularity in or invalidity of the proceedings relating to the
sale.

(e) Where any member's entitlement to a portion of the proceeds of sale amounts to less than a minimum figure
determined by the Board, that member's portion may, at the Board's discretion, be distributed to an organisation which is a charity for the purposes of the law of England and Wales.

9. **Shareholder rights plan** 

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(a) The Board is hereby authorised to establish a shareholder rights plan, including approving the execution of any
document relating to the adoption and/or implementation of a rights plan. A rights plan may be in such form and may be subject to such terms and conditions as the Board shall determine in its absolute discretion.

(b) The Board is hereby authorised to grant rights to subscribe for shares of the Company in accordance with a
rights plan, including to issue preferred shares in one or more series or classes and determine from time to time before issuance the number of shares to be included in any such series or class and the powers, preferences, rights and qualifications,
limitations or restrictions of such series or class. For the avoidance of doubt, the preferred shares may only be issued in accordance with a rights plan.

(c) The Board may, in accordance with a rights plan, exercise any power under such rights plan (including a power
relating to the issuance, redemption or exchange of rights or shares) on a basis that excludes one or more members, including a member who has acquired or may acquire a significant interest in or control of the Company.

(d) The Board is authorised to exercise the powers under this article 9 for any purpose that the Board, in its
discretion, deems reasonable and appropriate, including to ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any process which may result in an acquisition of a significant interest or change of control of the Company is
conducted in an orderly manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all holders of Class A Ordinary Shares will be treated fairly and in the same manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any potential acquisition of a significant interest or change of control of the Company which would be unlikely
to treat all holders of Class A Ordinary Shares fairly and in a similar manner would be prevented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the use of abusive tactics by any person in connection with any potential acquisition of a significant interest
or change of control of the Company would be prevented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an optimum price for shares would be received by or on behalf of all members of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the success of the Company would be promoted for the benefit of its members as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the long-term interests of the Company, its employees, its members and its business would be safeguarded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Company would not suffer serious economic harm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Board has additional time to gather relevant information or pursue appropriate strategies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all or any of the above.

(e) No action taken pursuant to this article 9 shall be a variation of the class rights attached to any existing
class of shares in issue.

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(f) The provisions of this article 9 shall not apply for so long as the Company is subject to the UK City Code on
Takeovers and Mergers.

10. **Power to issue redeemable shares and conversion of existing non-redeemable shares** 

Subject to the Statutes and these articles:

(a) a share may be issued on terms that it is to be redeemed or is liable to be redeemed at the option of the
Company or the holder and the terms, conditions and manner of redemption of such shares shall be determined by the Board before the shares are allotted (and such terms and conditions shall apply as if the same were set out in these articles); and

(b) any existing non-redeemable shares (whether issued or not) may, where
permitted by these articles and determined by the Board, be converted into shares that are to be redeemed or are liable to be redeemed in accordance with their terms, which may include provision for redemption at the option of either or both of the
Company or holder thereof.

(c) The Class A Ordinary Shares are not redeemable.

(d) The Class B Ordinary Shares are not redeemable, save as set out in article 5(c)(ii).

11. **Power to purchase own shares** 

Subject to the Statutes, and to any rights conferred on the holders of any class of shares, the Company may purchase all or any of its shares of any class, including any redeemable shares. Subject to the Statutes, the Company may hold as treasury shares any shares purchased or redeemed by it.

12. **Power to reduce capital** 

Subject to the Statutes and to any rights conferred on the holders of any class of shares, the Company may by special resolution reduce its share capital, any capital redemption reserves and any share premium account in any way.

13. **Trusts not recognised** 

Except as required by law, a court of competent jurisdiction or these articles, no person shall be recognised by the Company as holding any share upon any trust and the Company shall not be bound by or required to recognise (even when having notice of it) any equitable, contingent, future, partial or other claim to or interest in or in respect of any share, except the holder's absolute right to the entirety of the share.

**UNCERTIFICATED SHARES – GENERAL POWERS** 

14. **Uncertificated shares – general powers** 

(a) Subject to the Statutes, the Board may permit any class of shares to be held in uncertificated form and to be
transferred by means of a relevant system and may revoke any such permission.

(b) In relation to any share which is for the time being held in uncertificated form:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company may utilise the relevant system in which it is held to the fullest extent available from time to
time in the exercise of any of its powers or functions under the Statutes or these articles or otherwise in effecting any actions and the Board may from time to time determine the manner in which such powers, functions and actions shall be so
exercised or effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any provision in these articles which is inconsistent with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the holding or transfer of that share in the manner prescribed or permitted by the Statutes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any other provision of the Statutes relating to shares held in uncertificated form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the exercise of any powers or functions by the Company or the effecting by the Company of any actions by means
of a relevant system,

shall not apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company may, by notice to the holder of that share, require the holder to change the form of such share to
certificated form within such period as may be specified in the notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Company may require that share to be converted into certificated form in accordance with the Statutes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) where permitted by the Statutes, the Company shall not issue a certificate.

(c) The Company may, by notice to the holder of any share in certificated form, direct that the form of such share
may not be changed to uncertificated form for a period specified in such notice.

(d) For the purpose of effecting any action by the Company, the Board may determine that shares held by a person in
uncertificated form shall be treated as a separate holding from shares held by that person in certificated form but shares of a class held by a person in uncertificated form shall not be treated as a separate class from shares of that class held by
that person in certificated form.

**VARIATION OF RIGHTS** 

15. **Variation of rights** 

(a) Whenever the share capital of the Company is divided into different classes of shares, all or any of the rights
for the time being attached to any class of shares in issue may from time to time (subject to the Statutes and whether or not the Company is being wound up) be varied in such manner as those rights may provide or (if no such provision is made)
either with the consent in writing of the holders of at least two-thirds in nominal value of the issued shares of that class or with the authority of a special resolution passed at a separate general meeting
of the holders of those shares.

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(b) The provisions of these articles relating to general meetings of the Company or to the proceedings at general
meetings shall apply, with the necessary changes having been made, to every such separate general meeting, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the quorum at any such meeting (other than an adjourned meeting) shall be two members present in person or by
proxy holding at least one-third in nominal amount of the issued shares of the class (excluding any shares of that class held as treasury shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if at any adjourned meeting of such holders the quorum required under paragraph (i) above is not present,
the quorum shall be at least one member present in person or by proxy holding shares of the class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) every holder of shares of the class shall, on a poll, have one vote in respect of every share of the class held
by that holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a poll may be demanded by any one holder of shares of the class whether present in person or by proxy.

(c) Unless otherwise expressly provided by the rights attached to any class of shares those rights shall not be
deemed to be varied by the creation or issue of further shares ranking pari passu with them or by the purchase or redemption by the Company of any of its own shares or (subject to the Statutes) by the variation or cancellation of any rights attached
to any other class of shares.

**TRANSFERS OF SHARES** 

16. **Right to transfer shares** 

Subject to the restrictions in these articles (including but not limited to article 17 below), a member may transfer all or any of the member's shares in any manner which is permitted by the Statutes.

17. **Transfers of uncertificated shares** 

The Company shall maintain a record of uncertificated shares in accordance with the Statutes.

18. **Transfers of certificated shares** 

(a) An instrument of transfer of a certificated share may be in any usual form or in any other form which the Board
may approve and shall be signed by or on behalf of the transferor and (except in the case of a fully paid share) by or on behalf of the transferee.

(b) Subject to article 22(c), the Board may in its absolute discretion refuse to register any instrument of
transfer of a certificated share unless it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) left at the office, the transfer office, or at such other place as the Board may decide, for registration;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) accompanied by the certificate for the shares to be transferred and such other evidence (if any) as the Board
may reasonably require to prove the title of the intending transferor or the intending transferor's right to transfer the shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in respect of only one class of shares.

(c) The Board shall not refuse to register a transfer of a certificated share to or from Cede & Co. (or
any other nominee of DTC from time to time) unless the registration of such transfer would be contrary to the provisions of the Companies Law or any restriction in these articles.

(d) All instruments of transfer which are registered may be retained by the Company, but any instrument of transfer
which the Board refuses to register shall (except in any case where fraud or any other crime involving dishonesty is suspected in relation to such transfer) be returned to the person presenting it.

19. **Other provisions relating to transfers** 

(a) No fee shall be charged for registration of a transfer or other document or instruction relating to or
affecting the title to any share.

(b) The transferor shall be deemed to remain the holder of the share until the name of the transferee is entered in
the register in respect of the share.

(c) Nothing in these articles shall preclude the Board from recognising a renunciation of the allotment of any
share by the allottee in favour of some other person.

(d) Subject to article 22(c), unless otherwise agreed by the Board in any particular case, the maximum number of
persons who may be entered on the register as joint holders of a share is four.

20. **Notice of refusal** 

If the Board refuses to register a transfer of a certificated share it shall, as soon as practicable and in any event within two months after the date on which the instrument of transfer was lodged, give to the transferor and the transferee notice of the refusal together with its reasons for refusal. The Board shall provide the transferor and the transferee with such further information about the reasons for the refusal as the transferor and/or the transferee may reasonably request.

**TRANSMISSION OF SHARES** 

21. **Transmission on death** 

If a member dies, the survivor, where the deceased was a joint holder, and the member's personal representatives where the member was a sole or the only surviving holder, shall be the only person or persons recognised by the Company as having any title to the member's shares; but nothing in these articles shall release the estate of a deceased holder from any liability in respect of any share held by the member solely or jointly.

22. **Election of person entitled by transmission** 

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(a) A person becoming entitled to a share in consequence of the death or bankruptcy of a member or of any other
event giving rise to a transmission by operation of law may, on producing such evidence as the Board may require and subject as provided in this article, elect either to be registered personally as the holder of the share or to nominate some other
person to be registered as the holder of the share.

(b) If the person elects to be registered personally, the person shall give notice to the Company to that effect.
If the person elects to have another person registered, the first person shall execute a transfer of the share to that other person or shall execute such other document or take such other action as the Board may require to enable that other person
to be registered.

(c) The provisions of these articles relating to the transfer of shares shall apply to the notice or instrument of
transfer or other document or action as if it were a transfer effected by the person from whom the title by transmission is derived and the event giving rise to such transmission had not occurred.

23. **Rights of person entitled by transmission** 

(a) A person becoming entitled to a share in consequence of a death or bankruptcy or of any other event giving rise
to a transmission by operation of law shall have the right to receive and give a discharge for any dividends or other moneys payable in respect of the share and shall have the same rights in relation to the share as the person would have if the
person were the holder except that, until the person becomes the holder, the person shall not be entitled to attend or vote at any general meeting of the Company.

(b) The Board may at any time give notice requiring any such person to elect either to be registered personally or
to transfer the share and, if after 90 days the notice has not been complied with, the Board may withhold payment of all dividends or other moneys payable in respect of the share until the requirements of the notice have been complied with.

**GENERAL MEETINGS** 

24. **General meetings** 

(a) The Board shall determine whether any general meeting is to be held as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a physical general meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an electronic general meeting.

(b) The Board may make whatever arrangements it considers fit to allow those entitled to do so to participate in
any general meeting. In the case of an electronic general meeting, the Board need only make arrangements for those entitled to do so to participate by means of electronic communication (and need not make any provision for attendance at any physical
venue). The Company is under no obligation to offer or provide electronic equipment for the purposes of attending a general meeting.

(c) Unless otherwise specified in the notice of meeting, decided by the Board in accordance with article 25(a)(ii)
or determined by the chair of the meeting either pursuant to article 25(a)(iii) or

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otherwise, a general meeting is deemed to take place at the place where the chair of the meeting is at the time of the meeting.

(d) Two or more persons who may not be in the same place as each other attend a general meeting if their
circumstances are such that if they have rights to speak and vote at that meeting, they are able to exercise them, and are able to hear the other attendees.

(e) A person is present at a general meeting if the person attends it in accordance with the provisions of these
articles.

(f) A person is able to participate in a meeting if the person's circumstances are such that if the person
has rights in relation to the meeting, the person is able to exercise them.

(g) In determining whether persons are attending or participating in a meeting, other than a physical general
meeting, it is immaterial where any of them are or how they are able to communicate with each other, provided they can hear each other speak.

(h) A person is able to exercise the right to speak at a general meeting when the chair of the meeting is satisfied
that arrangements are in place so as to enable that person to communicate by speaking to all those attending the meeting, during the meeting, any information or opinions which that person has on the business of the meeting.

(i) A person is able to exercise the right to vote at a general meeting when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that person is able to vote, during the meeting, on resolutions put to the vote at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that person's vote can be taken into account in determining whether or not such resolutions are passed at
the same time as the votes of all the other persons attending the meeting.

25. **Meeting at more than one place or in more than one format** 

(a) A general meeting may be held at more than one place, or may be participated in in more than one way, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the notice convening the meeting so specifies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Board resolves, after the notice convening the meeting has been given, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the meeting shall be held at one or more than one place in addition to any place or places specified in the
notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) arrangements will also be made for attendance and participation by means of electronic communication; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it appears to the chair of the meeting that the place of the meeting specified in the notice convening the
meeting is inadequate to accommodate all persons entitled and wishing to attend at that place.

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(b) A general meeting held at more than one place or participated in in more than one way in accordance with
paragraph (a) above, is duly constituted and its proceedings are valid if (in addition to the other provisions of these articles relating to general meetings being satisfied) the chair of the meeting is satisfied that facilities (whether
electronic or otherwise) are available to enable each person present at each place and/or attending or participating in it by means of electronic communication to participate in the business of the meeting. Persons seeking to attend or participate
in such a meeting via electronic communication shall be responsible for ensuring that they have access to the facilities (including, without limitation, systems, equipment and connectivity) which are necessary to enable them to attend or participate
in such general meeting. Any failure of such facilities will not affect the validity of such general meeting or any business conducted at such general meeting or any action taken pursuant to such general meeting.

(c) Each person who is present at any place of the meeting or who is attending it by means of electronic
communication, and who would be entitled to count towards the quorum in accordance with the provisions of article 32 shall be counted in the quorum for, and shall be entitled to vote at, the meeting.

26. **Annual general meetings** 

The Board shall convene and the Company shall hold annual general meetings in accordance with the Statutes.

27. **Convening of general meetings other than annual general meetings** 

(a) The Board may convene a general meeting other than an annual general meeting whenever it thinks fit.

(b) A general meeting may also be convened in accordance with article 67.

(c) A general meeting shall also be convened by the Board on the requisition of members under the Statutes or, in
default, may be convened by such requisitionists, as provided by the Statutes.

(d) A member may not propose business to be considered at a general meeting unless it has been requisitioned by
them in accordance with the Statutes.

(e) The Board shall comply with the Statutes regarding the giving and the circulation, on the requisition of
members, of notices of resolutions and of statements with respect to matters relating to any resolution to be proposed or business to be dealt with at any general meeting of the Company.

28. **Proposals at annual general meetings** 

(a) Prior to the Domestic Issuer Transition Date, no member shall have the right to propose business to be
considered at an annual general meeting or, save as permitted under the Statutes, any other general meeting. Save for this article 28(a), this article 28 shall have no effect prior to the Domestic Issuer Transition Date.

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(b) On and after the Domestic Issuer Transition Date, nominations of persons for election to the Board and the
proposal of other business to be considered by members may be made at an annual general meeting only as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board or any
duly authorised committee thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) brought by or at the direction of the Board or any duly authorised committee thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) otherwise properly brought by any member who (1) was a holder (A) at the time of giving of notice
provided for in subsection (d) of this article 28, (B) on the record date for determination of members entitled to vote at the meeting, and (C) at the time of the annual general meeting, (2) is entitled to vote at the meeting and
(3) complies with the notice procedures set forth in subsection (d) of this article 28.

For the avoidance of doubt, subject to the Statutes, the foregoing clause (iii) of this article 28(b) shall be the exclusive means for a member to nominate for election or re-election to the Board any director or propose other business before an annual general meeting.

(c) In addition to any other applicable requirements, for any business or nominations to be properly brought before
an annual general meeting by a holder, the holder giving the notice (the "**Noticing Member**") must have given timely notice thereof in proper form and in writing to the secretary and any such proposed business must be a proper
matter for member action under the Companies Law and these articles. To be timely, a Noticing Member's notice for such business must be delivered to the secretary at the principal executive offices of the Company not later than the close of
business on the 120th day, nor earlier than the close of business on the 150th day prior to the first anniversary of the date of the preceding year's annual general meeting; provided that if the date of the annual general meeting is more than
30 days before or more than 70 days after such anniversary date, or if no annual general meeting was held in the preceding year, such Noticing Member's notice to be timely must be so delivered not earlier than the close of business on the
150th day prior to such annual meeting and not later than the close of business on the later of the 120th day prior to such annual meeting or the 10th day following the day on which public announcement of the date of such meeting is first made by
the Company. In no event shall any adjournment, recess, rescheduling or postponement of an annual general meeting or the announcement thereof commence a new time period (or extend any time period) for the giving of a member's notice as
described above. For the avoidance of doubt, a member shall not be entitled to make additional or substitute nominations following the expiration of the time periods set forth in these articles.

(d) To be in proper form, a Noticing Member's notice to the secretary (whether given pursuant to this article
28 or otherwise) must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the notice relates to any business that the member proposes to bring before the meeting, other than the
nomination of a director or directors, set forth (1)(a) a brief description of the business desired to be brought before the meeting and (b) the text, if any, of the proposal or business (including the text of any resolutions or actions
proposed for consideration and if such business includes a proposal to amend these articles, the specific language of the proposed amendment), (2) the reasons for conducting such business at the meeting and any material interest in such business of

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each Owner (as defined below) and any Member Associated Person, (3) a description of all agreements, arrangements and understandings (whether written or oral, and including promises) between each Owner and any Member Associated Person and any other person or persons (including their names) in connection with the proposal of such business by such member, including, without limitation, (x) to consult or advise on any investment or potential investment in a publicly listed company (including the Company), (y) to nominate, submit or otherwise recommend (including, without limitation, supporting, advocating for, or otherwise taking action to further the consideration of) such person for appointment (or, for the avoidance of doubt, as a candidate for appointment) to any officer, executive officer or director role of any publicly listed company (including the Corporation) during the past ten (10) years, (4) a complete and accurate description of the outcome of any situations described pursuant to the foregoing clause (3), (5) the first date of contact between any member and/or Member Associated Person, on the one hand, and such person, on the other hand, with respect to the Company and (6) the amount and nature of any direct or indirect economic or financial interest, if any, of such person, or of any immediate family member of such person, in any funds or vehicles managed by, under common management with, or affiliated with any Member or Member Associated Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) set forth, as to the Noticing Member giving the notice and the beneficial owner, if any, on whose behalf the
nomination or proposal is made (collectively with the Noticing Members, the "**Owners**" and each an "**Owner** "): (1) the name and address, as they appear on the Company's books, of each Owner and the name and
address of any Member Associated Person, (2)(a) the number of shares in the capital of the Company which are directly or indirectly held of record or beneficially owned by each Owner and any Member Associated Person (provided that, for the purposes
of this article 28(d)(ii), any such person shall in all events be deemed to beneficially own any shares of the Company as to which such person has a right to acquire beneficial ownership at any time in the future), (b) any short position, profits
interest, option, warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion privilege or a settlement payment or mechanism at a price related to any class or series of shares of the Company or with a
value derived, in whole or in part, from the value of any class or series of shares of the Company, whether or not such instrument or right shall be subject to settlement in the underlying class or series of capital of the Company, or any derivative
or synthetic arrangement having the characteristics of a long position in any class or series of shares of the Company, or any contract, derivative, swap or other transaction or series of transactions designed to produce economic benefits and risks
that correspond substantially to the ownership of any class or series of shares of the Company, including due to the fact that the value of such contract, derivative, swap or other transaction or series of transactions is determined by reference to
the price, value or volatility of any class or series of shares of the Company or otherwise (a Derivative Instrument) directly or indirectly held or beneficially held by each Owner and any Member Associated Person, and any other direct or indirect
opportunity to profit or share in any profit derived from any increase or decrease in the value of any security of the Company, (c) a description of any proxy, contract, arrangement, understanding or relationship pursuant to which each Owner
and any Member Associated Person has a right to vote or has granted a right to vote any security of the Company, (d) any Short Interest held by each Owner and any Member

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Associated Person presently or within the last 12 months in any security of the Company (for purposes of these articles, a person shall be deemed to have a "Short Interest" in a security if such person, directly or indirectly, though any contract, arrangement, understanding, relationship or otherwise, has the opportunity to profit or share in any profit derived from any decrease in the value of the subject security), (e) any contract, arrangement or understanding (including any contract to purchase or sell, acquisition or grant of any option, right or warrant to purchase or sell, swap or other instrument) between and among each Owner and/or any Member Associated Person, on the one hand, and any person acting in concert with any such person, on the other hand, with the intent to, or the effect of which may be to, transfer to or from any such person, in whole or in part, any of the economic consequences of ownership of any security of the Company or to increase or decrease the voting power of any such person with respect to any security of the Company, (f) any direct or indirect legal, economic or financial interest (including Short Interest) of each Owner and any Member Associated Person in the outcome of any (I) vote to be taken at any general meeting including any annual general meeting of the Company or (II) any meeting of members of any other entity with respect to any matter that is related, directly or indirectly, to any nomination or business proposed by any Owner under this article, (g) any rights to dividends on any security of the Company owned beneficially by each Owner and any Member Associated Person that are separated or separable from the underlying security of the Company, (h) any proportionate interest in any security of the Company or Derivative Instruments held, directly or indirectly, by a general or limited partnership or limited liability company or similar entity in which any Owner or any Member Associated Person is a general partner or, directly or indirectly, beneficially owns any interest in a general partner or is the manager or managing member or, directly or indirectly, beneficially owns any interest in the manager or managing member of a limited liability company or similar entity, (i) any performance-related fees (other than an asset-based fee) that each Owner and any Member Associated Person is entitled to based on any increase or decrease in the value of securities of the Company or Derivative Instruments, if any, as of the date of such notice, (j) any direct or indirect legal, economic or financial interest (including Short Interest) in any principal competitor of the Company held by each Owner and any Member Associated Person, (k) any material pending or threatened action, suit or proceeding (whether civil, criminal, investigative, administrative or otherwise) in which any Owner or any Member Associated Person is, or is reasonably expected to be made, a party or material participant involving the Company or any of its officers, directors or employees, or any Affiliate of the Company, or any officer, director or employee of such Affiliate, and (l) any other information relating to such stockholder and beneficial owner, if any, required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for, as applicable, the proposal and/or for the election of directors in an election contest pursuant to and in accordance with Section 14(a) of the Exchange Act and the rules and regulations promulgated thereunder (sub-clauses (a) through (l) of this article 28(d)(ii)(2) shall be referred to as the "**Member Information**"), (3) a representation by the Noticing Member that such member is a holder of the Company entitled to vote at such meeting, will continue to be a holder of the Company entitled to vote at such meeting through the date of such meeting and intends to appear in person or by proxy at the meeting to propose such business or nomination, (4) a representation by the Noticing Member as to whether any Owner and/or any Member

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Associated Person intends or is part of a group which intends (a) to deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Company's outstanding capital required to approve or adopt the proposal or elect any nominee and/or (b) otherwise to solicit proxies or votes from members in support of such proposal or nomination or nominations, (5) a certification by the Noticing Member that each Owner and any Member Associated Person has complied with all applicable federal, state and other legal requirements in connection with its acquisition of shares or other securities of the Company and such person's acts or omissions as a member of the Company, (6) the names and addresses of other members (including beneficial owners) known by any of the Owner or Member Associated Person to support such proposal or nomination or nominations, and to the extent known the class and number of all shares of the Company's capital owned beneficially or of record by such other member(s) or other beneficial owner(s), and (7) a representation by the Noticing Member as to the accuracy of the information set forth in the notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) set forth, as to each person, if any, whom the Noticing Member proposes to nominate for election or re-election to the Board (1) the name, age, business address and residence address of such person, (2) the principal occupation or employment of such person (at present and for the past five years), (3)
the Member Information for such person and any member of the immediate family of such person, or any Affiliate or Associate (as such terms are defined below) of such person, or any person acting in concert therewith, (4) all information
relating to such person that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors in a contested election pursuant to Section 14 of the
Exchange Act and the rules and regulations promulgated thereunder (including such person's written consent to being named in proxy statements as a proposed nominee of the Noticing Member and to serving as a director if elected), (5) a complete
and accurate description of all direct and indirect compensation and other material monetary contracts, arrangements and understandings (whether written or oral) during the past three years, and any other material relationships, between or among the
Owners and/or any Member Associated Person, on the one hand, and such person and any member of the immediate family of such person, and his or her respective Affiliates and Associates, or others acting in concert therewith, on the other hand,
including, without limitation, all biographical and related party transaction and other information that would be required to be disclosed pursuant to the federal and state securities laws, including Item 404 promulgated under Regulation S-K under the Securities Act (or any successor provision), if any Owner and/or any Member Associated Person were the "registrant" for purposes of such rule and such person were a director or executive
officer of such registrant, (6) a statement whether such person, if elected, intends to tender, promptly following such person's election or re-election, an irrevocable resignation effective upon
such person's failure to receive the required vote for re-election at the next meeting at which such person would face re-election and upon acceptance of such
resignation by the Board, (7) whether such person has (A) notified the board of directors of each publicly listed company on whose board such proposed nominee currently sits with respect to such person's proposed nomination for
election to the Board of Directors, and, (B) as applicable, received all necessary consents to serve on the Board of Directors if so nominated and elected or otherwise appointed (or, if any such consents have not been received, how such

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person intends to address such failure to receive such necessary consents), (8) whether such person's nomination, election or appointment, as applicable, would violate or contravene a corporate governance policy, including, without limitation, a conflicts of interest or "overboarding" policy of any publicly listed company at which such person serves as an officer, executive officer or director, and, if so, a description of how such person intends to address such violation or contravention and (9) a completed and signed questionnaire, representation and agreement and any and all other information required by subsection (l) of this article 28.

(e) A Noticing Member shall further update and supplement its notice of any nomination or other business proposed
to be brought before a meeting, if necessary, so that the information provided or required to be provided in such notice pursuant to this article 28 shall be true and correct (A) as of the record date for the meeting and (B) as of the date
that is 15 days prior to the meeting or any adjournment, recess, rescheduling or postponement thereof. Such update and supplement shall be delivered to the secretary not later than five days after the later of the record date or the date a public
announcement of the notice of the record date is first made (in the case of the update and supplement required to be made as of the record date for the meeting) and not later than 10 days prior to the date of the meeting, if practicable (or, if not
practicable, on the first practicable date prior to the meeting), or any adjournment, recess, rescheduling or postponement thereof (in the case of the update and supplement required to be made as of 15 days prior to the meeting or any adjournment,
recess, rescheduling or postponement thereof). In addition, if the Noticing Member has delivered to the Company a notice relating to the nomination of directors, the Noticing Member shall deliver to the Company no later than 10 days prior to the
date of the annual general meeting or any adjournment, recess, rescheduling or postponement thereof, if practicable (or, if not practicable, on the first practicable date prior to the date of the annual general meeting or such adjournment, recess,
rescheduling or postponement thereof), reasonable evidence that it has complied with the requirements of Rule 14a-19 of the Exchange Act.

(f) The Company may also, as a condition to any such nomination or business being deemed properly brought before an
annual general meeting, require any Owner or any proposed nominee to deliver to the secretary, within five business days of any such request, such other information as may be reasonably be requested by the Company, including, without limitation,
(A) such other information as may be reasonably required by the Board, in its sole discretion, to determine (1) the eligibility of such proposed nominee to serve as a director of the Company and (2) whether such proposed nominee
qualifies as an "independent director" or "audit committee financial expert" under applicable law, securities exchange rule or regulation, or any publicly disclosed corporate governance guideline or committee charter of the
Company and (B) that the Board determines, in its sole discretion, could be material to a reasonable member's understanding of the independence, or lack thereof, of such proposed nominee.

(g) Except as otherwise expressly provided in any applicable rule or regulation promulgated under the Exchange Act,
only such persons who are nominated in accordance with the procedures set forth in this article 28 shall be eligible to be elected at an annual general meeting to serve as directors and only such business shall be conducted at a meeting of members
as shall have been brought before the meeting in accordance with the procedures set forth in this article 28. Except as otherwise provided by law, the chairperson of the meeting shall have the power and duty (a) to determine whether a
nomination or any business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with the procedures set

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forth in this article 28 (including whether the Owner, if any, on whose behalf the nomination or proposal is made, solicited (or is part of a group which solicited) or did not so solicit, as the case may be, proxies in support of such Noticing Member's nominee or proposal in compliance with such Owner's representation as required by subsection 28(d)(ii)(4) of this article 28) and (b) if any proposed nomination or business was not made or proposed in compliance with this article 28, to declare that such nomination shall be disregarded or that such proposed business shall not be transacted. The number of nominees a Noticing Member may propose to nominate for election at a meeting of members shall not exceed the number of directors to be elected at such meeting.

(h) Notwithstanding the foregoing provisions of this article 28, unless otherwise required by law, if the Noticing
Member (or a Qualified Representative thereof) does not appear at the annual general meeting to present a nomination or propose business, such nomination shall be disregarded and such business shall not be transacted, notwithstanding that proxies in
respect of such vote may have been received by the Company.

(i) For purposes of this article 28, delivery of any notice or materials by a member as required under this article
28 shall be made by both (1) hand delivery, overnight courier service, or by certified or registered mail, return receipt requested, in each case to the secretary at the principal executive offices of the Company and (2) electronic
communication to the secretary.

(j) For purposes of this article 28, the term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Affiliate** shall have the meaning attributed to such term in Rule 12b-2 under the Exchange Act and the rules and regulations promulgated thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Associate** shall have the meaning attributed to such term in Rule 12b-2 under the Exchange Act and the rules and regulations promulgated thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Member Associated Person** of any Owner (as defined above) means (1) any person acting in concert
with such Owner, (2) any person controlling, controlled by or under common control (as defined under the Exchange Act) with such Owner or any of their respective Affiliates and Associates, or person acting in concert therewith and (3) any
member of the immediate family of such Owner or an Affiliate or Associate of such Owner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Qualified Representative** of any member means a duly authorised officer, manager or partner of such
member or any other person authorised by a writing executed by such member (or a reliable reproduction or electronic transmission of the writing) delivered to the Company prior to the presentation of any matters at any meeting of members stating
that such person is authorised to act for such member as proxy at such meeting of members.

(k) Notwithstanding the foregoing provisions of this article 28, a member must also comply with all applicable
requirements of the Exchange Act and the rules and regulations promulgated thereunder with respect to the matters set forth in this article 28; provided that any references in these articles to the Exchange Act or the rules and regulations
promulgated thereunder are not intended to and shall not limit the requirements applicable to nominations or proposals as to any other business to be considered pursuant to this article 28. Nothing in this article 28 shall be deemed to affect any
rights of members to request inclusion of proposals in the Company's

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proxy statement pursuant to Rule 14a-8 under the Exchange Act or any other applicable federal or state securities law with respect to that member's request to include proposals in the Company's proxy statement.

(l) In addition to the other requirements of this article 28, each person who a Noticing Member proposes to
nominate for election or re-election as a director of the Company must deliver in writing (in accordance with the time periods prescribed for delivery of notice under this article 28) to the secretary at the
principal executive offices of the Company (A) a written questionnaire with respect to the background and qualification of such person and the background of any other person or entity on whose behalf the nomination is being made (which
questionnaire shall be provided by the secretary upon written request of any holder identified by name within five business days of such written request) and (B) a written representation and agreement (in the form provided by the secretary upon
written request of any holder identified by name within five business days of such written request) that such person (1) is not and will not become a party to (x) any agreement, arrangement or understanding (whether written or oral) with,
and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a director of the Company, will act or vote on any issue or question (a "**Voting Commitment**") that has not been disclosed
to the Company or (y) any Voting Commitment that could limit or interfere with such person's ability to comply, if elected as a director of the Company, with such person's fiduciary duties under applicable law, (2) is not and
will not become a party to any agreement, arrangement or understanding with any person or entity other than the Company with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action as a
director that has not been disclosed to the Company, (3) in such person's individual capacity and on behalf of any person or entity on whose behalf the nomination is being made, would be in compliance, if elected as a director of the
Company, and will comply with all applicable rules of the exchanges upon which the securities of the Company are listed and all applicable publicly disclosed corporate governance, conflict of interest, confidentiality and stock ownership and trading
policies and guidelines of the Company, and (4) in such person's individual capacity and on behalf of any Owner on whose behalf the nomination is being made, intends to serve a full term if elected as a director of the Company.

(m) All general meetings other than annual general meetings (including any separate general meetings of the holders
of any class of shares in the Company) may be called for any purpose or purposes at any time by the Board and shall be called by the secretary, at the request of the Board, upon a proper written requisition (a  ***requisition notice***) of
members holding at the date of the delivery of the requisition notice not less than one-tenth of the total voting rights of the members of the Company who have the right to vote at the requisitioned meeting
(or such other voting rights threshold as may be prescribed by the Companies Law from time to time hereafter). Such requisition notice shall state the purpose(s) of such meeting and shall be accompanied by supporting documents relevant to such
purpose(s). The requisition notice shall also be accompanied by written evidence from the requisitionists (in form and substance satisfactory to the Company) of the total voting rights then held by the requisitionists. The requisition notice shall
be signed by or on behalf of the requisitionists and delivered to the secretary at the principal executive offices of the Company, and may consist of several documents in similar form each signed by or on behalf of one or more requisitionists.

(n) Only such business shall be conducted at a meeting called pursuant to subsection (m) of this article 28 as
shall have been brought before such meeting pursuant to the requisition notice, or

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if called by the Board, pursuant to the notice of the general meeting. Following the Domestic Issuer Transition Date, for any general meeting called pursuant to subsection (m) of this article 28, nominations of persons for election to the Board and any proposal of other business to be considered by members may be made at such meeting (i) by a member who properly submitted a requisition notice in the manner provided for in subsection (m) of this article 28 and included the election of directors and/or the business proposed to be considered in such requisition notice, (ii) by or at the direction of the Board or any duly authorised committee thereof or (iii) by any member other than a member who submitted a requisition notice in accordance with this article, who (A) is a holder (1) at the time of giving notice in accordance with this article, (2) on the record date for the determination of members of the Company entitled to vote at such meeting, and (3) at the time of such meeting, (B) is entitled to vote at such meeting and (C) complies with the notice procedures and other requirements applicable to a Noticing Member and the Noticing Member's notice as provided for in this article 28, including delivering the member's notice required by subsection (d) of this article 28 with respect to any nomination to the secretary not earlier than the close of business on the 120th day prior to such general meeting, nor later than the close of business on the later of the 90th day prior to such general meeting or the 10th day following the date on which public announcement is first made by the Company of the general meeting and of the nominees, if any, proposed to be elected at such meeting. In no event shall the public announcement of an adjournment or postponement of a general meeting commence a new time period (or extend any time period) for the giving of a holder's notice as described above. For the avoidance of doubt, a holder shall not be entitled to make additional or substitute nominations at a general meeting following the expiration of the time periods set forth in these articles.

29. **Separate general meetings** 

Subject to these articles and to any rights for the time being attached to any class of shares in the Company, the provisions of these articles relating to general meetings of the Company (including, for the avoidance of doubt, provisions relating to the proceedings at general meetings or to the rights of any person to attend or vote or be represented at general meetings or to any restrictions on these rights) shall apply, with the necessary changes having been made, in relation to every separate general meeting of the holders of any class of shares in the Company.

**NOTICE OF GENERAL MEETINGS** 

30. **Length, form and content of notice** 

(a) Subject to the Statutes and these articles, all general meetings shall be called by not less than such minimum
notice period as is permitted by the Statutes.

(b) Notice of every general meeting shall be given to all members other than any who, under these articles or the
terms of issue of the shares they hold, are not entitled to receive such notices from the Company, and also to the auditors (or, if more than one, each of them) and to each director.

(c) The notice (including any notice given by means of electronic communication) shall comply with all applicable
requirements in the Statutes and shall specify whether the meeting will be an annual general meeting.

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(d) Without prejudice to the provisions of article 25(a), if it is anticipated that a meeting will be conducted as
an electronic general meeting, the notice of meeting shall state how it is proposed that persons attending or participating in the meeting by means of electronic communication should communicate with the meeting.

31. **Omission or non-receipt of notice** 

The accidental omission to give notice of a general meeting or to send an instrument of proxy (where this is intended to be sent out with the notice) to, or the non-receipt of the notice or instrument of proxy (as applicable) by, any person entitled to receive the same shall not invalidate the proceedings of that meeting.

**PROCEEDINGS AT GENERAL MEETINGS** 

32. **Quorum** 

(a) No business (other than the appointment of a chair) shall be transacted at any general meeting unless the
requisite quorum is present when the meeting proceeds to business.

(b) Subject to article 32(c), two qualifying persons entitled to vote shall be a quorum, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each is a qualifying person only because that person is authorised to act as the representative of a
corporation in relation to the meeting, and they are representatives of the same corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each is a qualifying person only because that person is appointed as proxy of a member in relation to the
meeting, and they are proxies of the same member.

(c) With effect from the Domestic Issuer Transition Date, a quorum shall be present if both:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) two qualifying persons are present at a meeting unless each is a qualifying person only because (A) that
person is authorised to act as the representative of a corporation in relation to the meeting, and they are representatives of the same corporation or (B) that person is appointed as proxy of a member in relation to the meeting, and they are
proxies of the same member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) those qualifying persons present together hold (or are the representative or proxy of members in relation to
the meeting holding) at least one-third (33 1/3 per cent.) of the number of the issued shares (excluding any shares held as treasury shares) entitled to vote on the business to be transacted or the
minimum portion of the number of the issued shares (excluding any shares held as treasury shares) entitled to vote on the business to be transacted required by the Relevant US Exchange if such requirement is greater than one-third (33 1/3 per cent.).

(d) For the purposes of this article, a qualifying person means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an individual who is a member of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a person authorised to act as the representative of a corporation in relation to the meeting; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a person appointed as proxy of a member in relation to the meeting.

(e) If within 15 minutes from the time fixed for holding a general meeting a quorum is not present, the meeting, if
convened on the requisition of members, shall be dissolved. In any other case, it shall stand adjourned for ten clear days (or, if that day is a Saturday, a Sunday or a holiday, to the next working day) and at the same time and place (and/or, if
appropriate, with similar or equivalent facilities for electronic attendance and participation) as the original meeting, or, subject to article 37(g) and the Statutes, to such other day, and at such other time and place (and/or, if appropriate, with
such other facilities for electronic attendance and participation), as the Board may decide.

(f) If at an adjourned meeting a quorum is not present within 15 minutes from the time fixed for holding the
meeting, the meeting shall be dissolved.

33. **Security** 

The Board may, subject to the Statutes, make any physical or electronic security arrangements which it considers appropriate relating to the holding of a general meeting of the Company including, without limitation, arranging for any person attending a meeting physically to be searched and for items of personal property which may be taken into a meeting to be restricted. A director or the secretary may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) refuse physical or electronic entry to a meeting to any person who refuses to comply with any such
arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) eject from a physical general meeting or an electronic general meeting (as applicable) any person who causes
the proceedings to become disorderly.

34. **Chair** 

(a) At each general meeting, the chair of the Board (if any) or, if the chair is absent or unwilling, the deputy
chair (if any) of the Board or (if more than one deputy chair is present and willing) the deputy chair who has been longest in such office, shall preside as chair of the meeting. If neither the chair nor deputy chair is present and willing, one of
the other directors selected for the purpose by the directors present or, if only one director is present and willing, that director, shall preside as chair of the meeting. If no director is present within 15 minutes after the time fixed for holding
the meeting or if none of the directors present is willing to preside as chair of the meeting, the members present and entitled to vote shall choose one of their number to preside as chair of the meeting.

(b) Subject to the Statutes (and without prejudice to any other powers vested in the chair of a meeting) when
conducting a general meeting, the chair of the meeting may make whatever arrangements and take whatever actions as the chair considers, in the chair's sole discretion, to be appropriate or conducive to the facilitation of the conduct of the
business of the meeting, proportionate discussion on any item of business of the meeting, or the maintenance of good order.

(c) If the chair of a general meeting is participating in that meeting by means of electronic communication and
becomes disconnected from the meeting, another person (determined in accordance with the provisions of paragraph (a) above) shall preside as chair of the meeting

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unless and until the original chair regains electronic connection with the meeting. In the event that no replacement chair is presiding over the general meeting (and the original chair has not regained electronic connection with the meeting) 20 minutes after the original chair became disconnected from the meeting, the meeting shall be adjourned to a time and place (and/or, if appropriate, facilities for electronic attendance and participation) to be fixed by the Board.

35. **Right to attend and speak** 

(a) A director shall be entitled to attend and speak at any general meeting of the Company whether or not the
director is a member.

(b) The chair may invite any person to attend and speak at any general meeting of the Company if the chair
considers that such person has the appropriate knowledge or experience of the Company's business to assist in the deliberations of the meeting.

(c) A proxy shall be entitled to speak at any general meeting of the Company.

36. **Resolutions and amendments** 

(a) Subject to the Statutes, a resolution may only be put to the vote at a general meeting if the chair of the
meeting in the chair's absolute discretion decides that the resolution may properly be regarded as within the scope of the meeting.

(b) In the case of a resolution to be proposed as a special resolution no amendment may be made, at or before the
time at which the resolution is put to the vote, to the form of the resolution as set out in the notice of meeting, except to correct a patent error or as may otherwise be permitted by law.

(c) In the case of a resolution to be proposed as an ordinary resolution no amendment may be made, at or before the
time at which the resolution is put to the vote, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of an amendment to the form of the resolution as set out in the notice of meeting, notice of the
intention to move the amendment is received at the office at least 48 hours before the time fixed for the holding of the relevant meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in any case, the chair of the meeting in the chair's absolute discretion otherwise decides that the
amendment or amended resolution may properly be put to the vote.

The giving of notice under paragraph (i) above shall not prejudice the power of the chair of the meeting to rule the amendment out of order.

(d) With the consent of the chair of the meeting, a person who proposes an amendment to a resolution may withdraw
it before it is put to the vote.

(e) If the chair of the meeting rules a resolution or an amendment to a resolution admissible or out of order (as
the case may be), the proceedings of the meeting or the resolution in question shall not be invalidated by any error in the chair's ruling. Any ruling by the chair of the meeting in relation to a resolution or an amendment to a resolution
shall be final and conclusive.

37. **Adjournment** 

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(a) With the consent of any general meeting at which a quorum is present the chair of the meeting may (and shall if
so directed by the meeting) adjourn the meeting from time to time and from place (and/or, if appropriate, facilities for electronic attendance and participation) to place (and/or, if appropriate, facilities for electronic attendance and
participation).

(b) In addition, the chair of the meeting may at any time without the consent of the meeting adjourn the meeting
(whether or not it has commenced or a quorum is present) to another time and/or place (and, if the chair considers it appropriate, facilities for electronic attendance and participation) if, in the chair's opinion, it would facilitate the
conduct of the business of the meeting to do so.

(c) In addition, the chair of the meeting shall at any time without the consent of the meeting adjourn the meeting
(whether or not it has commenced or a quorum is present) to another time and/or place (and/or, if appropriate, with other facilities for electronic attendance and participation) if, in the chair's opinion, the facilities (whether electronic or
otherwise, and whether affecting the place (or more than one place) of the meeting or any electronic participation arrangements) are not sufficient to allow the meeting to be conducted substantially in accordance with the provisions set out in the
notice of meeting.

(d) Nothing in this article shall limit any other power vested in the chair of the meeting to adjourn the meeting.

(e) All business conducted at a general meeting up to the time of any adjournment shall, subject to paragraph
(f) below, be valid.

(f) The chair of the meeting may specify that only the business conducted at a general meeting up to a point in
time which is earlier than the time of adjournment is valid if, in the chair's opinion, to do so would be more appropriate.

(g) Whenever a meeting is adjourned for 30 days or more or sine die, at least 14 clear days' notice of the
adjourned meeting shall be given in the same manner as in the case of the original meeting but otherwise no person shall be entitled to any notice of an adjourned meeting or of the business to be transacted at an adjourned meeting.

(h) No business shall be transacted at any adjourned meeting other than the business which might have been
transacted at the meeting from which the adjournment took place.

38. **Method of voting** 

All resolutions put to the vote of a general meeting shall be decided on a poll.

39. **How poll is to be taken** 

(a) A poll shall be taken at such time (either at the meeting at which the resolution is proposed or within 30 days
after the meeting), at such place and in such manner (including by means of electronic communication) as the chair of the meeting shall direct and the chair may appoint scrutineers (who need not be members).

(b) A poll demanded on a question of adjournment shall be taken at the meeting without adjournment.

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(c) It shall not be necessary (unless the chair of the meeting otherwise directs) for notice to be given of a poll
whether taken at or after the meeting at which it was demanded.

(d) On a poll, votes may be given either personally or by proxy and a member entitled to more than one vote need
not use all the member's votes or cast all the votes used in the same way.

(e) The result of the poll shall be deemed to be a resolution of the meeting at which the poll was demanded (or
deemed to have been demanded).

40. **Validity of meeting** 

All persons seeking to attend or participate in an electronic general meeting shall be responsible for maintaining adequate facilities to enable them to do so by means of electronic communication. Subject only to the requirement for the chair to adjourn a general meeting in accordance with the provisions of article 37(c), any inability of a person or persons to attend or participate in an electronic general meeting shall not invalidate the proceedings of that electronic general meeting.

**VOTES OF MEMBERS** 

41. **Voting rights** 

(a) Subject to these articles and to any special rights or restrictions as to voting for the time being attached to
any class of shares in the Company (including, for the avoidance of doubt, such rights and restrictions as apply to the Class A Ordinary Shares and Class B Ordinary Shares as set out in articles 4(a) and 4(b) and article 5 above):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on a poll, every member who is present in person or by a duly appointed proxy shall have one vote for each
share of which he or she is the holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on a poll, every Initial Class B Shareholder who is present in person or by a duly appointed proxy shall
have 9 votes for every Class B Ordinary Share of which such Initial Class B Shareholder is the holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Class B Ordinary Shares shall carry no entitlement to voting rights unless the registered holder of
such Class B Ordinary Shares is the Initial Class B Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the entitlement to voting rights held exclusively by the Initial Class B Shareholders is non-transferable and may only be exercised by the named Initial Class B Shareholders, whether in person or by proxy.

(b) For the purposes of determining which persons are entitled to attend or vote at any general meeting, and how
many votes such persons may cast, the Company must specify in the notice of the meeting a time, determined by the Board, by which a person must be entered on the register in order to have the right to attend or vote at the meeting. Changes to
entries on the register after the time so specified shall be disregarded in determining the rights of any person to attend or vote at the meeting, notwithstanding any provisions in the Statutes or these articles to the contrary.

42. **Restrictions on voting – Class B Ordinary Shares** 

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(a) Subject to articles 42(b) to 42(d) and article 41(a), each Class B Shareholder shall be entitled to attend
and speak at any general meeting of the Company or any meeting of the holders of any class of shares or to vote at any such meeting, and shall have the right to attend (whether in person or by proxy), to speak and to demand and vote on a poll.

(b) The number of votes that each Class B Shareholder Group (other than Kristo Käärmann's
Class B Shareholder Group) is entitled to exercise by virtue of its consolidated holding of Class B Ordinary Shares shall be capped, in accordance with article 42(h), on the following basis and in the following circumstances in respect of
each shareholder resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each member of the relevant Class B Shareholder Group shall be entitled to all votes attaching to the
Class A Ordinary Shares held by it (for the avoidance of doubt regardless of the number of Class B Ordinary Shares owned by that member or by any other members of that Class B Shareholder Group and even in excess of the Non-CEO Permitted Maximum);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in addition to the votes under article 42(b)(i) above, each member of the relevant Class B Shareholder
Group shall be entitled to any and all votes attaching to the Class B Ordinary Shares held by it, provided always that the total number of votes exercisable by the Class B Shareholder Group (in aggregate across all members of the
Class B Shareholder Group and including all votes attaching to Class A Ordinary Shares and Class B Ordinary Shares held across all members of the Class B Shareholder Group) shall not exceed the Non-CEO Permitted Maximum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in circumstances where any restriction under article 42(b)(ii) above applies, the excess votes in respect of
Class B Ordinary Shares (over the Non-CEO Permitted Maximum) that are not exercisable in accordance with this Article 42(b) shall be deducted from the number of votes that would otherwise be exercisable
by the members of the relevant Class B Shareholder Group, in each case pro rata to their holdings of Class B Ordinary Shares.

(c) The number of votes that each member of Kristo Käärmann's Class B Shareholder Group is
entitled to by virtue of its consolidated holding of Class B Ordinary Shares shall be capped, in accordance with article 42(h), on the following basis and in the following circumstances, while Kristo Käärmann is Chief Executive
Officer of the Company, in respect of each shareholder resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each member of Kristo Käärmann's Class B Shareholder Group shall be entitled to all votes
attaching to the Class A Ordinary Shares held by him or it (for the avoidance of doubt regardless of the number of Class B Ordinary Shares owned by that member or by any other members of that Class B Shareholder Group and even in
excess of the Non-CEO Permitted Maximum);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in addition to the votes under article 42(c)(i) above, each member of Kristo Käärmann's
Class B Shareholder Group shall be entitled to any and all votes attaching to the Class B Ordinary Shares held by him or it, provided always that the total number of votes exercisable by his Class B Shareholder Group (in aggregate
across the Class B Shareholder Group and including all votes attaching to Class A Ordinary Shares and

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Class B Ordinary Shares held across all members of his Class B Shareholder Group) shall not exceed the CEO Permitted Maximum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in circumstances where any restriction under article 42(c)(ii) above applies, the excess votes in respect of
Class B Ordinary Shares (over the CEO Permitted Maximum) that are not exercisable in accordance with this article 42(c) shall be deducted from the number of votes that would otherwise be exercisable by the members of Kristo
Käärmann's Class B Shareholder Group, in each case pro rata to their holdings of Class B Ordinary Shares.

(d) The number of votes that each member of Kristo Käärmann's Class B Shareholder Group is
entitled to by virtue of its consolidated holding of Class B Ordinary Shares shall, in accordance with article 42(h), be capped on the following basis and in the following circumstances at any time Kristo Käärmann is not Chief
Executive Officer of the Company, in respect of each shareholder resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each member of Kristo Käärmann's Class B Shareholder Group shall be entitled to all votes
attaching to the Class A Ordinary Shares held by him or it (for the avoidance of doubt regardless of the number of Class B Ordinary Shares owned by that member or by any other members of that Class B Shareholder Group and even in
excess of the Non-CEO Permitted Maximum);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in addition to the votes under article 42(d)(i) above, each member of Kristo Käärmann's
Class B Shareholder Group shall be entitled to any and all votes attaching to the Class B Ordinary Shares held by him or it, provided always that the total number of votes exercisable by the Class B Shareholder Group (in aggregate
across the Class B Shareholder Group and including all votes attaching to Class A Ordinary Shares and Class B Ordinary Shares held across all members of the Class B Shareholder Group) shall not exceed the Non-CEO Permitted Maximum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in circumstances where any restriction under article 42(d)(ii) above applies, the excess votes in respect of
Class B Ordinary Shares (over the Non-CEO Permitted Maximum) that are not exercisable in accordance with this article 42(d) shall be deducted from the number of votes that would otherwise be exercisable
by the members of Kristo Käärmann's Class B Shareholder Group, in each case pro rata to their holdings of Class B Ordinary Shares.

(e) For the avoidance of doubt, nothing in articles 42(a) to 42(d) shall prevent any shareholder or Class B
Shareholder Group from being entitled to exercise votes attaching to shares in the Company in excess of the CEO Permitted Maximum or the Non-CEO Permitted Maximum (as applicable) by virtue solely of the votes
attaching to Class A Ordinary Shares.

(f) At any time when the aggregate number of a Class B Shareholder Group's votes attaching to Shares in
the Company exceeds the Non-CEO Permitted Maximum or, in the case of Kristo Käärmann's Class B Shareholder Group, the CEO Permitted Maximum or the Non-CEO Permitted Maximum (as applicable), the Directors may deal with such votes attaching to Class B Ordinary Shares as are in excess of the CEO Permitted Maximum or the Non-CEO Permitted Maximum (as applicable) as Affected Votes. The Directors shall give an Affected Vote Notice to the registered holder of any Class B Share which they determine to deal with as an Affected

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Vote and shall state that the provisions of article 42(g) (all of which shall be set out in the Affected Vote Notice) are to be applied in respect of such Affected Votes.

(g) A registered holder of Class B Ordinary Shares upon whom an Affected Vote Notice has been served shall not
be entitled to exercise or cast their Affected Votes at the general meeting of the Company or any meeting of the holders of any class of shares at which such Affected Votes have been deemed effective. In the case of a general meeting of the Company
or any meeting of the holders of any class of shares, the Affected Votes shall vest in the Chair of such meeting who shall abstain from exercising or casting the Affected Votes.

(h) For the purposes of articles 42(b) to 42(d), votes in respect of Class B Ordinary Shares shall be capped
such that, on a shareholder resolution, the number of votes eligible to be cast by a Class B Shareholder Group shall not exceed the CEO Permitted Maximum or the Non-CEO Permitted Maximum (as applicable)
as a proportion of all votes eligible to be cast in respect of that shareholder resolution. In calculating the total number of votes eligible to be cast in respect of a shareholder resolution (as the denominator in the calculation), any Affected
Votes shall be excluded thereby decreasing the total number of votes eligible to be cast and, as a consequence, decreasing the total number of votes required for a shareholder to reach the CEO Permitted Maximum and the Non-CEO Permitted Maximum. This mechanism can be illustrated by way of a worked example as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if there are 100 votes in the Company and Kristo Käärmann (as Chief Executive Officer of the Company)
holds 60 of these votes, the voting rights that Kristo Käärmann is entitled to will exceed the CEO Permitted Maximum, thereby triggering the vote capping mechanism;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 40 votes in the Company will be held by shareholders other than Kristo Käärmann, therefore Kristo
Käärmann is entitled to votes, by virtue of his Class B Ordinary Shares, such that as a proportion of the aggregate of the votes Kristo Käärmann is entitled to and the votes that shareholders other than Kristo
Käärmann are entitled to, Kristo Käärmann does not exceed the CEO Permitted Maximum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Kristo Käärmann is therefore entitled to cast 39 votes in respect of that Shareholder resolution by
virtue of his Class B Ordinary Shares, with the voting rights he holds in excess of that number by virtue of his Class B Ordinary Shares being Affected Votes.

43. **Representation of corporations** 

(a) Any corporation which is a member of the Company may, by resolution of its Board or other governing body,
authorise any person or persons to act as its representative or representatives at any general meeting of the Company.

(b) The Board or any director or the secretary may (but shall not be bound to) require evidence of the authority of
any such representative.

44. **Voting rights of joint holders** 

If more than one of the joint holders of a share tenders a vote on the same resolution, whether in person or by proxy, the vote of the senior who tenders a vote shall be accepted to the exclusion of the vote(s) of the other joint holder(s); and for this purpose seniority shall be

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determined by the order in which the names stand in the register in respect of the relevant share.

45. **Voting rights of members incapable of managing their affairs** 

A member in respect of whom an order has been made by any court having jurisdiction (whether in Jersey or elsewhere) in matters concerning mental disorder may vote by the member's receiver, curator bonis or other person in the nature of a receiver or curator bonis appointed by that court, and the receiver, curator bonis or other person may, on a poll, vote by proxy. Evidence to the satisfaction of the Board of the authority of the person claiming the right to vote must be received at the office (or at such other address as may be specified for the receipt of proxy appointments) not later than the last time by which a proxy appointment must be received in order to be valid for use at the meeting or adjourned meeting or on the holding of the poll at or on which that person proposes to vote and, in default, the right to vote shall not be exercisable.

46. **Voting rights suspended where sums overdue** 

Unless the Board otherwise decides, a member shall not be entitled to vote, either in person or by proxy, at any general meeting of the Company in respect of any share held by that member unless all calls and other sums presently payable by that member in respect of that share have been paid.

47. **Objections to admissibility of votes** 

No objection shall be raised as to the admissibility of any vote except at the meeting or adjourned meeting or poll at which the vote objected to is or may be given or tendered, and every vote not disallowed at such meeting or poll shall be valid for all purposes. Any such objection made in due time shall be referred to the chair of the meeting, whose decision shall be final and conclusive.

**PROXIES** 

48. **Proxies** 

(a) A proxy need not be a member of the Company and a member may appoint more than one proxy in relation to a
meeting, provided that each proxy is appointed to exercise the rights attached to a different share or shares held by the member.

(b) The appointment of a proxy shall not preclude a member from attending and voting in person at the meeting or on
the poll concerned.

(c) The appointment of a proxy shall only be valid for the meeting mentioned in it and any adjournment of that
meeting (including on any poll demanded at the meeting or any adjourned meeting).

49. **Appointment of proxy** 

(a) Subject to the Statutes, the appointment of a proxy may be in such form as is usual or common or in such other
form as the Board may from time to time approve and shall be signed by the

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appointor, or the appointor's duly authorised agent, or, if the appointor is a corporation, shall either be executed under its common seal or be signed by an agent or officer authorised for that purpose. The signature may be an electronic signature or applied mechanically and need not be witnessed.

(b) Without limiting the provisions of these articles, the Board may from time to time in relation to
uncertificated shares: (i) approve the appointment of a proxy by means of an electronic communication sent by an originator which is sent by means of the relevant system and received by such participant in that system acting on behalf of the
Company as the Board may prescribe, in such form and subject to such terms and conditions as the Board may from time to time prescribe (subject always to the facilities and requirements of the relevant system)); and (ii) approve supplements to,
or amendments or revocations of, any such uncertificated proxy instruction by the same means. In addition, the Board may prescribe the method of determining the time at which any such uncertificated proxy instruction is to be treated as received by
the Company or such participant and may treat any such uncertificated proxy instruction which purports to be or is expressed to be sent on behalf of a holder of a share as sufficient evidence of the authority of the person sending that instruction
to send it on behalf of that holder.

50. **Receipt of proxy** 

(a) A proxy appointment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) must be received at a proxy notification address not less than 48 hours (or such shorter time as the Board
decides) before the time fixed for holding the meeting at which the appointee proposes to vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of a poll taken more than 48 hours after it is demanded or in the case of an adjourned meeting to
be held more than 48 hours after the time fixed for holding the original meeting, must be received at a proxy notification address not less than 24 hours (or such shorter time as the Board decides) before the time fixed for the taking of the poll
or, as the case may be, the time fixed for holding the adjourned meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of a poll which is not taken at the meeting at which it is demanded but is taken 48 hours or less
after it is demanded, or in the case of an adjourned meeting to be held 48 hours or less after the time fixed for holding the original meeting, must be received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) at a proxy notification address in accordance with (i) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) by the chair of the meeting or the secretary or any director at the meeting at which the poll is demanded or,
as the case may be, at the original meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) at a proxy notification address by such time as the chair of the meeting may direct at the meeting at which the
poll is demanded.

In calculating the periods mentioned, no account shall be taken of any part of a day that is not a working day (within the meaning of the Companies Law).

(b) The Board may, but shall not be bound to, require reasonable evidence of the identity of the member and of the
proxy, the member's instructions (if any) as to how the proxy is to vote and,

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where the proxy is appointed by a person acting on behalf of the member, authority of that person to make the appointment.

(c) The Board may decide, either generally or in any particular case, to treat a proxy appointment as valid
notwithstanding that the appointment or any of the information required under paragraph (b), above has not been received in accordance with the requirements of this article.

(d) Subject to paragraph (c) above, if the proxy appointment and any of the information required under
paragraph (b) above, is not received in the manner set out in paragraph (a) above, the appointee shall not be entitled to vote in respect of the shares in question.

(e) If two or more valid but differing proxy appointments are received in respect of the same share for use at the
same meeting or on the same poll, the one which is last received (regardless of its date or of the date of its execution) shall be treated as replacing and revoking the others as regards that share and if the Company is unable to determine which was
last received, none of them shall be treated as valid in respect of that share.

51. **Notice of revocation of authority etc.** 

(a) A vote given or poll demanded by proxy or by a representative of a corporation shall be valid notwithstanding
the previous termination of the authority of the person voting or demanding a poll or (until entered in the register) the transfer of the share in respect of which the appointment of the relevant person was made unless notice of the termination was
received at a proxy notification address not less than six hours before the time fixed for holding the relevant meeting or adjourned meeting or, in the case of a poll not taken on the same day as the meeting or adjourned meeting, before the time
fixed for taking the poll.

(b) A vote given by a proxy or by a representative of a corporation shall be valid notwithstanding that the vote
was not cast in accordance with any instructions given by the member by whom the proxy or representative of a corporation is appointed. The Company shall not be obliged to check whether the proxy or representative of a corporation has in fact voted
in accordance with any such member's instructions.

52. **Information rights** 

(a) A member who holds shares on behalf of another person may nominate that person to enjoy information rights.

(b) For the purposes of article 52(a), information rights means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the right to receive a copy of all communications that the Company sends to its members generally or to any
class of members that includes the person making the nomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the right of a debenture holder to receive a copy of the Company's last annual accounts and a copy of the
auditor's report on the accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the right of a member to receive a document or information from the Company in hard copy form.

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**MEMBERS' RESOLUTIONS IN WRITING** 

53. **Members ' resolutions in writing** 

If at any time and from time to time the holder(s) of Class B Ordinary Shares hold, in aggregate, 50.1 per cent. or more of the total voting rights held by the members of the Company and subject to the voting restrictions set out in article 42:

(a) Subject to compliance with the Statutes, where applicable, a resolution in writing (including a special
resolution but excluding a resolution removing an auditor) signed by members (who would be entitled to receive notice of and attend and vote at a general meeting at which such a resolution would be proposed) or by their duly appointed agents or
attorneys representing such number of voting rights of eligible members as would have been required to pass such resolutions on a poll taken at a meeting of the members (or of a class of members) shall be as valid and effectual as if it had been
passed at a general meeting of the Company duly convened and held (and, for the avoidance of doubt, any minimum notice period requirements applicable to special resolutions shall not apply).

(b) Any such resolution may consist of several documents in the like form each signed by one or more of the members
or their agent or attorneys and signature in the case of a body corporate which is a member shall be sufficient if made by a director or other duly authorised officer thereof or its duly appointed agent or attorney.

Save as set out above, and as permitted by the Statutes, the passing of a resolution of the members in writing shall be prohibited.

**DIRECTORS** 

54. **Number and classification of directors** 

(a) Subject to the Companies Law, the number of directors shall be determined and fixed from time to time by the
Board in its sole discretion.

(b) The directors shall be divided into two classes, designated Class I and Class II respectively, and
each class shall consist, as nearly as possible, of a number of directors equal to one-half of the total number of directors. Directors shall be assigned to each class in accordance with a resolution or
resolutions adopted by the Board.

55. **Directors need not be members** 

A director need not be a member of the Company.

**ELECTION, RETIREMENT AND REMOVAL OF DIRECTORS** 

56. **Election of directors by the Company** 

(a) Subject to these articles (including, without limitation, any maximum number of directors specified by the
Board pursuant to article 54(a)), the Company may by ordinary resolution elect any person who is willing to act to be a director, either to fill a vacancy or as an additional director.

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(b) No person shall be elected or re-elected as a director at any general
meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the person is a director retiring at the meeting and he or she is recommended by the Board for re-election; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the person is recommended by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) prior to the Domestic Issuer Transition Date, during the period from and including the date that is 120 days
before, to and including the date that is 90 days before, the proposed date of the general meeting of the Company or, where applicable, the date on which an ordinary resolution pursuant to article 53 is passed, there has been given to the Company,
by a member (other than the person to be proposed) entitled to vote at the meeting, notice of the member's intention to propose a resolution for the election of that person, stating the particulars which would, if the person were so elected,
be required to be included in the Company's register of directors and a notice executed by that person of the person's willingness to be elected; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) following the Domestic Issuer Transition Date, they are proposed for appointment pursuant to and in accordance
with article 28.

(c) The chairman of any general meeting at which resolutions contained in any member's notice referred to in
article 56(b)(iii) are proposed may waive the notice requirements set out in article 56(b)(iii) and submit to the general meeting the name(s) of any person(s) duly qualified and willing to be elected as a director of the Company for election or re-election (as the case may be). Where article 53 applies and a director is proposed to be elected or re-elected by ordinary resolution of the Company passed in accordance
with article 53, the holder(s) of a simple majority of the Class B Ordinary Shares may waive the notice requirements set out in article 56(b)(iii) in writing.

57. **Separate resolutions for election of each director** 

Every ordinary resolution for the election of a director shall relate to one named person and a single resolution for the election of two or more persons shall be void, unless at a general meeting a resolution that it shall be so proposed has been first agreed to by the meeting without any vote being cast against it.

58. **The Board ' s power to appoint directors** 

The Board may appoint any person who is willing to act to be a director, either to fill a vacancy or by way of addition to their number.

59. **Retirement of directors** 

(a) At the first annual general meeting held by the Company following these articles becoming effective, the term
of office of the Class I directors shall expire and those persons and/or their successors shall be re-elected or elected as the Class I directors at such annual general meeting to hold office for a
term ending upon the conclusion of the second annual general meeting following their re-election or election.

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(b) At the second annual general meeting held by the Company following these articles becoming effective, the term
of office of the Class II directors shall expire and those persons and/or their successors shall be re-elected or elected as the Class II directors at such annual general meeting to hold office for a
term ending upon the conclusion of the second annual general meeting following their re-election or election.

(c) At each succeeding annual general meeting, directors shall be appointed to succeed, and/or be re-appointed to continue, as the directors of the class whose term expires at such annual general meeting for a term ending upon the conclusion of the second annual general meeting following their re-election or election.

(d) Notwithstanding the expiration of a director's term of office as contemplated by articles 59(a) to (c),
each director shall serve until his or her successor is duly appointed and qualified or until his or her death, resignation or removal. No decrease in the number of directors constituting the board shall shorten the term of any incumbent director.

(e) A director who retires at an annual general meeting shall (unless he or she is removed from office or his or
her office is vacated in accordance with these articles) retain office until the close of the meeting at which he or she retires or (if earlier) when a resolution is passed at that meeting not to fill the vacancy or to elect another person in his or
her place or the resolution to re-appoint him or her is put to the meeting and lost.

60. **Removal of directors** 

(a) The Company may by ordinary resolution remove any director before that director's period of office has
expired notwithstanding anything in these articles or in any agreement between that director and the Company.

(b) Any removal of a director under this article shall be without prejudice to any claim which such director may
have for damages for breach of any agreement between that director and the Company.

61. **Vacation of office of director** 

Without prejudice to the provisions of these articles for retirement, the office of a director shall be vacated if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the director's period of appointment expires, if he or she has been appointed for a fixed period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the director is prohibited by law from being a director or if applicable any provision of the rules of the
Relevant US Exchange or the UK Financial Conduct Authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the director is deemed unfit or has otherwise been requested to be removed from office by any regulatory
authority in any applicable jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the director becomes bankrupt or makes any arrangement or composition with the director's creditors
generally; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a registered medical practitioner who has examined the director gives a written opinion to the Company stating
that the director has become physically or mentally incapable of acting as a director and may remain so for more than three months and the Board resolves that the director's office be vacated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if for more than six months the director is absent, without special leave of absence from the Board, from board
meetings held during that period and the Board resolves that the director's office be vacated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the director is found to be guilty of a criminal offence with imprisonment as a potential penalty and the
directors resolve that he or she should cease to be a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) in the case of a director who holds executive office, that director's appointment as such is terminated
or expires and the directors resolve that he or she should cease to be a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the director receives notice executed by all of the other directors stating that that director should cease to
be a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the director gives to the Company notice of the director's wish to resign, in which event the director
shall vacate that office on the receipt of that notice by the Company or at such later time as is specified in the notice.

62. **Executive directors** 

(a) The Board may appoint one or more directors to hold any executive office under the Company (including that of
chair, chief executive or managing director) for such period (subject to the Statutes) and on such terms as it may decide and may revoke or terminate any appointment so made without prejudice to any claim for damages for breach of any contract of
service between the director and the Company.

(b) The remuneration of a director appointed to any executive office shall be fixed by the Board and may be by way
of salary, commission, participation in profits or otherwise and either in addition to or inclusive of that director's remuneration as a director.

(c) A director appointed as executive chair, chief executive or managing director shall automatically cease to hold
that office if that person ceases to be a director but without prejudice to any claim for damages for breach of any contract of service between that director and the Company. A director appointed to any other executive office shall not automatically
cease to hold that office if that person ceases to be a director unless the contract or any resolution under which the director holds office expressly states that the director shall, in which case that cessation shall be without prejudice to any
claim for damages for breach of any contract of service between that director and the Company.

**REMUNERATION, EXPENSES, PENSIONS AND OTHER BENEFITS** 

63. **Special remuneration** 

(a) The Board may grant special remuneration to any director who performs any special or extra services to or at
the request of the Company.

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(b) Such special remuneration may be paid by way of lump sum, salary, commission, participation in profits or
otherwise as the Board may decide in addition to any remuneration payable under or pursuant to any other of these articles.

64. **Expenses** 

A director shall be paid out of the funds of the Company all travelling, hotel and other expenses properly incurred by the director in and about the discharge of the director's duties, including the director's expenses of travelling to and from board meetings, committee meetings and general meetings. Subject to any guidelines and procedures established from time to time by the Board, a director may also be paid out of the funds of the Company all expenses incurred by the director in obtaining professional advice in connection with the affairs of the Company or the discharge of the director's duties as a director.

65. **Pensions and other benefits** 

The Board may exercise all the powers of the Company to:

(a) pay, provide, arrange or procure the grant of pensions or other retirement benefits, death, disability or
sickness benefits, health, accident and other insurances or other such benefits, allowances, gratuities or insurances, including in relation to the termination of employment, to or for the benefit of any person who is or has been at any time a
director of the Company or in the employment or service of the Company or of any body corporate which is or was associated with the Company or of the predecessors in business of the Company or any such associated body corporate, or the relatives or
dependants of any such person. For that purpose the Board may procure the establishment and maintenance of, or participation in, or contribution to, any pension fund, scheme or arrangement and the payment of any insurance premiums;

(b) establish, maintain, adopt and enable participation in any profit sharing or incentive scheme including shares,
share options or cash or any similar schemes for the benefit of any director or employee of the Company or of any associated body corporate, and to lend money to any such director or employee or to trustees on their behalf to enable any such schemes
to be established, maintained or adopted; and

(c) support and subscribe to any institution or association which may be for the benefit of the Company or of any
associated body corporate or any directors or employees of the Company or associated body corporate or their relatives or dependants or connected with any town or place where the Company or an associated body corporate carries on business, and to
support and subscribe to any charitable or public object whatsoever.

**POWERS OF THE BOARD** 

66. **General powers of the Board to manage the Company ' s business** 

(a) The business of the Company shall be managed by the Board which may exercise all the powers of the Company,
subject to the Statutes, these articles and any resolution of the Company. No resolution or alteration of these articles shall invalidate any prior act of the Board which would have been valid if the resolution had not been passed or the alteration
had not been made.

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(b) The powers given by this article shall not be limited by any special authority or power given to the Board by
any other article.

67. **Power to act notwithstanding vacancy** 

The continuing directors or the sole continuing director at any time may act notwithstanding any vacancy in their number; but, if the number of directors is less than the minimum number of directors fixed by or in accordance with these articles, the continuing directors or director may act for the purpose of filling up vacancies or calling a general meeting of the Company, but not for any other purpose. If no director is able or willing to act, then any two members may summon a general meeting for the purpose of appointing directors.

68. **Provisions for employees** 

The Board may exercise any of the powers conferred by the Statutes to make provision for the benefit of any persons employed or formerly employed by the Company or any of its subsidiaries (other than a director or former director or shadow director) in connection with the cessation or the transfer to any person of the whole or part of the undertaking of the Company or any of its subsidiaries.

69. **Power to borrow money** 

Subject to the Statutes, the Board may exercise all the powers of the Company to borrow money and to mortgage or charge all or any part of its undertaking, property and assets (both present and future) and uncalled capital and to issue debentures and other securities, whether outright or as collateral security for any debt, liability or obligation of the Company or of any third party.

70. **Power to change the name of the Company** 

Subject to the Statutes, the Company may change its name by special resolution.

**DELEGATION OF BOARD'S POWERS** 

71. **Delegation to individual directors** 

The Board may entrust to and confer upon any director any of its powers, authorities and discretions (with power to sub-delegate) on such terms and conditions as it thinks fit and may revoke or vary all or any of them, but no person dealing in good faith shall be affected by any revocation or variation.

72. **Committees** 

(a) The Board may delegate any of its powers, authorities and discretions (with power to sub-delegate) to any committee consisting of such person or persons (whether directors or not) as it thinks fit, provided that the majority of the members of the committee are directors and that no meeting of the
committee shall be quorate for the purpose of exercising any of its powers, authorities or discretions unless a majority of those present are directors. The Board may make any such delegation on such terms and conditions as it thinks fit and may
revoke or vary any such delegation and discharge any committee wholly or in part, but no person dealing in good faith shall be affected by any revocation or variation. Any committee so formed shall, in the

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exercise of the powers, authorities and discretions so delegated, conform to any regulations that may be imposed on it by the Board.

(b) The proceedings of a committee with two or more members shall be governed by any regulations imposed on it by
the Board and (subject to such regulations) by these articles regulating the proceedings of the Board so far as they are capable of applying.

73. **Powers of attorney** 

The Board may by power of attorney or otherwise appoint any person to be the agent of the Company on such terms (including terms as to remuneration) as it may decide and may delegate to any person so appointed any of its powers, authorities and discretions (with power to sub-delegate). The Board may remove any person appointed under this article and may revoke or vary the delegation, but no person dealing in good faith shall be affected by the revocation or variation.

**DIRECTORS' INTERESTS** 

74. **Declaration of interests in a proposed transaction or arrangement with the Company** 

A director who has, directly or indirectly, an interest in a transaction entered into or proposed to be entered into by the Company or by a subsidiary of the Company which to a material extent conflicts or may conflict with the interests of the Company and of which such director is aware, shall disclose to the Company the nature and extent of such director's interest.

75. **Provisions applicable to declarations of interest** 

For the purposes of article 74:

(a) the disclosure shall be made at the first meeting of the directors at which the transaction is considered after
the director concerned becomes aware of the circumstances giving rise to such director's duty to make it or, if for any reason the director fails to do so at such meeting, as soon as practical after the meeting, by notice in writing delivered
to the secretary;

(b) the secretary, where the disclosure is made to shall inform the directors that it has been made and shall in
any event table the notice of the disclosure at the next meeting after it is made;

(c) a disclosure to the Company by a director in accordance with article (a) above that such director is to be
regarded as interested in a transaction with a specified person is sufficient disclosure of that director's interest in any such transaction entered into after the disclosure is made; and

(d) any disclosure made at a meeting of the directors shall be recorded in the minutes of the meeting.

76. **Directors ' interests and voting** 

(a) Subject to the Statutes and to declaring any interest or interests in accordance with articles 74 and 75, a
director may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) enter into or be interested in any transaction or arrangement with the Company, either with regard to the
director's tenure of any office or position in the management,

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administration or conduct of the business of the Company or as vendor, purchaser or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) hold any other office or place of profit with the Company (except that of auditor) in conjunction with the
director's office of director for such period (subject to the Statutes) and upon such terms as the Board may decide and be paid such extra remuneration for so doing (whether by way of salary, commission, participation in profits or otherwise)
as the Board may decide, either in addition to or in lieu of any remuneration under any other provision of these articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) act personally or by the director's firm in a professional capacity for the Company (except as auditor)
and be entitled to remuneration for professional services as if the director were not a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) be or become a member or director of, or hold any other office or place of profit under, or otherwise be
interested in, any holding company or subsidiary undertaking of that holding company or any other company in which the Company may be interested. The Board may cause the voting rights conferred by the shares in any other company held or owned by the
Company or exercisable by them as directors of that other company to be exercised in such manner in all respects as it thinks fit (including the exercise of voting rights in favour of any resolution appointing the directors or any of them as
directors or officers of the other company or voting or providing for the payment of any benefit to the directors or officers of the other company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) be or become a director, manager or employee of, or a consultant to, or acquire or retain any direct or
indirect interest in, any entity (whether or not a body corporate) in which the Company does not have an interest if that cannot reasonably be regarded as likely to give rise to a conflict of interest at the time of the director's appointment
as a director of that other company.

(b) A director shall not, by reason of holding office as director (or of the fiduciary relationship established by
holding that office), be liable to account to the Company for any remuneration, profit or other benefit resulting from any interest permitted under paragraph (a) above and no contract shall be liable to be avoided on the grounds of any director
having any type of interest permitted under paragraph (a) above.

(c) A director shall not vote (or be counted in the quorum at a meeting) in respect of any resolution concerning
that director's own appointment (including fixing or varying its terms), or the termination of that director's own appointment, as the holder of any office or place of profit with the Company or any other company in which the Company is
interested but, where proposals are under consideration concerning the appointment (including fixing or varying its terms), or the termination of the appointment, of two or more directors to offices or places of profit with the Company or any other
company in which the Company is interested, those proposals may be divided and a separate resolution may be put in relation to each director and in that case each of the directors concerned (if not otherwise debarred from voting under this article)
shall be entitled to vote (and be counted in the quorum) in respect of each resolution unless it concerns that director's own appointment or the termination of that director's own appointment.

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(d) A director shall also not vote (or be counted in the quorum at a meeting) in relation to any resolution
relating to any transaction or arrangement with the Company in which the director has an interest which may reasonably be regarded as likely to give rise to a conflict of interest and, if the director purports to do so, the director's vote
shall not be counted, but this prohibition shall not apply and a director may vote (and be counted in the quorum) in respect of any resolution concerning any one or more of the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any transaction or arrangement in which the director is interested by virtue of an interest in shares,
debentures or other securities of the Company or otherwise in or through the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the giving of any guarantee, security or indemnity in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) money lent or obligations incurred by the director or by any other person at the request of, or for the benefit
of, the Company or any of its subsidiary undertakings; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a debt or obligation of the Company or any of its subsidiary undertakings for which the director personally has
assumed responsibility in whole or in part (either alone or jointly with others) under a guarantee or indemnity or by the giving of security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) indemnification (including loans made in connection with it) by the Company in relation to the performance of
the director's duties on behalf of the Company or of any of its subsidiary undertakings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any issue or offer of shares, debentures or other securities of the Company or any of its subsidiary
undertakings in respect of which the director is or may be entitled to participate in the director's capacity as a holder of any such securities or as an underwriter or sub-underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any transaction or arrangement concerning any other company in which the director does not hold, directly or
indirectly as shareholder voting rights representing one per cent. or more of any class of shares in the capital of that company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any arrangement for the benefit of employees of the Company or any of its subsidiary undertakings which does
not accord to the director any privilege or benefit not generally accorded to the employees to whom the arrangement relates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the purchase or maintenance of insurance for the benefit of directors or for the benefit of persons including
directors.

(e) If any question arises at any meeting as to whether an interest of a director (other than the chair of the
meeting) may reasonably be regarded as likely to give rise to a conflict of interest or as to the entitlement of any director (other than the chair of the meeting) to vote in relation to a transaction or arrangement with the Company and the question
is not resolved by the director voluntarily agreeing to abstain from voting, the question shall be referred to the chair of the meeting and the chair's ruling in relation to the director concerned shall be final and conclusive except in a case
where the nature or extent of the interest of the director concerned, so far as known to the director concerned, has not been fairly disclosed. If any question shall arise in

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respect of the chair of the meeting and is not resolved by the chair voluntarily agreeing to abstain from voting, the question shall be decided by a resolution of the Board (for which purpose the chair shall be counted in the quorum but shall not vote on the matter) and the resolution shall be final and conclusive except in a case where the nature or extent of the interest of the chair of the meeting, so far as known to the chair, has not been fairly disclosed.

(f) Subject to the Statutes, the Company may by ordinary resolution suspend or relax the provisions of this article
to any extent or ratify any transaction or arrangement not duly authorised by reason of a contravention of this article.

77. **No duty of confidentiality to another person; waiver of corporate opportunity** 

(a) A director shall be under no duty to the Company with respect to any information which he obtains or has
obtained otherwise than as a director of the Company and in respect of which he owes a duty of confidentiality to another person. In particular, the director shall not be in breach of the general duties he owes to the Company because he fails:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to disclose any such information to the Board or to any director or other officer or employee of the Company;
and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to use or apply any such information in performing his duties as a director of the Company.

(b) Where the existence of a director's relationship with another person gives rise to a conflict of interest
or possible conflict of interest, the director shall not be in breach of the general duties he owes to the Company because he:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) absents himself from meetings of the Board at which any matter relating to the conflict of interest or possible
conflict of interest will or may be discussed or from the discussion of any such matter at a meeting or otherwise; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) makes arrangements not to receive documents and information relating to any matter which gives rise to the
conflict of interest or possible conflict of interest sent or supplied by the Company and/or for such documents and information to be received and read by a professional adviser,

for so long as he reasonably believes such conflict of interest or possible conflict of interest subsists.

(c) To the fullest extent permitted by law, the Company hereby agrees that no director (a relevant director) shall
have any obligation to refrain from engaging, directly or indirectly and whether or not by or through his affiliates, in the same or similar business activities or lines of business as the Company or any of its subsidiaries. To the fullest extent
permitted by applicable law, the Company, on behalf of itself and its subsidiaries, renounces any interest or expectancy of the Company and its subsidiaries in, or in being offered an opportunity to participate in, business opportunities that are
from time to time available to any relevant director or his affiliates, even if the opportunity is one that the Company or its subsidiaries might reasonably be deemed to have pursued or had the ability or desire to pursue if granted the opportunity
to do so. The Company hereby further agrees that no relevant director shall have any duty to communicate or offer such business opportunity to the Company (and that there shall be no restriction on any

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relevant director or any of his affiliates using the general knowledge and understanding of the Company and the industry in which the Company operates that such relevant director has gained from occupying the position of a director) and, to the fullest extent permitted by applicable law, shall not be liable to the Company or any of its subsidiaries or members for breach of any fiduciary or other duty as a director solely by reason of the fact that the relevant director or his affiliates pursue or acquire such business opportunity, directs such business opportunity to another person or fails to present such business opportunity, or information regarding such business opportunity, to the Company or its subsidiaries, or uses such knowledge and understanding in the manner described herein.

(d) For the purposes of paragraph (c) above, an affiliate of a relevant director means an entity (whether or
not a body corporate) of which the relevant director is a director, manager or employee, or to which the relevant director is a consultant, or in which the relevant director has any direct or indirect interest (an affiliated entity), and any other
entity (whether or not a body corporate) in which an affiliated entity of the relevant director has any direct or indirect interest, but in each case excluding the Company and its subsidiaries.

(e) The provisions of paragraphs (a), (b) and (c) above are without prejudice to any equitable principle or
rule of law which may excuse the director from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) disclosing information, in circumstances where disclosure would otherwise be required under these articles; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) attending meetings or discussions or receiving documents and information as referred to in paragraph
(b) above, in circumstances where such attendance or receiving such documents and information would otherwise be required under these articles or the law.

**PROCEEDINGS OF THE BOARD** 

78. **Board meetings** 

The Board may meet for the despatch of business, adjourn and otherwise regulate its meetings as it thinks fit. A director at any time may, and the secretary at the request of a director at any time shall, summon a board meeting.

79. **Notice of board meetings** 

Notice of a board meeting may be given to a director personally or by word of mouth or given in hard copy form or in electronic form to the director at such address as the director may from time to time specify for this purpose (or if the director does not specify an address, at the director's last known address). A director may waive notice of any meeting either prospectively or retrospectively and any retrospective waiver shall not affect the validity of the meeting or of any business conducted at the meeting.

80. **Quorum** 

The quorum necessary for the transaction of the business of the Board may be fixed by the Board and, unless so fixed at any other number, shall be two directors. Subject to these articles, any director who ceases to be a director at a board meeting may continue to be present and to

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act as a director and be counted in the quorum until the end of the Board meeting if no other director objects and if otherwise a quorum of directors would not be present.

81. **Chair or deputy chair to preside** 

(a) The Board may appoint a chair and one or more deputy chair(s) and may at any time revoke any such appointment.

(b) The chair, or failing the chair any deputy chair (the longest in office taking precedence, if more than one is
present), shall, if present and willing, preside at all board meetings but, if no chair or deputy chair has been appointed, or if the chair or deputy chair is not present within five minutes after the time fixed for holding the meeting or is
unwilling to act as chair of the meeting, the directors present shall choose one of their number to act as chair of the meeting.

82. **Competence of board meetings** 

A board meeting at which a quorum is present shall be competent to exercise all the powers, authorities and discretions for the time being vested in or exercisable by the Board.

83. **Voting** 

Questions arising at any board meeting shall be determined by a majority of votes. In the case of an equality of votes the chair of the meeting shall have a second or casting vote.

84. **Telephone/electronic board meetings** 

(a) A board meeting may consist of a conference between directors some or all of whom are in different places
provided that each director may participate in the business of the meeting whether directly, by telephone or by any other means (whether by electronic communication or otherwise) which enables the director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to hear (or otherwise receive real time communications made by) each of the other participating directors
addressing the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the director so wishes, to address all of the other participating directors simultaneously (or otherwise
communicate in real time with them).

(b) A quorum is deemed to be present if at least the number of directors required to form a quorum, subject to the
provisions of article 67 may participate in the manner specified above in the business of the meeting.

(c) A board meeting held in this way is deemed to take place at the place where the largest group of participating
directors is assembled or, if no such group is readily identifiable, at the place from where the chair of the meeting participates.

(d) A resolution passed at any meeting held in the above manner, and signed by the chair of the meeting, shall be
as valid and effectual as if it had been passed at a meeting of the Board (or committee of the Board, as the case may be) duly convened and held.

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85. **Resolutions without meetings** 

A resolution which is signed or approved by all the directors entitled to vote on that resolution (and whose vote would have been counted) shall be as valid and effectual as if it had been passed at a board meeting duly called and constituted. The resolution may be contained in one document or communication in electronic form or in several documents or communications in electronic form (in like form), each signed or approved by one or more of the directors concerned. For the purpose of this article the approval of a director shall be given in hard copy form or in electronic form.

86. **Validity of acts of directors in spite of formal defect** 

All acts bona fide done by a meeting of the Board, or of a committee, or by any person acting as a director or a member of a committee, shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment of any member of the Board or committee or of the person so acting, or that they or any of them were disqualified or had vacated office or were not entitled to vote, be as valid as if every such person had been duly appointed and qualified to be a director and had continued to be a director or member of the committee and had been entitled to vote.

87. **Minutes** 

The Board shall cause minutes to be made and kept in books kept for the purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of all appointments of officers made by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) of the names of all the directors present at each meeting of the Board and of any committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) of all resolutions and proceedings of all meetings of the Company and of any class of members, and of the Board
and of any committee.

**SECRETARY** 

88. **Secretary** 

Subject to the Companies Law, the secretary shall be appointed by the Board for such term, at such remuneration and on such conditions as it thinks fit, and the Board may remove from office any person so appointed (without prejudice to any claim for damages for breach of any contract between the secretary and the Company).

**SHARE CERTIFICATES** 

89. **Issue of share certificates** 

(a) Subject to article 90(e) and sub-sections (e) and (f) below, a
person whose name is entered in the register as the holder of any certificated shares shall be entitled (unless the conditions of issue otherwise provide) within the time limits prescribed by the Statutes to receive one certificate for those shares,
or one certificate for each class of those shares and, if that person transfers part of the shares represented by a certificate in that person's name, or elects to hold part in uncertificated form, to receive a new certificate for the balance
of those shares, provided

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in all cases that there shall be no requirement to issue any certificate to Cede & Co. (or any other nominee of DTC from time to time) in respect of any shares held by it.

(b) In the case of joint holders, the Company shall not be bound to issue more than one certificate for all the
shares in any particular class registered in their joint names, and delivery of a certificate for a share to any one of the joint holders shall be sufficient delivery to all.

(c) A share certificate shall be issued under seal or signed by at least one director and the secretary or by at
least two directors (which may include any signature being applied mechanically or an electronic signature). A share certificate shall specify the number and class of the shares to which it relates and the amount or respective amounts paid up on the
shares and (where required by the Statutes), the distinguishing numbers of such shares. Any certificate so issued shall, as against the Company, be prima facie evidence of title of the person named in that certificate to the shares comprised in it.

(d) A share certificate may be given to a member in accordance with the provisions of these articles on notices and
the Statutes.

(e) The Company shall not issue a share certificate to any person in respect of Class B Ordinary Shares.
Class B Ordinary Shares are to be held in restricted registered form and are not capable of transfer out of restricted registered form.

(f) Corresponding Class A Ordinary Shares are to be held in restricted registered form. The Company shall not
issue a share certificate in respect of any Corresponding Class A Ordinary Share for so long as it is held in restricted registered form. As set out in article 5(b), each Class B Ordinary Share shall immediately cease to carry any
entitlement to voting rights on the transfer of its Corresponding Class A Ordinary Share from restricted registered form to an unrestricted account.

90. **Charges for and replacement of certificates** 

(a) Except as expressly provided to the contrary in these articles, no fee shall be charged for the issue of a
share certificate.

(b) Any two or more certificates representing shares of any one class held by any member may at the member's
request be cancelled and a single new certificate issued.

(c) If any member surrenders for cancellation a certificate representing shares held by that member and requests
the Company to issue two or more certificates representing those shares in such proportions as that member may specify, the Board may, if it thinks fit, comply with the request on payment of such fee (if any) as the Board may decide.

(d) If a certificate is damaged or defaced or alleged to have been lost, stolen or destroyed, a new certificate
representing the same shares may be issued on compliance with such conditions as to evidence, indemnity and security for such indemnity as the Board may think fit and on payment of any exceptional expenses of the Company incidental to its
investigation of the evidence and preparation of the indemnity and security and, if damaged or defaced, on delivery up of the old certificate.

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(e) In the case of joint holders of a share a request for a new certificate under any of the preceding paragraphs
of this article may be made by any one of the joint holders unless the certificate is alleged to have been lost, stolen or destroyed.

**LIEN ON SHARES** 

91. **Lien on partly paid shares** 

(a) The Company shall have a first and paramount lien on every share (not being a fully paid share) for all amounts
payable (whether or not due) in respect of that share. The lien shall extend to every amount payable in respect of that share.

(b) The Board may at any time either generally or in any particular case declare any share to be wholly or partly
exempt from this article. Unless otherwise agreed, the registration of a transfer of a share shall operate as a waiver of the Company's lien (if any) on that share.

92. **Enforcement of lien** 

(a) The Company may sell any share subject to a lien in such manner as the Board may decide if an amount payable on
the share is due and is not paid within 14 clear days after a notice has been given to the holder or any person entitled by transmission to the share demanding payment of that amount and giving notice of intention to sell in default.

(b) To give effect to any sale under this article, the Board may authorise some person to transfer the share sold
to, or as directed by, the purchaser. The purchaser shall not be bound to see to the application of the purchase money nor shall the title of the new holder to the share be affected by any irregularity in or invalidity of the proceedings relating to
the sale.

(c) The net proceeds of the sale, after payment of the costs of such sale, shall be applied in or towards
satisfaction of the amount due and any residue shall (subject to a like lien for any amounts not presently due as existed on the share before the sale), on surrender, in the case of shares held in certificated form, of the certificate for the shares
sold, be paid to the holder or person entitled by transmission to the share immediately before the sale.

**CALLS ON SHARES** 

93. **Calls** 

(a) Subject to the terms of these articles and the terms of which the shares are allotted, the Board may make calls
on the members in respect of any moneys unpaid on their shares (whether in respect of nominal amount or premium) and not payable on a date fixed by or in accordance with the terms of issue. Each member shall (subject to receiving at least 14 clear
days' notice specifying when and where payment is to be made) pay to the Company as required by the notice the amount called on the member's shares. A call may be revoked or postponed as the Board may decide.

(b) Any call may be made payable in one sum or by instalments and shall be deemed to be made at the time when the
resolution of the Board authorising that call is passed.

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(c) A person on whom a call is made shall remain liable for it notwithstanding the subsequent transfer of the share
in respect of which the call is made.

(d) The joint holders of a share shall be jointly and severally liable for the payment of all calls in respect of
that share.

94. **Interest on calls** 

If a call is not paid before or on the due date for payment, the person from whom it is due shall pay interest on the amount unpaid, from the due date for payment to the date of actual payment, at such rate as the Board may decide, but the Board may waive payment of the interest, wholly or in part.

95. **Sums treated as calls** 

A sum which by the terms of allotment of a share is payable on allotment, or at a fixed time, or by instalments at fixed times, whether in respect of nominal value or premium, shall for all purposes of these articles be deemed to be a call duly made and payable on the date or dates fixed for payment and, in case of non-payment, these articles shall apply as if that sum had become due and payable by virtue of a call.

96. **Power to differentiate** 

On any allotment of shares the Board may make arrangements for a difference between the allottees or holders of the shares in the amounts and times of payment of calls on their shares.

97. **Payment of calls in advance** 

The Board may, if it thinks fit, receive all or any part of the moneys payable on a share beyond the sum actually called up on it if the holder is willing to make payment in advance and, on any moneys so paid in advance, may (until they would otherwise be due) pay interest at such rate as may be agreed between the Board and the member paying the sum in advance.

**FORFEITURE OF SHARES** 

98. **Notice of unpaid calls** 

(a) If the whole or any part of any call or instalment remains unpaid on any share after the due date for payment,
the Board may give a notice to the holder requiring the holder to pay so much of the call or instalment as remains unpaid, together with any accrued interest.

(b) The notice shall state a further day, being not less than 14 clear days from the date of the notice, on or
before which, and the place where, payment is to be made and shall state that, in the event of non-payment on or before the day and at the place appointed, the share in respect of which the call was made or
instalment is payable will be liable to be forfeited.

(c) The Board may accept a surrender of any share liable to be forfeited.

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99. **Forfeiture on non-compliance with notice** 

(a) If the requirements of a notice given under article 98 are not complied with, any share in respect of which it
was given may at any time thereafter (before the payment required by the notice is made) be forfeited by a resolution of the Board. The forfeiture shall include all dividends declared and other moneys payable in respect of the forfeited share and
not actually paid before the forfeiture.

(b) If a share is forfeited, notice of the forfeiture shall be given to the person who was the holder of the share
or (as the case may be) the person entitled to the share by transmission, and an entry that notice of the forfeiture has been given, with the relevant date, shall be made in the register; but no forfeiture shall be invalidated by any omission to
give such notice or to make such entry.

100. **Power to annul forfeiture or surrender** 

The Board may, at any time before the forfeited or surrendered share has been sold, re-allotted or otherwise disposed of, annul the forfeiture or surrender upon payment of all calls and interest due on or incurred in respect of the share and on such further conditions (if any) as it thinks fit.

101. **Disposal of forfeited or surrendered shares** 

(a) Every share which is forfeited or surrendered shall become the property of the Company and (subject to the
Statutes) may be sold, re-allotted or otherwise disposed of, upon such terms and in such manner as the Board shall decide either to the person who was before the forfeiture the holder of the share or to any
other person and whether with or without all or any part of the amount previously paid up on the share being credited as so paid up. The Board may for the purposes of a disposal authorise some person to transfer the forfeited or surrendered share
to, or in accordance with the directions of, any person to whom the same has been disposed of.

(b) A statutory declaration by a director or the secretary that a share has been forfeited or surrendered on a
specified date shall, as against all persons claiming to be entitled to the share, be conclusive evidence of the facts stated in it and shall (subject to the execution of any necessary transfer) constitute a good title to the share. The person to
whom the share has been disposed of shall not be bound to see to the application of the consideration for the disposal (if any) nor shall that person's title to the share be affected by any irregularity in or invalidity of the proceedings
connected with the forfeiture, surrender, sale, re-allotment or disposal of the share.

102. **Arrears to be paid notwithstanding forfeiture or surrender** 

A person any of whose shares have been forfeited or surrendered shall cease to be a member in respect of the forfeited or surrendered share and shall, in the case of shares held in certificated form, surrender to the Company for cancellation any certificate for the share forfeited or surrendered, but shall remain liable (unless payment is waived in whole or in part by the Board) to pay to the Company all moneys payable by that person on or in respect of that share at the time of forfeiture or surrender, together with interest from the time of forfeiture or surrender until payment at such rate as the Board shall decide, in the same manner as if the share had not been forfeited or surrendered. The Board may waive payment of interest wholly or in party and may enforce payment, without any reduction or allowance for the value of the shares at the time of forfeiture or for any consideration received on their disposal. Such a person shall also be liable to satisfy all the claims and demands (if any) which the Company might have

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enforced in respect of the share at the time of forfeiture or surrender. No deduction or allowance shall be made for the value of the share at the time of forfeiture or surrender or for any consideration received on its disposal.

**SEAL** 

103. **Seal** 

(a) The Company may exercise the powers conferred by the Statutes with regard to having official seals and those
powers shall be vested in the Board.

(b) The Board shall provide for the safe custody of every seal of the Company.

(c) A seal shall be used only by the authority of the Board or a duly authorised committee but that authority may
consist of an instruction or approval given in hard copy form or in electronic form by a majority of the directors or of the members of a duly authorised committee.

(d) The Board may determine who shall sign any instrument to which a seal is applied, either generally or in
relation to a particular instrument or type of instrument, and may also determine, either generally or in any particular case, that such signatures shall be dispensed with or affixed by some mechanical means.

(e) Unless otherwise decided by the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) certificates for shares, debentures or other securities of the Company issued under seal need not be signed;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) every other instrument to which a seal is applied shall be signed by at least one director and the secretary or
by at least two directors or by one director in the presence of a witness who attests the signature.

**DIVIDENDS** 

104. **Declaration of dividends by the Company** 

(a) Subject to the provisions of the Companies Law, the Company may, by ordinary resolution, declare a dividend to
be paid to the members, according to their respective rights and interests in the profits, and may fix the time for payment of such dividend, but no dividend shall exceed the amount recommended by the Board.

(b) The Company is not permitted to declare or distribute dividends in respect of the Class B Ordinary Shares
(which carry no right to distributions except in accordance with article 127(b)) including without limitation any dividends in *specie* pursuant to article 112 or any scrip dividends pursuant to article 113.

(c) None of the Class A Ordinary Shares hold a preferential right to dividends.

105. **Fixed and interim dividends** 

(a) Subject to the provisions of the Companies Law, the Board may:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) not pay fixed dividends on Class A Ordinary Shares and Class B Ordinary Shares but may pay fixed
dividends on future share classes carrying a fixed dividend expressed to be payable on fixed dates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pay interim dividends on shares of any class (other than Class B Ordinary Shares) of such amounts and on
such dates and in respect of such periods as they think fit; and

(b) If the Board acts in good faith, none of the directors shall incur any liability to the holders of any shares
for any loss such holders may suffer in consequence of the lawful payment of any dividend.

106. **Calculation and currency of dividends** 

(a) Except insofar as the rights attaching to, or the terms of issue of, any share otherwise provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all dividends shall be declared and paid according to the amounts paid up on the shares in respect of which the
dividend is paid, but no amount paid up on a share in advance of calls shall be treated for the purposes of this article as paid up on the share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all dividends shall be apportioned and paid pro rata according to the amounts paid up on the shares during any
portion or portions of the period in respect of which the dividend is paid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) dividends may be declared or paid in any currency or currencies that the Board shall determine. The Board may
also determine the exchange rate and the relevant date for determining the value of the dividend in any currency.

(b) The Board may agree with any member that dividends which may at any time or from time to time be declared or
become due on that member's shares in one currency shall be paid or satisfied in another, and may agree the basis of conversion to be applied and how and when the amount to be paid in the other currency shall be calculated and paid and for the
Company or any other person to bear any costs involved.

107. **Method of payment** 

(a) The Company may pay any dividend or other sum payable in respect of a share by such method as the Board may
decide. The Board may decide to use different methods of payment for different holders or groups of holders. Without limiting any other method of payment which the Board may decide upon, the Board may decide that payment can be made, wholly or
partly and exclusively or optionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by cheque or dividend warrant payable to the holder (or, in the case of joint holders, the holder whose name
stands first in the register in respect of the relevant share) or to such other person as the holder (or, in the case of joint holders, all the joint holders) may notify to the Company for the purpose; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by a bank or other funds transfer system or by such other electronic means as the Board may decide (including,
in the case of an uncertificated share, a relevant system) to such account as the holder (or, in the case of joint holders, all the joint holders) may notify to the Company for the purpose; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in such other way as may be agreed between the Company and the holder (or, in the case of joint holders, all
such holders).

(b) If the Board decides that any dividend or other sum payable in respect of a share will be made exclusively by
one or more of the methods referred to in paragraph (a)(ii) above to an account, but no such account is nominated by the holder (or, in case of joint holders, all the joint holders) or if an attempted payment into a nominated account is rejected or
refunded, the Company may treat that dividend or other sum payable as unclaimed.

(c) Any such cheque or dividend warrant may be sent by post to the registered address of the holder (or, in the
case of joint holders, to the registered address of that person whose name stands first in the register in respect of the relevant share) or to such other address as the holder (or, in the case of joint holders, all the joint holders) may notify to
the Company for the purpose.

(d) Every cheque or warrant is sent, and payment in any other way is made, at the risk of the person or persons
entitled to it and the Company will not be responsible for any sum lost or delayed when it has sent or transmitted the sum in accordance with these articles. Clearance of a cheque or warrant or transmission of funds through a bank or other funds
transfer system or by such other electronic means as is permitted by these articles shall be a good discharge to the Company.

(e) Any joint holder or other person jointly entitled to any share may give an effective receipt for any dividend
or other sum paid in respect of the share.

(f) Any dividend, distribution or other sum payable in respect of any share may be paid to a person or persons
entitled by transmission to that share as if that person or those persons were the holder or joint holders of that share and that person's address (or the address of the first named of two or more persons jointly entitled) noted in the
register were the registered address.

108. **Dividends not to bear interest** 

No dividend or other moneys payable by the Company on or in respect of any share shall bear interest as against the Company unless otherwise provided by the rights attached to the share.

109. **Calls or debts may be deducted from dividends** 

The Board may deduct from any dividend or other moneys payable to any person (either alone or jointly with another) on or in respect of a share all such sums as may be due from that person (either alone or jointly with another) to the Company on account of calls or otherwise in relation to shares of the Company.

110. **Unclaimed dividends etc.** 

(a) All unclaimed dividends, interest or other sums payable may be invested or otherwise made use of by the Board
for the benefit of the Company until claimed. All dividends and any other such monies unclaimed for a period of 10 years after having been declared shall be forfeited and cease to remain owing by the Company.

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(b) If the Company exercises its power of sale in accordance with article 124, all dividends and other such monies
payable on that share shall be forfeited and cease to remain owing by the Company.

(c) The payment of any unclaimed dividend, interest or other sum payable by the Company on or in respect of any
share into a separate account shall not constitute the Company a trustee in respect of it.

111. **Uncashed dividends** 

If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a payment for a dividend or other sum payable in respect of a share sent by the Company to the person entitled
to it in accordance with these articles is left uncashed or is returned to the Company or a payment has failed (including where the payment has been rejected or refunded) and, after reasonable enquiries, the Company is unable to establish any new
address or, with respect to a payment to be made by a funds transfer system, a new account, for that person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such a payment is left uncashed or returned to the Company or fails (including where the payment has been
rejected or refunded) on two consecutive occasions,

the Company shall not be obliged to send any dividends or other sums payable in respect of that share to that person until that person notifies the Company of an address or, where the payment is to be made by a funds transfer system, details of the account, to be used for the purpose.

112. **Dividends in *specie*** 

(a) With the authority of an ordinary resolution of the Company and on the recommendation of the Board, payment of
any dividend may be satisfied wholly or in part by the distribution of specific assets and in particular of paid up shares or debentures of any other company.

(b) Where any difficulty arises with the distribution, the Board may settle the difficulty as it thinks fit and, in
particular, may issue fractional certificates (or ignore fractions), fix the value for distribution of the specific assets or any part of them, determine that cash payments be made to any members on the basis of the value so fixed in order to secure
equality of distribution and vest any of the specific assets in trustees on such trusts for the persons entitled to the dividend as the Board may think fit.

113. **Scrip dividends** 

(a) The Board may, with the authority of an ordinary resolution of the Company, offer any holders of any particular
class of shares the right to elect to receive further shares of that class, credited as fully paid, instead of cash in respect of all (or some part) of any dividend specified by the ordinary resolution (a scrip dividend) in accordance with the
following provisions of this article.

(b) The ordinary resolution may specify a particular dividend (whether or not already declared) or may specify all
or any dividends declared within a specified period, but such period may not end later than five years after the date of the meeting at which the ordinary resolution is passed.

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(c) The basis of allotment shall be decided by the Board so that, as nearly as may be considered convenient, the
value of the further shares, including any fractional entitlement, is equal to the amount of the cash dividend which would otherwise have been paid (disregarding the amount of any associated tax credit).

(d) For the purposes of paragraph (c) above the value of the further shares shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) equal to the final reported per share closing price as quoted for a fully paid share of the relevant class, as
shown in the Daily List of the Relevant US Exchange for the day on which such shares are first quoted "ex" the relevant dividend and the four subsequent dealing days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) calculated in such manner as may be determined by or in accordance with the ordinary resolution.

(e) The Board shall give notice to the holders of such shares of their rights of election in respect of the scrip
dividend and shall specify the procedure to be followed in order to make an election.

(f) The dividend or that part of it in respect of which an election for the scrip dividend is made shall not be
paid and instead further shares of the relevant class shall be allotted in accordance with elections duly made and the Board shall capitalise a sum equal to the aggregate nominal amount of the shares to be allotted out of such sums available for the
purpose as the Board may consider appropriate.

(g) The further shares so allotted shall rank *pari passu* in all respects with the fully paid shares of the
same class then in issue except as regards participation in the relevant dividend.

(h) The Board may decide that the right to elect for any scrip dividend shall not be made available to members
resident in any territory where, in the opinion of the Board, compliance with local laws or regulations would be unduly onerous.

(i) The Board may do all acts and things as it considers necessary or expedient to give effect to the provisions of
a scrip dividend election and the issue of any shares in accordance with the provisions of this article, and may make such provisions as it thinks fit for the case of shares becoming distributable in fractions (including provisions under which, in
whole or in part, the benefit of fractional entitlements accrues to the Company rather than to the members concerned). To the extent that the entitlement of any holder of shares in respect of any dividend is less than the value of one new share of
the relevant class (as determined for the basis of any scrip dividend) the Board may also from time to time establish or vary a procedure for such entitlement to be accrued and aggregated with any similar entitlement for the purposes of any
subsequent scrip dividend.

(j) The Board may from time to time establish or vary a procedure for election mandates, under which a holder of
shares may, in respect of any future dividends for which a right of election pursuant to this article is offered, elect to receive shares in lieu of such dividend on the terms of such mandate.

(k) The Board shall not make a scrip dividend available unless the Company has sufficient undistributed profits or
reserves to give effect to elections which could be made to receive that scrip dividend.

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(l) The Board may decide at any time before the further shares are allotted that such shares shall not be allotted
and pay the relevant dividend in cash instead. Such decision may be made before or after any election has been made by holders of shares in respect of the relevant dividend.

**CAPITALISATION OF RESERVES** 

114. **Capitalisation of reserves** 

(a) The Board may, with the authority of an ordinary resolution of the Company or, if required by the Companies
Law, a special resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to these articles, resolve to capitalise any sum standing to the credit of any reserve account of the
Company (including share premium account and capital redemption reserve) or any sum standing to the credit of profit and loss account not required for the payment of any preferential dividend (whether or not it is available for distribution); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) appropriate that sum as capital to the entitled members in proportion to the number of shares held by entitled
members respectively and apply that sum on their behalf in paying up in full any shares or debentures of the Company of a nominal amount equal to that sum and allot the shares or debentures credited as fully paid to those members, or as they may
direct (and for the avoidance of doubt, any new Class A Ordinary Shares issued in this way shall carry rights on a liquidation or winding-up in accordance with article 127), in those proportions or in
paying up the whole or part of any amounts which are unpaid in respect of any issued shares in the Company held by them respectively, or otherwise deal with such sum as directed by the resolution provided that the share premium account, the capital
redemption reserve, any redenomination reserve and any sum not available for distribution in accordance with the Statutes may only be applied in paying up shares to be allotted credited as fully paid up.

(b) Where any difficulty arises in respect of any distribution of any capitalised reserve or other sum, the Board
may settle the difficulty as it thinks fit and in particular may make such provisions as it thinks fit in the case of shares or debentures becoming distributable in fractions (including provisions under which, in whole or in part, the benefit of
fractional entitlements accrues to the Company rather than the members concerned) or ignore fractions and may fix the value for distribution of any fully paid up shares or debentures and may determine that cash payments be made to any members on the
basis of the value so fixed in order to secure equality of distribution, and may vest any shares or debentures in trustees upon such trusts for the persons entitled to share in the distribution as the Board may think fit.

(c) The Board may also authorise any person to sign on behalf of the persons entitled to share in the distribution
a contract for the acceptance by those persons of the shares or debentures to be allotted to them credited as fully paid under a capitalisation and any such contract shall be binding on all those persons.

115. **Capitalisation of reserves – employees ' share schemes** 

(a) This article (which is without prejudice to the generality of the provisions of article 114) applies where,
pursuant to an employees' share scheme:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a person is granted a right to acquire shares in the Company for no payment or at a price less than their
nominal value; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the terms on which any person is entitled to acquire shares in the Company are adjusted so that the price
payable to acquire them is less than their nominal value,

and the relevant shares are to be subscribed.

(b) In any such case the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) may, without requiring any further authority of the Company in general meeting, at any time transfer to a
reserve account a sum (the reserve amount) which is equal to the amount required to pay up the nominal value of the shares in full, after taking into account the amount (if any) payable by the person from the profits or reserves of the Company which
are available for distribution and not required for the payment of any preferential dividend; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (subject to paragraph (d) below) will not apply the reserve amount for any purpose other than paying up
the nominal value on the allotment of the relevant shares.

(c) Whenever the Company allots shares to a person pursuant to a right described in article 115(a), the Board will
(subject to the Statutes) appropriate to capital the amount of the reserve amount necessary to pay up the nominal value of those shares in full, after taking into account the amount (if any) payable by the person, apply that amount in paying up the
nominal value of those shares in full and allot those shares credited as fully paid to the person entitled to them.

(d) If any person ceases to be entitled to acquire shares as described in article 115(a), the restrictions on the
reserve amount will cease to apply in relation to the part of that amount (if any) applicable to those shares.

**RECORD DATES** 

116. **Fixing of record dates** 

(a) Notwithstanding any other of these articles, but without prejudice to any rights attached to any shares and
subject always to the Companies Law, the Company or the Board may fix any date as the record date by reference to which a dividend will be declared or paid or a distribution, allotment or issue made, and that date may be before, on or after the date
on which the dividend, distribution, allotment or issue is declared, paid or made.

(b) In the absence of a record date being fixed in accordance with article 116(a), entitlement to any dividend,
distribution, allotment or issue shall be determined by reference to the date on which the dividend is declared or the distribution, allotment or issue is made.

(c) Notwithstanding any other of these articles, but without prejudice to any rights attached to any shares and
subject always to the Companies Law, for the purpose of determining which persons are entitled to attend and vote at a general meeting of the Company, or at a separate general meeting for the holders of any class of shares in the capital of the
Company, and how many votes such person may cast, specify in the notice of meeting a time, not less than 10 days nor more than 60 days before the time fixed for the meeting, by which a person must be

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entered on the register in order to have the right to attend or vote at the meeting. Changes to the register after the time specified by virtue of this article shall be disregarded in determining the rights of any person to attend or vote at the meeting.

**ACCOUNTS** 

117. **Accounting records** 

(a) The Board shall cause accounting records of the Company to be kept in accordance with the Statutes.

(b) No member (as such) shall have any right of inspecting any account, book or document of the Company, except as
conferred by law or authorised by the Board or by any ordinary resolution of the Company.

**REGISTER** 

118. **Register requirements** 

(a) The directors shall keep, or cause to be kept, at the transfer office (but in relation to the principal
register not, for the avoidance of doubt, at a place outside Jersey), the register in the manner required by the Companies Law.

(b) Subject to the provisions of the Companies Law, the Company may keep an overseas branch register in any
country, territory or place (other than in the United Kingdom). The Board may (subject to the Companies Law and the requirement that no overseas branch register shall be kept in the United Kingdom) make and vary such regulations as it may think fit
in relation to the keeping of any such overseas branch register, including any regulations regarding the transfer of shares from such overseas branch register to the register, the transfer of shares from the register to such overseas branch register
or the inspection of the overseas branch register. For so long as the shares of the Company are listed on a Relevant US Exchange, the Company shall maintain a US branch register.

(c) For so long as the shares of the Company are listed on a Relevant US Exchange, all members shall have their
shares registered on the US branch register unless the Board otherwise resolves. The Board may take such action as it deems necessary to transfer any shares from the principal register or any other register to the US branch register. Each director
(acting alone) will be deemed to have been appointed as the agent of any holder with shares registered on any register other than the US branch register with full power to execute, complete and deliver, in the name of and on behalf of the holder,
any transfer form or other documents necessary to transfer such shares from the relevant register to the US branch register. Such appointment is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) made with effect from the later of (i) the holder becoming the holder of such shares and (ii) any
share in the Company being listed on a Relevant US Exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) irrevocable for a period of one year thereafter.

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**COMMUNICATIONS** 

119. **Communications to the Company** 

(a) Subject to the Statutes and except where otherwise expressly stated in these articles, any document, notice or
information to be sent or supplied to the Company (whether or not such document, notice or information is required or authorised under the Statutes) shall be in hard copy form or, subject to paragraph (b) below, be sent or supplied in
electronic form or by means of an electronic address.

(b) Subject to the Statutes, a document, notice or information may be given to the Company in electronic form only
if it is given in such form and manner and to such address as may have been specified by the Board from time to time for the receipt of documents in electronic form. The Board may prescribe such procedures as it thinks fit for verifying the
authenticity or integrity of any such document or information given to it in electronic form.

120. **Communications by the Company** 

(a) A document notice or information may be sent or supplied in hard copy form by the Company to any member either
personally or by sending or supplying it by post addressed to the member at the member's registered address or by leaving it at that address.

(b) Subject to the Statutes (and other rules applicable to the Company), a document, notice or information may be
sent or supplied by the Company to any member in electronic form to such address as may from time to time be authorised by the member concerned or by making it available on an electronic address and notifying the member concerned in accordance with
the Statutes (and other rules applicable to the Company) that it has been made available. A member shall be deemed to have agreed that the Company may send or supply a document, notice or information by means of an electronic address if the
conditions set out in the Statutes have been satisfied.

(c) In the case of joint holders of a share, any document, notice or information sent or supplied by the Company in
any manner permitted by these articles to the joint holder who is named first in the register in respect of the joint holding shall be deemed to be given to all other holders of the share.

(d) Notwithstanding any other provisions of these articles, on and after the Domestic Issuer Transition Date, the
Company shall be entitled, at its discretion, to utilise and rely on the notice-and-access method of delivering member meeting materials, soliciting proxies and
receiving voting instructions from registered holders and beneficial owners adopted by the U.S. Securities and Exchange Commission in the amendments to the rules for communications between reporting issuers and their shareholders under Rule 14a-16 of the Exchange Act, as such rules may be modified from time to time, or in accordance with any similar electronic delivery or access method permitted by applicable securities legislation from time to time.

121. **When communication is deemed received** 

(a) Any document, notice or information, if sent by recorded delivery post or by courier, shall be deemed to have
been received on delivery, if sent by airmail, shall be deemed to have been received five days following that on which the envelope containing it is put into the post, if sent

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by first class post, shall be deemed to have been received on the day following that on which the envelope containing it is put into the post, or, if sent by second class post, shall be deemed to have been received on the second day following that on which the envelope containing it is put into the post and in proving that a document, notice or information has been received it shall be sufficient to prove that the letter, envelope or wrapper containing the document or information was properly addressed, prepaid and put into the post.

(b) Any document, notice or information not sent by post but left at a registered address or address at which a
document, notice or information may be received shall be deemed to have been received on the day it was so left.

(c) Any document, notice or information, if sent or supplied by electronic means, shall be deemed to have been
received on the day on which the document, notice or information was sent or supplied by or on behalf of the Company.

(d) If the Company receives a delivery failure notification following a communication by electronic means in
accordance with paragraph (c) above, the Company shall send or supply the document, notice or information in hard copy or electronic form (but not by electronic means) to the member either personally or by post addressed to the member at the
member's registered address or by leaving it at that address. This shall not affect when the document, notice or information was deemed to be received in accordance with paragraph (c) above.

(e) Where a document, notice or information is sent or supplied by means of an electronic address, it shall be
deemed to have been received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) when the material was first made available at the electronic address; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if later, when the recipient was deemed to have received notice of the fact that the material was available at
the electronic address.

(f) A member present, either in person or by proxy, at any meeting of the Company or class of members of the
Company shall be deemed to have received notice of the meeting and, where requisite, of the purposes for which the meeting was convened.

(g) Every person who becomes entitled to a share shall be bound by every notice in respect of that share which
before that person's name is entered in the register was given to the person from whom that person derives title to the share.

122. **Record date for communications** 

(a) For the purposes of giving notices of meetings, or of sending or supplying other documents or other
information, whether under any Statute, a provision in these articles or any other instrument, the Company may determine that persons entitled to receive such notices, documents or other information are those persons entered on the register at the
close of business on a day determined by it.

(b) The day determined by the Company under paragraph (a) above may not be more than 15 days before the day
that the notice of the meeting, document or other information is given.

123. **Communication to person entitled by transmission** 

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(a) Where a person is entitled by transmission to a share, any notice or other communication shall be given to that
person, as if that person were the holder of that share and that person's address noted in the register were that person's registered address. In any other case, any notice or other communication given to any member pursuant to these
articles shall, notwithstanding that the member is then dead or bankrupt or that any other event giving rise to the transmission of the share by operation of law has occurred and whether or not the Company has notice of the death, bankruptcy or
other event, be deemed to have been properly given in respect of any share registered in the name of that member as sole or joint holder.

**UNTRACED MEMBERS** 

124. **Sale of shares of untraced members** 

(a) The Company may sell, in such manner as the Board may decide and at the best price it considers to be
reasonably obtainable at that time, any share of a member, or any share to which a person is entitled by transmission if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) during a period of 12 years at least three cash dividends have become payable in respect of the share to be
sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during that period of 12 years no cash dividend payable in respect of the share has been claimed, no cheque,
warrant, order or other payment for a dividend has been cashed, no dividend sent by means of a bank or other funds transfer system or other electronic system or means (including, in the case of uncertificated shares, a relevant system) has been paid
and no communication has been received by the Company from the member or the person entitled by transmission to the share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on or after the expiry of that period of 12 years the Company has sent, or caused to be sent, a notice to the
registered address or last known address the Company has for the member or other person entitled by transmission to the share, giving notice of its intention to sell the share (provided that before sending such a notice, the Company shall have made,
or caused to be made, such tracing enquiries for the purpose of contacting that member or other person as the Board considers to be reasonable and appropriate in the circumstances); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) during the period of three months following the sending of the notice referred to in paragraph (iii) above
and after that period until the exercise of the power to sell the share, the Company has not received any communication from the member or the person entitled by transmission to the share.

(b) The Company's power of sale shall extend to any further share which, on or before the sending of the
notice pursuant to paragraph (a)(iii) above, is issued in right of a share to which paragraph (a) above applies (or in right of any share to which this paragraph applies) if the conditions set out in paragraphs (a)(ii) to (a)(iv) above are
satisfied in relation to the further share (but as if the references to a period of 12 years were references to a period beginning on the date of allotment of the original share and ending on the date of sending the notice referred to above).

(c) To give effect to any sale, the Board may authorise some person to transfer the share to, or as directed by,
the purchaser, who shall not be bound to see to the application of the purchase

------

money; nor shall the title of the new holder to the share be affected by any irregularity in, or invalidity of, the proceedings relating to the sale.

125. **Application of proceeds of sale** 

(a) The net proceeds of any sale made under article 124 will be forfeited and will belong to the Company. The
Company will not be liable in any respect to the former member or members or other person who may or would have been entitled to the share or shares by law for the proceeds of sale, and the Company may use the proceeds of sale for any purpose as the
Board may decide.

**DESTRUCTION OF DOCUMENTS** 

126. **Destruction of documents** 

(a) Subject to the Statutes, the Board may authorise or arrange the destruction of documents held by the Company as
follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at any time after the expiration of six years from the date of registration, all instruments of transfer of
shares and all other documents transferring or purporting to transfer shares or representing or purporting to represent the right to be registered as the holder of shares on the faith of which entries have been made in the register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at any time after the expiration of one year from the date of cancellation, all registered share certificates
which have been cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at any time after the expiration of two years from the date of recording them, all dividend mandates and
notifications of change of address; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) at any time after the expiration of one year from the date of actual payment, all paid dividend warrants and
cheques.

(b) Subject to the Statutes, it shall conclusively be presumed in favour of the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) every entry in the register purporting to have been made on the basis of an instrument of transfer or other
document so destroyed was duly and properly made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) every instrument of transfer so destroyed was a valid and effective instrument duly and properly registered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) every share certificate so destroyed was a valid certificate duly and properly cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) every other document mentioned in paragraph (a) above so destroyed was a valid and effective document in
accordance with the particulars of it recorded in the books and records of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) every paid dividend warrant and cheque so destroyed was duly paid.

(c) The provisions of paragraph (b) above shall apply only to the destruction of a document in good faith and
without notice of any claim (regardless of the parties to it) to which the document might be relevant.

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(d) Nothing in this article shall be construed as imposing on the Company or the Board any liability in respect of
the destruction of any document earlier than as stated in paragraph (a) above or in any other circumstances in which liability would not attach to the Company or the Board in the absence of this article.

(e) References in this article to the destruction of any document include references to its disposal in any manner.

**WINDING UP** 

127. **Powers to distribute in *specie*** 

(a) If the Company is in liquidation, the liquidator may, with the authority of a special resolution of the Company
and any other authority required by the Statutes and subject to article 127(b):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) divide among the members in specie the whole or any part of the assets of the Company and, for that purpose,
value any assets and determine how the division shall be carried out as between the members or different classes of members; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) vest the whole or any part of the assets in trustees upon such trusts for the benefit of members as the
liquidator, with the like sanction, shall think fit but no member shall be compelled to accept any assets upon which there is any liability.

(b) On a distribution of assets on a winding-up, the surplus assets of the
Company remaining after payment of its liabilities shall be applied (to the extent the Company is lawfully permitted to do so):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first, in paying to each of the Class B Shareholders the nominal value of their Class B Ordinary
Shares (provided that, if there are insufficient surplus assets to pay the amounts per share equal to the nominal value, the remaining surplus assets shall be distributed to the Class B Shareholders pro rata to the aggregate amounts otherwise
due to them under this article 127(b); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) second, the balance of the surplus assets (if any) shall be distributed among the Class A Shareholders pro
rata to the number of Class A Ordinary Shares held.

**INDEMNITY AND INSURANCE, ETC.** 

128. **Directors ' indemnity, insurance and defence** 

(a) Subject to the provisions of the Companies Law, but without prejudice to any indemnity to which the person
concerned may otherwise be entitled, every director or other officer of the Company shall be indemnified out of the assets of the Company against any liability incurred by him for negligence, default, breach of duty, breach of trust or otherwise in
relation to the affairs of the Company, provided that this article shall be deemed not to provide for, or entitle any such person to, indemnification to the extent that it would cause this article, or any element of it, to be treated as void under
the Companies Law or otherwise unlawful under the Companies Law.

(b) Without prejudice to the foregoing, the board may exercise all the powers of the Company to purchase and
maintain insurance for or for the benefit of any person who is or was:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a director, officer, employee or auditor of the Company or any body which is or was the holding company or
subsidiary undertaking of the Company, or in which the Company or such holding company or subsidiary undertaking has or had any interest (whether direct or indirect) or with which the Company or such holding company or subsidiary undertaking is or
was in any way allied or associated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a trustee of any pension fund in which employees of the Company or any other body referred to in paragraph
(i) above are or have been interested,

including without limitation insurance against any liability incurred by such person in respect of any act or omission in the actual or purported execution or discharge of his duties or in the exercise or purported exercise of his powers or otherwise in relation to his duties, powers or offices in relation to the relevant body or fund.

**FORUM SELECTIO**N

129. **Forum Selection** 

(a) Unless the Company consents in writing to the selection of an alternative forum, the Courts of Jersey shall, to
the fullest extent permitted by law, be the sole and exclusive forum for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any derivative action or proceeding brought on behalf of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any action, including any action commenced by a member of the Company in its own name or on behalf of the
Company, asserting a claim of breach of any fiduciary or other duty owed by any director, officer or other employee of the Company (including but not limited to duties arising under the Companies Law); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any action arising out of or in connection with these articles (pursuant to any provision of the laws of Jersey
or these articles (as either may be may be amended from time to time)) or otherwise in any way relating to the constitution or conduct of the Company, other than any such action in any way relating to the conduct of the Company arising out of a
breach of any federal law of the United States of America or the laws of any State of the United States of America.

(b) Unless the Company consents in writing to the selection of an alternative forum, to the fullest extent
permitted by applicable law, the federal district courts of the United States of America shall be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the United States Securities Act of 1933, as
amended or any successor thereto including all causes of action asserted against any defendant named in such complaint. For the avoidance of doubt, this provision is intended to benefit and may be enforced by the Company, its officers and directors,
the underwriters for any offering giving rise to such complaint, and any other professional entity whose profession gives authority to a statement made by that person or entity and who has prepared or certified any part of the documents underlying
the offering.

(c) For the avoidance of doubt, nothing contained in this article 129 shall apply to any action brought to enforce

**CERTAIN ARRANGEMENTS IN RESPECT OF THE COMPANY'S LISTING IN THE UNITED STATES** 

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130. **Arrangements in respect of the CREST Shares** 

(a) Subject to article 130(b), immediately prior to or upon listing of the Class A Ordinary Shares on a
Relevant US Exchange the legal title to each Class A Ordinary Share that is issued in consideration for a Class A ordinary share in Wise plc that was held in the CREST System at the effective time of the Scheme of Arrangement
(" **CREST Shares**") shall be automatically transferred to Cede & Co. (or any other nominee of DTC from time to time), which will be recorded in the register as the holder of all such CREST Shares (as nominee for DTC), to be
held pursuant to the rules and regulations of DTC on behalf of such person as the Directors may nominate (the "**DI Custodian** "), which shall hold its interest in the CREST Shares on trustee as bare trustee under English law for the
participants in the CREST System ()"**CREST Participants**") credited with the relevant depositary interests on such date against the issue to such CREST Participants of depositary interests operated by the DI Depositary under the
arrangements described in the Circular and the relevant depositary interests will be issued subject to and governed by the terms of the DI Deed (as defined in the Circular).

(b) Nothing in article 130(a) shall apply to any Class A Ordinary Share which the Directors, acting in their
absolute discretion, determine to be a "Restricted Share" (being a Class A Ordinary Share which, by reason of the application of US federal securities laws, the rules and regulations of DTC or any other applicable law, is either
incapable of, or ineligible for, admission to DTC for any period of time).

(c) To give effect to the listing of the Class A Ordinary Shares on a Relevant US Exchange, each holder of
Class A Ordinary Shares is deemed to have consented and agreed to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company is irrevocably instructed and authorised to appoint any person (including the Company's
registrar, the secretary and any officer or employee of the Company) as attorney and/or agent for the holders of Class A Ordinary Shares (or any subsequent holder or any nominee of such holder or any subsequent holder) to take all such actions
and do all such other things and execute and deliver all such documents and electronic communications as may be required or as may, in the opinion of such attorney or agent, be necessary or desirable to give full effect to the provisions of this
article 130, including but not limited to executing and delivering as transferor any instrument of transfer, form of register removal or instructions of transfer whether in written or electronic form on behalf of the relevant holder (or any
subsequent holder or any nominee of such holder or any subsequent holder) in favour of any person (including any transfer of legal title to CREST Shares to Cede & Co. (as nominee for DTC) as contemplated in article 130(a)) and any such
attorney and/or agent shall be entitled to certify on behalf of the relevant holder that any such instrument of transfer, form of register removal or instructions of transfer will not result in a change in beneficial ownership of the underlying
Class A Ordinary Shares and that such transfer is not made in contemplation of a sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company's registrar and/or the secretary may complete the registration of the transfer of legal title
to any Class A Ordinary Share as described in this article 130 by registering the relevant Class A Ordinary Share in the name of the transferee in the register without having to furnish the former holder of the Class A Ordinary Share
with any evidence of transfer or receipt.

## Exhibit 4.1

**Exhibit 4.1** 

DATED 12 DECEMBER 2024

**(1) WISE PLC** 

**as Company** 

**(2) HSBC INNOVATION BANK LIMITED** 

**as Mandated Lead Arranger** 

**(3) THE FINANCIAL INSTITUTIONS LISTED IN PART 2 OF SCHEDULE 1** 

**as Original Lenders** 

**and** 

**(4) HSBC BANK PLC** 

**as Agent** 

**MULTICURRENCY REVOLVING** 

**FACILITY AGREEMENT** 

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**CONTENTS** 

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| | | |
|:---|:---|:---|
| 1. | Definitions and Interpretation | 1 |
| 2. | The Facility | 46 |
| 3. | Purpose | 56 |
| 4. | Conditions of Utilisation | 56 |
| 5. | Utilisation | 57 |
| 6. | Optional Currencies | 59 |
| 7. | Ancillary Facilities | 59 |
| 8. | Repayment | 65 |
| 9. | Prepayment and Cancellation | 66 |
| 10. | Rate Switch | 70 |
| 11. | Interest | 73 |
| 12. | Interest Periods | 75 |
| 13. | Changes to the Calculation of Interest | 76 |
| 14. | Fees | 79 |
| 15. | Tax Gross-Up and Indemnities | 79 |
| 16. | Increased Costs | 97 |
| 17. | Other Indemnities | 99 |
| 18. | Mitigation by the Lenders | 101 |
| 19. | Costs and Expenses | 102 |
| 20. | Guarantee and Indemnity | 103 |
| 21. | Representations | 109 |
| 22. | Information Undertakings | 118 |
| 23. | Financial Covenants | 123 |
| 24. | General Undertakings | 128 |
| 25. | Events of Default | 134 |
| 26. | Changes to the Lenders | 139 |
| 27. | Changes to the Obligors | 145 |
| 28. | Role of the Agent, the Arranger and Others | 148 |
| 29. | Conduct of Business by the Finance Parties | 158 |

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i

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| | | |
|:---|:---|:---|
| 30. | Sharing Among the Finance Parties | 159 |
| 31. | Payment Mechanics | 161 |
| 32. | Set-Off | 166 |
| 33. | Notices | 167 |
| 34. | Calculations and Certificates | 169 |
| 35. | Partial Invalidity | 169 |
| 36. | Remedies and Waivers | 170 |
| 37. | Amendments and Waivers | 170 |
| 38. | Confidential Information | 180 |
| 39. | Australian PPSA Provisions | 184 |
| 40. | Confidentiality of Funding Rates | 185 |
| 41. | Bail-In | 187 |
| 42. | Counterparts | 188 |
| 43. | Governing Law | 189 |
| 44. | Enforcement | 189 |
| Schedule 1 The Original Parties | Schedule 1 The Original Parties | 190 |
|  | Part 1 The Original Obligors | 190 |
|  | Part 2 The Original Lenders | 191 |
| Schedule 2 Conditions Precedent | Schedule 2 Conditions Precedent | 192 |
|  | Part 1 Conditions Precedent to Initial Utilisation | 192 |
|  | Part 2 Conditions Precedent required to be delivered by an Additional Obligor | 195 |
| Schedule 3 Utilisation Request | Schedule 3 Utilisation Request | 197 |
| Schedule 4 Form of Transfer Certificate | Schedule 4 Form of Transfer Certificate | 198 |
| Schedule 5 Form of Assignment Agreement | Schedule 5 Form of Assignment Agreement | 202 |
| Schedule 6 Form of Additional Lender Certificate | Schedule 6 Form of Additional Lender Certificate | 207 |
| Schedule 7 Form of Accordion Notice | Schedule 7 Form of Accordion Notice | 211 |
| Schedule 8 Form of Accordion Confirmation | Schedule 8 Form of Accordion Confirmation | 213 |
| Schedule 9 Form of Accession Letter | Schedule 9 Form of Accession Letter | 216 |
| Schedule 10 Form of Resignation Letter | Schedule 10 Form of Resignation Letter | 218 |
| Schedule 11 Form of Compliance Certificate | Schedule 11 Form of Compliance Certificate | 219 |

---

ii

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---

| | |
|:---|:---|
| Schedule 12 Timetables | 220 |
| Schedule 13 Agreed Guarantee Principles | 221 |
| Schedule 14 Form of Increase Confirmation | 223 |
| Schedule 15 Form of Substitute Affiliate Lender Designation Notice | 227 |
| Schedule 16 Reference Rate Terms | 229 |
| Part 1 US Dollars | 229 |
| Part 2 Sterling | 233 |
| Part 3 Euro | 237 |
| Part 4 Australian dollars | 240 |
| Schedule 17 Daily Non-Cumulative Compounded RFR Rate | 243 |
| Schedule 18 Cumulative Compounded RFR Rate | 245 |
| Schedule 19 Designated Accounts | 246 |

---

iii

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**THIS AGREEMENT** is made on 12 December 2024

**BETWEEN:** 

(1) **WISE PLC**, a company incorporated in England and Wales with company number 13211214 and whose registered
address is at 6<sup>TH</sup> Floor Tea Building, 56 Shoreditch High Street, London, United Kingdom, E1 6JJ (the "**Company** ");

(2) **THE SUBSIDIARIES** of the Company listed in Part 1 of Schedule 1 (*The Original Parties*) as original
borrowers (the "**Original Borrowers** ");

(3) **THE COMPANIES** listed in Part 1 of Schedule 1 (*The Original Parties*) as original guarantors
(together with the Company the "**Original Guarantors** ");

(4) **HSBC INNOVATION BANK LIMITED**, a company incorporated in England and Wales with company number 12546585
and whose registered address is at Alphabeta, 14-18 Finsbury Square, London, United Kingdom, EC2A 1BR as mandated lead arranger (the "**Arranger** ");

(5) **THE FINANCIAL INSTITUTIONS** listed in Part 2 of Schedule 1 (*The Original Parties*) as lenders (the
" **Original Lenders** "); and

(6) **HSBC BANK PLC**, a company incorporated in England and Wales with company number 00014259 and whose
registered address is at 8 Canada Square, London, E14 6HQ, as agent of the other Finance Parties (the **"Agent** ").

**IT IS AGREED:** 

**SECTION 1** 

**INTERPRETATION** 

**1.** **DEFINITIONS AND INTERPRETATION** 

**1.1** **Definitions** 

In this Agreement:

"**Acceptable Bank**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt
obligations of BBB- or higher by Standard & Poor's Rating Services or Fitch Ratings Ltd or Baa3 or higher by Moody's Investors Service Limited or a comparable rating from an
internationally recognised credit rating agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Finance Party and its Affiliates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other bank or financial institution approved by the Agent;

"**Accession Letter**" means a document substantially in the form set out in Schedule 9 (*Form of Accession Letter*);

"**Accordion Arrangement Fee**" has the meaning given to that term in clause 2.3 (*Accordion*);

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"**Accordion Confirmation**" means a confirmation substantially in the form set out in Schedule 8 (*Form of Accordion Confirmation*);

"**Accordion Increase Date**" means the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date specified by the Company in the Accordion Notice in accordance with clause 2.3(a)(iii); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which the conditions set out in clause 2.3(h) are satisfied;

"**Accordion Lender**" means, in respect of any New Commitments, each Accordion Participating Lender and/or each Additional Lender that agrees to participate in such New Commitments;

"**Accordion Notice**" means a notice substantially in the form set out in Schedule 7 (*Form of Accordion Notice*);

"**Accordion Participating Lender**" has the meaning given to that term in clause 2.3 (*Accordion*);

"**Accounting Principles**" means generally accepted accounting principles in the United Kingdom, including IFRS;

"**Accounting Reference Date**" means 31 March;

"**Additional Borrower**" means a company which becomes an Additional Borrower in accordance with clause 27 (*Changes to the Obligors*);

"**Additional Business Day**" means any day specified as such in the applicable Reference Rate Terms;

"**Additional Guarantor**" means a company which becomes an Additional Guarantor in accordance with clause 27 (*Changes to the Obligors*);

"**Additional Lender**" means, in respect of any New Commitments, an Eligible Institution that agrees to participate in such New Commitments which was not a Lender before the Accordion Increase Date in respect of such New Commitments;

"**Additional Lender Certificate**" means a document substantially in the form set out in Schedule 6 (*Form of Additional Lender Certificate*);

"**Additional Obligor**" means an Additional Borrower or an Additional Guarantor;

"**Adjusted Contingent Leverage**" has the meaning given to that term in clause 23.1 (*Financial definitions*);

"**Adjusted EBITDA**" has the meaning given to that term in clause 23.1 (*Financial definitions*);

"**Adjusted Leverage**" has the meaning given to that term in clause 23.1 (*Financial definitions*);

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"**Affiliate**" means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company. Notwithstanding the foregoing, in relation to any member of the NatWest Group, the term "Affiliate" shall not include (i) the UK government or any member or instrumentality thereof, including His Majesty's Treasury and UK Financial Investments Limited (or any directors, officers, employees or entities thereof) or (ii) any persons or entities controlled by or under common control with the UK government or any member or instrumentality thereof (including His Majesty's Treasury and UK Financial Investments Limited) and which are not part of NatWest Group plc and its subsidiaries or subsidiary undertakings;

"**Agent's Spot Rate of Exchange**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent's spot rate of exchange; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (if the Agent does not have an available spot rate of exchange) any other publicly available spot rate of
exchange selected by the Agent (acting reasonably), for the purchase of the relevant currency with the Base Currency in the London foreign exchange market at or about 11:00 a.m. on a particular day;

"**Agreed Guarantee Principles**" means the principles set out in Schedule 13 (*Agreed Guarantee Principles*);

"**Alternative Term Rate**" means any rate specified as such in the applicable Reference Rate Terms;

"**Alternative Term Rate Adjustment**" means any rate which is either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specified as such in the applicable Reference Rate Terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) determined by the Agent (or by any other Finance Party which agrees to determine that rate in place of the
Agent) in accordance with the methodology specified in the applicable Reference Rate Terms and if, in either case, that rate is less than zero, the Alternative Term Rate Adjustment shall be deemed to be zero;

"**Ancillary Commencement Date**" means, in relation to an Ancillary Facility, the date on which that Ancillary Facility is first made available, which date shall be a Business Day within the Availability Period;

"**Ancillary Commitment**" means, in relation to an Ancillary Lender and an Ancillary Facility, the maximum Base Currency Amount which that Ancillary Lender has agreed (whether or not subject to satisfaction of conditions precedent) to make available from time to time under an Ancillary Facility and which has been authorised as such under clause 7 (*Ancillary Facilities*), to the extent that amount is not cancelled or reduced under this Agreement or the Ancillary Documents relating to that Ancillary Facility;

"**Ancillary Document**" means each document relating to or evidencing the terms of an Ancillary Facility;

"**Ancillary Facility**" means any ancillary facility made available by an Ancillary Lender in accordance with clause 7 (*Ancillary Facilities*);

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"**Ancillary Lender**" means each Lender (or Affiliate of a Lender) which makes available an Ancillary Facility in accordance with clause 7 (*Ancillary Facilities*);

"**Ancillary Outstandings**" means, at any time, in relation to an Ancillary Lender and an Ancillary Facility then in force the aggregate of the equivalents (as calculated by that Ancillary Lender) in the Base Currency of the following amounts outstanding under that Ancillary Facility:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the principal amount under each overdraft facility and on-demand short
term loan facility (net of any Available Credit Balance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the face amount of each guarantee, bond and letter of credit under that Ancillary Facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the amount fairly representing the aggregate exposure (excluding interest and similar charges) of that
Ancillary Lender under each other type of accommodation provided under that Ancillary Facility, in each case as determined by such Ancillary Lender, acting reasonably in accordance with its normal banking practice and in accordance with the relevant
Ancillary Document;

"**Annual Financial Statements**" has the meaning given to that term in clause 22 (*Information Undertakings*);

"**Anti-Bribery and Corruption Laws**" means the UK Bribery Act 2010, the United States Foreign Corrupt Practices Act of 1977 and any other similar applicable legislation in any Relevant Jurisdiction;

"**Anti-Money Laundering Laws**" means, in respect of a person, any applicable anti-money laundering laws in any Relevant Jurisdiction, including, where applicable, the U.S. Currency and Foreign Transactions Reporting Act of 1970 (as amended), and any applicable rules and regulations issued in connection with such laws and administered or enforced by any applicable governmental or regulatory agency;

"**Assets Business**" means the Wise business of offering customers the opportunity to purchase units in investment funds or invest in a money market fund using their Wise account balance, operated as at the date of this Agreement by Wise Assets UK Ltd in the UK and Wise Assets Europe AS in the EU (and any other entity offering such product in any other market);

"**Assignment Agreement**" means an agreement substantially in the form set out in Schedule 5 (*Form of Assignment Agreement*) or any other form agreed between the relevant assignor and assignee;

"**Australian Obligor**" means any Obligor which is incorporated in Australia;

"**Australian PPSA**" means the Personal Property Securities Act 2009 (Cth) of Australia;

"**Australian Tax Consolidated Group**" means a Consolidated Group or an MEC Group as defined in the Income Tax Assessment Act 1997 (Cth) of Australia;

"**Authorisation**" means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration;

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"**Availability Period**" means the period from and including the date of this Agreement to and including the date falling one Month before the Termination Date;

"**Available Commitment**" means a Lender's Commitment minus (subject as set out below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Base Currency Amount of its participation in any outstanding Loans and the Base Currency Amount of the
aggregate of its (and its Affiliate's) Ancillary Commitments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any proposed Loan, the Base Currency Amount of its participation in any other Loans that are due
to be made on or before the proposed Utilisation Date and the Base Currency Amount of its (and its Affiliate's) Ancillary Commitment in relation to any new Ancillary Facility that is due to be made available on or before the proposed
Utilisation Date;

For the purposes of calculating a Lender's Available Commitment in relation to any proposed Loan, the following amounts shall not be deducted from that Lender's Commitment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that Lender's participation in any Loans that are due to be repaid or prepaid on or before the proposed
Utilisation Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that Lender's (and its Affiliate's) Ancillary Commitments to the extent that they are due to be
reduced or cancelled on or before the proposed Utilisation Date;

"**Available Credit Balance**" means, in relation to an Ancillary Facility, credit balances on any account of any Borrower of that Ancillary Facility with the Ancillary Lender making available that Ancillary Facility to the extent that those credit balances are freely available to be set off by that Ancillary Lender against liabilities owed to it by that Borrower under that Ancillary Facility;

"**Available Facility**" means the aggregate for the time being of each Lender's Available Commitment;

"**Bank Levy**" means any amount payable by a Finance Party attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the UK bank levy as set out in Part 5 of, and Schedule 19 to, the Finance Act 2011;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Belgian annual tax on financial institutions laid down in the Articles 201/10 to 201/19 of the Belgian Code
on Miscellaneous Taxes and Duties (*Wetboek diverse rechten en taksen*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other substantially similar bank levy or tax in any other jurisdiction assessed by reference to the assets
and liabilities of a financial institution, in each case, in the form existing at the date of this Agreement;

"**Base Currency**" means sterling; "**Base Currency Amount**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Loan, the amount specified in the Utilisation Request delivered by a Borrower (or by the
Company on behalf of a Borrower) for that Loan (or, if the amount requested is not denominated in the Base Currency, that amount converted into the Base Currency at the Agent's Spot Rate of Exchange on the date which is three

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Business Days before the Utilisation Date or, if later, on the date the Agent receives the Utilisation Request in accordance with the terms of this Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to an Ancillary Commitment, the amount specified as such in the notice delivered to the Agent by
the Company pursuant to clause 7.2 *(Availability*) (or, if the amount specified is not denominated in the Base Currency, that amount converted into the Base Currency at the Agent's Spot Rate of Exchange on the date which is three
Business Days before the Ancillary Commencement Date for that Ancillary Facility or, if later, the date the Agent receives the notice of the Ancillary Commitment in accordance with the terms of this Agreement),

as adjusted to reflect any repayment, prepayment, consolidation or division of a Loan, or (as the case may be) cancellation or reduction of an Ancillary Facility;

"**Baseline CAS**" means, in relation to a Compounded Rate Loan in a Compounded Rate Currency, any rate which is either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specified as such in the applicable Reference Rate Terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) determined by the Agent (or by any other Finance Party which agrees to determine that rate in place of the
Agent) in accordance with the methodology specified in the applicable Reference Rate Terms;

"**Belgian Obligor**" means any Obligor incorporated under the laws of Belgium or, if different, having its tax residency in Belgium;

"**Borrower**" means an Original Borrower or an Additional Borrower unless it has ceased to be a Borrower in accordance with clause 27 (*Changes to the Obligors*);

"**Break Costs**" means any amount specified as such in the applicable Reference Rate Terms;

"**Business Day**" means a day (other than a Saturday or Sunday) on which banks are open for general business in Brussels, London, Melbourne, New York, San Francisco and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (in relation to any date for payment or purchase of a currency other than euro) the principal financial centre
of the country of that currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (in relation to any date for payment or purchase of euro) any TARGET Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the fixing of an interest rate in relation to a Term Rate Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any date for payment or purchase of an amount relating to a Compounded Rate Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the determination of the first day or the last day of an Interest Period for a Compounded Rate Loan, or
otherwise in relation to the determination of the length of such an Interest Period),

an Additional Business Day relating to that Loan or Unpaid Sum;

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"**Cash Equivalent Investments**" means at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) certificates of deposit maturing within one year after the relevant date of calculation and issued by an
Acceptable Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any investment in marketable debt obligations issued or guaranteed by the government of the United States of
America, the United Kingdom, Singapore, Australia, Canada, Switzerland, any member state of the European Economic Area or any Participating Member State or by an instrumentality or agency of any of them having an equivalent credit rating, maturing
within one year after the relevant date of calculation and not convertible or exchangeable to any other security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) commercial paper not convertible or exchangeable to any other security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for which a recognised trading market exists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) issued by an issuer incorporated in the United States of America, the United Kingdom, Singapore, Australia,
Canada, Switzerland, any member state of the European Economic Area or any Participating Member State;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) which matures within one year after the relevant date of calculation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) which has a credit rating of either A-1 or higher by
Standard & Poor's Rating Services or F1 or higher by Fitch Ratings Ltd or P-1 or higher by Moody's Investors Service Limited, or, if no rating is available in respect of the commercial
paper, the issuer of which has, in respect of its long-term unsecured and non-credit enhanced debt obligations, an equivalent rating;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sterling bills of exchange eligible for rediscount at the Bank of England and accepted by an Acceptable Bank
(or their dematerialised equivalent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any investment in money market funds which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have a credit rating of either A-1 or higher by Standard &
Poor's Rating Services or F1 or higher by Fitch Ratings Ltd or P-1 or higher by Moody's Investors Service Limited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) invest substantially all their assets in securities of the types described in paragraphs (a) to (d),

to the extent that investment can be turned into cash on not more than 30 days' notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any other debt security approved by the Majority Lenders,

in each case, to which any member of the Group is alone (or together with other members of the Group) beneficially entitled at that time and which is not issued or guaranteed by any member of the Group or subject to any Security (other than any Permitted Security);

"**Central Bank Rate**" has the meaning given to that term in the applicable Reference Rate Terms;

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"**Central Bank Rate Adjustment**" has the meaning given to that term in the applicable Reference Rate Terms;

"**Change of Control**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any person or group of persons acting in concert (either together or individually), gains direct or indirect
control of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Wise Payments Limited is not or ceases to be a wholly owned Subsidiary of Wise Financial Holdings Ltd; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Wise Financial Holdings Ltd ceases to be a wholly owned Subsidiary of the Company.

For the purposes of this definition:

"**control**" of the Company means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) cast, or control the casting of, more than 50 per cent of the maximum number of votes that might be cast
at a general meeting of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) appoint or remove all, or the majority, of the directors or other equivalent officers of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the holding beneficially of more than 50 per cent of the issued share capital of the Company (excluding
any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital);

"**acting in concert**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to paragraph (ii) below, a group of persons who, pursuant to an agreement or understanding
(whether formal or informal), actively co-operate, through the acquisition directly or indirectly of shares in the Company by any of them, either directly or indirectly, to obtain or consolidate control of the
Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Original Investors will not be considered to be "acting in concert" for the purposes of
paragraphs (i)(A) and (ii) of the definition of **"control**" in connection with their holdings of Class B Shares provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Original Investors together (i) do not hold beneficially more than 60 per cent of the issued
share capital of the Company (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital), or (ii) do not have the power to cast, or control the
casting of, more than 60 per cent of the maximum number of votes that might be cast

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at a general meeting of the Company, including by virtue of their Class B Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Original Investors take no formal steps such that any shares of the Company would no longer be listed on
the Official List or admitted to trading on the London Stock Exchange or any recognised investment exchange (as that term is used in the Financial Services and Markets Act 2000) or any exchange or market replacing the same or any other exchange or
market in any country and for the avoidance of doubt there is no announcement that the shares will no longer be listed on the Official List or admitted to trading on the London Stock Exchange or any recognised investment exchange (as that term is
used in the Financial Services and Markets Act 2000) or any exchange or market replacing the same or any other exchange or market in any country;

"**Class B Shares**" means the class B ordinary shares in the capital of the Company with a nominal value of £0.000000001;

"**Code**" means the US Internal Revenue Code of 1986; "**Commitment**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to an Original Lender, the amount in the Base Currency set opposite its name under the heading
"Commitment" in Part 2 of Schedule 1 (*The Original Parties*) and the amount of any other Commitment transferred to it under this Agreement or assumed by it in accordance with clause 2.2 (*Increase*) or clause 2.3
(*Accordion*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any other Lender, the amount in the Base Currency of any Commitment transferred to it under this
Agreement or assumed by it in accordance with clause 2.2 (*Increase*) or clause 2.3 (*Accordion*),

to the extent not cancelled, reduced or transferred by it under this Agreement;

"**Compliance Certificate**" means a certificate substantially in the form set out in Schedule 11 (*Form of Compliance Certificate*);

"**Compounded Rate Currency**" means any currency which is not a Term Rate Currency;

"**Compounded Rate Interest Payment**" means the aggregate amount of interest that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is, or is scheduled to become, payable under any Finance Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) relates to a Compounded Rate Loan;

"**Compounded Rate Loan**" means any Loan or, if applicable, Unpaid Sum which is not a Term Rate Loan;

"**Compounded Reference Rate**" means, in relation to any RFR Banking Day during the Interest Period of a Compounded Rate Loan, the percentage rate per annum which is the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Daily Non-Cumulative Compounded RFR Rate for that RFR Banking Day;
and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the applicable Baseline CAS,

and if, in either case, that rate is less than zero, the Compounded Reference Rate shall be deemed to be zero;

"**Compounding Methodology Supplement**" means, in relation to the Daily Non-Cumulative Compounded RFR Rate or the Cumulative Compounded RFR Rate, a document which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is agreed in writing by the Company, the Agent (in its own capacity) and the Agent (acting on the instructions
of all Lenders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) specifies a calculation methodology for that rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has been made available to the Company and each Finance Party;

"**Confidential Information**" means all information relating to the Company, any Obligor, the Group, the Finance Documents or the Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or the Facility from either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any member of the Group or any of its advisers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any
member of the Group or any of its advisers,

in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is or becomes public information other than as a direct or indirect result of any breach by that Finance Party
of clause 38 (*Confidential Information*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) is identified in writing at the time of delivery as non-confidential by
any member of the Group or any of its advisers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs
(a) or (b) or is lawfully obtained by that Finance Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been
obtained in breach of, and is not otherwise subject to, any obligation of confidentiality; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Funding Rate;

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"**Confidentiality Undertaking**" means a confidentiality undertaking substantially in a recommended form of the LMA or in any other form agreed between the Company and the Agent;

"**Corporations Act**" means the *Corporations Act 2001* (Cth) of Australia;

"**CTA**" means the Corporation Tax Act 2009;

"**Cumulative Compounded RFR Rate**" means, in relation to an Interest Period for a Compounded Rate Loan, the percentage rate per annum determined by the Agent (or by any other Finance Party which agrees to determine that rate in place of the Agent) in accordance with the methodology set out in Schedule 18 (*Cumulative Compounded RFR Rate*) or in any relevant Compounding Methodology Supplement;

"**Customer**" means an end user of the services of the Group who has entered into a Customer Transaction;

"**Customer Funds**" means monies held for the benefit of a Customer with a member of the Group for the purposes of completing a Customer Transaction;

"**Customer Transaction**" means an issue of e-money or stored value service, as defined under applicable legislation by a member of the Group, or provision of a payment service, including money remittance, as defined in applicable legislation by a member of the Group or provision of any other similar products;

"**Daily Non-Cumulative Compounded RFR Rate**" means, in relation to any RFR Banking Day during an Interest Period for a Compounded Rate Loan, the percentage rate per annum determined by the Agent (or by any other Finance Party which agrees to determine that rate in place of the Agent) in accordance with the methodology set out in Schedule 17 (*Daily Non-Cumulative Compounded RFR Rate*) or in any relevant Compounding Methodology Supplement;

"**Daily Rate**" means the rate specified as such in the applicable Reference Rate Terms;

"**Declared Default**" means any Event of Default in respect of which the Agent has served a notice or exercised any of its rights under clause 25.15 (*Acceleration*);

"**Default**" means an Event of Default or any event or circumstance specified in clause 25 (*Events of Default*) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default;

"**Defaulting Lender**" means any Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) which has failed to make its participation in a Loan available (or has notified the Agent or the Company (which
has notified the Agent) that it will not make its participation in a Loan available) by the Utilisation Date of that Loan in accordance with clause 5.4 (*Lenders' participation*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) which has otherwise rescinded or repudiated a Finance Document; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to which an Insolvency Event has occurred and is continuing, unless, in the case of paragraph (a):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its failure to pay is caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) administrative or technical error; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a Disruption Event; and

payment is made within five Business Days of its due date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Lender is disputing in good faith whether it is contractually obliged to make the payment in question;

"**Designated Account**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each account listed in Schedule 19 (*Designated Accounts*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such other account as may be notified in writing by Wise Payments Limited to the Agent from time to time
together with confirmation that a safeguarding bank/custodian acknowledgment letter has been issued to the new safeguarding bank and has been acknowledged and agreed by that bank,

in each case, such account being designated so as to show that it is held for the purpose of safeguarding Customer Funds.

"**Designated Gross Amount**" means the amount notified by the Company to the Agent upon the establishment of a Multi-account Overdraft as being the maximum amount of Gross Outstandings that will, at any time, be outstanding under that Multi-account Overdraft;

"**Designated Net Amount**" means the amount notified by the Company to the Agent upon the establishment of a Multi-account Overdraft as being the maximum amount of Net Outstandings that will, at any time, be outstanding under that Multi-account Overdraft;

"**Disclosed**" means any event or circumstance (i) that has been disclosed by a member of the Group to the Agent on or prior to the date of this Agreement or (ii) that has been disclosed to the Agent in accordance with clause 22.5(e) (*Information: Miscellaneous*) or clause 22.5(f) (*Information: Miscellaneous*);

"**Disruption Event**" means either or both of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a material disruption to those payment or communications systems or to those financial markets which are, in
each case, required to operate in order for payments to be made in connection with the Facility (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the
control of, any of the Parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to
the treasury or payments operations of a Party preventing that, or any other Party:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) from performing its payment obligations under the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) from communicating with other Parties in accordance with the terms of the Finance Documents,

and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted;

"**Eligible Institution**" means any Lender or other bank, financial institution, trust, fund or other entity selected by the Company and which, in each case, is not a member of the Group;

"**ERISA**" means the US Employee Retirement Income Security Act of 1974;

"**ERISA Affiliate**" means any trade or business (whether or not incorporated) under common control with any Obligor within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code);

"**ERISA Event**" means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of any Obligor or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a "substantial employer" as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by any Obligor or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, or the treatment of a Pension Plan amendment as a termination under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate a Pension Plan; (f) any event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (g) the determination that any Pension Plan is considered an at-risk plan or a plan in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA; or (h) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Obligor or any ERISA Affiliate, in each case other than where the same arises as a result of a Permitted Disposal;

"**Event of Default**" means any event or circumstance specified as such in clause 25 (*Events of Default*);

"**Excluded Assets**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer Funds (including any account holding Customer Funds only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Partner Collateral Funds (including any account holding Partner Collateral Funds only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any cash paid into a bank or collateral account of the Group in connection with any card scheme for the benefit
of the relevant card scheme provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any share capital or other equity interests or equity contributions issued, made or maintained for regulatory
purposes; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any other assets which are held in a safeguarded account and which are designated to be segregated for
regulatory purposes, or which are otherwise segregated for regulatory purposes, in each case as notified by the Company to the Agent,

where, in each case, the relevant asset is not permitted to be subject to Security pursuant to any applicable law or regulation or, where the granting of Security over the relevant asset would result in unfavourable regulatory or capital treatment, or: (A) in the case of Partner Collateral Funds, pursuant to any agreement entered into in the ordinary course of business with the relevant partner in respect of such Partner Collateral Funds; or (B) in the case of any cash paid into a bank or collateral account of the Group in connection with any card scheme, pursuant to an agreement entered into in the ordinary course of business with the relevant card scheme provider, provided that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any share capital or other equity interests or equity contributions previously issued, made or maintained for
regulatory purposes, which are no longer required to be maintained for such purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any other assets which were previously held in a safeguarded account and which were designated to be segregated
for regulatory purposes, or which were otherwise segregated for regulatory purposes, in each case as notified by the Company to the Agent, which are no longer required to be held as such;

shall no longer (in either case) constitute "**Excluded Assets**" for the purpose of any Finance Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company shall (and shall procure that each member of the Group will) use reasonable endeavours to avoid the
Company directly owning or holding any assets that are Excluded Assets, including, where permitted in accordance with applicable regulation, by interposing a Holding Company in respect of any Subsidiary of the Company which holds Excluded Assets, or
where the share capital or other equity interests or equity contributions in respect of such Subsidiary are Excluded Assets, if the effect would be that the shares owned or held by the Company in that Holding Company would not constitute Excluded
Assets, provided that no such steps or actions will be required if the consequences of any such steps or actions would be prejudicial to the interests of the Group;

"**Facility**" means the revolving loan facility made available under this Agreement as described in clause 2.1 (*The Facility*);

"**Facility Office**" means the office or offices notified by a Lender to the Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than five Business Days' written notice) as the office or offices through which it will perform its obligations under this Agreement;

"**Fallback Interest Period**" means, in relation to a Term Rate Loan, the period specified as such in the applicable Reference Rate Terms;

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"**FATCA**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sections 1471 to 1474 of the Code or any associated regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between
the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs
(a) or (b) with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction;

"**FATCA Application Date**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a "withholdable payment" described in section 1473(1)(A)(i) of the Code (which
relates to payments of interest and certain other payments from sources within the US), 1 July 2014; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling within
paragraph (a), the first date from which such payment may become subject to a deduction or withholding required by FATCA;

"**FATCA Deduction**" means a deduction or withholding from a payment under a Finance Document required by FATCA;

"**FATCA Exempt Party**" means a Party that is entitled to receive payments free from any FATCA Deduction;

"**FCA**" means the Financial Conduct Authority acting in accordance with Part 6 of the Financial Services and Markets Act 2000;

"**Fee Letter**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any letter or letters dated on or about the date of this Agreement between the Arranger and Wise Payments
Limited (or the Agent and Wise Payments Limited) setting out any of the fees referred to in clause 14 (*Fees*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any agreement setting out fees payable to a Finance Party referred to in clause 2.2(g) or clause 14.4
(*Interest, commission and fees on Ancillary Facilities*) or under any other Finance Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any letter or letters setting out any Accordion Arrangement Fee;

"**Finance Document**" means this Agreement, any Accession Letter, any Accordion Confirmation, any Accordion Notice, any Ancillary Document, any Compliance Certificate, any Extension Request, any Fee Letter, any Resignation Letter, any Reference Rate Supplement, any Compounding Methodology Supplement, any Utilisation Request, and any other document designated as such by the Agent and the Company;

"**Finance Lease**" has the meaning given to that term in clause 23.1 (*Financial definitions*);

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"**Finance Party**" means the Agent, the Arranger, a Lender or any Ancillary Lender;

"**Financial Half Year**" has the meaning given to that term in clause 23.1 (*Financial definitions*);

"**Financial Indebtedness**" means any indebtedness for or in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) moneys borrowed and debit balances at banks or other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any amount raised by acceptance under any acceptance credit or bill discount facility (or dematerialised
equivalent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock
or any similar instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amount of any liability in respect of any Finance Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis and meet any requirements for de-recognition under the Accounting Principles);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any Treasury Transaction (and, when calculating the value of that Treasury Transaction, only the marked to
market value (or, if any actual amount is due as a result of the termination or close-out of that Treasury Transaction, that amount) shall be taken into account);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of
credit or any other instrument issued by a bank or financial institution in respect of (i) an underlying liability of an entity which is not a member of the Group which liability would fall within one of the other paragraphs of this definition
or (ii) any liabilities of any member of the Group relating to any post-retirement benefit scheme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any amount raised by the issue of shares which are redeemable (other than at the option of the issuer) before
the Termination Date or are otherwise classified as borrowings under the Accounting Principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any amount of any liability under an advance or deferred purchase agreement if (A) one of the primary
reasons behind the entry into the agreement is to raise finance or to finance the acquisition or construction of the asset or service in question or (B) the agreement is in respect of the supply of assets or services and payment is due more
than 90 days after the date of supply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any amount raised under any other transaction (including any forward sale or purchase agreement, sale and sale
back or sale and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as borrowings under the Accounting Principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in
paragraphs (a) to (j) above;

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"**Funding Rate**" means any individual rate notified by a Lender to the Agent pursuant to paragraph (a)(ii) of clause 13.4 (*Cost of funds*);

"**Gross Outstandings**" means, in relation to a Multi-account Overdraft, the Ancillary Outstandings of that Multi-account Overdraft but calculated on the basis that the words "(net of any Available Credit Balance)" in paragraph (a) of the definition of "**Ancillary Outstandings**" were deleted;

"**Group**" means the Company and its Subsidiaries for the time being;

"**Group Structure Chart**" means the group structure chart in the agreed form;

"**Guarantor**" means an Original Guarantor or an Additional Guarantor, unless it has ceased to be a Guarantor in accordance with clause 27 (*Changes to the Obligors*);

"**Guarantor Coverage Test**" means determination that the aggregate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of earnings before interest, tax, depreciation and amortisation (calculated on the same basis as EBITDA) of the
Guarantors (calculated on an unconsolidated basis and excluding all intra-Group items) shall be equal to or exceed 80 per cent. of EBITDA of the Group (provided that any member of the Group having negative earnings before interest, tax,
depreciation and amortisation shall be deemed to have zero earnings before interest, tax, depreciation and amortisation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) net assets of the Guarantors (calculated on an unconsolidated basis and excluding all intra-Group items,
Excluded Assets and investments in Subsidiaries of any member of the Group) shall be equal to or exceed 80 per cent of the consolidated net assets of the Group (excluding Excluded Assets); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) turnover of the Guarantors (calculated on an unconsolidated basis and excluding all intra-Group items) shall be
equal to or exceed 80 per cent of the consolidated turnover of the Group;

"**Historic Primary Term Rate**" means, in relation to any Term Rate Loan, the most recent applicable Primary Term Rate for a period equal in length to the Interest Period of that Loan and which is as of a day which is no more than five Business Days before the Quotation Day;

"**Holding Company**" means, in relation to a person, any other person in respect of which it is a Subsidiary;

"**IFRS**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of each Obligor incorporated in a European Union member state, international accounting standards
within the meaning of IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in all other cases, UK-adopted international accounting standards
within the meaning of section 474(1) of the Companies Act 2006 to the extent applicable to the relevant financial statements;

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"**Impaired Agent**" means the Agent at any time when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has failed to make (or has notified a Party that it will not make) a payment required to be made by it under
the Finance Documents by the due date for payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent otherwise rescinds or repudiates a Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (if the Agent is also a Lender) it is a Defaulting Lender under paragraph (a) or (b) of the definition of
" **Defaulting Lender** "; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an Insolvency Event has occurred and is continuing with respect to the Agent, unless, in the case of paragraph
(a):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its failure to pay is caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) administrative or technical error; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a Disruption Event; and

payment is made within five Business Days of its due date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Agent is disputing in good faith whether it is contractually obliged to make the payment in question

"**Increase Confirmation**" means a confirmation substantially in the form set out in Schedule 14 (*Form of Increase Confirmation*);

"**Increase Lender**" has the meaning given to that term in clause 2.2 (*Increase*);

"**Insolvency Event**" in relation to an entity means that the entity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is dissolved (other than pursuant to a consolidation, amalgamation or merger);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability to pay its debts as
they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) makes a general assignment, arrangement or composition with or for the benefit of its creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) institutes or has instituted against it, by a regulator, supervisor or any similar official with primary
insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief
under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar
official;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under
any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition
instituted or presented against it, such

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proceeding or petition is instituted or presented by a person or entity not described in paragraph (d) and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order
for its winding-up or liquidation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or
presentation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) has exercised in respect of it one or more of the stabilisation powers pursuant to Part 1 of the Banking Act
2009 and/or has instituted against it a bank insolvency proceeding pursuant to Part 2 of the Banking Act 2009 or a bank administration proceeding pursuant to Part 3 of the Banking Act 2009;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) has a resolution passed for its winding-up, official management or
liquidation (other than pursuant to a consolidation, amalgamation or merger);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver,
trustee, custodian or other similar official for it or for all or substantially all its assets (other than, for so long as it is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is made, by a
person or entity described in paragraph (d));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has a secured party take possession of all or substantially all its assets or has a distress, execution,
attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each
case within 30 days thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has
an analogous effect to any of the events specified in paragraphs (a) to (i); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the
foregoing acts;

"**Intellectual Property**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any patents, trade marks, service marks, designs, business names, copyrights, database rights, design rights,
domain names, moral rights, inventions, confidential information, knowhow and other intellectual property rights and interests (which may now or in the future subsist), whether registered or unregistered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the benefit of all applications and rights to use such assets of each member of the Group (which may now or in
the future subsist);

"**Interest Period**" means, in relation to a Loan, each period determined in accordance with clause 12 (*Interest Periods*) and, in relation to an Unpaid Sum, each period determined in accordance with clause 11.4 (*Default interest*);

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"**Interpolated Alternative Term Rate**" means, in relation to any Term Rate Loan, the rate (rounded to the same number of decimal places as the two relevant Alternative Term Rates) which results from interpolating on a linear basis between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the applicable Alternative Term Rate for the longest period (for which that Alternative Term Rate is available)
which is less than the Interest Period of that Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the applicable Alternative Term Rate for the shortest period (for which that Alternative Term Rate is
available) which exceeds the Interest Period of that Loan,

each as of the Quotation Time;

"**Interpolated Historic Primary Term Rate**" means, in relation to any Term Rate Loan, the rate (rounded to the same number of decimal places as the two relevant Primary Term Rates) which results from interpolating on a linear basis between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the most recent applicable Primary Term Rate for the longest period (for which that Primary Term Rate is
available) which is less than the Interest Period of that Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the most recent applicable Primary Term Rate for the shortest period (for which that Primary Term Rate is
available) which exceeds the Interest Period of that Loan,

each for the currency of that Loan and each of which is as of a day which is no more than five Business Days before the Quotation Day;

"**Interpolated Primary Term Rate**" means, in relation to any Term Rate Loan, the rate (rounded to the same number of decimal places as the two relevant Primary Term Rates) which results from interpolating on a linear basis between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the applicable Primary Term Rate for the longest period (for which that Primary Term Rate is available) which
is less than the Interest Period of that Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the applicable Primary Term Rate for the shortest period (for which that Primary Term Rate is available) which
exceeds the Interest Period of that Loan,

each as of the Quotation Time;

"**Ipso Facto Event**" has the meaning given to it in Clause 20.1 (*Guarantee and indemnity*);

"**ITA**" means the Income Tax Act 2007;

"**Joint Venture**" means any joint venture entity, whether a company, unincorporated firm, undertaking, association, joint venture or partnership or any other entity which, in each case, is not a member of the Group;

"**Legal Opinion**" means any legal opinion delivered to the Agent under clause 4.1 (*Initial conditions precedent*) or clause 27 (*Changes to the Obligors*) or otherwise issued under or in connection with the Finance Documents;

"**Legal Reservations**" means:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation
of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the time barring of claims under the Limitation Acts, the possibility that an undertaking to assume liability
for or indemnify a person against non-payment of UK stamp duty may be void and defences of set-off or counterclaim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) similar principles, rights and defences under the laws of any applicable jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other matters which are set out as qualifications or reservations as to matters of law of general
application in the Legal Opinions;

"**Lender**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Original Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any bank, financial institution, trust, fund or other entity which has become a Party as a
" **Lender**" in accordance with clause 2.2 (*Increase*), 2.3 (*Accordion*) or clause 26 (*Changes to the Lenders*),

which in each case has not ceased to be a Party as such in accordance with the terms of this Agreement;

"**Limitation Acts**" means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984;

"**LMA**" means the Loan Market Association;

"**Loan**" means a loan made or to be made under the Facility or the principal amount outstanding for the time being of that loan;

"**Lookback Period**" means the number of days specified as such in the applicable Reference Rate Terms;

"**Majority Lenders**" means a Lender or Lenders whose Commitments aggregate more than 662/3 per cent. of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 662/3 per cent. of the Total Commitments immediately prior to the reduction);

"**Margin**" means, in relation to any Loan or Unpaid Sum, 1.75 per cent per annum, but if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Event of Default is continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Adjusted Leverage in respect of the most recently completed Relevant Period is within a range set out below,

then the Margin for each Loan will be the percentage per annum set out below in the column for that Facility opposite that range:

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---

| | |
|:---|:---|
| **Adjusted Leverage** | **Facility Margin % p.a.** |
|  Greater than or equal to 2:1 | 2.25 |
|  Less than 2:1 | 1.75 |

---

However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any increase or decrease in the Margin for a Loan shall take effect on the date (the "**reset date**") which is five Business Days after receipt by the Agent of the Compliance Certificate for that Relevant Period pursuant to clause 22.2 (*Compliance Certificate*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if, following receipt by the Agent of the Compliance Certificate related to the relevant Annual Financial
Statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) that Compliance Certificate does not confirm the basis for a reduced Margin, then clause 11.3(b)(i) shall apply
and the Margin shall be the percentage per annum determined using the table above and the revised ratio of Adjusted Leverage calculated using the figures in that Compliance Certificate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) that Compliance Certificate shows that a lower Margin should have applied during that period such that the
amount of Margin has been overpaid, clause 11.3(b)(ii) shall apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) while an Event of Default is continuing, the Margin for each Loan shall be the highest percentage per annum set
out above for a Loan under the Facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) for the purpose of determining the Margin, Adjusted Leverage and Relevant Period shall be determined in
accordance with clause 23.1 (*Financial definitions*);

"**Market Disruption Rate**" means the rate (if any) specified as such in the applicable Reference Rate Terms.

"**Material Adverse Effect**" means a material adverse effect on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business, property (including cash, receivables, real property, Intellectual Property and any other
property of any type or nature) or financial condition of the Group taken as a whole; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the ability of the Obligors to perform their payment obligations under the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to the Legal Reservations, the validity or enforceability of the Finance Documents or the rights or
remedies of any Finance Party under any Finance Document which (if capable of remedy) is not remedied within 20 Business Days of (i) the Company becoming aware of such event or circumstance or (ii) the Agent giving notice to the Company
requesting that the relevant matter be remedied;

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"**Material AML Event**" means following the conclusion of any Notifiable AML Investigation, the relevant governmental or regulatory agency, authority or body submits formal written notice to a member of the Group that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has made a final determination that there has been a failure by any member of the Group to comply with the
Anti-Money Laundering Laws and such failure could reasonably be expected to have a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it intends to levy or impose a fine or other penalty on any member of the Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it intends to issue any notice or publication in respect of a member of the Group which includes any statement
of censure or finding of any breach of the Anti-Money Laundering Laws by such member of the Group;

"**Material Sanctions Event**" means following the conclusion of any Notifiable Sanctions Investigation, the relevant Sanctions Authority submits formal written notice to a member of the Group that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has made a final determination that there has been a failure by any member of the Group to comply with
applicable Sanctions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Sanctions Authority intends to levy or impose a fine or other penalty on any member of the Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such Sanctions Authority intends to issue any notice or publication in respect of a member of the Group which
includes any statement of censure or finding of any breach of applicable Sanctions by such member of the Group;

"**Month**" means, in relation to an Interest Period for a Loan (or any other period for the accrual of commission or fees in a currency), a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, subject to any adjustment in accordance with the rules specified as Business Day Conventions in the applicable Reference Rate Terms;

"**Multi-account Overdraft**" means an Ancillary Facility which is an overdraft facility comprising more than one account;

"**Multiemployer Plan**" means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which any Obligor or any ERISA Affiliate makes or is obliged to make contributions or, during the preceding five plan years, has made or been obligated to make contributions;

"**Multiple Employer Plan**" means a Plan which has two or more contributing sponsors (including any Obligor or any ERISA Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA;

"**Net Outstandings**" means, in relation to a Multi-account Overdraft, the Ancillary Outstandings of that Multi-account Overdraft;

"**New Commitments**" has the meaning given to that term in clause 2.3 (*Accordion*);

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"**New Lender**" has the meaning given to that term in clause 26 (*Changes to the Lenders*);

"**Non-Cooperative Jurisdiction**" means a tax haven country, a low-tax jurisdiction or a non-cooperative jurisdiction, within the meaning of Article 307, § 1/2 of the Belgian Income Tax Code 1992 or any successor provision;

"**Non-Obligor**" means a member of the Group that is not an Obligor;

"**Notifiable AML Investigation**" means any formal investigation or review commenced by or on behalf of any governmental or regulatory agency, authority or body concerning the potential failure by any member of the Group to comply with the Anti-Money Laundering Laws which in the Company's opinion gives rise to a Material AML Event;

"**Notifiable Sanctions Investigation**" means any investigation, audit or review commenced by or on behalf of a Sanctions Authority concerning the potential failure by any member of the Group to comply with applicable Sanctions (including under applicable criminal law);

"**Obligor**" means a Borrower or a Guarantor;

"**Obligor Leakage**" means, at any time, the aggregate amount of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the net book value (determined as at the date of disposal of the relevant asset) of all assets disposed of by
Obligors to Non-Obligors pursuant to paragraph (b)(ii)(B) of the definition of "**Permitted Disposal**" after the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount of any net balance arising after the date of this Agreement in favour of a Non-Obligor under paragraph (d) of the definition of "**Permitted Security** "; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the cash paid by Obligors for shares issued to them by any members of the Group that are Non-Obligors after the date of this Agreement,

provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if any Non-Obligor subsequently becomes an Additional Obligor, any
items which would, prior to such accession, have fallen within paragraphs (a) to (c) above in respect of or in connection with that Non-Obligor shall be ignored for the purposes of this definition
provided that, in the case of paragraph (a) and (b) above the relevant asset or cash is still in the possession of the Non-Obligor as at the date it becomes an Additional Obligor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if any relevant Obligor subsequently resigns as an Obligor, any items which would not, prior to such
resignation, have fallen within paragraphs (a) to (c) above in respect of or in connection with that member of the Group as an Obligor shall be included for the purposes of this definition.

For the avoidance of doubt, no amount in respect of (x) any disposal of an asset by an Obligor to a Non-Obligor occurring prior to the date of this Agreement, (y) any net balance in favour of a Non-Obligor that arises prior to, and is outstanding as at, the date of this Agreement or (z) the payment by Obligors for shares issued by Non-Obligors prior to the date of this Agreement, be treated as or count towards Obligor Leakage;

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"**Obligor Leakage Basket**" means £50,000,000 (or its equivalent in any other currency or currencies);

"**Obligors' Agent**" means the Company, appointed to act on behalf of each Obligor in relation to the Finance Documents pursuant to clause 2.6 (*Obligors' Agent*);

"**Optional Currency**" means a currency (other than the Base Currency) which complies with the conditions set out in clause 4.3 (*Conditions relating to Optional Currencies*);

"**Ordinary Course Sanctions Activity**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any internal investigation, audit, lookback, remediation or similar process undertaken by a member of the Group
or its advisers in connection with applicable Sanctions, in each case in connection with or relating to the Group's compliance policies and procedures from time to time, to the extent that such investigation, audit, lookback, remediation or
similar process does not result in the occurrence of a Sanctions Notification; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any discussion, investigation, audit or other similar process with any applicable Sanctions Authority,
including as part of the Group's ordinary course engagement with applicable regulators, for as long as such discussion, investigation or similar process is not and does not become a Notifiable Sanctions Investigation;

"**Original Financial Statements**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to the Company, the audited consolidated financial statements of the Group for the financial year
ended 31 March 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to each Original Obligor other than the Company, its audited financial statements for its financial
year ended 31 March 2024;

"**Original Investors**" means Kristo Kaarmaan and/or Taavet Hinrikus;

"**Original Jurisdiction**" means, in relation to an Obligor, the jurisdiction under whose laws that Obligor is incorporated as at the date of this Agreement or, in the case of an Additional Obligor, as at the date on which that Additional Obligor becomes Party as a Borrower or a Guarantor (as the case may be);

"**Original Obligor**" means an Original Borrower or an Original Guarantor;

"**Participating Member State**" means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union;

"**Partner Collateral Funds**" means any cash collateral provided to a member of the Group by a contractual counterparty in connection with arrangements pursuant to which a member of the Group provides transfer services to the customers of such counterparty;

"**Party**" means a party to this Agreement;

"**PBGC**" means the US Pension Benefit Guaranty Corporation;

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"**Pension Plan**" means any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer Plan) that is maintained or is contributed to by any Obligor and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code;

"**Permitted Acquisition**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any acquisition by a member of the Group pursuant to a Permitted Disposal by another member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an acquisition of shares or securities in a member of the Group which is a Subsidiary by its immediate Holding
Company provided that the aggregate amount subscribed by Obligors for shares in a Non-Obligor after the date of this Agreement does not (when aggregated with all other items of Obligor Leakage) cause Obligor
Leakage to exceed the Obligor Leakage Basket at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an acquisition of securities which are Cash Equivalent Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the acquisition of shares or other equity interests in respect of a Permitted Joint Venture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the incorporation of a company which on incorporation becomes a member of the Group, but only if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that company is incorporated in a Permitted Jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount subscribed by Obligors for shares in a Non-Obligor after the date of this Agreement does not (when aggregated with all other items of Obligor Leakage) cause Obligor Leakage to exceed the Obligor Leakage Basket;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the acquisition of minority interests in any member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any acquisition with the consent of the Majority Lenders (such consent not to be unreasonably withheld,
conditioned or delayed); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) an acquisition by a member of the Group of (A) all or part of the issued share capital or other ownership
interest in a limited liability company or (B) a business or undertaking carried on as a going concern (including the acquisition of human capital) (in either case, the "**Acquisition Target** "), but only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Event of Default is continuing or would occur as a result of the acquisition on the date the member of the
Group legally commits to the acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of the acquisition of a limited liability company, the relevant Obligor acquires more than 50% of
the voting ordinary issued share capital or other voting and ownership interests of such limited liability company (or such acquisition will increase the Group's ownership stake to more than 50%);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Acquisition Target and its Subsidiaries are incorporated or established and operating in a Permitted
Jurisdiction and are engaged in a business substantially the same or complementary to that carried on by the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the acquisition would not constitute a class 1 transaction (as defined in the Listing Rules published by the UK
Listing Authority) which term includes, for the avoidance of doubt, a reverse takeover (as defined in the City Code on Takeovers and Mergers); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Company has delivered to the Agent, not later than three Business Days before completion of such
acquisition, a certificate of the Company (signed by a director) attaching calculations in reasonable detail and certifying that, as at the date of signing the applicable acquisition agreement, the Adjusted Leverage in respect of the most recently
reported Relevant Period *pro forma* for such acquisition (taking into account any Financial Indebtedness to remain in the Acquisition Target following completion of the acquisition and any Financial Indebtedness to be incurred in respect of
such acquisition) is equal to or less than 2.50:1;

"**Permitted Disposal**" means any sale, lease, licence, transfer or other disposal which, except in the case of paragraphs (b), (l) or (m), is on arm's length terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) made by any member of the Group in the ordinary course of trading of the disposing entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of any asset by a member of the Group (the "**Disposing Company**") to another member of the
Group (the "**Acquiring Company** "), provided that if such sale, lease, licence, transfer or other disposal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is in respect of a sale, lease, licence, transfer or other disposal which is required in order to meet a
legally binding obligation of the Acquiring Company in respect of a Customer Transaction or is required to comply with a requirement of applicable law or regulation, no Event of Default is continuing on the date on which such sale, lease, licence,
transfer or other disposal is made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is in respect of any other sale, lease, licence, transfer or other disposal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if the Disposing Company is an Obligor, the Acquiring Company must also be an Obligor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if the Disposing Company is an Obligor and the Acquiring Company is a Non-Obligor, the sale, lease, licence, transfer or other disposal does not (when aggregated with all other items of Obligor Leakage after the date of this Agreement) cause Obligor Leakage to exceed the Obligor
Leakage Basket at the time of such sale, lease, licence, transfer or other disposal;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of assets (other than shares or other securities, businesses, undertakings or Intellectual Property) in
exchange for other assets comparable or superior as to type, value and quality (other than an exchange of a non-cash asset for cash);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) of obsolete, worn-out or redundant assets (other than shares or other
securities, businesses, undertakings or Intellectual Property);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) of Cash Equivalent Investments for cash or in exchange for other Cash Equivalent Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) constituted by a licence of intellectual property rights permitted by clause 24.16 (*Intellectual Property*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to a Joint Venture, to the extent permitted by clause 24.11 (*Joint Ventures*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) arising as a result of any Permitted Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of leases and sub-leases or licenses in respect of real property, in
each case in the ordinary course of business and the termination of any such leases, sub-leases or licences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) of assets pursuant to a Finance Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) of cash for purposes not otherwise prohibited by the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) comprising any dividend or distribution permitted by the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) which is undertaken with the consent of the Majority Lenders (such consent not to be unreasonably withheld,
conditioned or delayed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) of any Partner Collateral Funds in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) of assets subject to Permitted Factoring;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) of assets (other than Intellectual Property) for cash where the net book value of such assets (when aggregated
with the net book value of such assets for any other sale, lease, licence, transfer or other disposal not allowed under the preceding paragraphs or as a Permitted Transaction) does not exceed in any Financial Year of the Company £30,000,000
(or its equivalent in any other currency or currencies);

"**Permitted Factoring**" means any factoring, reverse factoring, securitisation or discounting of receivables on arm's length terms or other disposals constituting dealings with trade debtors with respect to book debts on non-recourse or limited recourse basis.

"**Permitted Guarantee**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any guarantee given by a member of the Group in the ordinary course of trade in respect of its own performance,
obligations or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any performance or similar bond guaranteeing performance by a member of the Group under any contract entered
into in the ordinary course of trade, including any

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performance or other bond granted for the benefit of any financial supervisor or other regulator in the ordinary course of trade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any guarantee of a Joint Venture to the extent the liability guaranteed is permitted by clause 24.11 (*Joint Ventures*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any guarantee of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Financial Indebtedness which is unsecured; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Financial Indebtedness which is secured, provided that any such Security is Permitted Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any guarantee granted by an Obligor in respect of the obligations or liabilities of another Obligor or any
guarantee granted by a Non-Obligor in respect of the obligations or liabilities of another member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any guarantee granted by an Obligor in respect of the obligations or liabilities of a Non-Obligor, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in relation to a guarantee which is required in order to meet a legally binding obligation of the relevant Non-Obligor in respect of a Customer Transaction or as required to comply with a requirement of applicable law or regulation, no Event of Default is continuing on the date on which such guarantee is granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in relation to any other guarantee, no Default is continuing on the date on which such guarantee is granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any guarantee given in respect of the netting or set-off arrangements
permitted pursuant to paragraph (d) or (f) of the definition of "**Permitted Security** ";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) customary guarantees and indemnities in favour of directors and officers in their capacity as such or to
professional advisers and consultants under their standard terms of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any guarantee or customary indemnity given in connection with any mandate, engagement and commitment letters
entered into in respect of Financial Indebtedness or refinancing the Facilities or in respect of any Permitted Acquisition, Permitted Disposal, Permitted Joint Venture or Permitted Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) guarantees of Treasury Transactions which are permitted by clause 24.18 (*Treasury Transactions*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any guarantee given by a member of the Group to a landlord in respect of rental obligations of a member of the
Group and any guarantee in favour of any financial institution which has guaranteed those rental obligations, provided that any such guarantee is on arm's length terms and entered into in the ordinary course of trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any guarantee in respect of any Finance Lease;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any guarantee granted by any person acquired by a member of the Group after the date of this Agreement where
the guarantee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is granted prior to the date of acquisition, but not granted or increased (other than as a result of the
underlying Financial Indebtedness which is being guaranteed increasing as a result of capitalisation of interest and accrual of any default interest) or having its maturity extended in contemplation of, or since, that acquisition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is released within three months of the date of such acquisition (save to the extent such guarantee constitutes
a Permitted Guarantee under another paragraph of this definition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any guarantee given by the Company in favour of, and as required by, any card scheme provider in connection
with any card scheme provided by such card scheme provider, which is entered into in the ordinary course of trading and the guaranteed or indemnified amount of which does not exceed £40,000,000 (or its equivalent) in aggregate for the Group at
any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any guarantee given in the ordinary course of business in connection with any Partner Collateral Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any guarantee granted by any member of the Group with the consent of the Majority Lenders (such consent not to
be unreasonably withheld, conditioned or delayed); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) guarantees not within any other paragraphs of this definition and the outstanding principal amount of which
does not exceed in aggregate at any time £20,000,000 (or its equivalent in any other currency or currencies);

"**Permitted Joint Venture**" means any acquisition of an interest in or other investment (including by way of an equity contribution) in any Joint Venture where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Joint Venture is incorporated, or established, and carries on its principal business, in a Permitted
Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Joint Venture is engaged in a business substantially the same as (or complementary to) that carried on by
the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) during the term of this Agreement, the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all amounts paid for or subscribed for shares in, lent to, or invested in all such Joint Ventures by any member
of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the contingent liabilities of any member of the Group under any guarantee given in respect of the liabilities
of any such Joint Venture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the market value (as determined by the Company, acting reasonably and in good faith) of any assets transferred
by any member of the Group to any such Joint Venture,

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does not exceed £30,000,000 (or its equivalent in any other currency or currencies) (the "**Joint Venture Basket**"), provided that any amount in respect of a Permitted Joint Venture which is taken into account when calculating whether the Joint Venture Basket is exceeded shall be restored to the Joint Venture Basket if that Permitted Joint Venture becomes a member of the Group and ceases to be a Joint Venture;

"**Permitted Jurisdiction**" means any country, territory or state that is not a Restricted Jurisdiction;

"**Permitted Loan**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any loan, trade credit or other advance extended by any member of the Group to its customers on normal
commercial terms and in the ordinary course of its trading activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) advance payments made by a member of the Group to or on behalf of its Customers in the ordinary course of its
trading activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a loan made to a Joint Venture to the extent permitted under clause 24.11 (*Joint Ventures*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a loan made by an Obligor to another Obligor or made by a Non-Obligor to another member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any loan made by an Obligor to a Non-Obligor (other than loans made to
facilitate payments under the Finance Documents), provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in relation to a loan which is required in order to meet a legally binding obligation of the relevant Non-Obligor in respect of a Customer Transaction or is required to comply with a requirement of applicable law or regulation, no Event of Default is continuing on the date on which such loan is made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in relation to any other loan, no Default is continuing on the date on which such loan is made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any loan made by a member of the Group to another member of the Group to facilitate payment of amounts payable
under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a loan made to any shareholder of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any loan made by an Obligor to a Non-Obligor where the proceeds of such
loan shall be applied by that Non-Obligor to discharge its Tax liabilities, provided that the aggregate outstanding amount of all loans under this paragraph (h) does not exceed £10,000,000 (or its
equivalent in any other currency or currencies) at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a loan made by a member of the Group to an employee or director of any member of the Group, provided that the
amount of that loan, when aggregated with the amount of all other loans to employees and directors by members of the Group under this paragraph (i), shall not exceed £10,000,000 (or its equivalent in any other currency or currencies) at any
time;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any loan made with the consent of the Majority Lenders (such consent not to be unreasonably withheld,
conditioned or delayed); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any loan not permitted by any other paragraph of this definition so long as the aggregate outstanding amount of
the Financial Indebtedness under any such loans does not exceed at any time £25,000,000 (or its equivalent in any other currency or currencies);

"**Permitted Security**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Security or Quasi-Security arising by operation of law and in the ordinary course of trading and not as a
result of any default by any member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Security, Quasi-Security or trust settled, in each case over or in respect of, cash paid into a bank or
collateral account of the Group in connection with any card scheme for the benefit of the relevant card scheme provider which is entered into in the ordinary course of trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) rights of set off existing in the ordinary course of trading between any member of the Group and its respective
suppliers or customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any lien or rights of set off or netting arrangement or charges arising by operation of law or by contract by
virtue of the provision to any member of the Group of clearing bank or similar facilities or overdraft facilities and arising under the standard commercial terms and conditions of such or any encumbrances over credit balances on bank accounts to
facilitate operation of such bank accounts on a cash pooled net balance basis to the extent that any such arrangement does not cause Obligor Leakage to exceed the Obligor Leakage Basket at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Security comprising a pledge or lien in favour of a bank or financial institution over the credit balance
of an account of a member of the Group held with such bank or financial institution which is required by relevant law or is customary in the relevant jurisdiction and such bank or financial institution in accordance with its customary standard
conditions of business or arising under the general terms and conditions of banks with whom any member of the Group maintains a banking relationship in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any payment or close out netting or set-off arrangement pursuant to any
Treasury Transaction or foreign exchange transaction entered into by a member of the Group which is permitted pursuant to this Agreement, excluding any Security or Quasi-Security under a credit support arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any Security or Quasi-Security over or affecting any asset acquired by a member of the Group after the date of
this Agreement if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Security or Quasi-Security was not created in contemplation of the acquisition of that asset by a member of
the Group;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the principal amount secured has not been increased (other than as a result of capitalisation of interest and
accrual of any default interest) in contemplation of or since the acquisition of that asset by a member of the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Security or Quasi-Security is removed or discharged within three months of the date of acquisition of such
asset (save to the extent that such Security or Quasi-Security constitutes Permitted Security under another paragraph of this definition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any Security or Quasi-Security over or affecting any asset of any person which becomes a member of the Group
after the date of this Agreement, where the Security or Quasi-Security is created prior to the date on which that company becomes a member of the Group if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Security or Quasi-Security was not created in contemplation of the acquisition of that company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the principal amount secured has not increased (other than as a result of capitalisation of interest and
accrual of any default interest) in contemplation of or since the acquisition of that company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Security or Quasi-Security is removed or discharged within three months of that company becoming a member
of the Group (save to the extent that such Security or Quasi-Security constitutes Permitted Security under another paragraph of this definition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Security or Quasi-Security arising under any retention of title, hire purchase or conditional sale
arrangement or arrangements having similar effect in respect of goods supplied to a member of the Group in the ordinary course of trading and on the supplier's standard or usual terms and not arising as a result of any default or deliberate
omission by any member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Security or Quasi-Security arising as a result of a disposal which is a Permitted Disposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any Security in respect of shares in any Joint Venture of the Group in favour of another partner in that Joint
Venture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any Security or Quasi-Security arising as a consequence of any Finance Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any Security or Quasi-Security granted in respect of rental deposits entered into on arm's length terms
and in the ordinary course of business, provided that the aggregate amount secured does not exceed £50,000,000 (or its equivalent in any other currency or currencies) at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any Security or Quasi-Security granted by a Non-Obligor in respect of
Financial Indebtedness which is incurred under a local working capital facility or for regulatory purposes, provided that the aggregate outstanding principal amount of all such local working capital facilities for all Non-Obligors does not at any time exceed £30,000,000 (or its equivalent in any other currency or currencies);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any Security or Quasi-Security granted in in the ordinary course of business in favour of a contractual
counterparty that has provided Partner Collateral Funds, provided that any such Security or Quasi-Security is only in respect of such Partner Collateral Funds (including any account that holds only Partner Collateral Funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any Security or Quasi-Security granted in connection with any Permitted Factoring provided that the aggregate
amount secured does not exceed £75,000,000 (or its equivalent in any other currency or currencies) at any time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) any Security securing indebtedness the outstanding principal amount of which (when aggregated with the
outstanding principal amount of any other indebtedness which has the benefit of Security given by any member of the Group other than any permitted under the preceding paragraphs) does not exceed at any time £25,000,000 (or its equivalent in
any other currency or currencies);

"**Permitted Transaction**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any disposal required, Financial Indebtedness incurred, guarantee, indemnity or Security or Quasi-Security
given, or other transaction arising, under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the solvent liquidation or reorganisation of any member of the Group which is not an Obligor, so long as any
payments or assets distributed as a result of such liquidation or reorganisation are distributed to other members of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) transactions (other than (A) any sale, lease, licence, transfer or other disposal and (B) the
granting or creation of Security) conducted in the ordinary course of trading on arm's length terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any disposal entered into, Financial Indebtedness incurred, guarantee or indemnity given (but excluding any
grant or creation of Security) by a member of the Group that is engaged in, and in connection with, the operation of the Assets Business in the ordinary course of trading on arm's length terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any conversion of loans or other indebtedness which is permitted under this Agreement into distributable
reserves or share capital of any member of the Group or any other capitalisation or other discharge of that loan or other indebtedness, in each case on a cashless basis.

"**Plan**" means any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan), maintained for employees of any Obligor or any ERISA Affiliate or any such Plan to which any Obligor or any ERISA Affiliate is required to contribute on behalf of any of its employees;

"**Primary Term Rate**" means the rate specified as such in the applicable Reference Rate Terms;

"**Qualifying Lender**" has the meaning given to it in clause 15 (*Tax Gross-Up and Indemnities*);

"**Quotation Day**" means the day specified as such in the applicable Reference Rate Terms;

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"**Quotation Time**" means the relevant time (if any) specified as such in the applicable Reference Rate Terms;

"**Quoted Tenor**" means, in relation to a Primary Term Rate or an Alternative Term Rate, any period for which that rate is customarily displayed on the relevant page or screen of an information service;

"**Reference Rate Supplement**" means, in relation to any currency, a document which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is agreed in writing by the Company and the Agent (in its own capacity) and the Agent (acting on the
instructions of all Lenders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) specifies for that currency the relevant terms which are expressed in this Agreement to be determined by
reference to Reference Rate Terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) specifies whether that currency is a Compounded Rate Currency or a Term Rate Currency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) has been made available to the Company and each Finance Party;

"**Reference Rate Terms**" means, in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Loan or an Unpaid Sum in that currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an Interest Period for that Loan or Unpaid Sum (or other period for the accrual of commission or fees in
respect of a currency); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any term of this Agreement relating to the determination of a rate of interest in relation to such a Loan or
Unpaid Sum,

the terms set out for that currency, and (where such terms are set out for different categories of Loan or Unpaid Sum in that currency) for the category of that Loan or Unpaid Sum), in Schedule 16 (*Reference Rate Terms*) or in any Reference Rate Supplement;

"**Related Fund**" in relation to a fund (the "first fund"), means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund;

"**Relevant Jurisdiction**" means, in relation to a member of the Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its Original Jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any jurisdiction where it conducts its business;

"**Relevant Market**" means the market specified as such in the applicable Reference Rate Terms;

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"**Relevant Period" has the meaning given to that term in clause 23.1 (***Financial definitions***);** 

"**Repeating Representations**" means each of the representations set out in clauses 21.1 (*Status*) to clause 21.6 (*Governing law and enforcement*), clause 21.10 (*No default*), clause 21.11 *(No misleading information*), paragraph (d) and paragraph (f) of clause 21.12 (*Financial statements*), clause 21.13 (*Anti-Bribery and Corruption Laws*), clause 21.14 (*Sanctions*), clause 21.15 (*Anti-Money Laundering Laws*), clause 21.19 (*Ranking*) to clause 21.21 (*Good title to assets*), clause 21.26 (*ERISA*) and clause 21.28 (*US Regulations*);

"**Reportable Event**" means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived;

"**Reporting Day**" means the day (if any) specified as such in the applicable Reference Rate Terms;

"**Reporting Time**" means the relevant time (if any) specified as such in the applicable Reference Rate Terms;

"**Representative**" means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian;

"**Resignation Letter**" means a letter substantially in the form set out in Schedule 10 (*Form of Resignation Letter*);

"**Restricted Jurisdiction**" means any jurisdiction, country or territory which is subject to comprehensive Sanctions which includes as at the date of this Agreement the Democratic People's Republic of Korea, the Islamic Republic of Iran, the Syrian Arab Republic, the Republic of Cuba, Belarus, Russia, Venezuela, the territory of Crimea, the so-called Donetsk People's Republic and the so-called Luhansk People's Republic, and any other non-government controlled areas of Ukraine subject to comprehensive and/or extensive Sanctions;

"**Restricted Jurisdiction Payment**" means any monies received by any member of the Group from a person in Russia or Belarus (other than from a person on a Sanctions List) where such receipt is lawful and in connection with a transaction which is otherwise in the ordinary course of business of the member of the Group and provided that each member of the Group uses reasonable endeavours to minimise the number and amount of such payments and acts in compliance with Sanctions in all respects;

"**Restricted Party**" means a person that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) listed on, or directly or indirectly owned or controlled by a person listed on, any Sanctions List;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) registered as located in or having its main place of business in, incorporated under the laws of, or (so far as
any member of the Group is aware) owned or controlled by a person located in or having its main place of business in or incorporated under the laws of a Restricted Jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise the subject of Sanctions,

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for the purposes of this definition, "**owned**" and "**controlled**" shall have the meanings given to such terms under applicable Sanctions;

"**RFR**" means the rate specified as such in the applicable Reference Rate Terms;

"**RFR Banking Day**" means any day specified as such in the applicable Reference Rate Terms; "**Rollover Loan**" means one or more Loans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) made or to be made on the same day that a maturing Loan is due to be repaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the aggregate amount of which is equal to or less than the amount of the maturing Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the same currency as the maturing Loan (unless it arose as a result of the operation of clause 6.2
(*Unavailability of a currency*)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) made or to be made to the same Borrower for the purpose of refinancing that maturing Loan;

"**Safeguarding Guarantee**" means any safeguarding guarantee issued in respect of Customer Funds in accordance with the Electronic Money Regulations 2011;

"**Safeguarding Guarantee Documents**" means any "Surety Document" (or equivalent term) under and as defined in each deed of indemnity entered into between any member of the Group and a Safeguarding Guarantor in connection with the provisions of any Safeguarding Guarantee;

"**Safeguarding Guarantee Liabilities**" means the aggregate of all the guarantee amounts under all Safeguarding Guarantees from time to time;

"**Safeguarding Guarantor**" means any "authorised insurer" in accordance with Regulations 20 and 22 of the Electronic Money regulations 2011 that issues (or may issue) a Safeguarding Guarantee;

"**Sanctioned Lender**" means any Lender which is (or becomes) a Restricted Party;

"**Sanctions**" means any economic or financial or trade sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by a Sanctions Authority;

"**Sanctions Authority**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the United Nations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the European Union;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the United Kingdom of Great Britain and Northern Ireland;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the governments and official institutions or agencies of any of paragraphs (a) to (d) above, including
OFAC, the US Department of State, and HMT; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any other governmental institution, official institution or agency with (i) responsibility for imposing,
administering or enforcing economic, financial or trade sanctions laws, regulations, embargoes or restrictive measures and (ii) jurisdiction over any member of the Group;

"**Sanctions Blocking Law**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Council Regulation (EC) 2271/96 (or any law or regulation implementing such Regulation in any member state of
the European Union); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any similar law or regulation in the United Kingdom;

"**Sanctions List**" means the Consolidated United Nations Security Council Sanctions List maintained by the United Nations, the Specially Designated Nationals and Blocked Persons list maintained by OFAC, the Consolidated List of Financial Sanctions Targets maintained by HMT, or any similar list maintained by, or public announcement of a Sanctions designation made by, a Sanctions Authority, each as amended, supplemented or substituted from time to time;

"**Sanctions Notification**" means (i) the determination by a member of the Group acting reasonably that (A) there has been an event or circumstance as a result of which a failure by a member of the Group to comply with Sanctions has occurred and (B) a notification to a Sanctions Authority is required in respect of such failure or (ii) the making of a voluntary self-disclosure to a Sanctions Authority by any member of the Group;

"**Security**" means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect, including any "security interest" as defined in sections 12(1) or (2) of the Australian PPSA;

"**Solvent**" means in relation to any US Obligor that as of the date of determination (a) the sum of such US Obligor's debt (including contingent liabilities) does not exceed all of its property, at a fair valuation; (b) the present fair saleable value of the property of such US Obligor is not less than the amount that will be required to pay the probable liability of such US Obligor on its debts as they become absolute and matured; (c) such US Obligor is able to pay the probable liability on such US Obligor's debts as they become absolute and matured; (d) such US Obligor's capital is not unreasonably small in relation to the business in which it is or proposes to be engaged; and (e) such US Obligor does not intend to incur, nor does it believe it will incur, debts beyond its ability to pay such debts as they become due. For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability;

"**Specified Time**" means a day or time determined in accordance with Schedule 12 (*Timetables*);

"**Subsidiary**" means a person in respect of which a person has direct or indirect control or owns directly or indirectly more than 50 per cent. of the voting capital or similar right of ownership and control for this purpose means the power to direct the management and the policies of the person whether through the ownership of voting interests, by contract or otherwise;

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"**T2**" means the real time gross settlement system operated by the Eurosystem, or any successor system;

"**TARGET Day**" means any day on which T2 is open for the settlement of payments in euro;

"**Tax**" means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same);

"**Term Rate Currency**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) euro and Australian dollars; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any currency specified as such in a Reference Rate Supplement relating to that currency,

to the extent, in any case, not specified otherwise in a subsequent Reference Rate Supplement;

"**Term Rate Loan**" means any Loan or, if applicable, Unpaid Sum in a Term Rate Currency to the extent that it is not, or has not become, a Compounded Rate Loan;

"**Term Reference Rate**" means, in relation to a Term Rate Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the applicable Primary Term Rate as of the Quotation Time for a period equal in length to the Interest Period
of that Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as otherwise determined pursuant to clause 13.1 (*Interest calculation if no Primary Term Rate*),

and if, in either case, that rate is less than zero, the Term Reference Rate shall be deemed to be zero;

"**Termination Date**" means, subject to clause 2.4 (*Extension*), the third anniversary of the date of this Agreement;

"**Total Commitments**" means the aggregate of the Commitments, being £330,000,000 at the date of this Agreement (as may be increased in accordance with clause 2.3 (*Accordion*));

"**Total Purchase Price**" means, in respect of a Permitted Acquisition, the consideration (including all associated fees, costs and expenses) for the Permitted Acquisition and any Financial Indebtedness or other assumed actual or contingent liability, in each case remaining in the acquired company (or any such business) at the date of acquisition by a member of the Group;

"**Transfer Certificate**" means a certificate substantially in the form set out in Schedule 4 (*Form of Transfer Certificate*) or any other form agreed between the Agent and the Company;

"**Transfer Date**" means, in relation to an assignment or a transfer, the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which the Agent executes the relevant Assignment Agreement or Transfer Certificate;

"**Treasury Transaction**" means any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price;

"**Unpaid Sum**" means any sum due and payable but unpaid by an Obligor under the Finance Documents;

"**US**" means the United States of America;

"**US Insolvency Law**" means the Bankruptcy Code of the United States or any other United States federal or state bankruptcy, insolvency or similar law;

"**US Obligor**" means any Obligor that is incorporated or organized under the laws of one of the United States of America or the District of Columbia or any US federal law of the United States of America;

"**US Tax Obligor**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Borrower which is resident for tax purposes in the US; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an Obligor some or all of whose payments under the Finance Documents are from sources within the US for US
federal income tax purposes;

"**USA PATRIOT Act**" means the US Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56) (commonly known as the USA PATRIOT Act);

"**Utilisation**" means a utilisation of the Facility;

"**Utilisation Date**" means the date of a Utilisation, being the date on which a Loan is to be made;

"**Utilisation Request**" means a notice substantially in the form set out in Schedule 3 (*Utilisation Request*); and

"**VAT**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any value added tax imposed by the Value Added Tax Act 1994;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value
added tax (EC Directive 2006/112); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other tax of a similar nature, whether imposed in the United Kingdom or in a member state of the European
Union in substitution for, or levied in addition to, such tax referred to in paragraphs (a) or (b) above, or imposed elsewhere.

**1.2** **Construction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless a contrary indication appears, any reference in this Agreement to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the "**Agent** ", the "**Arranger** ", any "**Finance Party** ", any
" **Lender** ", any "**Obligor** ", any "**Party** ", or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or
obligations under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**assets**" includes present and future properties, revenues and rights of every description;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Lender's "**cost of funds**" in relation to its participation in a Loan is a reference
to the average cost (determined either on an actual or a notional basis) which that Lender would incur if it were to fund, from whatever source(s) it may reasonably select, an amount equal to the amount of that participation in that Loan for a
period equal in length to the Interest Period of that Loan and to the Agent's "**cost of funds**" is a reference to the average cost (determined either on an actual or notional basis) which the Agent would incur if it were to
fund, from whatever source(s) it may reasonably select, an amount equal to the amount referred to in paragraph (b) of clause 31.4 (*Clawback and pre-funding*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a "**Finance Document**" or any other agreement or instrument is a reference to that Finance
Document or other agreement or instrument as amended, novated, supplemented, extended or restated (including without limitation, pursuant to clause 2.3 (*Accordion*) or clause 2.4 (*Extension*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a "**group of Lenders**" includes all the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "**guarantee**" means (other than in clause 20 (*Guarantee and Indemnity*)) any guarantee,
letter of credit, bond, indemnity or similar assurance against loss, or any obligation, direct or indirect, actual or contingent, to purchase or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase
assets of any person where, in each case, such obligation is assumed in order to maintain or assist the ability of such person to meet its indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "**indebtedness**" includes any obligation (whether incurred as principal or as surety) for the
payment or repayment of money, whether present or future, actual or contingent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a "**person**" includes any individual, firm, company, corporation, government, state or agency
of a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate legal personality);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) a "**regulation**" includes any regulation, rule, official directive, request or guideline
(whether or not having the force of law but, if not having the force of law, being of a type with which persons to which it applies are generally accustomed to comply) of any governmental, intergovernmental or supranational body, agency, department
or of any regulatory, self-regulatory or other authority or organisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) a provision of law is a reference to that provision as amended or re-enacted from time to time;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) a time of day is a reference to London time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) "**include**" or "**including**" means include or including "without
limitation".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The words "**execution** ", "**signed** ", "**signature**" and words
of like import in any Finance Document shall be deemed to include electronic signatures, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature or
the use of paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law including, without limitation, any state law based on the US Uniform Electronic Transactions Act 1999.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section, clause and schedule headings are for ease of reference only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or
in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Borrower providing "**cash cover**" for an Ancillary Facility means a Borrower paying an
amount in the currency of the Ancillary Facility to an interest-bearing account and the following conditions being met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the account is in the name of the Borrower and is with the Ancillary Lender for which that cash cover is to be
provided and until no amount is or may be outstanding under that Ancillary Facility, withdrawals from the account may only be made to pay the relevant Finance Party amounts due and payable to it under this Agreement in respect of that Ancillary
Facility; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the account is in the name of the Ancillary Lender for which that cash cover us to be provided; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Borrower has executed documentation in form and substance satisfactory to the Finance Party for which that
cash cover is to be provided, creating a first ranking security interest, or other collateral arrangement, in respect of the amount of that cash cover.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Default (including an Event of Default) is "**continuing**" if it has not been remedied or
waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A Borrower "**repaying**" or "**prepaying**" Ancillary Outstandings means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that Borrower providing cash cover in respect of the Ancillary Outstandings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the maximum amount payable under Ancillary Facility being reduced or cancelled in accordance with its terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Ancillary Lender being satisfied that it has no further liability under that Ancillary Facility,

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and the amount by which Ancillary Outstandings are, repaid or prepaid under clauses 1.2(g)(i) and 1.2(g)(ii) is the amount of the relevant cash cover, reduction or cancellation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) An amount borrowed includes any amount utilised under an Ancillary Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A reference in this Agreement to a page or screen of an information service displaying a rate shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any replacement page of that information service which displays that rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the appropriate page of such other information service which displays that rate from time to time in place of
that information service,

and, if such page or service ceases to be available, shall include any other page or service displaying that rate specified by the Agent after consultation with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) A reference in this Agreement to a Central Bank Rate shall include any successor rate to, or replacement rate
for, that rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Any Reference Rate Supplement relating to a currency overrides anything relating to that currency in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Schedule 16 (*Reference Rate Terms*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any earlier Reference Rate Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) A Compounding Methodology Supplement relating to the Daily Non-Cumulative Compounded RFR Rate or the Cumulative Compounded RFR Rate overrides anything relating to that rate in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Schedule 17 (*Daily Non-Cumulative Compounded RFR Rate*) or
Schedule 18 (*Cumulative Compounded RFR Rate*), as the case may be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any earlier Compounding Methodology Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The determination of the extent to which a rate is "for a period equal in length" to an Interest
Period shall disregard any inconsistency arising from the last day of that Interest Period being determined pursuant to the terms of this Agreement.

**1.3** **Currency symbols and definitions** 

"**$**", "**USD**" and "dollars" denote the lawful currency of the United States of America, "**£**", "**GBP**" and "sterling" denote the lawful currency of the United Kingdom, "**€**", "**EUR**" and "euro" denote the single currency of the Participating Member States and "**A$**", "**AUD**" and "**Australian dollars**" denote the lawful currency of Australia.

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**1.4** **Third party rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless expressly provided to the contrary in a Finance Document a person who is not a Party has no right under
the Contracts (Rights of Third Parties) Act 1999 (the "**Third Parties Act**") to enforce or to enjoy the benefit of any term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to clause 37.3 (*Other exceptions*), but otherwise notwithstanding any term of any Finance
Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time.

**1.5** **Belgian Terms** 

In this Agreement, where it relates to a Belgian Obligor, a reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**gross negligence**" is a reference to *zware fout/faute lourde* and "**wilful misconduct**" is a reference to *opzettelijke fout/faute intentionnelle*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a "**liquidator** ", "**compulsory manager** ", "**receiver** ",
" **administrative receiver** ", **"administrator**" or similar officer includes any *curator/curateur, vereffenaar /liquidateur, gedelegeerd rechter /juge délégué, gerechtsmandataris /mandataire de justice, gerechtelijke deskundige/expert judiciaire, voorlopig bewindvoerder /administrateur provisoire, gerechtelijk bewindvoerder /administrateur judiciaire, mandataris ad hoc/mandataire ad hoc, ondernemingsbemiddelaar /médiateur d'entreprise, vereffeningsdeskundige /praticien de la liquidation, insolventiefunctionaris /praticien de l'insolvabilité, herstructureringsdeskundige /praticien de la réorganisation, as applicable, and any sekwester /séquestre*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a "**suspension of payments** ", "**moratorium of any indebtedness**" or
"r **eorganisation**" includes any *gerechtelijke reorganisatie /réorganisation judiciaire (including openbare gerechtelijke reorganisatie door een minnelijk akkoord /réorganisation judiciaire publique par accord amiable, openbare gerechtelijke reorganisatie door een collectief akkoord /réorganisation judiciaire publique par un accord collectif, besloten gerechtelijke reorganisatie door een minnelijk akkoord /réorganisation judiciaire privée par accord amiable, besloten gerechtelijke reorganisatie door een collectief akkoord /réorganisation judiciaire privée par un accord collectif and overdracht onder gerechtelijk gezag /transfert sous autorité judiciaire) and any other legal proceeding based on Boek XX Wetboek Economisch Recht/Livre XX du Code de droit économique*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Security**" includes a mortgage (*hypotheek /hypothèque*), a pledge
(pand/gage), a transfer by way of security (*overdracht ten titel van zekerheid /transfert à titre de garantie*), any other real security interest (*zakelijke zekerheid /sûreté réelle*), a mandate to
grant a mortgage (*hypothecair mandaat /mandat hypothécaire*), a pledge or any other real surety, a privilege (*voorrecht /privilège*) and a reservation of title arrangement
(e *igendomsvoorbehoud /réserve de propriété and retentierecht/droit de rétention*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**guarantee**" means, only for the purpose of the guarantee granted by an Obligor incorporated
in Belgium under this Agreement, an independent guarantee and not a surety (*borg/cautionnement*);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a person being "**unable to pay its debts**" is that person being in a state of cessation of
payments (*staking van betaling/cessation de paiements*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) an "**insolvency**" includes any *gerechtelijke reorganisatie /réorganisation judiciaire, faillissement /faillite* and any other concurrence between creditors (*samenloop van schuldeisers/concours des créanciers*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) an Obligor being "**incorporated**" in Belgium or of which its "**jurisdiction of incorporation**" is Belgium, means that such Obligor has its statutory seat (*statutaire zetel /siège statutaire* (within the meaning of the Belgian Companies and Associations Code)) in Belgium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**constitutional documents**" means the *statuten /statuts*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness**" includes any negotiations conducted with a view to reaching a settlement agreement (*minnelijk akkoord/accord amiable*) with two or more of its creditors pursuant to *Boek XX Wetboek Economisch Recht/Livre XX du Code de droit économique*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a "**composition** ", "**compromise** ", "**assignment**" or similar
arrangement includes a settlement agreement outside judicial reorganisation (*minnelijk akkoord buiten gerechtelijke reorganisatie/accord amiable hors réorganisation judiciaire*), a judicial reorganisation (by means of a *gerechtelijke reorganisatie /réorganisation judiciaire*) (including *openbare gerechtelijke reorganisatie door een minnelijk akkoord /réorganisation judiciaire publique par accord amiable, openbare gerechtelijke reorganisatie door een collectief akkoord /réorganisation judiciaire publique par un accord collectif, besloten gerechtelijke reorganisatie door een minnelijk akkoord /réorganisation judiciaire privée par accord amiable, or besloten gerechtelijke reorganisatie door een collectief akkoord /réorganisation judiciaire privée par un accord collectif*), or a transfer under judicial authority (*overdracht onder gerechtelijk gezag /transfert sous autorité judiciaire*) pursuant to *Boek XX Wetboek Economisch Recht/Livre XX du Code de droit économique*, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**winding-up** ", "**administration**" or
" **dissolution**" includes *any vereffening/liquidation, ontbinding/dissolution, faillissement /faillite and sluiting van een onderneming/fermeture d'entreprise*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**expropriation** ", "**attachment** ", "**sequestration** ",
" **distress** ", "**execution**" or analogous procedures includes any *onteigening/expropriation, uitvoerend beslag /saisie-exécution and bewarend beslag /saisie conservatoire*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) an "**amalgamation** ", "**demerger** ", "**merger**" or
" **corporate reconstruction**" includes an *overdracht van algemeenheid /transfert d'universalité, an overdracht van bedrijfstak /transfert de branche d'activité, a splitsing/scission and a fusie/fusion* as well as assimilated transactions (*gelijkgestelde verrichtingen/operations assimilées*) in accordance with articles 12:7 and 12:8 of the Belgian Companies and Associations Code;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) a "**group for VAT purposes**" refers to a *BTW-eenheid /unité TVA* and a
reference to the "**representative member**" of such group has the same meaning as the term *vertegenwoordiger /représentant* in the Belgian Royal Decree No. 55 of 9 March 2007;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) a "**successo** r" means an *algemene rechtsopvolger /successeur universel*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the "**Belgian Companies and Associations Code**" means the *Belgian Wetboek van Vennootschappen en Verenigingen/Code des Sociétés et des Associations* dated 23 March 2019; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the "**Belgian Civil Code**" means the Belgian *oud Burgerlijk Wetboek /ancien Code Civil* of 21 March 1804 and, with effect from its applicable effective date, the Belgian new *Burgerlijk Wetboek/Code Civil* introduced pursuant to the law of 13 April 2019 introducing a Civil Code and inserting book 8
"Evidence" in the Civil Code, as amended from time to time.

**1.6** **Australian Terms** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the Finance Documents, where it relates to a person or entity incorporated or established under the laws of
Australia, reference to a person being "unable to pay its debts" includes such person being insolvent within the meaning of section 95A of the Corporations Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties agree that the Australian Code of Banking Practice (published by the Australian Bankers'
Association, as amended, revised or amended and restated from time to time) does not apply to the Finance Documents, nor the transactions under them.

**SECTION 2** 

**THE FACILITY** 

**2.** **THE FACILITY** 

**2.1** **The Facility** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms of this Agreement, the Lenders make available to the Borrowers a multicurrency revolving
loan facility in an aggregate amount equal to the Total Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms of this Agreement and the Ancillary Documents, an Ancillary Lender may (subject to clause
5.5 (*Limitations on Loans*)) make all or part of its Commitment available to any Borrower as an Ancillary Facility.

**2.2** **Increase** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may by giving prior notice to the Agent by no later than the date falling five Business Days after
the effective date of a cancellation of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Available Commitments of a Defaulting Lender or a Sanctioned Lender in accordance with clause 9.6 (*Right of cancellation in relation to a Defaulting Lender or Sanctioned Lender*); or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Commitment of a Lender in accordance with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) clause 9.1 (*Illegality*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) paragraph (a) of clause 9.5 (*Right of replacement or repayment and cancellation in relation to a single Lender*),

request that the Commitments be increased (and the Commitments shall be so increased) in an aggregate amount in the Base Currency of up to the amount of the Commitment so cancelled as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the increased Commitments will be assumed by one or more Eligible Institutions (each an "**Increase Lender**") each of which confirms in writing (whether in the relevant Increase Confirmation or otherwise) its willingness to assume and does assume all the obligations of a Lender corresponding to that part of the increased Commitments which
it is to assume, as if it had been an Original Lender in respect of those Commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each of the Obligors and any Increase Lender shall assume obligations towards one another and/or acquire rights
against one another as the Obligors and the Increase Lender would have assumed and/or acquired had the Increase Lender been an Original Lender in respect of that part of the increased Commitments which it is to assume;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) each Increase Lender shall become a Party as a "**Lender**" and any Increase Lender and each of
the other Finance Parties shall assume obligations towards one another and acquire rights against one another as that Increase Lender and those Finance Parties would have assumed and/or acquired had the Increase Lender been an Original Lender in
respect of that part of the increased Commitments which it is to assume;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Commitments of the other Lenders shall continue in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any increase in the Commitments shall take effect on the date specified by the Company in the notice referred
to above or any later date on which the Agent executes an otherwise duly completed Increase Confirmation delivered to it by the relevant Increase Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall, subject to clause 2.2(c), as soon as reasonably practicable after receipt by it of a duly
completed Increase Confirmation appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Increase Confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent shall only be obliged to execute an Increase Confirmation delivered to it by an Increase Lender once
it is satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to the assumption of the increased Commitments by that Increase Lender.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Increase Lender, by executing the Increase Confirmation, confirms (for the avoidance of doubt) that the
Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the increase becomes effective in
accordance with this Agreement and that it is bound by that decision to the same extent as it would have been had it been an Original Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall within five Business Days of demand pay the Agent the amount of all documented third party
professional fees (if so pre-agreed with the Company) and documented reasonable out of pocket expenses reasonably incurred by the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Increase Lender shall, on the date upon which the increase takes effect, pay to the Agent (for its own
account) a fee in an amount equal to the fee which would be payable under clause 26.4 (*Assignment or transfer fee*) if the increase was a transfer pursuant to clause 26.6 (*Procedure for transfer*) and if the Increase Lender was a New
Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company may pay to the Increase Lender a fee in the amount and at the times agreed between the Company and
the Increase Lender in a letter between the Company and the Increase Lender setting out that fee. A reference in this Agreement to a Fee Letter shall include any letter referred to in this clause 2.2(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Neither the Agent nor any Lender shall have any obligation to find an Increase Lender and in no event shall any
Lender whose Commitment is replaced by an Increase Lender be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Clause 26.5 (*Limitation of responsibility of Existing Lenders*) shall apply *mutatis mutandis* in
this clause 2.2 in relation to an Increase Lender as if references in that clause to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an "**Existing Lender**" were references to all the Lenders immediately prior to the relevant
increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the "**New Lender**" were references to that "**Increase Lender** "; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "**re-transfer**" and "**re-assignment**" were references to respectively a "**transfer**" and "**assignment** ".

**2.3** **Accordion** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time up to the date falling six months prior to the Termination Date the Company may deliver to the
Agent an Accordion Notice. The Accordion Notice must specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount in the Base Currency by which the Total Commitments are proposed to be increased (the "**New Commitments** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any arrangement fee (the "**Accordion Arrangement Fee**") to be payable in respect of the New
Commitments; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the proposed date on which the increase in Total Commitments should take effect (being a date falling at least
20 Business Days but not later than 30 Business Days following delivery of the Accordion Notice).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Total Commitments may be increased pursuant to this clause 2.3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in a minimum amount of £10,000,000 (or, if less, the remaining balance of the amount specified in clause
2.3(b)(ii) following any previous increase pursuant to this clause 2.3) in each Accordion Notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in a maximum aggregate amount of £100,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company may not deliver more than five Accordion Notices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon receipt of an Accordion Notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Agent shall promptly notify the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Lender shall have 15 Business Days from the date of receipt by the Agent of the Accordion Notice to
request any supporting information from the Company reasonably required by that Lender to evaluate and respond to the Accordion Notice and to determine whether to participate in the New Commitments. Any supporting information requested by a Lender
in accordance with this clause 2.3(d)(ii) shall be delivered to the Agent and the Agent shall promptly deliver such information to all existing Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the option to provide the New Commitments shall first be offered to the existing Lenders on a pro-rata basis to their existing Commitments and each Lender shall have until 20 Business Days after the date on which the Accordion Notice is delivered to the Agent (the "**Acceptance Period**") to
confirm to the Agent whether it intends to participate in the New Commitments and to confirm the amount of such New Commitments in which it is prepared to participate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a Lender notifies the Agent that it does not wish to provide all or any part of the New Commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a Lender imposes conditions on its agreement to provide all or any part of the New Commitments which are not
acceptable to the Company (including, without limitation, any proposals made by such Lender in relation to the Accordion Arrangement Fee); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a Lender has failed to notify the Agent within the Acceptance Period that it wishes to provide all or any part
of the New Commitments,

then the New Commitments offered to that Lender shall be offered to the Lenders who have agreed to provide part of the New Commitments during the Acceptance Period on terms acceptable to the Company (the "**Accordion** 

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 **Participating Lenders**") on a pro-rata basis or as otherwise agreed between those Lenders and the Company, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) no individual Lender's share of the New Commitments may result in the Lender holding more than 662/3% or
more of the Total Commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) no Lender shall be required to assume New Commitments in an amount greater than the amount specified in the
confirmation provided by that Lender to the Agent pursuant to clause 2.3(d)(iii); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Accordion Participating Lenders shall have 10 Business Days to consider and respond to such offer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if, following the offer of New Commitments to existing Lenders in accordance with clauses 2.3(d)(iii) and
2.3(d)(iv), the existing Lenders have not agreed to provide between them all of the New Commitments, the Agent shall notify the Company and the Company may offer the shortfall in the New Commitments to one or more Eligible Institutions. The Company
shall notify the Agent of each Eligible Institution invited to participate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company may not agree with any Accordion Lender an Accordion Arrangement Fee in respect of any New
Commitments that is higher than the Accordion Arrangement Fee offered to all existing Lenders in the Accordion Notice in respect of such New Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless the Agent otherwise agrees, the Company shall, on each Accordion Increase Date, pay the Agent (for its
own account) a fee of £2,500.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) On each Accordion Increase Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Additional Lender shall assume all the obligations of a Lender corresponding to that part of the New
Commitments which it is to assume, as if it had been an Original Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each of the Obligors and any Additional Lender shall assume obligations towards one another and/or acquire
rights against one another as the Obligors and the Additional Lender would have assumed and/or acquired had the Additional Lender been an Original Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Additional Lender shall become a Party as a "**Lender**" and any Additional Lender and each
of the other Finance Parties shall assume obligations towards one another and acquire rights against one another as that Additional Lender and those Finance Parties would have assumed and/or acquired had the Additional Lender been an Original
Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Commitments of each Accordion Participating Lender shall be increased by an amount corresponding to that
part of the increased Total Commitments which it has agreed to assume;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Commitments of the other Lenders shall continue in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Additional Lender(s) and, if necessary, the Accordion Participating Lenders, shall make to the Agent a
payment in an amount sufficient to ensure that the amount of each Lender's participation in each Loan will then be equal to the proportion borne by its Commitment to the Total Commitments on that date and the Agent shall apply such payment in
making such payments to the Lenders (other than the Additional Lender(s) or relevant Accordion Participating Lenders) as are necessary to achieve that result. If a Lender receives such payment on a day other than the last day of an Interest Period
for the relevant Loan(s), the Company shall pay to such Lender, within five Business Days of demand, an amount equal to its Break Costs (following delivery to the Company by the relevant Lender, of a certificate confirming the amount of its Break
Costs); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) immediately following the making of the payments referred to in clause 2.3(g)(vi), each Lender shall then have
a participation in any outstanding Loans in an amount equal to the proportion borne by its Commitment to the Total Commitments on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Subject to clause 2.3(b), an increase in the Total Commitments will be effective if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on the date of the Accordion Notice and on the Accordion Increase Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) no Event of Default is continuing or would result from the establishment of the proposed New Commitments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Repeating Representations to be made by each Obligor are true in all material respects (or, if a
materiality qualification or financial or other threshold applies to such Repeating Representation, in all respects);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Agent executes an Accordion Confirmation executed by the relevant Accordion Lenders and acknowledged and
agreed to by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in relation to an Additional Lender which is not a Lender immediately prior to the relevant increase:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Agent executes a duly completed (to the satisfaction of the Agent) Additional Lender Certificate in respect
of that Additional Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Agent is satisfied that it has complied with all necessary "*know your customer*" or other
similar checks under all applicable laws and regulations in relation to the assumption of the increased Commitments by that Additional Lender (and the Agent shall promptly notify the Company and the Additional Lender upon being so satisfied); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Agent has received in form and substance satisfactory to it such documents (if any) as are necessary as a
result of the establishment of the proposed New

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Commitments to maintain the effectiveness of the guarantees, indemnities and other assurance against loss provided to the Finance Parties pursuant to the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Accordion Lender, by executing the Accordion Confirmation, confirms (for the avoidance of doubt) that the
Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the Accordion Increase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Any Additional Lender shall, on the Accordion Increase Date, pay to the Agent (for its own account) a fee in an
amount equal to the fee which would be payable under clause 26.4 (*Assignment or transfer fee*) if the increase was an assignment or transfer pursuant to clause 26.6 (*Procedure for transfer*) or clause 26.7 (*Procedure for assignment*) and as if the Additional Lender was a New Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company shall pay to each Accordion Lender any agreed Accordion Arrangement Fee at the times agreed between
the Company and that Accordion Lender in a Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company shall within five Business Days of demand pay the Agent the amount of documented third party
professional fees (if so pre-agreed with the Company) and documented reasonable out of pocket expenses reasonably incurred by the Agent in connection with this clause 2.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Clause 26.5 (*Limitation of responsibility of Existing Lenders*) shall apply mutatis mutandis in this
clause 2.3 in relation to an Additional Lender as if references in the clause to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an "**Existing Lender**" were references to all the Lenders immediately prior to the relevant
Accordion Increase Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the "**New Lender**" were references to that "**Additional Lender** "; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "**re-transfer**" and "**re-assignment**" were references to respectively a "**transfer**" and **"assignment** ".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Agent shall notify all Parties of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Accordion Increase Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount of the New Commitments being made available by each Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the identity of any Additional Lender.

**2.4** **Extension** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may request a maximum of two extensions to the Termination Date by delivery to the Agent of a duly
completed and irrevocable extension request notice (each an "**Extension Request** ").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Extension Request shall specify the fee (if any) payable to the Lenders in connection with the proposed
extension to the Termination Date (the "**Extension Fee** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company may deliver:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the first Extension Request at any time during the period beginning on the date falling six months before the
second anniversary of the date of this Agreement and ending on the date falling three months before the second anniversary of the date of this Agreement (the "**First Extension Period** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the second Extension Request at any time during the period beginning on the date falling six months before the
third anniversary of the date of this Agreement and ending on the date falling three months before the third anniversary of the date of this Agreement (the "**Second Extension Period** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the First Extension Period, the Company may request that the Termination Date be extended to the fourth
anniversary of the date of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Second Extension Period, the Company may request that the Termination Date be extended to the fifth
anniversary of the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Promptly following receipt of an Extension Request, the Agent shall provide a copy of such Extension Request to
each of the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To agree to an Extension Request, a Lender must deliver a notice to the Agent confirming that it agrees to the
terms of the Extension Request including the amount of the Extension Fee (an "**Acceptance Notice**") no later than the date falling 20 Business Days after the date of the relevant Extension Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Agent shall notify the Company promptly following receipt of each Acceptance Notice. Each Lender that
delivers an Acceptance Notice is an "**Extending Lender** ".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If a Lender does not deliver an Acceptance Notice by the applicable date specified in clause 2.4(f), that
Lender shall be deemed to have refused that extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Provided that the Extension Fee has been paid to the Agent, the Termination Date that was applicable
immediately prior to the delivery of such Extension Request shall be extended for each Extending Lender in accordance with clause 2.4(d), with effect from the Business Day after the date on which the Extension Fee is paid, provided that on such date
and on the date of the Extension Request:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Event of Default is continuing or would result from the extension; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Repeating Representations to be made by each Obligor are true in all material respects (or, if a
materiality qualification or financial or other threshold applies to such Repeating Representation, in all respects).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Agent shall promptly notify all Parties of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date on which any extension of the Termination Date becomes effective pursuant to this clause 2.4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the identity of each Extending Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company must pay to the Agent on behalf of the Extending Lender(s) the Extension Fee on or before the date
falling 10 Business Days after the date that the Company receives the final Acceptance Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Each Obligor confirms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the authority of the Company to agree and implement any extension of the Termination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that its guarantee and indemnity under clause 20 (*Guarantee and Indemnity*) (or any applicable Accession
Letter or other Finance Document) subject only to any applicable limitations on such guarantee and indemnity referred to in clause 20 (*Guarantee and Indemnity*) and in any Accession Letter pursuant to which it became an Obligor, remain in full
force and effect notwithstanding any extension of the Termination Date, in each case, as contemplated by this clause 2.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Each Party agrees and empowers the Agent (without any further reference, consent or waiver from any Finance
Party) at the cost of the Obligors to execute (and the relevant Obligor shall promptly upon request by the Agent execute) any necessary amendments to the Finance Documents as are necessary (in the opinion of the Agent, acting reasonably) to preserve
the obligations and liabilities of the Obligors under the Finance Documents notwithstanding any extension of the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Nothing in this clause 2.4 shall oblige:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Lender to agree to; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company to submit,

an Extension Request.

**2.5** **Finance Parties' rights and obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to
perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rights of each Finance Party under or in connection with the Finance Documents are separate and independent
rights and any debt arising under the Finance Documents to a Finance Party from an Obligor is a separate and independent debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance

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with clause 2.5(c). The rights of each Finance Party include any debt owing to that Finance Party under the Finance Documents and, for the avoidance of doubt, any part of a Loan or any other amount owed by an Obligor which relates to a Finance Party's participation in the Facility or its role under a Finance Document (including any such amount payable to the Agent on its behalf) is a debt owing to that Finance Party by that Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Finance Party may, except as specifically provided in the Finance Documents, separately enforce its rights
under or in connection with the Finance Documents.

**2.6** **Obligors' Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor (other than the Company) by its execution of this Agreement or an Accession Letter irrevocably
appoints the Company (acting through one or more authorised signatories) to act on its behalf as its agent in relation to the Finance Documents and irrevocably authorises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company on its behalf to supply all information concerning itself contemplated by this Agreement to the
Finance Parties and to give all notices and instructions (including, in the case of a Borrower, Utilisation Requests), to execute on its behalf any Accession Letter, to agree New Commitments and to deliver any Accordion Notice or Extension Request
to make such agreements and to effect the relevant amendments, supplements and variations capable of being given, made or effected by any Obligor notwithstanding that they may affect the Obligor, without further reference to or the consent of that
Obligor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Finance Party to give any notice, demand or other communication to that Obligor pursuant to the Finance
Documents to the Company,

and in each case the Obligor shall be bound as though the Obligor itself had given the notices and instructions (including, without limitation, any Utilisation Requests) or executed or made the agreements or effected the amendments, supplements or variations, or received the relevant notice, demand or other communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice or
other communication given or made by the Obligors' Agent or given to the Obligors' Agent under any Finance Document on behalf of another Obligor or in connection with any Finance Document (whether or not known to any other Obligor and
whether occurring before or after such other Obligor became an Obligor under any Finance Document) shall be binding for all purposes on that Obligor as if that Obligor had expressly made, given or concurred with it. In the event of any conflict
between any notices or other communications of the Obligors' Agent and any other Obligor, those of the Obligors' Agent shall prevail.

**2.7** **Recourse** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Finance Parties shall only have access to recoveries from the assets of each Obligor which are available to
the general creditors of such Obligor as a matter of law or regulation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Clause 2.7(a) shall not in any way limit the liability of any Obligor in respect of the obligations under the
Finance Documents.

**3.** **PURPOSE** 

**3.1** **Purpose** 

Each Borrower shall apply all amounts borrowed by it under the Facility towards general corporate and working capital purposes of the Group.

**3.2** **Monitoring** 

No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.

**4.** **CONDITIONS OF UTILISATION** 

**4.1** **Initial conditions precedent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Borrower may deliver a Utilisation Request unless the Agent has received (or waived receipt of) all of the
documents and other evidence listed in Part 1 of Schedule 2 (*Conditions Precedent*) in form and substance satisfactory to the Agent. The Agent shall notify the Company and the Lenders promptly upon being so satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent
gives the notification described in clause 4.1(a), the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.

**4.2** **Further conditions precedent** 

The Lenders will only be obliged to comply with clause 5.4 (*Lenders' participation*) if on the date of the Utilisation Request and on the proposed Utilisation Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a Rollover Loan, no Declared Default has occurred and, in the case of any other Loan, no Default
is continuing or would result from the proposed Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Repeating Representations to be made by each Obligor are true in all material respects (or, if a
materiality qualification or financial or other threshold applies to such Repeating Representation, in all respects).

**4.3** **Conditions relating to Optional Currencies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A currency will constitute an Optional Currency in relation to a Loan if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is readily available in the amount required and freely convertible into the Base Currency in the wholesale
market for that currency at the Specified Time and on the Utilisation Date for that Loan;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it is euro, US dollars, Australian dollars or has been approved by the Agent (acting on the instructions of all
the Lenders of that Loan) on or prior to receipt by the Agent of the relevant Utilisation Request for that Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there are Reference Rate Terms for that currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Agent has received a written request from the Company for a currency to be approved under clause
4.3(a)(ii), the Agent will confirm to the Company by the Specified Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether or not the Lenders have granted their approval; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if approval has been granted, the minimum amount (and, if required, integral multiples) for any subsequent
Utilisation in that currency.

**4.4** **Maximum number of Loans** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation more than 10 Loans
would be outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Loan made by a single Lender under clause 6.2 (*Unavailability of a currency*) shall not be taken into
account in this clause 4.4.

**SECTION 3** 

**UTILISATION** 

**5.** **UTILISATION** 

**5.1** **Delivery of a Utilisation Request** 

A Borrower (or the Company on its behalf) may utilise the Facility by delivery to the Agent of a duly completed Utilisation Request not later than the Specified Time or at such later time as the Agent (acting on the instructions of all of the Lenders of the relevant Loan) may agree.

**5.2** **Completion of a Utilisation Request** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the proposed Utilisation Date is a Business Day within the Availability Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the currency and amount of the Loan comply with clause 5.3 (*Currency and amount*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the proposed Interest Period complies with clause 12 (*Interest Periods*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Only one Loan may be requested in each Utilisation Request.

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**5.3** **Currency and amount** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The currency specified in a Utilisation Request must be the Base Currency or an Optional Currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount of the proposed Loan must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the currency selected is the Base Currency, a minimum of GBP 5,000,000 or, if less, the Available Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the currency selected is euro, a minimum of EUR 5,000,000 or, if less, the Available Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the currency selected is US dollars, a minimum of USD 5,000,000 or, if less, the Available Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the currency selected is Australian dollars, a minimum of AUD 10,000,000 or, if less, the Available
Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if the currency selected is an Optional Currency, other than euro, US dollars or Australian dollars, the
minimum amount (and, if required, integral multiple) specified by the Agent pursuant to clause 4.3(b)(ii) or, if less, the Available Facility.

**5.4** **Lenders' participation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the conditions set out in this Agreement have been met and subject to clause 8.1 (*Repayment of Loans*)
each Lender shall make its participation in each Loan available by the Utilisation Date through its Facility Office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other than as set out in clause 5.4(c), the amount of each Lender's participation in each Loan will be
equal to the proportion borne by its Available Commitment to the Available Facility immediately prior to making the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Loan is made to repay Ancillary Outstandings, each Lender's participation in that Loan will be in an
amount (as determined by the Agent) which will result as nearly as possible in the aggregate amount of its participation in the Loans then outstanding bearing the same proportion to the aggregate amount of the Loans then outstanding as its
Commitment bears to the Total Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Agent shall determine the Base Currency Amount of each Loan which is to be made in an Optional Currency and
shall notify each Lender of the amount, currency and the Base Currency Amount of each Loan, the amount of its participation in that Loan and, if different, the amount of that participation to be made available in accordance with clause 31.1
(*Payments to the Agent*), in each case by the Specified Time.

**5.5** **Limitations on Loans** 

The maximum aggregate amount of the Ancillary Commitments of all the Lenders shall not at any time exceed £25,000,000 (or its equivalent in any other currency or currencies).

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**5.6** **Cancellation of Commitment** 

The Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period.

**6.** **OPTIONAL CURRENCIES** 

**6.1** **Selection of currency** 

A Borrower (or the Company on behalf of a Borrower) shall select the currency of a Loan in a Utilisation Request.

**6.2** **Unavailability of a currency** 

If before the Specified Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Lender notifies the Agent that the Optional Currency requested is not readily available to it in the amount
required; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Lender notifies the Agent that compliance with its obligation to participate in a Loan in the proposed
Optional Currency would contravene a law or regulation applicable to it,

the Agent will give notice to the relevant Borrower (or the Company) to that effect by the Specified Time. In this event, any Lender that gives notice pursuant to this clause 6.2 will be required to participate in the Loan in the Base Currency (in an amount equal to that Lender's proportion of the Base Currency Amount or, in respect of a Rollover Loan, an amount equal to that Lender's proportion of the Base Currency Amount of the Rollover Loan that is due to be made) and its participation will be treated as a separate Loan denominated in the Base Currency during that Interest Period.

**6.3** **Participation in a Loan** 

Each Lender's participation in a Loan will be determined in accordance with clause 5.4(b).

**7.** **ANCILLARY FACILITIES** 

**7.1** **Type of Facility** 

An Ancillary Facility may be by way of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an overdraft facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a guarantee, bonding, documentary or stand-by letter of credit
facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a short term loan facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a derivatives facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a foreign exchange facility; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any other facility or accommodation required in connection with the business of the Group and which is agreed
by the Company with an Ancillary Lender.

**7.2** **Availability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Company and a Lender agree and except as otherwise provided in this Agreement, the Lender may provide
all or part of its Commitment as an Ancillary Facility. For the avoidance of doubt, no Lender shall be obliged to provide all or part of its Commitment as an Ancillary Facility and if any Lender declines to provide all or part of its Commitment as
an Ancillary Facility, then that Lender will not be considered to be a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An Ancillary Facility shall not be made available unless, not later than three Business Days prior to the
Ancillary Commencement Date for an Ancillary Facility, the Agent has received from the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a notice in writing of the establishment of an Ancillary Facility and specifying:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the proposed Borrower(s) (or Affiliate(s) of a Borrower) which may use the Ancillary Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the proposed Ancillary Commencement Date and expiry date of the Ancillary Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the proposed type of Ancillary Facility to be provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the proposed Ancillary Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the proposed Ancillary Commitment, the maximum amount of the Ancillary Facility and, in the case of a
Multi-account Overdraft, its Designated Gross Amount and its Designated Net Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) the proposed currency of the Ancillary Facility (if not denominated in the Base Currency); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other information which the Agent may reasonably request in connection with the Ancillary Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent shall promptly notify the Ancillary Lender and the other Lenders of the establishment of an Ancillary
Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to compliance with clause 7.2(b):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Lender concerned will become an Ancillary Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Ancillary Facility will be available,

with effect from the date agreed by the Company and the Ancillary Lender.

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**7.3** **Terms of Ancillary Facilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided below, the terms of any Ancillary Facility will be those agreed by the Ancillary Lender and
the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Those terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) must be based upon normal commercial terms at that time (except as varied by this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) may allow only Borrowers (or Affiliates of Borrowers nominated pursuant to clause 7.9 (*Affiliates of Borrowers*)) to use the Ancillary Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) may not allow the Ancillary Outstandings to exceed the Ancillary Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) may not allow a Lender's Ancillary Commitment to exceed that Lender's Available Commitment (before
taking into account the effect of the Ancillary Facility on that Available Commitment); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) must require that the Ancillary Commitment is reduced to zero, and that all Ancillary Outstandings are repaid
not later than the Termination Date (or such earlier date as the Commitment of the relevant Ancillary Lender (or its Affiliate) is reduced to zero).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If there is any inconsistency between any term of an Ancillary Facility and any term of this Agreement, this
Agreement shall prevail except for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) clause 34.3 (*Day count convention and interest calculation*) which shall not prevail for the purposes of
calculating fees, interest or commission relating to an Ancillary Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an Ancillary Facility comprising more than one account where the terms of the Ancillary Documents shall prevail
to the extent required to permit the netting of balances on those accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) where the relevant term of this Agreement would be contrary to, or inconsistent with, the law governing the
relevant Ancillary Document, in which case that term of this Agreement shall not prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Interest, commission and fees on Ancillary Facilities are dealt with in clause 14.4 (*Interest, commission and fees on Ancillary Facilities*).

**7.4** **Repayment of Ancillary Facility** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Ancillary Facility shall cease to be available on the Termination Date or such earlier date on which its
expiry date occurs or on which it is cancelled in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If an Ancillary Facility expires in accordance with its terms the Ancillary Commitment of the Ancillary Lender
shall be reduced to zero.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Ancillary Lender may demand repayment or prepayment of any Ancillary Outstandings prior to the expiry date
of the relevant Ancillary Facility unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) required to reduce the Gross Outstandings of a Multi-account Overdraft to or towards an amount equal to its Net
Outstandings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Total Commitments have been cancelled in full or all outstanding Loans have become due and payable in
accordance with the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it becomes unlawful in any applicable jurisdiction for the Ancillary Lender to perform any of its obligations
as contemplated by this Agreement or to fund, issue or maintain its participation in its Ancillary Facility (or it becomes unlawful for any Affiliate of the Ancillary Lender for the Ancillary Lender to do so); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) both:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Available Commitments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the notice of the demand given by the Ancillary Lender,

would not prevent the relevant Borrower funding the repayment of those Ancillary Outstandings in full by way of a Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Loan is made to repay Ancillary Outstandings in full, the relevant Ancillary Commitment shall be reduced
to zero.

**7.5** **Limitation on Ancillary Outstandings** 

Each Borrower shall procure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Ancillary Outstandings under any Ancillary Facility shall not exceed the Ancillary Commitment applicable to
that Ancillary Facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Multi-account Overdraft:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Ancillary Outstandings shall not exceed the Designated Net Amount applicable to that Multi-account
Overdraft; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Gross Outstandings shall not exceed the Designated Gross Amount applicable to that Multi-account Overdraft.

**7.6** **Adjustment for Ancillary Facilities upon acceleration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In this clause 7.6:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Revolving Outstandings**" means, in relation to a Lender, the aggregate of the equivalent in
the Base Currency of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) its participation in each Loan then outstanding (together with the aggregate amount of all accrued interest,
fees and commission owed to it as a Lender); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if the Lender is also an Ancillary Lender, the Ancillary Outstandings in respect of Ancillary Facilities
provided by that Ancillary Lender (or by its Affiliate) (together with the aggregate amount of all accrued interest, fees and commission owed to it (or to its Affiliate) as an Ancillary Lender in respect of the Ancillary Facility); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Total Revolving Outstandings**" means the aggregate of all Revolving Outstandings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Agent exercises any of its rights under clause 25.15 (*Acceleration*) (other than declaring Loans
to be due on demand), each Lender and each Ancillary Lender shall (subject to clause 7.6(g)) promptly adjust (by making or receiving (as the case may be) corresponding transfers of rights and obligations under the Finance Documents relating to
Revolving Outstandings) their claims in respect of amounts outstanding to them under the Facility and each Ancillary Facility to the extent necessary to ensure that after such transfers the Revolving Outstandings of each Lender bear the same
proportion to the Total Revolving Outstandings as such Lender's Commitment bears to the Total Commitments, each as at the date the Agent exercises the relevant right(s) under clause 25.15 (*Acceleration*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If an amount outstanding under an Ancillary Facility is a contingent liability and that contingent liability
becomes an actual liability or is reduced to zero after the original adjustment is made under clause 7.6(b), then each Lender and Ancillary Lender will make a further adjustment (by making or receiving (as the case may be) corresponding transfers of
rights and obligations under the Finance Documents relating to Revolving Outstandings to the extent necessary) to put themselves in the position they would have been in had the original adjustment been determined by reference to the actual liability
or, as the case may be, zero liability and not the contingent liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any transfer of rights and obligations relating to Revolving Outstandings made pursuant to this clause 7.6
shall be made for a purchase price in cash, payable at the time of transfer, in an amount equal to those Revolving Outstandings (less any accrued interest, fees and commission to which the transferor will remain entitled to receive notwithstanding
that transfer, pursuant to clause 26.10 (*Pro rata interest settlement*)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Prior to the application of the provisions of clause 7.6(b), an Ancillary Lender that has provided a
Multi-account Overdraft shall set-off any Available Credit Balance on any account comprised in that Multi-account Overdraft.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All calculations to be made pursuant to this clause 7.6 shall be made by the Agent based upon information
provided to it by the Lenders and Ancillary Lenders and the Agent's Spot Rate of Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This clause 7.6 shall not oblige any Lender to accept the transfer of a claim relating to an amount outstanding
under an Ancillary Facility which is not denominated (pursuant to the relevant Finance Document) in either the Base Currency, a currency which has been an Optional Currency for the purpose of any Loan or in another currency which is acceptable to
that Lender.

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**7.7** **Information** 

Each Borrower and each Ancillary Lender shall, promptly upon request by the Agent, supply the Agent with any information relating to the operation of an Ancillary Facility (including the Ancillary Outstandings) as the Agent may reasonably request from time to time. Each Borrower consents to all such information being released to the Agent and the other Finance Parties.

**7.8** **Affiliates of Lenders as Ancillary Lenders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms of this Agreement, an Affiliate of a Lender may become an Ancillary Lender. In such case,
the Lender and its Affiliate shall, except for the purpose of clause 15 (*Tax Gross-Up and Indemnities*), be treated as a single Lender whose Commitment is the amount set out opposite the relevant
Lender's name in Part 2 of Schedule 1 (*The Original Parties*) and/or the amount of any Commitment transferred to or assumed by that Lender under this Agreement, to the extent (in each case) not cancelled, reduced or transferred by it
under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall specify any relevant Affiliate of a Lender in any notice delivered by the Company to the
Agent pursuant to clause 7.2(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Lender assigns all of its rights and benefits or transfers all of its rights and obligations to a New
Lender, its Affiliate shall cease to have any obligations under this Agreement or any Ancillary Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where this Agreement or any other Finance Document imposes an obligation on an Ancillary Lender and the
relevant Ancillary Lender is an Affiliate of a Lender which is not a party to that document, the relevant Lender shall ensure that the obligation is performed by its Affiliate.

**7.9** **Affiliates of Borrowers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms of this Agreement, an Affiliate of a Borrower which is also a member of the Group may with
the approval of the relevant Lender become a borrower with respect to an Ancillary Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall specify any relevant Affiliate of a Borrower in any notice delivered by the Company to the
Agent pursuant to clause 7.2(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Borrower ceases to be a Borrower under this Agreement under clause 27.3 (*Resignation of a Borrower*), its Affiliate shall cease to have any rights under this Agreement or any Ancillary Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where this Agreement or any other Finance Document imposes an obligation on a Borrower under an Ancillary
Facility and the relevant Borrower is an Affiliate of a Borrower which is not a party to that document, the relevant Borrower shall ensure that the obligation is performed by its Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any reference in this Agreement or any other Finance Document to a Borrower being under no obligations (whether
actual or contingent) as a Borrower under such Finance

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Document shall be construed to include a reference to any Affiliate of a Borrower being under no obligations under any Finance Document or Ancillary Document.

**7.10** **Commitment amounts** 

Notwithstanding any other term of this Agreement, each Lender shall ensure that at all times its Commitment is not less than the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its Ancillary Commitment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Ancillary Commitment of its Affiliate.

**7.11** **Amendments and Waivers – Ancillary Facilities** 

No amendment or waiver of a term of any Ancillary Facility shall require the consent of any Finance Party other than the relevant Ancillary Lender unless such amendment or waiver itself relates to or gives rise to a matter which would require an amendment of or under this Agreement (including, for the avoidance of doubt, under this clause 7). In such a case, clause 37 (*Amendments and Waivers*) will apply.

**SECTION 4** 

**REPAYMENT, PREPAYMENT AND CANCELLATION** 

**8.** **REPAYMENT** 

**8.1** **Repayment of Loans** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Borrower which has drawn a Loan shall repay that Loan on the last day of its Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without prejudice to each Borrower's obligation under clause 8.1(a), if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) one or more Loans are to be made available to a Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) on the same day that a maturing Loan is due to be repaid by that Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in the same currency as the maturing Loan (unless it arose as a result of the operation of clause 6.2
(*Unavailability of a currency*)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in whole or in part for the purpose of refinancing the maturing Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the proportion borne by each Lender's participation in the maturing Loan to the amount of that maturing
Loan is the same as the proportion borne by that Lender's participation in the new Loans to the aggregate amount of those new Loans,

the aggregate amount of the new Loans shall, unless the Company notifies the Agent to the contrary in the relevant Utilisation Request, be treated as if applied in or towards repayment of the maturing Loan so that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if the amount of the maturing Loan exceeds the aggregate amount of the new Loans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the relevant Borrower will only be required to make a payment under clause 31.1 (*Payments to the Agent*)
in an amount in the relevant currency equal to that excess; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) each Lender's participation in the new Loans shall be treated as having been made available and applied
by the Borrower in or towards repayment of that Lender's participation in the maturing Loan and that Lender will not be required to make a payment under clause 31.1 (*Payments to the Agent*) in respect of its participation in the new
Loans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if the amount of the maturing Loan is equal to or less than the aggregate amount of the new Loans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the relevant Borrower will not be required to make a payment under clause 31.1 (*Payments to the Agent*);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) each Lender will be required to make a payment under clause 31.1 (*Payments to the Agent*) in respect of
its participation in the new Loans only to the extent that its participation in the new Loans exceeds that Lender's participation in the maturing Loan and the remainder of that Lender's participation in the new Loans shall be treated as
having been made available and applied by the Borrower in or towards repayment of that Lender's participation in the maturing Loan.

**9.** **PREPAYMENT AND CANCELLATION** 

**9.1** **Illegality** 

If, in any applicable jurisdiction, it becomes unlawful for any Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in any Loan or it becomes unlawful for any Affiliate of a Lender for that Lender to do so:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that Lender shall promptly notify the Agent upon becoming aware of that event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon the Agent notifying the Company, the Available Commitment of that Lender will be immediately cancelled;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the extent that the Lender's participation has not been transferred pursuant to clause 9.5(d), each
Borrower shall repay that Lender's participation in the Loans made to that Borrower on the last day of the Interest Period for each Loan occurring after the Agent has notified the Company or, if earlier, the date specified by the Lender in the
notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law) and that Lender's corresponding Commitment shall be immediately cancelled in the amount of the participations repaid.

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**9.2** **Change of control** 

Upon the occurrence of a Change of Control or the sale of all or substantially all of the assets of the Group whether in a single transaction or a series of related transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall promptly notify the Agent upon becoming aware of that event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Lender shall not be obliged to fund a Loan (except for a Rollover Loan); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if a Lender so requires and notifies the Agent within 20 Business Days of the Company notifying the Agent of
the event, the Agent shall, by not less than five Business Days' notice to the Company, cancel the Available Commitment of that Lender and declare the participation of that Lender in all outstanding Loans and Ancillary Outstandings, together
with accrued interest, and all other amounts accrued or outstanding under the Finance Documents immediately due and payable, whereupon such Available Commitment will be immediately cancelled and, the Commitment of that Lender shall immediately cease
to be available for further utilisation and all such Loans and Ancillary Outstandings, accrued interest and other amounts under the Finance Documents, shall become immediately due and payable.

**9.3** **Voluntary cancellation** 

The Company may, if it gives the Agent not less than five Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being an amount that reduces the Base Currency Amount of the Available Facility by a minimum amount of £5,000,000 (or its equivalent in any other currency or currencies)) of the Available Facility. Any cancellation under this clause 9.3 shall reduce the Commitments of the Lenders rateably.

**9.4** **Voluntary prepayment of Loans** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower to which a Loan has been made may, if it (or the Company) gives the Agent not less than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of a Term Rate Loan, five Business Days' (or such shorter period as the Majority Lenders may
agree) prior notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of a Compounded Rate Loan, five RFR Banking Days' (or such shorter period as the Majority
Lenders may agree) prior notice,

prepay the whole or any part of a Loan (but if in part, being an amount that reduces the Base Currency Amount of the Loan by a minimum amount of £5,000,000 (or its equivalent in any other currency or currencies)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A maximum of four Compounded Rate Loans may be prepaid in any Financial Year of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any prepayment of a Loan shall be made together with any accrued interest on the amount prepaid and will not be
subject to any premium or penalty fees.

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**9.5** **Right of replacement or repayment and cancellation in relation to a single Lender** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an additional amount is payable by an Obligor under clause 15.2(c) (*Tax gross-up*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Lender claims indemnification from the Company under clause 15.3 (*Tax indemnity*) or clause 16.1
(*Increased Costs*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any amount payable to any Lender by a Belgian Obligor under a Finance Document is not (or will not be when the
relevant corporate income tax is calculated) treated as a deductible charge or expense for that Obligor for Belgian tax purposes by reason of that amount being (A) paid or accrued to a Lender incorporated, domiciled, established or acting
through a Facility Office situated in a Non-Cooperative Jurisdiction, or (B) paid to an account opened in the name of, or for the benefit of, that Lender with a financial institution situated in a Non-Cooperative Jurisdiction,

the Company may, whilst the circumstance giving rise to the requirement for that additional amount, indemnification or non-deductibility continues, give the Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender's participation in the Loans or give the Agent notice of its intention to replace that Lender in accordance with clause 9.5(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On receipt of a notice of cancellation referred to in clause 9.5(a), the Available Commitment of that Lender
shall be immediately reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the last day of each Interest Period which ends after the Company has given notice of cancellation under
clause 9.5(a) (or, if earlier, the date specified by the Company in that notice), each Borrower to which a Loan is outstanding shall repay that Lender's participation in that Loan and that Lender's corresponding Commitment shall be
immediately cancelled in the amount of the participations repaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any of the circumstances set out in clause 9.5(a) apply to a Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an Obligor becomes obliged to pay any amount in accordance with clause 9.1 (*Illegality*) to any Lender,

the Company may on 10 Business Days' prior notice to the Agent and that Lender, replace that Lender by requiring that Lender to (and, to the extent permitted by law, that Lender shall) transfer pursuant to clause 26 (*Changes to the Lenders*) all (and not part only) of its rights and obligations under this Agreement to an Eligible Institution which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with clause 26 (*Changes to the Lenders*) for a purchase price in cash payable at the time of the transfer in an amount equal to the outstanding principal amount of such Lender's participation in the outstanding Loans and all accrued interest (to the extent that the Agent has not given a notification under

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clause 26.10 (*Pro rata interest settlement*)), Break Costs and other amounts payable in relation thereto under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The replacement of a Lender pursuant to clause 9.5(d) shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall have no right to replace the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither the Agent nor any Lender shall have any obligation to find a replacement Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in no event shall the Lender replaced under clause 9.5(d) be required to pay or surrender any of the fees
received by such Lender pursuant to the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Lender shall only be obliged to transfer its rights and obligations pursuant to clause 9.5(d) once it is
satisfied that it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to that transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Lender shall perform the checks described in clause 9.5(e)(iv) as soon as reasonably practicable following
delivery of a notice referred to in clause 9.5(d) and shall notify the Agent and the Company when it is satisfied that it has complied with those checks.

**9.6** **Right of cancellation in relation to a Defaulting Lender or Sanctioned Lender** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Lender becomes a Defaulting Lender or a Sanctioned Lender, the Company may, at any time whilst the
Lender continues to be a Defaulting Lender or a Sanctioned Lender, give the Agent 10 Business Days' notice of cancellation of each Available Commitment of that Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the notice referred to in clause 9.6(a) becoming effective, each Available Commitment of the Defaulting
Lender or the Sanctioned Lender shall be immediately reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent shall as soon as practicable after receipt of a notice referred to in clause 9.6(a), notify all the
Lenders.

**9.7** **Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice of cancellation or prepayment given by any Party under this clause 9 shall be irrevocable and,
unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and,
subject to any Break Costs, without premium or penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless a contrary indication appears in this Agreement, any part of the Facility which is prepaid or repaid may
be reborrowed in accordance with the terms of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrowers shall not repay or prepay all or any part of the Loans or cancel all or any part of the
Commitments except at the times and in the manner expressly provided for in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to clause 2.2 (*Increase*), no amount of the Total Commitments cancelled under this Agreement may
be subsequently reinstated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the Agent receives a notice under this clause 9 it shall promptly forward a copy of that notice to either
the Company or the affected Lender, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If all or part of any Lender's participation in a Loan is repaid or prepaid and is not available for
redrawing (other than by operation of clause 4.2 (*Further conditions precedent*)), an amount of that Lender's Commitment (equal to the Base Currency Amount of the amount of the participation which is repaid or prepaid) will be deemed to
be cancelled on the date of repayment or prepayment.

**9.8** **Application of prepayments** 

Any prepayment of a Loan pursuant to clause 9.4 (*Voluntary prepayment of Loans*) shall be applied pro rata to each Lender's participation in that Loan.

**SECTION 5** 

**COSTS OF UTILISATIONS** 

**10.** **RATE SWITCH** 

**10.1** **Switch to Compounded Reference Rate** 

Subject to clause 10.2 (*Delayed switch for existing Term Rate Loans*), on and from the Rate Switch Date for a Rate Switch Currency:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) use of the Compounded Reference Rate will replace the use of the Term Reference Rate for the calculation of
interest for Loans in that Rate Switch Currency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Loan or Unpaid Sum in that Rate Switch Currency shall be a "Compounded Rate Loan" and Clause
11.2 (*Calculation of interest – Compounded Rate Loans*) shall apply to each such Loan or Unpaid Sum.

**10.2** **Delayed switch for existing Term Rate Loans** 

If the Rate Switch Date for a Rate Switch Currency falls before the last day of an Interest Period for a Term Rate Loan in that currency:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that Loan shall continue to be a Term Rate Loan for that Interest Period and clause 11.1 (*Calculation of interest – Term Rate Loans*) shall continue to apply to that Loan for that Interest Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on and from the first day of the next Interest Period (if any) for that Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that Loan shall be a "Compounded Rate Loan"; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) clause 11.2 (*Calculation of interest – Compounded Rate Loans*) shall apply to that Loan.

**10.3** **[ *Reserved* ]** 

**10.4** **Notifications by Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following the occurrence of a Rate Switch Trigger Event for a Rate Switch Currency, the Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) promptly upon becoming aware of the occurrence of that Rate Switch Trigger Event, notify the Company and the
Lenders of that occurrence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) promptly upon becoming aware of the date of the Rate Switch Trigger Event Date applicable to that Rate Switch
Trigger Event, notify the Company and the Lenders of that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall, promptly upon becoming aware of the occurrence of the Rate Switch Date for a Rate Switch
Currency, notify the Company and the Lenders of that occurrence.

**10.5** **Rate Switch definitions** 

In this Agreement:

"**Backstop Rate Switch Date**" means in relation to a Rate Switch Currency:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date (if any) specified as such in the applicable Reference Rate Terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other date agreed as such between the Agent, all Lenders and the Company in relation to that currency;

"**Rate Switch Currency**" means a Term Rate Currency:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) which is specified as a "**Rate Switch Currency**" in the applicable Reference Rate Terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for which there are Reference Rate Terms applicable to Compounded Rate Loans,

provided that on the Rate Switch Date in respect of any such Term Rate Currency (or such later date agreed by the Company and all Lenders) the Reference Rate Terms in respect of any such Term Rate Currency are acceptable to all Lenders;

"**Rate Switch Date**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Rate Switch Currency, the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Backstop Rate Switch Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Rate Switch Trigger Event Date, for that Rate Switch Currency; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Rate Switch Currency which:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) becomes a Rate Switch Currency after the date of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for which there is a date specified as the "**Rate Switch Date**" in the Reference Rate Terms
for that currency,

that date;

"**Rate Switch Trigger Event**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to any Rate Switch Currency and the Primary Term Rate applicable to Loans in that Rate Switch
Currency:

(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the administrator of that Primary Term Rate or its supervisor publicly announces that such administrator is
insolvent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) information is published in any order, decree, notice, petition or filing, however described, of or filed with
a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms that the administrator of that Primary Term Rate is insolvent,

**provided that**, in each case, at that time, there is no successor administrator to continue to provide that Primary Term Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the administrator of that Primary Term Rate publicly announces that it has ceased or will cease, to provide
that Primary Term Rate for any Quoted Tenor permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that Primary Term Rate for that Quoted Tenor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the supervisor of the administrator of that Primary Term Rate publicly announces that such Primary Term Rate
has been or will be permanently or indefinitely discontinued for any Quoted Tenor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the administrator of that Primary Term Rate or its supervisor publicly announces that that Primary Term Rate
for any Quoted Tenor may no longer be used; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the supervisor of the administrator of that Primary Term Rate publicly announces or publishes information
stating that that Primary Term Rate for any Quoted Tenor is no longer, or as of a specified future date will no longer be, representative of the underlying market and the economic reality that it is intended to measure and that such
representativeness will not be restored (as determined by such supervisor);

"**Rate Switch Trigger Event Date**" means, in relation to a Rate Switch Currency:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an occurrence of a Rate Switch Trigger Event for that Rate Switch Currency described in
paragraph (a)(i) of the definition of Rate Switch Trigger Event,

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the date on which the relevant Primary Term Rate ceases to be published or otherwise becomes unavailable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an occurrence of a Rate Switch Trigger Event for that Rate Switch Currency described in
paragraphs (a)(ii), (a)(iii) or (a)(iv) of the definition of Rate Switch Trigger Event, the date on which the relevant Primary Term Rate for the relevant Quoted Tenor ceases to be published or otherwise becomes unavailable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of an occurrence of a Rate Switch Trigger Event for that Rate Switch Currency described in
paragraph (b) of the definition of Rate Switch Trigger Event, the date on which the relevant Primary Term Rate for the relevant Quoted Tenor ceases to be representative of the underlying market and the economic reality that it is intended to
measure (as determined by the supervisor of the administrator of such Primary Term Rate).

**11.** **INTEREST** 

**11.1** **Calculation of interest – Term Rate Loans** 

The rate of interest on each Term Rate Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Margin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Term Reference Rate.

**11.2** **Calculation of interest – Compounded Rate Loans** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The rate of interest on each Compounded Rate Loan for any day during an Interest Period is the percentage rate
per annum which is the aggregate of the applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Margin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Compounded Reference Rate for that day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any day during an Interest Period for a Compounded Rate Loan is not an RFR Banking Day, the rate of interest
on that Compounded Rate Loan for that day will be the rate applicable to the immediately preceding RFR Banking Day.

**11.3** **Payment of interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower to which a Loan has been made shall pay accrued interest on that Loan on the last day of each
Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Compliance Certificate received by the Agent which relates to the relevant Annual Financial Statements
shows that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a higher Margin should have applied during a certain period, then the Company shall (or shall ensure the
relevant Borrower shall) promptly pay to the Agent any amounts necessary to put the Agent and the Lenders in the position they

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would have been in had the appropriate rate of the Margin applied during such period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a lower Margin should have applied during a certain period such that the amount of Margin has been overpaid,
the amount of interest payable in respect of the immediately succeeding interest payment at the end of the current Interest Period shall be reduced in respect of each relevant Loan by the amount necessary to put the Borrowers in the position they
would have been in had the appropriate Margin been applied in respect of that Loan (and where the amount to be deducted exceeds the amount of interest payable on such day, any additional deductions shall be made on the last day of the next Interest
Period to end after such day), provided that no such lower Margin shall apply in respect of the participation in a Loan of any Lender that was not a Lender during the period in respect of which such lower Margin should have applied.

**11.4** **Default interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall
accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to clause 11.4(b), is one per cent. per annum higher than the rate which would have been payable if the overdue
amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any
interest accruing under this clause 11.4 shall be immediately payable by the Obligor on demand by the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any overdue amount consists of all or part of a Term Rate Loan and which became due on a day which was not
the last day of an Interest Period relating to that Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the
current Interest Period relating to that Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent.
per annum higher than the rate which would have applied if the overdue amount had not become due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end
of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

**11.5** **Notifications** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent shall promptly notify the relevant Lenders and the relevant Borrower (or the Company) of the
determination of a rate of interest relating to a Term Rate Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall promptly upon a Compounded Rate Interest Payment being determinable notify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relevant Borrower (or the Company) of that Compounded Rate Interest Payment;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each relevant Lender of the proportion of that Compounded Rate Interest Payment which relates to that
Lender's participation in the relevant Compounded Rate Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the relevant Lenders and the relevant Borrower (or the Company) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) each applicable rate of interest relating to the determination of that Compounded Rate Interest Payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) to the extent it is then determinable, the Market Disruption Rate (if any) relating to the relevant Compounded
Rate Loan.

This paragraph (b) shall not apply to any Compounded Rate Interest Payment determined pursuant to clause 13.4 (*Cost of funds*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent shall promptly notify the relevant Borrower (or the Company) of each Funding Rate relating to a Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Agent shall promptly notify the relevant Lenders and the relevant Borrower (or the Company) of the
determination of a rate of interest relating to a Compounded Rate Loan to which clause 13.4 (*Cost of funds*) applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This clause 11.5 shall not require the Agent to make any notification to any Party on a day which is not a
Business Day.

**12.** **INTEREST PERIODS** 

**12.1** **Selection of Interest Periods** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Borrower (or the Company on behalf of a Borrower) may select an Interest Period for a Loan in the Utilisation
Request for that Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to this clause 12, a Borrower (or the Company) may select an Interest Period of any period specified in
the applicable Reference Rate Terms, or of any other period agreed between the Company, the Agent and all the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An Interest Period for a Loan shall not extend beyond the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Interest Period for a Loan shall start on the Utilisation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Loan has one Interest Period only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Interest Period shall be longer than six Months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The length of an Interest Period of a Term Rate Loan shall not be affected by that Term Rate Loan becoming a
"Compounded Rate Loan" for that Interest Period pursuant to clause 13.1 (*Interest calculation if no Primary Term Rate*).

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**12.2** **Non-Business Days** 

Any rules specified as "Business Day Conventions" in the applicable Reference Rate Terms for a Loan or Unpaid Sum shall apply to each Interest Period for that Loan or Unpaid Sum.

**13.** **CHANGES TO THE CALCULATION OF INTEREST** 

**13.1** **Interest calculation if no Primary Term Rate** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Interpolated Primary Term Rate*: If no Primary Term Rate is available for the Interest Period of a Term
Rate Loan, the applicable Term Reference Rate shall be the Interpolated Primary Term Rate for a period equal in length to the Interest Period of that Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Shortened Interest Period*: If paragraph (a) above applies but it is not possible to calculate the
Interpolated Primary Term Rate, the Interest Period of the Loan shall (if it is longer than the applicable Fallback Interest Period) be shortened to the applicable Fallback Interest Period and the applicable Term Reference Rate shall be determined
pursuant to the definition of "**Term Reference Rate** ".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Shortened Interest Period and Historic Primary Term Rate*: If paragraph (b) above applies but no
Primary Term Rate is available for the Interest Period of that Loan and it is not possible to calculate the Interpolated Primary Term Rate, the applicable Term Reference Rate shall be the Historic Primary Term Rate for that Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Shortened Interest Period and Interpolated Historic Primary Term Rate*: If paragraph (c) above
applies but no Historic Primary Term Rate is available for the Interest Period of the Loan, the applicable Term Reference Rate shall be the Interpolated Historic Primary Term Rate for a period equal in length to the Interest Period of that Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Alternative Term Rate*: If paragraph (d) above applies but it is not possible to calculate the
Interpolated Historic Primary Term Rate, the Interest Period of that Loan shall, if it has been shortened pursuant to paragraph (b) above, revert to its previous length and the applicable Term Reference Rate shall be the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Alternative Term Rate as of the Quotation Time for a period equal in length to the Interest Period of that
Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any applicable Alternative Term Rate Adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Interpolated Alternative Term Rate*: If paragraph (e) above applies but no Alternative Term Rate is
available for the Interest Period of that Loan, the applicable Term Reference Rate shall be the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Interpolated Alternative Term Rate for a period equal in length to the Interest Period of that Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any applicable Alternative Term Rate Adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Compounded Reference Rate or cost of funds*: If paragraph (f) above applies but it is not possible
to calculate the Interpolated Alternative Term Rate then:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if "*Compounded Reference Rate will apply as a fallback*" is specified in the Reference Rate
Terms for that Loan and there are Reference Rate Terms applicable to Compounded Rate Loans in the relevant currency:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) there shall be no Term Reference Rate for that Loan for that Interest Period and clause 11.1 (*Calculation of interest – Term Rate Loans*) will not apply to that Loan for that Interest Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) that Loan shall be a "Compounded Rate Loan" for that Interest Period and clause 11.2
(*Calculation of interest – Compounded Rate Loans*) shall apply to that Loan for that Interest Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) "*Compounded Reference Rate will not apply as a fallback*" and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) "*Cost of funds will apply as a fallback* ",

are specified in the Reference Rate Terms for that Loan, clause 13.4 (*Cost of funds*) shall apply to that Loan for that Interest Period.

**13.2** **Interest calculation if no RFR or Central Bank Rate** 

If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there is no applicable RFR or Central Bank Rate for the purposes of calculating the Daily Non-Cumulative Compounded RFR Rate for an RFR Banking Day during an Interest Period for a Compounded Rate Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "*Cost of funds will apply as a fallback*" is specified in the Reference Rate Terms for that
Loan,

clause 13.4 (*Cost of funds*) shall apply to that Loan for that Interest Period.

**13.3** **Market disruption** 

If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Market Disruption Rate is specified in the Reference Rate Terms for a Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) before the Reporting Time for that Loan the Agent receives notifications from a Lender or Lenders (whose
participations in that Loan exceed 35 per cent. of that Loan) that its cost of funds relating to its participation in that Loan would be in excess of that Market Disruption Rate,

then clause 13.4 (*Cost of funds*) shall apply to that Loan for the relevant Interest Period.

**13.4** **Cost of funds** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If this clause 13.4 applies to a Loan for an Interest Period neither clause 11.1 (*Calculation of interest – Term Rate Loans*) nor clause 11.2 (*Calculation of interest –* 

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 *Compounded Rate Loans*) shall apply to that Loan for that Interest Period and the rate of interest on each Lender's share of that Loan for that Interest Period shall be the percentage rate per annum which is the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Margin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the weighted average of rates notified to the Agent by the Lenders as soon as practicable and in any event by
the Reporting Time for that Loan, to be that which expresses as a percentage rate per annum its cost of funds relating to its participation in that Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If this clause 13.4 applies and the Agent or the Company so requires, the Agent and the Company shall enter
into negotiations (for a period of not more than thirty days) with a view to agreeing a substitute basis for determining the rate of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any alternative basis agreed pursuant to clause 13.4(b) shall, with the prior consent of all the Lenders and
the Company, be binding on all Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If this clause 13.4 applies pursuant to clause 13.3 (*Market disruption*) and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Lender's Funding Rate is less than the relevant Market Disruption Rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Lender does not notify a rate to the Agent by the relevant Reporting Time,

that Lender's cost of funds relating to its participation in that Loan for that Interest Period shall be deemed, for the purposes of clause 13.4(a), to be the Market Disruption Rate for that Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to paragraph (d) above, if this clause 13.4 applies but any Lender does not notify a rate to the
Agent by the Reporting Time for the relevant Loan, the rate of interest shall be calculated on the basis of the rates notified by the remaining Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If this clause 13.4 applies the Agent shall, as soon as is practicable, notify the Company.

**13.5** **Break Costs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If an amount is specified as Break Costs in the Reference Rate Terms for a Loan or Unpaid Sum, each Borrower
shall, within three Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs (if any) attributable to all or any part of that Loan or Unpaid Sum being paid by that Borrower on a day prior to the last day of an Interest
Period for that Loan or Unpaid Sum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate
confirming the amount of its Break Costs for any Interest Period in respect of which they become, or may become, payable.

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**14.** **FEES** 

**14.1** **Commitment fee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall pay to the Agent (for the account of each Lender) a fee in the Base Currency computed at the
rate of 35 per cent. of the applicable Margin on that Lender's Available Commitment for the Availability Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The accrued commitment fee is payable on the last day of each successive period of three Months which ends
during the Availability Period, on the last day of the Availability Period and, if cancelled in full, on the cancelled amount of the relevant Lender's Commitment at the time the cancellation is effective.

**14.2** **Upfront fee** 

Wise Payments Limited shall pay to the Agent (for the account of the Original Lenders) an upfront fee in the amount and at the times agreed in a Fee Letter.

**14.3** **Agency fee** 

Wise Payments Limited shall pay to the Agent (for its own account) an agency fee in the amount and at the times agreed in a Fee Letter.

**14.4** **Interest, commission and fees on Ancillary Facilities** 

The rate and time of payment of interest, commission, fees and any other remuneration in respect of each Ancillary Facility shall be determined by agreement between the relevant Ancillary Lender and the Borrower of that Ancillary Facility based upon normal market rates and terms.

**SECTION 6** 

**ADDITIONAL PAYMENT OBLIGATIONS** 

**15.** **TAX GROSS-UP AND INDEMNITIES** 

**15.1** **Definitions** 

In this Agreement:

"**Australian Borrower**" means a Borrower incorporated in Australia;

"**Australian Qualifying Lender**" means a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance to an Australian Borrower under a Finance Document and is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Australian Treaty Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) entitled to receive such payments without a Tax Deduction on account of Tax imposed by Australia or, as the
case may be, is a Lender which is exempt from any Tax Deduction on account of Tax imposed by Australia from such payments.

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"**Australian Treaty Lender**" means a Lender which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is treated as a resident of an Australian Treaty State for the purposes of the Australian Treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) does not carry on business in Australia through a permanent establishment with which that Lender's
participation in the Loan is effectively connected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) meets all other conditions in the Australian Treaty and under the applicable domestic laws of Australia to
receive payments of interest in respect of its participation in any Loan, or otherwise under this Agreement, without a withholding or deduction for, or on account of, any Australian Tax (including Australian withholding tax), except that for this
purpose it shall be assumed that any necessary procedural formalities have been satisfied.

"**Australian Treaty State**" means a jurisdiction having a double taxation agreement (an "**Australian Treaty**") with Australia which makes provision for full exemption from Tax imposed by Australia on interest.

"**Belgian Borrower**" means a Borrower incorporated in Belgium.

"**Belgian Qualifying Lender**" means a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance to a Belgian Borrower under a Finance Document and which can receive that interest without a Tax Deduction due to being:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a professional investor within the meaning of Article 105, 3° of the Royal Decree implementing the Belgian
Income Tax Code 1992, which is a company resident for tax purposes in Belgium or which is acting through a Belgian establishment with which the Loan is effectively connected, other than mentioned in paragraph (b) below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a credit institution within the meaning of Article 105, 1°, a) of the Royal Decree implementing the Belgian
Income Tax Code 1992, which is a resident for tax purposes in Belgium or which is acting through a Facility Office in Belgium with which the Loan is effectively connected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a credit institution within the meaning of Article 107, §2, 5°, a), second dash of the Royal Decree
implementing the Belgian Income Tax Code 1992, that is acting through its head office and is resident for tax purposes in a country which is a member state of the European Economic Area or in a country with which Belgium has entered into a double
taxation agreement that is in force (irrespective of whether or not the double taxation agreement makes provision for exemption from tax imposed by Belgium on interest);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a credit institution within the meaning of Article 107, §2, 5°, a), second dash of the Royal Decree
implementing the Belgian Income Tax Code 1992, that is acting through a Facility Office which (i) itself qualifies as a credit institution within the meaning of the aforementioned Article 107, §2, 5°, a) second dash and (ii) is
located in a country which is a member state of the European Economic Area or in a country with which Belgium has entered into a double taxation agreement that is in force (irrespective of whether

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or not the double taxation agreement makes provision for exemption from tax imposed by Belgium on interest); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a Belgian Treaty Lender.

"**Belgian Treaty Lender**" means a Lender which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is treated as a resident of a Belgian Treaty State for the purposes of the Belgian Treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) does not carry on a business in Belgium through a permanent establishment with which that Lender's
participation in the Loan is effectively connected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is entitled to the benefits of the Belgian Treaty and meets all other conditions (subject to the completion of
any necessary procedural formalities) which must be fulfilled under the Belgian Treaty and under applicable domestic tax laws (including any principal purpose limitation on benefits or other anti-abuse test) for residents of Belgium to obtain full
exemption from tax imposed by Belgium on interest.

"**Belgian Treaty State**" means a jurisdiction having a double taxation agreement (a "**Belgian Treaty**") with Belgium which makes provision for full exemption from tax imposed by Belgium on interest.

"**Borrower DTTP Filing**" means an HM Revenue & Customs' Form DTTP2 duly completed and filed by the relevant Borrower, which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where it relates to a UK Treaty Lender that is an Original Lender, contains the scheme reference number and
jurisdiction of tax residence stated opposite that Lender's name in Part 2 of Schedule 1 (*The Original Parties*), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where the Borrower is an Original Borrower, is filed with HM Revenue & Customs within 30 days of the
date of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Borrower is an Additional Borrower, is filed with HM Revenue & Customs within 30 days of the
date on which that Borrower becomes an Additional Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where it relates to a UK Treaty Lender that is not an Original Lender, contains the scheme reference number and
jurisdiction of tax residence stated in respect of that Lender in the documentation which it executes on becoming a Party as a Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where the Borrower is a Borrower as at the date on which that UK Treaty Lender becomes a Party as a Lender, is
filed with HM Revenue & Customs within 30 days of that date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Borrower is not a Borrower as at the date on which that UK Treaty Lender becomes a Party as a Lender,
is filed with HM Revenue & Customs within 30 days of the date on which that Borrower becomes an Additional Borrower.

"**MLI**" means the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting of 24 November 2016 that entered into force on 1 July 2018;

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"**MLI Borrower Jurisdiction**" means the jurisdiction in which the Borrower is treated as resident for the purposes of the Relevant Covered Tax Agreement;

"**MLI Disclosure Condition**" means the freely accessible publication of the relevant MLI Reservation or MLI Notification on the OECD website (to the extent that such MLI Reservation or MLI Notification has not been withdrawn or superseded and taking into account any applicable amendments) no later than 10 Business Days prior to the date of this Agreement where the relevant Lender is an Original Lender, or no later than 10 Business Days prior to the date on which the relevant Lender became a Lender pursuant to this Agreement where the relevant Lender is not an Original Lender;

"**MLI Lender Jurisdiction**" means the jurisdiction in which the relevant Lender is treated as resident for the purposes of the Relevant Covered Tax Agreement;

"**MLI Notification**" means a notification validly made pursuant to Article 29 of the MLI;

"**MLI Reservation**" means a reservation validly made pursuant to Article 28 of the MLI;

"**Protected Party**" means a Finance Party which is or will be subject to any liability, or required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document.

"**Qualifying Lender**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Australian Qualifying Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Belgian Qualifying Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a UK Qualifying Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a US Qualifying Lender;

"**Relevant Covered Tax Agreement**" means a Covered Tax Agreement (as such term is defined under Article 2(1)(a) of the MLI) the parties to which are the MLI Lender Jurisdiction and the MLI Borrower Jurisdiction;

"**Tax Credit**" means a credit against, relief or remission for, or repayment of any Tax;

"**Tax Deduction**" means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction;

"**Tax Payment**" means either the payment of an additional amount by an Obligor to a Finance Party under clause 15.2 (*Tax gross-up*) or a payment under clause 15.3 (*Tax indemnity*);

"**Treaty Lender**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Australian Treaty Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Belgian Treaty Lender;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a UK Treaty Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a US Treaty Lender;

"**UK Borrower**" means a Borrower incorporated in the United Kingdom;

"**UK Non-Bank Lender**" means a Lender which is not an Original Lender and which gives a UK Tax Confirmation in the documentation which it executes on becoming a Party as a Lender;

"**UK Qualifying Lender**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance to a UK
Borrower under a Finance Document and is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) which is a bank (as defined for the purpose of section 879 of the ITA) making an advance under a Finance
Document and is within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that advance or would be within such charge as respects such payments apart from section 18A of the CTA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in respect of an advance made under a Finance Document by a person that was a bank (as defined for the purpose
of section 879 of the ITA) at the time that that advance was made and within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that advance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Lender which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a company resident in the United Kingdom for United Kingdom tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a partnership each member of which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a company so resident in the United Kingdom; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a
permanent establishment and which brings into account in computing its chargeable profits (within the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of
the CTA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a
permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the CTA) of that company; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a UK Treaty Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Lender which is a building society (as defined for the purpose of section 880 of the ITA) making an advance
to a UK Borrower under a Finance Document;

"**UK Tax Confirmation**" means a confirmation by a Lender that the person beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document is either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a company resident in the United Kingdom for United Kingdom tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a partnership each member of which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a company so resident in the United Kingdom; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a
permanent establishment and which brings into account in computing its chargeable profits (within the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of
the CTA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a
permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the CTA) of that company;

"**UK Treaty Lender**" means a Lender which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is treated as a resident of a UK Treaty State for the purposes of the UK Treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) does not carry on a business in the United Kingdom through a permanent establishment with which that
Lender's participation in the Loan is effectively connected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) meets all other conditions under the UK Treaty for residents of that UK Treaty State to obtain full exemption
from United Kingdom taxation on interest payable to that Lender in respect of any Loan, except that for this purpose it shall be assumed that any necessary procedural formalities have been satisfied;

"**UK Treaty State**" means a jurisdiction having a double taxation agreement (a "**UK Treaty**") with the United Kingdom which makes provision for full exemption from tax imposed by the United Kingdom on interest;

"**US Borrower**" means a Borrower incorporated in the US;

"**US Qualifying Lender**" means, a Lender which is beneficially entitled to interest payable to that lender in respect of an advance to a US Borrower under a Finance Document and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is a "United States person" within the meaning of Section 7701(a)(30) of the Code, provided
such Lender timely has delivered to the Agent for transmission to the Obligor making such payment two original copies of IRS Form W-9 (or any successor form)

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either directly or under cover of IRS Form W-8IMY (or any successor form) certifying its status as a "United States person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is a US Treaty Lender, provided such Lender timely has delivered to the Agent for transmission to the Obligor
making such payment two original copies of IRS Form W-8BEN (or any successor form) or IRS Form W-8BEN-E (or any successor form)
either directly or under cover of IRS Form W-8IMY (or any successor form) certifying its entitlement to receive such payments without any such deduction or withholding under the applicable double taxation
treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is entitled to receive payments under the Finance Documents without deduction or withholding of any US federal
income Taxes either as a result of such payments being effectively connected with the conduct by such Lender of a trade or business within the United States or under the portfolio interest exemption, provided such Lender timely has delivered to the
Agent for transmission to the Obligor making such payment two original copies of either (A) IRS Form W-8ECI (or any successor form) either directly or under cover of IRS Form W-8IMY (or any successor form) certifying that the payments made pursuant to the Finance Documents are effectively connected with the conduct by that Lender of a trade or business within the United States or
(B) IRS Form W-8BEN (or any successor form) or IRS Form W-8BEN-E (or any successor form) either directly or under cover of
IRS Form W-8IMY (or any successor form) claiming exemption from withholding in respect of payments made pursuant to the Finance Documents under the portfolio interest exemption and a statement certifying that
such Lender is not a person described in Section 871(h)(3)(B) or Section 881(c)(3) of the Code or (C) such other applicable form prescribed by the IRS certifying as to such Lender's entitlement to exemption from US withholding
tax with respect to all payments to be made to such Lender under the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) would have fallen within paragraph (a), (b) or (c) of this definition but for any change after the date of
this Agreement (or, if later, the date on which such Lender became a Party as a Lender) in (or in the interpretation, administration or application of) any law or US Treaty or any published practice or published concession of any relevant taxing
authority.

"**US Treaty Lender**" means a Lender which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is treated as a resident of a US Treaty State for the purposes of the US Treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) does not carry on business in the US through a permanent establishment with which that Lender's
participation in the Loan is effectively connected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) meets all other conditions in the US Treaty for full exemption from US taxation on interest which relate to the
Lender (including its tax or other status, the manner in which or the period for which it holds any rights under this Agreement, the reasons or purposes for its acquisition of such rights and the nature of any arrangements by which it disposes of or
otherwise turns to account such rights), except that for this purpose it shall be assumed that any necessary procedural formalities have been satisfied.

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"**US Treaty State**" means a jurisdiction having a double taxation agreement (a "**US Treaty**") with the US which makes provision for full exemption from tax imposed by the United States on interest.

Unless a contrary indication appears, in this clause 15 a reference to "determines" or "determined" means a determination made in the absolute discretion of the person making the determination acting in good faith.

**15.2** **Tax gross-up** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is
required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any
change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall promptly notify the Agent on becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification from a
Lender it shall promptly notify the Company and that Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Tax Deduction is required by law to be made by an Obligor, that Obligor shall pay an additional amount
which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An Obligor shall not be required to pay an additional amount under clause 15.2(c) by reason of a Tax Deduction
on account of Tax imposed by the United Kingdom, if on the date on which the payment falls due:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been a UK
Qualifying Lender and, in the case of a UK Treaty Lender, the payment is one specified in a direction given by the Commissioners of Revenue & Customs under Regulation 2 of the Double Taxation Relief (Taxes on Income) (General) Regulations
1970 (SI 1970/488), but on that date that Lender is not or has ceased to be a UK Qualifying Lender other than as a result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or
application of) any law or UK Treaty or any published practice or published concession of any relevant taxing authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the relevant Lender is a UK Qualifying Lender solely by virtue of paragraph (a)(ii) of the definition of
" **UK Qualifying Lender** "; and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) an officer of H.M. Revenue & Customs has given (and not revoked) a direction (a
" **Direction**") under section 931 of the ITA which relates to the payment and that Lender has received from the Obligor making the payment or from the Company a certified copy of that Direction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the payment could have been made to the Lender without any Tax Deduction if that Direction had not been made;
or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the relevant Lender is a UK Qualifying Lender solely by virtue of paragraph (a)(ii) of the definition of
" **UK Qualifying Lender**" and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the relevant Lender has not given a UK Tax Confirmation to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the payment could have been made to the Lender without any Tax Deduction if the Lender had given a UK Tax
Confirmation to the Company, on the basis that the UK Tax Confirmation would have enabled the Company to have formed a reasonable belief that the payment was an "excepted payment" for the purpose of section 930 of the ITA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the relevant Lender is a UK Treaty Lender and the Obligor making the payment is able to demonstrate that the
payment could have been made to that Lender without the Tax Deduction had that Lender complied with its obligations under clause 15.2(j) or 15.2(k) (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An Obligor shall not be required to pay an additional amount under clause 15.2(c) by reason of a Tax Deduction
on account of Tax imposed by Australia, if on the date on which the payment falls due:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been an
Australian Qualifying Lender, but on that date that Lender is not or has ceased to be an Australian Qualifying Lender, other than as a result of any change after that date it became a Lender under this Agreement in (or in the interpretation,
administration, or application of) any law or Australian Treaty or any published practice or published concession of any relevant taxing authority, other than a change in (or in the interpretation, administration or application of) a Relevant
Covered tax Agreement that occurs pursuant to the MLI and in accordance with the MLI Reservations or MLI Notifications made by (on the one hand) the MLI Lender Jurisdiction and (on the other hand) the MLI Borrower Jurisdiction where each relevant
MLI Reservation or MLI Notification satisfies the MLI Disclosure Condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the relevant Lender is an Australian Treaty Lender and the Obligor making the payment is able to demonstrate
that the payment could have been made to that Lender without the Tax Deduction had that Lender complied with its obligations under clause 15.2(j)(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Tax Deduction would not have been required to be made by the Obligor if the Commissioner of Taxation of the
Commonwealth of Australia or other taxing authority had not given a notice or direction under section 260-5 of Schedule 1 to the Taxation Administration Act 1953 (Cth) or section 255 of the Income Tax
Assessment Act 1936 (Cth) of Australia or comparable provision requiring the relevant Obligor to deduct from any payment to be made by the Obligor to a person under this Agreement an amount on account of any Taxes or other charges payable by the
payee; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Obligor making the payment is able to demonstrate that the payment could have been made to the relevant
payee without the Tax Deduction had that payee provided to the Obligor its name, address, tax file number or Australian Business Number (or similar details or proof of an applicable exemption from these requirements).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Belgian Borrower or Guarantor in respect of an amount due from such Belgian Borrower shall be required to
pay an additional amount under clause 15.2(c) by reason of a Tax Deduction on account of Tax imposed by Belgium if, on the date on which the payment falls due:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been a
Belgian Qualifying Lender, but on that date that Lender is not or has ceased to be a Belgian Qualifying Lender, other than as a result of any change after the date it became a Lender under this Agreement in any law, double taxation agreement or
Belgian Treaty or any published practice or published concession of any relevant Tax authority (or in the interpretation or implementation of such law, Belgian Treaty, agreement, practice or concession by the relevant Tax authority); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the relevant Lender is a Belgian Treaty Lender and the Obligor making the payment is able to demonstrate that
the payment could have been made to the Lender without the Tax Deduction had that Lender complied with its obligations under clause 15.2(j)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) An Obligor shall not be required to pay an additional amount under clause 15.2(c)by reason of a Tax Deduction
on account of Tax imposed by the US if, on the date on which the payment falls due:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been a US
Qualifying Lender, but on that date that Lender is not or has ceased to be a US Qualifying Lender other than as a result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration or application
of) any law or US Treaty or any published practice of any relevant taxing authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the relevant Lender is a US Treaty Lender and the Obligor making the payment is able to demonstrate that the
payment could have been made to the Lender without the Tax Deduction had that Lender complied with its obligations under clause 15.2(j)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment
required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Within thirty days of making either a Tax Deduction or any payment required in connection with that Tax
Deduction, the Obligor making that Tax Deduction shall deliver to the Agent for the Finance Party entitled to the payment a statement under section 975 of the ITA, an original receipt or certified copy thereof or other evidence reasonably

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satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority.

(j) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to clause 15.2(j)(ii), a Treaty Lender and each Obligor which makes a payment to which that Treaty
Lender is entitled shall co-operate in completing any procedural formalities necessary for that Obligor to obtain authorisation to make that payment without a Tax Deduction and maintain that authorisation
where an authorisation expires or otherwise ceases to have effect (including, but not limited to, the relevant Lender providing the Obligor with a recently issued form 6166 promptly following the Obligor's request).

(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) In relation to a participation in a Loan made to a UK Borrower, a UK Treaty Lender which is an Original Lender
and that holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence opposite its name in Part 2 of Schedule 1
(The Original Parties); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in relation to a participation in a Loan made to a UK Borrower, a UK Treaty Lender which is not an Original
Lender and that holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence in the documentation which it
executes on becoming a Party as a Lender,

and, having done so, that Lender shall be under no obligation pursuant to clause 15.2(j)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) If a Lender has confirmed its scheme reference number and its jurisdiction of tax residence in accordance with
clause 15.2(j)(ii) and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Borrower making a payment to that Lender has not made a Borrower DTTP Filing in respect of that Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Borrower making a payment to that Lender has made a Borrower DTTP Filing in respect of that Lender but:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) that Borrower DTTP Filing has been rejected by HM Revenue & Customs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) HM Revenue & Customs has not given the Borrower authority to make payments to that Lender without a
Tax Deduction within 60 days of the date of the Borrower DTTP Filing; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) HM Revenue & Customs has given the Borrower authority to make payments to that Lender without a Tax
Deduction but such authority has subsequently been revoked or expired,

and in each case, the Borrower has notified that Lender in writing, that Lender and the Borrower shall co-operate in completing any additional procedural formalities necessary for that Borrower to obtain authorisation to make that payment without a Tax Deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) If a Lender has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with
clause 15.2(j)(ii), no Obligor shall make a Borrower DTTP Filing or file any other form relating to the HMRC DT Treaty Passport scheme in respect of that Lender's Commitment or its participation in any Loan unless the Lender otherwise agrees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) A Borrower shall, promptly on making a Borrower DTTP Filing, deliver a copy of that Borrower DTTP Filing to the
Agent for delivery to the relevant Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) A UK Non-Bank Lender shall promptly notify the Company and the Agent if
there is any change in the position from that set out in the UK Tax Confirmation.

**15.3** **Tax Indemnity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall (within three Business Days of demand by the Agent) pay to a Protected Party an amount equal
to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Clause 15.3(a) shall not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to any Tax assessed on a Finance Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the
jurisdiction (or jurisdictions) in which that Finance Party is treated as resident or as having a permanent establishment for tax purposes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) under the law of the jurisdiction in which that Finance Party's Facility Office or permanent
establishment is located in respect of amounts received or receivable in that jurisdiction,

if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that Finance Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the extent a loss, liability or cost:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is compensated for by a payment of an additional amount under clause 15.2 (Tax gross-up);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) would have been compensated for by a payment of an additional amount under clause 15.2 (*Tax gross-up*) but was not so compensated solely because one of the exclusions in clauses 15.2(d) to 15.2(g) applied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) is compensated for by a payment under clause 15.6 (*Stamp taxes*) or clause 15.7 (*VAT*) (or would
have been compensated for under clause 15.6 (*Stamp taxes*) or clause 15.7 (*VAT*) but was not so compensated solely because any of the exclusions in clause 15.6 (*Stamp taxes*) or clause 15.7 (*VAT*) applied);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) attributable to the Bank Levy (or any payment attributable to, or liability arising in connection with the Bank
Levy); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) relates to a FATCA Deduction required to be made by a Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Protected Party making, or intending to make a claim under clause 15.3(a) shall promptly notify the Agent of
the event which will give, or has given, rise to the claim, following which the Agent shall notify the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Protected Party shall, on receiving a payment from an Obligor under this clause 15.3, notify the Agent.

**15.4** **Tax Credit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If an Obligor makes a Tax Payment and the relevant Finance Party determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment
or to a Tax Deduction in consequence of which that Tax Payment was required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that Finance Party has obtained and utilised that Tax Credit,

the Finance Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Tax Deduction is required to be made from a payment made by an Obligor to a Treaty Lender and clause 15.2
(*Tax gross-up*) applies to require an additional amount to be paid by the Obligor to that Treaty Lender, that Treaty Lender shall, at the Obligor's cost and as soon as reasonably practicable,
following a request by the Obligor and receipt of such evidence under clause 15.2(i), apply to the relevant Tax authority for, and use reasonable endeavours to obtain, any rebate or repayment of the relevant Tax to which that Treaty Lender is
entitled under the relevant treaty (a "**Treaty Rebate**") and any such Treaty Rebate, once received, shall be treated as a Tax Credit that has been obtained and utilised for the purposes of this clause 15.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Lender makes any payment to an Obligor pursuant to this clause 15.4 and the Lender subsequently certifies
in good faith that the Tax Credit in respect of which such payment was made was not available or has been withdrawn, reduced or that it was

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unable to use the Tax Credit in full, the Obligor shall reimburse the Lender such amount as the Lender determines in good faith is necessary to place it in the same after-Tax position as it would have been in if the Tax Credit had been obtained and fully used and retained by the Lender.

**15.5** **Lender status confirmation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender, which is not an Original Lender, shall indicate, in the documentation which it executes on
becoming a Party as a Lender, and for the benefit of the Agent and without liability to any Obligor, which of the following categories it falls in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of a UK Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) not a UK Qualifying Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a UK Qualifying Lender (other than a UK Treaty Lender); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a UK Treaty Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in respect of a Belgian Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) not a Belgian Qualifying Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a Belgian Qualifying Lender (other than a Belgian Treaty Lender); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a Belgian Treaty Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in respect of a US Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) not a US Qualifying Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a US Qualifying Lender (other than a US Treaty Lender); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a US Treaty Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in respect of an Australian Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) not an Australian Qualifying Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) an Australian Qualifying Lender (other than an Australian Treaty Lender); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) an Australian Treaty Lender.

If such a Lender fails to indicate its status in accordance with this clause 15.5(a) then that Lender shall be treated for the purposes of this Agreement (including by each Obligor) as if it is not a Qualifying Lender with respect to the relevant Borrower until such time as it notifies the Agent which category applies (and the Agent, upon receipt of such notification, shall inform the Company). For the avoidance of doubt, the documentation which a Lender executes on becoming a Party as a Lender shall not be invalidated by any failure of a Lender to comply with this clause 15.5(a).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Original Lender represents on the date of this Agreement that it is not incorporated in, having its place
of effective management in, or acting through a Facility Office or office, as the case may be, situated in, a Non-Cooperative Jurisdiction and that for the purposes of the Finance Documents, it is not using a
bank account held with or managed by it (or any establishment it may have) in a Non-Cooperative Jurisdiction or held with or managed by a credit institution established or having an establishment in a Non-Cooperative Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Lender which is not an Original Lender shall indicate, in the documentation which it executes on becoming
a Party as a Lender, whether it is incorporated in, having its place of effective management in, or acting through a Facility Office or office, as the case may be, situated in, a Non-Cooperative Jurisdiction,
and whether for the purposes of the Finance Documents, it is using a bank account held with or managed by it (or any establishment it may have) in a Non-Cooperative Jurisdiction or held with or managed by a
credit institution established or having an establishment in a Non-Cooperative Jurisdiction. For the avoidance of doubt, the documentation which a Lender executes on becoming a Party as a Lender shall not be
invalidated by any failure of a Lender to comply with this clause 15.5(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Lender shall notify any Belgian Obligor: (i) if the state or territory in which it is incorporated,
resident or established, or where its Facility Office is established, is a Non-Cooperative Jurisdiction and/or (ii) if the bank account(s) to which payments to which that Lender is entitled have been (or
will be) made are (x) managed or held by a person or persons incorporated, resident or established in a Non-Cooperative Jurisdiction or by the permanent establishment of a non-resident of Belgium situated in a Non-Cooperative Jurisdiction or (y) managed by, or opened with, (A) a financial institution incorporated, resident or
established in a Non-Cooperative Jurisdiction or (B) a branch or office of a financial institution situated in a Non-Cooperative Jurisdiction; in each case at such
time or during such period or, as the case may be, in connection with such payments, as indicated by that Belgian Obligor in a written request to make such notification. The Lender shall make such notification within ten Business Days of demand from
that Belgian Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Lender shall, within ten Business Days of demand from a Belgian Obligor, provide information to that
Belgian Obligor reasonably demonstrating that it cannot be considered as an artificial construction within the meaning of Article 198, §1, 10° of the Belgian Income Tax Code 1992 (i) if the state or territory in which it is or becomes
incorporated, resident or established or where its Facility Office is or becomes established is a Non-Cooperative Jurisdiction and/or (ii) if the bank account(s) to which payments to which that Lender is
entitled have been or will be made, are (x) managed or held by a person or persons incorporated, resident or established in a Non-Cooperative Jurisdiction or by the permanent establishment of a non-resident of Belgium situated in a Non-Cooperative Jurisdiction or (y) managed by, or opened with, a financial institution incorporated, resident or established in a Non-Cooperative Jurisdiction or (B) a branch or office of a financial institution situated in a Non-Cooperative Jurisdiction.

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**15.6** **Stamp taxes** 

The Company shall pay and, within five Business Days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document, other than (i) where such Taxes become payable as a result of the assignment or transfer by a Lender of any of its rights under this Agreement, and (ii) any such Tax to the extent it becomes payable upon a voluntary registration made by any Finance Party if such registration is not necessary to evidence, prove, maintain, enforce, compel or otherwise assert the rights of a Finance Party under any of the Finance Document.

**15.7** **VAT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or
in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply and, accordingly, subject to clause 15.7(b), if VAT is or becomes chargeable on any supply made by any
Finance Party to any Party under a Finance Document and such Finance Party is required to account to the relevant tax authority for the VAT, that Party must pay to such Finance Party (in addition to and at the same time as paying any other
consideration for such supply) an amount equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to that Party).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If VAT is or becomes chargeable on any supply made by any Finance Party (the "**Supplier**") to
any other Finance Party (the "**Recipient**") under a Finance Document, and any Party other than the Recipient (the "**Relevant Party**") is required by the terms of any Finance Document to pay an amount equal to the
consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant
Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount of the VAT. The Recipient must (where this clause 15.7(b)(i) applies) promptly pay to the Relevant Party an amount equal to any
credit or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant
Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from
the relevant tax authority in respect of that VAT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense,
that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or expense, including such part

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thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any reference in this clause 15.7 to any Party shall, at any time when such Party is treated as a member of a
group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the representative member of such group at such time (the term "representative member" to have the same meaning as in the Value
Added Tax Act 1994, the Belgian Royal Decree No. 55 of 9 March 2007, Article 11 of the Council Directive 2006/112/EC (as implemented by the relevant member state of the European Union) or its equivalent meaning under the relevant VAT
legislation in Australia, the US or elsewhere, including where such legislation uses a term other than "representative member").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably
requested by such Finance Party, that Party must promptly provide such Finance Party with details of that Party's VAT registration and such other information as is reasonably requested in connection with such Finance Party's VAT
reporting requirements in relation to such supply.

**15.8** **FATCA information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clause 15.8(c), each Party shall, within ten Business Days of a reasonable request by another Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) confirm to that other Party whether it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a FATCA Exempt Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) not a FATCA Exempt Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) supply to that other Party such forms, documentation and other information relating to its status under FATCA
as that other Party reasonably requests for the purposes of that other Party's compliance with FATCA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) supply to that other Party such forms, documentation and other information relating to its status as that other
Party reasonably requests for the purposes of that other Party's compliance with any other law, regulation, or exchange of information regime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Party confirms to another Party pursuant to clause 15.8(a)(i) that it is a FATCA Exempt Party and it
subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Clause 15.8(a) shall not oblige any Finance Party to do anything, and clause 15.8(a)(iii) shall not oblige any
other Party to do anything, which would or might in its reasonable opinion constitute a breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any law or regulation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any fiduciary duty; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any duty of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or
other information requested in accordance with clause 15.8(a)(i) or 15.8(a)(ii) (including, for the avoidance of doubt, where clause 15.8(c) applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under
them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If a Borrower is a US Tax Obligor or the Agent reasonably believes that its obligations under FATCA or any
other applicable law or regulation require it, each Lender shall, within ten Business Days of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where an Original Borrower is a US Tax Obligor and the relevant Lender is an Original Lender, the date of this
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where a Borrower is a US Tax Obligor on a date on which any other Lender becomes a Party as a Lender, that
date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date a new US Tax Obligor accedes as a Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) where a Borrower is not a US Tax Obligor, the date of a request from the Agent, supply to the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a withholding certificate on Form W-8, Form W-9 or any other relevant form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any withholding statement or other document, authorisation or waiver as the Agent may require to certify or
establish the status of such Lender under FATCA or that other law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Agent shall provide any withholding certificate, withholding statement, document, authorisation or waiver
it receives from a Lender pursuant to clause 15.8(e) to the relevant Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If any withholding certificate, withholding statement, document, authorisation or waiver provided to the Agent
by a Lender pursuant to clause 15.8(e) is or becomes materially inaccurate or incomplete, that Lender shall promptly update it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver to the Agent
unless it is unlawful for the Lender to do so (in which case the Lender shall promptly notify the Agent). The Agent shall provide any such updated withholding certificate, withholding statement, document, authorisation or waiver to the relevant
Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Agent may rely on any withholding certificate, withholding statement, document, authorisation or waiver it
receives from a Lender pursuant to clause 15.8(e) or clause 15.8(g) without further verification. The Agent shall not be liable for any action taken by it under or in connection with clause 15.8(e), clause 15.8(f) or clause 15.8(g).

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**15.9** **FATCA Deduction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection
with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change
in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and, in addition, shall notify the Company and the Agent and the Agent shall notify the other Finance Parties.

**16.** **INCREASED COSTS** 

**16.1** **Increased Costs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clause 16.3 (*Exceptions*) the Company shall, within three Business Days of a demand by the
Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the introduction of or any change in (or in the interpretation, administration or application of) any law or
regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) compliance with any law or regulation made after the date of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the implementation or application of, or compliance with Basel III, CRD IV or any other law or regulation which
implements Basel III or CRD IV (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In this Agreement:

"**2018 EWA**" means the European Union (Withdrawal) Act 2018;

"**2020 EWA**" means the European Union (Withdrawal Agreement) Act 2020;

"**Basel III**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the agreements on capital requirements, a leverage ratio and liquidity standards contained in "Basel III:
A global regulatory framework for more resilient banks and banking systems", "Basel III: International framework for liquidity risk measurement, standards and monitoring" and "**Guidance for national authorities operating the countercyclical capital buffer**" published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the rules for global systemically important banks contained in "Global systemically important banks:
assessment methodology and the additional loss absorbency

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requirement Rules text" published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any further guidance or standards published by the Basel Committee on Banking Supervision relating to
" **Basel III** ".

"**CRD IV**" means EU CRD IV and UK CRD IV;

"**EU CRD IV**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential
requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the
activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC;

"**Increased Costs**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a reduction in the rate of return from the Facility or on a Finance Party's (or its Affiliate's)
overall capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an additional or increased cost; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a reduction of any amount due and payable under any Finance Document, which is incurred or suffered by a
Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or an Ancillary Commitment or funding or performing its obligations under any Finance Document; and

"**UK CRD IV**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential
requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 as it forms part of domestic law of the United Kingdom by virtue of the 2018 EWA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the law of the United Kingdom or any part of it, which immediately before IP completion day (as defined in the
2020 EWA) implemented Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending
Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC and its implementing measures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) direct EU legislation (as defined in the 2018 EWA), which immediately before IP completion day (as defined in
the 2020 EWA) implemented EU CRD IV as it forms part of domestic law of the United Kingdom by virtue of the 2018 EWA.

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**16.2** **Increased Cost claims** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Finance Party intending to make a claim pursuant to clause 16.1 (*Increased Costs*) shall notify the
Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming
the amount of its Increased Costs.

**16.3** **Exceptions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Clause 16.1 (*Increased Costs*) does not apply to the extent any Increased Cost is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) attributable to a Tax Deduction required by law to be made by an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) attributable to a FATCA Deduction required to be made by a Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) compensated for by clause 15.3 (*Tax indemnity*) (or would have been compensated for under clause 15.3
(*Tax indemnity*) but was not so compensated solely because any of the exclusions in clause 15.3(b) applied);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) compensated for by clause 15.6 (*Stamp taxes*) or clause 15.7 (*VAT*) (or would have been compensated
for under clause 15.6 (*Stamp taxes*) or clause 15.7 (*VAT*) but was not so compensated solely because any of the exclusions in clause 15.6 (*Stamp taxes*) or clause 15.7 (*VAT*) applied);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) (for the avoidance of doubt) attributable to the Bank Levy (or any payment attributable to, or liability
arising in connection with the Bank Levy);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) attributable to the implementation or application of or compliance with the "International Convergence of
Capital Measurement and Capital Standards, a Revised Framework" published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement ()"**Basel II**") or any other law or
regulation which implements Basel II (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates), which for the avoidance of doubt shall not include any changes pursuant to Basel
III. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In this clause 16.3, a reference to a "**Tax Deduction**" has the same meaning given to that
term in clause 15.1 (*Definitions*).

**17.** **OTHER INDEMNITIES** 

**17.1** **Currency indemnity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any sum due from an Obligor under the Finance Documents (a "**Sum** "), or any order, judgment
or award given or made in relation to a Sum, has to be converted from the

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currency (the "**First Currency**") in which that Sum is payable into another currency (the "**Second Currency**") for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) making or filing a claim or proof against that Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,

that Obligor shall as an independent obligation, within five Business Days of demand, indemnify each Finance Party to whom that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in
a currency or currency unit other than that in which it is expressed to be payable.

**17.2** **Other indemnities** 

The Company shall (or shall procure that an Obligor will), within five Business Days of demand, indemnify the Arranger and each other Finance Party against any cost, loss or liability incurred by it as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the occurrence of any Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without
limitation, any cost, loss or liability arising as a result of clause 30 (*Sharing Among the Finance Parties*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) funding, or making arrangements to fund, its participation in a Loan requested by the Company or a Borrower in
a Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of default or negligence by that Finance Party alone); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by a Borrower or
the Company.

**17.3** **Indemnity to the Agent** 

The Company shall (or shall procure that an Obligor will), within five Business Days of demand, indemnify the Agent against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any cost, loss or liability incurred by the Agent (acting reasonably) as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) investigating any event which it reasonably believes is a Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and
appropriately authorised; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as
permitted under this Agreement, provided that:

(iv) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if no Default is continuing, the Agent shall obtain the prior consent of the Company (acting reasonably and
such consent not to be unreasonably withheld or delayed) to the amount of any fees incurred under clause 17.3(a)(iii)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if a Default is continuing, there shall be no requirement for the Agent to obtain the consent of the Company
prior to being indemnified for any cost, loss or liability it incurs under clause 17.3(a)(iii); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any cost, loss or liability (including, without limitation, for negligence or any other category of liability
whatsoever) incurred by the Agent (otherwise than by reason of the Agent's gross negligence, wilful misconduct or fraud) (or, in the case of any cost, loss or liability pursuant to clause 31.11 (*Disruption to payment systems etc*)
notwithstanding the Agent's negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) in acting as Agent under the Finance Documents, except for any liability to Tax
assessed on the Agent if that Tax is imposed on or calculated by reference to the net income, profits or gains of the Agent.

**18.** **MITIGATION BY THE LENDERS** 

**18.1** **Mitigation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Finance Party shall, in consultation with the Company, take all reasonable steps to mitigate any
circumstances which arise and which would result in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any amount becoming payable under or pursuant to, or cancelled pursuant to, any of clause 9.1
(*Illegality*), clause 15 (*Tax Gross-Up and Indemnities*) or clause 16 (*Increased Costs*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any amount payable under a Finance Document by a Belgian Obligor becoming not deductible from that
Obligor's taxable income for Belgian tax purposes by reason of that amount being (A) paid or accrued to a Finance Party incorporated, domiciled or established in, or acting through a Facility Office situated in, a Non-Cooperative Jurisdiction or (B) paid to an account opened in the name of, or for the benefit of, that Finance Party with a financial institution (or branch or office of such financial institution) situated
in a Non-Cooperative Jurisdiction,

including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office, transferring its rights and obligations under the Finance Documents to an Affiliate or Facility Office that is not established in a Non-Cooperative Jurisdiction or substituting a bank account for an alternative bank account that is not held with a financial institution situated in a Non-Cooperative Jurisdiction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Clause 18.1(a) does not in any way limit the obligations of any Obligor under the Finance Documents.

**18.2** **Limitation of liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall (or shall procure that an Obligor will), within five Business Days of demand indemnify each
Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under clause 18.1 (*Mitigation*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Finance Party is not obliged to take any steps under clause 18.1 (*Mitigation*) if, in the opinion of
that Finance Party (acting reasonably), to do so might be prejudicial to it.

**19.** **COSTS AND EXPENSES** 

**19.1** **Transaction expenses** 

Wise Payments Limited shall (or shall procure that an Obligor will) within five Business Days of demand pay the Agent and the Arranger the amount of all documented third party professional fees (subject to any caps pre-agreed with the Company) and documented reasonable out of pocket expenses reasonably incurred by any of them in connection with the negotiation, preparation, printing, execution, and perfection of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Agreement and any other documents referred to in this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other Finance Documents executed after the date of this Agreement.

**19.2** **Amendment and other costs** 

If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Obligor requests an amendment, waiver or consent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an amendment is required pursuant to clause 31.10 (*Change of currency*),

the Company shall (or shall procure that an Obligor will), within five Business Days of demand, reimburse the Agent for the amount of all documented third party professional fees (subject to any caps pre-agreed with the Company) and documented reasonable out of pocket expenses reasonably incurred by the Agent in responding to, evaluating, negotiating or complying with that request or requirement.

**19.3** **Enforcement and preservation costs** 

The Company shall (or shall procure that an Obligor will), within three Business Days of demand, pay to each Finance Party the amount of all costs and expenses (including legal fees) incurred by it in connection with the enforcement of or the preservation of any rights under any Finance Document.

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**SECTION 7** 

**GUARANTEE** 

**20.** **GUARANTEE AND INDEMNITY** 

**20.1** **Guarantee and indemnity** 

Each Guarantor irrevocably and unconditionally jointly and severally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) guarantees to each Finance Party punctual performance by each Borrower of all that Borrower's obligations
under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) undertakes with each Finance Party that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whenever a Borrower does not pay any amount when due under or in connection with any Finance Document, that
Guarantor shall immediately on demand pay that amount as if it was the principal obligor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if an Ipso Facto Event is continuing, then immediately on demand by the Agent that Guarantor shall pay all
Loans, accrued interest and other amounts referred to in clause 25.15 (*Acceleration*) as if it was the principal obligor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or
illegal, it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of a Borrower not paying any amount which would, but for such unenforceability,
invalidity or illegality, have been payable by it under any Finance Document on the date when it would have been due. The amount payable by a Guarantor under this indemnity will not exceed the amount it would have had to pay under this clause 20 if
the amount claimed had been recoverable on the basis of a guarantee.

Each of clauses 20.1(a), 20.1(b)(i), 20.1(b)(ii) and 20.1(c) is a separate obligation. None is limited by reference to the other.

"**Ipso Facto Event**" means a Borrower is the subject of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an announcement, application, compromise, arrangement, managing controller, or administration as described in
section 415D(1), 434J(1) or 451E(1) of the Corporations Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any process which under any law with a similar purpose may give rise to a stay on, or prevention of, the
exercise of contractual rights.

**20.2** **Continuing guarantee** 

This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Obligor under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part.

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**20.3** **Reinstatement** 

If any discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of each Guarantor under this clause 20 will continue or be reinstated as if the discharge, release or arrangement had not occurred.

**20.4** **Waiver of defences** 

The obligations of each Guarantor under this clause 20 will not be affected by an act, omission, matter or thing which, but for this clause, would reduce, release or prejudice any of its obligations under this clause 20 (without limitation and whether or not known to it or any Finance Party) including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any time, waiver or consent granted to, or composition with, any Obligor or other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the release of any other Obligor or any other person under the terms of any composition or arrangement with any
creditor of any member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up
or enforce, any rights against, or security over assets of, any Obligor or other person or any non-presentation or non-observance of any formality or other requirement
in respect of any instrument or any failure to realise the full value of any security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or
status of an Obligor or any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more
onerous) or replacement of any Finance Document or any other document or security including without limitation any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance
Document or other document or security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or
any other document or security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any insolvency or similar proceedings.

**20.5** **Guarantor intent** 

Without prejudice to the generality of clause 20.4 (*Waiver of defences*), each Guarantor expressly confirms that it intends that this guarantee shall extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Finance Documents (including, without limitation, any New Commitments established pursuant to clause 2.3 (*Accordion*) or any extension to the Termination Date effected pursuant to clause 2.4 (*Extension*)) and/or any facility or amount made available under any of the Finance

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Documents for the purposes of or in connection with any of the following: business acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to new borrowers; any other variation or extension of the purposes for which any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated with any of the foregoing.

**20.6** **Immediate recourse** 

Each Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this clause 20. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

**20.7** **Appropriations** 

Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party
(or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any
Guarantor's liability under this clause 20.

**20.8** **Deferral of Guarantors' rights** 

Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless the Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this clause 20:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to be indemnified by an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to claim any contribution from any other guarantor of any Obligor's obligations under the Finance
Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the
Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any
obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under clause 20.1 (*Guarantee and indemnity*);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to exercise any right of set-off against any Obligor; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to claim or prove as a creditor of any Obligor in competition with any Finance Party.

If a Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer the same to the Agent or as the Agent may direct for application in accordance with clause 31 (*Payment Mechanics*).

**20.9** **Release of Guarantors' right of contribution** 

If any Guarantor (a "**Retiring Guarantor**") ceases to be a Guarantor in accordance with the terms of the Finance Documents for the purpose of any sale or other disposal of that Retiring Guarantor then on the date such Retiring Guarantor ceases to be a Guarantor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that Retiring Guarantor is released by each other Guarantor from any liability (whether past, present or future
and whether actual or contingent) to make a contribution to any other Guarantor arising by reason of the performance by any other Guarantor of its obligations under the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each other Guarantor waives any rights it may have by reason of the performance of its obligations under the
Finance Documents to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under any Finance Document or of any other security taken pursuant to, or in connection with, any Finance
Document where such rights or security are granted by or in relation to the assets of the Retiring Guarantor.

**20.10** **Additional security** 

This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance Party.

**20.11** **Guarantee limitations – Belgium** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any provision to the contrary in this Agreement, the liability of any Belgian Guarantor under
this clause 20 for the obligations of any Obligor, which is not a direct or indirect Subsidiary of that Belgian Guarantor will be limited to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to 90 per cent, of the Net Assets of that Belgian Guarantor calculated on the basis of its
latest available annual financial statements at the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an amount equal to 90 per cent, of the Net Assets of that Belgian Guarantor calculated on the basis of its
latest available annual financial statements at the date on which a demand is made against it under this clause 20; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the highest amount of On Lending to that Belgian Guarantor and its Subsidiaries at any time between the date of
this Agreement and the date on which a demand is made against it under this clause 20.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any contrary indication in this Agreement, a guarantee under this clause 20 shall not include
any liability which would constitute illegal financial assistance in any relevant jurisdiction, including pursuant to Articles 5:152, 6:118 or 7:227 of the Belgian Companies and Associations Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the purpose of this clause 20:

"**Belgian Guarantor**" means any Guarantor, incorporated under the laws of Belgium;

"**Net Assets**" means, irrespective of the corporate form of the relevant Belgian Guarantor, the net assets of the Belgian Guarantor as calculated in accordance with Article 7:212 of the Belgian Companies and Associations Code and, in the event of a dispute on the amount thereof, a certificate of such amount from the statutory auditor of that Belgian Guarantor (or , if no statutory auditor is appointed or the statutory auditor refuses to issue such certificate, from an accountant appointed upon the Agent's request by the "**Insituut van de Bedrijfsrevisoren/ Institut des Réviseurs d'Entreprises**") shall be conclusive, save in the case of manifest error;

"**On Lending**" means, without double-counting, the total amount of all Financial Indebtedness made available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the relevant Belgian Guarantor by a member of the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the Subsidiaries of that Belgian Guarantor by a member of the Group that is not a Belgian Guarantor or a
Subsidiary of the Belgian Guarantor,

in each case, irrespective of whether retained or on lent by the Belgian Guarantor or its Subsidiary.

**20.12** **Guarantee Limitations – United States** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The obligations of any US Obligor under this guarantee shall be limited to a maximum aggregate amount equal to
the greatest amount that would not render such US Obligor's obligations under this guarantee subject to avoidance as a fraudulent transfer or conveyance under Section 548 of the US Bankruptcy Code or any applicable provisions of
comparable law of one or more of the states comprising the United States of America (collectively, the "**US Fraudulent Transfer Laws** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each US Obligor acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it will receive valuable direct or indirect benefits as a result of the transactions financed by the Finance
Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) those benefits will constitute reasonably equivalent value and fair consideration for the purpose of any US
Fraudulent Transfer Laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The obligations guaranteed by each US Obligor pursuant to clause 20.1 (*Guarantee and indemnity*) shall
include, without limitation, obligations which, but for the automatic stay under section 362(a) of the US Bankruptcy Code, would become due, and any interest accruing after the commencement of any bankruptcy, insolvency, receivership or similar
proceeding at the rate provided for in this Agreement, whether or not such interest is an allowed claim in any such proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Additionally, without limiting the foregoing provisions of this Clause, each US Obligor waives and agrees not
to assert, to the fullest extent permitted by law, any other defences or benefits that may be derived from or afforded by applicable US law limiting the liability of or exonerating guarantors or sureties, or which may conflict with the terms of this
clause 20.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No US Obligor shall have any right to require any Finance Party to obtain or disclose any information with
respect to the financial condition or character of any Obligor or the ability of any Obligor to pay and perform its obligations hereunder; the obligations of the Obligors hereunder; any collateral or other security for any or all of such
obligations; the existence or non-existence of any other guarantees of all or any part of such obligations; any action or inaction on the part of any Finance Party or any other person or business; or any other
matter, fact or occurrence whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the Finance Documents provide support, through a guarantee or otherwise, for any agreement or instrument
that is a QFC (such support, "**QFC Credit Support**" and each such QFC a "**Supported QFC** "), the Parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance
Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "**U.S. Special Resolution Regimes**") in
respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Finance Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the
United States or any other state of the United States):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if a Covered Entity that is party to a Supported QFC (each, a "**Covered Party**") becomes
subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights
in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit
Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding
under a U.S. Special Resolution Regime, Default Rights under the Finance Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no
greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC

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and the Finance Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender or a Sanctioned Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) As used in this clause 20.12(f), the following terms have the following meanings:

"**BHC Act Affiliate**" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party;

"**Covered Entity**" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
382.2(b);

"**Default Right**" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable; and

"**QFC**" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390<sup>©</sup>(8)(D).

**20.13** **Guarantee Limitations – Australia** 

No Australian Obligor's obligations and liabilities under this clause 20 or under any other guarantee or indemnity provision in a Finance Document will extend to include any obligation or liability to the extent that it would constitute unlawful financial assistance within the meaning of section 260A of the Corporations Act or a breach of section 260A of the Corporations Act, provided that the Australian Obligor made all reasonable endeavours to obtain approval pursuant to 260B of the Corporations Act prior to the obligations and liabilities under this clause 20 or under any other guarantee or indemnity provision in a Finance Document extending to include those obligations or liabilities.

**SECTION 8** 

**REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT** 

**21.** **REPRESENTATIONS** 

Each Obligor makes the representations and warranties set out in this clause 21 to each Finance Party.

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**21.1** **Status** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a corporation, duly incorporated and validly existing under the law of its Original Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each US Obligor is duly qualified and in good standing in its jurisdiction of incorporation and is duly
qualified and in good standing in each other jurisdiction in which the failure so to qualify or be in good standing would result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It and each of its Subsidiaries has the power to own its assets and carry on its business as it is being
conducted.

**21.2** **Binding obligations** 

Subject to the Legal Reservations, the obligations expressed to be assumed by it in each Finance Document to which it is a party are legal, valid, binding and enforceable obligations.

**21.3** **Non-conflict with other obligations** 

The entry into and performance by it of, and the transactions contemplated by, the Finance Documents do not and will not conflict with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any law or regulation applicable to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the constitutional documents of any Obligor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any agreement or instrument binding upon it or any of its Subsidiaries or any of its or any of its
Subsidiaries' assets to the extent that such conflict has or would reasonably be expected to have a Material Adverse Effect.

**21.4** **Power and authority** 

It has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, the Finance Documents to which it is a party and the transactions contemplated by those Finance Documents.

**21.5** **Validity and admissibility in evidence** 

Subject to the Legal Reservations, all Authorisations required or desirable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Finance
Documents to which it is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to make the Finance Documents to which it is a party admissible in evidence in its Original Jurisdiction or the
jurisdiction whose laws govern the relevant Finance Document to which it is a party,

have been obtained or effected and are in full force and effect except any Authorisation, stamping or registration referred to in clause 21.9 (*No filing or stamp taxes*) which Authorisation, stamping or registration will be obtained promptly after the execution of the relevant Finance Document and in any event within any applicable time limits.

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**21.6** **Governing law and enforcement** 

Subject to the Legal Reservations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the choice of governing law of the Finance Documents to which it is a party will be recognised and enforced in
its Original Jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any judgment obtained in relation to a Finance Document to which it is a party in the jurisdiction of the
governing law of that Finance Document will be recognised and enforced in its Original Jurisdiction.

**21.7** **Insolvency** 

No:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) corporate action, legal proceeding or other procedure or step described in paragraph (a) of clause 25.7
(*Insolvency proceedings*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) creditors' process described in clause 25.8 (*Creditors' process*),

has been taken or, to the knowledge of the Company, threatened in relation to an Obligor; and none of the circumstances described in clause 25.6 (*Insolvency*) applies to an Obligor.

**21.8** **Deduction of Tax** 

It is not required to make any Tax Deduction (as defined in clause 15.1 (*Definitions*)) from any payment it may make under any Finance Document to a Lender which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of a Loan to a UK Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a UK Qualifying Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) falling within paragraph (a)(i) of the definition of "**UK Qualifying Lender** ";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) except where a Direction has been given under section 931 of the ITA in relation to the payment concerned,
falling within paragraph (a)(ii) of the definition of "**UK Qualifying Lender** "; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) falling within paragraph (b) of the definition of "**UK Qualifying Lender** "; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a UK Treaty Lender and the payment is one specified in a direction given by the Commissioners of
Revenue & Customs under Regulation 2 of the Double Taxation Relief (Taxes on Income) (General) Regulations 1970 (SI 1970/488); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of a Loan to an Australian Borrower, an Australian Qualifying Lender, except where:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Tax Deduction is required to be made by the Obligor where the Commissioner of Taxation of the Commonwealth
of Australia or other taxing authority has given notice or direction under section 260-5 of Schedule 1 to the Taxation Administration Act 1953 (Cth) of Australia or section 255 of the Income Tax Assessment Act
1936 (Cth) of Australia or any comparable provision requiring the Obligor to deduct from any payment to be made by the Obligor to the Australian Qualifying Lender an amount on account of any Taxes or other charges payable by the Australian
Qualifying Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Australian Qualifying Lender has not provided to the Obligor its name, address, tax file number or
Australian Business Number (or similar details or proof of an applicable exemption from these requirements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in respect of a Loan to a Belgian Borrower, a Belgian Qualifying Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in respect of a Loan to a US Borrower, a US Qualifying Lender, except where the Lender is a US Qualifying
Lender falling within paragraph (d) of the definition of "**US Qualifying Lender** ".

**21.9** **No filing or stamp taxes** 

Under the laws of its Relevant Jurisdictions, it is not necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to the Finance Documents or the transactions contemplated by the Finance Documents except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) documentary taxes of EUR 0.15 per original in respect of this Agreement, certain other Finance Documents and
any agreement containing a debt obligation, indebtedness or security interest for the benefits of banks that is signed or registered in Belgium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any filing, recording or enrolling or any Tax or fee payable which is referred to in any Legal Opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) due to a voluntary registration not required to maintain, preserve or enforce rights of the Finance Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a stamp duty of up to EUR 100 that is payable in relation to any Belgian notarial deed for companies with legal
personality as described in the Belgian Companies and Associations Code,

which registrations, filings, taxes and fees will be made and paid promptly after the date of the relevant Finance Document and in any event, within the relevant statutorily prescribed time periods and excluding for this purpose any stamp, registration, notarial or similar Taxes payable as a result of the assignment or transfer by a Lender of any of its rights under this Agreement.

**21.10** **No default** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Event of Default is continuing or might reasonably be expected to result from the making of any Utilisation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No other event or circumstance is outstanding which constitutes a default under any other agreement or
instrument which is binding on it or any of its Subsidiaries or to which its (or any of its Subsidiaries') assets are subject which has or is reasonably likely to have a Material Adverse Effect.

**21.11** **No misleading information** 

All written information provided by any member of the Group (including its advisers) to a Finance Party was true, complete and accurate in all material respects as at the date it was provided and is not misleading in any material respect.

**21.12** **Financial statements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Its Original Financial Statements were prepared, in the case of the Company, in accordance with the Accounting
Principles or, in the case of an Obligor other than the Company, in accordance with generally accepted accounting principles in its Original Jurisdiction, consistently applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Its Original Financial Statements fairly present its financial condition as at the end of the relevant period
and its results of operations during the relevant period (consolidated in the case of the Company's consolidated financial statements).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There has been no material adverse change in its business or financial condition (or the business or
consolidated financial condition of the Group, in the case of the Company) since the date of the Original Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Its most recent financial statements delivered pursuant to clause 22.1 (*Financial statements*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have been prepared in accordance with the Accounting Principles as applied to the Original Financial
Statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) fairly present its consolidated financial condition as at the end of, and consolidated results of operations
for, the period to which they relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The budgets and forecasts supplied under this Agreement were arrived at after careful consideration and have
been prepared in good faith on the basis of recent historical information and on the basis of assumptions which were reasonable as at the date they were prepared and supplied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) There has been no material adverse change in the business, property or financial condition of the Group taken
as a whole since the date of the most recent consolidated financial statements of the Company delivered pursuant to clause 22.1 (*Financial statements*).

**21.13** **Anti-Bribery and Corruption Laws** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It and each member of the Group has conducted, and is conducting its businesses in compliance with the
Anti-Bribery and Corruption Laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It and each member of the Group has instituted and maintained policies and procedures designed to promote
compliance with the Anti-Bribery and Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No action, suit, proceeding or investigation by or before any court or governmental agency, authority or body
or any arbitrator involving it or any of its subsidiaries with respect to the Anti-Bribery and Corruption Laws is pending or, to the best of its knowledge, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Loan, use of the proceeds of a Loan or other transaction contemplated by this Agreement will be used by it
or its Subsidiaries in a way that would violate any Anti-Bribery and Corruption Laws.

**21.14** **Sanctions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither it nor any of its Subsidiaries, Joint Ventures, nor any directors, officers or (to the best of its
knowledge) employees of it or any of its Subsidiaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is a Restricted Party or is engaging in or has engaged in any transaction or conduct that could result in it
becoming a Restricted Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is subject to any Notifiable Sanctions Investigation that has not been Disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) intentionally, wilfully, knowingly or with reasonable cause for suspicion is engaging in or has engaged in any
transaction that unlawfully evades, circumvents or breaches or attempts to breach any Sanctions applicable to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is aware of any Sanctions Notification that has not been Disclosed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) is engaging in any trade or business with or for the benefit of any Restricted Party, where such trade or
business is (x) in breach of Sanctions and which is either a Material Sanctions Event or a Sanctions Notification which has not been Disclosed and/or (y) in a Restricted Jurisdiction (other than, in the case of (y), in respect of any
Restricted Jurisdiction Payment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No action, suit, proceeding or investigation by or before any court, or governmental agency, authority or body
or any arbitrator involving it or any of its Subsidiaries with respect to Sanctions is pending or, to the best of its knowledge, threatened, other than any Ordinary Course Sanctions Activity or any action, suit, proceeding or investigation which has
been Disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Loan, use of the proceeds of a Loan or other transaction contemplated by this Agreement will be used by it
or its Subsidiaries in a way that would violate any Sanctions or that would cause a Finance Party to breach any Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Clause 21.14(a) to clause 21.14(c) will not apply to any Party in respect of which a Sanctions Blocking Law
applies, if and to the extent that such representations are or would be unenforceable by or in respect of that Party pursuant to, or would otherwise result in a breach and/or violation of any provision of, a Sanctions Blocking Law.

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**21.15** **Anti-Money Laundering Laws** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Other than as Disclosed, it and each member of the Group is conducting its operations in compliance with the
Anti-Money Laundering Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It and each member of the Group has instituted and maintains policies and procedures designed to promote
compliance with the Anti-Money Laundering Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No penalty, fine, reprimand, issued court proceeding or claim, has been determined by any court or governmental
or regulatory agency, authority or body or any arbitrator against any member of the Group with respect to the Anti-Money Laundering Laws, other than any penalty, fine, reprimand, issued court proceeding or claim which has been Disclosed.

**21.16** **Tax Consolidation** 

No Obligor is a member of an Australian Tax Consolidated Group.

**21.17** **Trustee** 

It does not enter into any Finance Document as trustee.

**21.18** **Security and Financial Indebtedness** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Security or Quasi-Security exists over all or any of the present or future assets of any member of the Group
other than as permitted by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No member of the Group has any Financial Indebtedness outstanding other than as permitted by this Agreement.

**21.19** **Ranking** 

Its payment obligations under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.

**21.20** **No proceedings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency which,
if adversely determined, are reasonably likely to have a Material Adverse Effect has or have (to the best of its knowledge and belief) been started or threatened against it or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No judgment or order of a court, arbitral body or agency which might reasonably be expected to have a Material
Adverse Effect has (to the best of its knowledge and belief) been made against it or any of its Subsidiaries.

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**21.21** **Good title to assets** 

It and each of its Subsidiaries has a good, valid and marketable title to, or valid leases or licences of, and all appropriate material Authorisations to use, the assets necessary to carry on its business as presently conducted.

**21.22** **Intellectual Property** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is the sole legal and beneficial owner of or has licensed to it on normal commercial terms all the
Intellectual Property which is material in the context of the business of the Group and which is required by the Group in order to carry on the business of the Group as it is being conducted as at the date of this Agreement, except in respect of any
open source code used by any member of the Group or made available by any member of the Group to a third party in the ordinary course of business of that member of the Group as carried on at the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It and each of its Subsidiaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) does not (nor does any of its Subsidiaries), in carrying on its businesses, infringe any Intellectual Property
of any third party in any respect which has or is reasonably likely to have a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has taken all formal or procedural actions (including payment of fees) required to maintain any Intellectual
Property owned by it.

**21.23** **Group Structure Chart** 

The Group Structure Chart delivered to the Agent pursuant to Part 1 of Schedule 2 (*Conditions Precedent*) is true, complete and accurate in all material respects and shows the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each member of the Group, including current name and company registration number, its jurisdiction of
incorporation and each branch of any member of the Group and corresponding jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all minority interests in any member of the Group and any person in which any member of the Group holds shares
in its issued share capital or equivalent ownership interest of such person.

**21.24** **Obligors** 

The Guarantor Coverage Test is satisfied on the date of this Agreement.

**21.25** **Accounting Reference Date** 

The Financial Year-end of each Obligor is 31 March (other than in respect of the Hungarian branch of Wise Payments Limited).

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**21.26** **ERISA** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other United States federal and state laws except for noncompliance that might not reasonably be expected to have a Material Adverse Effect; (ii) no ERISA Event has occurred or might reasonably be expected to occur with respect to any Pension Plan that might reasonably be expected to have a Material Adverse Effect; (iii) there are no pending or, to the best of such Obligor's knowledge and belief, threatened litigation, arbitration or administrative proceedings of or before, or other action by, any court, arbitral body or agency with respect to any Plan that might reasonably be expected to have a Material Adverse Effect; (iv) each Obligor and each ERISA Affiliate has met the minimum funding requirements of ERISA with respect to each Pension Plan except as might not reasonably be expected to have a Material Adverse Effect; and (v) no other event has occurred resulting from any Obligor's or ERISA Affiliate's failure to comply with ERISA that might reasonably be expected to have a Material Adverse Effect.

**21.27** **Solvency** 

After and giving effect to the incurrence of any US Obligor's obligations under this Agreement and the other Facility Documents such US Obligor is Solvent. Additionally, no transfer of property is being made by any US Obligor and no obligation is being incurred by any US Obligor in relation to the transactions contemplated by this Agreement or the other Facility Documents with the intent to hinder, delay, or defraud either present or future creditors of such US Obligor or other persons to which such US Obligor is or will become indebted.

**21.28** **US Regulations** 

No Obligor nor any of its Subsidiaries is or is required to be registered as an "investment company" under the US Investment Company Act of 1940 or subject to regulation under any other US federal or state statute or regulation which may limit its or their ability to incur Indebtedness or which may otherwise render all or any portion of the obligations of the Obligors under the Facility Documents unenforceable.

No Obligor nor any of its Subsidiaries is engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of US Regulation U of the Board of Governors of the Federal Reserve System of the United States) as in effect from time to time. The use of the proceeds of the Facility will not violate or be inconsistent with the provisions of US Regulation T, U or X of the Board of Governors of the Federal Reserve System of the United States as in effect from time to time.

**21.29** **Repetition** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All the representations and warranties in this clause 21 are made by each Original Obligor on the date of this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Repeating Representations are deemed to be made by each Obligor by reference to the facts and circumstances
then existing on:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date of each Utilisation Request, the date of each Accordion Notice, each Accordion Increase Date, on the
date of each Extension Request and the first day of each Interest Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of an Additional Obligor, the day on which the company becomes (or it is proposed that the company
becomes) an Additional Obligor.

**22.** **INFORMATION UNDERTAKINGS** 

The undertakings in this clause 22 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.

In this Agreement:

"**Annual Financial Statements**" means the financial statements delivered pursuant to clause 22.1(a)(i); and

"**Semi-annual Financial Statements**" means the financial statements delivered pursuant to clause 22.1(b).

**22.1** **Financial statements** 

The Company shall supply to the Agent in sufficient copies for all the Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as soon as the same become available, but in any event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) within 150 days after the end of each of its Financial Years, its audited unconsolidated financial statements
and audited consolidated financial statements for that Financial Year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) within 180 days after the end of each of its Financial Years the audited unconsolidated financial statements of
each other Obligor for that Financial Year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as soon as the same become available, but in any event within 90 days after the end of each of its Financial
Half Years its consolidated financial statements for that Financial Half Year.

**22.2** **Compliance Certificate** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall supply to the Agent, with each set of financial statements delivered pursuant to clause
22.1(a)(i) or clause 22.1(b), a Compliance Certificate setting out (in reasonable detail):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) computations as to compliance with clause 23 (*Financial Covenants*) as at the date at which those
financial statements were drawn up and confirm computations set out in the definition of Margin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of any Compliance Certificate supplied with each set of Annual Financial Statements, computations
(together with supporting calculations) as to compliance with clause 24.19 (*Guarantors*).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Compliance Certificate shall be signed by the chief executive officer or chief financial officer of the
Group or a director of the Company.

**22.3** **Requirements as to financial statements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each set of financial statements delivered by the Company pursuant to clause 22.1 (*Financial statements*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall be certified by the CEO or CFO of the Group as fairly presenting its financial condition as at the date
as at which those financial statements were drawn up and, in the case of the Annual Financial Statements, shall be accompanied by any letter addressed to the management of the relevant company by the auditors of those Annual Financial Statements and
accompanying those Annual Financial Statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall be prepared using the Accounting Principles, accounting practices and financial reference periods
consistent with those applied in the preparation of its Original Financial Statements (including as to the capitalisation of Capital Expenditure and development costs) unless, in relation to any set of financial statements, it notifies the Agent
that there has been a change in the Accounting Principles, the accounting practices or reference periods and its auditors deliver to the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a description of any change necessary for those financial statements to reflect the Accounting Principles,
accounting practices and reference periods upon which that Obligor's Original Financial Statements were prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Lenders
to determine whether clause 23 (*Financial Covenants*) has been complied with, to determine the Margin as set out in the definition of "**Margin**" and make an accurate comparison between the financial position indicated in those
financial statements and that Obligor's Original Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any reference in this Agreement to those financial statements shall be construed as a reference to those
financial statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Company notifies the Agent of a change in accordance with clause 22.3(a), the Company and the Agent
shall enter into negotiations in good faith for a minimum period of 30 days with a view to agreeing any amendments to this Agreement which are necessary as a result of the change. To the extent practicable, these amendments will be such as to ensure
that the change does not result in any material alteration in the commercial effect of the obligations in this Agreement. If any amendments are agreed they shall take effect and be binding on each of the Parties in accordance with their terms.

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**22.4** **Year-end** 

The Company shall procure that the end of each annual accounting period of each Obligor falls on the Accounting Reference Date, save in respect of the Hungarian branch of Wise Payments Limited or any other branch which may be required to have a different financial year end as a matter of applicable local law.

**22.5** **Information: miscellaneous** 

The Company shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all documents dispatched by the Company to its shareholders (or any class of them) at the same time as they are
dispatched;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all documents dispatched by the Company to its creditors generally at the same time as they are dispatched;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as soon as reasonably practicable upon becoming aware of them, the details of any litigation, arbitration or
administrative proceedings which are current, threatened or pending against any member of the Group, and which are reasonably likely to be adversely determined and which, if adversely determined, are reasonably likely to have a Material Adverse
Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as soon as reasonably practicable upon becoming aware of them, the details of any judgment or order of a court,
arbitral body or agency which is made against any member of the Group and which is reasonably likely to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) as soon as reasonably practicable after:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the occurrence of a Sanctions Notification, reasonable details of that Sanctions Notification together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) confirmation that the relevant notification has been made to the applicable Sanctions Authority; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) confirmation that no breach of paragraphs (a)(i) or (a)(iii) of clause 24.4 (*Sanctions*) has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) commencement of any Notifiable Sanctions Investigation, reasonable details of that Notifiable Sanctions
Investigation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Sanctions Authority has submitted a formal written notice to any member of the Group of a Notifiable
Sanctions Investigation,

in each case, to the extent that no member of the Group is prevented by law or any applicable confidentiality restrictions imposed by or agreed with any Sanctions Authority from disclosing any such information and only to the extent that the disclosure of such information would not reasonably be expected to result in the loss of legal privilege or any applicable defence. Nothing in this paragraph (e) shall require a

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member of the Group to provide notice to any Lender of any Ordinary Course Sanctions Activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) as soon as reasonably practicable after:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commencement of any Notifiable AML Investigation, reasonable details of that Notifiable AML Investigation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a governmental or regulatory agency, authority or body or any arbitrator has submitted a formal written notice
to any member of the Group of any Notifiable AML Investigation, reasonable details of that Notifiable AML Investigation,

in each case, to the extent that no member of the Group is prevented by law or any applicable confidentiality restrictions imposed by or agreed with any applicable governmental or regulatory agency, authority or body from disclosing any such information and only to the extent that the disclosure of such information would not reasonably be expected to result in the loss of legal privilege or any applicable defence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) as soon as reasonably practicable, such further information regarding the financial condition, business, assets
and operations of the Group without giving rise to any material cost to the Group as any Finance Party (through the Agent) may reasonably request, other than information which the Company is precluded by applicable law, regulation or contract from
disclosing.

**22.6** **Notification of Default** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) as soon as
reasonably practicable upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided by another Obligor).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly upon a reasonable request by the Agent, the Company shall supply to the Agent a certificate signed by
the chief executive officer or the chief financial officer of the Group on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it).

**22.7** **Notification of cash cover events** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor shall notify the Agent of any "cash cover event" (howsoever described) under any
Safeguarding Guarantee Document (a "**Cash Cover Event**") (and the steps, if any, being taken to remedy it) as soon as reasonably practicable upon becoming aware of its occurrence (unless that Obligor is aware that a notification has
already been provided by another Obligor).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly upon a reasonable request by the Agent, the Company shall supply to the Agent a certificate signed by
the chief executive officer or the chief financial officer of the Group on its behalf certifying that no Cash Cover Event is continuing (or if a Cash Cover Event is continuing, specifying the Cash Cover Event and the steps, if any, being taken to
remedy it).

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**22.8** **Direct electronic delivery by Company** 

The Company may satisfy its obligation under this Agreement to deliver any information in relation to a Lender by delivering that information directly to that Lender in accordance with clause 33.6 (*Electronic communication*) to the extent that Lender and the Agent agree to this method of delivery.

**22.9** **"Know your customer" checks** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the introduction of or any change in (or in the interpretation, administration or application of) any law or
regulation made after the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any change in the status of an Obligor (or of a Holding Company of an Obligor) or any shareholder of an Obligor
(or of a Holding Company of an Obligor) after the date of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a proposed assignment or transfer by a Lender of any of its rights and/or obligations under this Agreement to a
party that is not a Lender prior to such assignment or transfer,

obliges the Agent or any Lender (or, in the case of clause 22.9(a)(iii), any prospective new Lender) to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in clause 22.9(a)(iii), on behalf of any prospective new Lender) in order for the Agent, such Lender or, in the case of the event described in clause 22.9(a)(iii), any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation
and other evidence as is reasonably requested by the Agent (for itself) in order for the Agent to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and
regulations pursuant to the transactions contemplated in the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall, by not less than 10 Business Days' prior written notice to the Agent, notify the Agent
(which shall promptly notify the Lenders) of its intention to request that one of its Subsidiaries becomes an Additional Obligor pursuant to clause 27 (*Changes to the Obligors*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Following the giving of any notice pursuant to clause 22.9(c), if the accession of such Additional Obligor
obliges the Agent or any Lender to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, the Company shall promptly upon the request

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of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective new Lender) in order for the Agent or such Lender or any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the accession of such Subsidiary to this Agreement as an Additional Obligor.

**23.** **FINANCIAL COVENANTS** 

**23.1** **Financial definitions** 

In this Agreement:

"**Adjusted Contingent Leverage**" means, in respect of any Relevant Period, the ratio of Contingent SGG Liabilities on the last day of that Relevant Period to Adjusted EBITDA in respect of that Relevant Period;

"**Adjusted EBITDA**" means, in relation to a Relevant Period, EBITDA for that Relevant Period adjusted by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) including for any Relevant Period (including the portion thereof occurring prior to the relevant acquisition)
the operating profit before interest, tax, depreciation and amortisation (calculated on the same basis as EBITDA) for that Relevant Period attributable to any person, business or assets acquired by any member of the Group during that Relevant
Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) excluding for any Relevant Period (including the portion thereof occurring prior to the relevant disposal) the
operating profit before interest, tax, depreciation and amortisation (calculated on the same basis as EBITDA) for that Relevant Period attributable to any person, business or assets disposed of by any member of the Group during the Relevant Period;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) including any cost savings and cost synergies (excluding any revenue synergies) reasonably projected to arise
in relation to a Permitted Acquisition pursuant to paragraph (h) of that definition, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such cost synergies and cost savings are certified by the chief financial officer, the chief executive officer
or a director of the Company as being reasonable and as being reasonably capable of being realised within 12 months of the date of the relevant Permitted Acquisition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such cost synergies and cost savings in aggregate do not exceed 10% of Adjusted EBITDA (not taking into account
the amount of the cost synergies and cost savings subject to such determination);

"**Adjusted Leverage**" means, in respect of any Relevant Period, the ratio of Senior Debt on the last day of that Relevant Period to Adjusted EBITDA in respect of that Relevant Period;

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"**Borrowings**" means, at any time, the aggregate outstanding principal (including capitalised interest), capital or nominal amount (and any fixed or minimum premium payable on prepayment or redemption) of any indebtedness of members of the Group for or in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) moneys borrowed and debit balances at banks or other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any amount raised by acceptance under any acceptance credit or bill discount facility (or dematerialised
equivalent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock
or any similar instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amount of any liability in respect of any Finance Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis and meet any requirements for de-recognition under the Accounting Principles);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of
credit or any other instrument issued by a bank or financial institution in respect of (i) an underlying liability of an entity which is not a member of the Group which liability would fall within one of the other paragraphs of this definition
or (ii) any liabilities of any member of the Group relating to any post-retirement benefit scheme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any amount raised by the issue of shares which are redeemable (other than at the option of the issuer) before
the Termination Date or are otherwise classified as borrowings under the Accounting Principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any amount of any liability under an advance or deferred purchase agreement if (A) one of the primary
reasons behind the entry into the agreement is to raise finance or to finance the acquisition or construction of the asset or service in question or (B) the agreement is in respect of the supply of assets or services and payment is due more
than 90 days after the date of supply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any amount raised under any other transaction (including any forward sale or purchase agreement, sale and sale
back or sale and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as borrowings under the Accounting Principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (without double counting) the amount of any liability in respect of any guarantee or indemnity for any of the
items referred to in paragraphs (a) to (i);

"**Capital Expenditure**" means any expenditure or obligation in respect of expenditure which, in accordance with the Accounting Principles, is treated as capital expenditure;

"**Contingent SGG Liabilities**" means the aggregate of the guarantee amount under each safeguarding guarantee issued in respect of Customer Funds held by a member of the Group from time to time;

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"**EBITDA**" means, in respect of any Relevant Period, the consolidated operating profit of the Group before taxation (excluding the results from discontinued operations):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **before deducting** any interest, commission, fees, discounts, prepayment fees, premiums or charges and
other finance payments whether paid, payable or capitalised by any member of the Group (calculated on a consolidated basis) in respect of that Relevant Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **not including** any accrued interest owing to any member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **after adding back** any amount attributable to the amortisation, depreciation or impairment of assets of
members of the Group (and taking no account of the reversal of any previous impairment charge made in that Relevant Period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) before taking into account any Exceptional Items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **after deducting** the amount of any profit (or adding back the amount of any loss) of any member of the
Group which is attributable to minority interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **plus or minus** the Group's share of the profits or losses (after finance costs and tax) of Non-Group Entities **after deducting** the amount of any profit of any Non-Group Entity to the extent that the amount of the profit included in the financial statements of
the Group exceeds the amount actually received in cash by members of the Group through distributions by the Non-Group Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **not including** the capitalised costs in relation to engineers' development time and the capitalised
costs in relation to Capital Expenditure for tangible assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **before taking into account** any unrealised gains or losses on any derivative instrument (other than any
derivative instrument which is accounted for on a hedge accounting basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **before taking into account** any gain or loss arising from an upward or downward revaluation of any other
asset at any time after 31 March 2020;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **before taking into account** any Pension Items; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **excluding** the charge to profit represented by the expensing of stock options,

in each case, to the extent added, deducted or taken into account, as the case may be, for the purposes of determining operating profits of the Group before taxation;

"**Exceptional Items**" means any exceptional, one off, non-recurring or extraordinary items or any material items of an unusual or non-recurring nature which represent gains or losses including those arising on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the restructuring of the activities of an entity and reversals of any provisions for the cost of restructuring;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) disposals, revaluations, write downs or impairment of non-current assets or any reversal of any write down or impairment;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) disposals of assets associated with discontinued operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) costs associated with the listing of the Company on the London Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) one off recruitment costs in relation to new senior executives or replacement senior executives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) compensation payments to any departing directors or employees or any redundancy costs;

"**Finance Charges**" means, for any Relevant Period, the aggregate amount of the accrued interest, commission, fees, discounts, prepayment fees, premiums or charges and other finance payments in respect of Senior Debt paid or payable by any member of the Group (calculated on a consolidated basis) in cash in respect of that Relevant Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **excluding** any upfront fees or costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **including** the interest (but not the capital) element of payments in respect of Finance Leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **including** any commission, fees, discounts and other finance payments payable by (and deducting any such
amounts payable to) any member of the Group under any interest rate hedging arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **excluding** any interest cost or expected return on plan assets in relation to any post-employment benefit
schemes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if a Joint Venture is accounted for on a proportionate consolidation basis, after adding the Group's
share of the finance costs or interest receivable of the Joint Venture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) taking no account of any unrealised gains or losses on any derivative instruments other than any derivative
instruments which are accounted for on a hedge accounting basis,

and so that no amount shall be added (or deducted) more than once;

"**Finance Lease**" means any lease or hire purchase contract, a liability under which would, in accordance with the Accounting Principles, be treated as a balance sheet liability (other than a lease or hire purchase contract which would, in accordance with the Accounting Principles in force prior to 1 January 2019, have been treated as an operating lease);

"**Financial Half Year**" means the period commencing on the day after one Half Year Date and ending on the next Half Year Date;

"**Financial Year**" means the annual accounting period of the Group ending on or about 31 March in each year;

"**Half Year Date**" means each of 31 March and 30 September;

"**Interest Cover**" means, in respect of any Relevant Period, the ratio of Adjusted EBITDA to Finance Charges in respect of that Relevant Period;

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"**Non-Group Entity**" means any investment or entity (which is not itself a member of the Group (including associates and Joint Ventures)) in which any member of the Group has an ownership interest;

"**Pension Items**" means any income or charge attributable to a post-employment benefit scheme other than the current service costs attributable to the scheme and any past service costs and curtailments and settlements attributable to the scheme;

"**Relevant Period**" means each period of 12 months ending on or about the last day of the Financial Year and each period of 12 months ending on or about the last day of each Financial Half Year; and

"**Senior Debt**" means, at any time, the aggregate amount of all obligations of members of the Group for or in respect of Borrowings at that time but:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **excluding** any such obligations to any other member of the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **including**, in the case of Finance Leases only, their capitalised value,

and so that no amount shall be included or excluded more than once.

**23.2** **Financial condition** 

The Company shall ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  ***Adjusted Leverage*** : Adjusted Leverage in respect of any Relevant Period shall not exceed 3:1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  ***Interest Cover*** : Interest Cover in respect of any Relevant Period shall not be less than 3.5:1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  ***Adjusted Contingent Leverage*** : Adjusted Contingent Leverage in respect of any Relevant Period
shall not exceed 3:1.

**23.3** **Financial testing** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clause 23.3(b), the financial covenants set out in clause 23.2 (*Financial condition*) shall be
calculated in accordance with the Accounting Principles and tested by reference to each of the financial statements delivered pursuant to clauses 22.1(a)(i) and 22.1(b) and/or each Compliance Certificate delivered pursuant to clause 22.2
(*Compliance Certificate*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purpose of the financial covenants in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) clause 23.2(a) (*Adjusted Leverage*) for each Relevant Period ending on a date which is less than 12
months after the date of this Agreement, Adjusted EBITDA shall be calculated by reference to Adjusted EBITDA on an actual last twelve months basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) clause 23.2(b) (*Interest Cover*) for each Relevant Period ending on a date which is less than 12 months
after the date of this Agreement, Adjusted

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EBITDA and Finance Charges shall be calculated by reference to Adjusted EBITDA and Finance Charges on an actual last twelve months basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any item which would have been treated as a lease or hire purchase contract (or amounts payable in connection
with such lease or hire purchase contract) in accordance with the Accounting Principles in force prior to 1 January 2019, shall be treated as a lease or hire purchase contract (or amounts payable in connection with such lease or hire purchase
contract) in accordance with the Accounting Principles in force prior to 1 January 2019 for the purposes of this Agreement (including, for the avoidance of doubt for the purposes of determining EBITDA).

**24.** **GENERAL UNDERTAKINGS** 

The undertakings in this clause 24 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.

**24.1** **Authorisations** 

Each Obligor shall promptly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) obtain, comply with and do all that is necessary to maintain in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon reasonable request supply certified copies to the Agent of,

any Authorisation required under any applicable law or regulation of a Relevant Jurisdiction to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) enable it to perform its obligations under the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation
of any Finance Document.

**24.2** **Compliance with laws** 

Each Obligor shall comply in all respects with all laws to which it may be subject, if failure so to comply would materially impair its ability to perform its obligations under the Finance Documents.

**24.3** **Anti-Bribery and Corruption Laws** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor shall (and the Company shall ensure that no other member of the Group will) directly or indirectly
use the proceeds of the Facility for any purpose which would breach any applicable Anti-Bribery and Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Obligor shall (and the Company shall ensure that each other member of the Group will):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conduct its businesses in compliance with the applicable Anti-Bribery and Corruption Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain policies and procedures designed to promote and achieve compliance with the Anti-Bribery and
Corruption Laws.

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**24.4** **Sanctions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor shall and the Company shall ensure that no other member of the Group, or any director, officer or
employee of any member of the Group, will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) use, lend, make payments of, contribute or otherwise make available, all or any part of the proceeds of the
Facility or any Ancillary Facility to fund any trade, business or other activities in any manner that would or would reasonably be expected to result in any member of the Group or, so far as an Obligor is aware, any Finance Party being in breach of
any Sanctions or becoming a Restricted Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) engage in any transaction or activity which results in a Material Sanctions Event; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) use any revenue or benefit derived from any activity or dealing with a Restricted Party or a Restricted
Jurisdiction or that breaches Sanctions in discharging any obligation due or owing to the Finance Parties under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Obligor shall (and the Company shall procure that each member of the Group will) maintain in effect and
enforce policies and procedures designed to ensure compliance with all applicable Sanctions by each member of the Group and the directors, officers, employees and agents of each member of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The undertakings in this clause 24.4 shall not apply to any Party to which a Sanctions Blocking Law applies, if
and to the extent that such undertakings are or would be unenforceable by or in respect of that Party pursuant to, or would otherwise result in a breach and/or violation of any provision of, a Sanctions Blocking Law.

**24.5** **Anti-Money Laundering Laws** 

Each Obligor shall (and the Company shall ensure that each other member of the Group will):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) conduct its businesses in compliance with the Anti-Money Laundering Laws, if failure to do so would result in a
Material AML Event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) maintain policies and procedures designed to promote and achieve compliance with the Anti-Money Laundering
Laws.

**24.6** **Negative pledge** 

In this clause 24.6, "**Quasi-Security**" means an arrangement or transaction described in clause 24.6(b):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Obligor shall (and the Company shall ensure that no other member of the Group will) create or permit to
subsist any Security over any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Obligor shall (and the Company shall ensure that no other member of the Group will):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by an Obligor or any other member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sell, transfer or otherwise dispose of any of its receivables on recourse terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) enter into any other preferential arrangement having a similar effect,

in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) clauses 24.6(a) and 24.6(b) do not apply to any Security or (as the case may be) Quasi-Security, which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Permitted Security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Permitted Transaction.

**24.7** **Disposals** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor shall (and the Company shall ensure that no other member of the Group will), enter into a single
transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Clause 24.7(a) does not apply to any sale, lease, transfer or other disposal which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Permitted Disposal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Permitted Transaction.

**24.8** **Merger** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor shall (and the Company shall ensure that no other member of the Group will) enter into any
amalgamation, demerger, merger or corporate reconstruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Clause 24.8(a) does not apply to any Permitted Transaction, Permitted Acquisition, Permitted Joint Venture or
any Permitted Disposal.

**24.9** **Change of business** 

The Company shall procure that no substantial change is made to the general nature of the business of the Group taken as a whole from that carried on by the Group at the date of this Agreement.

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**24.10** **Acquisitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as permitted under clause 24.10(b), no Obligor shall (and the Company shall ensure that no other member
of the Group will):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) acquire a company or any shares or securities or a business or undertaking (or, in each case, any interest in
any of them); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) incorporate a company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Clause 24.10(a) does not apply to an acquisition of a company, of shares, securities or a business or
undertaking (or, in each case, any interest in any of them) or the incorporation of a company which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Permitted Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Permitted Joint Venture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Permitted Transaction.

**24.11** **Joint Ventures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as permitted under clause 24.11(b), no Obligor shall (and the Company shall ensure that no other member
of the Group will):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) enter into, invest in or acquire (or agree to acquire) any shares, stocks, securities or other interest in any
Joint Venture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) transfer any assets or lend to or guarantee or give an indemnity for or give Security for the obligations of a
Joint Venture or maintain the solvency of or provide working capital to any Joint Venture (or agree to do any of the foregoing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Clause 24.11(a) does not apply to any acquisition of (or agreement to acquire) any interest in a Joint Venture
or transfer of assets (or agreement to transfer assets) to a Joint Venture or loan made to or guarantee given in respect of the obligations of a Joint Venture if such transaction is a Permitted Disposal, a Permitted Joint Venture, a Permitted Loan,
or a Permitted Transaction.

**24.12** **Holding Companies** 

Wise Financial Holdings Ltd shall not trade, carry on any business, own any assets, hold any Excluded Assets or incur any liabilities except for or as a consequence of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the provision of administrative services (excluding treasury services) to other members of the Group of a type
customarily provided by a holding company to its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ownership of shares in Subsidiaries, intra-Group debit balances, intra-Group credit balances and other credit
balances in bank accounts, cash and Cash Equivalent Investments; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any liabilities under the Finance Documents to which it is a party and professional fees and administration
costs in the ordinary course of business as a holding company.

**24.13** **Pari passu ranking** 

Each Obligor shall ensure that at all times any unsecured and unsubordinated claims of a Finance Party against it under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are mandatorily preferred by laws of general application to companies.

**24.14** **Loans or credit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as permitted under clause 24.14(b), no Obligor shall (and the Company shall ensure that no other member
of the Group will) be a creditor in respect of any Financial Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Clause 24.14(a) does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Permitted Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Permitted Transaction.

**24.15** **No guarantees or indemnities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as permitted under clause 24.15(b), no Obligor shall (and the Company shall ensure that no other member
of the Group will) incur or allow to remain outstanding any guarantee in respect of any obligation of any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Clause 24.15(a) does not apply to a guarantee which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Permitted Guarantee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Permitted Transaction.

**24.16** **Intellectual Property** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clause 24.16(b), each Obligor shall (and the Company shall procure that each other member of the
Group will):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) preserve and maintain the subsistence and validity of the Intellectual Property necessary for the business of
the relevant member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) use reasonable endeavours to prevent any infringement in any material respect of the Intellectual Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) make registrations and pay all registration fees and taxes necessary to maintain the Intellectual Property in
full force and effect and record its interest in that Intellectual Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) not use or permit the Intellectual Property to be used in a way or take any step or omit to take any step in
respect of that Intellectual Property which may

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materially and adversely affect the existence or value of the Intellectual Property or imperil the right of any member of the Group to use such property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) not discontinue the use of the Intellectual Property,

where failure to do so, in the case of clauses 24.16(a)(i) to 24.16(a)(iii), or, in the case of clauses 24.16(a)(iv) and 24.16(a)(v), such use, permission to use, omission or discontinuation is reasonably likely to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Clause 24.16(a) shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) restrict or prevent any member of the Group from allowing access to or use of any open source code of that
member of the Group in the ordinary course of business of that member of the Group as carried on at the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) require any member of the Group to change its practices in respect of preservation, maintenance, prevention of
infringement, protection, use or continuance in respect of Intellectual Property from its practices carried on at the date of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) prohibit any dealing with Intellectual Property to the extent such dealing is a Permitted Disposal.

**24.17** **Financial assistance** 

Each Obligor shall (and the Company shall procure each other member of the Group will) comply in all respects with sections 678 and 679 of the Companies Act 2006 and any equivalent legislation in other jurisdictions including in relation to payment of amounts due under this Agreement.

**24.18** **Treasury Transactions** 

No Obligor shall (and the Company will procure that no other member of the Group will) enter into any Treasury Transaction, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) spot and forward delivery foreign exchange contracts entered into in the ordinary course of business and not
for speculative purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Treasury Transaction entered into for the hedging of actual or projected real exposures arising in the
ordinary course of trading activities of a member of the Group and not for speculative purposes.

**24.19** **Guarantors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the Agreed Guarantee Principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall ensure that the Guarantor Coverage Test is satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) on the date of this Agreement; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) on each date on which a Compliance Certificate is required to be delivered to the Agent with the Annual
Financial Statements in accordance with this Agreement,

(each, a "**Test Date**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if, at any time, the accession of one or more members of the Group as Additional Guarantors is required to
satisfy the Guarantor Coverage Test on a Test Date, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) confirm in the relevant Compliance Certificate which members of the Group (other than Obligors at that time)
are required to become Additional Guarantors to satisfy the Guarantor Coverage Test, on the basis that compliance with such test is recalculated for the relevant Test Date assuming that the contemplated Additional Guarantor accessions have occurred;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) procure that such members of the Group shall as soon as reasonably practicable after, and in any event by the
date falling 60 days after the Test Date (or such longer period as agreed with the Agent (acting reasonably)) become Additional Guarantors in accordance with clause 27.4 (*Additional Guarantors*) and the other terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Guarantor Coverage Test is satisfied within such 60 day period, no Default, Event of Default or other
breach of the Finance Documents shall arise in respect thereof.

**24.20** **Safeguarding Guarantee Arrangements** 

Each Obligor shall (and the Company shall procure that each member of the Group will) ensure that no member of the Group is party to any Safeguarding Guarantee Documents unless that member of the Group is an Obligor.

**25.** **EVENTS OF DEFAULT** 

Each of the events or circumstances set out in clause 25 is an Event of Default (save for clause 25.15 (Acceleration)).

**25.1** **Non-payment** 

An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place and in the currency in which it is expressed to be payable unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its failure to pay is caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) administrative or technical error; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Disruption Event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) payment is made within three Business Days of its due date.

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**25.2** **Financial covenant and other obligations** 

Any requirement of clause 23 (*Financial Covenants*), clause 22.1 (*Financial statements*) or clause 22.2 (*Compliance Certificate*) is not satisfied.

**25.3** **Other obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Obligor does not comply with any provision of the Finance Documents (other than those referred to in clause
25.1 (*Non-payment*) and clause 25.2 (*Financial covenant and other obligations*)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Event of Default under clause 25.3(a) will occur if the failure to comply is capable of remedy and is
remedied within 20 Business Days of the earlier of (A) the Agent giving notice to the Company and (B) any Obligor becoming aware of the failure to comply.

**25.4** **Misrepresentation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any representation or statement made or deemed to be made by an Obligor in the Finance Documents or any other
document delivered by or on behalf of any Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading in any material respect when made or deemed to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Event of Default under clause 25.4(a) will occur if the circumstances resulting in such representation or
statement are capable of remedy and are remedied within 20 Business Days of the earlier of (A) the Agent giving notice to the Company and (B) the any Obligor becoming aware of the misrepresentation.

**25.5** **Cross default** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Financial Indebtedness of any member of the Group is not paid when due nor within any originally applicable
grace period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Financial Indebtedness of any member of the Group is declared to be or otherwise becomes due and payable
prior to its specified maturity as a result of an event of default (however described).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any commitment for any Financial Indebtedness of any member of the Group is cancelled or suspended by a
creditor of any member of the Group as a result of an event of default (however described).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any creditor of any member of the Group becomes entitled to declare any Financial Indebtedness of any member of
the Group due and payable prior to its specified maturity as a result of an event of default (however described).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Event of Default will occur under this clause 25.5 if the aggregate amount of Financial Indebtedness or
commitment for Financial Indebtedness falling within clause 25.5(a) to 25.5(d) is less than £20,000,000 (or its equivalent in any other currency or currencies).

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**25.6** **Insolvency** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A member of the Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is unable or admits inability to pay its debts as they fall due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) suspends making payments on all or any class of its debts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its
creditors (excluding any Finance Party in its capacity as such) with a view to rescheduling any of its indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The value of the assets of any Obligor is less than its liabilities (taking into account contingent and
prospective liabilities). No Event of Default will occur under this paragraph (b) if the relevant Obligor is incorporated or otherwise formed in a jurisdiction where, under applicable law, a person is considered not to be insolvent if the value
of its assets is less than its liabilities (taking into account contingent and prospective liabilities) or it is not required for the relevant member of the Group to file for insolvency or similar proceedings if the value of its assets is less than
its liabilities (taking into account contingent and prospective liabilities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A moratorium is declared in respect of any indebtedness of any member of the Group.

**25.7** **Insolvency proceedings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any corporate action, legal proceedings or other procedure or step is taken in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a composition, compromise, assignment or arrangement with any class of creditors of any member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the appointment of a liquidator (other than in respect of a solvent liquidation of a member of the Group which
is not an Obligor), receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of any member of the Group or any of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) enforcement of any Security over any assets of any member of the Group (other than Customer Funds or Partner
Collateral Funds) having an aggregate value of £10,000,000 (or its equivalent in any other currency or currencies) or more,

or any analogous procedure or step is taken in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (a) above shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any winding-up petition which is frivolous or vexatious and is
discharged, stayed or dismissed within 45 days of commencement; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any step or procedure contemplated by paragraph (b) of the definition of Permitted Transaction.

**25.8** **Creditors' process** 

Any expropriation, attachment, sequestration, distress or execution affects any asset or assets of a member of the Group having an aggregate value of £20,000,000 (or its equivalent in any other currency or currencies) and is not discharged within 45 days.

**25.9** **Ownership of the Obligors** 

An Obligor (other than the Company) is not or ceases to be a Subsidiary of the Company.

**25.10** **Unlawfulness and invalidity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is or becomes unlawful for an Obligor to perform any of its material obligations under the Finance
Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any obligation or obligations of any Obligor under any Finance Documents are not (subject to the Legal
Reservations) or cease to be legal, valid, binding or enforceable and the cessation individually or cumulatively materially and adversely affects the interests of the Lenders under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Finance Document ceases to be in full force and effect (subject to the Legal Reservations) or is alleged by
a party to it (other than a Finance Party) to be ineffective.

**25.11** **Cessation of business** 

Any Obligor suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business where such cessation has or is reasonably likely to have a Material Adverse Effect.

**25.12** **Repudiation** 

An Obligor (or any other relevant party) rescinds or purports to rescind or repudiates or purports to repudiate a Finance Document.

**25.13** **Loss of Authorisation** 

Any licence or other supervisory approval necessary for the conduct of the business, trade and ordinary activities of any member of the Group is lost or terminated, which loss or termination has a Material Adverse Effect.

**25.14** **Safeguarding Guarantee Arrangements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the date that is five Business Days after a Safeguarding Guarantor makes a demand for cash cover in
accordance with the terms of any Safeguarding Guarantee Document (a "**Demand** "), Wise Payments Limited (or any other member of the Group on its behalf) has not paid into the Designated Account such amount as is required under the
terms of the relevant Safeguarding Guarantee Document in order to comply with such demand.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the date that is ten Business Days after a Safeguarding Guarantor makes a Demand, Wise Payments Limited
(together with each other member of the Group that is party to the relevant Safeguarding Guarantee Documents) has not delivered to the relevant Safeguarding Guarantor a duly executed deed of release in accordance with the terms of the applicable
Safeguarding Guarantee Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Default or Event of Default shall occur under this clause 25.14 at any time at which the Group's
corporate cash (including Cash Equivalent Investments but excluding (i) Excluded Assets and (ii) an amount equal to the aggregate principal amount of outstanding Loans at such time) is greater than or equal to the Safeguarding Guarantee
Liabilities.

**25.15** **Acceleration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On and at any time after the occurrence of an Event of Default which is continuing the Agent may, and shall if
so directed by the Majority Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by notice to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) cancel the Available Commitment of each Lender and/or each Ancillary Commitment of each Ancillary Lender at
which time each such Available Commitment and Ancillary Commitment shall immediately be cancelled and the Facility shall immediately cease to be available for further utilisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or
outstanding under the Finance Documents be immediately due and payable, whereupon they shall become immediately due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) declare that all or part of the Loans be payable on demand, whereupon they shall immediately become payable on
demand by the Agent on the instructions of the Majority Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) declare all or any part of the amounts (or cash cover in relation to those amounts) outstanding under the
Ancillary Facilities to be immediately due and payable, at which time they shall become immediately due and payable; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) declare that all or any part of the amounts (or cash cover in relation to those amounts) outstanding under the
Ancillary Facilities be payable on demand, at which time they shall immediately become payable on demand by the Agent on the instructions of the Majority Lenders; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) exercise any or all of its rights, remedies, powers or discretions under the Finance Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without prejudice to paragraph (a) above, on and at any time after the occurrence of an Event of Default
under clause 25.6 (*Insolvency*) to clause 25.8 (*Creditors' process*) in respect of a US Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Facility shall cease to be available to such US Obligor (if such US Obligor is a Borrower); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Loans by such US Obligor (if any), together with accrued interest shall become immediately due and payable.

**SECTION 9** 

**CHANGES TO PARTIES** 

**26.** **CHANGES TO THE LENDERS** 

**26.1** **Assignments and transfers by the Lenders** 

Subject to this clause 26, a Lender (the "**Existing Lender**") may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) assign any of its rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfer by novation any of its rights and obligations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sub-participate or sub-contract any of its rights and obligations,

(each a "**Transfer**") to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the "**New Lender**").

**26.2** **Company consent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clause 26.2(c), the consent of the Company is required for a Transfer by an Existing Lender, unless
the Transfer is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to another Lender or an Affiliate of any Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to a fund which is a Related Fund of an Existing Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) made at a time when an Event of Default is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The consent of the Company to a Transfer must not be unreasonably withheld or delayed. The Company will be
deemed to have given its consent 10 Business Days after the Existing Lender has requested it unless consent is expressly refused by the Company within that time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Consent of the Company is not required in respect of any Transfer which is a sub-participation or any other transaction (including any derivative transaction) which has substantially the same commercial effect as a sub-participation, in each case
entered into by an Existing Lender, pursuant to which the Existing Lender retains discretion with regards to voting rights under the Finance Documents at all times.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the above and unless an Event of Default is continuing, no assignment, transfer, sub-participation or subcontracting in relation to a Loan and/or Commitment in respect of a Belgian Borrower may be effected without the prior consent of the Company if, at the time of transfer, assignment, sub-participation or subcontracting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the state or territory in which that New Lender is incorporated, resident or established, or where its Facility
Office is established, is a Non-Cooperative Jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the bank account(s) to which payments to which that New Lender will be entitled will be made, are

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) managed by or opened with a person incorporated, resident or established in a Non-Cooperative Jurisdiction or by a permanent establishment situated in a Non-Cooperative Jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) managed by, or opened with, a financial institution incorporated, resident or established in a Non-Cooperative Jurisdiction or a branch or office of a financial institution situated in a Non-Cooperative Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Company receives a written request for its consent in respect of clause 26.2(d), it must within ten
Business Days either grant its written consent or request additional information reasonably demonstrating that the New Lender does not qualify as an artificial construction within the meaning of Article 198, §1, 10° of the Belgian Income
Tax Code 1992. If the Company requested and received additional information that is reasonably satisfactory to it, it must grant its consent. The Company will be deemed to have given its consent ten Business Days after it received additional
information, unless consent is expressly refused by the Company within that time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any other provision of this Agreement, no Transfer may be made at any time to any person which
is a Restricted Party and which (on completion of the Transfer) would be a Sanctioned Lender.

**26.3** **Other conditions of assignment or transfer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An assignment will only be effective on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) receipt by the Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the New
Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations to the other Finance Parties as it would have been under if it had been Original Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) performance by the Agent of all necessary "know your customer" or other similar checks under all
applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A transfer will only be effective if the procedure set out in clause 26.6 (*Procedure for transfer*) is
complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its
Facility Office; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would
be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under clause 15 (*Tax Gross-Up and Indemnities*) or clause 16 (*Increased Costs*),

then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred. This clause 26.3(c) shall not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in respect of an assignment or transfer made in the ordinary course of the primary syndication of any Facility;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in relation to clause 15.2 (*Tax gross-up*), to a UK Treaty Lender
that has included a confirmation of its scheme reference number and its jurisdiction of tax residence in accordance with clause 15.2(j)(ii)(B) if the Obligor making the payment has not made a Borrower DTTP Filing in respect of that UK Treaty Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the
avoidance of doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the
transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender.

**26.4** **Assignment or transfer fee** 

The New Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Agent (for its own account) a fee of £2,500.

**26.5** **Limitation of responsibility of Existing Lenders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no
responsibility to a New Lender for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other
documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the financial condition of any Obligor;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the performance and observance by any Obligor of its obligations under the Finance Documents or any other
documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or
any other document,

and any representations or warranties implied by law are excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each New Lender confirms to the Existing Lender and the other Finance Parties that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has made (and shall continue to make) its own independent investigation and assessment of the financial
condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender or any other Finance Party in connection
with any Finance Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related
entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in any Finance Document obliges an Existing Lender to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this clause 26; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or otherwise.

**26.6** **Procedure for transfer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the conditions set out in clause 26.2 (*Company consent*) and clause 26.3 (Other conditions of
assignment or transfer) a transfer is effected in accordance with clause 26.6(c) when the Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to clause
26.6(b), as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that
Transfer Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and
the New Lender once it is satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to clause 26.10 (*Pro rata interest settlement*), on the Transfer Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and
obligations under the Finance Documents

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each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the "**Discharged Rights and Obligations**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights
against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor or other member of the Group and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Agent, the Arranger, the New Lender, the other Lenders and any relevant Ancillary Lender shall acquire the
same rights and assume the same obligations between themselves as they would have acquired and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that
extent the Agent, the Arranger and any relevant Ancillary Lender and the Existing Lender shall each be released from further obligations to each other under the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the New Lender shall become a Party as a "**Lender** ".

**26.7** **Procedure for assignment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the conditions set out in clause 26.2 (*Company consent*) and clause 26.3 (*Other conditions of assignment or transfer*) an assignment may be effected in accordance with clause 26.7(c) when the Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Agent shall,
subject to clause 26.7(b), as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement,
execute that Assignment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and
the New Lender once it is satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to the assignment to such New Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to clause 26.10 (*Pro rata interest settlement*), on the Transfer Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents expressed
to be the subject of the assignment in the Assignment Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Existing Lender will be released from the obligations (the "**Relevant Obligations** ")
expressed to be the subject of the release in the Assignment Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the New Lender shall become a Party as a "**Lender**" and will be bound by obligations
equivalent to the Relevant Obligations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Lenders may utilise procedures other than those set out in this clause 26.7 to assign their rights under the
Finance Documents (but not, without the consent of the relevant Obligor or unless in accordance with clause 26.6 (Procedure for transfer), to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the
assumption of equivalent obligations by a New Lender) provided that they comply with the conditions set out in clause 26.2 (*Company consent*) and clause 26.3 (*Other conditions of assignment or transfer*).

**26.8** **Copy of Transfer Certificate, Assignment Agreement, Additional Lender Certificate or Increase Confirmation to Company** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph (b) below, the Agent shall, as soon as reasonably practicable after it has executed a
Transfer Certificate, an Assignment Agreement, an Additional Lender Certificate or an Increase Confirmation, send to the Company a copy of that Transfer Certificate, Assignment Agreement, Additional Lender Certificate or Increase Confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where any New Lender or Increase Lender has included, in the Transfer Certificate, Assignment Agreement,
Additional Lender Certificate or Increase Confirmation (as applicable), a confirmation of its scheme reference number and its jurisdiction of tax residence in accordance with clause 15.2(j)(ii)(B), the Agent shall, within fifteen days of the
Transfer Date, Accordion Increase Date or Increase Date (as applicable) send to the Company a copy of that Transfer Certificate, Assignment Agreement, Additional Lender Certificate or Increase Confirmation.

**26.9** **Security over Lenders' rights** 

In addition to the other rights provided to Lenders under this clause 26, each Lender may without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of
obligations owed, or securities issued, by that Lender as security for those obligations or securities,

except that no such charge, assignment or Security shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the
relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) require any payments to be made by an Obligor other than or in excess of, or grant to any person any more
extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents.

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**26.10** **Pro rata interest settlement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Agent has notified the Lenders that it is able to distribute interest payments on a "pro rata
basis" to Existing Lenders and New Lenders then (in respect of any transfer pursuant to clause 26.6 (*Procedure for transfer*) or any assignment pursuant to clause 26.7 (Procedure for assignment) the Transfer Date of which, in each case,
is after the date of such notification and is not on the last day of an Interest Period):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the
lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer Date ()"**Accrued Amounts**") and shall become due and payable to the Existing Lender (without further interest accruing on them)
on the last day of the current Interest Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts, so
that, for the avoidance of doubt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) when the Accrued Amounts become payable, those Accrued Amounts will be payable to the Existing Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the amount payable to the New Lender on that date will be the amount which would, but for the application of
this clause 26.10, have been payable to it on that date, but after deduction of the Accrued Amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In this clause 26.10 references to "**Interest Period**" shall be construed to include a
reference to any other period for accrual of fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An Existing Lender which retains the right to the Accrued Amounts pursuant to this clause 26.10 but which does
not have a Commitment shall be deemed not to be a Lender for the purposes of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve any request for a consent, waiver, amendment or other vote of Lenders
under the Finance Documents.

**27.** **CHANGES TO THE OBLIGORS** 

**27.1** **Assignments and transfer by Obligors** 

No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.

**27.2** **Additional Borrowers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to compliance with the provisions of clauses 22.9(c) and 22.9(d), the Company may request that any
wholly owned Subsidiaries of Wise Payments Limited becomes an Additional Borrower. That Subsidiary shall become an Additional Borrower if:

(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) it is incorporated in the same jurisdiction as an existing Borrower and the Majority Lenders approve the
addition of that Subsidiary or, in

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respect of the Company, Wise Financial Holdings Ltd or Wise Assets UK Ltd (company registration number 11905382) ("**WAUKL**") or any member of the Group that (1) holds or operates the business of WAUKL as carried on by WAUKL at the date of this Agreement, (2) is a financial services entity or a member of a financial services group, (3) is a collective investment scheme that is not an AIF or a UCIT, and/or (4) is a 'relevant financial institution' as defined in the Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014), or any Holding Company or Subsidiary of such member of the Group, all the Lenders approve the addition of that Subsidiary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) it is not incorporated in the same jurisdiction as an existing Borrower and all the Lenders (acting reasonably,
unless the relevant jurisdiction is a Restricted Jurisdiction, in which case such approval shall be given in the Lender's sole discretion) approve the addition of that Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company delivers to the Agent a duly completed and executed Accession Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Subsidiary is (or becomes) a Guarantor prior to or simultaneously with it becoming a Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Company confirms that no Default is continuing or would occur as a result of that Subsidiary becoming an
Additional Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Agent has received all of the documents and other evidence listed in Part 2 of Schedule 2 (*Conditions Precedent*) in relation to that Additional Borrower, each in form and substance satisfactory to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall notify the Company and the Lenders promptly upon being satisfied that it has received (in form
and substance satisfactory to it) all the documents and other evidence listed in Part 2 of Schedule 2 (*Conditions Precedent*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent
gives the notification described in clause 27.2(b), the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such
notification.

**27.3** **Resignation of a Borrower** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may request that a Borrower (other than Wise Payments Limited) ceases to be a Borrower by
delivering to the Agent a Resignation Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall accept a Resignation Letter and notify the Company and the Lenders of its acceptance if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Default is continuing or would result from the acceptance of the Resignation Letter (and the Company has
confirmed this is the case);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) where the Borrower is also a Guarantor (unless its resignation has been accepted in accordance with clause 27.6
(*Resignation of a Guarantor*)), its obligations in its capacity as Guarantor continue to be legal, valid, binding and enforceable and in full force and effect (subject to the Legal Reservations) and the amount guaranteed by it as a Guarantor
is not decreased (and the Company has confirmed this is the case),

whereupon that company shall cease to be a Borrower and shall have no further rights or obligations under the Finance Documents.

**27.4** **Additional Guarantors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to compliance with the provisions of clauses 22.9(c) and 22.9(d), the Company may request that any of
its Subsidiaries become an Additional Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A member of the Group shall become an Additional Guarantor if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company or the proposed Additional Guarantor delivers to the Agent a duly completed and executed Accession
Letter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Agent has received all of the documents and other evidence listed in Part 2 of Schedule 2 (*Conditions Precedent*) in relation to that Additional Guarantor, each in form and substance satisfactory to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent shall notify the Company and the Lenders promptly upon being satisfied that it has received (in form
and substance satisfactory to it) all the documents and other evidence listed in Part 2 of Schedule 2 (*Conditions Precedent*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent
gives the notification described in clause 27.4(c), the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such
notification.

**27.5** **Repetition of Representations** 

Delivery of an Accession Letter constitutes confirmation by the relevant Subsidiary that the Repeating Representations are true and correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing.

**27.6** **Resignation of a Guarantor** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may request that a Guarantor (other than Wise Payments Limited, Wise Financial Holdings Ltd or the
Company) ceases to be a Guarantor by delivering to the Agent a Resignation Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall accept a Resignation Letter and notify the Company and the Lenders of its acceptance if:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Lenders consent to that resignation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Default is continuing or would result from the acceptance of the Resignation Letter (and the Company has
confirmed this is the case);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no payment is due from the Guarantor under clause 20.1 (*Guarantee and indemnity*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) where the Guarantor is also a Borrower, it is under no actual or contingent obligations as a Borrower and has
resigned and ceased to be a Borrower under clause 27.3 (*Resignation of a Borrower*).

**SECTION 10** 

**THE FINANCE PARTIES** 

**28.** **ROLE OF THE AGENT, THE ARRANGER AND OTHERS** 

**28.1** **Appointment of the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Arranger and the Lenders appoints the Agent to act as its agent under and in connection with the
Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Arranger and the Lenders authorises the Agent to perform the duties, obligations and
responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions.

**28.2** **Instructions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right,
power, authority or discretion vested in it as Agent in accordance with any instructions given to it by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in all other cases, the Majority Lenders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with clause
28.2(a)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority
Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any
right, power, authority or discretion. The Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the
relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all
Finance Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders until
it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it
may incur in complying with those instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the absence of instructions, the Agent may act (or refrain from acting) as it considers to be in the best
interest of the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender's consent)
in any legal or arbitration proceedings relating to any Finance Document.

**28.3** **Duties of the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent's duties under the Finance Documents are solely mechanical and administrative in nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to clause 28.3(c), the Agent shall promptly forward to a Party the original or a copy of any document
which is delivered to the Agent for that Party by any other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without prejudice to clause 26.8 (Copy of Transfer Certificate, Assignment Agreement, Additional Lender
Certificate or Increase Confirmation to Company), clause 28.3(b) shall not apply to any Transfer Certificate, any Assignment Agreement, any Additional Lender Certificate or any Increase Confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check
the adequacy, accuracy or completeness of any document it forwards to another Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that
the circumstance described is a Default, it shall promptly notify the other Finance Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the Agent is aware of the non-payment of any principal, interest,
commitment fee or other fee payable to a Finance Party (other than the Agent or the Arranger) under this Agreement it shall promptly notify the other Finance Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance
Documents to which it is expressed to be a party (and no others shall be implied).

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**28.4** **Role of the Arranger** 

Except as specifically provided in the Finance Documents, the Arranger has no obligations of any kind to any other Party under or in connection with any Finance Document.

**28.5** **No fiduciary duties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nothing in any Finance Document constitutes the Agent or the Arranger as a trustee or fiduciary of any other
person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Agent, the Arranger or any Ancillary Lender shall be bound to account to any Lender for any sum or
the profit element of any sum received by it for its own account.

**28.6** **Business with the Group** 

The Agent, the Arranger and each Ancillary Lender may accept deposits from, lend money to and generally engage in any kind of banking or other business with any member of the Group.

**28.7** **Rights and discretions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) rely on any representation, communication, notice or document believed by it to be genuine, correct and
appropriately authorised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) assume that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders are duly given
in accordance with the terms of the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) unless it has received notice of revocation, that those instructions have not been revoked; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) rely on a certificate from any person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that
person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) to the effect that such person approves of any particular dealing, transaction, step, action or thing,

as sufficient evidence that that is the case and, in the case of clause 28.7(a)(iii)(A), may assume the truth and accuracy of that certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders)
that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Default or Cash Cover Event has occurred (unless it has actual knowledge of a Default arising under clause
25.1 (Non-payment));

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any right, power, authority or discretion vested in any Party or any group of Lenders has not been exercised;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any notice or request made by the Company (other than a Utilisation Request) is made on behalf of and with the
consent and knowledge of all the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or
other professional advisers or experts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without prejudice to the generality of clause 28.7(c) or 28.7(e), the Agent may at any time engage and pay for
the services of any lawyers to act as independent counsel to the Agent (and so separate from any lawyers instructed by the Lenders) if the Agent in its reasonable opinion deems this to be necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other
professional advisers or experts (whether obtained by the Agent or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Agent may act in relation to the Finance Documents through its officers, employees and agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Unless a Finance Document expressly provides otherwise the Agent may disclose to any other Party any
information it reasonably believes it has received as agent under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Without prejudice to the generality of clause 28.7(g),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) may disclose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) on the written request of the Company or the Majority Lenders shall, as soon as reasonably practicable,
disclose,

the identity of a Defaulting Lender to the Company and to the other Finance Parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Agent shall, as soon as reasonably practicable upon becoming aware, disclose the identity of a Sanctioned
Lender to the Company and to the other Finance Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor the Arranger
is obliged to do or omit to do anything if it would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend or
risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right,

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power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it.

**28.8** **Responsibility for documentation** 

None of the Agent, the Arranger or any Ancillary Lender is responsible or liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Agent, the
Arranger, an Ancillary Lender, an Obligor or any other person in or in connection with any Finance Document or the transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with any Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any other
agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise.

**28.9** **No duty to monitor** 

The Agent shall not be bound to enquire:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whether or not any Default has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as to the performance, default or any breach by any Party of its obligations under any Finance Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether any other event specified in any Finance Document has occurred.

**28.10** **Exclusion of liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without limiting clause 28.10(b) (and without prejudice to any other provision of any Finance Document
excluding or limiting the liability of the Agent or any Ancillary Lender), neither the Agent nor any Ancillary Lender will be liable (including, without limitation, for negligence or any other category of liability whatsoever) for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a
result of taking or not taking any action under or in connection with any Finance Document, unless directly caused by its gross negligence or wilful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with,
any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) without prejudice to the generality of clauses 28.10(a)(i) and 28.10(a)(ii), any damages, costs or losses to
any person, any diminution in value or any liability whatsoever (including, without limitation, for negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any act, event or circumstance not reasonably within its control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the general risks of investment in, or the holding of assets in, any jurisdiction,

including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Party (other than the Agent or an Ancillary Lender (as applicable)) may take any proceedings against any
officer, employee or agent of the Agent or any Ancillary Lender, in respect of any claim it might have against the Agent or an Ancillary Lender or in respect of any act or omission of any kind by that officer, employee or agent in relation to any
Finance Document and any officer, employee or agent of the Agent or any Ancillary Lender may rely on this clause 28.10(b) subject to clause 1.4 (*Third party rights*) and the provisions of the Third Parties Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount
required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by
the Agent for that purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing in this Agreement shall oblige the Agent or the Arranger to carry out:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any "know your customer" or other checks in relation to any person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any
Lender or for any Affiliate of any Lender,

on behalf of any Lender and each Lender confirms to the Agent and the Arranger that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or the Arranger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without prejudice to any provision of any Finance Document excluding or limiting the Agent's liability,
any liability of the Agent arising under or in connection with any Finance Document shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference to the date of default
of the Agent or, if later, the date on which the loss arises as a result of such

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default) but without reference to any special conditions or circumstances known to the Agent at any time which increase the amount of that loss. In no event shall the Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Agent has been advised of the possibility of such loss or damages.

**28.11** **Lenders' indemnity to the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then
zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Agent, within three Business Days of demand, against any cost, loss or liability (including, without limitation, for negligence or any other
category of liability whatsoever) incurred by the Agent (otherwise than by reason of the Agent's gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to clause 31.11 (*Disruption to payment systems etc*), notwithstanding the Agent's negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) in acting as Agent under the Finance Documents (unless the Agent has
been reimbursed by an Obligor pursuant to a Finance Document), except for any liability to Tax assessed on the Agent if that Tax is imposed on or calculated by reference to the income, profits or gains of the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to clause 28.11(c), the Company shall immediately on demand reimburse any Lender for any payment that
Lender makes to the Agent pursuant to clause 28.11(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Clause 28.11(b) shall not apply to the extent that the indemnity payment in respect of which the Lender claims
reimbursement relates to a liability of the Agent to an Obligor.

**28.12** **Resignation of the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent may resign and appoint one of its Affiliates acting through an office in the United Kingdom as
successor by giving notice to the Lenders and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Alternatively the Agent may resign by giving 30 days' notice to the Lenders and the Company, in which
case the Majority Lenders (after consultation with the Company) may appoint a successor Agent, provided that such successor Agent may not be incorporated in, have its place of effective management in or act through a Facility Office or office, as
the case may be, situated in, a Non-Cooperative Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Majority Lenders have not appointed a successor Agent in accordance with clause 28.12(b) within 20 days
after notice of resignation was given, the retiring Agent (after consultation with the Company) may appoint a successor Agent (acting through an office in the United Kingdom).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Agent wishes to resign because (acting reasonably) it has concluded that it is no longer appropriate for
it to remain as agent and the Agent is entitled to appoint a successor Agent under clause 28.12(c), the Agent may (if it concludes (acting reasonably) that it is necessary to do so in order to persuade the proposed successor Agent to become a party
to this Agreement as Agent) agree with the proposed successor Agent amendments to this clause 28 and any other term of this Agreement

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dealing with the rights or obligations of the Agent consistent with then current market practice for the appointment and protection of corporate trustees together with any reasonable amendments to the agency fee payable under this Agreement which are consistent with the successor Agent's normal fee rates and those amendments will bind the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The retiring Agent shall make available to the successor Agent such documents and records and provide such
assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Agent's resignation notice shall only take effect upon the appointment of a successor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in
respect of the Finance Documents (other than its obligations under clause 28.12(e)) but shall remain entitled to the benefit of clause 17.3 (*Indemnity to the Agent*) and this clause 28 (and any agency fees for the account of the retiring Agent
shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) After consultation with the Company, the Majority Lenders may, by notice to the Agent, require it to resign in
accordance with clause 28.12(b). In this event, the Agent shall resign in accordance with clause 28.12(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Agent shall resign in accordance with clause 28.12(b) (and, to the extent applicable, shall use reasonable
endeavours to appoint a successor Agent pursuant to clause 28.12(c)) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Agent fails to respond to a request under clause 15.8 (*FATCA information*) and the Company or a
Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information supplied by the Agent pursuant to clause 15.8 (*FATCA information*) indicates that the
Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Agent notifies the Company and the Lenders that the Agent will not be (or will have ceased to be) a FATCA
Exempt Party on or after that FATCA Application Date;

and (in each case) the Company or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and the Company or that Lender, by notice to the Agent, requires it to resign.

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**28.13** **Replacement of the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) After consultation with the Company, the Majority Lenders may, by giving 30 days' notice to the Agent
(or, at any time the Agent is an Impaired Agent, by giving any shorter notice determined by the Majority Lenders) replace the Agent by appointing a successor Agent (acting through an office in the United Kingdom).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The retiring Agent shall (at its own cost if it is an Impaired Agent and otherwise at the expense of the
Lenders) make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority
Lenders to the retiring Agent. As from this date, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under clause 28.13(b)) but shall remain entitled to the benefit of
clause 17.3 (*Indemnity to the Agent*) and this clause 28 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any successor Agent and each of the other Parties shall have the same rights and obligations amongst themselves
as they would have had if such successor had been an original Party.

**28.14** **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division
which shall be treated as a separate entity from any other of its divisions or departments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If information is received by another division or department of the Agent, it may be treated as confidential to
that division or department and the Agent shall not be deemed to have notice of it.

**28.15** **Relationship with the Lenders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clause 26.10 (*Pro rata interest settlement*), the Agent may treat the person shown in its
records as Lender at the opening of business (in the place of the Agent's principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facility Office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) entitled to or liable for any payment due under any Finance Document on that day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) entitled to receive and act upon any notice, request, document or communication or make any decision or
determination under any Finance Document made or delivered on that day,

unless it has received not less than five Business Days' prior notice from that Lender to the contrary in accordance with the terms of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications,
information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under clause 33.6
(*Electronic communication*)) electronic mail address and/or any other information required to enable the transmission of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to
be made) and be treated as a notification of a substitute address, fax number, electronic mail address (or such other information), department and officer by that Lender for the purposes of clause 33.2 (*Addresses*) and clause 33.6(a)(ii) and
the Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as though that person were that Lender.

**28.16** **Credit appraisal by the Lenders and Ancillary Lenders** 

Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender and Ancillary Lender confirms to the Agent, the Arranger and each Ancillary Lender that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the financial condition, status and nature of each member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any other
agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether that Lender or Ancillary Lender has recourse, and the nature and extent of that recourse, against any
Party or any of its respective assets under or in connection with any Finance Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under
or in connection with any Finance Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the adequacy, accuracy or completeness of any information provided by the Agent, any Party or by any other
person under or in connection with any Finance Document, the transactions contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance
Document.

**28.17** **Agent's management time** 

Any amount payable to the Agent under clause 17.3 (*Indemnity to the Agent*), clause 19 (*Costs and Expenses*) and clause 28.11 (*Lenders' indemnity to the Agent*) shall include the cost of utilising the Agent's management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Agent may notify to the Company and the Lenders, and is in addition to any fee paid or payable to the Agent under clause 14 (*Fees*).

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**28.18** **Deduction from amounts payable by the Agent** 

If any Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted.

**28.19** **Reliance and engagement letters** 

Each Finance Party confirms that each of the Arranger and the Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of any letters or reports already accepted by the Arranger or Agent) the terms of any reliance letter or engagement letters relating to any reports or letters provided by accountants in connection with the Finance Documents or the transactions contemplated in the Finance Documents and to bind it in respect of those reports or letters and to sign such letters on its behalf and further confirms that it accepts the terms and qualifications set out in such letters.

**28.20** **Amounts paid in error** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Agent pays an amount to another Party and the Agent notifies that Party that such payment was an
Erroneous Payment then the Party to whom that amount was paid by the Agent shall on demand refund the same to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the obligations of any Party to the Agent; nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the remedies of the Agent,

(whether arising under this clause 28.20 or otherwise) which relate to an Erroneous Payment will be affected by any act, omission, matter or thing which, but for this paragraph (b), would reduce, release or prejudice any such obligation or remedy (whether or not known by the Agent or any other Party).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All payments to be made by a Party to the Agent (whether made pursuant to this clause 28.20 or otherwise) which
relate to an Erroneous Payment shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In this Agreement, "**Erroneous Payment**" means a payment of an amount by the Agent to another
Party which the Agent determines (in its sole discretion) was made in error.

**29.** **CONDUCT OF BUSINESS BY THE FINANCE PARTIES** 

Subject to clause 18 (*Mitigation by the Lenders*), no provision of this Agreement will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it
thinks fit;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or
the extent, order and manner of any claim; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any
computations in respect of Tax.

**30.** **SHARING AMONG THE FINANCE PARTIES** 

**30.1** **Payments to Finance Parties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clause 30.1(b), if a Finance Party (a "**Recovering Finance Party**") receives or
recovers any amount from an Obligor other than in accordance with clause 31 (*Payment Mechanics*) (a "**Recovered Amount**") and applies that amount to a payment due under the Finance Documents then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery to
the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance
Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance with clause 31 (*Payment Mechanics*), without taking account of any Tax which would be imposed on the Agent in relation to
the receipt, recovery or distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent an
amount (the "**Sharing Payment**") equal to such receipt or recovery less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with clause 31.6
(*Partial payments*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Clause 30.1(a) shall not apply to any amount received or recovered by an Ancillary Lender in respect of any
cash cover provided for the benefit of that Ancillary Lender.

**30.2** **Redistribution of payments** 

The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) (the "**Sharing Finance Parties**") in accordance with clause 31.6 (*Partial payments*) towards the obligations of that Obligor to the Sharing Finance Parties.

**30.3** **Recovering Finance Party's rights** 

On a distribution by the Agent under clause 30.2 (*Redistribution of payments*) of a payment received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor.

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**30.4** **Reversal of redistribution** 

If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that
Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which
that Recovering Finance Party is required to pay) (the "**Redistributed Amount** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant
Redistributed Amount will be treated as not having been paid by that Obligor.

**30.5** **Exceptions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This clause 30 shall not apply to the extent that the Recovering Finance Party would not, after making any
payment pursuant to this clause, have a valid and enforceable claim against the relevant Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering
Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it notified that other Finance Party of the legal or arbitration proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did
not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings.

**30.6** **Ancillary Lenders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This clause 30 shall not apply to any receipt or recovery by a Lender in its capacity as an Ancillary Lender at
any time prior to the Agent exercising any of its rights under clause 25.15 (*Acceleration*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following the exercise by the Agent of any of its rights under clause 25.15 (*Acceleration*), this clause
30 shall apply to all receipts or recoveries by Ancillary Lenders except to the extent that the receipt or recovery represents a reduction of the Gross Outstandings of a Multi-account Overdraft to or towards an amount equal to its Net Outstandings.

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**SECTION 11** 

**ADMINISTRATION** 

**31.** **PAYMENT MECHANICS** 

**31.1** **Payments to the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, excluding
a payment under the terms of an Ancillary Document, that Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by
the Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Payment shall be made to such account in the principal financial centre of the country of that currency (or, in
relation to euro, in a principal financial centre in such Participating Member State or London, as specified by the Agent) and with such bank as the Agent, in each case, specifies.

**31.2** **Distributions by the Agent** 

Each payment received by the Agent under the Finance Documents for another Party shall, subject to clause 37.10 (*Sanctioned Lenders*), clause 31.3 (*Distributions to an Obligor*) and clause 31.4 (*Clawback and pre-funding*) be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five Business Days' notice with a bank specified by that Party in the principal financial centre of the country of that currency (or, in relation to euro, in the principal financial centre of a Participating Member State or London, as specified by that Party).

**31.3** **Distributions to an Obligor** 

The Agent may (with the consent of the Obligor or in accordance with clause 32 (*Set-Off*)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.

**31.4** **Clawback and pre-funding** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged
to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless clause 31.4(c) applies, if the Agent pays an amount to another Party and it proves to be the case that
the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the
date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Agent has notified the Lenders that it is willing to make available amounts for the account of a
Borrower before receiving funds from the Lenders then if and to the extent that the Agent does so but it proves to be the case that it does not then receive funds from a Lender in respect of a sum which it paid to a Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Agent shall notify the Company of that Lender's identity and the Borrower to whom that sum was made
available shall on demand refund it to the Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Lender by whom those funds should have been made available or, if that Lender fails to do so, the Borrower
to whom that sum was made available, shall on demand pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from
that Lender.

**31.5** **Impaired Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a
payment under the Finance Documents to the Agent in accordance with clause 31.1 (*Payments to the Agent*) may instead either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pay that amount direct to the required recipient(s); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to
the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of "**Acceptable Bank**" and in
relation to which no Insolvency Event has occurred and is continuing, in the name of the Obligor or the Lender making the payment (the "**Paying Party**") and designated as a trust account for the benefit of the Party or Parties
beneficially entitled to that payment under the Finance Documents (the "**Recipient Party**" or "**Recipient Parties** ").

In each case such payments must be made on the due date for payment under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the
Recipient Party or the Recipient Parties pro rata to their respective entitlements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Party which has made a payment in accordance with this clause 31.5 shall be discharged of the relevant
payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Promptly upon the appointment of a successor Agent in accordance with clause 28.13 (*Replacement of the Agent*), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to clause 31.5(e)) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with

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any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with clause 31.2 (*Distributions by the Agent*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that it has not given an instruction pursuant to clause 31.5(d); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that it has been provided with the necessary information by that Recipient Party,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount
(together with any accrued interest) to that Recipient Party.

**31.6** **Partial payments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an
Obligor under the Finance Documents, the Agent shall apply that payment towards the obligations of that Obligor under the Finance Documents in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first, in or towards payment pro rata of any unpaid amount owing to the Agent under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under the
Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) thirdly, in or towards payment pro rata of any principal due but unpaid under the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall, if so directed by the Majority Lenders, vary the order set out in clauses 31.6(a)(ii) to
31.6(a)(iv).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Clauses 31.6(a) and 31.6(b) will override any appropriation made by an Obligor.

**31.7** **No set-off by Obligors** 

All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

**31.8** **Business Days** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any payment under any Finance Document which is due to be made on a day that is not a Business Day shall be
made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest
is payable on the principal or Unpaid Sum at the rate payable on the original due date.

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**31.9** **Currency of account** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clauses 31.9(b) to 31.9(e), the Base Currency is the currency of account and payment for any sum due
from an Obligor under any Finance Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A repayment of a Loan or Unpaid Sum or a part of a Loan or Unpaid Sum shall be made in the currency in which
that Loan or Unpaid Sum is denominated, pursuant to this Agreement, on its due date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each payment of interest shall be made in the currency in which the sum in respect of which the interest is
payable was denominated, pursuant to this Agreement, when that interest accrued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses
or Taxes are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any amount expressed to be payable in a currency other than the Base Currency shall be paid in that other
currency.

**31.10** **Change of currency** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised
by the central bank of any country as the lawful currency of that country, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the
currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated by the Agent (after consultation with the Company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any translation from one currency or currency unit to another shall be at the official rate of exchange
recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down by the Agent (acting reasonably).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting
reasonably and after consultation with the Company) specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the Relevant Market and otherwise to reflect the change in currency.

**31.11** **Disruption to payment systems etc** 

If either the Agent determines (in its discretion) that a Disruption Event has occurred or the Agent is notified by the Company that a Disruption Event has occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent may, and shall if requested to do so by the Company, consult with the Company with a view to agreeing
with the Company such changes to the operation or administration of the Facility as the Agent may deem necessary in the circumstances;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent shall not be obliged to consult with the Company in relation to any changes mentioned in clause
31.11(a) if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to agree to such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Agent may consult with the Finance Parties in relation to any changes mentioned in clause 31.11(a) but
shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any such changes agreed upon by the Agent and the Company shall (whether or not it is finally determined that a
Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of clause 37 (*Amendments and Waivers*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any
liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take,
any actions pursuant to or in connection with this clause 31.11; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Agent shall notify the Finance Parties of all changes agreed pursuant to clause 31.11(d).

**31.12** **Affiliates of Lenders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In respect of a Loan or Loans to a particular Borrower ()"**Designated Loans**") a Lender (a
" **Designating Lender**") may at any time and from time to time designate (by written notice to the Agent and the Company):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a substitute Facility Office from which it will make Designated Loans (a "**Substitute Facility Office** "); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) nominate an Affiliate to act as the Lender of Designated Loans (a "**Substitute Affiliate Lender** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A notice to nominate a Substitute Affiliate Lender must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the form set out in Schedule 15 (*Form of Substitute Affiliate Lender Designation Notice*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) countersigned by the relevant Substitute Affiliate Lender confirming it will be bound as a Lender under this
Agreement in respect of the Designated Loans in respect of which it acts as Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Designating Lender will act as the representative of any Substitute Affiliate Lender it nominates for all
administrative purposes under this Agreement. The Obligors, the Agent and the other Finance Parties will be entitled to deal only with the Designating Lender, except that, where a Designating Lender has designated a Substitute Facility Office,
payments will be made in respect of relevant Designated Loans to that Substitute Facility Office. In particular the Commitments of the Designating Lender will not be treated as reduced by the introduction of the Substitute Affiliate Lender for
voting

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purposes under this Agreement or the other Finance Documents (and a Substitute Affiliate Lender shall not have any voting rights under the Finance Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Save as mentioned in paragraph (c) above, a Substitute Affiliate Lender will be treated as a Lender for
all purposes under the Finance Documents and having a Commitment equal to the principal amount of all Designated Loans in which it is participating if and for so long as it continues to be a Substitute Affiliate Lender under this Agreement. For the
purposes of calculating the Lender's Available Commitment, the Lender's Commitment shall be reduced by an amount equal to the amount of the Substitute Affiliate Lender's participation in the Designated Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Designating Lender may revoke its designation of an Affiliate as a Substitute Affiliate Lender by notice to
the Agent and the Company provided that such notice may only take effect when there are no Designated Loans outstanding to the Substitute Affiliate Lender. Upon such Substitute Affiliate Lender ceasing to be a Substitute Affiliate Lender the
Designating Lender will automatically assume (and be deemed to assume without further action by any Party) all rights and obligations previously vested in the Substitute Affiliate Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If a Designating Lender designates a Substitute Facility Office or Substitute Affiliate Lender in accordance
with this clause:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Substitute Affiliate Lender shall be treated for the purposes of clause 15.2(d)(i), clause 15.2(e)(i),
clause 15.2(f)(i) and clause 15.2(g)(i) as having become a Lender on the date of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the provisions of clause 26.3(b) shall not apply to or in respect of any Substitute Facility Office or
Substitute Affiliate Lender.

**32.** **SET-OFF** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clause 32(b), if an Event of Default is continuing a Finance Party may set off any matured
obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or
currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Finance Party may apply any Excluded Assets held by or with any Finance Party (of any of its Affiliates) in
respect of any set-off described in clause 32(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any credit balances taken into account by an Ancillary Lender when operating a net limit in respect of any
overdraft under an Ancillary Facility shall on enforcement of the Finance Documents be applied first in reduction of the overdraft provided under that Ancillary Facility in accordance with its terms.

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**33.** **NOTICES** 

**33.1** **Communications in writing** 

Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made (subject to clause 33.5 (*Communication when Agent is Impaired Agent*)) by email or letter.

**33.2** **Addresses** 

The address and email address (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of the Company, that identified with its name below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of each Lender, each Ancillary Lender or any other Obligor, that notified in writing to the Agent
on or prior to the date on which it becomes a Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of the Agent, that identified with its name below,

or any substitute address or email address or department or officer as the Party may notify to the Agent (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less than five Business Days' notice.

**33.3** **Delivery** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any communication or document made or delivered by one person to another under or in connection with the
Finance Documents will only be effective:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if by way of email, when received; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if by way of letter, when it has been left at the relevant address or five Business Days after being deposited
in the post postage prepaid in an envelope addressed to it at that address;

and, if a particular department or officer is specified as part of its address details provided under clause 33.2 (*Addresses*), if addressed to that department or officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any communication or document to be made or delivered to the Agent will be effective only when actually
received by the Agent and then only if it is expressly marked for the attention of the department or officer identified with the Agent's signature below (or any substitute department or officer as the Agent shall specify for this purpose).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All notices from or to an Obligor shall be sent through the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any communication or document made or delivered to the Company in accordance with this clause will be deemed to
have been made or delivered to each of the Obligors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any communication or document which becomes effective, in accordance with clauses 33.3(a) to 33.3(d), after
5.00pm in the place of receipt shall be deemed only to become effective on the following day.

**33.4** **Notification of address and email address** 

Promptly upon changing its address or email address, the Agent shall notify the other Parties.

**33.5** **Communication when Agent is Impaired Agent** 

If the Agent is an Impaired Agent the Parties may, instead of communicating with each other through the Agent, communicate with each other directly and (while the Agent is an Impaired Agent) all the provisions of the Finance Documents which require communications to be made or notices to be given to or by the Agent shall be varied so that communications may be made and notices given to or by the relevant Parties directly. This provision shall not operate after a replacement Agent has been appointed.

**33.6** **Electronic communication** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any communication or document to be made or delivered by one Party to another under or in connection with the
Finance Documents may be made or delivered by electronic mail or other electronic means (including, without limitation, by way of posting to a secure website) if those two Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) notify each other in writing of their electronic mail address and/or any other information required to enable
the transmission of information by that means; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notify each other of any change to their address or any other such information supplied by them by not less
than five Business Days' notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any such electronic communication or delivery as specified in clause 33.6(a) to be made between an Obligor and
a Finance Party may only be made in that way to the extent that those two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of communication or delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any such electronic communication or document as specified in clause 33.6(a) made or delivered by one Party to
another will be effective only when actually received (or made available) in readable form and in the case of any electronic communication or document made or delivered by a Party to the Agent only if it is addressed in such a manner as the Agent
shall specify for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any electronic communication or document which becomes effective, in accordance with clause 33.6(c), after
5.00pm in the place in which the Party to whom the relevant communication or document is sent or made available has its address for the purpose of this Agreement shall be deemed only to become effective on the following day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any reference in a Finance Document to a communication being sent or received or a document being delivered
shall be construed to include that communication or document being made available in accordance with this clause 33.6.

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**33.7** **English language** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice given under or in connection with any Finance Document must be in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All other documents provided under or in connection with any Finance Document must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in English; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this
case, the English translation will prevail unless the document is a constitutional, statutory or other official document.

**34.** **CALCULATIONS AND CERTIFICATES** 

**34.1** **Accounts** 

In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate.

**34.2** **Certificates and determinations** 

Any certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates.

**34.3** **Day count convention and interest calculation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is
calculated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on the basis of the actual number of days elapsed and a year of 365 days (or, in any case where the practice in
the Relevant Market differs, in accordance with that market practice); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to paragraph (b) below, without rounding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate amount of any accrued interest, commission or fee which is, or becomes payable by an Obligor
under a Finance Document, shall be rounded to two decimal places.

**35.** **PARTIAL INVALIDITY** 

If, at any time, any provision of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

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**36.** **REMEDIES AND WAIVERS** 

No failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or remedy under a Finance Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any Finance Document. No election to affirm any Finance Document on the part of any Finance Party shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in each Finance Document are cumulative and not exclusive of any rights or remedies provided by law.

**37.** **AMENDMENTS AND WAIVERS** 

**37.1** **Required consents** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clause 37.2 (*All Lender matters*) and clause 37.3 (*Other exceptions*) any term of the
Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Company and any such amendment or waiver will be binding on all Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this clause 37.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Obligor agrees to any such amendment or waiver permitted by this clause 37 which is agreed to by the
Company. This includes any amendment or waiver which would, but for this clause 37.1(c), require the consent of all of the Guarantors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Clause 26.10(c) (Pro rata interest settlement) shall apply to this clause 37.

**37.2** **All Lender matters** 

Subject to clause 37.5 (*Changes to reference rates*) an amendment or waiver or a consent of, or in relation to, any term of any Finance Document that has the effect of changing or which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the definitions of "Majority Lenders", "Change of Control", "Anti-Bribery and
Corruption Laws", "Anti-Money Laundering Laws", "Material AML Event", "Material Sanctions Event", "Notifiable Sanctions Event", "Ordinary Course Sanctions Activity", "Restricted
Jurisdiction", "Restricted Jurisdiction Payment", "Restricted Party", "Sanctions", "Sanctions Authority", "Sanctions List" and "Sanctions Notification" in clause 1.1
(*Definitions*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an extension to the date of payment of any amount under the Finance Documents (other than as expressly
contemplated in, and without prejudice to any requirements of, clause 2.4 (*Extension*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or
commission payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a change in currency of payment of any amount under the Finance Documents;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an increase in any Commitment, an extension of the Availability Period (in each case, other than as expressly
contemplated in, and without prejudice to, any consent requirements under clause 2.3 (*Accordion*) or, as applicable, clause 2.4 (*Extension*)) or any requirement that a cancellation of Commitments reduces the Commitments of the Lenders
rateably under the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a change to the Borrowers or Guarantors other than in accordance with clause 27 (*Changes to the Obligors*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any provision which expressly requires the consent of all the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) clause 2.2 (*Increase*), clause 2.3 (*Accordion*), clause 2.4 (*Extension*), clause 2.5
(*Finance Parties' rights and obligations*), clause 5.1 (*Delivery of a Utilisation Request*), clause 9.1 (*Illegality*), clause 9.2 (Change of control), clause 9.8 (*Application of prepayments*), clause 21.13
(*Anti-Bribery and Corruption Laws*), clause 21.14 (*Sanctions*), clause 21.15 (*Anti-Money Laundering Laws*), clause 24.3 (*Anti-Bribery and Corruption Laws*), clause 24.4 (*Sanctions*), clause 24.5 (*Anti-Money Laundering Laws*), clause 26 (*Changes to the Lenders*), clause 27 (*Changes to the Obligors*), clause 30 (*Sharing Among the Finance Parties*), this clause 37, clause 43 (*Governing Law*) or clause 44.1 (*Jurisdiction*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (other than as expressly permitted by the provisions of any Finance Document) the nature or scope of the
guarantee and indemnity granted under clause 20 (*Guarantee and Indemnity*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the release of any guarantee and indemnity granted under clause 20 (*Guarantee and Indemnity*) unless
permitted under this Agreement or any other Finance Document,

shall not be made without the prior consent of all the Lenders.

**37.3** **Other exceptions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An amendment or waiver which relates to the rights or obligations of the Agent, the Arranger or any Ancillary
Lender (each in their capacity as such) may not be effected without the consent of the Agent, the Arranger or that Ancillary Lender, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any amendment or waiver which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) relates only to the rights or obligations applicable to a particular Loan or class of Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) does not materially and adversely affect the rights or interests of Lenders in respect of any other Loan or
another class of Lender, may be made in accordance with this clause 37 but as if references in this clause 37 to the specified proportion of Lenders (including, for the avoidance of doubt, all the Lenders) whose consent would, but for this clause
37.3(b) be required for that amendment or waiver were to that proportion of the Lenders participating in that particular Loan or forming part of that particular class.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any amendment to a Finance Document made for the sole purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) curing any ambiguity, omission, defect, error or inconsistency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) making any minor, technical or administrative amendment to facilitate the commitment to or use of any
Additional Commitment which amendment is not adverse in any material respects to the interests of any Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) evidencing and providing for the acceptance and appointment of a successor Agent pursuant to the requirements
thereof or to provide for the accession by a successor Agent to any Finance Document,

may be implemented by agreement between the Agent and the Company and any such amendment will be binding on all parties to the relevant Finance Document.

**37.4** **Intra-group transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an intra-Group transaction is prohibited under the terms of any Finance Document as a result of the occurrence
of a Default or an Event of Default; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that intra-Group transaction is required to be made to meet a legally binding obligation of a member of the
Group in respect of a Customer Transaction or as required to comply with a requirement of applicable law or regulation,

the Agent (acting on the instructions of the Majority Lenders) shall respond to any request for a consent or waiver of or in relation to such term within five Business Days of that request being made (unless the Company and the Agent agree to a longer time period in relation to any request).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A consent or waiver referred to in clause 37.4(a) shall not be unreasonably withheld or delayed by any Finance
Party and shall be deemed to be given if not refused by the Agent (acting on the instructions of the Majority Lenders) by the end of the five Business Day period referred to in clause 37.4(a).

**37.5** **Changes to reference rates** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clause 37.3 (*Other exceptions*), if a Published Rate Replacement Event has occurred in
relation to any Published Rate for a currency which can be selected for a Loan, any amendment or waiver which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) providing for the use of a Replacement Reference Rate in relation to that currency in place of that Published
Rate; and

(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) aligning any provision of any Finance Document to the use of that Replacement Reference Rate;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement
(including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) implementing market conventions applicable to that Replacement Reference Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic
value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body,
the adjustment shall be determined on the basis of that designation, nomination or recommendation),

may be made with the consent of the Agent (acting on the instructions of the Majority Lenders) and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An amendment or waiver that relates to, or has the effect of, aligning the means of calculation of interest on
a Compounded Rate Loan in any currency under this Agreement to any recommendation of a Relevant Nominating Body which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) relates to the use of a risk-free reference rate on a compounded basis in the international or any relevant
domestic syndicated loan markets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is issued on or after the date of this Agreement,

may be made with the consent of the Agent (acting on the instructions of the Majority Lenders) and the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) None of the Finance Parties warrant or accept any responsibility for, and shall not have any liability with
respect to, the administration, submission or any other matter related to a Published Rate or another interest rate benchmark or with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation,
any such alternative, successor or replacement rate implemented pursuant to this clause 37.5, including whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the
same value or economic equivalence of, the relevant Published Rate or such other interest rate benchmark or that it will have the same volume or liquidity as the relevant Published Rate or such other interest rate benchmark did prior to its
discontinuance or unavailability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In this clause 37.5:

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"**Published Rate**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Alternative Term Rate for any Quoted Tenor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Primary Term Rate for any Quoted Tenor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an RFR;

"**Published Rate Replacement Event**" means, in relation to a Published Rate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the methodology, formula or other means of determining that Published Rate has, in the opinion of the Majority
Lenders, and the Company materially changed;

(b) (i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the administrator of that Published Rate or its supervisor publicly announces that such administrator is
insolvent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) information is published in any order, decree, notice, petition or filing, however described, of or filed with
a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms that the administrator of that Published Rate is insolvent,

provided that, in each case, at that time, there is no successor administrator to continue to provide that Published Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the administrator of that Published Rate publicly announces that it has ceased or will cease, to provide that
Published Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that Published Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the supervisor of the administrator of that Published Rate publicly announces that such Published Rate has been
or will be permanently or indefinitely discontinued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the administrator of that Published Rate or its supervisor announces that that Published Rate may no longer be
used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the supervisor of the administrator of that Primary Term Rate makes a public announcement or publishes
information stating that that Primary Term Rate for that Quoted Tenor is no longer, or as of a specified future date will no longer be, representative of the underlying market or economic reality that it is intended to measure and that
representativeness will not be restored (as determined by such supervisor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the administrator of that Published Rate (or the administrator of an interest rate which is a constituent
element of that Published Rate) determines that that Published Rate

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should be calculated in accordance with its reduced submissions or other contingency or fallback policies or arrangements and either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Majority Lenders
and the Company) temporary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that Published Rate is calculated in accordance with any such policy or arrangement for a period no less than
the period specified as the "**Published Rate Contingency Period**" in the Reference Rate Terms relating to that Published Rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the opinion of the Majority Lenders and the Company, that Published Rate is otherwise no longer appropriate
for the purposes of calculating interest under this Agreement;

"**Relevant Nominating Body**" means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board; and

"**Replacement Reference Rate**" means a benchmark rate which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) formally designated, nominated or recommended as the replacement for a Published Rate by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the administrator of that Published Rate (provided that the market or economic reality that such benchmark rate
measures is the same as that measured by that Published Rate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Relevant Nominating Body,

and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the "**Replacement Reference Rate**" will be the replacement under paragraph (a)(ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the opinion of the Majority Lenders and the Company, generally accepted in the international or any relevant
domestic syndicated loan markets as the appropriate successor to a Published Rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the opinion of the Majority Lenders and the Company, an appropriate successor to a Published Rate.

**37.6** **Excluded Commitments** 

If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Defaulting Lender or Sanctioned Lender fails to respond to a request for a consent, waiver, amendment of or
in relation to any term of any Finance Document or any other vote of Lenders under the terms of this Agreement within 15 Business Days of that request being made; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Lender which is not a Defaulting Lender or Sanctioned Lender fails to respond to such a request (other than
an amendment, waiver or consent referred to in clauses 37.2(b), 37.2(c) or 37.2(e)) or such a vote within 15 Business Days of that request being made,

(unless, in either case, the Company and the Agent agree to a longer time period in relation to any request):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its Commitment(s) shall not be included for the purpose of calculating the Total Commitments when ascertaining
whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Total Commitments has been obtained to approve that request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any
specified group of Lenders has been obtained to approve that request.

**37.7** **Replacement of Lender** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Lender becomes a Non-Consenting Lender (as defined in clause
37.7(d)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an Obligor becomes obliged to repay any amount in accordance with clause 9.1 (*Illegality*) or to pay
additional amounts pursuant to clause 16.1 (*Increased Costs*), clause 15.2 (*Tax gross-up*) or clause 15.3 (*Tax indemnity*) to any Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any amount payable under a Finance Document by a Belgian Obligor is or becomes not deductible from that
Obligor's taxable income for Belgian tax purposes by reason of that amount being (A) paid or accrued to a Finance Party incorporated, domiciled, established or acting through a Facility Office situated in a Non-Cooperative Jurisdiction or (B) paid to an account opened in the name of, or for the benefit of, that Finance Party with a financial institution situated in a Non-Cooperative Jurisdiction,

then the Company may, on 10 Business Days' prior written notice to the Agent and such Lender, replace such Lender by requiring such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to clause 26 (*Changes to the Lenders*) all (and not part only) of its rights and obligations under this Agreement to an Eligible Institution (a "**Replacement Lender**") and which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with clause 26 (*Changes to the Lenders*) for a purchase price in cash payable at the time of transfer in an amount equal to the outstanding principal amount of such Lender's participation in the outstanding Loans and all accrued interest and/or Break Costs and other amounts payable in relation thereto under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The replacement of a Lender pursuant to this clause 37.7 shall be subject to the following conditions:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall have no right to replace the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither the Agent nor the Lender shall have any obligation to the Company to find a Replacement Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the event of a replacement of a Non-Consenting Lender such
replacement must take place no later than 30 Business Days after the date on which that Lender is deemed a Non-Consenting Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in no event shall the Lender replaced under this clause 37.7 be required to pay or surrender to such
Replacement Lender any of the fees received by such Lender pursuant to the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Lender shall only be obliged to transfer its rights and obligations pursuant to clause 37.7(a) once it is
satisfied that it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to that transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Lender shall perform the checks described in clause 37.7(b)(v) as soon as reasonably practicable following
delivery of a notice referred to in clause 37.7(a) and shall notify the Agent and the Company when it is satisfied that it has complied with those checks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company or the Agent (at the request of the Company) has requested the Lenders to give a consent in
relation to, or to agree to a waiver or amendment of, any provisions of the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consent, waiver or amendment in question requires the approval of all the Lenders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Lenders whose Commitments aggregate, in the case of a consent, waiver or amendment requiring the approval of
all the Lenders, more than 662/3 per cent of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 662/3 per cent of the Total Commitments prior to that reduction), have consented or agreed to
such waiver or amendment,

then any Lender who does not and continues not to consent or agree to such waiver or amendment shall be deemed a "**Non-Consenting Lender**".

**37.8** **Disenfranchisement of Defaulting Lenders and Sanctioned Lenders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For so long as a Defaulting Lender or Sanctioned Lender has any Available Commitment, in ascertaining:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Majority Lenders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) whether:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the agreement of any specified group of Lenders,

has been obtained to approve any request for a consent, waiver, amendment or other vote of Lenders under the Finance Documents,

that Defaulting Lender's or Sanctioned Lender's Commitments will be reduced by the amount of its Available Commitments and, to the extent that that reduction results in that Defaulting Lender's or Sanctioned Lender's Total Commitments being zero, that Defaulting Lender or Sanctioned Lender shall be deemed not to be a Lender for the purposes of clauses 37.8(a)(i) and 37.8(a)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of this clause 37.8, the Agent may assume that the following Lenders are Defaulting Lenders or
Sanctioned Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Lender which has notified the Agent that it has become a Defaulting Lender or Sanctioned Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Lender in relation to which it is aware that any of the events or circumstances referred to in paragraphs
(a), (b) or (c) of the definition of "**Defaulting Lender**" has occurred,

unless it has received notice to the contrary from the Lender concerned (together with any supporting evidence reasonably requested by the Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender or Sanctioned Lender.

**37.9** **Replacement of a Defaulting Lender or Sanctioned Lender** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may, at any time a Lender has become and continues to be a Defaulting Lender or a Sanctioned
Lender, by giving 10 Business Days' prior written notice to the Agent and such Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) replace such Lender by requiring such Lender to (and, to the extent permitted by law, such Lender shall)
transfer pursuant to clause 26 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) require such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to clause 26
(*Changes to the Lenders*) all (and not part only) of the undrawn Commitment of the Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) require such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to clause 26
(*Changes to the Lenders*) all (and not part only) of its rights and obligations in respect of the Facility,

to an Eligible Institution (a "**Replacement Lender**") and which confirms its willingness to assume and does assume all the obligations or all the relevant obligations, of the

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transferring Lender in accordance with clause 26 (*Changes to the Lenders*) for a purchase price in cash payable at the time of transfer which is either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in an amount equal to the outstanding principal amount of such Lender's participation in the outstanding
Loans and all accrued interest and/or Break Costs and other amounts payable in relation thereto under the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in an amount agreed between that Defaulting Lender or Sanctioned Lender, the Replacement Lender and the Company
and which does not exceed the amount described in clause 37.9(a)(iii)(A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any transfer of rights and obligations of a Defaulting Lender or Sanctioned Lender pursuant to this clause 37.9
shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall have no right to replace the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither the Agent nor the Defaulting Lender nor the Sanctioned Lender shall have any obligation to the Company
to find a Replacement Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the transfer must take place no later than 30 Business Days after the notice referred to in clause 37.9(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in no event shall the Defaulting Lender or Sanctioned Lender be required to pay or surrender to the Replacement
Lender any of the fees received by the Defaulting Lender or Sanctioned Lender pursuant to the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Defaulting Lender or Sanctioned Lender shall only be obliged to transfer its rights and obligations
pursuant to clause 37.9(a) once it is satisfied that it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to that transfer to the Replacement Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Defaulting Lender or Sanctioned Lender shall perform the checks described in clause 37.9(b)(v) as soon as
reasonably practicable following delivery of a notice referred to in clause 37.9(a) and shall notify the Agent and the Company when it is satisfied that it has complied with those checks.

**37.10** **Sanctioned Lenders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Promptly upon any Lender becoming aware that it is a Sanctioned Lender, that Lender shall notify the Agent and
the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent may, in its absolute discretion, withhold any payments made (or to be made) to, or received by, the
Agent pursuant to the terms of the Finance Documents and which would have been payable to, or from, a Lender whilst it continues being a Sanctioned Lender. The Agent may, in its absolute discretion, pay any such amount into a non interest-bearing
account held with the Agent (or an Acceptable Bank at the discretion of the Agent).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly upon the Agent becoming aware that the applicable Lender is no longer a Sanctioned Lender, the Agent
shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) transfer any amounts withheld by the Lender pursuant to clause 37.10(b) to that Lender in accordance with
clause 31.2 (Distributions by the Agent); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notify each other Lender and the Company that the applicable Lender is no longer a Sanctioned Lender.

**38.** **CONFIDENTIAL INFORMATION** 

**38.1** **Confidentiality** 

Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by clause 38.2 (*Disclosure of Confidential Information*) and clause 38.3 (*Disclosure to numbering service providers*), and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information.

**38.2** **Disclosure of Confidential Information** 

Any Finance Party may disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional
advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this clause 38.2(a) is informed in writing
of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the
confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights
and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as Agent and, in each case, to any of that person's Affiliates, Related Funds, Representatives and professional advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that
person's Affiliates, Related Funds, Representatives and professional advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) appointed by any Finance Party or by a person to whom clause 38.2(b)(i) or 38.2(b)(ii) applies to receive
communications, notices, information or

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documents delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under clause 28.15(b));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or
indirectly, any transaction referred to in clause 38.2(b)(i) or 38.2(b)(ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to whom information is required or requested to be disclosed by any court of competent jurisdiction or any
governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to whom information is required to be disclosed in connection with, and for the purposes of, any litigation,
arbitration, administrative or other investigations, proceedings or disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so)
pursuant to clause 26.9 (Security over Lenders' rights);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) who is a Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) with the consent of the Company;

in each case, such Confidential Information as that Finance Party shall consider appropriate if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in relation to clauses 38.2(b)(i), 38.2(b)(ii) and 38.2(b)(iii), the person to whom the Confidential
Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain
the confidentiality of the Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in relation to clause 38.2(b)(iv), the person to whom the Confidential Information is to be given has entered
into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive
information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in relation to clauses 38.2(b)(v), 38.2(b)(vi) and 38.2(b)(vii), the person to whom the Confidential
Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance
Party, it is not practicable so to do in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any person appointed by that Finance Party or by a person to whom clause 38.2(b)(i) or 38.2(b)(ii) applies
to provide administration or settlement services in respect of one

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or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this clause 38.2(c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Company and the relevant Finance Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to any rating agency (including its professional advisers) such Confidential Information as may be required to
be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents and/or the Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential
nature and that some or all of such Confidential Information may be price-sensitive information.

**38.3** **Disclosure to numbering service providers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Finance Party may disclose to any national or international numbering service provider appointed by that
Finance Party to provide identification numbering services in respect of this Agreement, the Facility and/or one or more Obligors the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) names of Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) country of domicile of Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) place of incorporation of Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) clause 43 (*Governing Law*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the names of the Agent and the Arranger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) date of each amendment and restatement of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) amounts of, and names of, the Facility (and any tranches);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) amount of Total Commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) currencies of the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) type of Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) ranking of Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Termination Date for the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) changes to any of the information previously supplied pursuant to clauses 38.3(a)(i) to 38.3(a)(xiii); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) such other information agreed between such Finance Party and the Company,

to enable such numbering service provider to provide its usual syndicated loan numbering identification services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility
and/or one or more Obligors by a numbering service provider and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Obligor represents that none of the information set out in clauses 38.3(a)(i) to clause 38.3(a)(xv) is,
nor will at any time be, unpublished price-sensitive information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Agent shall notify the Company and the other Finance Parties of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Facility
and/or one or more Obligors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or one or more Obligors
by such numbering service provider.

**38.4** **Entire agreement** 

This clause 38 constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.

**38.5** **Inside information** 

Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose.

**38.6** **Notification of disclosure** 

Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the circumstances of any disclosure of Confidential Information made pursuant to clause 38.2(b)(v) except
where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon becoming aware that Confidential Information has been disclosed in breach of this clause 38.

------

**38.7** **Continuing obligations** 

The obligations in this clause 38 are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of twelve months from the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid
in full and all Commitments have been cancelled or otherwise cease to be available; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which such Finance Party otherwise ceases to be a Finance Party.

**38.8** **DAC6** 

Nothing in any Finance Document shall prevent disclosure of any Confidential Information or other matter to the extent that preventing that disclosure would otherwise cause any transaction contemplated by the Finance Documents or any transaction carried out in connection with any transaction contemplated by the Finance Documents to become an arrangement described in Part II A 1 of Annex IV of Directive 2011/16/EU.

**39.** **AUSTRALIAN PPSA PROVISIONS** 

**39.1** **Exclusion of certain provisions** 

Where any Finance Party has a security interest (as defined in the Australian PPSA) under any Finance Document, to the extent the law permits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the purposes of sections 115(1) and 115(7) of the Australian PPSA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Finance Party with the benefit of the security interest need not comply with sections 95, 118, 121(4),
125, 130, 132(3)(d) or 132(4) of the Australian PPSA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sections 142 and 143 of the Australian PPSA are excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the purposes of section 115(7) of the Australian PPSA, each Finance Party with the benefit of the security
interest need not comply with sections 132 and 137(3);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each Party waives its right to receive from any Finance Party any notice required under the Australian PPSA
(including a notice of verification statement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if a Finance Party with the benefit of a security interest exercises a right, power or remedy in connection
with it, that exercise is taken not to be an exercise of a right, power or remedy under the Australian PPSA unless the Finance Party states otherwise at the time of exercise. However, this Clause does not apply to a right, power or remedy which can
only be exercised under the Australian PPSA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if the Australian PPSA is amended to permit the Parties to agree not to comply with or to exclude other
provisions of the Australian PPSA, the Agent may notify the Company and the Finance Parties that any of these provisions is excluded, or that the Finance Parties need not comply with any of these provisions.

------

This does not affect any rights a person has or would have other than by reason of the Australian PPSA and applies despite any other clause in any Finance Document.

**39.2** **Further assurances** 

Whenever the Agent requests an Obligor to do anything to ensure any Finance Document (or any security interest (as defined in the Australian PPSA) or any other Security under any Finance Document) is fully effective, enforceable and perfected with the contemplated priority, the Obligor shall do it promptly at its own cost. This may include obtaining consents, signing documents, getting documents completed and signed and supplying information, delivering documents and evidence of title and executed blank transfers, or otherwise giving possession or control with respect to any property the subject of any security interest (as defined in the Australian PPSA).

**40.** **CONFIDENTIALITY OF FUNDING RATES** 

**40.1** **Confidentiality and disclosure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent and each Obligor agree to keep each Funding Rate confidential and not to disclose it to anyone, save
to the extent permitted by clauses 40.1(b) and 40.1(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent may disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Funding Rate to the relevant Borrower pursuant to clause 11.5 (Notifications); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Funding Rate to any person appointed by it to provide administration services in respect of one or more of
the Finance Documents to the extent necessary to enable such service provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form of the LMA
Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Agent and the relevant Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent and each Obligor may disclose any Funding Rate to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors,
partners and Representatives if any person to whom that Funding Rate is to be given pursuant to this clause 40.1(c)(i) is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no
such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding Rate or is otherwise bound by requirements of confidentiality in relation to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any person to whom information is required or requested to be disclosed by any court of competent jurisdiction
or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation if the person to whom

------

that Funding Rate is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any person to whom information is required to be disclosed in connection with, and for the purposes of, any
litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Funding Rate is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except
that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any person with the consent of the relevant Lender.

**40.2** **Related obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent and each Obligor acknowledge that each Funding Rate is or may be price-sensitive information and that
its use may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the Agent and each Obligor undertake not to use any Funding Rate for any unlawful purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of the circumstances of any disclosure made pursuant to clause 40.1(c)(ii) except where such disclosure is made
to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon becoming aware that any information has been disclosed in breach of this clause 40.

**40.3** **No Event of Default** 

No Event of Default will occur under clause 25.3 (*Other obligations*) by reason only of an Obligor's failure to comply with this clause 40.

**40.4** **Patriot Act** 

Pursuant to the requirements of the USA PATRIOT Act, the Agent may be required to obtain, verify and record information that identifies each Obligor, which information includes the name and address of each Obligor and other information that will allow the Agent to identify each Obligor in accordance with the USA PATRIOT Act. Each Obligor shall, promptly following a request by the Agent, provide all documentation and other information that Agent requires in order to comply with its ongoing obligations under applicable US "know your customer" and anti-money laundering rules and regulations, including the USA PATRIOT Act.

------

**41.** **BAIL-IN** 

**41.1** **Contractual recognition of bail-in** 

Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts that any liability of any Party to any other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Bail-In Action in relation to any such liability, including
(without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but
unpaid interest) in respect of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be
issued to, or conferred on, it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a cancellation of any such liability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.

**41.2** **Definitions** 

In this clause 41:

"**Article 55 BRRD**" means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms;

"**Bail-In Action**" means the exercise of any Write-down and Conversion Powers; "**Bail-In Legislation**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 BRRD,
the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to the United Kingdom, the UK Bail-In Legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in relation to any state other than such an EEA Member Country or the United Kingdom, any analogous law or
regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation;

"**EEA Member Country**" means any member state of the European Union, Iceland, Liechtenstein and Norway;

"**EU Bail-In Legislation Schedule**" means the document described as such and published by the Loan Market Association (or any successor person) from time to time;

------

"**Resolution Authority**" means any body which has authority to exercise any Write-down and Conversion Powers;

"**UK Bail-In Legislation**" means Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings); and

"**Write-down and Conversion Powers**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any UK Bail-In Legislation, any powers under that UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to
cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other
person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to any of those powers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in relation to any other applicable Bail-In Legislation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any powers under that Bail-In Legislation to cancel, transfer or dilute
shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any
contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a
right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any similar or analogous powers under that Bail-In Legislation.

**42.** **COUNTERPARTS** 

Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document.

------

**SECTION 12** 

**GOVERNING LAW AND ENFORCEMENT** 

**43.** **GOVERNING LAW** 

This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

**44.** **ENFORCEMENT** 

**44.1** **Jurisdiction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with
this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a
" **Dispute** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes
and accordingly no Party will argue to the contrary.

**44.2** **Service of process** 

Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in England and Wales):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) irrevocably appoints Wise Payments Limited as its agent for service of process in relation to any proceedings
before the English courts in connection with any Finance Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the
proceedings concerned.

**This Agreement has been entered into on the date stated at the beginning of this Agreement.** 

------

**EXECUTION PAGES** 

**THE COMPANY** 

**WISE PLC** 

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| | |
|:---|:---|
| By: | /s/ Kristo Käärmann |

---

Address: 6th Floor, Tea Building, 56 Shoreditch High Street, London, E1 6JJ

Email: [intentionally omitted]

Attention: Legal Team

------

**THE ORIGINAL BORROWERS** 

**WISE PAYMENTS LIMITED** 

---

| | |
|:---|:---|
| By: | /s/ Kristo Käärmann |

---

Address: 6th Floor, Tea Building, 56 Shoreditch High Street, London, E1 6JJ

Email: [intentionally omitted]

---

| | |
|:---|:---|
| Attention: Legal Team<br>Executed by **WISE AUSTRALIA PTY LTD CAN** <br>**616 463 855** acting by the following persons or, if the seal is affixed, witnessed by the following persons in accordance with s127 of the *Corporations Act 2001*: |  |
|  /s/ Kristo Käärmann<br> Signature of director | /s/ Tristan Dakin<br> Signature of director |
|  Kristo Käärmann<br> Name of director (print) | Tristan Dakin<br> Name of director (print) |

---

Address: 6th Floor, Tea Building, 56 Shoreditch High Street, London, E1 6JJ

Email: [intentionally omitted]

Attention: Legal Team

------

---

| | |
|:---|:---|
| Signed by **WISE EUROPE SA** | /s/ Kingsley Kemish |
| Name: Kingsley Kemish |  |
| Title: Senior Director, Group Finance and Treasury |  |
| Address: 6th Floor, Tea Building, 56 Shoreditch High Street, London, E1 6JJ | Address: 6th Floor, Tea Building, 56 Shoreditch High Street, London, E1 6JJ |
| Email: [intentionally omitted] |  |
| Attention: Legal Team |  |
| Signed by **WISE US INC**. by | /s/ Kristo Käärmann |
| Name: Kristo Käärmann |  |
| Title: Director, Chief Executive Officer |  |
| Address: 6th Floor, Tea Building, 56 Shoreditch High Street, London, E1 6JJ | Address: 6th Floor, Tea Building, 56 Shoreditch High Street, London, E1 6JJ |
| Email: [intentionally omitted] |  |
| Attention: Legal Team |  |

---

------

**THE ORIGINAL GUARANTORS** 

**WISE PAYMENTS LIMITED** 

---

| | |
|:---|:---|
| By: | /s/ Kristo Käärmann |

---

Address: 6th Floor, Tea Building, 56 Shoreditch High Street, London, E1 6JJ

Email: [intentionally omitted]

---

| | |
|:---|:---|
| Attention: Legal Team<br>Executed by **WISE AUSTRALIA PTY LTD CAN** <br>**616 463 855** acting by the following persons or, if the seal is affixed, witnessed by the following persons in accordance with s127 of the *Corporations Act 2001*: |  |
|  /s/ Kristo Käärmann<br> Signature of director | /s/ Tristan Dakin<br> Signature of director |
|  Kristo Käärmann<br> Name of director (print) | Tristan Dakin<br> Name of director (print) |

---

Address: 6th Floor, Tea Building, 56 Shoreditch High Street, London, E1 6JJ

Email: [intentionally omitted]

Attention: Legal Team

---

| | |
|:---|:---|
| Signed by **WISE EUROPE SA** | /s/ Kingsley Kemish |
| Name: Kingsley Kemish |  |
| Title: Senior Director, Group Finance and Treasury |  |
| Address: 6th Floor, Tea Building, 56 Shoreditch High Street, London, E1 6JJ | Address: 6th Floor, Tea Building, 56 Shoreditch High Street, London, E1 6JJ |
| Email: [intentionally omitted] |  |
| Attention: Legal Team |  |

---

------

---

| | |
|:---|:---|
| Signed by **WISE US INC**. by | /s/ Kristo Käärmann |
| Name: Kristo Käärmann |  |
| Title: Director, Chief Executive Officer |  |
| Address: 6th Floor, Tea Building, 56 Shoreditch High Street, London, E1 6JJ |  |
| Email: [intentionally omitted] |  |
| Attention: Legal Team |  |

---

---

| | |
|:---|:---|
|  **WISE PLC** | **WISE PLC** |
| By: | /s/ Kristo Käärmann |

---

Address: 6th Floor, Tea Building, 56 Shoreditch High Street, London, E1 6JJ

Email: [intentionally omitted]

Attention: Legal Team

---

| | |
|:---|:---|
|  **WISE FINANCIAL HOLDINGS LTD** | **WISE FINANCIAL HOLDINGS LTD** |
| By: | /s/ Kingsley Kemish |

---

Address: 6th Floor, Tea Building, 56 Shoreditch High Street, London, E1 6JJ

Email: [intentionally omitted]

Attention: Legal Team

------

---

| | |
|:---|:---|
|  **Arranger and Original Lender** | **Arranger and Original Lender** |
|  For and on behalf of | For and on behalf of |
|  **HSBC INNOVATION BANK LIMITED** | **HSBC INNOVATION BANK LIMITED** |
| By: | /s/ Jon Lavin |
| Name: Jon Lavin | Name: Jon Lavin |
| Title: Managing Director | Title: Managing Director |

---

------

---

| | |
|:---|:---|
|  **Original Lender** | **Original Lender** |
|  For and on behalf of | For and on behalf of |
| **JPMORGAN CHASE BANK, N.A., LONDON BRANCH** | **JPMORGAN CHASE BANK, N.A., LONDON BRANCH** |
| By: | /s/ Sanket Patil |
| Name: Sanket Patil | Name: Sanket Patil |
| Title: Vice President | Title: Vice President |

---

------

---

| | |
|:---|:---|
|  **Original Lender** | **Original Lender** |
|  For and on behalf of | For and on behalf of |
|  **NATIONAL WESTMINSTER BANK PLC** | **NATIONAL WESTMINSTER BANK PLC** |
| By: | /s/ Matthew Whittle |
| Name: Matthew Whittle | Name: Matthew Whittle |
| Title: Relationship Director | Title: Relationship Director |

---

------

---

| | |
|:---|:---|
|  **Original Lender** | **Original Lender** |
|  For and on behalf of | For and on behalf of |
|  **CITIBANK, N.A., LONDON BRANCH** | **CITIBANK, N.A., LONDON BRANCH** |
| By: | /s/ Sharronjeet Khela |
| Name: Sharronjeet Khela | Name: Sharronjeet Khela |
| Title: Managing Director | Title: Managing Director |

---

------

---

| | |
|:---|:---|
|  **Original Lender** | **Original Lender** |
|  For and on behalf of | For and on behalf of |
|  **BARCLAYS BANK PLC** | **BARCLAYS BANK PLC** |
| By: | /s/ Odilon du Bouetiez |
| Name: Odilon du Bouetiez | Name: Odilon du Bouetiez |
| Title: VP - Global Loan Group | Title: VP - Global Loan Group |

---

------

---

| | |
|:---|:---|
|  **Original Lender** | **Original Lender** |
|  For and on behalf of | For and on behalf of |
|  **GOLDMAN SACHS LENDING PARTNERS LLC** | **GOLDMAN SACHS LENDING PARTNERS LLC** |
| By: | /s/ Edwina Stewart |
| Name: Edwina Stewart | Name: Edwina Stewart |
| Title: Authorised Signatory | Title: Authorised Signatory |

---

------

---

| | |
|:---|:---|
|  **Agent** | **Agent** |
|  For and on behalf of | For and on behalf of |
|  **HSBC BANK PLC** | **HSBC BANK PLC** |
| By: | /s/ James McComb |
| Name: James McComb | Name: James McComb |
| Title: Transaction Manager | Title: Transaction Manager |

---

## Exhibit 4.2

**Exhibit 4.2** 

**TRUST DEED** 

**13 NOVEMBER 2025** 

**WISE FINANCING PLC** 

**as Issuer** 

**and** 

**WISE PLC** 

**as Parent Guarantor** 

**and** 

**WISE EUROPE SA, WISE FINANCIAL HOLDINGS LTD, WISE PAYMENTS LIMITED** 

**and** 

**WISE US INC.** 

**as Initial Guarantors** 

**and** 

**CITICORP TRUSTEE COMPANY LIMITED** 

**as Trustee** 

**relating to the** 

**£2,000,000,000** 

**Euro Medium Term Note Programme** 

------

**CONTENTS** 

---

| | | |
|:---|:---|:---|
| **Schedule** | **Schedule** | **Page** |
| 1. | Definitions | 4 |
| 2. | Amount and Issue of the Notes | 14 |
| 3. | Forms of the Notes | 17 |
| 4. | Fees, Duties and Taxes | 20 |
| 5. | Covenant of Compliance | 20 |
| 6. | Cancellation of Notes and Records | 20 |
| 7. | Guarantee | 21 |
| 8. | Non-Payment | 25 |
| 9. | Proceedings, Action and Indemnification | 25 |
| 10. | Application of Moneys | 25 |
| 11. | Notice of Payments | 26 |
| 12. | Investment by Trustee | 26 |
| 13. | Partial Payments | 27 |
| 14. | Covenants by the Issuer and the Guarantors | 27 |
| 15. | Remuneration and Indemnification of Trustee | 30 |
| 16. | Supplement to Trustee Acts | 32 |
| 17. | Trustee's Liability | 38 |
| 18. | Trustee Contracting with the Issuer and the Guarantors | 38 |
| 19. | Waiver, Authorisation, Determination and Modification | 39 |
| 20. | Couponholders | 40 |
| 21. | Substitution | 40 |
| 22. | Currency Indemnity | 42 |
| 23. | New and Additional Trustees | 43 |
| 24. | Trustee's Retirement and Removal | 43 |
| 25. | Trustee's Powers to Be Additional | 44 |
| 26. | Notices | 44 |
| 27. | Contracts (Rights of Third Parties) Act 1999 | 45 |
| 28. | Governing Law | 46 |
| 29. | Submission to Jurisdiction | 46 |
| 30. | Counterparts | 46 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Schedule** | **Schedule** | **Schedule** | **Page** |
| 1. | Terms and Conditions of the Notes | Terms and Conditions of the Notes | 47 |
| 2. | Forms of Global and Definitive Notes, Coupons and Talons | Forms of Global and Definitive Notes, Coupons and Talons | 113 |
|  | Part 1 | Form of Temporary Bearer Global Note | 114 |
|  | Part 2 | Form of Permanent Bearer Global Note | 115 |
|  | Part 3 | Form of Definitive Note | 116 |
|  | Part 4 | Form of Coupon | 117 |
|  | Part 5 | Form of Talon | 118 |
|  | Part 6 | Form of Registered Global Note | 119 |
|  | Part 7 | Form of Definitive Registered Note | 120 |
| 3. | Provisions for Meetings of Noteholders | Provisions for Meetings of Noteholders | 121 |
| 4. | Form of Authorised Signatory's Certificate | Form of Authorised Signatory's Certificate | 132 |
| 5. | Form of Deed of Accession of Guarantors | Form of Deed of Accession of Guarantors | 133 |
|  Signatories | Signatories | Signatories | 163 |

---

------

**THIS TRUST DEED** is made on 13 November 2025

**BETWEEN**:

(1) WISE FINANCING PLC, a company incorporated in England and Wales, with registered number 16808480, whose
registered office is at 1st Floor Worship Square, 65 Clifton Street London, United Kingdom, EC2A 4JE (the **Issuer**);

(2) WISE PLC, a company incorporated in England and Wales with registered number 13211214, whose registered office
is at 1st Floor Worship Square, 65 Clifton Street, London, United Kingdom EC2A 4JE (the **Parent Guarantor**);

(3) **WISE EUROPE SA, WISE FINANCIAL HOLDINGS LTD, WISE PAYMENTS LIMITED and WISE US INC.** (together with the
Parent Guarantor, the **Initial Guarantors**); and

(4) **CITICORP TRUSTEE COMPANY LIMITED**, a company incorporated under the laws of England and Wales whose
registered office is at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB (the **Trustee**, which expression shall, wherever the context so admits, include such company and all other persons or companies for the time being the trustee
or trustees of this Trust Deed) as trustee for the Noteholders and the Couponholders (each as defined below).

**WHEREAS**:

(A) By a resolution of the Board of Directors of the Issuer passed on 4 November 2025, the Issuer has resolved
to establish a Euro Medium Term Note Programme pursuant to which the Issuer may from time to time issue Notes as set out herein. Notes up to a maximum nominal amount (calculated in accordance with clause 3.5 of the Programme Agreement (as defined
below)) from time to time outstanding of £2,000,000,000 (subject to increase as provided in the Programme Agreement) (the **Programme Limit**) may be issued pursuant to the Programme.

(B) Pursuant to a resolution of the Board of Directors of each of the Initial Guarantors each passed on or prior to
the date of this Trust Deed, the Initial Guarantors have resolved to guarantee all Notes issued by the Issuer under the Programme and to enter into certain covenants as set out in this Trust Deed.

(C) The Trustee has agreed to act as trustee of this Trust Deed for the benefit of the Noteholders and the
Couponholders upon and subject to the terms and conditions of this Trust Deed.

**NOW THIS TRUST DEED WITNESSES AND IT IS AGREED AND DECLARED** as follows:

1. **DEFINITIONS** 

1.1 Terms defined in the Conditions and not otherwise defined herein shall have the same meaning in this Trust
Deed. In this Trust Deed unless there is anything in the subject or context inconsistent therewith the following expressions shall have the following meanings:

**Additional Guarantor** has the meaning set out in Condition 2.4;

**Agency Agreement** means the agency agreement dated 13 November 2025, as amended and/or supplemented and/or restated from time to time, pursuant to which the Issuer and the Initial Guarantors have appointed the Principal Paying Agent and the other Paying Agents in relation to all or any Series of the Notes and any other agreement for the time being in force appointing

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further or other Paying Agents or another Principal Paying Agent in relation to all or any Series of the Notes, or in connection with their duties, the terms of which have previously been approved in writing by the Trustee, together with any agreement for the time being in force amending or modifying with the prior written approval of the Trustee any of the aforesaid agreements;

**Applicable Law** means any law or regulation including, but not limited to: (i) any statute or regulation; (ii) any rule or practice of any authority by which the Issuer is bound or with which it is accustomed to comply; (iii) any agreement between any authorities; and (iv) any customary agreement between any authority and any party;

**Appointee** means any attorney, manager, agent, delegate, nominee, custodian or other person appointed by the Trustee under this Trust Deed;

**Auditors** means the independent auditors for the time being of the Issuer or the Parent Guarantor (as the case may be) or, in the event of their being unable or unwilling promptly to carry out any action requested of them pursuant to the provisions of this Trust Deed, such other firm of accountants or such financial advisers as may be nominated or approved by the Issuer or any Initial Guarantor and notified to the Trustee for the purposes of this Trust Deed;

**Authorised Signatory** means any person who (a) is a Director or the Secretary of the Issuer or the Parent Guarantor (as the case may be) or (b) has been notified by the Issuer or the Parent Guarantor (as the case may be) in writing to the Trustee as being duly authorised to sign documents and to do other acts and things on behalf of the Issuer or the Initial Guarantors (as the case may be) for the purposes of this Trust Deed;

**Authority** means any competent regulatory, prosecuting, tax or governmental authority in any jurisdiction;

**Bearer Global Note** means a Temporary Bearer Global Note and/or a Permanent Bearer Global Note, as the context may require;

**Bearer** Notes means those of the Notes which are for the time being in bearer form;

**CGN** means a Temporary Bearer Global Note or a Permanent Bearer Global Note and in either case in respect of which the applicable Pricing Supplement indicates is not a New Global Note;

**Clearstream, Luxembourg** means Clearstream Banking, S.A.;

**Change of Control Put Event** has the meaning set out in Condition 6.6;

**common safekeeper** means an ICSD in its capacity as a common safekeeper or a person nominated by the ICSDs to perform the role of common safekeeper;

**Conditions** means, in relation to the Notes of any Series, the terms and conditions endorsed on or incorporated by reference into the Note or Notes constituting such Series, such terms and conditions being in or substantially in the form set out in Schedule 1 or in such other form, having regard to the terms of the Notes of the relevant Series, as may be agreed between the Issuer, the Guarantors, the Trustee and the relevant Dealer(s) as modified and supplemented by the Pricing Supplement applicable to the Notes of the relevant Series, in each case as from time to time modified in accordance with the provisions of this Trust Deed and any reference in this Trust Deed to a particular specified Condition or paragraph of a Condition shall in relation to such Series of Notes be construed accordingly;

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**Coupon** means an interest coupon appertaining to a definitive Bearer Note (other than a Zero Coupon Note in bearer form), such coupon being:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if appertaining to a Fixed Rate Note, in the form or substantially in the form set out in Part 4A of Schedule 2
or in such other form, having regard to the terms of issue of the Notes of the relevant Series, as may be agreed between the Issuer, the Guarantors, the Principal Paying Agent, the Trustee and the relevant Dealer(s); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if appertaining to a Floating Rate Note, in the form or substantially in the form set out in Part 4B of
Schedule 2 or in such other form, having regard to the terms of issue of the Notes of the relevant Series, as may be agreed between the Issuer, the Guarantors, the Principal Paying Agent, the Trustee and the relevant Dealer(s); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if appertaining to a definitive Bearer Note which is neither a Fixed Rate Note nor a Floating Rate Note, in
such form as may be agreed between the Issuer, the Guarantors, the Principal Paying Agent, the Trustee and the relevant Dealer(s),

and includes, where applicable, the Talon(s) appertaining thereto and any replacements for Coupons and Talons issued pursuant to Condition 11;

**Couponholders** means the several persons who are for the time being holders of the Coupons and includes, where applicable, the Talonholders;

**Dealers** means those entities named as such in the Programme Agreement and any other entity which the Issuer may appoint as a Dealer and notice of whose appointment has been given to the Principal Paying Agent and the Trustee by the Issuer in accordance with the provisions of the Programme Agreement but excluding any entity whose appointment has been terminated in accordance with the provisions of the Programme Agreement and notice of such termination has been given to the Principal Paying Agent and the Trustee by the Issuer in accordance with the provisions of the Programme Agreement and references to a relevant Dealer or the relevant Dealer(s) mean, in relation to any Tranche or Series of Notes, the Dealer or Dealers with whom the Issuer and the Guarantors have agreed the issue of the Notes of such Tranche or Series and Dealer means any one of them;

**Definitive Bearer Note** means a Bearer Note in definitive form issued or, as the case may require, to be issued by the Issuer in accordance with the provisions of the Programme Agreement or any other agreement between the Issuer, the Guarantors and the relevant Dealer(s), the Agency Agreement and this Trust Deed in exchange for either a Temporary Bearer Global Note or part thereof or a Permanent Bearer Global Note (all as indicated in the applicable Pricing Supplement), such Note in definitive form being in the form or substantially in the form set out in Part 3 of Schedule 2 with such modifications (if any) as may be agreed between the Issuer, the Guarantors, the Principal Paying Agent, the Trustee and the relevant Dealer(s) and having the Conditions endorsed thereon or, if permitted by the relevant Stock Exchange, incorporating the Conditions by reference as indicated in the applicable Pricing Supplement (and having the relevant information supplementing, replacing or modifying the Conditions appearing in the applicable Pricing Supplement endorsed thereon or attached thereto and (except in the case of a Zero Coupon Note in bearer form) having Coupons and, where appropriate, Talons attached thereto on issue;

**Definitive Note** means a Definitive Bearer Note and/or, as the context may require, a Definitive Registered Note;

**Definitive Registered Note** means a Registered Note in definitive form issued or, as the case may require, to be issued by the Issuer in accordance with the provisions of the Programme Agreement or any other agreement between the Issuer and the relevant Dealer(s), the Agency

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Agreement and this Trust Deed either on issue or in exchange for a Registered Global Note or part thereof (all as indicated in the applicable Pricing Supplement), such Registered Note in definitive form being in the form or substantially in the form set out in Part 7 of Schedule 2 with such modifications (if any) as may be agreed between the Issuer, the Principal Paying Agent, the Trustee and the relevant Dealer(s) and having the Conditions endorsed thereon or, if permitted by the relevant Stock Exchange, incorporating the Conditions by reference (where applicable to this Trust Deed) as indicated in the applicable Pricing Supplement and having the relevant information supplementing, replacing or modifying the Conditions appearing in the applicable Pricing Supplement endorsed thereon or attached thereto and having a Form of Transfer endorsed thereon;

**Director** means, in respect of an entity, the directors for the time being of that entity;

**Early Redemption Amount** has the meaning set out in Condition 6;

**Euroclear** means Euroclear Bank SA/NV;

**Eurosystem-eligible** NGN means a NGN which is intended to be held in a manner which would allow Eurosystem eligibility, as stated in the applicable Pricing Supplement;

**Event of Default** means any of the conditions, events or acts provided in Condition 9.1 to be events upon the happening of which the Notes would, subject only to notice by the Trustee as therein provided, become immediately due and repayable;

**Extraordinary Resolution** has the meaning set out in paragraph 20 of Schedule 3;

**FCA** means the Financial Conduct Authority in its capacity as competent authority under the Financial Services and Markets Act 2000, as amended;

**Fixed Rate Note** means a Note on which interest is calculated at a fixed rate payable in arrear on a fixed date or fixed dates in each year and on redemption or on such other dates as may be agreed between the Issuer, the Guarantors and the relevant Dealer(s) (as indicated in the applicable Pricing Supplement);

**Floating Rate Note** means a Note on which interest is calculated at a floating rate payable in arrear in respect of such period or on such date(s) as may be agreed between the Issuer, the Guarantors and the relevant Dealer(s) (as indicated in the applicable Pricing Supplement);

**FSMA** means the Financial Services and Markets Act 2000;

**Global Note** means a Temporary Bearer Global Note and/or a Permanent Bearer Global Note and/or a Registered Global Note, as the context may require;

**Guarantee** means the guarantee of the Guarantors set out in clause 7;

**Guarantor** means an Initial Guarantor, an Additional Guarantor or an entity which guarantees the Notes pursuant to Clause 21 (Substitution) unless (in each case) it has ceased to be a guarantor in respect of the Notes in accordance with this Trust Deed;

**Group** has the meaning set out in Condition 2.5;

**Interest Commencement Date** means, in the case of interest-bearing Notes, the date specified in the applicable Pricing Supplement from (and including) which such Notes bear interest, which may or may not be the Issue Date;

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**Interest Payment Date** means, in relation to any Floating Rate Note, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date which falls the number of months or other period specified as the Specified Period in the applicable
Pricing Supplement after the preceding Interest Payment Date or the Interest Commencement Date (in the case of the first Interest Payment Date); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such date or dates as are indicated in the applicable Pricing Supplement;

**Issue Date** means, in respect of any Note, the date of issue and purchase of such Note pursuant to and in accordance with the Programme Agreement or any other agreement between the Issuer, the Guarantors and the relevant Dealer(s) being, in the case of any Definitive Note represented initially by a Global Note, the same date as the date of issue of the Global Note which initially represented such Note;

**Issue Price** means the price, generally expressed as a percentage of the nominal amount of the Notes, at which the Notes will be issued;

**Liability** means any loss, damage, cost, fee, charge, claim, demand, expense, judgment, action, proceeding or other liability whatsoever (including, without limitation, in respect of taxes, duties, levies, imposts and other charges) and including any irrecoverable value added tax or similar tax charged or chargeable in respect thereof and legal fees and expenses on a full indemnity basis;

**London Business Day** has the meaning set out in Condition 4.2(g);

**Maturity Date** means the date on which a Note is expressed to be redeemable;

**NGN** means a Temporary Bearer Global Note or a Permanent Bearer Global Note and in either case where the applicable Pricing Supplement specifies that the Notes are in New Global Note form;

**New Safekeeping Structure** means the new safekeeping structure which applies to Registered Notes held in global form by a common safekeeper for Euroclear and Clearstream, Luxembourg and which is required for such Registered Notes to be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations;

**Non-eligible NGN** means a NGN which is not intended to be held in a manner which would allow Eurosystem eligibility, as stated in the applicable Pricing Supplement;

**Note** means a note issued pursuant to the Programme and denominated in such currency or currencies as may be agreed between the Issuer and the relevant Dealer(s) which has such maturity and denomination as may be agreed between the Issuer and the relevant Dealer(s) and issued or to be issued by the Issuer pursuant to the Programme Agreement or any other agreement between the Issuer, the Guarantors and the relevant Dealer(s) relating to the Programme, the Agency Agreement and this Trust Deed and which shall, in the case of Bearer Notes, initially be represented by, and comprised in, either (i) a Temporary Bearer Global Note which may (in accordance with the terms of such Temporary Bearer Global Note) be exchanged for Definitive Bearer Notes or a Permanent Bearer Global Note which Permanent Bearer Global Note may (in accordance with the terms of such Permanent Bearer Global Note) in turn be exchanged for Definitive Bearer Notes or (ii) a Permanent Bearer Global Note which may (in accordance with the terms of such Permanent Bearer Global Note) be exchanged for Definitive Notes (all as indicated in the applicable Pricing Supplement) and which may, in the case of Registered Notes, either be in definitive form or be represented by, and comprised in, one or more Registered Global Notes each of which may (in accordance with the terms of such Registered Global Note) be exchanged for Definitive Registered Notes or another Registered

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Global Note (all as indicated in the applicable Pricing Supplement) and includes any replacements for a Note issued pursuant to Condition 11;

**Noteholders** means the several persons who are for the time being holders of outstanding Notes (being, in the case of Bearer Notes, the bearers thereof and, in the case of Registered Notes, the several persons whose names are entered in the register of holders of the Registered Notes as the holders thereof) save that, in respect of the Notes of any Series, for so long as such Notes or any part thereof are represented by a Global Note deposited with a common depositary or common safekeeper for Euroclear and Clearstream, Luxembourg, each person who is for the time being shown in the records of Euroclear or Clearstream, Luxembourg (other than Clearstream, Luxembourg, if Clearstream, Luxembourg shall be an accountholder of Euroclear and Euroclear, if Euroclear shall be an accountholder of Clearstream, Luxembourg) as the holder of a particular nominal amount of the Notes of such Series shall be deemed to be the holder of such nominal amount of such Notes (and the bearer or, as the case may be, registered holder of the relevant Global Note shall be deemed not to be the holder) for all purposes of this Trust Deed other than with respect to the payment of principal or interest on such nominal amount of such Notes, the rights to which shall be vested, as against the Issuer, the Guarantors and the Trustee, solely in such common depositary or common safekeeper and for which purpose such common depositary or common safekeeper shall be deemed to be the holder of such nominal amount of such Notes in accordance with and subject to its terms and the provisions of this Trust Deed and the expressions **Noteholder**, **holder** and **holder of Notes** and related expressions shall be construed accordingly;

**Official List** has the meaning set out in Section 103 of FSMA;

**outstanding** means, in relation to the Notes of all or any Series, all the Notes of such Series issued other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) those Notes which have been redeemed pursuant to this Trust Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) those Notes in respect of which the date for redemption in accordance with the Conditions has occurred and the
redemption moneys (including all interest payable thereon) have been duly paid to the Trustee or to the Principal Paying Agent, as applicable, in the manner provided in the Agency Agreement (and where appropriate notice to that effect has been given
to the Noteholders in accordance with Condition 14 and remain available for payment against presentation of the relevant Notes and/or Coupons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) those Notes which have been purchased and cancelled in accordance with Conditions 6.9 and 6.10;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) those Notes which have become void under Condition 8;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) those mutilated or defaced Notes which have been surrendered and cancelled and in respect of which replacements
have been issued pursuant to Condition 11;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (for the purpose only of ascertaining the nominal amount of the Notes outstanding and without prejudice to the
status for any other purpose of the Notes) those Notes which are alleged to have been lost, stolen or destroyed and in respect of which replacements have been issued pursuant to Condition 11; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any Global Note to the extent that it shall have been exchanged for Definitive Notes or another Global Note
pursuant to its provisions, the provisions of this Trust Deed and the Agency Agreement,

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PROVIDED THAT for each of the following purposes, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the right to attend and vote at any meeting of the holders of the Notes of any Series, an Extraordinary
Resolution in writing or an Extraordinary Resolution by way of electronic consents given through the relevant Clearing System(s) as envisaged by paragraph 20 of Schedule 3 and any direction or request by the holders of the Notes of any Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the determination of how many and which Notes of any Series are for the time being outstanding for the purposes
of clause 9.2, Conditions 9 and 16 and paragraphs 2, 5, 6 and 9 of Schedule 3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any discretion, power or authority (whether contained in this Trust Deed or vested by operation of law) which
the Trustee is required, expressly or impliedly, to exercise in or by reference to the interests of the holders of the Notes of any Series; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the determination by the Trustee whether any event, circumstance, matter or thing is, in its opinion,
materially prejudicial to the interests of the holders of the Notes of any Series,

those Notes of the relevant Series (if any) which are for the time being held by or on behalf of or for the benefit of the Issuer, the Guarantors or any Subsidiary of the Issuer or the Guarantors, any holding company of the Issuer or the Guarantors or any other Subsidiary of any such holding company, in each case as beneficial owner, shall (unless and until ceasing to be so held) be deemed not to remain outstanding;

**Paying Agents** means, in relation to all or any Series of the Notes, the several institutions (including, where the context permits, the Principal Paying Agent) at their respective specified offices initially appointed as paying agents in relation to such Notes by the Issuer and the Guarantors pursuant to the Agency Agreement and/or, if applicable, any Successor paying agents at their respective specified offices in relation to all or any Series of the Notes;

**Permanent Bearer Global Note** means a global note in the form or substantially in the form set out in Part 2 of Schedule 2 with such modifications (if any) as may be agreed between the Issuer, the Guarantors, the Principal Paying Agent, the Trustee and the relevant Dealer(s), together with the copy of the applicable Pricing Supplement annexed thereto, comprising some or all of the Bearer Notes of the same Series, issued by the Issuer pursuant to the Programme Agreement or any other agreement between the Issuer, the Guarantors and the relevant Dealer(s) relating to the Programme, the Agency Agreement and this Trust Deed either on issue or in exchange for the whole or part of any Temporary Bearer Global Note issued in respect of such Bearer Notes;

**Potential Event of Default** means an event or circumstance which, would with the lapse of time, giving of notice, issue of certificate and/or fulfilment of any other requirement provided for in Condition 9, become an Event of Default;

**Pricing Supplement** has the meaning set out in the Conditions;

**Principal Paying Agent** means, in relation to all or any Series of the Notes, Citibank, N.A., London Branch at its office at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB appointed as principal paying agent pursuant to the Agency Agreement or, if applicable, any Successor principal paying agent in relation to all or any Series of the Notes;

**Programme** means the Euro Medium Term Note Programme established by, or otherwise contemplated in, the Programme Agreement;

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**Programme Agreement** means the agreement of even date herewith between the Issuer, the Guarantors and the Dealers named therein (or deemed named therein) concerning the purchase of Notes to be issued pursuant to the Programme together with any agreement for the time being in force amending, replacing, novating or modifying such agreement and any accession letters and/or agreements supplemental thereto;

**Registered Global Note** means a registered global note in the form or substantially in the form set out in Part 6 of Schedule 2 with such modifications (if any) as may be agreed between the Issuer, the Principal Paying Agent, the Trustee and the relevant Dealer(s), together with the copy of the applicable Pricing Supplement annexed thereto, comprising some or all of the Registered Notes of the same Series sold outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act, issued by the Issuer pursuant to the Programme Agreement or any other agreement between the Issuer and the relevant Dealer(s) relating to the Programme, the Agency Agreement and this Trust Deed;

**Registered Notes** means those of the Notes which are for the time being in registered form;

**Registrar** means, in relation to all or any Series of the Registered Notes, Citibank, N.A., London Branch at its office at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB or any Successor registrar in relation to all or any Series of the Registered Notes;

**Relevant Dat**e has the meaning set out in Condition 7.2;

**repay**, **redeem** and **pay** shall each include both of the others and cognate expressions shall be construed accordingly;

**Revolving Credit Facility** has the meaning set out in Condition 2.5;

**Securities Act** means the U.S. Securities Act of 1933, as amended;

**Series** means a Tranche of Notes together with any further Tranche or Tranches of Notes which are (a) expressed to be consolidated and form a single series and (b) identical in all respects (including as to listing) except for their respective Issue Dates, Interest Commencement Dates and/or Issue Prices and the expressions **Notes of the relevant Series**, **holders of Notes of the relevant Series** and related expressions shall (where appropriate) be construed accordingly;

**Stock Exchange** means the London Stock Exchange plc or any successor thereto or any other stock exchange on which any Notes may from time to time be listed, and references in this Trust Deed to the **relevant Stock Exchange** shall, in relation to any Notes, be references to the stock exchange on which such Notes are, from time to time, or are intended to be, listed;

**Subsidiary** means any company which is for the time being a subsidiary (within the meaning of Section 1159 of the Companies Act 2006);

**Successor** means, in relation to the Principal Paying Agent, the other Paying Agents, the Registrar, the Transfer Agent and the Calculation Agent, any successor to any one or more of them in relation to the Notes which shall become such pursuant to the provisions of this Trust Deed and/or the Agency Agreement (as the case may be) and/or such other or further principal paying agent, paying agents, registrar, transfer agents and calculation agent (as the case may be) in relation to the Notes as may (with the prior approval of, and on terms previously approved by, the Trustee in writing) from time to time be appointed as such, and/or, if applicable, such other or further specified offices (in the case of the Principal Paying Agent being within the same place as those for which it is substituted) as may from time to time be nominated, in each case by the Issuer and, if applicable, the Guarantors, and (except in the case of the initial appointments and specified offices made under and specified in the Conditions and/or the

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Agency Agreement, as the case may be) notice of whose appointment or, as the case may be, nomination has been given to the Noteholders;

**Talonholders** means the several persons who are for the time being holders of the Talons;

**Talons** means the talons (if any) appertaining to, and exchangeable in accordance with the provisions therein contained for further Coupons appertaining to, the Definitive Bearer Notes (other than Zero Coupon Notes in bearer form), such talons being in the form or substantially in the form set out in Part 5 of Schedule 2 or in such other form as may be agreed between the Issuer, the Guarantors, the Principal Paying Agent, the Trustee and the relevant Dealer(s) and includes any replacements for Talons issued pursuant to Condition 11;

**Temporary Bearer Global Note** means a Temporary Bearer Global Note in the form or substantially in the form set out in Part 1 of Schedule 2 together with the copy of the applicable Pricing Supplement annexed thereto with such modifications (if any) as may be agreed between the Issuer, the Guarantors, the Principal Paying Agent, the Trustee and the relevant Dealer(s), comprising some or all of the Notes of the same Series, issued by the Issuer pursuant to the Programme Agreement or any other agreement between the Issuer, the Guarantors and the relevant Dealer(s) relating to the Programme, the Agency Agreement and this Trust Deed;

**this Trust Deed** means this Trust Deed and the Schedules and any trust deed supplemental hereto and the Schedules (if any) thereto and the Notes, the Coupons, the Talons, the Conditions and, unless the context otherwise requires, the Pricing Supplement, all as from time to time modified in accordance with the provisions herein or therein contained;

**Tranche** means all Notes which are identical in all respects (including as to listing and admission to trading);

**Transfer Agents** means, in relation to all or any Series of the Registered Notes, the several institutions at their respective specified offices initially appointed as transfer agents in relation to such Notes by the Issuer and the Guarantors pursuant to the Agency Agreement and/or, if applicable, any Successor transfer agents at their respective specified offices in relation to all or any Series of the Notes;

**Trust Corporation** means a corporation entitled by rules made under the Public Trustee Act 1906 of Great Britain or entitled pursuant to any other comparable legislation applicable to a trustee in any other jurisdiction to carry out the functions of a custodian trustee;

**Trustee Acts** means the Trustee Act 1925 and the Trustee Act 2000;

**Zero Coupon Note** means a Note on which no interest is payable;

words denoting the singular shall include the plural and vice versa;

words denoting one gender only shall include the other genders; and

words denoting persons only shall include firms and corporations and vice versa.

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| | |
|:---|:---|
| 1.2 (a) | All references in this Trust Deed to principal and/or principal amount and/or interest and/or premium in respect of the Notes or to any moneys payable by the Issuer and/or the Guarantors under this Trust Deed shall, unless the context otherwise requires, be construed in accordance  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All references in this Trust Deed to £, Pounds Sterling shall be construed as references to the lawful
currency for the time being of the United Kingdom.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All references in this Trust Deed to any statute or any provision of any statute shall be deemed also to refer
to any statutory modification or re-enactment thereof or any statutory instrument, order or regulation made thereunder or under any such modification or re-enactment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All references in this Trust Deed to guarantees or to an obligation being guaranteed shall be deemed to include
respectively references to indemnities or to an indemnity being given in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All references in this Trust Deed to any action, remedy or method of proceeding for the enforcement of the
rights of creditors shall be deemed to include, in respect of any jurisdiction other than England, references to such action, remedy or method of proceeding for the enforcement of the rights of creditors available or appropriate in such jurisdiction
as shall most nearly approximate to such action, remedy or method of proceeding described or referred to in this Trust Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All references in this Trust Deed to Euroclear and/or Clearstream, Luxembourg shall, whenever the context so
permits, be deemed to include references to any successor operator and/or successor clearing system and/or any additional or alternative clearing system specified in the applicable Pricing Supplement or otherwise approved by the Trustee, the Issuer
and the Principal Paying Agent. All references in this Trust Deed to the common depositary shall, whenever the context so permits, be deemed to include references to any successor common depositary or any additional or alternative common depositary
as is approved by the Issuer, the Principal Paying Agent and the Trustee. All references in this Trust Deed to the common safekeeper shall, whenever the context so permits, be deemed to include references to any successor common safekeeper or any
additional or alternative common safekeeper as is approved by the Issuer, the Principal Paying Agent and the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In this Trust Deed references to Schedules, clauses, subclauses, paragraphs and subparagraphs shall be
construed as references to the Schedules to this Trust Deed and to the clauses, subclauses, paragraphs and subparagraphs of this Trust Deed respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In this Trust Deed tables of contents and clause headings are included for ease of reference and shall not
affect the construction of this Trust Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All references in this Trust Deed to taking proceedings against the Issuer and/or the Guarantors shall be
deemed to include references to proving in the winding up of the Issuer and/or the Guarantors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Any reference in this Trust Deed to a written notice, consent or approval being given by the Trustee shall, for
the avoidance of doubt, be deemed to include such notice, consent or approval being given by e-mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) All references in this Trust Deed to the **records** of Euroclear and Clearstream, Luxembourg shall be to
the records that each of Euroclear and Clearstream, Luxembourg holds for its customers which reflect the amount of such customers' interest in the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Any obligation, agreement or undertaking to indemnify, reimburse or pay any person in respect of, or to
discharge on behalf of that person, any Liabilities or expenses or any similar term does not include any obligation or undertaking to indemnify, reimburse, pay or discharge any part of the same to the extent it is attributable to tax on net income,
profits or gains of that person.

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1.3 Words and expressions defined in the Agency Agreement or used in the applicable Pricing Supplement shall have
the same meanings where used in this Trust Deed or any trust deed supplemental hereto unless the context otherwise requires or unless otherwise stated provided that, in the event of inconsistency between the Agency Agreement and this Trust Deed,
this Trust Deed shall prevail and, in the event of inconsistency between the Agency Agreement or this Trust Deed and the applicable Pricing Supplement, the applicable Pricing Supplement shall prevail.

1.4 All references in this Trust Deed to the **relevant currency** shall be construed as references to the
currency in which payments in respect of the Notes and/or Coupons of the relevant Series are to be made as indicated in the applicable Pricing Supplement.

1.5 All references in this Trust Deed to **listed** or **having a listing** shall, in relation to the London
Stock Exchange, be construed to mean that such Notes have been admitted to the London Stock Exchange's International Securities Market (the **ISM**) and all references in this Trust Deed to **listing** or **listed** shall include
references to **quotation** and **quoted**, respectively. The ISM is not a UK regulated market for the purposes of Regulation (EU) No 600/2014 on markets in financial instruments, as it forms part of UK domestic law by virtue of the European
Union (Withdrawal) Act 2018 amended (the **EUWA**), (the **UK MiFIR**) or a regulated market for the purposes of Directive 2014/65/EU, as amended (**MiFID II**).

1.6 All references in this Trust Deed involving compliance by the Trustee with a test of reasonableness shall be
deemed to include a reference to a requirement that such reasonableness shall be determined by reference primarily to the interests of the holders of the Notes and in the event of any conflicts between such interests and the interests of any other
person, the former shall prevail as being paramount.

2. **AMOUNT AND ISSUE OF THE NOTES** 

2.1 **Amount of the Notes, Pricing Supplement and Legal Opinions** 

The Notes will be issued in Series in an aggregate nominal amount from time to time outstanding not exceeding the Programme Limit from time to time and for the purpose of determining such aggregate nominal amount, clause 3.5 of the Programme Agreement shall apply.

By not later than 3.00 p.m. (London time) on the London Business Day preceding each proposed Issue Date, the Issuer shall deliver or cause to be delivered to the Trustee a copy of the applicable Pricing Supplement and drafts of all legal opinions to be given in relation to the relevant issue and shall notify the Trustee in writing without delay of the relevant Issue Date and the nominal amount of the Notes to be issued. Upon the issue of the relevant Notes, such Notes shall become constituted by this Trust Deed without further formality.

Before the first issue of Notes occurring after each anniversary of this Trust Deed and on such other occasions as the Trustee so requests (on the basis that the Trustee considers it necessary), the Issuer will procure that (a) further legal opinion(s) (relating, if applicable, to any such change or proposed change) in such form and with such content as the Trustee may reasonably require from the legal advisers specified in the Programme Agreement or such other legal advisers as the Trustee may reasonably require is/are delivered to the Trustee. Whenever such a request is made with respect to any Notes to be issued, the receipt of such opinion in a form reasonably satisfactory to the Trustee shall be a further condition precedent to the issue of those Notes.

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2.2 **Covenant to repay principal and to pay interest** 

The Issuer covenants with the Trustee that it will, as and when the Notes of any Series or any of them become due to be redeemed, or on such earlier date as the same or any part thereof may become due and repayable thereunder, in accordance with the Conditions, pay or procure to be paid unconditionally to or to the order of the Trustee in the relevant currency in immediately available funds the principal amount in respect of the Notes of such Series becoming due for redemption on that date and (except in the case of Zero Coupon Notes) shall (subject to the provisions of the Conditions) in the meantime and until redemption in full of the Notes of such Series (both before and after any judgment or other order of a court of competent jurisdiction) pay or procure to be paid unconditionally to or to the order of the Trustee as aforesaid interest (which shall accrue from day to day) on the nominal amount of the Notes outstanding of such Series at rates and/or in amounts calculated from time to time in accordance with, or specified in, and on the dates provided for in, the Conditions (subject to clause 2.4) PROVIDED THAT:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) every payment of principal or interest or other sum due in respect of the Notes made to or to the order of the
Principal Paying Agent in the manner provided in the Agency Agreement shall be in satisfaction *pro tanto* of the relative covenant by the Issuer in this clause contained in relation to the Notes of such Series except to the extent that there
is a default in the subsequent payment thereof in accordance with the Conditions to the relevant Noteholders or Couponholders (as the case may be);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of any payment of principal which is not made to the Trustee or the Principal Paying Agent on or
before the due date or on accelerated maturity following an Event of Default, interest shall continue to accrue on the nominal amount of the relevant Notes (except in the case of Zero Coupon Notes to which the provisions of Condition 6.11 shall
apply) (both before and after any judgment or other order of a court of competent jurisdiction) at the rates aforesaid (or, if higher, the rate of interest on judgment debts for the time being provided by English law) up to and including the date
upon which payment is to be made in respect thereof as stated in a notice given to the holders of such Notes (such date to be not later than 30 days after the day on which the whole of such principal amount, together with an amount equal to the
interest which has accrued and is to accrue pursuant to this proviso up to and including that date, has been received by the Trustee or the Principal Paying Agent); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any case where payment of the whole or any part of the principal amount of any Note is improperly withheld
or refused upon due presentation thereof (other than in circumstances contemplated by (b) above) interest shall accrue on the nominal amount of such Note (except in the case of Zero Coupon Notes to which the provisions of Condition 6.11 shall
apply) payment of which has been so withheld or refused (both before and after any judgment or other order of a court of competent jurisdiction) at the rates aforesaid (or, if higher, the rate of interest on judgment debts for the time being
provided by English law) from and including the date of such withholding or refusal up to and including the date on which, upon further presentation of the relevant Note, payment of the full amount (including interest as aforesaid) in the relevant
currency payable in respect of such Note is made or (if earlier) the seventh day after notice is given to the relevant Noteholder(s) by the Issuer (whether individually or in accordance with Condition 14) that the full amount (including interest as
aforesaid) in the relevant currency in respect of such Note is available for payment, provided that upon further presentation thereof being duly made, such payment is made.

The Trustee will hold the benefit of this covenant and the other covenants in this Trust Deed on trust for the Noteholders and the Couponholders and itself in accordance with this Trust Deed.

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2.3 **Trustee's requirements regarding Paying Agents etc.** 

At any time after an Event of Default or a Potential Event of Default shall have occurred and is continuing or the Notes of all or any Series shall otherwise have become due and repayable or the Trustee shall have received any money which it proposes to pay under clause 10 to the relevant Noteholders and/or Couponholders, the Trustee may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by notice in writing to the Issuer, the Guarantors, the Principal Paying Agent, the Registrar, the Transfer
Agent, the Calculation Agent and the other Paying Agents require the Principal Paying Agent, the Registrar, the Transfer Agent, the Calculation Agent and the other Paying Agents pursuant to the Agency Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to act thereafter as Principal Paying Agent, Registrar, Transfer Agent, Calculation Agent and other Paying
Agents respectively of the Trustee in relation to payments to be made by or on behalf of the Trustee under the terms of this Trust Deed *mutatis mutandis* on the terms provided in the Agency Agreement (with such consequential amendments as the
Trustee shall deem necessary and save that the Trustee's liability under any provisions thereof for the indemnification, remuneration and payment of out-of-pocket expenses of the Principal Paying Agent, the Registrar, the Transfer Agents, the Calculation Agent and the other Paying Agents shall be limited to the amounts for the time being held by the Trustee on the trusts of this Trust Deed relating to the
Notes of the relevant Series and available for such purpose) and thereafter to hold all Notes and Coupons and all sums, documents and records held by them in respect of Notes and Coupons on behalf of the Trustee; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to deliver up all Notes and Coupons and all sums, documents and records held by them in respect of Notes and
Coupons to the Trustee or as the Trustee shall direct in such notice provided that such notice shall be deemed not to apply to any documents or records which the Principal Paying Agent, the Registrar, the Transfer Agents, the Calculation Agent or
other Paying Agent is obliged not to release by any law or regulation; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by notice in writing to the Issuer (with a copy to the Guarantors) require all subsequent payments in respect
of the Notes and Coupons to be made to or to the order of the Trustee and not to the Principal Paying Agent and with effect from the date of receipt of such notice (or such other date as specified in the notice) until such notice is withdrawn
proviso (a) to clause 2.2 relating to the Notes shall cease to have effect.

2.4 **Floating Rate Notes** 

If the Floating Rate Notes of any Series become immediately due and repayable under Condition 9 the rate and/or amount of interest payable in respect of them will be calculated by the Calculation Agent at the same intervals as if such Notes had not become due and repayable, the first of which will commence on the expiry of the Interest Period during which the Notes of the relevant Series become so due and repayable *mutatis mutandis* in accordance with the provisions of Condition 5 except that the rates of interest need not be published.

2.5 **Currency of payments** 

All payments in respect of, under and in connection with this Trust Deed and the Notes of any Series to the relevant Noteholders and Couponholders shall be made in the relevant currency.

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2.6 **Further Notes** 

The Issuer shall be at liberty from time to time (but subject always to the provisions of this Trust Deed) without the consent of the Noteholders or Couponholders to create and issue further Notes having terms and conditions the same as the Notes of any Series (or the same in all respects save for the amount and date of the first payment of interest thereon and the date from which interest starts to accrue) and so that the same shall be consolidated and form a single series with the outstanding Notes.

2.7 **Separate Series** 

The Notes of each Series shall form a separate Series of Notes and accordingly, unless for any purpose the Trustee in its absolute discretion shall otherwise determine, the provisions of this clause and of clauses 3 to 22 (both inclusive) and 23.2 and Schedule 3 shall apply *mutatis mutandis* separately and independently to the Notes of each Series and in such clauses and Schedule the expressions Notes, Noteholders, Coupons, Couponholders, Talons and Talonholders shall (where appropriate) be construed accordingly.

3. **FORMS OF THE NOTES** 

3.1 **Bearer Global Notes** 

(a) The Bearer Notes of each Tranche will be represented on issue by either a single Temporary Bearer Global Note
or a single Permanent Bearer Global Note, as indicated in the applicable Pricing Supplement. Each Temporary Bearer Global Note shall be exchangeable for a Permanent Bearer Global Note in accordance with the provisions of such Temporary Bearer Global
Note. Each Permanent Bearer Global Note shall be exchangeable for Definitive Bearer Notes together with, where applicable, Receipts and (except in the case of Zero Coupon Notes in bearer form) Coupons and, where applicable, Talons attached, in
accordance with the provisions of such Permanent Bearer Global Note. All Bearer Global Notes shall be prepared, completed and delivered to a common depositary (in the case of a CGN) or common safekeeper (in the case of a NGN) for Euroclear and
Clearstream, Luxembourg in accordance with the provisions of the Programme Agreement or to another appropriate depositary in accordance with any other agreement between the Issuer and the relevant Dealer(s) and, in each case, the Agency Agreement.

(b) Each Temporary Bearer Global Note shall be printed or typed in the form or substantially in the form set out in
Part 1 of Schedule 2. Each Temporary Bearer Global Note shall have annexed thereto a copy of the applicable Pricing Supplement and shall be signed manually, by printed or mechanically reproduced signature or by electronic signature by an Authorised
Signatory of the Issuer on behalf of the Issuer and shall be authenticated by or on behalf of the Principal Paying Agent and shall, in the case of a Eurosystem-eligible NGN or in the case of a Non-eligible NGN
in respect of which the Issuer has notified the Principal Paying Agent that effectuation is to be applicable, be effectuated by the common safekeeper acting on the instructions of the Principal Paying Agent. Each Temporary Bearer Global Note so
executed, authenticated and (where applicable) effectuated shall be a binding and valid obligation of the Issuer and title thereto shall pass by delivery.

(c) Each Permanent Bearer Global Note shall be printed or typed in the form or substantially in the form set out in
Part 2 of Schedule 2. Each Permanent Bearer Global Note shall have annexed thereto a copy of the applicable Pricing Supplement and shall be signed manually, by printed or otherwise mechanically reproduced signature, or by electronic signature by an
Authorised Signatory of the Issuer on behalf of the Issuer and shall be authenticated by or on behalf of the Principal Paying Agent and shall, in the case of a Eurosystem-eligible NGN or in the case of a Non-eligible NGN in respect of which the Issuer has notified the Principal Paying Agent that

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effectuation is to be applicable, be effectuated by the common safekeeper acting on the instructions of the Principal Paying Agent. Each Permanent Bearer Global Note so executed, authenticated and (where applicable) effectuated shall be a binding and valid obligation of the Issuer and title thereto shall pass by delivery.

3.2 **Registered Global Notes** 

(a) The Registered Notes of each Tranche will initially be represented by a Registered Global Note deposited with a
common depositary or, in the case of Registered Notes held under the New Safekeeping Structure, common safekeeper for, and registered in the name of a nominee of such common depositary or common safekeeper for, Euroclear and Clearstream, Luxembourg.

(b) Registered Global Notes shall be exchangeable and transferable only in accordance with, and subject to, the
provisions of the Registered Global Notes and the Agency Agreement and the rules and operating procedures for the time being of Euroclear and Clearstream, Luxembourg.

(c) Each Registered Global Note shall be printed or typed in the form or substantially in the form set out in Part
7 of Schedule 2. Each Registered Global Note shall have annexed thereto a copy of the applicable Pricing Supplement and shall be signed manually, by printed or otherwise mechanically reproduced signature, or by electronic signature by an Authorised
Signatory of the Issuer on behalf of the Issuer and shall be authenticated by or on behalf of the Registrar and, in the case of Registered Notes held under the New Safekeeping Structure (save where such Registered Global Note is to be electronically
safekept), effectuated by the common safekeeper. Each Registered Global Note so executed, authenticated and (where applicable) effectuated shall be a binding and valid obligation of the Issuer.

3.3 **Definitive Bearer Notes and Definitive Registered Notes** 

(a) The Definitive Bearer Notes, the Receipts, the Coupons and the Talons shall be in the respective forms or
substantially in the respective forms set out in Parts 3, 4, 5 and 6, respectively, of Schedule 2. The Definitive Bearer Notes, the Receipts, the Coupons and the Talons shall be serially numbered and, if listed or quoted, shall be security printed
in accordance with the requirements (if any) from time to time of the relevant Stock Exchange and the relevant Conditions shall be incorporated by reference (where applicable to this Trust Deed) into such Definitive Bearer Notes if permitted by the
relevant Stock Exchange (if any), or, if not so permitted, the Definitive Bearer Notes shall be endorsed with or have attached thereto the relevant Conditions, and, in either such case, the Definitive Bearer Notes shall have endorsed thereon or
attached thereto a copy of the applicable Pricing Supplement (or the relevant provisions thereof). Title to the Definitive Bearer Notes, the Receipts, the Coupons and the Talons shall pass by delivery.

(b) The Definitive Registered Notes shall be in registered form and shall be issued in the form or substantially in
the form set out in Part 7 of Schedule 2, shall be serially numbered, shall be endorsed with a legend and a Form of Transfer and, if listed or quoted, shall be security printed in accordance with the requirements (if any) from time to time of the
relevant Stock Exchange and the relevant Conditions may be incorporated by reference (where applicable to this Trust Deed) into such Definitive Registered Notes unless not permitted by the relevant Stock Exchange (if any), or, if not so permitted,
the Definitive Registered Notes shall be endorsed with or have attached thereto the Conditions, and, in either such case, the Definitive Registered Notes shall have endorsed thereon or attached thereto a copy of the applicable Pricing Supplement (or
the relevant provisions thereof). Title to the Definitive Registered Notes shall pass upon the registration of transfers in the register kept by the Registrar in respect thereof in accordance with the provisions of the Agency Agreement and this
Trust Deed.

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(c) The Definitive Notes shall be signed manually or by printed or otherwise mechanically reproduced signature, by
an Authorised Signatory of the Issuer on behalf of the Issuer and shall be authenticated by or on behalf of the Principal Paying Agent (in the case of the Definitive Bearer Notes) or the Registrar (in the case of the Definitive Registered Notes).
The Definitive Notes so executed and authenticated, and the Receipts, the Coupons and Talons, upon execution and authentication of the relevant Definitive Notes, shall be binding and valid obligations of the Issuer. The Receipts, the Coupons and the
Talons shall not be signed. No Definitive Bearer Note and none of the Receipts, Coupons or Talons appertaining to such Definitive Bearer Note shall be binding or valid until such Definitive Bearer Note shall have been executed and authenticated as
aforesaid. No Bearer Note may be exchanged for a Registered Note or vice versa.

3.4 **Signatures** 

The Issuer may use the manual, printed or otherwise mechanically reproduced signature of any person who at the date such signature is affixed to a Note is duly authorised by the Issuer notwithstanding that at the time of issue of any of the Notes they may have ceased for any reason to be so authorised.

3.5 **Persons to be treated as Noteholders** 

Except as ordered by a court of competent jurisdiction or as required by law, the Issuer, the Guarantors, the Trustee, the Principal Paying Agent, the Registrar, the Transfer Agent, the Calculation Agent and the other Paying Agents (notwithstanding any notice to the contrary and whether or not it is overdue and notwithstanding any notation of ownership or writing thereon or notice of any previous loss or theft thereof) may (a) for the purpose of making payment thereon or on account thereof deem and treat the bearer of any Bearer Global Note, Definitive Bearer Note, Receipt, Coupon or Talon and the registered holder of any Registered Global Note or Definitive Registered Note as the absolute owner thereof and of all rights thereunder free from all encumbrances, and shall not be required to obtain proof of such ownership or as to the identity of the bearer, or, as the case may be, the registered holder and (b) for all other purposes deem and treat:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the bearer of any Definitive Bearer Note, Receipt, Coupon, Talon or the registered holder of any Definitive
Registered Note; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each person for the time being shown in the records of Euroclear or Clearstream, Luxembourg as having a
particular nominal amount of Notes credited to their securities account,

as the absolute owner thereof and of all rights thereunder free from all encumbrances and shall not be required to obtain proof of such ownership (other than, in the case of any person for the time being so shown in such records, a certificate or letter of confirmation signed on behalf of Euroclear or Clearstream, Luxembourg or any other form of record made by any of them) or as to the identity of the bearer of any Bearer Global Note, Definitive Bearer Note, Receipt, Coupon or Talon or of the registered holder of any Registered Global Note or Definitive Registered Note.

3.6 **Certificates of Euroclear and Clearstream, Luxembourg** 

Without prejudice to the provisions of Clause 16(u) or 16(y), the Issuer, the Guarantors and the Trustee may call for and, except in the case of manifest error, shall be at liberty to accept and place full reliance on as sufficient evidence thereof a certificate or letter of confirmation issued on behalf of Euroclear or Clearstream, Luxembourg or any form of record made by either of them or such other form of evidence and/or information and/or certification as it shall, in its

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absolute discretion, think fit to the effect that at any particular time or throughout any particular period any particular person is, was, or will be, shown in its records as the holder of a particular nominal amount of Notes represented by a Global Note and, if it does so rely, such letter of confirmation, form of record, evidence, information or certification shall be conclusive and binding on all concerned. Neither the Issuer nor the Trustee shall be liable to any person by reason of having accepted as valid or not having rejected any certificate or other document to such effect purporting to be issued by Euroclear or Clearstream, Luxembourg and subsequently found to be forged or not authentic.

4. **FEES, DUTIES AND TAXES** 

The Issuer, failing whom the Guarantors, will pay any stamp, issue, registration, documentary and other fees, duties and taxes, including interest and penalties thereon, payable in the United Kingdom, Luxembourg or Belgium on or in connection with (a) the execution and delivery of this Trust Deed, (b) the constitution and issue of the Notes and the Coupons and (c) any action taken reasonably by or on behalf of the Trustee or (where permitted under this Trust Deed so to do) any Noteholder or Couponholder to enforce, or to resolve any doubt concerning, or for any other purpose in relation to, this Trust Deed.

5. **COVENANT OF COMPLIANCE** 

Each of the Issuer and the Guarantors severally covenants with the Trustee that it will comply with and perform and observe all the provisions of this Trust Deed which are expressed to be binding on it. The Conditions shall be binding on the Issuer, the Guarantors, the Noteholders and the Couponholders. The Trustee shall be entitled to enforce the obligations of the Issuer and/or the Guarantors under the Notes and the Coupons as if the same were set out and contained in this Trust Deed, which shall be read and construed as one document with the Notes and the Coupons. The Trustee shall hold the benefit of this covenant upon trust for itself and the Noteholders and the Couponholders according to its and their respective interests.

6. **CANCELLATION OF NOTES AND RECORDS** 

6.1 The Issuer shall procure that all Notes issued by it which are (a) redeemed or (b) purchased by or on
behalf of the Issuer, the Guarantors or any Subsidiary of the Issuer or the Guarantors and surrendered for cancellation or (c) which, being lost, stolen, destroyed, mutilated or defaced, have been surrendered and replaced pursuant to Condition
11 (together in each case, in the case of Definitive Notes, with all unmatured Coupons attached thereto or delivered therewith), and all Coupons paid in accordance with the relevant Conditions or which, being mutilated or defaced, have been
surrendered and replaced pursuant to Condition 11, shall forthwith be cancelled by or on behalf of the Issuer and a certificate stating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate nominal amount of Notes which have been redeemed and the aggregate amounts in respect of Coupons
which have been paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the serial numbers of such Notes in definitive form distinguishing between Bearer Notes and Registered Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the total numbers (where applicable, of each denomination) by maturity date of such Coupons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the aggregate amount of interest paid (and the due dates of such payments) on Global Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the aggregate nominal amount of Notes (if any) which have been purchased by or on behalf of the Issuer, the
Guarantors or any Subsidiary of the Issuer or the Guarantors

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and cancelled and the serial numbers of such Notes in definitive form and, in the case of Definitive Bearer Notes, the total number (where applicable, of each denomination) by maturity date of the Coupons and Talons attached thereto or surrendered therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the aggregate nominal amounts of Notes and the aggregate amounts in respect of Coupons which have been so
surrendered and replaced and the serial numbers of such Notes in definitive form and the total number (where applicable, of each denomination) by maturity date of such Coupons and Talons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the total number (where applicable, of each denomination) by maturity date of the unmatured Coupons missing
from Definitive Bearer Notes bearing interest at a fixed rate which have been redeemed or surrendered and replaced and the serial numbers of the Definitive Bearer Notes to which such missing unmatured Coupons appertained; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the total number (where applicable, of each denomination) by maturity date of Talons which have been exchanged
for further Coupons,

shall be given to the Trustee by or on behalf of the Issuer or, as the case may be, the Guarantors as soon as possible and in any event within four months after the date of any such redemption, purchase, payment, exchange or replacement (as the case may be) takes place. The Trustee may accept such certificate as conclusive evidence of redemption, purchase, payment, exchange or replacement *pro tanto* of the Notes or payment of interest thereon or exchange of the relative Talons respectively and of cancellation of the relative Notes and Coupons.

6.2 The Issuer shall procure (a) that the Principal Paying Agent shall keep a full and complete record of all
Notes, Coupons and Talons issued by it (other than serial numbers of Coupons) and of their redemption or purchase by or on behalf of the Issuer, the Guarantors or any Subsidiary of the Issuer or the Guarantors, any cancellation or any payment (as
the case may be) and of all replacement notes, coupons or talons issued in substitution for lost, stolen, mutilated, defaced or destroyed Notes, Coupons or Talons, (b) that the Principal Paying Agent shall in respect of the Coupons of each
maturity retain (in the case of Coupons other than Talons) until the expiry of ten years from the Relevant Date in respect of such Coupons and (in the case of Talons indefinitely) either all paid or exchanged Coupons of that maturity or a list of
the serial numbers of Coupons of that maturity still remaining unpaid or unexchanged and (c) that such records and Coupons (if any) shall be made available to the Trustee at all reasonable times.

7. **GUARANTEE** 

7.1 Each Guarantor hereby irrevocably and unconditionally, and notwithstanding the release of any other guarantor
or any other person under the terms of any composition or arrangement with any creditors of the Issuer or any Subsidiary of the relevant Guarantor, guarantees to the Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the due and punctual payment in accordance with the provisions of this Trust Deed of the principal of and
interest on all Notes issued by the Issuer and of any other amounts payable by the Issuer under this Trust Deed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the due and punctual performance and observance by the Issuer of each of the other provisions of this Trust
Deed to be performed or observed by the Issuer.

7.2 If the Issuer fails for any reason whatsoever punctually to pay any such principal, interest or other amount,
each Guarantor shall cause each and every such payment to be made as if such Guarantor instead of the Issuer were expressed to be the primary obligor under this Trust Deed

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and not merely as surety (but without affecting the nature of the Issuer's obligations) to the intent that the holder of the relevant Note or Coupon or the Trustee (as the case may be) shall, subject to Condition 7, receive the same amounts in respect of principal, interest or such other amount as would have been receivable had such payments been made by the Issuer.

7.3 If any sum which, although expressed to be payable by the Issuer under this Trust Deed, the Notes or the
Coupons, is for any reason (whether or not now existing and whether or not now known or becoming known to the Issuer, the Guarantors, the Trustee or any Noteholder or Couponholder) not recoverable from the Guarantors on the basis of a guarantee then
(a) it shall nevertheless be recoverable from such Guarantor as if such Guarantor were the sole principal debtor and shall be paid by such Guarantor to the Trustee on demand and (b) as a separate and additional liability under this Trust
Deed each Guarantor agrees, as a primary obligation, to indemnify each of the Trustee, each Noteholder and each Couponholder in respect of such sum by way of a full indemnity in the manner and currency as is provided for in the Notes, the Coupons or
this Trust Deed (as the case may be) and to indemnify each Noteholder and each Couponholder against all losses, claims, costs, charges and expenses (together with any irrecoverable value added tax or other similar irrecoverable tax thereon) to which
it may be subject or which it may incur in recovering such sum.

7.4 If any payment received by the Trustee or any Noteholder or Couponholder pursuant to the provisions of this
Trust Deed shall (whether on the subsequent bankruptcy, insolvency or corporate reorganisation of the Issuer or, without limitation, on any other event) be avoided or set aside for any reason, such payment shall not be considered as discharging or
diminishing the liability of any Guarantor and this guarantee shall continue to apply as if such payment had at all times remained owing by the Issuer and the Guarantors shall indemnify the Trustee and the Noteholders and/or Couponholders (as the
case may be) in respect thereof PROVIDED THAT the obligations of the Issuer and/or the Guarantors under this subclause shall, as regards each payment made to the Trustee or any Noteholder or Couponholder which is avoided or set aside, be contingent
upon such payment being reimbursed to the Issuer or other persons entitled through the Issuer.

7.5 Each Guarantor hereby agrees that its obligations hereunder shall be unconditional and that it shall be fully
liable irrespective of the validity, regularity, legality or enforceability against the Issuer of, or of any defence or counter-claim whatsoever available to the Issuer in relation to, its obligations under this Trust Deed, whether or not any action
has been taken to enforce the same or any judgment obtained against the Issuer whether or not any of the other provisions of this Trust Deed have been modified, whether or not any time, indulgence, waiver, authorisation or consent has been granted
to the Issuer by or on behalf of the Noteholders or the Couponholders or the Trustee, whether or not any determination has been made by the Trustee pursuant to clause 19, whether or not there have been any dealings or transactions between the
Issuer, any of the Noteholders or Couponholders or the Trustee, whether or not the Issuer has been dissolved, liquidated, merged, consolidated, bankrupted or has changed its status, functions, control or ownership, whether or not the Issuer has been
prevented from making payment by foreign exchange provisions applicable at its place of registration or incorporation and whether or not any other circumstances have occurred which might otherwise constitute a legal or equitable discharge of or
defence to a guarantor. Accordingly the validity of this guarantee shall not be affected by reason of any invalidity, irregularity, illegality or unenforceability of all or any of the obligations of the Issuer under this Trust Deed and this
guarantee shall not be discharged nor shall the liability of the Guarantors under this Trust Deed be affected by any act, thing or omission or means whatever whereby its liability would not have been discharged if it had been the principal debtor.

7.6 Without prejudice to the provisions of clause 9.2, the Trustee may determine from time to time whether or not
it will enforce this guarantee which it may do without making any demand of or taking any proceedings against the Issuer and may from time to time make any arrangement or

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compromise with the Guarantors (or any of them) in relation to this guarantee which the Trustee may consider expedient in the interests of the Noteholders or Couponholders.

7.7 Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the
event of dissolution, liquidation, merger or bankruptcy of the Issuer any right to require a proceeding first against the Issuer protest or notice with respect to this Trust Deed or the indebtedness evidenced thereby and all demands whatsoever and
hereby covenants that this guarantee shall be a continuing guarantee, shall extend to the ultimate balance of all sums payable and obligations owed by the Issuer under this Trust Deed, shall not be discharged except by complete performance of the
obligations contained in this Trust Deed and is additional to, and not instead of, any security or other guarantee or indemnity at any time existing in favour of any person, whether from the relevant Guarantor or otherwise.

7.8 If any moneys shall become payable by a Guarantor under this guarantee, such Guarantor shall not, so long as
the same remain unpaid, without the prior written consent of the Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of any amounts paid or payable by it under this guarantee, exercise any rights of subrogation or
contribution or, without limitation, any other right or remedy which may accrue to it in respect of or as a result of any such payment or any such obligation to make a payment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of any other moneys for the time being due to the relevant Guarantor by the Issuer claim payment
thereof or exercise any other right or remedy;

(including in either case claiming the benefit of any security or right of set-off or contribution or, on the liquidation of the Issuer proving in competition with the Trustee). If, notwithstanding the foregoing, upon the bankruptcy, insolvency or liquidation of the Issuer any payment or distribution of assets of the Issuer of any kind or character, whether in cash, property or securities, shall be received by the relevant Guarantor before payment in full of all amounts payable under this Trust Deed shall have been made to the Noteholders, the Couponholders and the Trustee, such payment or distribution shall be received by the relevant Guarantor on trust to pay the same over immediately to the Trustee for application in or towards the payment of all sums due and unpaid under this Trust Deed in accordance with clause 10 on the basis that clause 10 does not apply separately and independently to each Series of the Notes, save that nothing in this subclause 7.8 shall operate so as to create any charge by the relevant Guarantor over any such payment or distribution.

7.9 Until all amounts which may be or become payable by the Issuer under this Trust Deed have been irrevocably paid
in full, the Trustee may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) refrain from applying or enforcing any other moneys, security or rights held or received by the Trustee in
respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise), and the Guarantors shall not be entitled to the benefit of the same; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) hold in a suspense account any moneys received from any Guarantor or on account of such Guarantor's
liability under this guarantee, without liability to pay interest on those moneys.

7.10 The obligations of the Guarantors under this Trust Deed constitute direct, unconditional and (subject to the
provisions of Condition 3.1) unsecured obligations of the Guarantors and (subject as aforesaid) rank and will rank at least *pari passu* with all other outstanding unsecured and unsubordinated obligations of the relevant Guarantor, present and
future, save for obligations mandatorily preferred by laws of general application to companies and only to the extent permitted by applicable laws relating to creditors' rights

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7.11 Notwithstanding the foregoing, the total liability of any Guarantor incorporated in Belgium under this
guarantee shall at all times be limited to an amount equal to 90 per cent. of its net assets (as defined in Article 7:212 of the Belgian Code of Companies and Associations) calculated on the basis of its latest available audited annual
financial statements as at the Issue Date of the first Tranche of Notes.

7.12 In connection with the proposed admission of any member of the Group (other than Wise Australia Party Ltd
(" **Wise Australia** ")) as a Guarantor pursuant to Condition 2.4, no such admission shall be effective until the Trustee shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a duly executed deed of accession executed by the Additional Guarantor (in or substantially in the form set out
in Schedule 5 or in such other form as may be necessary or appropriate to comply with any applicable law, rule or regulation, including the law of any jurisdiction outside England and Wales where that member of the Group is organised or carries on
business) pursuant to which such member of the Group agrees to be bound by the provisions of this Trust Deed as fully as if such member of the Group had been named in this Trust Deed as an Initial Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a duly executed accession agreement to the Agency Agreement entered into between the Trustee, the Agents, the
Issuer and the relevant Additional Guarantor (in or substantially in the form set out in Schedule 5 to the Agency Agreement or in such other form as may be necessary or appropriate to comply with any applicable law, rule or regulation, including the
law of any jurisdiction outside England and Wales where the relevant Additional Guarantor is organised or carries on business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) legal opinion(s) from legal advisers acceptable to the Trustee and in a form and with substance reasonably
satisfactory to the Trustee as to the capacity, power and authority of the relevant Additional Guarantor and the enforceability under the laws of each relevant jurisdiction of the guarantee to be given by the relevant Additional Guarantor and all
other obligations to be assumed by the relevant Additional Guarantor under the documents described in Clauses 7.12(a) and 7.12(b) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a certificate addressed to the Trustee and signed by two directors of the relevant Additional Guarantor in a
form satisfactory to the Trustee certifying that immediately before, at the time of and immediately after the execution of such supplemental trust deed, such relevant entity was, is and will be solvent and that the giving of its guarantee will not
breach the terms of any other agreement to which it is party (where such breach would have a material adverse effect on its ability to perform its obligations under this Trust Deed).

7.13 The release of any Guarantor (other than the Parent Guarantor) in accordance with Condition 2.3 will take
effect automatically upon the receipt by the Trustee of the notice and relevant certificate signed by an Authorised Signatory of the Parent Guarantor in the form described in and in accordance with the provisions of Condition 2.3. Upon receipt
thereof by the Trustee, such Guarantor will automatically and unconditionally be released from its obligations under its guarantee and this Trust Deed without the need for any further act or thing to be done by any party. For the avoidance of doubt,
the Parent Guarantor may not be released as a Guarantor pursuant to Condition 2.3, save that nothing in this clause shall prejudice any release or substitution effected in accordance with clause 21.2 or any addition of Additional Guarantors under
Condition 2.4. The release of a Guarantor under this Clause 7.12 shall not diminish the obligations and liabilities of the remaining Guarantors.

7.14 All the provisions of this Trust Deed relating to the Guarantors shall apply to each Additional Guarantor and
to the guarantee given by an Additional Guarantor in all respects as if the Additional Guarantor had been an original party to this Trust Deed.

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7.15 The Issuer and each Guarantor consent to the admission of any member of the Group (other than Wise Australia
Party Ltd ()"**Wise Australia** ")) as an Additional Guarantor in accordance with Condition 2.4 and Clause 7.12 and agree that they shall be jointly and severally liable with any Additional Guarantor (unless released in accordance with
Condition 2.3 and Clause 7.13 above) by virtue of the admission of the Additional Guarantor as a Guarantor in accordance with the requirements set out in Condition 2.4 and Clause 7.12. Each Guarantor hereby authorises the Issuer to concur in,
consent to or agree to any deed admitting any Additional Guarantor as a Guarantor. For the avoidance of doubt, Wise Australia shall not be required to accede as a Guarantor pursuant to Condition 2.4 and Clause 7.12 by virtue only of being a borrower
or guarantor under the Revolving Credit Facility, and no breach of the Conditions or this Trust Deed shall arise by reason of its not doing so.

8. **NON-PAYMENT** 

Proof that as regards any specified Note or Coupon the Issuer or the Guarantors (as the case may be) has made default in paying any amount due in respect of such Note or Coupon shall (unless the contrary be proved) be sufficient evidence that the same default has been made as regards all other Notes or Coupons (as the case may be) in respect of which the relevant amount is due and payable.

9. **PROCEEDINGS, ACTION AND INDEMNIFICATION** 

9.1 The Trustee may at any time, at its discretion and without notice, take such proceedings and/or other steps or
action (including lodging an appeal in any proceedings) as it may think fit against or in relation to each of the Issuer and the Guarantors to enforce their respective obligations under this Trust Deed or otherwise.

9.2 The Trustee shall not be bound to take any steps, action or proceedings in relation to this Trust Deed
(including but not limited to the giving of any certification or notice pursuant to Condition 9 or the taking of any proceedings and/or other steps or action mentioned in subclause 9.1) unless respectively directed or requested to do so (a) by
an Extraordinary Resolution or (b) in writing by the holders of at least one-quarter in nominal amount of the Notes then outstanding and in either case then only if it shall be indemnified and/or secured
and/or pre-funded to its satisfaction against all Liabilities to which it may thereby render itself liable or which it may incur by so doing.

9.3 Only the Trustee may enforce the provisions of this Trust Deed. No Noteholder or Couponholder shall be entitled
to (i) take any steps or action against the Issuer or the Guarantors to enforce the performance of any of the provisions of this Trust Deed or (ii) take any other proceedings (including lodging an appeal in any proceedings) in respect of
or concerning the Issuer or the Guarantors, in each case unless the Trustee, having become bound so to take any such action, steps or proceedings, fails or is unable so to do within a reasonable period and the failure or inability shall be
continuing.

10. **APPLICATION OF MONEYS** 

All moneys received by the Trustee under this Trust Deed shall, unless and to the extent attributable, in the opinion of the Trustee, to a particular Series of the Notes, be apportioned *pari passu* and rateably between each Series of the Notes, and all moneys received by the Trustee under this Trust Deed to the extent attributable in the opinion of the Trustee to a particular Series of the Notes or which are apportioned to such Series as aforesaid, be held by the Trustee upon trust to apply them (subject to clause 12):

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**First** in payment or satisfaction of all Liabilities then due and unpaid incurred by or payable to the Trustee (including remuneration and other amounts payable to it under this Trust Deed) or any Appointee in carrying out its functions under this Trust Deed;

**Secondly** in or towards retention of an amount which the Trustee considers necessary to pay any amounts that may thereafter become due to be paid under this Trust Deed to it or any Appointee, to the extent it considers that moneys received by it thereafter under this Trust Deed may be insufficient and/or may not be received in time to pay such amounts;

**Thirdly** in payment of all Liabilities incurred by or payable to the Agents (including remuneration and other amounts payable to them under the Agency Agreement) in carrying out their functions under the Agency Agreement;

**Fourthly** in or towards payment *pari passu* and rateably of all principal and interest then due and unpaid in respect of the Notes of that Series;

**Fifthly** in or towards payment *pari passu* and rateably of all principal and interest then due and unpaid in respect of the Notes of each other Series; and

**Sixthly** in payment of the balance (if any) to the Issuer (without prejudice to, or liability in respect of, any question as to how such payment to the Issuer shall be dealt with as between the Issuer, the Guarantors and any other person).

Without prejudice to this clause, if the Trustee holds any moneys which represent principal or interest in respect of Notes which have become void or in respect of which claims have been prescribed under Condition 8, the Trustee will hold such moneys on the above trusts.

11. **NOTICE OF PAYMENTS** 

The Trustee shall give notice to the relevant Noteholders in accordance with Condition 14 of the day fixed for any payment to them under clause 10. Such payment may be made in accordance with Condition 5 and any payment so made shall be a good discharge to the Trustee.

12. **INVESTMENT BY TRUSTEE** 

12.1 The Trustee may at its discretion and pending payment deposit moneys at any time available for the payment of
principal and interest on the Notes in some or one of the deposits hereinafter authorised for such periods as it may consider expedient with power from time to time at the like discretion to vary such deposits and to accumulate such deposits and the
resulting interest and other income derived therefrom. The accumulated deposits shall be applied under clause 10. All interest and other income deriving from such deposits shall be applied first in payment or satisfaction of all amounts then due and
unpaid under clause 10 to the Trustee and/or any Appointee and otherwise held for the benefit of and paid to the Noteholders of such Series or the holders of the related Coupons, as the case may be.

12.2 Moneys held by the Trustee may at its election be placed on deposit into an account bearing a market rate
interest (and for the avoidance of doubt, the Trustee shall not be required to obtain best rates, be responsible for any loss occasioned by such deposit or exercise any other form of investment discretion with respect to such deposits) in the name
or under the control of the Trustee at such bank or other financial institution and in such currency as the Trustee may think fit in light of the cash needs of the transaction and not for purposes of generating income. If such moneys are placed on
deposit with a bank or financial institution which is a subsidiary, holding company, affiliate or associated company of the Trustee, it need only account for an amount of interest equal to the standard amount of interest payable by it on a deposit
to an independent customer.

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12.3 The Trustee may at its discretion accumulate such moneys until the accumulations, together with any other funds
for the time being under the control of the Trustee and available for such purpose amount to at least 10 per cent of the principal amount of the Notes then outstanding and then such accumulations and funds (after deduction of, or provision for,
any applicable taxes) shall be applied as set out above. For the avoidance of doubt, the Trustee shall in no circumstances, have any discretion to invest any moneys referred to in this clause 12.3 in any investments or other assets.

13. **PARTIAL PAYMENTS** 

Upon any payment under clause 10 (other than payment in full against surrender of a Note or Coupon) the Note or Coupon in respect of which such payment is made shall be produced to the Trustee or the Paying Agent by or through whom such payment is made and the Trustee shall or shall cause such Paying Agent to enface thereon a memorandum of the amount and the date of payment but the Trustee may in any particular case dispense with such production and enfacement upon such indemnity being given as it shall think sufficient.

14. **COVENANTS BY THE ISSUER AND THE GUARANTORS** 

So long as any of the Notes remains outstanding (or, in the case of paragraphs (h), (i), (l), (m), (n) and (p), so long as any of the Notes or Coupons remains liable to prescription) each of the Issuer and the Guarantors severally covenants with the Trustee that it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at all times carry on and conduct its business and procure its Subsidiaries to carry on and conduct their
respective businesses in the normal and ordinary course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) give or procure to be given to the Trustee such opinions, certificates, information and evidence as it shall
reasonably require and in such form as it shall reasonably require (including without limitation the procurement by the Issuer or any Guarantor (as the case may be) of all such certificates called for by the Trustee pursuant to clause 16(c)) for the
purpose of the discharge or exercise of the duties, trusts, powers, authorities and discretions vested in it under this Trust Deed or by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) cause to be prepared and certified by the Auditors in respect of each financial accounting period accounts in
such form as will comply with all relevant legal and accounting requirements and all requirements for the time being of the relevant Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at all times keep and procure its Subsidiaries to keep proper books of account and at any time after an Event
of Default has occurred or if the Trustee reasonably believes that an Event of Default may have occurred or may be about to occur, allow and procure its Subsidiaries to allow the Trustee and any person appointed by the Trustee (to whom the Issuer,
the Guarantors or the relevant Subsidiary (as the case may be) shall have no reasonable objection) free access to such books of account at reasonable times during normal business hours;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in respect of the Parent Guarantor only, send to the Trustee (in addition to any copies to which it may be
entitled as a holder of any securities of the Parent Guarantor) an electronic copy (or a hyperlink to an electronic copy) in English of every balance sheet, profit and loss account or report, and every document issued or sent to holders of
securities other than its shareholders (including the Noteholders) as soon as practicable after the issue or publication thereof and in any event, in respect of annual financial statements of the Group, no later than 180 days after the end of the
relevant financial year of the Group (as the case may be);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) promptly, upon becoming aware, give notice in writing to the Trustee of the coming into existence of any
security interest which would require any security to be given to the Notes pursuant to Condition 3.1 or of the occurrence of any Event of Default or Potential Event of Default or Change of Control Put Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) give to the Trustee (i) within seven days after demand by the Trustee therefor and (ii) (without the
necessity for any such demand) promptly after the publication of the Parent Guarantor's audited accounts in respect of each financial period commencing with the financial period ended 31 March 2026 and in any event not later than 180 days
after the end of each such financial period a certificate in or substantially in the form set out in Schedule 4 signed by an Authorised Signatory of the Parent Guarantor to the effect that, as at a date not more than seven days before delivering
such certificate (the **certification date**), having made reasonable enquiries, to the best of the Issuer's (or Parent Guarantor's, as applicable) knowledge, information and belief of the Authorised Signatory there did not exist and
had not existed since the certification date of the previous certificate (or, in the case of the first such certificate, the date hereof) any Event of Default, Potential Event of Default or Change of Control Put Event (or if such exists or existed
or had happened specifying the same) and that during the period from and including the certification date of the last such certificate (or, in the case of the first such certificate, the date hereof) to and including the certification date of such
certificate that each of the Issuer and the Guarantors has complied with all of its respective obligations contained in this Trust Deed or (if such is not the case) specifying in which respects they have not complied. Such certificates shall be
accompanied in each case with an up-to-date list of the Authorised Signatories of the Parent Guarantor and each of their specimen signatures and each of their specimen
signatures. The Trustee shall be entitled to rely conclusively upon such certificates and such list and shall not be liable to any person by reason thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) at all times execute all such further documents and carry out all such further acts and things as may be
necessary at any time or times in the reasonable opinion of the Trustee to give effect to this Trust Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at all times maintain a Principal Paying Agent and other Paying Agents and (whilst any Registered Notes are
outstanding) a Registrar and (whilst any Registered Notes are outstanding) a Transfer Agent in accordance with the Conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) notify or procure the Principal Paying Agent to notify the Trustee promptly in the event that the Principal
Paying Agent does not, on or before the due date for any payment in respect of the Notes or any of them or any of the relative Coupons, receive unconditionally pursuant to the Agency Agreement payment of the full amount in the requisite currency of
the moneys payable on such due date on all such Notes or Coupons as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) in the event of the unconditional payment to the Principal Paying Agent or the Trustee of any sum due in
respect of the Notes or any of them or any of the Coupons being made after the due date for payment thereof forthwith give or procure to be given notice to the relevant Noteholders in accordance with Condition 14 that such payment has been made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) give notice to the Noteholders in accordance with Condition 14 of any appointment, resignation or removal of
any Principal Paying Agent, Calculation Agent, Registrar, Transfer Agent or other Paying Agent (other than the appointment of the initial Principal Paying Agent, Calculation Agent, Registrar, Transfer Agent and other Paying Agents) after having
obtained the prior written approval (where required) of the Trustee thereto or any change of any Paying Agent's specified office and (except as provided

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by the Agency Agreement or the Conditions) at least 30 days prior to such event taking effect; PROVIDED ALWAYS THAT so long as any of the Notes remains outstanding in the case of the termination of the appointment of the Calculation Agent or so long as any of the Notes or Coupons remains liable to prescription in the case of the termination of the appointment of the Principal Paying Agent no such termination shall take effect until a new Principal Paying Agent or Calculation Agent (as the case may be) has been appointed on terms previously approved in writing by the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) send to the Trustee, not less than 14 days prior to the date on which any such notice is to be given, the form
of every notice to be given to the Noteholders in accordance with Condition 14 and obtain the prior written approval of the Trustee (such approval not to be unreasonably withheld or delayed) to, and promptly give to the Trustee two copies of, the
final form of every notice to be given to the Noteholders in accordance with Condition 14 (such approval, unless so expressed, not to constitute approval for the purposes of Section 21 of the FSMA of a communication within the meaning of
Section 21 of the FSMA);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) comply with and perform all its obligations under the Agency Agreement and use its reasonable endeavours to
procure that the Principal Paying Agent and the other Paying Agents comply with and perform all their respective obligations thereunder and any notice given by the Trustee pursuant to clause 2.3(a) and not make any amendment or modification to the
Agency Agreement without the prior written approval of the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) in order to enable the Trustee to ascertain the nominal amount of the Notes of each Series for the time being
outstanding for any of the purposes referred to in the proviso to the definition of outstanding in clause 1, deliver to the Trustee forthwith upon being so requested in writing by the Trustee a certificate in writing signed by an Authorised
Signatory of the Issuer or an Authorised Signatory of the Guarantors setting out the total number and aggregate nominal amount of the Notes of each Series issued which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) up to and including the date of such certificate have been purchased by the Issuer or the Guarantors, any
holding company of the Issuer or the Guarantors or any other Subsidiary or such holding company and cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) are at the date of such certificate held by, for the benefit of, or on behalf of, the Issuer, the Guarantors,
any Subsidiary of the Issuer and/or the Guarantors, any holding company of the Issuer or the Guarantors or any other Subsidiary of such holding company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) procure its Subsidiaries to comply with all (if any) applicable provisions of Condition 6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) procure that each of the Paying Agents makes available for inspection by Noteholders and Couponholders
(i) electronically; and (ii) by appointment at its specified office (or by e-mail, upon satisfactory proof of holding) copies of this Trust Deed, the Agency Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) upon due surrender in accordance with the Conditions, pay the face value of all Coupons appertaining to all
Notes purchased by the Issuer, the Guarantors or any Subsidiary of the Issuer or Guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) prior to making any modification or amendment or supplement to this Trust Deed, procure the delivery of
(a) legal opinion(s) as to English and any other relevant law, addressed to the Trustee dated the date of such modification or amendment or

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supplement, as the case may be, and in a form acceptable to the Trustee from legal advisers acceptable to the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) give notice to the Trustee of the proposed redemption of the Notes at least five London Business Days prior to
the giving of any notice of redemption in respect of such Notes pursuant to Condition 14;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) the Issuer shall, within ten London Business Days of a written request by the Trustee, supply to the Trustee
such forms, documentation and other information relating to it, its operations, or the Notes as the Trustee reasonably requests for the purposes of the Trustee's compliance with Applicable Law and shall notify the Trustee reasonably promptly
in the event that it becomes aware that any of the forms, documentation or other information provided by the Issuer is (or becomes) inaccurate in any material respect; provided, however, the Issuer shall not be required to provide any forms,
documentation or other information pursuant to this clause to the extent that: (i) any such form, documentation or other information (or the information required to be provided on such form or documentation) is not reasonably available to the
Issuer and cannot be obtained by the Issuer using reasonable efforts; or (ii) doing so would or might in the reasonable opinion of the issuer constitute a breach of any: (a) Applicable Law; (b) fiduciary duty; or (c) duty of
confidentiality. For purposes of this paragraph (u), Applicable Law shall be deemed to include (i) any rule or practice of any Authority by which any party to this Trust Deed is bound or with which it is accustomed to comply; (ii) any
agreement between any Authorities; and (iii) any agreement between any Authority and any party to this Trust Deed that is customarily entered into by institutions of a similar nature.

15. **REMUNERATION AND INDEMNIFICATION OF TRUSTEE** 

15.1 The Issuer shall pay to the Trustee remuneration for its services as trustee as from the date of this Trust
Deed, such remuneration to be at such rate as may from time to time be agreed in writing between the Issuer and the Trustee. Such remuneration shall accrue from day to day and be payable (in priority to payments to Noteholders and Couponholders) up
to and including the date when, all the Notes having become due for redemption, the redemption moneys and interest thereon to the date of redemption have been paid to the Principal Paying Agent or, as the case may be, the Trustee PROVIDED THAT if
upon due presentation of any Note or Coupon the moneys due in respect thereof is improperly withheld or refused, remuneration will commence again to accrue.

15.2 In the event of the occurrence of an Event of Default, a Potential Event of Default or a Change of Control Put
Event, the Issuer hereby agrees that the Trustee shall be entitled to be paid additional remuneration, which may be calculated at its normal hourly rates in force from time to time. In any other case, if the Trustee considers it expedient or
necessary or is requested by the Issuer or the Guarantors to undertake duties which the Trustee and the Issuer or, as the case may be, the Guarantors agree to be of an exceptional nature or otherwise outside the scope of the normal duties of the
Trustee under this Trust Deed the Issuer shall pay to the Trustee such additional remuneration as shall be agreed between them (and which may be calculated by reference to the Trustee's normal hourly rates in force from time to time).

15.3 The Issuer shall in addition pay to the Trustee an amount equal to the amount of any value added tax or similar
tax properly chargeable thereon (to the extent that the Trustee or another member of its group is required to account to any tax authority for that value added tax) in respect of its remuneration under this Trust Deed, subject to the receipt by the
Issuer of a valid value added tax invoice. Where the Issuer has made an increased payment pursuant to this clause 15.3 and the Trustee (or a member of its group) is entitled to and has obtained or utilised a tax credit or refund of tax in respect of
the related increased tax payment, then the Trustee

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shall pay an amount to the Issuer which the Trustee determines (acting reasonably) will leave it (after the payment) in the same after-tax position as it would have been had the increased payment not been required to be made by the Issuer.

15.4 In the event of the Trustee and the Issuer failing to agree:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (in a case to which subclause 15.1 above applies) upon the amount of the remuneration; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (in a case to which subclause 15.2 above applies) upon whether such duties shall be of an exceptional nature or
otherwise outside the scope of the normal duties of the Trustee under this Trust Deed, or upon such additional remuneration,

such matters shall be determined by a financial institution or person (acting as an expert and not as an arbitrator) selected by the Trustee and approved by the Issuer or, failing such approval, nominated (on the application of the Trustee) by the President for the time being of The Law Society of England and Wales (the expenses involved in such nomination and the fees of such financial institution or person being payable by the Issuer) and the determination of any such person shall be final and binding upon the Trustee and the Issuer.

15.5 Without prejudice to the right of indemnity by law given to trustees, each of the Issuer and the Guarantors
shall jointly and severally indemnify the Trustee and every Appointee and keep it indemnified against all properly incurred Liabilities to which it or he may be or become subject or which may be incurred by it in the preparation and execution or
purported execution of any of its or his trusts, powers, authorities and discretions under this Trust Deed or its or his functions under any such appointment or in respect of any other matter or thing done or omitted in any way relating to this
Trust Deed or any such appointment (including all Liabilities incurred in disputing or defending any of the foregoing), provided that this indemnity shall not extend to any Liabilities to the extent resulting from the gross negligence, wilful
default or fraud of the Trustee or any Appointee.

15.6 The Issuer (failing whom, the Guarantors) shall also pay or discharge all properly incurred Liabilities
incurred by the Trustee or any Appointee of the Trustee in relation to the preparation and execution of, the exercise of its powers and the performance of its duties under, and in any other manner relating to, this Trust Deed, including (for the
avoidance of doubt) but not limited to legal and travelling expenses and any stamp, issue, registration, documentary and other similar taxes or duties paid or payable by the Trustee in connection with any action properly taken or contemplated by or
on behalf of the Trustee for enforcing this Trust Deed.

15.7 All amounts payable pursuant to subclauses 15.5 and 15.6 shall be payable by the Issuer or, as the case may be,
the Guarantors on the date specified in a demand by the Trustee and in the case of payments actually made by the Trustee prior to such demand shall carry interest at the Bank of England base rate (on the date on which payment was made by the
Trustee) from the date specified and in all other cases shall (if not paid within 30 days after the date of such demand or, if such demand specifies that payment is to be made on an earlier date, on such earlier date) carry interest at such rate
from such thirtieth day of such other date specified in such demand. All remuneration payable to the Trustee shall carry interest at such rate from the due date therefor.

15.8 The Issuer hereby further undertakes to the Trustee that all monies payable by the Issuer to the Trustee under
this clause shall be made without set-off or counterclaim or any deduction or withholding for or on account of tax unless compelled by law. In the event of any deduction or withholding for or on account of tax
compelled by law, the Issuer will pay such additional amounts as will result in the receipt by the Trustee of the amounts which would otherwise have

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been payable by the Issuer to the Trustee under this clause in the absence of any such deduction or withholding for or on account of tax.

15.9 Unless otherwise specifically stated in any discharge of this Trust Deed the provisions of this clause 15 shall
continue in full force and effect notwithstanding such discharge and whether or not the Trustee is the then trustee of this Trust Deed.

15.10 The Trustee shall be entitled in its absolute discretion to determine in respect of which Series of Notes any
Liabilities incurred under this Trust Deed have been incurred or to allocate any such Liabilities between the Notes of any Series.

15.11 The Trustee shall not be entitled to recover any amounts under this clause 15 to the extent that it has already
recovered such amounts under clause 4 in respect of the same stamp, issue, registration, documentary and other fees, duties and taxes, including interest and penalties thereon.

16. **SUPPLEMENT TO TRUSTEE ACTS** 

Section 1 of the Trustee Act 2000 shall not apply to the duties of the Trustee in relation to the trusts constituted by this Trust Deed. Where there are any inconsistencies between the Trustee Acts and the provisions of this Trust Deed, the provisions of this Trust Deed shall, to the extent allowed by law, prevail and, in the case of any such inconsistency with the Trustee Act 2000, the provisions of this Trust Deed shall constitute a restriction or exclusion for the purposes of that Act. The Trustee shall have all the powers conferred upon trustees by the Trustee Acts and by way of supplement thereto it is expressly declared as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee may in relation to this Trust Deed act and rely on the advice, certificate or opinion, report of or
any information (whether addressed to the Trustee or not) obtained from any lawyer, valuer, accountant (including any auditor), surveyor, banker, broker, auctioneer or other expert whether obtained by the Issuer, the Guarantors, the Trustee or
otherwise whether or not addressed to the Trustee and whether or not the advice or opinion, report of or any information or any engagement letter or other related document contains a monetary cap or other limit of liability or limits the scope
and/or basis of such advice or opinion, report of or any information and shall not be responsible for any Liability that may be occasioned by so acting or relying.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any such advice, opinion, report or information may be sent or obtained by letter, facsimile transmission or e-mail and the Trustee shall not be liable for acting on any advice, opinion or information purporting to be conveyed by any such letter, facsimile transmission or e-mail although the same shall contain some error or shall not be authentic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Trustee, in the exercise of its functions, requires to be satisfied or to have information as to any
fact or the expediency of any act, the Trustee may call for and shall be at liberty to accept as sufficient evidence of any fact or matter or the expediency of any transaction or thing a certificate signed by any one Authorised Signatory of the
Issuer and/or any one Authorised Signatory of the Guarantors and the Trustee shall not be bound in any such case to call for further evidence or be responsible for any Liability that may be occasioned by it or any other person acting on such
certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee shall be at liberty to hold this Trust Deed and any other documents relating thereto or to deposit
them in any part of the world with any banker or banking company or company whose business includes undertaking the safe custody of documents or lawyer or firm of lawyers considered by the Trustee to be of good repute and the Trustee shall not be
responsible for or required to insure against any Liability incurred

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in connection with any such holding or deposit and may pay all sums required to be paid on account of or in respect of any such deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trustee shall not be responsible for the receipt or application of the proceeds of the issue of any of the
Notes by the Issuer, the exchange of any Global Note for another Global Note or Definitive Notes or the delivery of any Global Note or Definitive Notes to the person(s) entitled to it or them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trustee shall not be bound to give notice to any person of the execution of any documents comprised or
referred to in this Trust Deed or to take any steps to ascertain whether any Event of Default, Potential Event of Default, or Change of Control Put Event has occurred and, until it shall have actual knowledge or express written notice pursuant to
this Trust Deed to the contrary, the Trustee shall be entitled to assume that no Event of Default, Potential Event of Default, or Change of Control Put Event has occurred and that each of the Issuer and the Guarantors is observing and performing all
its obligations under this Trust Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Save as expressly otherwise provided in this Trust Deed, the Trustee shall have absolute and uncontrolled
discretion as to the exercise or non-exercise of its trusts, powers, authorities and discretions under this Trust Deed (the exercise or non-exercise of which as between
the Trustee and the Noteholders and Couponholders shall be conclusive and binding on the Noteholders and Couponholders) and shall not be responsible for any Liability which may result from their exercise or non-exercise and in particular the Trustee shall not be bound to act at the request or direction of the Noteholders or otherwise under any provision of this Trust Deed or to take at such request or direction
or otherwise any other action under any provision of this Trust Deed, without prejudice to the generality of subclause 9.2, unless it shall first be indemnified and/or secured and/or pre-funded to its
satisfaction against all Liabilities to which it may render itself liable or which it may incur by so doing and the Trustee shall incur no liability for refraining to act in such circumstances and may do so without having regard to the effect of
such action on individual Holders or Couponholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Trustee shall not be liable to any person by reason of having acted upon any Extraordinary Resolution in
writing or any Extraordinary Resolution or other resolution purporting to have been passed at any meeting of the holders of Notes of all or any Series in respect whereof minutes have been made or any Extraordinary Resolution passed by way of
electronic consents received through the relevant Clearing System(s) in accordance with this Trust Deed or any direction or request of the holders of the Notes of all or any Series even though subsequent to its acting it may be found that there was
some defect in the constitution of the meeting or the passing of the resolution or (in the case of an Extraordinary Resolution in writing) that not all such holders had signed the Extraordinary Resolution or (in the case of a direction or request)
it was not signed by the requisite number of Noteholders or (in the case of an Extraordinary Resolution passed by electronic consents received through the relevant Clearing System(s)) it was not approved by the requisite number of Noteholders or
that for any reason the resolution, direction or request was not valid or binding upon such Noteholders and Couponholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trustee shall not be liable to any person by reason of having accepted as valid or not having rejected any
Note or Coupon purporting to be such and subsequently found to be forged or not authentic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Any consent or approval given by the Trustee for the purposes of this Trust Deed may be given on such terms and
subject to such conditions (if any) as the Trustee thinks fit

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and notwithstanding anything to the contrary in this Trust Deed may be given retrospectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Trustee shall not (unless and to the extent ordered so to do by a court of competent jurisdiction) be
required to disclose to any Noteholder or Couponholder any information (including, without limitation, information of a confidential, financial or price sensitive nature) made available to the Trustee by the Issuer, the Guarantors or any other
person in connection with this Trust Deed and no Noteholder or Couponholder shall be entitled to take any action to obtain from the Trustee any such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Where it is necessary or desirable for any purpose in connection with this Trust Deed to convert any sum from
one currency to another it shall (unless otherwise provided by this Trust Deed or required by law) be converted at such rate or rates, in accordance with such method and as at such date for the determination of such rate of exchange, as may be
agreed by the Trustee in consultation with the Issuer or the Guarantors as relevant and any rate, method and date so agreed shall be binding on the Issuer, the Guarantors, the Noteholders and the Couponholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Trustee may certify that any of the conditions, events and acts set out in paragraphs (b) to (d)
(other than the winding up or dissolution of the Issuer or the Guarantors) and (e) to (g) (both inclusive) of Condition 9.1 (each of which conditions, events and acts shall, unless in any case the Trustee in its absolute discretion shall
otherwise determine, for all the purposes of this Trust Deed be deemed to include the circumstances resulting therein and the consequences resulting therefrom) is in its opinion materially prejudicial to the interests of the Noteholders and any such
certificate shall be conclusive and binding upon the Issuer, the Guarantors, the Noteholders and the Couponholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Trustee as between itself and the Noteholders and the Couponholders may determine all questions and doubts
arising in relation to any of the provisions of this Trust Deed. Every such determination, whether or not relating in whole or in part to the acts or proceedings of the Trustee, shall be conclusive and shall bind the Trustee and the Noteholders and
the Couponholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) In connection with the exercise by it of any of its trusts, powers, authorities and discretions under this
Trust Deed (including, without limitation, any modification, waiver, authorisation, determination or substitution), the Trustee shall have regard to the general interests of the Noteholders as a class and shall not have regard to any interests
arising from circumstances particular to individual Noteholders or Couponholders (whatever their number) and, in particular but without limitation, shall not have regard to the consequences of any such exercise for individual Noteholders or
Couponholders (whatever their number) resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory or any political sub-division thereof and the Trustee shall not be entitled to require, nor shall any Noteholder or Couponholder be entitled to claim, from the Issuer, the Guarantors, the Trustee or any other person any
indemnification or payment in respect of any tax consequence of any such exercise upon individual Noteholders or Couponholders except to the extent already provided for in Condition 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Any trustee of this Trust Deed being a lawyer, accountant, broker or other person engaged in any profession or
business shall be entitled to charge and be paid all usual professional and other charges for business transacted and acts done by them or their firm in connection with the trusts of this Trust Deed and also their proper charges in addition to
disbursements for all other work and business done and all time spent by

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them or their firm in connection with matters arising in connection with this Trust Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Trustee may whenever it thinks fit delegate by power of attorney or otherwise to any person or persons or
fluctuating body of persons (whether being a joint trustee of this Trust Deed or not) all or any of its trusts, powers, authorities and discretions under this Trust Deed. Such delegation may be made upon such terms (including power to sub-delegate) and subject to such conditions and regulations as the Trustee may in the interests of the Noteholders think fit. Provided that the Trustee shall have exercised reasonable skill and care in the
appointment of any such delegate, the Trustee shall not be under any obligation to supervise the proceedings or acts of any such delegate or sub-delegate or be in any way responsible for any Liability incurred
by reason of any act, omission, misconduct or default on the part of any such delegate or sub-delegate. The Trustee shall, to the extent permitted by law, within a reasonable time after any such delegation or
any renewal, extension or termination thereof give notice thereof to the Issuer and the Guarantors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Trustee may in the conduct of the trusts of this Trust Deed instead of acting personally employ and pay an
agent (whether being a lawyer or other professional person) to transact or conduct, or concur in transacting or conducting, any business and to do, or concur in doing, all acts required to be done in connection with this Trust Deed (including the
receipt and payment of money). Provided that the Trustee shall have exercised reasonable skill and care in the appointment of any such agent, the Trustee shall not be in any way responsible for any Liability incurred by reason of any act, omission,
misconduct or default on the part of any such agent or be bound to supervise the proceedings or acts of any such agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The Trustee may appoint and pay any person to act as a custodian or nominee on any terms in relation to such
assets of the trusts constituted by this Trust Deed as the Trustee may determine, including for the purpose of depositing with a custodian this Trust Deed or any document relating to the trusts constituted by this Trust Deed and, provided that the
Trustee shall have exercised reasonable skill and care in the appointment of any such custodian or nominee, the Trustee shall not be responsible for any Liability incurred by reason of the act, misconduct, omission or default on the part of any
person appointed by it hereunder or be bound to supervise the proceedings or acts of such person; the Trustee is not obliged to appoint a custodian if the Trustee invests in securities payable to bearer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The Trustee shall not be responsible for the execution, delivery, legality, effectiveness, adequacy,
genuineness, validity, performance, enforceability or admissibility in evidence of this Trust Deed or any other document relating or expressed to be supplemental thereto and shall not be liable for any failure to obtain any licence, consent or other
authority for the execution, delivery, legality, effectiveness, adequacy, genuineness, validity, performance, enforceability or admissibility in evidence of this Trust Deed or any other document relating or expressed to be supplemental thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) The Trustee shall not be responsible to any person for failing to request, require or receive any legal opinion
relating to the Notes or for checking or commenting upon the content of any such legal opinion and shall not be responsible for any Liability incurred thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Subject to the requirements, if any, of the relevant Stock Exchange, any corporation into which the Trustee
shall be merged or with which it shall be consolidated or any company resulting from any such merger or consolidation shall be a party hereto and

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shall be the Trustee under this Trust Deed without executing or filing any paper or document or any further act on the part of the parties thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) The Trustee shall not be bound to take any action in connection with this Trust Deed or any obligations arising
pursuant thereto, including, without prejudice to the generality of the foregoing, forming any opinion or employing any financial adviser, where it is not satisfied that it will be indemnified and/or secured against all Liabilities which may be
incurred in connection with such action and may demand prior to taking any such action that there be paid to it in advance such sums as it considers (without prejudice to any further demand) shall be sufficient so to indemnify and/or secure it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) No provision of this Trust Deed shall require the Trustee to do anything which may (i) be illegal or
contrary to any applicable law or regulation of any jurisdiction or any applicable directive or regulation of any agency of any state (including, without limitation, Section 619 of the Dodd-Frank Wall Street Report and Consumer Protection Act)
or which would or might otherwise render it liable to any person and may do anything which is, in its opinion, necessary to comply with any such law, directive or regulation; or (ii) may cause the Trustee to be considered a sponsor of a covered
fund under Section 619 of the Dodd-Frank Wall Street Report and Consumer Protection Act and any regulations promulgated thereunder; or (iii) cause it to expend or risk its own funds or otherwise incur any Liability in the performance of
any of its duties or in the exercise of any of its rights, powers, authorities, duties or discretions (including obtaining any advice which it might otherwise have thought appropriate or desirable to obtain), if it shall have grounds to believe that
repayment of such funds or adequate indemnity and/or security and/or pre-funding against such risk or Liability is not reasonably assured to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Unless notified to the contrary, the Trustee shall be entitled to assume without enquiry (other than requesting
a certificate pursuant to clause 14(o)) that no Notes are held by, for the benefit of, or on behalf of, the Issuer, the Guarantors, any Subsidiary of the Issuer and/or the Guarantors, any holding company of the Issuer and/or the Guarantors or any
other Subsidiary of such holding company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) The Trustee shall have no responsibility whatsoever to the Issuer, the Guarantors, any Noteholder or
Couponholder or any other person for the maintenance of or failure to maintain any rating of any of the Notes by any rating agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Any certificate, advice, opinion or report of the Auditors of the Guarantors or any other expert or
professional adviser called for by or provided to the Trustee (whether or not addressed to the Trustee) in accordance with or for the purposes of this Trust Deed may be relied upon by the Trustee as sufficient evidence of the facts stated therein
notwithstanding that such certificate, advice, opinion or report and/or any engagement letter or other document entered into by the Trustee in connection therewith contains a monetary or other limit on the liability of the Auditors of the Guarantors
or such other expert or professional adviser in respect thereof and notwithstanding that the scope and/or basis of such certificate, advice, opinion or report may be limited by any engagement or similar letter or by the terms of the certificate,
advice, opinion or report itself. The Trustee will not be responsible to anyone for any liability occasioned by so acting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) The Trustee shall not be responsible for, or for investigating any matter which is the subject of, any recital,
statement, representation, warranty or covenant of any person contained in this Trust Deed, or any other agreement or document relating to the transactions contemplated in this Trust Deed or under such other agreement or document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) The Trustee shall not be liable or responsible for any Liabilities or inconvenience which may result from
anything done or omitted to be done by it in accordance with the provisions of this Trust Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) The Trustee may call for and shall rely on any records, certificate or other document of or to be issued by
Euroclear or Clearstream, Luxembourg in relation to any determination of the nominal amount of Notes represented by a NGN. Any such records, certificate or other document shall be conclusive and binding for all purposes. The Trustee shall not be
liable to any person by reason of having accepted as valid or not having rejected any such records, certificate or other document to such effect purporting to be issued by Euroclear or Clearstream, Luxembourg and subsequently found to be forged or
not authentic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) The Trustee shall not incur any liability to the Issuer, Noteholders or any other person in connection with any
approval given by it pursuant to clause 14(m) to any notice to be given to Noteholders by the Issuer; the Trustee shall not be deemed to have represented, warranted, verified or confirmed that the contents of any such notice are true, accurate or
complete in any respects or that it may be lawfully issued or received in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) The Trustee shall be entitled to request and rely without liability upon any information, confirmations,
affirmations or reports provided or issued by any Rating Agency whether or not addressed to the Trustee, whether provided or issued privately or publicly and the Trustee shall have no responsibility whatsoever to the Issuer, any Noteholder or any
other person for the maintenance of or failure to maintain any rating of the Notes by any Rating Agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) The Trustee shall not be responsible for monitoring whether any notices to Noteholders are given in compliance
with the requirements of the relevant Stock Exchange or with any other legal or regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) The Trustee shall not be liable for any error of judgement made in good faith by any officer or employee of the
Trustee assigned by the Trustee to administer its corporate trust matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything in this Trust Deed or any other agreement to the contrary, the Trustee shall not do,
or be authorised or required to do anything which might constitute a regulated activity for the purpose of FSMA unless it is authorised under FSMA to do so. The Trustee shall have the discretion at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to delegate any of the functions which fall to be performed by an authorised person under FSMA to any other
agent or person which also has the necessary authorisations and licences: and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to apply for authorisation under FSMA and perform any or all such functions itself if in its absolute
discretion it considers it necessary, desirable or appropriate to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) Nothing in this Trust Deed shall require the Trustee to assume an obligation of the Issuer arising under any
provisions of the listing, prospectus, disclosure or transparency rules (or equivalent rules of any other competent authority besides the Financial Conduct Authority or Prudential Regulation Authority).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) Notwithstanding any other provision of this Trust Deed, the Trustee shall be entitled to make a deduction or
withholding from any payment which it makes under the Notes

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for or on account of any tax, if and only to the extent so required by Applicable Law, in which event the Trustee shall make such payment after such deduction or withholding has been made and shall account to the relevant Authority within the time allowed for the amount so deducted or withheld or, at its option, shall reasonably promptly after making such payment return to the Issuer the amount so deducted or withheld, in which case, the Issuer shall so account to the relevant Authority for such amount.

17. **TRUSTEE ' S LIABILITY** 

17.1 Subject to Sections 750 and 751 of the Companies Act 2006, if applicable, nothing in this Trust Deed shall
exempt the Trustee from or indemnify it against any liability for breach of trust or any liability which by virtue of any rule of law would otherwise attach to it in respect of any gross negligence, wilful default or fraud of which it may be guilty
in relation to its duties under this Trust Deed where the Trustee has failed to show the degree of care and diligence required of it as trustee having regard to the provisions of this Trust Deed conferring on it any, trusts, powers, authorities or
discretions.

17.2 Subject to Sections 750 and 751 of the Companies Act 2006, if applicable and notwithstanding anything to the
contrary in this Trust Deed and any related agreement, the Trustee shall not be liable to any person for any matter or thing done or omitted in any way in connection with or in relation to this Trust Deed and any related agreement, save in relation
to its own gross negligence, wilful default or fraud having regard to the provisions of this Trust Deed and any related agreement conferring on it any, trusts, powers, authorities or discretions.

17.3 Any liability of the Trustee arising under this Trust Deed and any related agreement shall be limited to the
amount of actual loss suffered (such loss shall be determined as at the date of default of the Trustee or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances
known to the Trustee at the time of entering into this Trust Deed, or at the time of accepting any relevant instructions, which increase the amount of the loss. Notwithstanding any provision of this Trust Deed to the contrary, the Trustee shall not
in any event be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever or any lost profits, business, goodwill, reputation or opportunity, whether or not foreseeable, even if the Trustee has been advised of the
likelihood of such loss or damage, regardless as to whether the claim is brought in negligence, breach of contract, breach of duty or otherwise.

18. **TRUSTEE CONTRACTING WITH THE ISSUER AND THE GUARANTORS** 

Neither the Trustee nor any director or officer or holding company, Subsidiary or associated company of a corporation acting as a trustee under this Trust Deed shall by reason of its or his fiduciary position be in any way precluded from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) entering into or being interested in any contract or financial or other transaction or arrangement with the
Issuer or the Guarantors or any person or body corporate associated with the Issuer or the Guarantors (including without limitation any contract, transaction or arrangement of a banking or insurance nature or any contract, transaction or arrangement
in relation to the making of loans or the provision of financial facilities or financial advice to, or the purchase, placing or underwriting of or the subscribing or procuring subscriptions for or otherwise acquiring, holding or dealing with, or
acting as paying agent in respect of, the Notes or any other notes, bonds, stocks, shares, debenture stock, debentures or other securities of, the Issuer, the Guarantors or any person or body corporate associated as aforesaid); or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) accepting or holding the trusteeship of any other trust deed constituting or securing any other securities
issued by or relating to the Issuer or the Guarantors or any such person or body corporate so associated or any other office of profit under the Issuer or the Guarantors or any such person or body corporate so associated,

and shall be entitled to exercise and enforce its rights, comply with its obligations and perform its duties under or in relation to any such contract, transaction or arrangement as is referred to in (a) above or, as the case may be, any such trusteeship or office of profit as is referred to in (b) above without regard to the interests of the Noteholders and notwithstanding that the same may be contrary or prejudicial to the interests of the Noteholders and shall not be responsible for any Liability occasioned to the Noteholders thereby and shall be entitled to retain and shall not be in any way liable to account for any profit made or share of brokerage or commission or remuneration or other amount or benefit received thereby or in connection therewith.

Where any holding company, subsidiary or associated company of the Trustee or any director or officer of the Trustee acting other than in his capacity as such a director or officer has any information, the Trustee shall not thereby be deemed also to have knowledge of such information and, unless it shall have actual knowledge of such information, shall not be responsible for any loss suffered by Noteholders resulting from the Trustee's failing to take such information into account in acting or refraining from acting under or in relation to this Trust Deed.

19. **WAIVER, AUTHORISATION, DETERMINATION AND MODIFICATION** 

19.1 **Waiver, Authorisation and Determination** 

The Trustee may agree without the consent or sanction of the Noteholders or the Couponholders and without prejudice to its rights in respect of any subsequent breach, Event of Default or Potential Event of Default from time to time and at any time but only if and in so far as in its opinion the interests of the Noteholders shall not be materially prejudiced thereby to waive or authorise any breach or proposed breach by the Issuer or the Guarantors of any of the covenants or provisions contained in this Trust Deed or the Agency Agreement or determine that any Event of Default or Potential Event of Default shall not be treated as such for the purposes of this Trust Deed PROVIDED ALWAYS THAT the Trustee shall not exercise any powers conferred on it by this clause in contravention of any express direction given by Extraordinary Resolution or by a request under Condition 9 but so that no such direction or request shall affect any waiver, authorisation or determination previously given or made. Any such waiver, authorisation or determination may be given or made on such terms and subject to such conditions (if any) as the Trustee may determine, shall be binding on the Noteholders and the Couponholders and, if, but only if, the Trustee shall so require, shall be notified by the Issuer to the Noteholders in accordance with Condition 14 as soon as practicable thereafter.

19.2 **Modification** 

The Trustee may without the consent or sanction of the Noteholders or the Couponholders at any time and from time to time concur with the Issuer and the Guarantors in making any modification to this Trust Deed or the Agency Agreement (a) which in the opinion of the Trustee it may be proper to make PROVIDED THAT the Trustee is of the opinion that such modification is not materially prejudicial to the interests of the Noteholders or (b) if in the opinion of the Trustee such modification is of a formal, minor or technical nature or to correct a manifest error or an error which is, in the opinion of the Trustee, proven. Any such modification may be made on such terms and subject to such conditions (if any) as the Trustee may determine. Any such modification shall be binding upon the Noteholders and the Couponholders and, unless the Trustee agrees otherwise, shall be notified by the Issuer to the Noteholders in accordance with Condition 14 as soon as practicable thereafter.

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Additionally, the Issuer may, subject to Condition 4.2(f), vary or amend this Trust Deed, the Conditions and/or the Agency Agreement to give effect to certain amendments without any requirement for the consent or approval of Noteholders or the relevant Notes or Coupons, as described in Condition 4.2(f) and the Trustee shall agree to such variations or amendments on the basis set out in Condition 4.2(f).

19.3 **Breach** 

Any breach of or failure to comply by the Issuer and/or the Guarantors with any such terms and conditions as are referred to in subclauses 19.1 and 19.2 shall constitute a default by the Issuer and/or the Guarantors (as the case may be) in the performance or observance of a covenant or provision binding on it under or pursuant to this Trust Deed.

20. **COUPONHOLDERS** 

20.1 **Holder of Definitive Note assumed to be Couponholder** 

Wherever in this Trust Deed the Trustee is required or entitled to exercise a power, trust, authority or discretion under this Trust Deed, except as ordered by a court of competent jurisdiction or as required by applicable law, the Trustee shall, notwithstanding that it may have notice to the contrary, assume that each Noteholder is the holder of all Coupons appertaining to each Definitive Note of which he is the holder.

20.2 **No Notice to Couponholders** 

Neither the Trustee nor the Issuer nor the Guarantors shall be required to give any notice to the Couponholders for any purpose under this Trust Deed and the Couponholders shall be deemed for all purposes to have notice of the contents of any notice given to Noteholders in accordance with Condition 14.

21. **SUBSTITUTION** 

21.1 **Substitution of the Issuer** 

The Trustee may, without the consent of the Noteholders or Couponholders, at any time agree with the Issuer and the Guarantors to the substitution in place of the Issuer (or of any previous substitute under this clause) as the principal debtor under this Trust Deed of the Guarantors or any other Subsidiary of the Parent Guarantor (such substituted company being hereinafter called the **New Company**) provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a trust deed is executed or some other form of undertaking is given by the New Company in form and manner
satisfactory to the Trustee, agreeing to be bound by the provisions of this Trust Deed with any consequential amendments which the Trustee may deem appropriate as fully as if the New Company had been named in this Trust Deed as the principal debtor
in place of the Issuer (or of the previous substitute under this clause).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the outgoing Issuer shall (subject to Condition 2) unconditionally and irrevocably guarantee the Notes jointly
and severally with the other Guarantors and all amounts payable under this Trust Deed with effect from the date of the relevant substitution only if, on such date, it is a borrower under, or a guarantor of, the Revolving Credit Facility (and, for
the avoidance of doubt, shall not be so required if it is not).

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The following further conditions shall apply to clause 21.1 above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this clause 21.1 is subject to Condition 2 such that (notwithstanding any other provision of this clause 21.1)
the operation of Condition 2.3 following any substitution shall apply *mutatis mutandis*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Issuer, the Guarantors and the New Company shall comply with such other requirements as the Trustee may
direct in the interests of the Noteholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) without prejudice to the rights of reliance of the Trustee under the immediately following paragraph (d), the
Trustee is satisfied that the relevant transaction is not materially prejudicial to the interests of the Noteholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if an Authorised Signatory of the New Company (or other officer acceptable to the Trustee) shall certify that
the New Company is solvent both at the time at which the relevant transaction is proposed to be effected and immediately thereafter (which certificate the Trustee may rely upon absolutely) the Trustee shall not be under any duty to have regard to
the financial condition, profits or prospects of the New Company or to compare the same with those of the Issuer or the previous substitute under this clause as applicable.

Any such trust deed or undertaking under this clause shall, if so expressed, operate to release the Issuer or the previous substitute as aforesaid from all of its obligations as principal debtor under this Trust Deed. Not later than 14 days after the execution of such documents and compliance with such requirements, the New Company shall give notice thereof in a form previously approved by the Trustee to the Noteholders in the manner provided in Condition 14. Upon the execution of such documents and compliance with such requirements, the New Company shall be deemed to be named in this Trust Deed as the principal debtor in place of the Issuer (or in place of the previous substitute under this clause) under this Trust Deed and this Trust Deed shall be deemed to be modified in such manner as shall be necessary to give effect to the above provisions and, without limitation, references in this Trust Deed to the Issuer shall, unless the context otherwise requires, be deemed to be or include references to the New Company.

21.2 **Substitution of the Parent Guarantor** 

The Trustee may, without the consent of the Noteholders or Couponholders, at any time agree with the Issuer and the Guarantors to the substitution in place of the Parent Guarantor (or of any previous substitute under this clause) as a Guarantor under this Trust Deed of the Parent Guarantor's successor in business or Excluded Entity (such substituted company being hereinafter called the **New Parent Guarantor**) provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a trust deed is executed or some other form of undertaking is given by the New Parent Guarantor in form and
manner satisfactory to the Trustee, agreeing to be bound by the provisions of this Trust Deed with any consequential amendments which the Trustee may deem appropriate as fully as if the New Parent Guarantor had been named in this Trust Deed as a
Guarantor in place of the Parent Guarantor (or of the previous substitute under this clause).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the New Parent Guarantor shall (subject to Condition 2) unconditionally and irrevocably guarantee the Notes
jointly and severally with the other Guarantors and all amounts payable under this Trust Deed with effect from the date of such substitution; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an Authorised Signatory of the New Parent Guarantor (or other officer acceptable to the Trustee) certifies that
the New Parent Guarantor is solvent both at the time at which the relevant transaction is proposed to be effected and immediately thereafter (which certificate the Trustee may rely upon absolutely).

This clause 21.2 is subject to Condition 2 such that (i) notwithstanding any other provision of this clause 21.2) the operation of Condition 2.3 following any substitution shall apply *mutatis mutandis*, and (ii) the outgoing Parent Guarantor shall (subject to the subsequent operation of Condition 2.3) unconditionally and irrevocably guarantee the Notes jointly and severally with the other Guarantors with effect from the date of the relevant substitution only if, on such date, it is a borrower under, or a guarantor of, the Revolving Credit Facility (and, for the avoidance of doubt, shall not be so required if it is not).

Any such trust deed or undertaking under this clause shall, if so expressed, operate to release the Parent Guarantor or the previous substitute as aforesaid from all of its obligations as a Guarantor under this Trust Deed. Not later than 14 days after the execution of such documents and compliance with such requirements, the New Parent Guarantor shall give notice thereof in a form previously approved by the Trustee to the Noteholders in the manner provided in Condition 14. Upon the execution of such documents and compliance with such requirements, the New Parent Guarantor shall be deemed to be named in this Trust Deed as a Guarantor in place of the Parent Guarantor (or in place of the previous substitute under this clause) under this Trust Deed and this Trust Deed shall be deemed to be modified in such manner as shall be necessary to give effect to the above provisions and, without limitation, references in this Trust Deed to the Parent Guarantor shall, unless the context otherwise requires, be deemed to be or include references to the New Parent Guarantor.

22. **CURRENCY INDEMNITY** 

Each of the Issuer and the Guarantors shall jointly and severally indemnify the Trustee, every Appointee, the Noteholders and the Couponholders and keep them indemnified against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Liability incurred by any of them arising from the non-payment by
the Issuer and/or the Guarantors of any amount due to the Trustee or the Noteholders and the Couponholders under this Trust Deed by reason of any variation in the rates of exchange between those used for the purposes of calculating the amount due
under a judgment or order in respect thereof and those prevailing at the date of actual payment by the Issuer or the Guarantors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any deficiency arising or resulting from any variation in rates of exchange between (i) the date as of
which the local currency equivalent of the amounts due or contingently due under this Trust Deed (other than this clause) is calculated for the purposes of any bankruptcy, insolvency or liquidation of the Issuer or the Guarantors, and (ii) the
final date for ascertaining the amount of claims in such bankruptcy, insolvency or liquidation. The amount of such deficiency shall be deemed not to be reduced by any variation in rates of exchange occurring between the said final date and the date
of any distribution of assets in connection with any such bankruptcy, insolvency or liquidation.

The above indemnities shall constitute obligations of the Issuer and the Guarantors separate and independent from their obligations under the other provisions of this Trust Deed and shall apply irrespective of any indulgence granted by the Trustee or the Noteholders or the Couponholders from time to time and shall continue in full force and effect notwithstanding the judgment or filing of any proof or proofs in any bankruptcy, insolvency or liquidation of the Issuer or the Guarantors, for a liquidated sum or sums in respect of amounts due under this Trust Deed (other than this clause). Any such deficiency as aforesaid shall be deemed to

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constitute a loss suffered by the Noteholders and the Couponholders and no proof or evidence of any actual loss shall be required by the Issuer, the Guarantors or its or their liquidator or liquidators.

23. **NEW AND ADDITIONAL TRUSTEES** 

23.1 **New Trustees** 

The power to appoint a new trustee of this Trust Deed shall, subject as hereinafter provided, be vested in the Issuer but no person shall be appointed who shall not previously have been approved by an Extraordinary Resolution. One or more persons may hold office as trustee or trustees of this Trust Deed but such trustee or trustees shall be or include a Trust Corporation. Whenever there shall be more than two trustees of this Trust Deed the majority of such trustees shall be competent to execute and exercise all the duties, powers, trusts, authorities and discretions vested in the Trustee by this Trust Deed provided that a Trust Corporation shall be included in such majority. Any appointment of a new trustee of this Trust Deed shall as soon as practicable thereafter be notified by the Issuer to the Principal Paying Agent and the Noteholders.

23.2 **Separate and Co-Trustees** 

Notwithstanding the provisions of subclause 23.1 above, the Trustee may, upon giving prior notice to the Issuer and the Guarantors (but without the consent of the Issuer, the Guarantors, the Noteholders or the Couponholders), appoint any person established or resident in any jurisdiction (whether a Trust Corporation or not) to act either as a separate trustee or as a co-trustee jointly with the Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Trustee considers such appointment to be in the interests of the Noteholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the purposes of conforming to any legal requirements, restrictions or conditions in any jurisdiction in
which any particular act or acts is or are to be performed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the purposes of obtaining a judgment in any jurisdiction or the enforcement in any jurisdiction of either a
judgment already obtained or any of the provisions of this Trust Deed against the Issuer and/or the Guarantors.

Each of the Issuer and the Guarantors irrevocably appoints the Trustee to be its attorney in its name and on its behalf to execute any such instrument of appointment. Such a person shall (subject always to the provisions of this Trust Deed) have such trusts, powers, authorities and discretions (not exceeding those conferred on the Trustee by this Trust Deed) and such duties and obligations as shall be conferred or imposed by the instrument of appointment. The Trustee shall have power in like manner to remove any such person. Such reasonable remuneration as the Trustee may pay to any such person, together with any attributable Liabilities incurred by it in performing its function as such separate trustee or co-trustee, shall for the purposes of this Trust Deed be treated as Liabilities incurred by the Trustee.

24. **TRUSTEE ' S RETIREMENT AND REMOVAL** 

A trustee of this Trust Deed may retire at any time on giving not less than three months' prior written notice to the Issuer and the Guarantors without giving any reason and without being responsible for any Liabilities incurred by reason of such retirement. The Noteholders may by Extraordinary Resolution remove any trustee or trustees for the time being of this Trust Deed. The Issuer and the Guarantors each undertakes that in the event of the only trustee of this Trust Deed which is a Trust Corporation (for the avoidance of doubt, disregarding for this purpose any separate or co-trustee appointed under subclause 23.2) giving notice under this clause or

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being removed by Extraordinary Resolution it will use its reasonable endeavours to procure that a new trustee of this Trust Deed being a Trust Corporation is appointed as soon as reasonably practicable thereafter. The retirement or removal of any such trustee shall not become effective until a successor trustee being a Trust Corporation is appointed. If, in such circumstances, no appointment of such a new trustee has become effective within 60 days of the date of such notice or Extraordinary Resolution, the Trustee shall be entitled to appoint a Trust Corporation as trustee of this Trust Deed.

25. **TRUSTEE ' S POWERS TO BE ADDITIONAL** 

The powers conferred upon the Trustee by this Trust Deed shall be in addition to any powers which may from time to time be vested in the Trustee by the general law or as a holder of any of the Notes or Coupons.

26. **NOTICES** 

Any notice or demand to the Issuer, the Guarantors or the Trustee to be given, made or served for any purposes under this Trust Deed shall be given, made or served by sending the same by pre-paid post (first class if inland, first class airmail if overseas) or e-mail or by delivering it by hand as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the Issuer: | Wise Financing plc |
|  | 1st Floor Worship Square |
|  | 65 Clifton Street |
|  | London EC2A 4JE |
|  | United Kingdom |
|  | (Attention: The Directors) |
|  | E-mail: [intentionally omitted] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the Parent Guarantor: | Wise PLC |
|  | 1st Floor Worship Square |
|  | 65 Clifton Street |
|  | London EC2A 4JE |
|  | United Kingdom, |
|  | (Attention: The Directors) |
|  | E-mail: [intentionally omitted] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the other Initial Guarantors: | Wise Europe SA |
|  | Rue du Trône 100/Lvl 3 |
|  | Ixelles |
|  | 1050 Brussels |
|  | Belgium |
|  | (Attention: The Directors) |
|  | E-mail: [intentionally omitted] |

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| | |
|:---|:---|
|  | Wise Financial Holdings Ltd |
|  | 1st Floor Worship Square |
|  | 65 Clifton Street |
|  | London EC2A 4JE |
|  | United Kingdom |
|  | (Attention: The Directors) |
|  | E-mail: [intentionally omitted] |
|  | Wise Payments Limited |
|  | 1st Floor Worship Square |
|  | 65 Clifton Street |
|  | London EC2A 4JE |
|  | United Kingdom |
|  | (Attention: The Directors) |
|  | E-mail: [intentionally omitted] |
|  | Wise US Inc. |
|  | 108 West 13th Street |
|  | New Castle County |
|  | Wilmington |
|  | Delaware |
|  | 19801 |
|  | (Attention: The Directors) |
|  | E-mail: [intentionally omitted] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to the Trustee: | Citicorp Trustee Company Limited |
|  | Citigroup Centre |
|  | Canada Square |
|  | Canary Wharf |
|  | London E14 5LB |
|  | United Kingdom |
|  | (Attention: Agency & Trust) |
|  | E-mail: [intentionally omitted] |

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or to such other address or e-mail address as shall have been notified (in accordance with this clause) to the other parties hereto and any notice or demand sent by post as aforesaid shall be deemed to have been given, made or served two days in the case of inland post or seven days in the case of overseas post after despatch and any notice or demand sent by e-mail as aforesaid shall be deemed to have been given, made or served at the time when sent, subject to no delivery failure notification being received by the sender within 24 hours of the time of sending.

27. **CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999** 

A person who is not a party to this Trust Deed has no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Trust Deed, but this does not affect any right or remedy of a third party which exists or is available apart from that Act.

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28. **GOVERNING LAW** 

This Trust Deed and any non-contractual obligations arising out of or in connection with this Trust Deed are governed by, and shall be construed in accordance with, English law.

29. **SUBMISSION TO JURISDICTION** 

29.1 Subject to subclause 29.3 below, the English courts have exclusive jurisdiction to settle any dispute arising
out of or in connection with this Trust Deed, including any dispute as to its existence, validity, interpretation, performance, breach or termination or the consequences of its nullity and any dispute relating to any non-contractual obligations arising out of or in connection with this Trust Deed (a Dispute) and each party submits to the exclusive jurisdiction of the English courts.

29.2 For the purpose of this clause, the Issuer and each Guarantor each waives any objection to the English courts
on the grounds that they are an inconvenient or inappropriate forum to settle any Dispute.

29.3 Nothing contained in this clause shall limit any right to (i) take proceedings in any other court with
jurisdiction provided that court would be competent to hear the Dispute pursuant to Regulation (EU) No 1215/2012 of the European Parliament and of the Council of 12 December 2012 on jurisdiction and the recognition and enforcement of judgments
in civil and commercial matters (recast), or the 2007 Lugano Convention on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters; and (ii) concurrent proceedings in any number of jurisdictions identified
in this subclause 29.3 that are competent to hear those proceedings.

29.4 Each of the Guarantors incorporated outside England irrevocably appoints the Issuer as its agent for service of
process in any proceedings before the English courts in relation to any Dispute, and agrees that, in the event of the Issuer being unable or unwilling for any reason so to act, it will immediately appoint another person as its agent for service of
process in England in respect of any Dispute. Each relevant Guarantor agrees that failure by a process agent to notify it of any process will not invalidate service. Nothing in this clause 29 shall affect the right to serve process in any other
manner permitted by law.

29.5 Without prejudice to subclause 29.2, each Guarantor waives any right it may have to a jury trial or any claim
or cause of action in connection with this Trust Deed or any transaction contemplated by this Trust Deed, to the extent permitted by applicable law. This Trust Deed may be filed as a written consent to a bench trial.

30. **COUNTERPARTS** 

This Trust Deed and any trust deed supplemental hereto may be executed and delivered in any number of counterparts, all of which, taken together, shall constitute one and the same deed and any party to this Trust Deed or any trust deed supplemental hereto may enter into the same by executing and delivering a counterpart.

**IN WITNESS** whereof this Trust Deed has been executed as a deed by the Issuer, the Guarantors and the Trustee and delivered on the date first stated on page 1.

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**SCHEDULE 1** 

**TERMS AND CONDITIONS OF THE NOTES** 

*The following are the Terms and Conditions of the Notes which will be incorporated by reference into each Global Note (as defined below) and each definitive Note, in the latter case only if permitted by the relevant stock exchange or other relevant authority (if any) and agreed by the Issuer and the relevant Dealer at the time of issue but, if not so permitted and agreed, such definitive Note will have endorsed thereon or attached thereto such Terms and Conditions. The applicable Pricing Supplement may specify other terms and conditions which shall, to the extent so specified or to the extent inconsistent with the following Terms and Conditions, replace or modify the following Terms and Conditions for the purpose of such Notes. The applicable Pricing Supplement (or the relevant provisions thereof) will be endorsed upon, or attached to, each Global Note and definitive Note. Reference should be made to "Applicable Pricing Supplement" for a description of the content of Pricing Supplement which will specify which of such terms are to apply in relation to the relevant Notes.* 

This Note is one of a Series (as defined below) of Notes issued by Wise Financing plc (the **Issuer**) constituted by a Trust Deed dated 13 November 2025 made between the Issuer, Wise plc (subject to Condition 15.2, the **Parent Guarantor**), Wise Payments Limited, Wise Europe SA, Wise US Inc. and Wise Financial Holdings Ltd (each of the Parent Guarantor, Wise Payments Limited, Wise Europe SA, Wise US Inc. and Wise Financial Holdings Ltd, an **Initial Guarantor** and together, the **Initial Guarantors**) and Citicorp Trustee Company Limited (the **Trustee**, which expression shall include any successor(s)) as trustee) (such Trust Deed as may be modified and/or supplemented and/or restated from time to time, the **Trust Deed**).

References herein to the **Notes** shall be references to the Notes of this Series and shall mean:

(a) in relation to any Notes represented by a global Note (a **Global Note**), units of each Specified
Denomination in the Specified Currency;

(b) any Global Note;

(c) any definitive Notes in bearer form (**Bearer Notes**) issued in exchange for a Global Note in bearer form;
and

(d) any definitive Notes in registered form (**Registered Notes**) (whether or not issued in exchange for a
Global Note in registered form).

The Notes and the Coupons (as defined below) have the benefit of an Agency Agreement (such Agency Agreement as modified and/or supplemented and/or restated from time to time, the **Agency Agreement**) dated 13 November 2025 and made between the Issuer, the Guarantors, the Trustee, Citibank, N.A., London Branch as principal paying agent (the **Principal Paying Agent**, which expression shall include any successor principal paying agent) and the other paying agents named therein (together with the Principal Paying Agent, the **Paying Agents**, which expression shall include any additional or successor paying agents) and registrar (the **Registrar**, which expression shall include any additional or successor registrar) and a transfer agent and the other

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transfer agents named therein (together with the Registrar, the **Transfer Agents**, which expression shall include any additional or successor transfer agents). The Principal Paying Agent, the Calculation Agent (if any is specified in the applicable Pricing Supplement), the Registrar, the Paying Agents and other Transfer Agents are together referred to as the **Agents**.

The final terms for this Note (or the relevant provisions thereof) are set out in Part A of the Pricing Supplement attached to or endorsed on this Note which supplement these Terms and Conditions (the **Conditions**) and may specify other terms and conditions which shall, to the extent so specified or to the extent inconsistent with the Conditions, replace or modify the Conditions for the purposes of this Note. References to the **applicable Pricing Supplement** are, unless otherwise stated, to Part A of the Pricing Supplement (or the relevant provisions thereof) attached to or endorsed on this Note.

Interest bearing definitive Bearer Notes have interest coupons (**Coupons**) and, in the case of Bearer Notes which, when issued in definitive form, have more than 27 interest payments remaining, talons for further Coupons (**Talons**) attached on issue. Any reference herein to Coupons or coupons shall, unless the context otherwise requires, be deemed to include a reference to Talons or talons. Registered Notes and Global Notes do not have Coupons or Talons attached on issue.

The Trustee acts for the benefit of the holders of the Notes (the **Noteholders**, which expression shall mean (in the case of Bearer Notes) the holders of the Notes and (in the case of Registered Notes) the persons in whose name the Notes are registered and shall, in relation to any Notes represented by a Global Note, be construed as provided below) and the holders of the Coupons (the **Couponholders**, which expression shall, unless the context otherwise requires, include the holders of the Talons), all in accordance with the provisions of the Trust Deed.

As used herein, **Tranche** means Notes which are identical in all respects (including as to listing and admission to trading) and **Series** means a Tranche of Notes together with any further Tranche or Tranches of Notes which (i) are expressed to be consolidated and form a single series and (ii) have the same terms and conditions or terms and conditions which are the same in all respects save for the amount and date of the first payment of interest thereon and the date from which interest starts to accrue.

Copies of the Trust Deed and the Agency Agreement are available by appointment for inspection during normal business hours at the principal office for the time being of the Trustee, being at 13 November 2025 at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB and at the specified office of each of the Paying Agents and copies may, at the Trustee's or the relevant Paying Agent's option, be sent by email. The applicable Pricing Supplement will only be obtainable by a Noteholder holding one or more Notes and such Noteholder must produce evidence satisfactory to the Issuer, the Trustee and the relevant Paying Agent as to its holding of such Notes and identity. The Noteholders and the Couponholders are deemed to have notice of, and are entitled to the benefit of, all the provisions of the Trust Deed (including the Guarantee (as defined below)), the Agency Agreement and the applicable Pricing Supplement which are applicable to them. The statements in these Conditions include summaries of, and are subject to, the detailed provisions of the Trust Deed and the Agency Agreement.

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Words and expressions defined in the Trust Deed or the Agency Agreement or used in the applicable Pricing Supplement shall have the same meanings where used in these Conditions unless the context otherwise requires or unless otherwise stated and provided that, in the event of any inconsistency between the Agency Agreement and the Trust Deed, the Trust Deed will prevail and, in the event of any inconsistency between the Agency Agreement or the Trust Deed and the applicable Pricing Supplement, the applicable Pricing Supplement will prevail.

In these Conditions:

(i) **euro** means the currency introduced at the start of the third stage of the European economic and monetary
union pursuant to the Treaty on the Functioning of the European Union, as amended; and

(ii) **Guarantor** means an Initial Guarantor, an Additional Guarantor or an entity which guarantees the Notes
pursuant to Condition 15.2 unless (in each case) it has ceased to be a guarantor in respect of the Notes in accordance with these Conditions (together, the **Guarantors**).

**1. FORM, DENOMINATION, TITLE AND TRANSFER** 

**1.1 Form, denomination and title** 

The Notes are in bearer form or in registered form, as specified in the applicable Pricing Supplement and, in the case of definitive Notes, serially numbered, in the currency (the **Specified Currency**) and the denominations (the **Specified Denomination(s)**) specified in the applicable Pricing Supplement. Notes of one Specified Denomination may not be exchanged for Notes of another Specified Denomination and Bearer Notes may not be exchanged for Registered Notes and vice versa.

This Note may be a Fixed Rate Note, a Floating Rate Note, a Zero Coupon Note, or a combination of any of the foregoing, depending upon the Interest Basis shown in the applicable Pricing Supplement.

Definitive Bearer Notes are issued with Coupons attached, unless they are Zero Coupon Notes in which case references to Coupons and Couponholders in these Conditions are not applicable.

Subject as set out below, title to the Bearer Notes and Coupons will pass by delivery and title to the Registered Notes will pass upon registration of transfers in accordance with the provisions of the Agency Agreement. The Issuer, the Guarantors, the Trustee and any Agent will (except as otherwise required by law) deem and treat the bearer of any Bearer Note or Coupon and the registered holder of any Registered Note as the absolute owner thereof (whether or not overdue and notwithstanding any notice of ownership or writing thereon or notice of any previous loss or theft thereof) for all purposes but, in the case of any Global Note, without prejudice to the provisions set out in the next succeeding paragraph.

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For so long as any of the Notes is represented by a Global Note held on behalf of Clearstream Banking S.A. (**Clearstream**, **Luxembourg**) and/or Euroclear Bank SA/NV (**Euroclear**) each person (other than Clearstream, Luxembourg or Euroclear) who is for the time being shown in the records of Clearstream, Luxembourg or of Euroclear as the holder of a particular nominal amount of such Notes (in which regard any certificate or other document issued by Clearstream, Luxembourg or Euroclear as to the nominal amount of such Notes standing to the account of any person shall be conclusive and binding for all purposes save in the case of manifest error) shall be treated by the Issuer, the Guarantors, the Trustee and the Agents as the holder of such nominal amount of such Notes for all purposes other than with respect to the payment of principal or interest on such nominal amount of such Notes, for which purpose the bearer of the relevant Bearer Global Note or the registered holder of the relevant Registered Global Note shall be treated by the Issuer, the Guarantors, the Trustee and the Agents as the holder of such nominal amount of such Notes in accordance with and subject to the terms of the relevant Global Note and the expressions **Noteholder** and **holder of Notes** and related expressions shall be construed accordingly.

In determining whether a particular person is entitled to a particular nominal amount of Notes as aforesaid, the Trustee may rely on such evidence and/or information and/or certification as it shall, in its absolute discretion, think fit and, if it does so rely, such evidence and/or information and/or certification shall, in the absence of manifest or proven error, be conclusive and binding on all concerned.

Notes which are represented by a Global Note will be transferable only in accordance with the rules and procedures for the time being of Clearstream, Luxembourg and/or Euroclear, as the case may be. References to Clearstream, Luxembourg and/or Euroclear shall, whenever the context so permits, be deemed to include a reference to any additional or alternative clearing system specified in Part B of the applicable Pricing Supplement.

**1.2** **Transfers of Registered Notes** 

Transfers of beneficial interests in Registered Global Notes will be effected by Euroclear or Clearstream, Luxembourg, as the case may be, and, in turn, by other participants and, if appropriate, indirect participants in such clearing systems acting on behalf of transferors and transferees of such interests. A beneficial interest in a Registered Global Note will, subject to compliance with all applicable legal and regulatory restrictions, be transferable for Notes in definitive form or for a beneficial interest in another Registered Global Note of the same series only in the authorised denominations set out in the applicable Pricing Supplement and only in accordance with the rules and operating procedures for the time being of Euroclear, Clearstream, Luxembourg, as the case may be, and in accordance with the terms and conditions specified in the Trust Deed and the Agency Agreement.

**1.3** **Transfers of Registered Notes in definitive form** 

Subject as provided in Condition 1.4 below, upon the terms and subject to the conditions set forth in the Trust Deed and the Agency Agreement, a Registered Note in definitive form may be transferred in whole or in part (in the authorised denominations set out in the

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applicable Pricing Supplement). In order to effect any such transfer (a) the holder or holders must (i) surrender the Registered Note for registration of the transfer of the Registered Note (or the relevant part of the Registered Note) at the specified office of any Transfer Agent, with the form of transfer thereon duly executed by the holder or holders thereof or their attorney or attorneys duly authorised in writing and (ii) complete and deposit such other certifications as may be required by the relevant Transfer Agent and (b) the relevant Transfer Agent must, after due and careful enquiry, be satisfied with the documents of title and the identity of the person making the request. Any such transfer will be subject to such reasonable regulations as the Issuer, the Trustee and the Registrar may from time to time prescribe (the initial such regulations being set out in Schedule 4 to the Agency Agreement). Subject as provided above, the relevant Transfer Agent will, within three business days (being for this purpose a day on which banks are open for business in the city where the specified office of the relevant Transfer Agent is located) of the request (or such longer period as may be required to comply with any applicable fiscal or other laws or regulations), authenticate and deliver, or procure the authentication and delivery of, at its specified office to the transferee or (at the risk of the transferee) send by uninsured mail, to such address as the transferee may request, a new Registered Note in definitive form of a like aggregate nominal amount to the Registered Note (or the relevant part of the Registered Note) transferred. In the case of the transfer of part only of a Registered Note in definitive form, a new Registered Note in definitive form in respect of the balance of the Registered Note not transferred will be so authenticated and delivered or (at the risk of the transferor) sent to the transferor.

**1.4** **Registration of transfer upon partial redemption** 

In the event of a partial redemption of Notes under Condition 6, the Issuer shall not be required to register the transfer of any Registered Note, or part of a Registered Note, called for partial redemption.

**1.5** **Costs of registration** 

Noteholders will not be required to bear the costs and expenses of effecting any registration or transfer as provided above, except for any costs or expenses of delivery other than by regular uninsured mail and except that the Issuer may require the payment of a sum sufficient to cover any stamp duty, tax or other governmental charge that may be imposed in relation to the registration or transfer.

**2.** **STATUS OF THE NOTES AND THE GUARANTEE** 

**2.1** **Status of the Notes** 

The Notes and any relative Coupons are direct, unconditional and (subject to the provisions of Condition 3 (*Negative Pledge*) unsecured obligations of the Issuer and (subject as provided above) rank and will rank at least *pari passu*, without any preference among themselves and with all other outstanding unsecured and unsubordinated obligations of the Issuer, present and future, save for obligations mandatorily preferred by laws of general

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application to companies and only to the extent permitted by applicable laws relating to creditors' rights.

**2.2** **Guarantee and status of the Guarantee** 

The payment of the principal and interest in respect of the Notes and all other moneys payable by the Issuer under or pursuant to the Trust Deed has been (subject to Condition 2.3) unconditionally and irrevocably guaranteed jointly and severally by each of the Guarantors in the Trust Deed (the **Guarantee**).

The obligations of each Guarantor under the Guarantee constitute (subject to Condition 2.3) direct, unconditional and (subject to the provisions of Condition 3 (Negative Pledge)) unsecured obligations of each Guarantor and (subject as provided above) rank and will rank at least *pari passu* with all other outstanding unsecured and unsubordinated obligations of the relevant Guarantor, present and future, save for obligations mandatorily preferred by laws of general application to companies and only to the extent permitted by applicable laws relating to creditors' rights.

The total liability of the Belgian Guarantor under the Guarantee shall at all times be limited to an amount equal to 90 per cent. of the net assets (as defined in Article 7:212 of the Belgian Code of Companies and Associations) of the Belgian Guarantor calculated on the basis of the latest available audited annual financial statements of the Belgian Guarantor as at the Issue Date of the first Tranche of Notes.

**2.3** **Release of a Guarantor** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Under the terms of the Guarantee, a Guarantor (other than the Parent Guarantor) will, upon receipt by the
Trustee of the notice and certificate referred to below, be automatically released from its obligations under the Guarantee and shall cease to be a Guarantor for the purposes of the Trust Deed in the event that such Guarantor is neither a borrower
nor a guarantor under the Revolving Credit Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Issuer shall promptly notify the Trustee and the Noteholders in accordance with Condition 14 (Notices) upon
the occurrence of the circumstances in Condition 2.3(a) above and shall provide the Trustee with a certificate signed by an Authorised Signatory (as defined in the Trust Deed) of the Parent Guarantor certifying: (i) that the relevant Guarantor
is neither a borrower nor a guarantor under the Revolving Credit Facility; (ii) that no Event of Default has occurred and is continuing or will result from the release of that Guarantor under the Trust Deed; and (iii) that as at such date
(A) no amounts under the Revolving Credit Facility are due and payable but unpaid and (B) no monies remain owing by that Guarantor under the Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the avoidance of doubt, (i) any release of a Guarantor pursuant to this Condition 2.3 shall not
require the consent of the Noteholders or the Trustee and any Guarantor in respect of which the Guarantee is terminated pursuant to this Condition 2.3 may be required to provide a Guarantee again pursuant to the provisions of Condition 2.4 below and
(ii) the Parent Guarantor may not be released

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as a Guarantor pursuant to this Condition 2.3, save that nothing in this Condition 2.3 shall prejudice any release or substitution effected in accordance with Condition 15.2 (Substitution of the Parent Guarantor) and/or the addition of the Additional Guarantors under Condition 2.4 (Addition of Guarantors), including in connection with the Announced Reorganisation.

**2.4** **Addition of Guarantors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If at any time after the Issue Date of the first Tranche of Notes, any member of the Group (other than Wise
Australia Pty Ltd ("Wise Australia")) becomes a borrower or provides a guarantee in respect of the Revolving Credit Facility:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Parent Guarantor shall procure that such member of the Group shall, as soon as practicable, but in any
event no later than 21 days after the date of becoming a borrower or giving its guarantee in respect of the Revolving Credit Facility, provide a Guarantee in respect of the Notes and the Coupons on the terms set out in the Trust Deed (such
additional guarantor, an Additional Guarantor); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee shall execute a supplemental Trust Deed and agree to any amendment to these Conditions required in
order to give effect to any additional Guarantee pursuant to Condition 2.4(a)(i) above, subject to such other conditions as are set out in the Trust Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the avoidance of doubt, Wise Australia shall not be required to accede as a Guarantor pursuant to this
Condition 2.4 by virtue only of being a borrower or guarantor under the Revolving Credit Facility, and no breach of these Conditions or the Trust Deed shall arise by reason of its not doing so.

**2.5** **Definitions** 

For the purposes of these Conditions:

**Group** means the Parent Guarantor and its Subsidiaries taken as a whole; and

**Revolving Credit Facility** means the £330,000,000 multicurrency revolving credit facility dated 12 December 2024, made between, among others, the Parent Guarantor, certain of its Subsidiaries and HSBC Bank PLC as agent, as amended and/or restated and/or replaced and/or refinanced from time to time or any facility (or facilities) which in turn refinances or replaces such facility as the primary working capital and standby facility (or facilities) of the Group, however many times (each, individually and/or collectively, the **Revolving Credit Facility**).

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**3.** **NEGATIVE PLEDGE** 

**3.1** **Restriction** 

So long as any Note or Coupon remains outstanding (as defined in the Trust Deed), neither the Issuer nor any Guarantor will create or permit to subsist, and the Parent Guarantor will procure that no Guarantor will create or permit to subsist, any mortgage, charge, pledge, lien or other form of encumbrance or security interest (other than any arising by operation of law) (**Security**) upon the whole or any part of its undertaking, assets or revenues (including uncalled capital), present or future, to secure any Relevant Debt, or to secure any guarantee of or indemnity in respect of any Relevant Debt unless, at the same time or prior thereto, the Issuer's obligations under the Notes, the Coupons and the Trust Deed or, as the case may be, the relevant Guarantor's obligations under the Trust Deed, (i) are secured equally and rateably therewith, or (ii) have the benefit of such other security, guarantee, indemnity or other arrangement (whether or not it includes the giving of Security) as the Trustee in its reasonable opinion shall deem to be not materially less beneficial to the Noteholders or as shall be approved by an Extraordinary Resolution (as defined in the Trust Deed) of the Noteholders save that the Issuer, the Guarantors and the Parent Guarantor may permit to subsist (without the obligation to provide to the Notes, Coupons and the Trust Deed any security, guarantee, indemnity or other arrangement as aforesaid in sub-paragraphs (i) and (ii)) any Permitted Security.

**3.2** **Relevant Debt** 

For the purposes of this Condition 3, **Relevant Debt** means any present or future indebtedness (whether being principal, premium, interest or other amounts) in the form of, or represented by, bonds, notes, debentures, loan stock or other securities which, with the agreement of the issuer thereof, are for the time being, or are intended to be, quoted, listed or ordinarily dealt in or traded on any stock exchange, over-the-counter or other recognised securities market, but excluding any such indebtedness which has a stated maturity of less than one year.

**3.3** **Permitted Security** 

For the purposes of this Condition 3, **Permitted Security** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Security in respect of any Relevant Debt (**Existing Relevant Debt**), or in respect of any guarantee of
or indemnity in respect of any Existing Relevant Debt, given by any Guarantor where such entity becomes a Subsidiary after the Issue Date and where such Security exists at the time such entity becomes a Subsidiary (provided that (i) such
Security was not created in connection with or in contemplation of that entity becoming a Subsidiary; and (ii) the nominal amount secured at the time of that company becoming a Subsidiary is not subsequently increased; and (iii) such
Security does not extend to or cover any undertaking, assets or revenues (including any uncalled capital) of the Issuer, the Guarantors or any of the Parent Guarantor's other Subsidiaries); or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Security given by any Guarantor in respect of any Relevant Debt, or in respect of any guarantee of or
indemnity in respect of any Relevant Debt where such Relevant Debt (**New Relevant Debt**) is incurred to refinance Existing Relevant Debt in circumstances where there is outstanding Security (**Existing Security**) given by that Guarantor in
respect of such Existing Relevant Debt or, as the case may be, in respect of any guarantee or indemnity in respect of such Existing Relevant Debt, provided that (i) the nominal amount of the New Relevant Debt is not greater than the outstanding
nominal amount of the Existing Relevant Debt, (ii) the Security does not extend to any undertaking, assets or revenues (including any uncalled capital), present or future, of (A) that Guarantor which were not subject to the Existing
Security or (B) the Issuer, the Guarantors or any of the Parent Guarantor's other Subsidiaries; and (iii) the final maturity date of the New Relevant Debt does not exceed the final maturity date of the Existing Relevant Debt.

**3.4** **Definitions** 

For the purposes of these Conditions:

**Subsidiary** has the meaning ascribed thereto in Section 1159 of the Companies Act 2006.

**4.** **INTEREST** 

**4.1** **Interest on Fixed Rate Notes** 

Each Fixed Rate Note bears interest from (and including) the Interest Commencement Date at the rate(s) per annum equal to the Rate(s) of Interest. Interest will be payable in arrear on the Interest Payment Date(s) in each year up to (and including) the Maturity Date.

If the Notes are Bearer Notes in definitive form, except as provided in the applicable Pricing Supplement, the amount of interest payable on each Interest Payment Date in respect of the Fixed Interest Period ending on (but excluding) such date will amount to the Fixed Coupon Amount. Payments of interest on any Interest Payment Date will, if so specified in the applicable Pricing Supplement, amount to the Broken Amount so specified.

As used in these Conditions, **Fixed Interest Period** means the period from (and including) an Interest Payment Date (or the Interest Commencement Date) to (but excluding) the next (or first) Interest Payment Date.

Except in the case of Bearer Notes in definitive form where an applicable Fixed Coupon Amount or Broken Amount is specified in the applicable Pricing Supplement, interest shall be calculated in respect of any period by applying the Rate of Interest to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of Fixed Rate Notes which are (i) represented by a Global Note or (ii) Registered Notes
in definitive form, the aggregate outstanding nominal amount of (A) the Fixed Rate Notes represented by such Global Note or (B) such Registered Notes; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of Fixed Rate Notes which are Bearer Notes in definitive form, the Calculation Amount,

and, in each case, multiplying such sum by the applicable Day Count Fraction. The resultant figure (including after application of any Fixed Coupon Amount or Broken Amount to the Calculation Amount in the case of Fixed Rate Notes which are Bearer Notes in definitive form) shall be rounded to the nearest sub-unit of the relevant Specified Currency, half of any such sub-unit being rounded upwards or otherwise in accordance with applicable market convention.

Where the Specified Denomination of a Fixed Rate Note which is a Bearer Note in definitive form is a multiple of the Calculation Amount, the amount of interest payable in respect of such Fixed Rate Note shall be the product of the amount (determined in the manner provided above) for the Calculation Amount and the amount by which the Calculation Amount is multiplied to reach the Specified Denomination, without any further rounding.

For the purposes of these Conditions:

**Day Count Fraction** means, in respect of the calculation of an amount of interest (for any period) in accordance with this Condition 4:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if "Actual/Actual (ICMA)" is specified in the applicable Pricing Supplement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of Notes where the number of days in the relevant period from (and including) the most recent
Interest Payment Date (or, if none, the Interest Commencement Date) to (but excluding) the relevant payment date (the **Accrual Period**) is equal to or shorter than the Determination Period during which the Accrual Period ends, the number of
days in such Accrual Period divided by the product of (1) the number of days in such Determination Period and (2) the number of Determination Dates (as specified in the applicable Pricing Supplement) that would occur in one calendar year;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of Notes where the Accrual Period is longer than the Determination Period during which the Accrual
Period ends, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the number of days in such Accrual Period falling in the Determination Period in which the Accrual Period
begins divided by the product of (x) the number of days in such Determination Period and (y) the number of Determination Dates that would occur in one calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the number of days in such Accrual Period falling in the next Determination Period divided by the product of
(x) the number of days in such Determination Period and (y) the number of Determination Dates that would occur in one calendar year; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if "30/360" is specified in the applicable Pricing Supplement, the number of days in the period
from (and including) the most recent Interest Payment Date (or, if none, the Interest Commencement Date) to (but excluding) the relevant payment date (such number of days being calculated on the basis of a year of 360 days with 12 30-day months) divided by 360;

**Determination Period** means each period from (and including) a Determination Date to (but excluding) the next Determination Date (including, where either the Interest Commencement Date or the final Interest Payment Date is not a Determination Date, the period commencing on the first Determination Date prior to, and ending on the first Determination Date falling after, such date); and

**sub-unit** means, with respect to any currency other than euro, the lowest amount of such currency that is available as legal tender in the country of such currency and, with respect to euro, one cent.

**4.2** **Interest on Floating Rate Notes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Interest Payment Dates** 

Each Floating Rate Note bears interest from (and including) the Interest Commencement Date and such interest will be payable in arrear on either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Specified Interest Payment Date(s) in each year specified in the applicable Pricing Supplement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if no Specified Interest Payment Date(s) is/are specified in the applicable Pricing Supplement, each date (each
such date, together with each Specified Interest Payment Date, an **Interest Payment Date**) which falls the number of months or other period specified as the Specified Period in the applicable Pricing Supplement after the preceding Interest
Payment Date or, in the case of the first Interest Payment Date, after the Interest Commencement Date.

Such interest will be payable in respect of each Interest Period. In these Conditions, **Interest Period** means the period from (and including) an Interest Payment Date (or the Interest Commencement Date) to (but excluding) the next (or first) Interest Payment Date or the relevant payment date if the Notes become payable on a date other than an Interest Payment Date.

If a Business Day Convention is specified in the applicable Pricing Supplement and (x) if there is no numerically corresponding day in the calendar month in which an Interest Payment Date should occur or (y) if any Interest Payment Date would otherwise fall on a day which is not a Business Day, then, if the Business Day Convention specified is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in any case where Specified Periods are specified in accordance with Condition 4.2(a)(ii), the Floating Rate
Convention, such

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Interest Payment Date (i) in the case of (x) above, shall be the last day that is a Business Day in the relevant month and the provisions of paragraph (B) below shall apply *mutatis mutandis* or (ii) in the case of (y) above, shall be postponed to the next day which is a Business Day unless it would thereby fall into the next calendar month, in which event (A) such Interest Payment Date shall be brought forward to the immediately preceding Business Day and (B) each subsequent Interest Payment Date shall be the last Business Day in the month which falls the Specified Period after the preceding Interest Payment Date occurred; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Following Business Day Convention, such Interest Payment Date shall be postponed to the next day which is a
Business Day; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Modified Following Business Day Convention, such Interest Payment Date shall be postponed to the next day
which is a Business Day unless it would thereby fall into the next calendar month, in which event such Interest Payment Date shall be brought forward to the immediately preceding Business Day; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Preceding Business Day Convention, such Interest Payment Date shall be brought forward to the immediately
preceding Business Day.

In these Conditions, **Business Day** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a day on which commercial banks and foreign exchange markets settle payments and are open for general business
(including dealing in foreign exchange and foreign currency deposits) in London and each Additional Business Centre (other than T2) specified in the applicable Pricing Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if T2 is specified as an Additional Business Centre in the applicable Pricing Supplement, a day on which the
Trans-European Automated Real-time Gross Settlement Express Transfer System or any successor or replacement for that system (T2) is open; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) either (1) in relation to any sum payable in a Specified Currency other than euro, a day on which
commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in foreign exchange and foreign currency deposits) in the principal financial centre of the country of the relevant Specified Currency
(which, if the Specified Currency is Australian dollars or New Zealand dollars, shall be Sydney and Auckland, respectively) or (2) in relation to any sum payable in euro, a day on which T2 is open.

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(b) **Rate of Interest**

The Rate of Interest payable from time to time in respect of Floating Rate Notes will be determined in the manner specified below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)  ***Screen Rate Determination for Floating Rate Notes – Term Rate*** 

This Condition 4.2(b)(i) applies where "Term Rate" is specified in the applicable Pricing Supplement to be "Applicable".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Rate of Interest for each Interest Period will, subject as provided below, be either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) the offered quotation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) the arithmetic mean (rounded if necessary to the fifth decimal place, with 0.000005 being rounded upwards) of
the offered quotations,

(expressed as a percentage rate per annum) for the Reference Rate specified in the applicable Pricing Supplement which appears or appear, as the case may be, on the Relevant Screen Page (or such replacement page on that service which displays the information) as at 11.00 a.m. (Brussels time) on the Interest Determination Date in question plus or minus (as indicated in the applicable Pricing Supplement) the Margin (if any), all as determined by the Principal Paying Agent or the Calculation Agent, as applicable. If five or more of such offered quotations are available on the Relevant Screen Page, the highest (or, if there is more than one such highest quotation, one only of such quotations) and the lowest (or, if there is more than one such lowest quotation, one only of such quotations) shall be disregarded by the Principal Paying Agent or the Calculation Agent, as applicable, for the purpose of determining the arithmetic mean (rounded as provided above) of such offered quotations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) If the Relevant Screen Page is not available or if, in the case of (I) above, no offered quotation appears
or, in the case of (II) above, fewer than three offered quotations appear, in each case as at the Specified Time, the Issuer or an agent appointed by it, shall request each of the Reference Banks to provide the Issuer or an agent appointed by
it, with its offered quotation (expressed as a percentage rate per annum) for the Reference Rate at approximately the Specified Time on the Interest Determination Date in question. If two or more of the Reference Banks provide the Issuer or an agent
appointed by it, with offered quotations, the Rate of Interest for the Interest Period shall be the arithmetic mean (rounded if necessary to the fifth decimal place with 0.000005 being rounded upwards) of the offered quotations plus or minus (as
appropriate) the Margin (if any), all as determined by the Principal Paying Agent or the Calculation Agent, as applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) If on any Interest Determination Date one only or none of the Reference Banks provides the Issuer or an agent
appointed by it, with an offered quotation as provided in the preceding paragraph, the Rate of Interest for the relevant Interest Period shall be the rate per annum which the Issuer or an agent appointed by it, determines as being the arithmetic
mean (rounded if necessary to the fifth decimal place, with 0.000005 being rounded upwards) of the rates, as communicated to (and at the request of) the Issuer or an agent appointed by it, by the Reference Banks or any two or more of them, at which
such banks were offered, at approximately the Specified Time on the relevant Interest Determination Date, deposits in the Specified Currency for a period equal to that which would have been used for the Reference Rate by leading banks in the
Euro-zone inter-bank market plus or minus (as appropriate) the Margin (if any) or, if fewer than two of the Reference Banks provide the Issuer or an agent appointed by it, with offered rates, the offered rate for deposits in the Specified Currency
for a period equal to that which would have been used for the Reference Rate, or the arithmetic mean (rounded as provided above) of the offered rates for deposits in the Specified Currency for a period equal to that which would have been used for
the Reference Rate, at which, at approximately the Specified Time on the relevant Interest Determination Date, any one or more banks (which bank or banks is or are in the opinion of the Issuer suitable for the purpose) informs the Issuer or an agent
appointed by it, it is quoting to leading banks in the Euro-zone inter-bank market plus or minus (as appropriate) the Margin (if any), provided that, if the Rate of Interest cannot be determined in accordance with the foregoing provisions of this
paragraph, the Rate of Interest shall be determined as at the last preceding Interest Determination Date (though substituting, where a different Margin is to be applied to the relevant Interest Period from that which applied to the last preceding
Interest Period, the Margin relating to the relevant Interest Period in place of the Margin relating to that last preceding Interest Period).

For the purposes of this Condition 4.2(b)(i):

**Reference Banks** means the principal Euro-zone office of four major banks in the Euro-zone inter-bank market as selected by the Issuer;

**Reference Rate** means EURIBOR as specified in the Pricing Supplement; and

**Specified Time** means 11.00 a.m. (Brussels time).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)  ***Screen Rate Determination for Floating Rate Notes – Overnight Rate Compounded Daily SONIA – Non-Index Determination*** 

This Condition 4.2(b)(ii) applies where the applicable Pricing Supplement specifies: (1) "Overnight Rate" to be "Applicable"; (2) "Compounded Daily SONIA" as the Reference Rate, and (3) "Index Determination" to be "Not Applicable".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Rate of Interest for an Interest Period will, subject to Condition 4.2(f)(a) and as provided below, be
Compounded Daily SONIA with respect to such Interest Period plus or minus (as indicated in the applicable Pricing Supplement) the applicable Margin (if any), all as determined by the Principal Paying Agent or the Calculation Agent, as applicable.

**Compounded Daily SONIA** means, with respect to an Interest Period, the rate of return of a daily compound interest investment (with the daily Sterling overnight reference rate as reference rate for the calculation of interest) as calculated by the Principal Paying Agent or the Calculation Agent, as applicable, as at the relevant Interest Determination Date in accordance with the following formula (and the resulting percentage will be rounded if necessary to the nearest fifth decimal place, with 0.000005 being rounded upwards):

![LOGO](g19735g0408222141500.jpg)

where:

***d*** is the number of calendar days in: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where "Lag" is specified as the Observation Method in the applicable Pricing Supplement, the
relevant Interest Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where "Observation Shift" is specified as the Observation Method in the applicable Pricing
Supplement, the relevant Observation Period;

**D** is the number specified as such in the applicable Pricing Supplement (or, if no such number is specified, 365); 

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| | |
|:---|:---|
| ***d<sub>o</sub>*** | means:  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where "Lag" is specified as the Observation Method in the applicable Pricing Supplement, the number
of London Banking Days in the relevant Interest Period; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where "Observation Shift" is specified as the Observation Method in the applicable Pricing
Supplement, the number of London Banking Days in the relevant Observation Period;

***i*** is a series of whole numbers from one to "do", each representing the relevant London Banking Day in chronological order from, and including, the first London Banking Day in: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where "Lag" is specified as the Observation Method in the applicable Pricing Supplement, the
relevant Interest Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where "Observation Shift" is specified as the Observation Method in the applicable Pricing
Supplement, the relevant Observation Period;

**London Banking Day** means any day on which commercial banks are open for general business (including dealing in foreign exchange and foreign currency deposits) in London;

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| | |
|:---|:---|
| ***n<sub>i</sub>*** | for any London Banking Day "i", means the number of calendar days from (and including) such London Banking Day "i" up to (but excluding) the following London Banking Day;  |

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**Observation Period** means the period from (and including) the date falling "p" London Banking Days prior to the first day of the relevant Interest Period to (but excluding) the date falling "p" London Banking Days prior to (A) (in the case of an Interest Period) the Interest Payment Date for such Interest Period or (B) (in the case of any other Interest Period) the date on which the relevant payment of interest falls due;

***p*** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where "Lag" is specified as the Observation Method in the applicable Pricing Supplement, the number
of London Banking Days specified as the "Lag Period" in the applicable Pricing Supplement (or, if no such number is so specified, five London Banking Days); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where "Observation Shift" is specified as the Observation Method in the applicable Pricing
Supplement, the number of London Banking Days specified as the "Observation Shift Period" in the applicable Pricing Supplement (or, if no such number is specified, five London Banking Days);

the **SONIA reference rate**, in respect of any London Banking Day (**LBD<sub>x</sub>**), is a reference rate equal to the daily Sterling Overnight Index Average (**SONIA**) rate for such LBDx as provided by the administrator of SONIA to authorised distributors and as then published on the Relevant Screen Page (or, if the Relevant Screen

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Page is unavailable, as otherwise published by such authorised distributors) on the London Banking Day immediately following LBDx; and

**SONIA*<sub>i</sub>*** means the SONIA reference rate for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where "Lag" is specified as the Observation Method in the applicable Pricing Supplement, the London
Banking Day falling "*p*" London Banking Days prior to the relevant London Banking Day "*i* "; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where "Observation Shift" is specified as the Observation Method in the applicable Pricing
Supplement, the relevant London Banking Day "i".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) (Subject to Condition 4.2(f)(a), if, where any Rate of Interest is to be calculated pursuant to Condition
4.2(b)(ii)(A) above, in respect of any London Banking Day on which an applicable SONIA reference rate is required to be determined, such SONIA reference rate is not made available on the Relevant Screen Page or has not otherwise been published by
the relevant authorised distributors, then the SONIA reference rate in respect of such London Banking Day shall be the rate determined by the Principal Paying Agent or the Calculation Agent, as applicable, as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the sum of (i) the Bank of England's Bank Rate (the **Bank Rate**) prevailing at 5.00 p.m.
(London time) (or, if earlier, close of business) on such London Banking Day; and (ii) the mean of the spread of the SONIA reference rate to the Bank Rate over the previous five London Banking Days in respect of which a SONIA reference rate has
been published, excluding the highest spread (or, if there is more than one highest spread, one only of those highest spreads) and lowest spread (or, if there is more than one lowest spread, one only of those lowest spreads); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) if the Bank Rate under Condition 4.2(b)(ii)(B)(x) above is not available at the relevant time, either
(A) the SONIA reference rate published on the Relevant Screen Page (or otherwise published by the relevant authorised distributors) for the first preceding London Banking Day in respect of which the SONIA reference rate was published on the
Relevant Screen Page (or otherwise published by the relevant authorised distributors) or (B) if this is more recent, the latest rate determined under Condition 4.2(b)(ii)(B)(x) above,

and, in each case, references to "SONIA reference rate" in Condition 4.2(b)(ii)(A) shall be construed accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) In the event that the Rate of Interest cannot be determined in accordance with the foregoing provisions of this
Condition 4.2(b)(ii), and without prejudice to Condition 4.2(f)(a) the Rate of Interest shall be:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) that determined as at the last preceding Interest Determination Date on which the Rate of Interest was so
determined (though substituting, where a different Margin, Maximum Rate of Interest and/or Minimum Rate of Interest is to be applied to the relevant Interest Period from that which applied to the last preceding Interest Period, the Margin, Maximum
Rate of Interest and/or Minimum Rate of Interest (as the case may be) relating to the relevant Interest Period, in place of the Margin, Maximum Rate of Interest and/or Minimum Rate of Interest (as applicable) relating to that last preceding Interest
Period); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if there is no such preceding Interest Determination Date, the initial Rate of Interest which would have been
applicable to such Series of Notes for the first scheduled Interest Period had the Notes been in issue for a period equal in duration to the first scheduled Interest Period but ending on (and excluding) the Interest Commencement Date (applying the
Margin and, if applicable, any Maximum Rate of Interest and/or Minimum Rate of Interest, applicable to the first scheduled Interest Period),

in each case as determined by the Principal Paying Agent or the Calculation Agent, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)  ***Screen Rate Determination – Overnight Rate—Compounded Daily SONIA—Index Determination*** 

This Condition 4.2(b)(iii) applies where the applicable Pricing Supplement specifies: (1) "Overnight Rate" to be "Applicable"; (2) "Compounded Daily SONIA" as the Reference Rate; and (3) "Index Determination" to be "Applicable".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Rate of Interest for an Interest Period will, subject to Condition 4.2(f)(a) and as provided below, be the
Compounded Daily SONIA Rate with respect to such Interest Period plus or minus (as indicated in the applicable Pricing Supplement) the applicable Margin (if any), all as determined by the Principal Paying Agent or the Calculation Agent, as
applicable.

**Compounded Daily SONIA Rate** means, with respect to an Interest Period, the rate of return of a daily compound interest investment (with the daily Sterling overnight reference rate as reference rate for the calculation of interest) (expressed as a percentage and rounded if necessary to the fifth decimal place, with 0.000005 being rounded upwards) determined by the Principal Paying Agent or the Calculation Agent, as applicable, by reference to the screen rate or index for compounded daily SONIA rates administered by the administrator of the SONIA reference rate that is published or displayed on the Relevant Screen Page specified in the applicable Pricing Supplement, or, if no such page is so specified or if such page is unavailable at the relevant time, as otherwise published or

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displayed by such administrator or other information service from time to time on the relevant Interest Determination Date (the SONIA Compounded Index) and in accordance with the following formula:

![LOGO](g19735g0408222142625.jpg)

where:

**d** is the number of calendar days from (and including) the day in relation to which SONIA Compounded IndexStart is determined to (but excluding) the day in relation to which SONIA Compounded Index<sub>End</sub> is determined; 

**London Banking Day** means any day on which commercial banks are open for general business (including dealing in foreign exchange and foreign currency deposits) in London;

**Relevant Number** is the number specified as such in the applicable Pricing Supplement (or, if no such number is specified, five);

**SONIA Compounded Index<sub>Start</sub>** means, with respect to an Interest Period, the SONIA Compounded Index determined in relation to the day falling the Relevant Number of London Banking Days prior to the first day of such Interest Period; and

**SONIA Compounded Index<sub>End</sub>** means, with respect to an Interest Period, the SONIA Compounded Index determined in relation to the day falling the Relevant Number of London Banking Days prior to (A) the Interest Payment Date for such Interest Period, or (B) such other date on which the relevant payment of interest falls due (but which by its definition or the operation of the relevant provisions is excluded from such Interest Period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) If the relevant SONIA Compounded Index is not published or displayed by the administrator of the SONIA
reference rate or other information service by 5.00 p.m. (London time) (or, if later, by the time falling one hour after the customary or scheduled time for publication thereof in accordance with the then-prevailing operational procedures of the
administrator of the SONIA reference rate or of such other information service, as the case may be) on the relevant Interest Determination Date, the Compounded Daily SONIA Rate for the applicable Interest Period for which the SONIA Compounded Index
is not available shall be "Compounded Daily SONIA" determined in accordance with Condition 4.2(b)(ii) as if "Index Determination" were specified in the applicable Pricing Supplement as being "Not Applicable", and
for these purposes: (i) the "Observation Method" shall be deemed to be "Observation Shift" and (ii) the "Observation Shift Period" shall be deemed to be equal to the Relevant Number of London Banking
Days, as

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if those alternative elections had been made in the applicable Pricing Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)  ***Screen Rate Determination – Overnight Rate – Compounded Daily SOFR – Non-Index Determination*** 

This Condition 4.2(b)(iv) applies where the applicable Pricing Supplement specifies: (1) "Overnight Rate" to be "Applicable"; (2) "Compounded Daily SOFR" as the Reference Rate; and (3) "Index Determination" to be "Not Applicable".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Compounded Daily SOFR

The Rate of Interest for an Interest Period will, subject to Condition 4.2(f)(b) and as provided below, be Compounded Daily SOFR with respect to such Interest Period plus or minus (as indicated in the applicable Pricing Supplement) the applicable Margin (if any), all as determined by the Principal Paying Agent or the Calculation Agent, as applicable.

**Compounded Daily SOFR** means, with respect to an Interest Period, the rate of return of a daily compound interest investment (with the daily U.S. dollars secured overnight financing rate as reference rate for the calculation of interest) as calculated by the Principal Paying Agent or the Calculation Agent, as applicable, as at the relevant Interest Determination Date in accordance with the following formula (and the resulting percentage will be rounded if necessary to the nearest fifth decimal place, with 0.000005 being rounded upwards):

![LOGO](g19735g0408222143291.jpg)

where:

***d*** is the number of calendar days in: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where "Lag" is specified as the Observation Method in the applicable Pricing Supplement, the
relevant Interest Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where "Observation Shift" is specified as the Observation Method in the applicable Pricing
Supplement, the relevant Observation Period;

**D** is the number specified as such in the applicable Pricing Supplement (or, if no such number is specified, 360); 

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| | |
|:---|:---|
| ***d<sub>o</sub>*** | means:  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where "Lag" is specified as the Observation Method in the applicable Pricing Supplement, the number
of U.S. Government Securities Business Days in the relevant Interest Period; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where "Observation Shift" is specified as the Observation Method in the applicable Pricing
Supplement, the number of U.S. Government Securities Business Days in the relevant Observation Period;

***i*** is a series of whole numbers from one to "d*<sub>o</sub>*", each representing the relevant U.S. Government Securities Business Day in chronological order from, and including, the first U.S. Government Securities Business Day in: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where "Lag" is specified as the Observation Method in the applicable Pricing Supplement, the
relevant Interest Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where "Observation Shift" is specified as the Observation Method in the applicable Pricing
Supplement, the relevant Observation Period;

**New York Fed's Website** means the website of the Federal Reserve Bank of New York (or a successor administrator of SOFR) or any successor source;

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| | |
|:---|:---|
| ***n<sub>i</sub>*** | for any U.S. Government Securities Business Day "*i*", means the number of calendar days from (and including) such U.S. Government Securities Business Day "*i*" up to (but excluding) the following U.S. Government Securities Business Day;  |

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**Observation Period** in respect of an Interest Period, means the period from (and including) the date falling "*p*" U.S. Government Securities Business Days prior to the first day in such Interest Period (and the first Interest Period shall begin on and include the Interest Commencement Date) to (but excluding) the date falling "*p*" U.S. Government Securities Business Days prior to the Interest Payment Date for such Interest Period (or the date falling "*p*" U.S. Government Securities Business Days prior to such earlier date, if any on which the Notes become due and payable);

---

| | |
|:---|:---|
| ***p*** | means:  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where "Lag" is specified as the Observation Method in the applicable Pricing Supplement, the number
of U.S. Government Securities Business Days specified as the "Lag Period" in the applicable Pricing Supplement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where "Observation Shift" is specified as the Observation Method in the applicable Pricing
Supplement, the number of U.S. Government Securities Business Days specified as the "Observation Shift Period" in the applicable Pricing Supplement;

**SOFR** in respect of any U.S. Government Securities Business Day (**USBD<sub>x</sub>**), is a reference rate equal to the daily secured overnight financing rate as provided by the Federal Reserve Bank of New York, as the administrator of such rate (or any

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successor administrator of such rate) on the New York Fed's Website, in each case at or around 3.00 p.m. (New York City time) on the U.S. Government Securities Business Day immediately following such USBDx;

**SOFR*<sub>i</sub>*** means the SOFR for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where "Lag" is specified as the Observation Method in the applicable Pricing Supplement, the U.S.
Government Securities Business Day falling "*p*" U.S. Government Securities Business Days prior to the relevant U.S. Government Securities Business Day "*i* ";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where "Observation Shift" is specified as the Observation Method in the applicable Pricing
Supplement, the relevant U.S. Government Securities Business Day "*i* "; and

**U.S. Government Securities Business Day** means any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) SOFR Unavailable

Subject to Condition 4.2(f)(b), if, where any Rate of Interest is to be calculated pursuant to this Condition 4.2(b)(iv), in respect of any U.S. Government Securities Business Day in respect of which an applicable SOFR is required to be determined, such SOFR is not available, such SOFR shall be the SOFR for the first preceding U.S. Government Securities Business Day in respect of which the SOFR was published on the New York Fed's Website.

In the event that the Rate of Interest cannot be determined in accordance with the foregoing provisions of this Condition 4.2(b)(iv) but without prejudice to Condition 4.2(f)(b), the Rate of Interest shall be calculated in accordance, *mutatis mutandis*, with the provisions of Condition 4.2(b)(ii)(C).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)  ***Screen Rate Determination – Overnight Rate—SOFR—Index Determination*** 

This Condition 4.2(b)(v) applies where the applicable Pricing Supplement specifies: (1) "Overnight Rate" to be "Applicable"; (2) "Compounded Daily SOFR" as the Reference Rate; and (3) "Index Determination" to be "Applicable".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Rate of Interest for an Interest Period will, subject to Condition 4.2(f)(b) and as provided below, be the
Compounded SOFR with respect to such Interest Period plus or minus (as indicated in the applicable Pricing Supplement) the applicable Margin (if any), all as determined by the Principal Paying Agent or the Calculation Agent, as applicable.

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**Compounded SOFR** means, with respect to an Interest Period, the rate (expressed as a percentage and rounded if necessary to the fifth decimal place, with 0.000005 being rounded upwards) determined by the Principal Paying Agent or the Calculation Agent, as applicable, in accordance with the following formula:

![LOGO](g19735g0408222144260.jpg)

where:

***d<sub>c</sub>*** is the number of calendar days from (and including) the day in relation to which SOFR Index<sub>Start</sub> is determined to (but excluding) the day in relation to which SOFR Index<sub>End</sub> is determined;

**Relevant Number** is the number specified as such in the applicable Pricing Supplement;

**SOFR** means the daily secured overnight financing rate as provided by the SOFR Administrator on the SOFR Administrator's Website;

**SOFR Administrator** means the Federal Reserve Bank of New York (or a successor administrator of SOFR);

**SOFR Administrator's Website** means the website of the SOFR Administrator, or any successor source;

**SOFR Index**, with respect to any U.S. Government Securities Business Day, means the SOFR index value as published by the SOFR Administrator as such index appears on the SOFR Administrator's Website at or around 3.00 p.m. (New York time) on such U.S. Government Securities Business Day (the **SOFR Determination Time**);

**SOFR Index<sub>Start</sub>**, with respect to an Interest Period, is the SOFR Index value for the day which is the Relevant Number of U.S. Government Securities Business Days preceding the first day of such Interest Period;

**SOFR Index<sub>End</sub>**, with respect to an Interest Period, is the SOFR Index value for the day which is the Relevant Number of U.S. Government Securities Business Days preceding (A) the Interest Payment Date for such Interest Period, or (B) such other date on which the relevant payment of interest falls due (but which by its definition or the operation of the relevant provisions is excluded from such Interest Period); and

**U.S. Government Securities Business Day** means any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) If, as at any relevant SOFR Determination Time, the relevant SOFR Index is not published or displayed on the
SOFR Administrator's Website by the SOFR Administrator, the Compounded SOFR for the applicable Interest Period for which the relevant SOFR Index is not available shall be "Compounded Daily SOFR" determined in accordance with
Condition 4.2(b)(iv) above as if "Index Determination" were specified in the applicable Pricing Supplement as being 'Not Applicable', and for these purposes: (i) the "Observation Method" shall be deemed to be
"Observation Shift" and (ii) the "Observation Shift Period" shall be deemed to be equal to the Relevant Number of U.S. Government Securities Business Days, as if such alternative elections had been made in the applicable
Pricing Supplement.

(c)  ***Minimum Rate of Interest and/or Maximum Rate of Interest*** 

If the applicable Pricing Supplement specifies a Minimum Rate of Interest for any Interest Period, then, in the event that the Rate of Interest in respect of such Interest Period determined in accordance with the provisions of paragraph (b) above is less than such Minimum Rate of Interest, the Rate of Interest for such Interest Period shall be such Minimum Rate of Interest.

If the applicable Pricing Supplement specifies a Maximum Rate of Interest for any Interest Period, then, in the event that the Rate of Interest in respect of such Interest Period determined in accordance with the provisions of paragraph (b) above is greater than such Maximum Rate of Interest, the Rate of Interest for such Interest Period shall be such Maximum Rate of Interest.

Unless otherwise stated in the applicable Pricing Supplement, the Minimum Rate of Interest shall be deemed to be zero.

(d)  ***Determination of Rate of Interest and calculation of Interest Amounts*** 

The Principal Paying Agent or the Calculation Agent, as applicable, will at or as soon as practicable after each time at which the Rate of Interest is to be determined, determine the Rate of Interest for the relevant Interest Period.

The Principal Paying Agent or the Calculation Agent, as applicable, will calculate the amount of interest (the Interest Amount) payable on the Floating Rate Notes for the relevant Interest Period by applying the Rate of Interest to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in the case of Floating Rate Notes which are (i) represented by a Global Note or (ii) Registered
Notes in definitive form, the aggregate outstanding nominal amount of (A) the Notes represented by such Global Note or (B) such Registered Notes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in the case of Floating Rate Notes which are Bearer Notes in definitive form, the Calculation Amount,

and, in each case, multiplying such sum by the applicable Day Count Fraction, and rounding the resultant figure to the nearest sub-unit of the relevant Specified Currency, half

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of any such sub-unit being rounded upwards or otherwise in accordance with applicable market convention. Where the Specified Denomination of a Floating Rate Note which is a Bearer Note in definitive form is a multiple of the Calculation Amount, the Interest Amount payable in respect of such Note shall be the product of the amount (determined in the manner provided above) for the Calculation Amount and the amount by which the Calculation Amount is multiplied to reach the Specified Denomination, without any further rounding.

**Day Count Fraction** means, in respect of the calculation of an amount of interest for any Interest Period in accordance with this Condition 4.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if "Actual/Actual" or "Actual/Actual (ISDA)" is specified in the applicable Pricing
Supplement, the actual number of days in the Interest Period divided by 365 (or, if any portion of that Interest Period falls in a leap year, the sum of (A) the actual number of days in that portion of the Interest Period falling in a leap year
divided by 366 and (B) the actual number of days in that portion of the Interest Period falling in a non-leap year divided by 365);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if "Actual/365 (Fixed)" is specified in the applicable Pricing Supplement, the actual number of
days in the Interest Period divided by 365;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if "Actual/365 (Sterling)" is specified in the applicable Pricing Supplement, the actual number of
days in the Interest Period divided by 365 or, in the case of an Interest Payment Date falling in a leap year, 366;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if "Actual/360" is specified in the applicable Pricing Supplement, the actual number of days in the
Interest Period divided by 360;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if "30/360", "360/360" or "Bond Basis" is specified in the applicable
Pricing Supplement, the number of days in the Interest Period divided by 360, calculated on a formula basis as follows:

![LOGO](g19735g0408222146363.jpg)

where:

**Y<sub>1</sub>** is the year, expressed as a number, in which the first day of the Interest Period falls;

**Y<sub>2</sub>** is the year, expressed as a number, in which the day immediately following the last day of the Interest Period falls;

**M<sub>1</sub>** is the calendar month, expressed as a number, in which the first day of the Interest Period falls;

**M<sub>2</sub>** is the calendar month, expressed as a number, in which the day immediately following the last day of the Interest Period falls;

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**D<sub>1</sub>** is the first calendar day, expressed as a number, of the Interest Period, unless such number is 31, in which case D1 will be 30; and

**D<sub>2</sub>** is the calendar day, expressed as a number, immediately following the last day included in the Interest Period, unless such number would be 31 and D1 is greater than 29, in which case D2 will be 30;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if "30E/360" or "Eurobond Basis" is specified in the applicable Pricing Supplement, the
number of days in the Interest Period divided by 360, calculated on a formula basis as follows:

![LOGO](g19735g0408222145485.jpg)

where:

**Y<sub>1</sub>** is the year, expressed as a number, in which the first day of the Interest Period falls;

**Y<sub>2</sub>** is the year, expressed as a number, in which the day immediately following the last day of the Interest Period falls;

**M<sub>1</sub>** is the calendar month, expressed as a number, in which the first day of the Interest Period falls;

**M<sub>2</sub>** is the calendar month, expressed as a number, in which the day immediately following the last day of the Interest Period falls;

**D<sub>1</sub>** is the first calendar day, expressed as a number, of the Interest Period, unless such number would be 31, in which case D<sub>1</sub> will be 30; and

**D<sub>2</sub>** is the calendar day, expressed as a number, immediately following the last day included in the Interest Period, unless such number would be 31, in which case D<sub>2</sub> will be 30;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if "30E/360 (ISDA)" is specified in the applicable Pricing Supplement, the number of days in the
Interest Period divided by 360, calculated on a formula basis as follows:

![LOGO](g19735g0408222145485.jpg)

where:

**Y<sub>1</sub>** is the year, expressed as a number, in which the first day of the Interest Period falls;

**Y<sub>2</sub>** is the year, expressed as a number, in which the day immediately following the last day of the Interest Period falls;

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**M<sub>1</sub>** is the calendar month, expressed as a number, in which the first day of the Interest Period falls;

**M<sub>2</sub>** is the calendar month, expressed as a number, in which the day immediately following the last day of the Interest Period falls;

**D<sub>1</sub>** is the first calendar day, expressed as a number, of the Interest Period, unless (i) that day is the last day of February or (ii) such number would be 31, in which case D1 will be 30; and

**D<sub>2</sub>** is the calendar day, expressed as a number, immediately following the last day included in the Interest Period, unless (i) that day is the last day of February but not the Maturity Date or (ii) such number would be 31, in which case D2 will be 30.

(e) **Linear Interpolation** 

Where Linear Interpolation is specified as applicable in respect of an Interest Period in the applicable Pricing Supplement, the Rate of Interest for such Interest Period shall be calculated by the Principal Paying Agent or the Calculation Agent, as applicable, by straight line linear interpolation by reference to two rates based on the relevant Reference Rate, one of which shall be determined as if the Designated Maturity were the period of time for which rates are available next shorter than the length of the relevant Interest Period and the other of which shall be determined as if the Designated Maturity were the period of time for which rates are available next longer than the length of the relevant Interest Period provided however that if there is no rate available for a period of time next shorter or, as the case may be, next longer, then the Principal Paying Agent or the Calculation Agent, as applicable, shall calculate the Rate of interest at such time and by reference to such sources as the Issuer, in consultation with an Independent Adviser, and such Independent Advisor acting in good faith and in a commercially reasonable manner as an expert, determines appropriate.

**Designated Maturity** means the period of time designated in the Reference Rate.

(f) **Benchmark Discontinuation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Benchmark Replacement

This Condition 4.2(f)(a) applies where the applicable Pricing Supplement specifies (1) "Floating Rate Note Provisions" to be "Applicable" and the "Reference Rate" to be anything other than SOFR. Notwithstanding the foregoing provisions in this Condition 4 (*Interest*), if the Issuer, in consultation with the party responsible for determining the Rate of Interest (being the Principal Paying Agent or the Calculation Agent, as applicable), determines that a Benchmark Event has occurred in relation to an Original Reference Rate at any time when the Conditions provide for any Rate of Interest (or any component part thereof) to be determined by reference to such Original Reference Rate, then the following provisions shall apply:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Independent Adviser**: The Issuer shall use reasonable endeavours to appoint an Independent Adviser, as
soon as reasonably practicable to determine (acting in good faith) a Successor Reference Rate, failing which, an Alternative Reference Rate and, in either case, an Adjustment Spread and any Benchmark Amendments (each as defined and as further
described below) no later than five Business Days prior to the relevant Interest Determination Date relating to the next succeeding Interest Period (the IA Determination Cut-off Date) for the purposes of
determining the Rate of Interest applicable to the Notes for such next succeeding Interest Period and for all future Interest Periods (subject to the subsequent operation of this Condition 4.2(f)(a) during any other future Interest Periods).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Successor Reference Rate or Alternative Reference Rate**: If the Independent Adviser (acting in good
faith) determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) there is a Successor Reference Rate then such Successor Reference Rate (as adjusted by the applicable
Adjustment Spread as provided in Condition 4.2(f)(a)(iii)), shall subsequently be used in place of the relevant Original Reference Rate to determine the Rate of Interest (or the relevant component part thereof) for all future payments of interest on
the Notes (subject to the subsequent further operation of this Condition 4.2(f)(a)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) there is no Successor Reference Rate but that there is an Alternative Reference Rate, then such Alternative
Reference Rate (as adjusted by the applicable Adjustment Spread as provided in Condition 4.2(f)(a)(iii)), shall subsequently be used in place of the relevant Original Reference Rate to determine the Rate of Interest (or the relevant component part
thereof) for all future payments of interest on the Notes (subject to the subsequent operation of this Condition 4.2(f)(a)).

(iii) **Adjustment Spread**: if a Successor Reference Rate or Alternative Reference Rate is determined in
accordance with Condition 4.2(f)(a)(ii), the Independent Adviser (acting in good faith) shall determine an Adjustment Spread (which may be expressed as a specified quantum or a formula or methodology for determining the applicable Adjustment Spread
(and, for the avoidance of doubt, an Adjustment Spread may be positive, negative or zero)), which Adjustment Spread shall be applied to the relevant Successor Reference Rate or the relevant Alternative Reference Rate (as the case may be for each
subsequent determination of a relevant Rate of Interest and Interest Amount(s) (or a component part thereof) by reference to such Successor Reference Rate or Alternative Reference Rate (as applicable)), subject to the subsequent further operation
and adjustment as provided in this Condition 4.2(f)(a)(ii).

(iv) **Benchmark Amendments**: If any Successor Reference Rate, Alternative Reference Rate or Adjustment Spread
is determined in accordance with this Condition 4.2(f)(a), the Independent Adviser (acting in good faith) may determine (i) that amendments to these Conditions, the Trust Deed and/or the Agency Agreement are necessary to ensure the proper
operation of such Successor Reference Rate, Alternative Reference Rate and/or (in either case) the applicable Adjustment Spread (provided that such amendments do not,

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without the consent of the party responsible for determining the Rate of Interest (being the Calculation Agent or such other party specified in the applicable Pricing Supplement, as applicable) impose more onerous obligations upon it or expose it to any additional duties, responsibilities or liabilities or reduce or amend the rights and/or protective provisions afforded to it) (such amendments, the **Benchmark Amendments**) and (ii) the terms of the Benchmark Amendments, then the Issuer shall, subject to giving notice thereof in accordance with Condition 4.2(f)(a)(v), without any requirement for the consent or approval of Noteholders or Couponholders, vary these Conditions, the Trust Deed and/or the Agency Agreement to give effect to such Benchmark Amendments with effect from the date specified in such notice.

For the avoidance of doubt, the Trustee and Principal Paying Agent shall, at the request and expense of the Issuer, agree to effect such Benchmark Amendments to the Trust Deed, the Agency Agreement and these Conditions, including, inter alia, by execution of a deed supplemental to the Trust Deed and/or the Agency Agreement, as the Issuer determines and certifies to the Trustee and the Principal Paying Agent are required in order to give effect to this Condition 4.2(f)(a) and neither the Trustee nor the Principal Paying Agent shall be liable to any party for any consequence thereof. Notwithstanding the above, neither the Trustee nor the Principal Paying Agent (as applicable) shall be obliged to agree to any Benchmark Amendments if the same would, in the sole opinion of the Trustee or the Principal Paying Agent (as applicable), expose it to any additional duties, responsibilities or liabilities or reduce or amend its rights and/or the protective provisions afforded to it in the Trust Deed and/or these Conditions and/or the Agency Agreement (as applicable).

In connection with any such variation in accordance with this Condition 4.2(f)(a), the Issuer shall comply with the rules of any stock exchange or other relevant authority on or by which the Notes are for the time being listed or admitted to trading.

(v) **Notices etc.**: The Issuer shall no later than three Business Days prior to the relevant Interest
Determination Date notify the party responsible for determining the Rate of Interest (being the Principal Paying Agent or the Calculation Agent, as applicable), the Trustee, the Principal Paying Agent, the Paying Agents and promptly thereafter
notify, in accordance with Condition 14 (*Notices*), the Noteholders of any Successor Reference Rate, Alternative Reference Rate, Adjustment Spread and the specific terms of any Benchmark Amendments determined under this Condition 4.2(f)(a).
Such notice shall be irrevocable and shall specify the effective date of the Benchmark Amendments, if any. No later than notifying the Trustee and the Principal Paying Agent of the same, the Issuer shall deliver to the Trustee and the Principal
Paying Agent a certificate signed by an Authorised Signatory of the Issuer confirming (i) that a Benchmark Event has occurred, (ii) the Successor Relevant Rate or Alternative Reference Rate (as applicable), (iii) any Adjustment Spread and
(iv) where applicable, the terms of any Benchmark Amendments and certifying that the Benchmark Amendments are necessary to ensure the proper operation of such Successor Reference Rate, Alternative Reference Rate and/or Adjustment Spread.

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The Trustee and the Principal Paying Agent shall be entitled to rely on such certificate (without enquiry or liability to any person) as sufficient evidence thereof. The Successor Reference Rate or Alternative Reference Rate and the Adjustment Spread and the Benchmark Amendments (if any) specified in such certificate will (in the absence of manifest error in the determination of the Successor Reference Rate or Alternative Reference Rate and the Adjustment Spread and the Benchmark Amendments (if any) and without prejudice to the Trustee's and the Principal Paying Agent's ability to rely on such certificate as aforesaid) be binding on the Issuer, the Trustee, the Principal Paying Agent, the Calculation Agent, the Paying Agents and the Noteholders.

(vi) **Survival of Original Reference Rate**: Without prejudice to the obligations of the Issuer under this
Condition 4.2(f)(a), the Original Reference Rate and the fallback provisions provided for in Condition 4.2(b) will continue to apply unless and until the party responsible for determining the Rate of Interest (being the Principal Paying Agent or the
Calculation Agent, as applicable) has been notified of the Successor Reference Rate or the Alternative Reference Rate (as the case may be), the applicable Adjustment Spread and Benchmark Amendments (if applicable), in accordance with Condition
4.2(f)(a)(v).

(vii) **Fallbacks**: If, following the occurrence of a Benchmark Event and in relation to the determination of the
Rate of Interest on the immediately following Interest Determination Date, the Issuer is unable to appoint an Independent Adviser or no Successor Reference Rate or Alternative Reference Rate (as applicable) is determined pursuant to this Condition
4.2(f)(a) prior to the IA Determination Cut-Off Date and the Relevant Screen Page is no longer available for use, the Rate of Interest applicable to the next succeeding Interest Period shall be equal to the
Rate of Interest last determined in relation to the Notes in respect of the immediately preceding Interest Period (which may be the initial Rate of Interest) (though substituting, where a different Margin or Maximum or Minimum Rate of Interest is to
be applied to the relevant Interest Period from that which applied to the last preceding Interest Period for which the Rate of Interest was determined, the Margin or Maximum or Minimum Rate of Interest relating to the relevant Interest Period, in
place of the Margin or Maximum or Minimum Rate of Interest relating to that last preceding Interest Period).

For the avoidance of doubt, this Condition 4.2(f)(a) shall apply to the determination of the Rate of Interest on the relevant Interest Determination Date only and the Rate of Interest applicable to any subsequent Interest Periods is subject to the subsequent operation of, and to adjustment as provided in, this Condition 4.2(f)(a).

For the purpose of this Condition 4.2(f)(a):

**Adjustment Spread** means a spread (which may be positive, negative or zero) or formula or methodology for calculating a spread, which the Independent Adviser (acting in good faith), determines is required to be applied to the relevant Successor Reference Rate or the relevant Alternative Reference Rate (as applicable) and is the spread, formula or methodology which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of a Successor Reference Rate, is formally recommended, or formally provided as an option for the
parties to adopt, in relation to the replacement of the

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relevant Original Reference Rate with the Successor Reference Rate by any Relevant Nominating Body; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of a Successor Reference Rate for which no such recommendation has been made or in the case of an
Alternative Reference Rate, the Independent Adviser determines is recognised or acknowledged as being in customary market usage in international debt capital markets transactions which reference the relevant Original Reference Rate where such rate
has been replaced by the Successor Rate or the Alternative Reference Rate (as applicable); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (if no such determination has been made) the Independent Adviser (acting in good faith) determines, is
recognised or acknowledged as being the industry standard for over-the-counter derivative transactions which reference the relevant Original Reference Rate, where such
rate has been replaced by the Successor Reference Rate or the Alternative Reference Rate (as the case may be); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) (if no such industry standard is recognised or acknowledged) the Independent Adviser (acting in good faith)
determines to be appropriate in order to reduce or eliminate, to the fullest extent reasonably practicable in the circumstances, any economic prejudice or benefit (as the case may be) to Noteholders as a result of the replacement of the relevant
Original Reference Rate with the Successor Reference Rate or Alternative Reference Rate (as applicable);

**Alternative Reference Rate** means, in respect of an Original Reference Rate, the rate that the Independent Adviser (acting in good faith) determines in accordance with Condition 4.2(f)(a) has replaced such Original Reference Rate in customary market usage in the international debt capital markets for the purposes of determining rates of interest (or the relevant component part thereof) for the same interest period and in the same Specified Currency as the Notes or, if the Independent Adviser determines that there is no such rate, such other rate as the Independent Adviser (acting in good faith) determines in its discretion is most comparable to such Original Reference Rate;

**Benchmark Event** means, in respect of an Original Reference Rate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Original Reference Rate ceasing to be published for a period of at least five Business Days or ceasing
permanently to be calculated, administered and published; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the later of (A) the making of a public statement by the administrator of such Original Reference Rate
that it has ceased or that it will, on or before a specified future date, cease publishing such Original Reference Rate permanently or indefinitely (in circumstances where no successor administrator has been appointed that will continue publication
of such Original Reference Rate) and (B) the date falling six months prior to the specified date referred to in (ii)(A); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the making of a public statement by the supervisor of the administrator of such Original Reference Rate that
such Original Reference Rate has been permanently or indefinitely discontinued; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the later of (A) the making of a public statement by the supervisor of the administrator of the Reference
Rate that such Original Reference Rate will, on or before a specified date, be permanently or indefinitely discontinued and (B) the date falling six months prior to the specified date referred to in (iv)(A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the later of (A) the making of a public statement by the supervisor of the administrator of the Original
Reference Rate as a consequence of which, such Original Reference Rate will be prohibited from being used or that its use will be subject to restrictions or adverse consequences in each case on or before a specified date and (B) the date
falling six months prior to the specified date referred to in (v)(A); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the later of (A) the making of a public statement by the supervisor of the administrator of such Original
Reference Rate announcing that such Original Reference Rate is or will on or before a specified date no longer be representative of an underlying market and (B) the date falling six months prior to the specified date referred to in (vi)(A); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) it has or will prior to the next Interest Determination Date become unlawful for the Principal Paying Agent,
(if applicable) the Calculation Agent or the Issuer) to calculate any payments due to be made to any Noteholder using such Original Reference Rate (including, without limitation, under the Benchmarks Regulation (EU) 2016/1011 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018, if applicable);

**Independent Adviser** means an independent financial institution of international repute or other independent financial adviser of recognised standing with relevant experience in the international debt capital markets, in each case as so determined by the Issuer (acting in good faith) and appointed by the Issuer at its own expense. For the avoidance of doubt, an Independent Adviser appointed pursuant to this Condition 4.2(f)(a) shall act in good faith and (in the absence of bad faith or fraud) shall have no liability whatsoever to the Issuer, the Trustee, the Agents, the Noteholders or the Couponholders for any determination made by it pursuant to this Condition 4.2(f)(a);

**Original Reference Rate** means the originally-specified Reference Rate used to determine the relevant Rate of Interest (or any component part thereof) in respect of any Interest Periods(s) (provided that if, following one or more Benchmark Events, such originally-specified Reference Rate (or any Successor Reference Rate or Alternative Reference Rate which has replaced it) has been replaced by a (or a further) Successor Relevant Rate or Alternative Reference Rate and a Benchmark Event subsequently occurs in respect of such Successor Reference Rate or Alternative Reference Rate, the term "Original Reference Rate" shall include any such Successor Reference Rate or Alternative Reference Rate);

**Relevant Nominating Body** means, in respect of an Original Reference Rate:

(i) the central bank, reserve bank, monetary authority or any similar institution for the currency to which such
Original Reference Rate relates, or any central bank or other supervisory

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authority which is responsible for supervising the administrator of such Original Reference Rate; or

(ii) any working group or committee sponsored by, chaired or co-chaired by
or constituted at the request of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the central bank, reserve bank, monetary authority or any similar institution for the currency to which such
Original Reference Rate relates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any central bank or other supervisory authority which is responsible for supervising the administrator of such
Original Reference Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a group of the aforementioned central banks or other supervisory authorities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Financial Stability Board or any part thereof; and

**Successor Reference Rate** means, in respect of an Original Reference Rate, a successor to or replacement of such Original Reference Rate or, where a Successor Relevant Rate or an Alternative Reference Rate has been determined pursuant to Condition 4.2(f)(a), such Successor Reference Rate or Alternative Reference Rate, as applicable, which is formally recommended, or formally provided as an option for parties to adopt, by any Relevant Nominating Body.

(b) Benchmark Transition

This Condition 4.2(f)(b) applies only where the applicable Pricing Supplement specifies (1) "Floating Rate Note Provisions" to be "Applicable" and the "Reference Rate" to be SOFR. Notwithstanding the foregoing provisions in this Condition 4 (Interest), if the Issuer, in consultation with the party responsible for determining the Rate of Interest (being the Principal Paying Agent or the Calculation Agent, as applicable), determines that a Benchmark Transition Event has occurred in relation to an Original Reference Rate at any time when the Conditions provide for any Rate of Interest (or any component part thereof) to be determined by reference to such Original Reference Rate, then the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Independent Adviser

The Issuer shall use reasonable endeavours to appoint an Independent Adviser, as soon as reasonably practicable to determine (acting in good faith) the Benchmark Replacement which will replace such Original Reference Rate for all purposes relating to the Notes in respect of all determinations on such date and for all determinations on all subsequent dates (subject to any subsequent application of this Condition 4.2(f)(b) with respect to such Benchmark Replacement) and any Benchmark Replacement Conforming Changes.

Any Benchmark Replacement so determined by the Independent Adviser shall have effect for any subsequent determination of any relevant Rate of Interest (subject to any further application of this Condition 4.2(f)(b) with respect to such Benchmark Replacement), subject, if any associated Benchmark Replacement Conforming Changes are required in connection therewith, to such Benchmark Replacement Conforming Changes becoming effective in accordance with the following provisions.

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If, notwithstanding the Issuer's reasonable endeavours, the Issuer is unable to appoint an Independent Adviser in accordance with the foregoing paragraphs, the fallback provisions provided for in Condition 4.2(b)(ii) or Condition 4(b)(iii) as the case may be, shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Benchmark Replacement Conforming Changes

If the Independent Adviser considers it is necessary to make Benchmark Replacement Conforming Changes, the Independent Adviser (acting in good faith) shall determine the terms of such Benchmark Replacement Conforming Changes, and the Issuer shall, subject to giving notice thereof in accordance with Condition 4.2(f)(b)(iii), without any requirement for the consent or approval of Noteholders or Couponholders, vary these Conditions, the Trust Deed and/or the Agency Agreement to give effect to such Benchmark Replacement Conforming Changes with effect from the date specified in such notice.

For the avoidance of doubt, the Trustee and the Principal Paying Agent shall, at the request and expense of the Issuer, agree to use their reasonable endeavours to effect such Benchmark Replacement Conforming Changes to the Trust Deed, the Agency Agreement and these Conditions, including, inter alia, by execution of a deed supplemental to the Trust Deed and/or the Agency Agreement, as the Issuer determines and certifies to the Trustee and the Principal Paying Agent are required in order to give effect to this Condition 4.2(f)(b) and neither the Trustee nor the Principal Paying Agent shall be liable to any party for any consequence thereof. Notwithstanding the above, neither the Trustee nor the Principal Paying Agent (as applicable) shall be obliged to agree to any Benchmark Replacement Conforming Changes if the same would, in the sole opinion of the Trustee or the Principal Paying Agent (as applicable), expose it to any additional duties, responsibilities or liabilities or reduce or amend its rights and/or the protective provisions afforded to it in the Trust Deed and/or these Conditions and/or the Agency Agreement (as applicable).

In connection with any such variation in accordance with this Condition 4.2(f)(b), the Issuer shall comply with the rules of any stock exchange or other relevant authority on or by which the Notes are for the time being listed or admitted to trading.

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

The Issuer shall no later than three Business Days prior to the relevant Interest Determination Date notify the party responsible for determining the Rate of Interest (being the Principal Paying Agent or the Calculation Agent, as applicable), the Guarantors, the Trustee, the Principal Paying Agent, the Paying Agents and promptly thereafter notify, in accordance with Condition 14 (*Notices*), the Noteholders of any Benchmark Replacement and the specific terms of any Benchmark Replacement Conforming Changes determined under this Condition 4.2(f)(b). Such notice shall be irrevocable and shall specify the effective date of the Benchmark Replacement Conforming Changes, if any. No later than notifying the Trustee and the Principal Paying Agent of the same, the Issuer shall deliver to the Trustee and the Principal Paying Agent a certificate signed by an Authorised Signatory of the Issuer confirming (A) (i) that a Benchmark Transition Event has occurred, (ii) the Benchmark Replacement; and (iii) the specific terms of any Benchmark Replacement Conforming Changes, in each case as determined in accordance with the

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provisions of this Condition 4.2(f)(b) and (B) certifying that the Benchmark Replacement Conforming Changes are necessary to ensure the proper operation of such Replacement Benchmark.

The Trustee and the Principal Paying Agent shall be entitled to rely on such certificate (without enquiry or liability to any person) as sufficient evidence thereof. The Benchmark Replacement and the Benchmark Replacement Conforming Changes (if any) specified in such certificate will (in the absence of manifest error in the determination of the Benchmark Replacement and the Benchmark Replacement Conforming Changes (if any) and without prejudice to the Trustee's and the Principal Paying Agent's ability to rely on such certificate as aforesaid) be binding on the Issuer, the Guarantors, the Trustee, the Principal Paying Agent, the Calculation Agent, the Paying Agents and the Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Survival of Original Reference Rate

Without prejudice to the obligations of the Issuer under this Condition 4.2(f)(b), the Original Reference Rate and the fallback provisions provided for in Condition 4.2(b) will continue to apply unless and until the party responsible for determining the Rate of Interest (being the Principal Paying Agent or the Calculation Agent, as applicable) has been notified of the Benchmark Replacement and any Benchmark Replacement Conforming Changes determined in accordance with Condition 4.2(f)(b).

As used in this Condition 4.2(f)(b):

**Benchmark Replacement** means the first alternative set forth in the order below that can be determined by the Independent Adviser (acting in good faith) as of the Benchmark Replacement Date:

(i) the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant
Governmental Body as the replacement for the Original Reference Rate for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment;

(ii) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or

(iii) the sum of: (a) the alternate rate of interest that has been selected by the Issuer as the replacement for
the Original Reference Rate for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current benchmark for U.S. dollar-denominated floating rate notes at such time and
(b) the Benchmark Replacement Adjustment;

**Benchmark Replacement Adjustment** means the first alternative set forth in the order below that can be determined by the Independent Adviser as of the Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a
positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback
Adjustment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Issuer
giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current benchmark with the applicable Unadjusted Benchmark Replacement for U.S.
dollar-denominated floating rate notes at such time;

**Benchmark Replacement Conforming Changes** means, with respect to the Benchmark Replacement, any technical, administrative or operational changes (including changes to any Interest Period, the timing and frequency of determining rates and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Independent Adviser (acting in good faith) decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Independent Adviser decides that adoption of any portion of such market practice is not administratively feasible or if the Independent Adviser determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Independent Adviser (acting in good faith) determines is reasonably necessary);

**Benchmark Replacement Date** means the earliest to occur of the following events with respect to the Original Reference Rate (including the daily published component used in the calculation thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of clause (i) or (ii) of the definition of "Benchmark Transition Event", the later
of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Original Reference Rate permanently or indefinitely ceases to provide the Original Reference Rate
(or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of clause (iii) of the definition of "Benchmark Transition Event", the date of the
public statement or publication of information referenced therein.

For the avoidance of doubt, if the event that gives rise to the Benchmark Replacement Date occurs on the same day as, but earlier than the customary or scheduled time for publication of the relevant reference rate in accordance with the then-prevailing operational procedures of the administrator of such reference rate or, as the case may be, of the other relevant information service publishing such reference rate, on, the relevant Interest Determination Date, the Benchmark Replacement Date will be deemed to have occurred prior to such time for such determination;

**Benchmark Transition Event** means the occurrence of one or more of the following events with respect to the Original Reference Rate (including the daily published component used in the calculation thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a public statement or publication of information by or on behalf of the administrator of the Original Reference
Rate (or such component) announcing that such administrator has ceased or will cease to provide the Original Reference Rate (or

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such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Original Reference Rate (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a public statement or publication of information by the regulatory supervisor for the administrator of the
Original Reference Rate (or such component), the central bank for the currency of the Original Reference Rate (or such component), an insolvency official with jurisdiction over the administrator for the Original Reference Rate (or such component), a
resolution authority with jurisdiction over the administrator for the Original Reference Rate (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the Original Reference Rate, which
states that the administrator of the Original Reference Rate (or such component) has ceased or will cease to provide the Original Reference Rate (or such component) permanently or indefinitely, provided that, at the time of such statement or
publication, there is no successor administrator that will continue to provide the Original Reference Rate (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a public statement or publication of information by the regulatory supervisor for the administrator of the
Original Reference Rate announcing that the Original Reference Rate is no longer representative;

**Corresponding Tenor** means, with respect to a Benchmark Replacement, a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the Original Reference Rate;

**Independent Adviser** means an independent financial institution of international repute or other independent financial adviser of recognised standing with relevant experience in the international debt capital markets, in each case appointed by the Issuer at its own expense. For the avoidance of doubt, an Independent Adviser appointed pursuant to this Condition 4.2(f)(b) shall act in good faith and (in the absence of bad faith or fraud) shall have no liability whatsoever to the Issuer, the Guarantors, the Trustee, the Agents, the Noteholders or the Couponholders for any determination made by it pursuant to this Condition 4.2(f)(b);

**ISDA Fallback Adjustment** means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the 2021 ISDA Interest Rate Derivatives Definitions as published by the International Swaps and Derivatives Association, Inc. (the **ISDA Definitions**) to be determined upon the occurrence of an index cessation event with respect to the Original Reference Rate;

**ISDA Fallback Rate** means the rate that would apply for derivatives transactions referencing the latest version of the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Original Reference Rate for the applicable tenor excluding the applicable ISDA Fallback Adjustment;

**Original Reference Rate** means the benchmark or screen rate (as applicable) originally specified for the purpose of determining the relevant Rate of Interest (or any relevant component part(s) thereof) on the Notes (provided that if, following one or more Benchmark

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Transition Events, such originally specified benchmark or screen rate (or any benchmark used in any Benchmark Replacement which has replaced it (the **Replacement Benchmark**)) has been replaced by a (or a further) Replacement Benchmark and a Benchmark Transition Event subsequently occurs in respect of such Replacement Benchmark, the term "Original Reference Rate" shall be deemed to include any such Replacement Benchmark);

**Relevant Governmental Body** means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto; and

**Unadjusted Benchmark Replacement** means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

(g)  ***Notification of Rate of Interest and Interest Amounts*** 

Except where the applicable Pricing Supplement specifies "Overnight Rate" to be "Applicable", the Principal Paying Agent or the Calculation Agent, as applicable, will cause the Rate of Interest and each Interest Amount for each Interest Period and the relevant Interest Payment Date to be notified to the Issuer, the Guarantors, the Trustee and any stock exchange on which the relevant Floating Rate Notes are for the time being listed and notice thereof to be published in accordance with Condition 14 (Notices) as soon as possible after their determination but in no event later than the fourth London Business Day thereafter. Each Interest Amount and Interest Payment Date so notified may subsequently be amended (or appropriate alternative arrangements made by way of adjustment) without prior notice in the event of an extension or shortening of the Interest Period. Any such amendment will promptly be notified to each stock exchange on which the relevant Floating Rate Notes are for the time being listed and to the Noteholders in accordance with Condition 14 (Notices). For the purposes of this paragraph (g), the expression **London Business Day** means a day (other than a Saturday or a Sunday) on which banks and foreign exchange markets are open for general business in London.

Where the applicable Pricing Supplement specifies "Overnight Rate" to be "Applicable", the Principal Paying Agent or the Calculation Agent, as applicable, will cause the Rate of Interest and each Interest Amount for each Interest Period and the relevant Interest Payment Date to be notified to the Issuer, the Guarantors, the Trustee and any stock exchange on which the relevant Floating Rate Notes are for the time being listed and notice thereof to be published in accordance with Condition 14 (Notices) as soon as possible after their determination but in no event later than the second Business Day thereafter. Each Rate of Interest, Interest Amount and Interest Payment Date so notified may subsequently be amended (or appropriate alternative arrangements made by way of adjustment) without prior notice in the event of an extension or shortening of the relevant Interest Period. Any such amendment or alternative arrangements will promptly be notified to each stock exchange on which the relevant Floating Rate Notes are for the time being listed and to the Noteholders in accordance with Condition 14 (Notices).

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**(h)**  ***Certificates to be final*** 

All certificates, communications, opinions, determinations, calculations, quotations and decisions given, expressed, made or obtained for the purposes of the provisions of this Condition 4.2, whether by the Principal Paying Agent or, if applicable, the Calculation Agent, shall (in the absence of wilful default, bad faith or manifest error) be binding on the Issuer, the Guarantors, the Principal Paying Agent, the other Agents, the Trustee and all Noteholders and Couponholders and (in the absence of wilful default or bad faith) no liability to the Issuer, the Guarantors, the Trustee, the Noteholders or the Couponholders shall attach to the Principal Paying Agent or the Calculation Agent, as applicable in connection with the exercise or non-exercise by it of its powers, duties and discretions pursuant to such provisions.

**4.3** **Accrual of interest** 

Each Note (or in the case of the redemption of part only of a Note, that part only of such Note) will cease to bear interest (if any) from (and including) its due date for redemption unless, upon due presentation thereof, payment of principal is improperly withheld or refused. In such event interest will continue to accrue as provided in the Trust Deed.

**5. PAYMENTS** 

**5.1** **Method of payment** 

Subject as provided below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) payments in a Specified Currency other than euro will be made by credit or transfer to an account in the
relevant Specified Currency maintained by the payee with a bank in the principal financial centre of the country of such Specified Currency (which, if the Specified Currency is Australian dollars or New Zealand dollars, shall be Sydney and Auckland,
respectively); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) payments in euro will be made by credit or transfer to a euro account (or any other account to which euro may
be credited or transferred) specified by the payee.

Payments will be subject in all cases to (i) any fiscal or other laws and regulations applicable in the place of payment or other laws and regulations to which the Obligors or their Agents are subject, but without prejudice to the provisions of Condition 7 (Taxation) and (ii) any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the U.S. Internal Revenue Code of 1986 (the Code) or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, any regulations or agreements thereunder, any official interpretations thereof, or any law implementing an intergovernmental approach thereto.

**5.2** **Presentation of definitive Bearer Notes and Coupons** 

Payments of principal in respect of definitive Bearer Notes will (subject as provided below) be made in the manner provided in Condition 5.1 only against presentation and surrender

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(or, in the case of part payment of any sum due, endorsement) of definitive Bearer Notes, and payments of interest in respect of definitive Bearer Notes will (subject as provided below) be made as aforesaid only against presentation and surrender (or, in the case of part payment of any sum due, endorsement) of Coupons, in each case at the specified office of any Paying Agent outside the United States (which expression, as used herein, means the United States of America (including the States and the District of Columbia, its territories and its possessions)).

Fixed Rate Notes in definitive bearer form (other than Long Maturity Notes (as defined below)) should be presented for payment together with all unmatured Coupons appertaining thereto (which expression shall for this purpose include Coupons falling to be issued on exchange of matured Talons), failing which the amount of any missing unmatured Coupon (or, in the case of payment not being made in full, the same proportion of the amount of such missing unmatured Coupon as the sum so paid bears to the sum due) will be deducted from the sum due for payment. Each amount of principal so deducted will be paid in the manner mentioned above against surrender of the relative missing Coupon at any time before the expiry of 10 years after the Relevant Date (as defined in Condition 7 (*Taxation*)) in respect of such principal (whether or not such Coupon would otherwise have become void under Condition 8 (*Prescription*)) or, if later, five years from the date on which such Coupon would otherwise have become due, but in no event thereafter.

Upon any Fixed Rate Note in definitive bearer form becoming due and repayable prior to its Maturity Date, all unmatured Talons (if any) appertaining thereto will become void and no further Coupons will be issued in respect thereof.

Upon the date on which any Floating Rate Note or Long Maturity Note in definitive bearer form becomes due and repayable, unmatured Coupons and Talons (if any) relating thereto (whether or not attached) shall become void and no payment or, as the case may be, exchange for further Coupons shall be made in respect thereof. A **Long Maturity Note** is a Fixed Rate Note (other than a Fixed Rate Note which on issue had a Talon attached) whose nominal amount on issue is less than the aggregate interest payable thereon provided that such Note shall cease to be a Long Maturity Note on the Interest Payment Date on which the aggregate amount of interest remaining to be paid after that date is less than the nominal amount of such Note.

If the due date for redemption of any definitive Bearer Note is not an Interest Payment Date, interest (if any) accrued in respect of such Note from (and including) the preceding Interest Payment Date or, as the case may be, the Interest Commencement Date shall be payable only against surrender of the relevant definitive Bearer Note.

**5.3** **Payments in respect of Bearer Global Notes** 

Payments of principal and interest (if any) in respect of Notes represented by any Global Note in bearer form will (subject as provided below) be made in the manner specified above in relation to definitive Bearer Notes and/or otherwise in the manner specified in the relevant Global Note, where applicable against presentation or surrender, as the case may

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be, of such Global Note at the specified office of any Paying Agent outside the United States. A record of each payment made, whether against presentation or surrender of any Global Note or otherwise, distinguishing between any payment of principal and any payment of interest, will be made either on such Global Note by the Paying Agent to which it was presented or in the records of Euroclear and/or Clearstream, Luxembourg, as applicable.

**5.4** **Payments in respect of Registered Notes** 

Payments of principal (other than instalments of principal prior to the final instalment) in respect of each Registered Note (whether or not in global form) will be made against presentation and surrender of the Registered Note at the specified office of the Registrar or any of the Paying Agents. Such payments will be made by transfer to the Designated Account (as defined below) of the holder (or the first named of joint holders) of the Registered Note appearing in the register of holders of the Registered Notes maintained by the Registrar (the **Register**) (i) where in global form, at the close of the business day (being for this purpose a day on which Euroclear and Clearstream, Luxembourg are open for business) before the relevant due date, and (ii) where in definitive form, at the close of business on the third business day (being for this purpose a day on which banks are open for business in the city where the specified office of the Registrar is located) before the relevant due date. For these purposes, **Designated Account** means the account maintained by a holder with a Designated Bank and identified as such in the Register and **Designated Bank** means (in the case of payment in a Specified Currency other than euro) a bank in the principal financial centre of the country of such Specified Currency (which, if the Specified Currency is Australian dollars or New Zealand dollars, shall be Sydney and Auckland, respectively) and (in the case of a payment in euro) any bank which processes payments in euro.

Payments of interest in respect of each Registered Note (whether or not in global form) will be made by transfer on the due date to the Designated Account of the holder (or the first named of joint holders) of the Registered Note appearing in the Register (i) where in global form, at the close of the business day (being for this purpose a day on which Euroclear and Clearstream, Luxembourg are open for business) before the relevant due date, and (ii) where in definitive form, at the close of business on the fifteenth day (whether or not such fifteenth day is a business day) before the relevant due date (the **Record Date**). Payment of the interest due in respect of each Registered Note on redemption will be made in the same manner as payment of the principal amount of such Registered Note.

No commissions or expenses shall be charged to the holders by the Registrar in respect of any payments of principal or interest in respect of Registered Notes.

None of the Issuer, the Guarantors, the Trustee or the Agents will have any responsibility or liability for any aspect of the records relating to, or payments made on account of, beneficial ownership interests in the Registered Global Notes or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

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**5.5** **General provisions applicable to payments** 

The holder of a Global Note shall be the only person entitled to receive payments in respect of Notes represented by such Global Note and the Issuer and the Guarantors will be discharged by payment to, or to the order of, the holder of such Global Note in respect of each amount so paid. Each of the persons shown in the records of Euroclear or Clearstream, Luxembourg as the beneficial holder of a particular nominal amount of Notes represented by such Global Note must look solely to Euroclear or Clearstream, Luxembourg, as the case may be, for their share of each payment so made by the Issuer or, as the case may be, any Guarantor to, or to the order of, the holder of such Global Note.

Notwithstanding the foregoing provisions of this Condition 5, if any amount of principal and/or interest in respect of Bearer Notes is payable in U.S. dollars, such U.S. dollar payments of principal and/or interest in respect of such Notes will be made at the specified office of a Paying Agent in the United States if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Issuer has appointed Paying Agents with specified offices outside the United States with the reasonable
expectation that such Paying Agents would be able to make payment in U.S. dollars at such specified offices outside the United States of the full amount of principal and interest on the Bearer Notes in the manner provided above when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) payment of the full amount of such principal and interest at all such specified offices outside the United
States is illegal or effectively precluded by exchange controls or other similar restrictions on the full payment or receipt of principal and interest in U.S. dollars; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such payment is then permitted under United States law without involving, in the opinion of the Issuer and the
Guarantors, adverse tax consequences to the Issuer or the Guarantors.

**5.6** **Payment Day** 

If the date for payment of any amount in respect of any Note or Coupon is not a Payment Day, the holder thereof shall not be entitled to payment until the next following Payment Day in the relevant place and shall not be entitled to further interest or other payment in respect of such delay. For these purposes, **Payment Day** means any day which (subject to Condition 8 (*Prescription*)) is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a day on which commercial banks and foreign exchange markets settle payments and are open for general business
(including dealing in foreign exchange and foreign currency deposits) in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of Notes in definitive form only, the relevant place of presentation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Additional Financial Centre (other than T2) specified in the applicable Pricing Supplement; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if T2 is specified as an Additional Financial Centre in the applicable Pricing Supplement, a day on which T2 is
open; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) either (A) in relation to any sum payable in a Specified Currency other than euro, a day on which
commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in foreign exchange and foreign currency deposits) in the principal financial centre of the country of the relevant Specified Currency
(which if the Specified Currency is Australian dollars or New Zealand dollars shall be Sydney and Auckland, respectively) or (B) in relation to any sum payable in euro, a day on which T2 is open.

**5.7** **Interpretation of principal and interest** 

Any reference in these Conditions to principal in respect of the Notes shall be deemed to include, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any additional amounts which may be payable with respect to principal under Condition 7 (Taxation) or under any
undertaking or covenant given in addition thereto, or in substitution therefor, pursuant to the Trust Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Final Redemption Amount of the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Early Redemption Amount of the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Optional Redemption Amount(s) (if any) of the Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any premium and any other amounts (other than interest) which may be payable by the Issuer under or in respect
of the Notes.

Any reference in the Conditions to interest in respect of the Notes shall be deemed to include, as applicable, any additional amounts which may be payable with respect to interest under Condition 7 (Taxation) or under any undertaking or covenant given in addition thereto, or in substitution therefor, pursuant to the Trust Deed.

**6.** **REDEMPTION AND PURCHASE** 

**6.1** **Redemption at maturity** 

Unless previously redeemed or purchased and cancelled as provided below, each Note will be redeemed by the Issuer at its Final Redemption Amount specified in the applicable Pricing Supplement in the relevant Specified Currency on the Maturity Date specified in the applicable Pricing Supplement.

**6.2** **Redemption for taxation reasons** 

The Notes may be redeemed at the option of the Issuer in whole, but not in part, at any time (if this Note is not a Floating Rate Note) or on any Interest Payment Date (if this Note is a Floating Rate Note), on giving not less than the minimum period nor more than the maximum period of notice specified in the applicable Pricing Supplement to the Principal

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Paying Agent and, in accordance with Condition 14 (Notices), the Noteholders (which notice shall be irrevocable), if the Issuer satisfies the Trustee immediately before the giving of such notice that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the occasion of the next payment due under the Notes, the Issuer has or will become obliged to pay
additional amounts as provided or referred to in Condition 7 (*Taxation*) or any of the Guarantors in making payment themselves would be required to pay such additional amounts, in each case, as a result of any change in, or amendment to, the
laws or regulations of the relevant Tax Jurisdiction (as defined in Condition 7 (*Taxation*)) or any change in the application or official interpretation of such laws or regulations, which change or amendment becomes effective on or after the
date on which agreement is reached to issue the first Tranche of the Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such obligation cannot be avoided by the Issuer or, as the case may be, the relevant Guarantor, taking
reasonable measures available to it (for the avoidance of doubt, excluding changing its jurisdiction of tax residence or general conduct of its business or being replaced (by substitution) as Issuer or, as the case may be, Guarantor),

provided that no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer or, as the case may be, the relevant Guarantor would be obliged to pay such additional amounts, were a payment in respect of the Notes or the Guarantee, as the case may be, then due.

Prior to the publication of any notice of redemption pursuant to this Condition 6.2, the Issuer shall deliver to the Trustee a certificate signed by an Authorised Signatory of the Issuer stating that the Issuer is entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to the right of the Issuer so to redeem have occurred, and the Trustee shall be entitled to accept the certificate as sufficient evidence of the satisfaction of the conditions precedent set out above, in which event they shall be conclusive and binding on the Noteholders and the Couponholders.

Notes redeemed pursuant to this Condition 6.2 will be redeemed at their Early Redemption Amount referred to in Condition 6.8 together (if appropriate) with interest accrued to (but excluding) the date of redemption.

**6.3** **Redemption at the Option of the Issuer (Issuer Call)** 

If Issuer Call is specified as being applicable in the applicable Pricing Supplement, the Issuer may, having given not less than the minimum period nor more than the maximum period of notice specified in the applicable Pricing Supplement to the Noteholders in accordance with Condition 14 (*Notices*) (which notice shall be irrevocable and shall specify the date fixed for redemption), redeem all or, if so specified in the applicable Pricing Supplement, some only of the Notes then outstanding on any Optional Redemption Date and at the Optional Redemption Amount(s) specified in, or determined in the manner specified in, the applicable Pricing Supplement, together, if appropriate, with interest

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accrued to (but excluding) the relevant Optional Redemption Date. Any such redemption must be of a nominal amount not less than the Minimum Redemption Amount and not more than the Maximum Redemption Amount, in each case as may be specified in the applicable Pricing Supplement.

The Optional Redemption Amount will either be the specified percentage of the nominal amount of the Notes stated in the applicable Pricing Supplement or, if either Spens Amount or Make-whole Amount is specified in the applicable Pricing Supplement, will be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if Spens Amount is specified as being applicable in the applicable Pricing Supplement, the higher of (i)
100 per cent. of the nominal amount outstanding of the Notes to be redeemed and (ii) the nominal amount outstanding of the Notes to be redeemed multiplied by the price, as reported to the Issuer and the Trustee by the Determination Agent,
at which the Gross Redemption Yield to maturity (or, if Issuer Par Call is specified as being applicable in the applicable Pricing Supplement, the Gross Redemption Yield to the Par Call Period Commencement Date and assuming for this purpose that the
Notes are scheduled to mature on the Par Call Period Commencement Date instead of the Maturity Date) on such Notes on the Reference Date is equal to the Gross Redemption Yield (determined by reference to the middle market price) at the Quotation
Time on the Reference Date of the Reference Bond plus the Redemption Margin; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if Make-whole Amount is specified as applicable in the applicable Pricing Supplement, the higher of (i)
100 per cent. of the nominal amount outstanding of the Notes to be redeemed and (ii) the sum of the present values of the nominal amount outstanding of the Notes to be redeemed (assuming for this purpose, in the case of any Notes for which
Issuer Par Call is specified as being applicable in the applicable Pricing Supplement, that the Notes are scheduled to mature on the Par Call Period Commencement Date instead of the Maturity Date) and the Remaining Term Interest on such Notes
(exclusive of interest accrued to the date of redemption) and such present values shall be calculated by discounting such amounts to the date of redemption on an annual, a semi-annual or such other basis as is equivalent to the frequency of interest
payments on the Notes (as determined by the Determination Agent) (assuming the Day Count Fraction specified in the applicable Pricing Supplement or such other day count basis as the Determination Agent may consider to be appropriate having regard to
customary market practice at such time) at the Reference Bond Rate plus the Redemption Margin, all as determined by the Determination Agent.

For the purposes of this Condition 6.3:

**DA Selected Bond** means a government security or securities (which if the Specified Currency is euro, will be a German *Bundesobligationen*) selected by the Determination Agent as having an actual or interpolated maturity comparable with the remaining term to maturity of the Notes (or, if Issuer Par Call is specified as being applicable in the applicable Pricing Supplement, the remaining term to the Par Call Period Commencement Date as specified in the applicable Pricing Supplement), that would be utilised, at the time of

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selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities denominated in the Specified Currency and of a comparable maturity to the remaining term to maturity of the Notes (or, if Issuer Par Call is specified as being applicable in the applicable Pricing Supplement, the remaining term to the Par Call Period Commencement Date as specified in the applicable Pricing Supplement);

**Determination Agent** means an investment bank or financial institution of international standing selected and appointed by the Issuer at its own expense;

**Gross Redemption Yield** means, with respect to a security, the gross redemption yield on such security, expressed as a percentage and calculated by the Determination Agent on the basis set out by the United Kingdom Debt Management Office in the paper "Formulae for Calculating Gilt Prices from Yields", page 4, Section One: Price/Yield Formulae "Conventional Gilts" (published 8 June 1998, as amended or updated from time to time) on a semi-annual compounding basis (converted (in the case of Notes with annual Interest Payment Dates) to an annualised yield or (in the case of Notes which do not have annual or semi-annual Interest Payment Dates) to a yield on such basis as shall be equivalent to the frequency of interest payments on the Notes (as determined by the Determination Agent) and rounded up (if necessary) to four decimal places) or, if such formula does not reflect generally accepted market practice at the time of redemption, a gross redemption yield calculated in accordance with generally accepted market practice at such time as determined by the Determination Agent;

**Quotation Time** shall be as set out in the applicable Pricing Supplement; Redemption Margin shall be as set out in the applicable Pricing Supplement;

**Reference Bond** shall be as set out in the applicable Pricing Supplement or the DA Selected Bond;

**Reference Bond Price** means, with respect to any date of redemption, (a) the arithmetic average of the Reference Government Bond Dealer Quotations for such date of redemption, after excluding the highest and lowest such Reference Government Bond Dealer Quotations, or (b) if the Determination Agent obtains fewer than four such Reference Government Bond Dealer Quotations, the arithmetic average of all such quotations, or (c) if the Determination Agent obtains only one such Reference Government Bond Dealer Quotation, such quotation so obtained, or (d) if no Reference Government Bond Dealer Quotations are provided, the price determined by the Determination Agent (or failing which the Issuer, in consultation with the Determination Agent), acting in a commercially reasonable manner, at such time and by reference to such sources as it deems appropriate;

**Reference Bond Rate** means, with respect to any date of redemption, the rate per annum equal to the annual or semi-annual yield (as the case may be) to maturity or interpolated yield to maturity (on the relevant day count basis) of the Reference Bond, assuming a price for the Reference Bond (expressed as a percentage of its nominal amount) equal to the Reference Bond Price for such date of redemption;

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**Reference Date** will be set out in the relevant notice of redemption;

**Reference Government Bond Dealer** means each of five banks selected by the Issuer, or their affiliates, which are (A) primary government securities dealers, and their respective successors, or (B) market makers in pricing corporate bond issues;

**Reference Government Bond Dealer Quotations** means, with respect to each Reference Government Bond Dealer and any date of redemption, the arithmetic average, as determined by the Determination Agent, of the bid and offered prices for the Reference Bond (expressed in each case as a percentage of its nominal amount) at the Quotation Time on the Reference Date quoted in writing to the Determination Agent by such Reference Government Bond Dealer; and

**Remaining Term Interest** means, with respect to any Note, the aggregate amount of scheduled payment(s) of interest on such Note for the remaining term to maturity of such Note (or, if Issuer Par Call is specified as being applicable in the applicable Pricing Supplement, the remaining term up to the Par Call Period Commencement Date as specified in the applicable Pricing Supplement) determined on the basis of the rate of interest applicable to such Note from and including the date on which such Note is to be redeemed by the Issuer pursuant to this Condition 6.3.

In the case of a partial redemption of Notes, the Notes to be redeemed (the **Redeemed Notes**) will (i) in the case of Redeemed Notes represented by definitive Notes, be selected individually by lot, not more than 30 days prior to the date fixed for redemption and (ii) in the case of Redeemed Notes represented by a Global Note, be selected in accordance with the rules of Euroclear and/or Clearstream, Luxembourg, (to be reflected in the records of Euroclear and Clearstream, Luxembourg as either a pool factor or a reduction in nominal amount, at their discretion). In the case of Redeemed Notes represented by definitive Notes, a list of the serial numbers of such Redeemed Notes will be published in accordance with Condition 14 (Notices) not less than 15 days prior to the date fixed for redemption.

**6.4** **Redemption at the option of the Issuer (Issuer Par Call)** 

If Issuer Par Call is specified as being applicable in the applicable Pricing Supplement, the Issuer may, having given not less than the minimum period nor more than the maximum period of notice specified in the applicable Pricing Supplement to the Noteholders in accordance with Condition 14 (Notices) (which notice shall be irrevocable and specify the date fixed for redemption), redeem the Notes then outstanding in whole, but not in part, at any time during the Par Call Period specified as being applicable in the applicable Pricing Supplement, at the Final Redemption Amount specified in the applicable Pricing Supplement, together, if appropriate, with interest accrued but unpaid to (but excluding) the date fixed for redemption.

**6.5** **Redemption at the option of the Noteholders (Investor Put)** 

If Investor Put is specified as being applicable in the applicable Pricing Supplement, upon the holder of any Note giving to the Issuer in accordance with Condition 14 (Notices) not less than the minimum period nor more than the maximum period of notice specified in the

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applicable Pricing Supplement, the Issuer will, upon the expiry of such notice, redeem such Note on the Optional Redemption Date and at the Optional Redemption Amount specified in the applicable Pricing Supplement, together, if appropriate, with interest accrued to (but excluding) the Optional Redemption Date.

To exercise the right to require redemption of this Note the holder of this Note must, if this Note is in definitive form and held outside Euroclear and Clearstream, Luxembourg, deliver, at the specified office of any Paying Agent (in the case of Bearer Notes) or the Registrar (in the case of Registered Notes) at any time during normal business hours of such Paying Agent or, as the case may be, the Registrar falling within the notice period, a duly completed and signed notice of exercise in the form (for the time being current) obtainable from any specified office of any Paying Agent or, as the case may be, the Registrar (a Put Notice) and in which the holder must specify a bank account to which payment is to be made under this Condition 6.5 and, in the case of Registered Notes, the nominal amount thereof to be redeemed and, if less than the full nominal amount of the Registered Notes so surrendered is to be redeemed, an address to which a new Registered Note in respect of the balance of such Registered Notes is to be sent subject to and in accordance with the provisions of Condition 1.3. If this Note is in definitive bearer form, the Put Notice must be accompanied by this Note or evidence satisfactory to the Paying Agent concerned that this Note will, following delivery of the Put Notice, be held to its order or under its control.

If this Note is represented by a Global Note or is in definitive form and held through Euroclear or Clearstream, Luxembourg, to exercise the right to require redemption of this Note the holder of this Note must, within the notice period, give notice to the Principal Paying Agent of such exercise in accordance with the standard procedures of Euroclear and Clearstream, Luxembourg (which may include notice being given on their instruction by Euroclear or Clearstream, Luxembourg or any common depositary or common safekeeper, as the case may be, for them to the Principal Paying Agent by electronic means) in a form acceptable to Euroclear and Clearstream, Luxembourg from time to time.

Any Put Notice or other notice given in accordance with the standard procedures of Euroclear and Clearstream, Luxembourg by a holder of any Note pursuant to this Condition 6.5 shall be irrevocable except where, prior to the due date of redemption, an Event of Default has occurred and the Trustee has declared the Notes to be due and payable pursuant to Condition 9 (Events of Default), in which event such holder, at its option, may elect by notice to the Issuer to withdraw the notice given pursuant to this Condition 6.5 and instead to declare such Note forthwith due and payable pursuant to Condition 9 (Events of Default).

**6.6** **Redemption at the option of the Noteholders on a Change of Control (Change of Control Put)** 

If Change of Control Put is specified as being applicable in the applicable Pricing Supplement, the following provisions will apply to the Notes:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A **Change of Control Put Event** will be deemed to occur if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any person or any persons acting in concert (as defined in the City Code on Takeovers and Mergers), other than
a holding company (as defined in Section 1159 of the Companies Act 2006, as amended) whose shareholders are or are to be substantially similar to the pre-existing shareholders of the Parent Guarantor
(such holding company, including the holding company which will become the ultimate parent company of the Parent Guarantor in connection with the Announced Reorganisation, an **Excluded Entity**), shall become interested (within the meaning of
Part 22 of the Companies Act 2006, as amended) in (x) more than 50 per cent. of the issued or allotted ordinary share capital of the Parent Guarantor or (y) shares in the capital of the Parent Guarantor carrying more than 50 per
cent. of the voting rights normally exercisable at a general meeting of the Parent Guarantor (a Change of Control); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the time of the occurrence of a Change of Control, the Notes carry, on a solicited basis, an investment
grade credit rating (Baa3/BBB-, or equivalent, or better) (an **Investment Grade Rating**), from any Rating Agency and such rating from any Rating Agency is, within the Change of Control Period, either
downgraded to a non-investment grade credit rating (Ba1/BB+, or equivalent, or worse) or withdrawn and such rating is not within the Change of Control Period (in the case of a downgrade) upgraded or (in the
case of a withdrawal) reinstated to an Investment Grade Rating by such Rating Agency or replaced by an Investment Grade Rating of another Rating Agency on a solicited basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in making the relevant decision(s) referred to above, the relevant Rating Agency announces publicly or confirms
in writing to the Issuer or the Parent Guarantor that such decision(s) resulted, in whole or in part, from the occurrence of the Change of Control.

Further, (aa) if at the time of the occurrence of the Change of Control the Notes carry either a non-investment grade credit rating from each Rating Agency then assigning a credit rating to the Notes on a solicited basis or no credit rating from any Rating Agency on a solicited basis, a Change of Control Put Event will be deemed to occur upon the occurrence of a Change of Control alone; and (bb) if at the time of the occurrence of the Change of Control the Notes carry an Investment Grade Rating from more than one Rating Agency on a solicited basis, then a Change of Control Put Event will be deemed to occur upon the first of such Rating Agencies, within the Change of Control Period, downgrading its rating to a non-investment grade credit rating or withdrawing its rating, and such Rating Agency's assigned rating is not, within the Change of Control Period, (in the case of a downgrade) upgraded or (in the case of a withdrawal) reinstated to an Investment Grade Rating by such Rating Agency or replaced by an Investment Grade Rating of another Rating Agency on a solicited basis.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Change of Control Put Event occurs at any time while any Note remains outstanding, each Noteholder shall
have the option to require the Issuer to redeem or repay that Note on the Change of Control Put Date (as defined below) at its Optional Redemption Amount specified in the applicable Pricing Supplement, together, if appropriate, with interest accrued
to (but excluding) the date of redemption or purchase. Such option shall operate as set out below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly upon the Issuer, or, as the case may be, any Guarantor, becoming aware that a Change of Control Put
Event has occurred, the Issuer or, as the case may be, the relevant Guarantor, shall notify the Trustee in writing and the Issuer shall, and at any time upon the Trustee receiving such express notice the Trustee may, and if so requested by the
holders of at least one-quarter in nominal amount of the Notes then outstanding or if so directed by an Extraordinary Resolution of the Noteholders, shall (subject in each case to being indemnified and/or
secured and/or pre-funded to its satisfaction), give notice (a **Change of Control Put Event Notice**) to the Noteholders in accordance with Condition 14 (*Notices*) specifying the nature of the Change
of Control Put Event and the procedure for exercising the option contained in this Condition 6.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If this Note is in definitive form and held outside Euroclear and Clearstream, Luxembourg, to exercise the
option to require the redemption or repayment of a Note under this Condition 6.6 the holder of this Note must deliver a Change of Control Put Notice (as defined below), on any day on which commercial banks and foreign exchange markets are open in
the city of the relevant Paying Agent or Registrar falling within the period (the **Change of Control Put Period**) of 45 days after a Change of Control Put Event Notice is given, at the specified office of any Paying Agent (in the case of Bearer
Notes) or the Registrar (in the case of Registered Notes), accompanied by a duly signed and completed notice of exercise in the form (for the time being current) obtainable from the specified office of any Paying Agent or, as the case may be, the
Registrar (a **Change of Control Put Notice**), and in which the holder must specify a bank account to which payment is to be made under this Condition 6.6 and, in the case of Registered Notes, the nominal amount thereof to be redeemed and, if
less than the full nominal amount of the Registered Notes so surrendered is to be redeemed, an address to which a new Registered Note in respect of the balance of such Registered Notes is to be sent subject to and in accordance with the provisions
of Condition 1.3. If this Note is in definitive bearer form, the Note should be delivered together with all Coupons appertaining thereto maturing after the date which is seven days after the expiration of the Change of Control Put Period (the **Change of Control Put Date**), failing which the Paying Agent will require payment of an amount equal to the face value of any missing such Coupon. Any amount so paid will be reimbursed in the manner provided in Condition 5 (*Payments*)
against (in the case of Bearer Notes) presentation and surrender of the relevant missing Coupon (or any replacement therefor issued pursuant to Condition 11 (*Replacement of Notes, Coupons and Talons*)) at any time after such payment, but
before the expiry of the period of 10 years from the Relevant Date (as defined in Condition 7 (*Taxation*) in respect of

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that Coupon. The Paying Agent to which such Note (if applicable) and Change of Control Put Notice are delivered will issue to the Noteholder concerned a non-transferable receipt in respect of the Note so delivered. Payment in respect of any Note so delivered will be made, if the holder duly specified a bank account in the Change of Control Put Notice to which payment is to be made, on the Change of Control Put Date by transfer to that bank account and, in every other case, on or after the Change of Control Put Date against presentation and surrender or (as the case may be) endorsement of such receipt at the specified office of any Paying Agent.

If this Note is represented by a Global Note or is in definitive form and held through Euroclear and Clearstream, Luxembourg, to exercise the right to require redemption or repayment of a Note under this Condition 6.6, the holder of this Note must, within the Change of Control Put Period, give notice to the Principal Paying Agent of such exercise in accordance with the standard procedures of Euroclear and/or Clearstream, Luxembourg (which may include notice being given on their instruction by Euroclear and/or Clearstream, Luxembourg or any common depositary or common safekeeper, as the case may be, for them to the Principal Paying Agent by electronic means) in a form acceptable to Euroclear and/or Clearstream, Luxembourg from time to time.

A Change of Control Put Notice, once given, shall be irrevocable. The Issuer shall redeem or repay the relevant Notes on the Change of Control Put Date unless previously redeemed and cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If 80 per cent. or more in nominal amount of the Notes then outstanding have been redeemed pursuant to
this Condition 6.6, the Issuer may, on not less than 15 or more than 30 days' notice to the Noteholders given within 30 days after the Change of Control Put Date, redeem, at its option, the remaining Notes as a whole at their Optional
Redemption Amount specified in the applicable Pricing Supplement, together, if appropriate, interest accrued to (but excluding) the date of such redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the rating designations employed by any of Moody's, S&P or Fitch are changed from those which are
described in paragraph (a)(ii) above, or if a rating is procured from a Substitute Rating Agency, the Issuer shall determine the rating designations of Moody's or S&P or Fitch or such Substitute Rating Agency (as appropriate) as are most
equivalent to the prior rating designations of Moody's or S&P or Fitch and paragraph (a)(ii) above shall be read accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Trustee is under no obligation to monitor or ascertain whether a Change of Control Put Event or Change of
Control or any event which could lead to the occurrence of or could constitute a Change of Control Put Event or Change of Control has occurred and, until it shall have express notice in writing pursuant to the Trust Deed to the contrary, the Trustee
may assume that no Change of Control Put Event or Change of Control or other such event has occurred.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In these Conditions:

**Announced Reorganisation** means the reorganisation announced by the Parent Guarantor on 3 July 2025 which would result in Wise Group plc, a new Jersey incorporated and solely UK tax resident company, becoming the ultimate parent company of Wise plc and its Subsidiaries;

**Change of Control Period** means the period commencing on the date of the announcement of the Change of Control having occurred and ending 120 days after such date (or such longer period as the Notes are under consideration, announced publicly within such 120 day period, for rating review); and

**Rating Agency** means Moody's Investors Service Ltd. (**Moody's**) or Standard & Poor's Credit Market Services Europe Limited (**S&**P) or Fitch Ratings Ltd (Fitch), or their respective affiliates or successors or any rating agency (a **Substitute Rating Agency**) substituted for any of them by the Issuer or the Parent Guarantor from time to time with the prior written approval of the Trustee.

**6.7** **Clean-Up Call Option** 

If Clean-Up Call is specified as being applicable in the applicable Pricing Supplement, in the event that the nominal amount of the Notes then outstanding is 25 per cent. (or such other percentage specified as being the "Clean-Up Call Threshold" in the applicable Pricing Supplement) or less of the aggregate nominal amount of the Notes originally issued (for these purposes, any further notes issued pursuant to Condition 18 (*Further Issues*) and consolidated with this Series of Notes shall be deemed to have been originally issued), the Issuer may redeem, at its option, all but not some only of the Notes then outstanding, on giving not less than the minimum period nor more than the maximum period of notice specified in the applicable Pricing Supplement to the Noteholders in accordance with Condition 14 (*Notices*) (which notice shall be irrevocable and shall specify the date fixed for redemption) at the Optional Redemption Amount specified in the applicable Pricing Supplement, together with interest accrued to (but excluding) the date fixed for redemption provided that the Notes no longer outstanding have not been redeemed by the Issuer pursuant to Condition 6.3, if applicable.

**6.8** **Early Redemption Amounts** 

For the purpose of Condition 6.2 and Condition 9 (*Events of Default*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Note (other than a Zero Coupon Note) will be redeemed at its Early Redemption Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Zero Coupon Note will be redeemed at its Early Redemption Amount calculated in accordance with the
following formula:

Early Redemption Amount = RP x (1 + AY)y

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where:

---

| | |
|:---|:---|
| **RP** | means the Reference Price;  |

---

---

| | |
|:---|:---|
| **AY** | means the Accrual Yield expressed as a decimal; and  |

---

---

| | |
|:---|:---|
| ***y*** | is the Day Count Fraction specified in the applicable Pricing Supplement which will be either (i) 30/360 (in which case the numerator will be equal to the number of days (calculated on the basis of a 360-day year consisting of 12 months of 30 days each) from (and including) the Issue Date of the first Tranche of the Notes to (but excluding) the date fixed for redemption or (as the case may be) the date upon which such Note becomes due and repayable and the denominator will be 360) or (ii) Actual/360 (in which case the numerator will be equal to the actual number of days from (and including) the Issue Date of the first Tranche of the Notes to (but excluding) the date fixed for redemption or (as the case may be) the date upon which such Note becomes due and repayable and the denominator will be 360) or (iii) Actual/365 (in which case the numerator will be equal to the actual number of days from (and including) the Issue Date of the first Tranche of the Notes to (but excluding) the date fixed for redemption or (as the case may be) the date upon which such Note becomes due and repayable and the denominator will be 365).  |

---

**6.9** **Purchases** 

Each of the Issuer, the Guarantors and their respective Subsidiaries (as defined above) may at any time purchase Notes (provided that in the case of definitive Bearer Notes, all unmatured Coupons and Talons appertaining to the Notes are purchased with the Notes) in any manner and at any price. Such Notes may be held, reissued, resold or, at the option of the Issuer, the relevant Guarantors or the relevant Subsidiary, surrendered to any Paying Agent and/or the Registrar for cancellation. All Notes so purchased will be surrendered to a Paying Agent or Registrar for cancellation.

**6.10** **Cancellations** 

All Notes which are redeemed will forthwith be cancelled (together with all unmatured Coupons and Talons attached thereto or surrendered therewith at the time of redemption). All Notes so cancelled and any Notes purchased and cancelled pursuant to Condition 6.9 (together with all unmatured Coupons and Talons cancelled therewith) shall be forwarded to the Principal Paying Agent and cannot be reissued or resold.

**6.11** **Late payment on Zero Coupon Notes** 

If the amount payable in respect of any Zero Coupon Note upon redemption of such Zero Coupon Note pursuant to Condition 6.1, 6.2, 6.3, 6.4, 6.5, 6.6 or 6.7 upon its becoming due and repayable as provided in Condition 9 (*Events of Default*) is improperly withheld or refused, the amount due and repayable in respect of such Zero Coupon Note shall be the amount calculated as provided in Condition 6.9 as though the references therein to the date fixed for the redemption or the date upon which such Zero Coupon Note becomes due and payable were replaced by references to the date which is the earlier of:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date on which all amounts due in respect of such Zero Coupon Note have been paid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) five days after the date on which the full amount of the moneys payable in respect of such Zero Coupon Notes
has been received by the Principal Paying Agent or the Registrar or the Trustee and notice to that effect has been given to the Noteholders in accordance with Condition 14 (Notices).

**7.** **TAXATION** 

**7.1** **Payment without Withholding** 

All payments of principal and interest in respect of the Notes and Coupons by or on behalf of the Issuer or the Guarantors shall be made without withholding or deduction for, or on account of, any present or future taxes or duties of whatever nature (**Taxes**) imposed or levied by or on behalf of any Tax Jurisdiction unless such withholding or deduction is required by law. In that event, the Issuer or, as the case may be, the relevant Guarantor will pay such additional amounts as shall be necessary in order that the net amounts received by the Noteholders and/or Couponholders after such withholding or deduction shall equal the respective amounts which would have been receivable by them in the absence of such withholding or deduction, except that no such additional amounts shall be payable in relation to any payment in respect of any Note or Coupon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the holder of which is liable for Taxes in respect of such Note or Coupon by reason of having some connection
with the Tax Jurisdiction other than a mere holding of the Notes or Coupons; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) presented for payment in the Tax Jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) presented for payment more than 30 days after the Relevant Date (as defined below) except to the extent that a
holder would have been entitled to additional amounts on presenting the same for payment on the last day of the period of 30 days assuming that day to have been a Payment Day (as defined in Condition 5 (Payments)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) presented for payment by or on behalf of a holder of, or any beneficial owner of any interest in, a Note or
Coupon where such holder or beneficial owner could lawfully prevent (but has not so lawfully prevented) such deduction or withholding by complying with any statutory requirements or by making a declaration of non-residence or other similar claim or filing for exemption to any relevant tax authority in the place where the relevant Note or Coupon is presented for payment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (in respect of any payment by a Delaware Guarantor) such withholding or deduction is imposed or withheld by
reason of the failure of the holder to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the holder or to make any valid or timely declaration or similar claim or satisfy any other
reporting requirements relating to such matters, whether required or imposed by statute, treaty, regulation or administrative

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practice, as a precondition to exemption from, or a reduction in the rate of such withholding or deduction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (in respect of any payment by a Delaware Guarantor) is on account of or in respect of any estate, inheritance,
gift, sales, excise, transfer, personal property or similar taxes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) where such withholding or deduction is required pursuant to an agreement described in Section 1471(b) of
the Code, or otherwise imposed pursuant to Sections 1471 through 1474 of the Code (or any regulations thereunder or official interpretations thereof) or an intergovernmental agreement between the United States and another jurisdiction facilitating
the implementation thereof (or any fiscal or regulatory legislation, rules or practices implementing such an intergovernmental agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Interpretation** 

In these Conditions:

**Belgian Guarantor** means a Guarantor incorporated, established or Belgian tax resident under the laws of Belgium, or a Guarantor that has a permanent establishment in Belgium;

**Delaware Guarantor** means a Guarantor incorporated, established or Delaware tax resident under the laws of Delaware, or a Guarantor that has a permanent establishment in Delaware;

**UK Guarantor** means a Guarantor that (i) is incorporated or otherwise established under the laws of any part of the United Kingdom; or (ii) is resident for tax purposes in the United Kingdom; or (iii) has a permanent establishment in the United Kingdom;

**Relevant Date** means the date on which the payment first becomes due but, if the full amount of the money payable has not been received by the Principal Paying Agent or the Trustee or the Registrar, as the case may be, on or before the due date, it means the date on which, the full amount of the money having been so received, notice to that effect has been duly given to the Noteholders by the Issuer in accordance with Condition 14 (Notices); and

**Tax Jurisdiction** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of the Issuer and any UK Guarantor, the United Kingdom or any political subdivision or any
authority thereof or therein having power to tax; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of any Belgian Guarantor, Belgium or any political subdivision or any authority thereof or therein
having power to tax; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of any Delaware Guarantor, the United States and/or Delaware or any political subdivision or any
authority thereof or therein having power to tax; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of any member of the Group which becomes a Guarantor pursuant to Conditions 2.4 or 15.2 which is
not a Belgian Guarantor, a Delaware Guarantor or a UK Guarantor, the jurisdiction in which such member of the Group is incorporated, established or tax resident or (in any such case) any political subdivision or any authority thereof or therein
having power to tax; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in each case any other jurisdiction or any political subdivision or any authority thereof or therein having
power to tax to which the Issuer or the relevant Guarantor (as applicable) is or becomes subject in respect of payments made by it of principal and/or interest on the Notes and Coupons.

**8.** **PRESCRIPTION** 

The Notes (whether in bearer or registered form) and Coupons will become void unless claims in respect of principal and/or interest are made within periods of 10 years (in the case of principal) and five years (in the case of interest) from the Relevant Date (as defined in Condition 7 (*Taxation*)) in respect of the Notes or, as the case may be, the Coupons.

There shall not be included in any Coupon sheet issued on exchange of any Talon any Coupon the claim for payment in respect of which would be void pursuant to this Condition 8 or Condition 5.2 or any Talon which would be void pursuant to Condition 5.2.

**9.** **EVENTS OF DEFAULT** 

**9.1** **Events of Default** 

The Trustee at its discretion may, and if so requested in writing by the holders of at least one-quarter in nominal amount of the Notes then outstanding or if so directed by an Extraordinary Resolution of the Noteholders shall (subject in each case to being indemnified and/or secured and/or pre-funded to its satisfaction), (but, in the case of the happening of any of the events described in paragraphs (b) to (d) (other than the winding up or dissolution of the Issuer or any Guarantor), and (e) to (i) inclusive below, only if the Trustee shall have certified in writing to the Issuer and the Guarantors that such event is, in its opinion, materially prejudicial to the interests of the Noteholders) give notice to the Issuer and the Guarantors that the Notes are, and they shall accordingly forthwith become, immediately due and repayable at their Early Redemption Amount, together with accrued interest as provided in the Trust Deed, if any of the following events shall occur (each, together where applicable with certification by the Trustee as described above, an **Event of Default** and together, **Events of Default**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if default is made in the payment of any principal or interest due in respect of the Notes or any of them and
the default continues for a period of 5 Business Days in the case of principal or 10 Business Days in the case of interest; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Issuer or any Guarantor fails to perform or observe any of its other obligations under these Conditions
or the Trust Deed and (except in any case where, in the opinion of the Trustee, the failure is incapable of remedy, when no such continuation or notice as is hereinafter mentioned will be required) the failure continues for the period of 30 days
next following the service by the Trustee on the Issuer or the relevant Guarantor (as the case may be) of notice requiring the same to be remedied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if (i) any Indebtedness for Borrowed Money (as defined below) of the Issuer or any Guarantor becomes due
and payable prematurely by reason of an event of default (however described); (ii) the Issuer or any Guarantor fails to make any payment in respect of any Indebtedness for Borrowed Money on the due date for payment as extended by any originally
applicable grace period; (iii) any security given by the Issuer or any Guarantor for any Indebtedness for Borrowed Money becomes enforceable and steps are taken to enforce the same; or (iv) default is made by the Issuer or any Guarantor in
making any payment due under any guarantee and/or indemnity given by it in relation to any Indebtedness for Borrowed Money of any other person; provided that no event described in this paragraph (c) shall constitute an Event of Default unless
the relevant amount of Indebtedness for Borrowed Money or other relative liability due and unpaid, either alone or when aggregated (without duplication) with other amounts of Indebtedness for Borrowed Money and/or other liabilities due and unpaid
relative to all (if any) other events specified in (i) to (iv) above which have occurred and are continuing, exceeds the greater of 5 per cent. of the value of the net assets of the Group as shown in the most recent annual or interim, as
the case may be, consolidated financial statements of the Parent Guarantor or £50,000,000 (or its equivalent in any other currency); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if any order is made by any competent court or resolution is passed for the winding up or dissolution of the
Issuer or any Guarantor, save for the purposes of reorganisation on terms previously approved by an Extraordinary Resolution of the Noteholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if the Issuer or any Guarantor ceases or threatens to cease to carry on all or substantially all of its
business, save for the purposes of reorganisation on terms previously approved by an Extraordinary Resolution of the Noteholders or where such cessation is in connection with the transfer of all or substantially all of the business of the Issuer or
any Guarantor to a Subsidiary of the Parent Guarantor or a sale of assets of the Issuer or any Guarantor (other than the Parent Guarantor) at fair market value; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if the Issuer or any Guarantor stops or threatens to stop payment of, or is unable to, or admits inability to,
pay, its debts (or any class of its debts) as they fall due or is deemed unable to pay its debts pursuant to or for the purposes of any applicable law, or is adjudicated or found bankrupt or insolvent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if (i) proceedings are initiated against the Issuer or any Guarantor under any applicable liquidation,
insolvency, composition, reorganisation or other similar laws

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or an application is made (or documents filed with a court) for the appointment of an administrative or other receiver, manager, administrator, liquidator or other similar official, or an administrative or other receiver, manager, administrator, liquidator or other similar official is appointed, in relation to the Issuer or any Guarantor or, as the case may be, in relation to all or substantially all of the undertaking or assets of any of them or an encumbrancer takes possession of all or substantially all of the undertaking or assets of any of them, or a distress, execution, attachment, sequestration or other process is levied, enforced upon, sued out or put in force against all or substantially all of the undertaking or assets of any of them, and (ii) in any such case (other than the appointment of an administrator) is not discharged within 14 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if the Issuer or any Guarantor initiates or consents to proceedings relating to itself under any applicable
liquidation, insolvency, composition, reorganisation or other similar laws (including the obtaining of a moratorium) or makes a conveyance or assignment for the benefit of, or enters into any composition or other arrangement with, its creditors
generally (or any class of its creditors) or any meeting is convened to consider a proposal for an arrangement or composition with its creditors generally (or any class of its creditors); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Issuer ceases to be a wholly owned (directly or indirectly) Subsidiary of the Parent Guarantor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) if the Guarantee in respect of any Guarantor ceases to be, or is claimed by the Issuer or any Guarantor not to
be, in full force and effect other than as permitted by these Conditions.

**9.2** **Interpretation** 

For the purposes of this Condition 9, **Indebtedness for Borrowed Money** means any indebtedness (whether being principal, premium, interest or other amounts but excluding any intra-Group indebtedness) for or in respect of any borrowed money or any liability under or in respect of any acceptance or acceptance credit or any notes, bonds, debentures, debenture stock, loan stock or other securities.

**10.** **ENFORCEMENT** 

**10.1** **Enforcement by the Trustee** 

The Trustee may at any time, at its discretion and without notice, take such proceedings and/or other steps or action (including lodging an appeal in any proceedings) against or in relation to the Issuer and/or any Guarantor as it may think fit to enforce the provisions of the Trust Deed, the Notes and the Coupons or otherwise, but it shall not be bound to take any such proceedings or other steps or action unless (a) it has been so directed by an Extraordinary Resolution of the Noteholders or so requested in writing by the holders of at least one-quarter in nominal amount of the Notes then outstanding and (b) it has been indemnified and/or secured and/or pre-funded to its satisfaction.

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**10.2** **Limitation on Trustee actions** 

The Trustee may refrain from taking any action in any jurisdiction if the taking of such action in that jurisdiction would be illegal or contrary to any applicable law of any jurisdiction or any applicable directive or regulation of any agency of any state (including, without limitation, section 619 of the Dodd-Frank Wall Street Report and Consumer Protection Act) or which would or might otherwise render it liable to any person and may do anything which is, in its opinion, necessary to comply with any such law, directive or regulation.

**10.3** **Enforcement by the Noteholders** 

No Noteholder or Couponholder shall be entitled to (i) take any steps or action against the Issuer or any Guarantor to enforce the performance of any of the provisions of the Trust Deed, the Notes or the Coupons or (ii) take any other proceedings (including lodging an appeal in any proceedings) in respect of or concerning the Issuer or any Guarantor, in each case, unless the Trustee, having become bound so to take any such action, steps or proceedings, fails so to do within a reasonable period and the failure shall be continuing.

**11.** **REPLACEMENT OF NOTES, COUPONS AND TALONS** 

Should any Note Coupon or Talon be lost, stolen, mutilated, defaced or destroyed, it may be replaced at the specified office of the Principal Paying Agent (in the case of Bearer Notes or Coupons) or the Registrar (in the case of Registered Notes) upon payment by the claimant of the expenses incurred in connection with the replacement and on such terms as to evidence and indemnity as the Issuer may reasonably require. Mutilated or defaced Notes, Coupons or Talons must be surrendered before replacements will be issued.

**12.** **AGENTS** 

The initial Agents are set out above. If any additional Paying Agents are appointed in connection with any Series, the names of such Paying Agents will be specified in Part B of the applicable Pricing Supplement.

The Issuer and the Guarantors are entitled, with the prior written approval of the Trustee, to vary or terminate the appointment of any Paying Agent and/or appoint additional or other Paying Agents and/or approve any change in the specified office through which any Paying Agent acts, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there will at all times be a Principal Paying Agent and a Registrar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) so long as the Notes are listed on any stock exchange or admitted to listing by any other relevant authority,
there will at all times be a Paying Agent (which may be the Principal Paying Agent) (in the case of Bearer Notes) and a Transfer Agent (in the case of Registered Notes) with a specified office in such place as may be required by the rules and
regulations of the relevant stock exchange or other relevant authority; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there will at all times be a Paying Agent in a jurisdiction within Europe other than the jurisdiction in which
the Issuer or any Guarantor is incorporated.

In addition, the Issuer shall forthwith appoint a Paying Agent having a specified office in New York City in the circumstances described in Condition 5.5. Notice of any variation, termination, appointment or change in Paying Agents will be given to the Noteholders promptly by the Issuer in accordance with Condition 14 (*Notices*).

In acting under the Agency Agreement, the Agents act solely as agents of the Issuer and the Guarantors and, in certain circumstances specified therein, of the Trustee and do not assume any obligation to, or relationship of agency or trust with, any Noteholders or Couponholders. The Agency Agreement contains provisions permitting any entity into which any Agent is merged or converted or with which it is consolidated or to which it transfers all or substantially all of its assets to become the successor paying agent.

**13.** **EXCHANGE OF TALONS** 

On and after the Interest Payment Date on which the final Coupon comprised in any Coupon sheet matures, the Talon (if any) forming part of such Coupon sheet may be surrendered at the specified office of any Paying Agent in exchange for a further Coupon sheet including (if such further Coupon sheet does not include Coupons to (and including) the final date for the payment of interest due in respect of the Note to which it appertains) a further Talon, subject to the provisions of Condition 8 (*Prescription*).

**14.** **NOTICES** 

**14.1** **Notices to the Noteholders** 

All notices regarding the Bearer Notes required to be given to the Noteholders pursuant to these Conditions and the Trust Deed will be valid if published in a leading English language daily newspaper published in London. It is expected that publication in a newspaper will normally be made in the *Financial Times*. The Issuer shall also ensure that notices are duly published in a manner which complies with the rules and regulations of any stock exchange or other relevant authority on which the Bearer Notes are for the time being listed or by which they have been admitted to trading including publication on the website of the relevant stock exchange or relevant authority if required by those rules. Any such notice will be deemed to have been given on the date of the first publication or, where required to be published in more than one newspaper, on the date of the first publication in all required newspapers. If publication as provided above is not practicable, notice will be given in such other manner, and shall be deemed to have been given on such date, as the Trustee may approve. Couponholders will be deemed for all purposes to have notice of the contents of any notice given to the Noteholders in accordance with this Condition 14.1.

All notices regarding the Registered Notes will be deemed to be validly given if sent by first class mail or (if posted to an address overseas) by airmail to the holders (or the first named of joint holders) at their respective addresses recorded in the Register and will be deemed to have been given on the fourth day after mailing and, in addition, for so long as any Registered Notes are listed on a stock exchange or are admitted to trading by another

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relevant authority and the rules of that stock exchange or relevant authority so require, such notice will be published on the website of the relevant stock exchange or relevant authority and/or in a daily newspaper of general circulation in the place or places required by those rules.

Until such time as any definitive Notes are issued, there may, so long as any Global Notes representing the Notes are held in their entirety on behalf of Euroclear and/or Clearstream, Luxembourg, be substituted for such publication in such newspaper(s) or such websites or such mailing the delivery of the relevant notice to Euroclear and/or Clearstream, Luxembourg for communication by them to the holders of the Notes and, in addition, for so long as any Notes are listed on a stock exchange or are admitted to trading by another relevant authority and the rules of that stock exchange or relevant authority so require, such notice will be published on the website of the relevant stock exchange or relevant authority and/or in a daily newspaper of general circulation in the place or places required by those rules. Any such notice shall be deemed to have been given to the holders of the Notes on the day after the day on which the said notice was given to Euroclear and/or Clearstream, Luxembourg.

**14.2** **Notices from the Noteholders** 

Notices to be given by any Noteholder shall be in writing and given by lodging the same, together (in the case of any Notes in definitive form) with the relative Note or Notes, with the Principal Paying Agent (in the case of Bearer Notes) or the Registrar (in the case of Registered Notes). Whilst any of the Notes are represented by a Global Note, such notice may be given by any holder of a Note to the Principal Paying Agent or the Registrar through Euroclear and/or Clearstream, Luxembourg, as the case may be, in such manner as the Principal Paying Agent, the Registrar and Euroclear and/or Clearstream, Luxembourg, as the case may be, may approve for this purpose.

**15.** **SUBSTITUTION** 

**15.1** **Substitution of the Issuer** 

The Trustee may, without the consent of the Noteholders or Couponholders, agree with the Issuer and the Guarantors to the substitution in place of the Issuer (or of any previous substitute under this Condition 15) as the principal debtor under the Notes, the Coupons and the Trust Deed of any Guarantor or any other company being a Subsidiary of the Parent Guarantor, subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Notes being (subject to Condition 2.2) unconditionally and irrevocably guaranteed by the Guarantors, except
to the extent any Guarantor becomes the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trustee being satisfied that the substitution is not materially prejudicial to the interests of the
Noteholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) certain other conditions set out in the Trust Deed being complied with.

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**15.2** **Substitution of the Parent Guarantor** 

The Trustee may, without the consent of the Noteholders or Couponholders, agree with the Issuer and the Guarantors to the substitution in place of the Parent Guarantor (or of any previous substitute under this Condition 15) as a guarantor in respect of the Notes, the Coupons and the Trust Deed of the Parent Guarantor's successor in business (as defined in the Trust Deed) or any Excluded Entity, subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Notes being (subject to Condition 2.2) unconditionally and irrevocably guaranteed by such successor in
business of the Parent Guarantor or such Excluded Entity jointly and severally with the other Guarantors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) certain other conditions set out in the Trust Deed being complied with.

In the event of any substitution in accordance with this Condition 15.2, the relevant successor in business or Excluded Entity (as applicable) shall, with effect from the date of the relevant substitution, become the Parent Guarantor (and the outgoing Parent Guarantor shall cease to be the Parent Guarantor) and these Conditions shall be construed accordingly.

This Condition 15 is subject to Condition 2 such that (notwithstanding the foregoing) the outgoing Issuer (in the case of Condition 15.1) and the outgoing Parent Guarantor (in the case of Condition 15.2) shall (subject to the subsequent operation of Condition 2.3) unconditionally and irrevocably guarantee the Notes jointly and severally with the other Guarantors with effect from the date of the relevant substitution in the event that such entity is (on the date of the relevant substitution) either a borrower or provides a guarantee in respect of the Revolving Credit Facility (but, for the avoidance of doubt, shall not be so required to guarantee the Notes in the event that such entity is not a borrower or guarantee provider in respect of the Revolving Credit Facility).

**16.** **MEETINGS OF NOTEHOLDERS, MODIFICATION, WAIVER, AUTHORISATION AND DETERMINATION** 

**16.1** **Meetings of Noteholders** 

The Trust Deed contains provisions for convening meetings of the Noteholders (including by way of conference call or a video call or as a combined physical meeting and meeting by way of conference call or a video call) to consider any matter affecting their interests, including the modification or abrogation by Extraordinary Resolution of any of these Conditions or any of the provisions of the Trust Deed. Such a meeting may be convened by the Issuer, any Guarantor or the Trustee and shall be convened by the Issuer if required in writing by Noteholders holding not less than ten per cent. in nominal amount of the Notes for the time being remaining outstanding subject to the Trustee being indemnified and/or secured and/or pre-funded to its satisfaction. The quorum at any such meeting for passing an Extraordinary Resolution will be one or more persons present holding or representing more than 50 per cent. in nominal amount of the Notes for the time being outstanding, or at any adjourned such meeting one or more persons present whatever the nominal amount of the Notes held or represented by them, except that, at any meeting the business of

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which includes any matter defined in the Trust Deed as a Basic Terms Modification, including the modification of certain of the provisions of these Conditions and certain of the provisions of the Trust Deed (including the date of maturity of the Notes or any date for payment of interest thereon, reducing or cancelling the amount of principal or the rate of interest payable in respect of the Notes or altering the currency of payment of the Notes), the necessary quorum for passing an Extraordinary Resolution will be one or more persons present holding or representing not less than two-thirds, or at any adjourned such meeting not less than one-third, of the nominal amount of the Notes for the time being outstanding. The Trust Deed provides that (i) a resolution passed at a meeting duly convened and held in accordance with the Trust Deed by a majority consisting of not less than three-fourths of the votes cast on such resolution, (ii) a resolution in writing signed by or on behalf of the holders of not less than three-fourths in nominal amount of the Notes for the time being outstanding or (iii) consent given by way of electronic consents through the relevant clearing system(s) (in a form satisfactory to the Trustee) by or on behalf of the holders of not less than three-fourths in nominal amount of the Notes for the time being outstanding, shall, in each case, be effective as an Extraordinary Resolution of the Noteholders. An Extraordinary Resolution duly passed at any such meeting by the Noteholders will be binding on all Noteholders, whether or not they are present at any meeting and whether or not they voted on the resolution, and on all Couponholders.

**16.2** **Modification, Waiver, Authorisation and Determination** 

The Trustee may agree, without the consent of the Noteholders or Couponholders (i) to any modification of, or to the waiver or authorisation of any breach or proposed breach of, any of these Conditions or any of the provisions of the Trust Deed or the Agency Agreement, or determine, without any such consent as aforesaid, that any Event of Default or Potential Event of Default (as defined in the Trust Deed) shall not be treated as such (provided that, in any such case, it is not, in the opinion of the Trustee, materially prejudicial to the interests of the Noteholders), or (ii) to any modification which, in its opinion, is of a formal, minor or technical nature or to correct a manifest error or an error which is, in the opinion of the Trustee, proven.

**16.3** **Trustee to have Regard to Interests of Noteholders as a Class** 

In connection with the exercise by it of any of its trusts, powers, authorities and discretions (including, without limitation, any modification, waiver, authorisation, determination or substitution), the Trustee shall have regard to the general interests of the Noteholders as a class but shall not have regard to any interests arising from circumstances particular to individual Noteholders or Couponholders (whatever their number) and, in particular but without limitation, shall not have regard to the consequences of any such exercise for individual Noteholders or Couponholders (whatever their number) resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory or any political sub-division thereof and the Trustee shall not be entitled to require, nor shall any Noteholder or Couponholder be entitled to claim, from the Issuer, any Guarantor, the Trustee or any other person any indemnification or payment in respect of any tax consequences of any such exercise upon individual Noteholders or Couponholders except to the extent already provided for in

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Condition 7 (*Taxation*) and/or any undertaking given in addition to, or in substitution for, Condition 7 (*Taxation*) pursuant to the Trust Deed.

**16.4** **Notification to the Noteholders** 

Any modification, abrogation, waiver, authorisation, determination or substitution shall be binding on the Noteholders and the Couponholders and, unless the Trustee agrees otherwise, any modification or substitution shall be notified by the Issuer to the Noteholders as soon as practicable thereafter in accordance with Condition 14 (Notices).

**17.** **INDEMNIFICATION AND PROTECTION OF THE TRUSTEE AND ITS CONTRACTING WITH THE ISSUER AND THE GUARANTORS** 

**17.1** **Indemnification and protection of the Trustee** 

The Trust Deed contains provisions for the indemnification, security and pre-funding of the Trustee and for its relief from responsibility and liability towards the Issuer, the Guarantors, the Noteholders and the Couponholders, including (i) provisions relieving it from taking action unless indemnified and/or secured and/or pre-funded to its satisfaction, (ii) provisions limiting or excluding its liability in certain circumstances and (iii) provision entitling it to payment of its fees, costs and expenses in priority to the claims of the Noteholders. The Trust Deed provides that, when determining whether an indemnity or any security or pre-funding is satisfactory to it, the Trustee shall be entitled (i) to evaluate its risk in any given circumstance by considering the worst-case scenario and (ii) to require that any indemnity or security given to it by the Noteholders or any of them be given on a joint and several basis and be supported by evidence satisfactory to it as to the financial standing and creditworthiness of each counterparty and/or as to the value of the security and an opinion as to the capacity, power and authority of each counterparty and/or the validity and effectiveness of the security.

**17.2** **Trustee Contracting with the Issuer and the Guarantors** 

The Trust Deed also contains provisions pursuant to which the Trustee is entitled, inter alia, (a) to enter into business transactions with the Issuer and/or the Guarantors and/or any of the Parent Guarantor's other Subsidiaries and to act as trustee for the holders of any other securities issued or guaranteed by, or relating to, the Issuer and/or the Guarantors and/or any of the Parent Guarantor's other Subsidiaries, (b) to exercise and enforce its rights, comply with its obligations and perform its duties under or in relation to any such transactions or, as the case may be, any such trusteeship without regard to the interests of, or consequences for, the Noteholders or Couponholders, and (c) to retain and not be liable to account for any profit made or any other amount or benefit received thereby or in connection therewith.

**18.** **FURTHER ISSUES** 

The Issuer may from time to time without the consent of the Noteholders or the Couponholders create and issue further notes, having terms and conditions the same as those of the Notes, or the same except for the amount and date of the first payment of

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interest and the date from which interest starts to accrue, which may be consolidated and form a single Series with the outstanding Notes.

**19.** **GOVERNING LAW AND SUBMISSION TO JURISDICTION** 

**19.1** **Governing Law** 

The Trust Deed (including the Guarantee), the Agency Agreement, the Notes and the Coupons and any non-contractual obligations arising out of or in connection with the Trust Deed (including the Guarantee), the Agency Agreement, the Notes and the Coupons are governed by, and construed in accordance with, English law.

**19.2** **Submission to Jurisdiction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Condition 19.2(c), the English courts have exclusive jurisdiction to settle any dispute arising out
of or in connection with the Trust Deed, the Notes or the Coupons, including any dispute as to their existence, validity, interpretation, performance, breach or termination or the consequences of their nullity and any dispute relating to any non-contractual obligations arising out of or in connection with the Trust Deed, the Notes or the Coupons (a **Dispute**) and each of the Issuer, each Guarantor, the Trustee and any Noteholders or Couponholders
in relation to any Dispute submits to the exclusive jurisdiction of the English courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of this Condition 19.2, each of the Issuer and each Guarantor waives any objection to the
English courts on the grounds that they are an inconvenient or inappropriate forum to settle any Dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent allowed by law, the Trustee, the Noteholders and the Couponholders may, in respect of any Dispute
or Disputes, take (i) proceedings in any other court with jurisdiction provided that court would be competent to hear the Dispute pursuant to Regulation (EU) No 1215/2012 of the European Parliament and of the Council of 12 December 2012 on
jurisdiction and the recognition and enforcement of judgments in civil and commercial matters (recast), or the 2007 Lugano Convention on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters and
(ii) concurrent proceedings in any number of jurisdictions identified in this Condition 19.2(c) that are competent to hear those proceedings.

**19.3** **Other Documents and the Guarantors** 

Each of the Issuer and, where applicable, each Guarantor has in the Agency Agreement and the Trust Deed submitted to the jurisdiction of the English courts.

**19.4** **Appointment of Process Agent** 

Each of the Guarantors incorporated outside England irrevocably appoints the Issuer as its agent for service of process in any proceedings before the English courts in relation to any Dispute and agrees that, in the event of the Issuer being unable or unwilling for any

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reason so to act, it will immediately appoint another person as its agent for service of process in England in respect of any Dispute. Each relevant Guarantor agrees that failure by a process agent to notify it of any process will not invalidate service. Nothing herein shall affect the right to serve process in any other manner permitted by law.

**19.5** **Waiver of trial by jury** 

Without prejudice to Condition 19.2, the Issuer and each Guarantor waives any right it may have to a jury trial or any claim or cause of action in connection with the Trust Deed, the Notes and the Coupons. These Conditions may be filed as a written consent to a bench trial.

**20.** **CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999** 

No rights are conferred on any person under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Note, but this does not affect any right or remedy of any person which exists or is available apart from that Act.

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**SCHEDULE 2** 

**FORMS OF GLOBAL AND DEFINITIVE NOTES, COUPONS AND TALONS** 

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**PART 1** 

**FORM OF TEMPORARY BEARER GLOBAL NOTE** 

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**PART 2** 

**FORM OF PERMANENT BEARER GLOBAL NOTE** 

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**PART 3** 

**FORM OF DEFINITIVE NOTE** 

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**PART 4** 

**FORM OF COUPON** 

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**PART 5** 

**FORM OF TALON** 

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**PART 6** 

**FORM OF REGISTERED GLOBAL NOTE** 

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**PART 7** 

**FORM OF DEFINITIVE REGISTERED NOTE** 

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**SCHEDULE 3** 

**PROVISIONS FOR MEETINGS OF NOTEHOLDERS** 

1. As used in this Schedule the following expressions shall have the following meanings unless the context
otherwise requires:

(i) **voting certificate** shall mean an English language certificate issued by a Paying Agent and dated in
which it is stated:

(A) that on the date thereof Notes (whether in definitive form or represented by a Global Note and not being Notes
in respect of which a block voting instruction has been issued and is outstanding in respect of the meeting specified in such voting certificate or any adjourned such meeting) were deposited with such Paying Agent or (to the satisfaction of such
Paying Agent) were held to its order or under its control or blocked in an account with a clearing system and that no such Notes will cease to be so deposited or held or blocked until the first to occur of:

I. the conclusion of the meeting specified in such certificate or, if later, of any adjourned such meeting; and

II. the surrender of the certificate to the Paying Agent who issued the same; and

(B) that the bearer thereof is entitled to attend and vote at such meeting and any adjourned such meeting in
respect of the Notes represented by such certificate;

(ii) **block voting instruction** shall mean an English language document issued by a Paying Agent and dated in
which:

(A) it is certified that on the date thereof Bearer Notes (whether in definitive form or represented by a Bearer
Global Note) or Registered Notes represented by a Registered Global Note or Registered Notes in definitive form which are held in an account with any clearing system (in each case and not being Notes in respect of which a voting certificate has been
issued and is outstanding in respect of the meeting specified in such block voting instruction and any adjourned such meeting) have been deposited with such Paying Agent or (to the satisfaction of such Paying Agent) were held to its order or under
its control or blocked in an account with a clearing system and that no such Notes will cease to be so deposited or held or blocked until the first to occur of:

I. the conclusion of the meeting specified in such document or, if later, of any adjourned such meeting; and

II. the surrender to the Paying Agent not less than 48 hours before the time for which such meeting or any
adjourned such meeting is convened of the receipt issued by such Paying Agent in respect of each such deposited Note which is to be released or (as the case may require) the Note or Notes ceasing with the agreement of the Paying Agent to be held to
its order or under its control or so blocked and the giving of notice by the Paying Agent to the Issuer in accordance with paragraph 17 hereof of the necessary amendment to the block voting instruction;

(B) it is certified that each holder of such Notes has instructed such Paying Agent that the vote(s) attributable
to the Note or Notes so deposited or held or blocked should be cast in a particular way in relation to the resolution or resolutions to be put to such meeting or any adjourned such meeting and that all such instructions are during the period
commencing 48 hours prior to the time for which such meeting or any adjourned such meeting is convened and ending at the conclusion or adjournment thereof neither revocable nor capable of amendment;

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(C) the aggregate principal amount of the Notes so deposited or held or blocked are listed distinguishing with
regard to each such resolution between those in respect of which instructions have been given as aforesaid that the votes attributable thereto should be cast in favour of the resolution and those in respect of which instructions have been so given
that the votes attributable thereto should be cast against the resolution; and

(D) one or more persons named in such document (each hereinafter called a proxy) is or are authorised and
instructed by such Paying Agent to cast the votes attributable to the Notes so listed in accordance with the instructions referred to in (C) above as set out in such document;

(iii) **24 hours** shall mean a period of 24 hours including all or part of a day upon which banks are open for
business in both the place where the relevant meeting is to be held and in each of the places where the Paying Agents have their specified offices (disregarding for this purpose the day upon which such meeting is to be held) and such period shall be
extended by one period or, to the extent necessary, more periods of 24 hours until there is included as aforesaid all or part of a day upon which banks are open for business in all of the places as aforesaid;

(iv) **48 hours** shall mean a period of 48 hours including all or part of two days upon which banks are open for
business both in the place where the relevant meeting is to be held and in each of the places where the Paying Agents have their specified offices (disregarding for this purpose the day upon which such meeting is to be held) and such period shall be
extended by one period or, to the extent necessary, more periods of 24 hours until there is included as aforesaid all or part of two days upon which banks are open for business in all of the places as aforesaid; and

(v) for the purposes of calculating a period of **Clear Days** in relation to a meeting, no account shall be
taken of the day on which the notice of such meeting is given (or, in the case of an adjourned meeting, the day on which the meeting to be adjourned is held) or the day on which such meeting is held.

(b) A holder of a Note (whether in definitive form or represented by a Global Note) may obtain a voting certificate
in respect of such Note from a Paying Agent or require a Paying Agent to issue a block voting instruction in respect of such Note by depositing such Note with such Paying Agent or (to the satisfaction of such Paying Agent) by such Note being held to
its order or under its control or being blocked in an account with a clearing system, in each case not less than 48 hours before the time fixed for the relevant meeting and on the terms set out in subparagraph 1(i)(A) or 1(i)(B) above (as the case
may be), and (in the case of a block voting instruction) instructing such Paying Agent to the effect set out in subparagraph 1(i)(B) above. The holder of any voting certificate or the proxies named in any block voting instruction shall for all
purposes in connection with the relevant meeting or adjourned meeting of Noteholders be deemed to be the holder of the Notes to which such voting certificate or block voting instruction relates and the Paying Agent with which such Notes have been
deposited or the person holding the same to the order or under the control of such Paying Agent or the clearing system in which such Notes have been blocked shall be deemed for such purposes not to be the holder of those Notes.

**PROCEDURE FOR ISSUE OF VOTING CERTIFICATES, BLOCK VOTING INSTRUCTIONS AND PROXIES** 

2. (a) *Definitive Bearer Notes not held in a clearing system—voting certificates* 

A holder of a Bearer Note in definitive form which is not held in an account with any clearing system (not being a Bearer Note in respect of which a block voting instruction has been issued and is outstanding in respect of the meeting specified in such voting certificate) may obtain a voting

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certificate in respect of such Bearer Note from a Paying Agent subject to such holder having procured that such Bearer Note is deposited with such Paying Agent or (to the satisfaction of such Paying Agent) is held to its order or under its control upon terms that no such Bearer Note will cease to be so deposited or held until the first to occur of:

(i) the conclusion of the meeting specified in such voting certificate; and

(ii) the surrender of the voting certificate to the Paying Agent who issued the same.

(b) *Global Notes and definitive Bearer and Registered Notes held in a Clearing System—voting certificate* 

A holder of a Note (not being a Note in respect of which instructions have been given to the Principal Paying Agent in accordance with paragraph 2(d)) represented by a Global Note or which is in definitive form and is held in an account with any clearing system may procure the delivery of a voting certificate in respect of such Note by giving notice to the clearing system through which such holder's interest in the Note is held specifying by name a person (an Identified Person) (which need not be the Noteholder themself) to collect the voting certificate and attend and vote at the meeting. The relevant voting certificate will be made available at or shortly prior to the commencement of the meeting by the Principal Paying Agent against presentation by such Identified Person of the form of identification previously notified by such holder to the clearing system. The clearing system may prescribe forms of identification (including, without limitation, a passport or driving licence) which it deems appropriate for these purposes. Subject to receipt by the Principal Paying Agent from the clearing system, no later than 24 Hours prior to the time for which such meeting is convened, of notification of the nominal amount of the Notes to be represented by any such voting certificate and the form of identification against presentation of which such voting certificate should be released, the Principal Paying Agent shall, without any obligation to make further enquiry, make available voting certificates against presentation of the form of identification corresponding to that notified.

(c) *Definitive Bearer Notes not held in a clearing system—block voting instruction* 

A holder of a Bearer Note in definitive form which is not held in an account with any clearing system (not being a Bearer Note in respect of which a voting certificate has been issued and is outstanding in respect of the meeting specified in such block voting instruction) may require a Paying Agent to issue a block voting instruction in respect of such Bearer Note by depositing such Bearer Note with such Paying Agent or (to the satisfaction of such Paying Agent) by procuring that, not less than 48 Hours before the time fixed for the relevant meeting, such Bearer Note is held to the Paying Agent's order or under its control, in each case on terms that no such Bearer Note will cease to be so deposited or held until the first to occur of:

(i) the conclusion of the meeting specified in such block voting instruction; and

(ii) the surrender to the Paying Agent, not less than 48 Hours before the time for which such meeting is convened,
of the receipt issued by such Paying Agent in respect of each such deposited or held Bearer Note which is to be released or (as the case may require) the Bearer Note or Bearer Notes ceasing with the agreement of the Paying Agent to be held to its
order or under its control and the giving of notice by the Paying Agent to the Issuer in accordance with paragraph 2(g) hereof of the necessary amendment to the block voting instruction,

and instructing the Paying Agent that the vote(s) attributable to the Bearer Note or Bearer Notes so deposited or held should be cast in a particular way in relation to the resolution or resolutions to be put to such meeting and that all such instructions are, during the period commencing 48 Hours prior to the time for which such meeting is convened and ending at the conclusion or adjournment thereof, neither revocable nor capable of amendment.

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(d) *Global Notes and definitive Bearer and Registered Notes held in a clearing system—block voting instruction* 

A holder of a Note (not being a Note in respect of which a voting certificate has been issued) represented by a Global Note or which is in definitive form and is held in an account with any clearing system may require the Principal Paying Agent to issue a block voting instruction in respect of such Note by first instructing the clearing system through which such holder's interest in the Note is held to procure that the votes attributable to such Note should be cast at the meeting in a particular way in relation to the resolution or resolutions to be put to the meeting. Any such instruction shall be given in accordance with the rules of the clearing system then in effect. Subject to receipt by the Principal Paying Agent of instructions from the clearing system, no later than 24 Hours prior to the time for which such meeting is convened, of notification of the nominal amount of the Notes in respect of which instructions have been given and the manner in which the votes attributable to such Notes should be cast, the Principal Paying Agent shall, without any obligation to make further enquiry, appoint a proxy to attend the meeting and cast votes in accordance with such instructions.

(e) *Registered Notes in definitive form but not held in a clearing system—appointment of proxy*;

(i) A holder of Registered Notes in definitive form and not held in an account with any clearing system may, by an
instrument in writing in the English language (a form of proxy) signed by the holder or, in the case of a corporation, executed under its common seal or signed on its behalf by an attorney or a duly authorised officer of the corporation and
delivered to the specified office of the Registrar or any Transfer Agent not less than 48 Hours before the time fixed for the relevant meeting, appoint any person (a proxy) to act on their or its behalf in connection with any meeting.

(ii) Any proxy appointed pursuant to subparagraph (i) above shall so long as such appointment remains in force
be deemed, for all purposes in connection with the relevant meeting, to be the holder of the Registered Notes to which such appointment relates and the holders of the Registered Notes shall be deemed for such purposes not to be the holder.

(f) Each block voting instruction, together (if so requested by the Trustee) with proof satisfactory to the Trustee
of its due execution on behalf of the relevant Paying Agent, and each form of proxy shall be deposited by the relevant Paying Agent or (as the case may be) by the Registrar or the relevant Transfer Agent at such place as the Trustee shall approve
not less than 24 Hours before the time appointed for holding the meeting at which the proxy or proxies named in the block voting instruction or form of proxy proposes to vote, and in default the block voting instruction or form of proxy shall not be
treated as valid unless the Chair of the meeting decides otherwise before such meeting proceeds to business. A copy of each block voting instruction or form of proxy shall be deposited with the Trustee before the commencement of the meeting but the
Trustee shall not thereby be obliged to investigate or be concerned with the validity of or the authority of the proxy or proxies named in any such block voting instruction or form of proxy.

(g) Any vote given in accordance with the terms of a block voting instruction or form of proxy shall be valid
notwithstanding the previous revocation or amendment of the block voting instruction or form of proxy or of any of the instructions of the relevant holder or the relevant clearing system (as the case may be) pursuant to which it was executed
provided that no intimation in writing of such revocation or amendment has been received from the relevant Paying Agent (in the case of a block voting instruction) or from the relevant Noteholder (in the case of a proxy appointed pursuant to
paragraph 2(c) or 2(d)) by the Issuer at its registered office (or such other place as may have been required or approved by the Trustee for the purpose) by the time being 24 Hours (in the case of a block voting instruction or form of proxy)

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or 48 Hours (in the case of a proxy) before the time appointed for holding the meeting at which the block voting instruction or form of proxy is to be used.

**CONVENING OF MEETINGS, QUORUM AND ADJOURNED MEETINGS** 

3. The Issuer, the Guarantors or the Trustee may at any time, and the Issuer and the Trustee (in relation to the
Trustee subject to it being indemnified and/or secured and/or pre-funded to its satisfaction) shall upon a requisition in writing in the English language signed by the holders of not less than ten per cent. in
nominal amount of the Notes for the time being outstanding convene a meeting of the Noteholders and if the Issuer makes default for a period of seven days in convening such a meeting the same may be convened by the Trustee or the requisitionists.
Every such meeting shall be held at such time and place as the Trustee may appoint or approve in writing (which need not be a physical place and instead may be by way of an electronic platform (such audio or video conference call) or by a
combination of such methods) as the Trustee may appoint or approve in writing).

4. At least 21 Clear Days Notice specifying the place (which may be held at a physical location, or via an
electronic platform (such as a conference call or videoconference) or by a combination of such methods),, day and hour of meeting shall be given to the holders of the relevant Notes prior to any meeting of such holders in the manner provided by
Condition 14. Such notice, which shall be in the English language, shall state generally the nature of the business to be transacted at the meeting thereby convened but (except for an Extraordinary Resolution) it shall not be necessary to specify in
such notice the terms of any resolution to be proposed. Such notice shall include statements, if applicable, to the effect that Notes may, not less than 48 hours before the time fixed for the meeting, be deposited with Paying Agents or (to their
satisfaction) held to their order or under their control or blocked in an account with a clearing system for the purpose of obtaining voting certificates or appointing proxies. A copy of the notice shall be sent by post to the Trustee (unless the
meeting is convened by the Trustee) and to the Issuer and the Guarantors (unless the meeting is convened by the Issuer or the Guarantors). A meeting that has been validly convened in accordance with paragraph 2 above, may be cancelled by the person
who convened such meeting by giving at least seven days' notice (exclusive of the day on which the notice is given or deemed to be given and of the day of the meeting) to the Noteholders (with a copy to the Trustee where such meeting was
convened by the Issuer or to the Issuer where such meeting was convened by the Trustee). Any meeting cancelled in accordance with this paragraph 3 shall be deemed not to have been convened.

5. A person (who may but need not be a Noteholder) nominated in writing by the Trustee shall be entitled to take
the chair at the relevant meeting or adjourned meeting but if no such nomination is made or if at any meeting or adjourned meeting the person nominated shall not be present within 15 minutes after the time appointed for holding the meeting or
adjourned meeting the Noteholders present shall choose one of their number to be Chairman, failing which the Issuer may appoint a Chairman. The Chairman of an adjourned meeting need not be the same person as was Chairman of the meeting from which
the adjournment took place.

6. At any such meeting one or more persons holding Definitive Notes or voting certificates or being proxies or
representatives and holding or representing in the aggregate not less than one-twentieth of the nominal amount of the Notes for the time being outstanding shall (except for the purpose of passing an
Extraordinary Resolution) form a quorum for the transaction of business and no business (other than the choosing of a Chairman) shall be transacted at any meeting unless the requisite quorum be present at the commencement of the relevant business.
The quorum at any such meeting for passing an Extraordinary Resolution shall (subject as provided below) be one or more persons holding or representing more than 50 per cent. in principal amount of the Notes for the time being outstanding
provided that at any meeting the business of which includes any of the following matters (each of which shall, subject only to

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subclause 19.2 and clause 21, only be capable of being effected after having been approved by Extraordinary Resolution) namely:

(a) reduction or cancellation of the amount payable or, where applicable, modification, except where such
modification is bound to result in an increase, of the method of calculating the amount payable or modification of the date of payment in respect of any principal or interest in respect of the Notes or, where applicable, of the method of calculating
the date of payment in respect of any principal or interest in respect of the Notes;

(b) alteration of the currency in which payments under the Notes and Coupons are to be made;

(c) alteration of the majority required to pass an Extraordinary Resolution;

(d) the sanctioning of any such scheme or proposal or substitution as is described in paragraphs 18(i) and 18(j)
below; and

(e) alteration of this proviso or the proviso to paragraph 7 below;

((a) to (e) above, together, a **Basic Terms Modification**)

the quorum shall be one or more persons holding Definitive Notes or voting certificates or being proxies or representatives and holding or representing in the aggregate not less than two-thirds of the nominal amount of the Notes for the time being outstanding.

7. If within 15 minutes (or such longer period not exceeding 30 minutes as the Chairman may decide) after the time
appointed for any such meeting a quorum is not present for the transaction of any particular business, then, subject and without prejudice to the transaction of the business (if any) for which a quorum is present, the meeting shall if convened upon
the requisition of Noteholders be dissolved. In any other case it shall stand adjourned to the same day in the next week (or if such day is a public holiday the next succeeding business day) at the same time and place (except in the case of a
meeting at which an Extraordinary Resolution is to be proposed in which case it shall stand adjourned for such period, being not less than 13 Clear Days nor more than 42 Clear Days, and to such place as may be appointed by the Chairman either at or
subsequent to such meeting and approved by the Trustee). If within 15 minutes (or such longer period not exceeding 30 minutes as the Chairman may decide) after the time appointed for any adjourned meeting a quorum is not present for the transaction
of any particular business, then, subject and without prejudice to the transaction of the business (if any) for which a quorum is present, the Chairman may either (with the approval of the Trustee) dissolve such meeting or adjourn the same for such
period, being not less than 13 Clear Days (but without any maximum number of Clear Days), and to such place as may be appointed by the Chairman either at or subsequent to such adjourned meeting and approved by the Trustee, and the provisions of this
sentence shall apply to all further adjourned such meetings. At any adjourned meeting one or more persons holding Definitive Notes or voting certificates or being proxies or representatives (whatever the nominal amount of the Notes so held or
represented by them) shall (subject as provided below) form a quorum and shall have power to pass any Extraordinary Resolution or other resolution and to decide upon all matters which could properly have been dealt with at the meeting from which the
adjournment took place had the requisite quorum been present provided that at any adjourned meeting the quorum for the transaction of business comprising any Basic Terms Modification shall be one or more persons holding Definitive Notes or voting
certificates or being proxies or representatives and holding or representing in the aggregate not less than one-third of the nominal amount of the Notes for the time being outstanding.

8. Notice of any adjourned meeting at which an Extraordinary Resolution is to be submitted shall be given in the
same manner as notice of an original meeting but as if 10 were substituted for

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21 in paragraph 4 above and such notice shall state the relevant quorum. Subject as aforesaid it shall not be necessary to give any notice of an adjourned meeting.

**CONDUCT OF BUSINESS AT MEETINGS** 

9. Every question submitted to a meeting shall be decided in the first instance by a show of hands and in case of
equality of votes the Chairman shall both on a show of hands and on a poll have a casting vote in addition to the vote or votes (if any) to which he may be entitled as a Noteholder or as a holder of a voting certificate or as a proxy or as a
representative.

10. At any meeting unless a poll is (before or on the declaration of the result of the show of hands) demanded by
the Chairman, the Issuer, the Guarantors, the Trustee or any person present holding a Definitive Note or a voting certificate or being a proxy or representative (whatever the nominal amount of the Notes so held or represented by him/her/them) a
declaration by the Chairman that a resolution has been carried or carried by a particular majority or lost or not carried by a particular majority shall be conclusive evidence of the fact without proof of the number or proportion of the votes
recorded in favour of or against such resolution.

11. Subject to paragraph 13 below, if at any such meeting a poll is so demanded it shall be taken in such manner
and subject as hereinafter provided either at once or after an adjournment as the Chairman directs and the result of such poll shall be deemed to be the resolution of the meeting at which the poll was demanded as at the date of the taking of the
poll. The demand for a poll shall not prevent the continuance of the meeting for the transaction of any business other than the motion on which the poll has been demanded.

12. The Chairman may with the consent of (and shall if directed by) any such meeting adjourn the same from time to
time and from place to place but no business shall be transacted at any adjourned meeting except business which might lawfully (but for lack of required quorum) have been transacted at the meeting from which the adjournment took place.

13. Any poll demanded at any such meeting on the election of a Chairman or on any question of adjournment shall be
taken at the meeting without adjournment.

14. The Trustee, its lawyers and financial advisers, any director, officer or employee of a corporation being a
trustee of this Trust Deed and any director or officer of the Issuer, the Guarantors and its or their lawyers and financial advisers and any other person authorised so to do by the Trustee may attend and speak at any meeting. Save as aforesaid, but
without prejudice to the proviso to the definition of "**outstanding**" in clause 1, no person shall be entitled to attend and speak nor shall any person be entitled to vote at any meeting of Noteholders or join with others in
requesting the convening of such a meeting or to exercise the rights conferred on Noteholders by Condition 9 unless they either produce the Definitive Note or Definitive Notes of which they are the holder or a voting certificate. No person shall be
entitled to vote at any meeting in respect of Notes held by, for the benefit of, or on behalf of, the Issuer, the Guarantors or any Subsidiary of the Issuer or Guarantors. Nothing herein shall prevent any of the proxies named in any block voting
instruction from being a director, officer or representative of or otherwise connected with the Issuer or the Guarantors.

15. Subject as provided in paragraph 14 above hereof at any meeting:

(a) on a show of hands every person who is present in person and produces a Definitive Note or voting certificate
shall have one vote; and

(b) on a poll every person who is so present shall have one vote in respect of each £1 or such other amount
as the Trustee may in its absolute discretion stipulate (or, in the case of meetings of holders of Notes denominated in another currency, such amount in such other currency as the

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Trustee in its absolute discretion may stipulate) in nominal amount of the Definitive Notes so produced or represented by the voting certificate so produced. Without prejudice to the obligations of the proxies named in any block voting instruction any person entitled to more than one vote need not use all his votes or cast all the votes to which he is entitled in the same way.

16. The Noteholders shall in addition to the powers hereinbefore given have the following powers exercisable only
by Extraordinary Resolution (subject, in the case of an Extraordinary Resolution proposed at a meeting, to the provisions relating to quorum contained in paragraphs 6 and 7 above) namely:

(a) Power to sanction any abrogation, compromise or arrangement proposed to be made between the Issuer, the
Guarantors, the Trustee, any Appointee and the Noteholders and Couponholders or any of them.

(b) Power to sanction any modification, compromise or arrangement in respect of the rights of the Trustee, any
Appointee, the Noteholders, Couponholders, the Issuer or the Guarantors or against any other or others of them or against any of their property whether such rights shall arise under this Trust Deed or otherwise.

(c) Power to assent to any modification of the provisions of this Trust Deed which shall be proposed by the Issuer,
the Guarantors, the Trustee or any Noteholder.

(d) Power to give any authority or sanction which under the provisions of this Trust Deed is required to be given
by Extraordinary Resolution.

(e) Power to appoint any persons (whether Noteholders or not) as a committee or committees to represent the
interests of the Noteholders and to confer upon such committee or committees any powers or discretions which the Noteholders could themselves exercise by Extraordinary Resolution.

(f) Power to approve of a person to be appointed a trustee and power to remove any trustee or trustees for the time
being of this Trust Deed.

(g) Power to discharge or exonerate the Trustee and/or any Appointee from all liability in respect of any act or
omission for which the Trustee and/or such Appointee may have become responsible under this Trust Deed.

(h) Power to authorise the Trustee and/or any Appointee to concur in and execute and do all such deeds,
instruments, acts and things as may be necessary to carry out and give effect to any Extraordinary Resolution.

(i) Power to sanction any scheme or proposal for the exchange or sale of the Notes for or the conversion of the
Notes into or the cancellation of the Notes in consideration of shares, stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities of the Issuer or any other company formed or to be formed, or for or into or in
consideration of cash, or partly for or into or in consideration of such shares, stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities as aforesaid and partly for or into or in consideration of cash.

(j) Power to approve the substitution of any entity for the Issuer and/or the Guarantors (or any previous
substitute) as principal debtor and/or guarantor, as the case may be, under this Trust Deed.

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17. Any resolution (i) passed at a meeting of the Noteholders duly convened and held in accordance with this
Trust Deed, (ii) passed as a resolution in writing in accordance with this Trust Deed or (iii) passed by way of electronic consents given by holders through the relevant Clearing System(s) in accordance with this Trust Deed shall be
binding upon all the Noteholders whether present or not present at such meeting and whether or not voting and upon all Couponholders and each of them shall be bound to give effect thereto accordingly and the passing of any such resolution shall be
conclusive evidence that the circumstances justify the passing thereof. Notice of the result of the voting on any resolution duly considered by the Noteholders shall be published in accordance with Condition 14 by the Issuer within 14 days of such
result being known provided that the non-publication of such notice shall not invalidate such result.

18. The expression **Extraordinary Resolution** when used in this Trust Deed means (a) a resolution passed
at a meeting of the Noteholders duly convened and held in accordance with this Trust Deed by a majority consisting of not less than three-fourths of the persons voting thereat upon a show of hands or if a poll is duly demanded by a majority
consisting of not less than three-fourths of the votes cast on such poll; (b) a resolution in writing (a **Written Resolution**); or (c) an Electronic Consent (as defined below) given by way of electronic consents through the relevant
Clearing System(s) (in a form satisfactory to the Trustee) by or on behalf of the holders of not less than three-fourths in nominal amount of the Notes for the time being outstanding.

19. Minutes of all resolutions and proceedings at every meeting of the Noteholders shall be made and entered in
books to be from time to time provided for that purpose by the Issuer and any such minutes as aforesaid if purporting to be signed by the Chairman of the meeting at which such resolutions were passed or proceedings transacted shall be conclusive
evidence of the matters therein contained and until the contrary is proved every such meeting in respect of the proceedings of which minutes have been made shall be deemed to have been duly held and convened and all resolutions passed or proceedings
transacted thereat to have been duly passed or transacted.

20. (a)If and whenever the Issuer shall have issued and have outstanding Notes of more than one Series the
foregoing provisions of this Schedule shall have effect subject to the following modifications:

(i) a resolution which in the opinion of the Trustee affects the Notes of only one Series shall be deemed to have
been duly passed if passed at a separate meeting (or by a separate resolution in writing or by a separate resolution passed by way of consents received through the relevant Clearing System(s)) of the holders of the Notes of that Series;

(ii) a resolution which in the opinion of the Trustee affects the Notes of more than one Series but does not give
rise (in the opinion of the Trustee)) to an actual or potential conflict of interest between the holders of Notes of any of the Series so affected shall be deemed to have been duly passed if passed at a single meeting (or by a separate resolution in
writing or by a separate resolution passed by way of consents received through the relevant Clearing System(s)) of the holders of the Notes of all the Series so affected;

(iii) a resolution which in the opinion of the Trustee affects the Notes of more than one Series and gives or may
give rise (in the opinion of the Trustee) to a conflict of interest between the holders of the Notes of one Series or group of Series so affected and the holders of the Notes of another Series or group of Series so affected shall be deemed to have
been duly passed only if passed at separate meetings (or by a separate resolution in writing or by a separate resolution passed by way of consents received through the relevant Clearing System(s)) of the holders of the Notes of each Series or group
of Series so affected; and

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(iv) to all such meetings all the preceding provisions of this Schedule shall *mutatis mutandis* apply as
though references therein to Notes and Noteholders were references to the Notes of the Series or group of Series in question or to the holders of such Notes, as the case may be.

(b) In the case of any meeting of holders of Notes of more than one currency the nominal amount of such Notes shall
(i) for the purposes of paragraph 3 above be the equivalent in Pounds Sterling at the spot rate of a bank nominated by the Trustee for the conversion of the relevant currency or currencies into Pounds Sterling on the seventh dealing day prior
to the day on which the requisition in writing is received by the Issuer and (ii) for the purposes of paragraphs 6, 7 and 15 above (whether in respect of the meeting or any adjourned such meeting or any poll resulting therefrom) be the
equivalent at such spot rate on the seventh dealing day prior to the day of such meeting. In such circumstances, on any poll each person present shall have one vote for each £1 in nominal amount of the Notes (converted as above) which he holds
or represents.

(c) In the case of any meeting of the holders of Notes of a Series which is not denominated in Pounds Sterling,
each person present shall have one vote for such amount of such currency as the Trustee may in its absolute discretion stipulate.

21. Subject to all other provisions of this Trust Deed the Trustee may without the consent of the Issuer, the
Guarantors, the Noteholders or the Couponholders prescribe such further regulations regarding the requisitioning and/or the holding of meetings of Noteholders and attendance and voting thereat as the Trustee may in its sole discretion think fit
(including agreeing to the holding of meetings via conference call in its discretion).

22. Subject to the following sentence, a Written Resolution may be contained in one document or in several
documents in like form, each signed by or on behalf of one or more of the Noteholders.

For so long as the Notes are in the form of a Global Note held on behalf of one or more of Euroclear, Clearstream, Luxembourg or an Alternative Clearing System, then, in respect of any resolution proposed by the Issuer, the Guarantors or the Trustee:

(A) *Electronic Consent*: where the terms of the resolution proposed by the Issuer, the Guarantors or the
Trustee (as the case may be) have been notified to the Noteholders through the relevant Clearing System(s) as provided in sub-paragraphs (i) and/or (ii) below, each of the Issuer, the Guarantors and
the Trustee shall be entitled to rely upon approval of such resolution given by way of electronic consents communicated through the electronic communications systems of the relevant Clearing System(s) to the Principal Paying Agent or another
specified agent and/or the Trustee in accordance with their operating rules and procedures by or on behalf of the holders of not less than three fourths in nominal amount of the Notes outstanding (the **Required Proportion**) (**Electronic Consent**) by close of business on the Relevant Date. Any resolution passed in such manner shall be binding on all Noteholders and Couponholders, even if the relevant consent or instruction proves to be defective. None of the Issuer, the
Guarantors or the Trustee shall be liable or responsible to anyone for such reliance.

(i) When a proposal for a resolution to be passed as an Electronic Consent has been made, at least 10 days'
notice (exclusive of the day on which the notice is given and of the day on which affirmative consents will be counted) shall be given to the Noteholders through the relevant Clearing System(s). The notice shall specify, in sufficient detail to
enable Noteholders to give their consents in relation to the proposed resolution, the method by which their consents may be given (including, where applicable, blocking of their accounts in the relevant Clearing System(s)) and the time and date (the
Relevant Date) by which they must be received in order for such consents to be validly given, in each case subject to and in accordance with the operating rules and procedures of the relevant Clearing System(s).

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(ii) If, on the Relevant Date on which the consents in respect of an Electronic Consent are first counted, such
consents do not represent the Required Proportion, the resolution shall, if the party proposing such resolution (the Proposer) so determines, be deemed to be defeated. Such determination shall be notified in writing to the other party or parties to
the Trust Deed. Alternatively, the Proposer may give a further notice to Noteholders that the resolution will be proposed again on such date and for such period as shall be agreed with the Trustee (unless the Trustee is the Proposer). Such notice
must inform Noteholders that insufficient consents were received in relation to the original resolution and the information specified in sub-paragraph (i) above. For the purpose of such further notice,
references to **Relevant Date** shall be construed accordingly.

For the avoidance of doubt, an Electronic Consent may only be used in relation to a resolution proposed by the Issuer, the Guarantors or the Trustee which is not then the subject of a meeting that has been validly convened in accordance with paragraph 3 above, unless that meeting is or shall be cancelled or dissolved; and

(B) *Written Resolution*: where Electronic Consent is not being sought, for the purpose of determining whether
a Written Resolution has been validly passed, the Issuer, the Guarantors and the Trustee shall be entitled to rely on consent or instructions given in writing directly to the Issuer, the Guarantors and/or the Trustee, as the case may be, (a) by
accountholders in the clearing system(s) with entitlements to such Global Note and/or, (b) where the accountholders hold any such entitlement on behalf of another person, on written consent from or written instruction by the person identified
by that accountholder or the person for whom such entitlement is held. For the purpose of establishing the entitlement to give any such consent or instruction, the Issuer and the Trustee shall be entitled to rely on any certificate or other document
issued by, in the case of (a) above, the relevant Clearing System(s) and, in the case of (b) above, the relevant Clearing System(s) and the person identified by the relevant Clearing System(s) for the purposes of (b) above. Any
resolution passed in such manner shall be binding on all Noteholders and Couponholders, even if the relevant consent or instruction proves to be defective. Any such certificate or other document shall, in the absence of manifest error, be conclusive
and binding for all purposes. Any such certificate or other document may comprise any form of statement or print out of electronic records provided by the relevant Clearing System(s) (including Euroclear's EUCLID or Clearstream,
Luxembourg's CreationOnline system) in accordance with its usual procedures and in which the accountholder of a particular principal or nominal amount of the Notes is clearly identified together with the amount of such holding. None of the
Issuer, the Guarantors nor the Trustee shall be liable to any person by reason of having accepted as valid or not having rejected any certificate or other document to such effect purporting to be issued by any such person and subsequently found to
be forged or not authentic. A Written Resolution and/or Electronic Consent shall take effect as an Extraordinary Resolution.

A Written Resolution and/or Electronic Consent will be binding on all Noteholders and holders of Coupons, whether or not they participated in such Written Resolution and/or Electronic Consent.

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**SCHEDULE 4** 

**FORM OF AUTHORISED SIGNATORY'S CERTIFICATE** 

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**SCHEDULE 5** 

**FORM OF DEED OF ACCESSION OF GUARANTORS** 

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**SIGNATORIES** 

**Issuer** 

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| | |
|:---|:---|
| **EXECUTED** as a deed by<br> **WISE FINANCING PLC** | */s/ Mohamed Ragab*<br> Director |
| acting by |  |
|  | */s/ Adam Green*<br> Company Secretary |

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*[Signature page – Trust Deed]*

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**Parent Guarantor** 

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| | |
|:---|:---|
| **EXECUTED** as a deed by<br> **WISE PLC** | */s/ Kristo Käärmann*<br> Director |
| acting by |  |
|  | */s/ Emmanuel Thomassin*<br> Director |

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*[Signature page – Trust Deed]*

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**Initial Guarantor** 

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| | |
|:---|:---|
| **EXECUTED** as a deed by<br> **WISE FINANCIAL HOLDINGS LTD** | */s/ Kingsley Kemish*<br> Director |
| acting by |  |
|  | */s/ Airis Palk*<br> Company Secretary |

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*[Signature page – Trust Deed]*

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**Initial Guarantor** 

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| | |
|:---|:---|
| **EXECUTED as a deed by**<br> **WISE PAYMENTS LIMITED** | */s/ Kristo Käärmann*<br> Director |
| acting by |  |
|  | */s/ Rohan Basu*<br> Director |

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*[Signature page – Trust Deed]*

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| | |
|:---|:---|
| **Initial Guarantor** |  |
| **EXECUTED** as a deed by) | */s/ Kristo Käärmann* |
| **WISE US INC**. acting by) | Director |
| its duly authorised signatory) |  |
| acting under the authority of that) | */s/ Bunmi Obisesan* |
| Company:) | Secretary |

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*[Signature page – Trust Deed]*

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**Initial Guarantor** 

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| | |
|:---|:---|
| **EXECUTED** as a deed by) | */s/ Kristo Käärmann* |
| **WISE EUROPE SA** acting by) | Director |
| its duly authorised signatories) |  |
| acting under the authority of that) | */s/ Kingsley Kemish* |
| Company:) | Director |

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*[Signature page – Trust Deed]*

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| |
|:---|
| */s/ Rose Robinson* |
| Attorney |

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acting under the authority of that company, in the presence of:

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| | |
|:---|:---|
| Witness's signature: | */s/ Rachel Clear* |
| Name: | Rachel Clear |
|  | Vice president |
| Address: |  |
|  | Citi |
|  | Citigroup Centre |
|  | Canada Square, Canary Wharf |
|  | London, E14 5LB |

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*[Signature page – Trust Deed]*

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**13 November 2025** 

**TRUST DEED** 

**WISE FINANCING PLC** 

**as Issuer** 

**WISE PLC** 

**as Parent Guarantor** 

**and** 

**WISE EUROPE SA, WISE FINANCIAL** 

**HOLDINGS LTD, WISE PAYMENTS LIMITED** 

**and WISE US INC.** 

**as Initial Guarantors** 

**and** 

**CITICORP TRUSTEE COMPANY LIMITED** 

**as Trustee** 

**relating to the** 

**£2,000,000,000** 

**EURO MEDIUM TERM NOTE PROGRAMME**

## Exhibit 4.3

**Exhibit 4.3** 

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| | |
|:---|:---|
|  | **TransferWise Ltd** |
|  | **TransferWise 2016 Share Option Plan** |
| Adoption Date: |  |
| 15 June 2016 and as amended on 27 February 2019 and 8 April 2026 | Part A is the TransferWise 2016 Company Share Option Plan |
| 15 June 2016 and as amended on 27 February 2019 and 8 April 2026 | <br> Part B is the TransferWise 2016 US Share Option Plan |
| 15 June 2016 and as amended on 27 February 2019 and 8 April 2026 | <br> Part C is the Transferwise 2016 Non-tax advantaged Share Option Plan |
| 15 June 2016 and as amended on 27 February 2019 and 8 April 2026 | for non-US taxpayers |
| 15 June 2016 and as amended on 27 February 2019 and 8 April 2026 | <br> Part A of the 2016 Plan is intended to constitute a Schedule 4 CSOP Scheme under Schedule 4 Income Tax (Earnings and Pensions) Act 2003 as amended from time to time. |
| 15 June 2016 and as amended on 27 February 2019 and 8 April 2026 | <br> For the purposes of the 2016 CSOP the following companies are Constituent Companies as at the Adoption Date: |
| 15 June 2016 and as amended on 27 February 2019 and 8 April 2026 | TransferWise Ltd |
|  | Only employees of TransferWise Ltd can participate in the 2016 CSOP. Further companies (subsidiaries of TransferWise Ltd) can be added by nomination of the Board. |

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TransferWise 2016 Share Option Plan

**Table of Contents**

Part A

This Part A of the TransferWise 2016 Share Option Plan (the "**2016 Plan**") constitutes the TransferWise 2016 Company Share Option Plan (the "**2016 CSOP**") and is intended to satisfy the requirements of a Schedule 4 CSOP. The Options granted under the 2016 CSOP are intended to meet the requirements of Schedule 4. In order for an Option to meet the requirements of Schedule 4, the Company must notify the CSOP to HMRC by 6 July of the Tax Year following the Date of Grant to the extent not already notified.

1. Grant of Options 3

2. 2016 CSOP Limits 4

3. Individual Limits 4

4. Exercise Price 5

5. Performance Target and conditions 5

6. Vesting and exercise of Options 6

7. Exercise Triggers and exercise of Options in special circumstances 8

8. Takeover and other corporate events 10

9. Exchange of Options 12

10. Lapse of Options 13

11. Adjustment of Options on Variation of Share Capital 14

12. Exercise Conditions 15

13. Issue and Listing of Plan Shares 16

14. Relationship of 2016 CSOP to contract of employment 16

15. Administration of 2016 CSOP 17

16. Amendment of 2016 CSOP 18

17. Notices 18

18. Governing Law and Jurisdiction 19

19. Interpretation 19

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| | |
|:---|:---|
| Part B | 2016 US Plan for US taxpayers |
| Part C | 2016 Non-tax advantaged Plan for non-US taxpayers |
| Part B | 2016 US Share Option Plan Amendment Rider |

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TransferWise 2016 Share Option Plan

1. Grant of Options

1.1. Options granted by Grantor

Subject to Rules 1.5, 1.6 and 1.7, the Grantor may from time to time grant Options to Eligible Employees.

1.2. Terms of Options

Subject to the Rules, the Grantor will in its discretion decide whether or not any Options are to be granted at any particular time and, if they are, to whom they are granted and the terms of such Options.

1.3. Procedure for grant of Options and Date of Grant

An Option shall be granted by the Grantor passing a resolution. The Date of Grant shall be the date on which the Grantor passes the resolution or such later date as specified in the resolution. The grant of an Option shall be evidenced by a deed executed by or on behalf of the Grantor.

1.4. Terms and conditions set at grant

Subject to Rule 1.3, the following terms shall be stated at the time of grant of the Option as required by paragraph 21A of Schedule 4 in respect of an Option:

• the Date of Grant;

• the number and description of Plan Shares which may be acquired by the exercise of the Option;

• the Exercise Price;

• whether or not the Plan Shares which may be acquired by the exercise of the Option may be subject to any
Restriction and, if so, the details of the Restriction. Notwithstanding the generality of the foregoing a Restriction may include a Restriction imposed by the Grantor under Rule 7.4;

• the times at which the Option may be exercised (in whole or in part);

• the circumstances under which the Option will lapse or be cancelled (in whole or in part) including any
conditions to which the exercise of the Option is subject (in whole or in part);

• the Vesting Schedule and Vesting Commencement Date;

• any Performance Target; and

• any other conditions of the Option.

These terms may be varied after the grant of the Option, but only to the extent permitted by paragraph 21A of Schedule 4.

As soon as practicable after the grant of an Option, the Grantor shall notify the relevant Option Holder of the matters set out in paragraph 21A of Schedule 4 by issuing an Option Certificate to the Option Holder which sets out the terms specified above.

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TransferWise 2016 Share Option Plan

1.5. When Options may be granted

The Grantor may grant Options at any time after the Adoption Date.

1.6. When Options may not be granted

Options may not be granted after the 10th anniversary of the Adoption Date.

1.7. Who can be granted Options

An Option may only be granted to an individual who is an Eligible Employee at the Date of Grant.

1.8. Acknowledgement of an Option

The Grantor may require an Option Holder who is (or is to be) granted an Option to confirm his acknowledgement of the Rules and the terms of his Option by signing and submitting the Option Certificate to the Company by a specified date. The Grantor may provide that the Option will lapse (and as a result be treated as never having been granted) if the acknowledgement is not provided by the specified date.

1.9. Options non-transferable

An Option shall be personal to the Option Holder and, except in the case of the death of an Option Holder, shall not be capable of being transferred, charged or otherwise alienated and shall lapse immediately if the Option Holder purports to transfer, charge or otherwise alienate the Option.

2. 2016 CSOP Limits

2.1. General

The aggregate number of Plan Shares over which Options may be granted shall be subject to such limits as may be agreed by the members of the Company from time to time.

3. Individual Limits

3.1. General

The number of Plan Shares over which Options may be granted to any one Eligible Employee shall be limited as set out in this Rule 3.

3.2. HMRC limit (£30,000)

An Option may not be granted to an Eligible Employee if the result of granting the Option would be that the aggregate Market Value of:

• the Plan Shares subject to that Option; and

• the Plan Shares which he may acquire on exercising other Options; and

• the shares which he may acquire on exercising his options under any other Schedule 4 CSOP established by the
Company or by any of its Associated Companies,

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TransferWise 2016 Share Option Plan

would exceed the amount permitted under paragraph 6(1) of Schedule 4 (being £30,000 as at the Adoption Date).

For the purpose of this limit shares subject to an option which has been exercised, lapsed or renounced shall be disregarded.

3.3. Enterprise Management Incentive options

An Option may not be granted to an Eligible Employee without his prior agreement in writing if the result of granting the Option would be that a disqualifying event under section 536(1)(e) of ITEPA (being the combined limit for Enterprise Management Incentive options and Schedule 4 CSOP options (which is £250,000 as at the Adoption Date)) would arise in relation to any Enterprise Management Incentive options held by him.

3.4. Scaling down

If the grant of an Option would cause the limit in Rule 3.2 to be exceeded, such Option shall take effect as an Option over the maximum number of Plan Shares which does not cause the limit to be exceeded.

4. Exercise Price

The Exercise Price of an Option shall be determined by the Board and may be any price but provided this is not less than the Market Value of the Plan Shares over which the Option is granted as at the Date of Grant.

Where the Grantor has determined that an Option will be satisfied by the issue of new shares and the Exercise Price is less than the nominal value of a Plan Share the Company will ensure that at the time of issue of the Plan Shares arrangements are in place to pay up the nominal value of the relevant Plan Shares.

The Exercise Price of an Option may only be varied in accordance with paragraph 22 of Schedule 4 as specified in Rule 11.

5. Performance Target and conditions

5.1. Setting of Performance Target and conditions

The Vesting of an Option and the extent to which it Vests may be subject to the satisfaction of a service condition specified in a Vesting Schedule and any Performance Targets or any other conditions set by the Grantor.

5.2. Nature of Performance Target or conditions

Any Vesting Schedule, Performance Target or any other condition imposed under Rule 5.1 shall be:

• objective;

• capable of being fulfilled within the period of 10 years from the Date of Grant; and

• set out in, or attached in the form of a schedule to, the Option Certificate.

5.3. Substitution, variation or waiver of Performance Target

Subject to Rule 15.2, if an event occurs which causes the Grantor to consider that the Vesting Schedule, any Performance Target or any other condition imposed under Rule 5.1 subject to which an Option has been granted is no longer appropriate, the Grantor may substitute, vary or waive the

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TransferWise 2016 Share Option Plan

Vesting Schedule, any Performance Target or the condition in such manner (and make such consequential amendments to the Rules) as the Grantor thinks fit provided the amendment must be fair and reasonable and no amendment to any Performance Target or other conditions can be made which makes the Performance Target or other conditions more difficult to satisfy.

The Option shall then take effect subject to any Vesting Schedule, Performance Target or other condition as substituted, varied or waived.

5.4. Notification of Option Holders

The Grantor shall, as soon as practicable, notify each Option Holder concerned of any determination made by it under this Rule.

6. Vesting and exercise of Options

6.1. Earliest date for exercise of Options

An Option may not be exercised before it Vests.

Subject to the remaining provisions of this Rule 6 and to Rules 5, 7, 8 and 10, a Vested Option may only be exercised at or following the occurrence of an Exercise Trigger or where other rights to exercise arise under the Rules.

6.2. Latest date for exercise of Options

Subject to Rule 7.1, an Option may not be exercised after the 10th anniversary of the Date of Grant and if not exercised by that date shall lapse.

6.3. Effect of Option Vesting

Subject to the Rules, the effect of an Option Vesting shall be that the Option Holder is entitled to exercise the Option at or following the occurrence of an Exercise Trigger or where other exercise rights arise under the Rules, to the extent that it has Vested.

6.4. Effect of cessation of Relevant Employment

Subject to Rule 7, an Option may be exercised only while the Option Holder is in Relevant Employment and if an Option Holder ceases to be in Relevant Employment, any Option granted to him shall lapse with effect on cessation. This Rule 6.4 shall apply where the Option Holder ceases to be in Relevant Employment in any circumstances (including, in particular, but not by way of limitation, where the Option Holder is dismissed unfairly, wrongfully, in breach of contract or otherwise). An Option will cease to be capable of further Vesting following cessation of Relevant Employment.

6.5. Material Interest

An Option may not be exercised if the Option Holder then has, or has had within the preceding 12 months, a Material Interest in a Close Company which is the Company or which is a company which has Control of the Company or which is a member of a Consortium which owns the Company.

6.6. Options may be exercised in whole or in part

Subject to Rules 6.3, 6.4 and 6.5, a Vested Option may be exercised in whole or in part at such times as are specified in the Rules. If exercised in part, the unexercised part of the Option shall not lapse as a result.

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6.7. Procedure for exercise of Vested Options

An Option shall be exercised by the Option Holder (or his legal personal representatives) submitting to the Grantor (or any person appointed by the Grantor) a duly completed valid notice of exercise in the form from time to time prescribed by the Board. Such notice shall specify the number of Plan Shares in respect of which the Option is being exercised, and be accompanied by either the Exercise Price in full or confirmation of arrangements satisfactory to the Grantor for the payment of the Exercise Price, together with any payment and/or documentation required under Rule 12 and, if required by the Board, the Option Certificate.

For the avoidance of doubt, the date of exercise of an Option shall be the latest of the date of the receipt of the notice of exercise, compliance with the requirements of the first paragraph of this Rule 6.7 and the date an Option becomes exercisable under the Rules.

6.8. Issue or transfer of Plan Shares

Subject to Rule 12, and to any necessary consents and to compliance by the Option Holder with the Rules, the Grantor shall, as soon as reasonably practicable and in any event not later than 30 days after the date of exercise of the Option, arrange for the issue or transfer to the Option Holder of the number of Plan Shares specified in the notice of exercise and make available to the Option Holder, in the case of the partial exercise of an Option information to show the unexercised part of the Option.

The allotment and issue or transfer of any Plan Shares under the 2016 CSOP shall be made pursuant to the Articles of Association.

6.9. US Taxpayers

This Rule 6.9 shall apply to US Taxpayers. Notwithstanding anything to the contrary contained in the 2016 CSOP other than Rule 7.1, no Option may be exercised later than 2.5 calendar months after the end of the Taxable Year in which the Option first becomes no longer subject to substantial risk of forfeiture (as defined for the purposes of US IRC sec. 409A), provided that the Option shall lapse on the date it would have lapsed had this rule not applied. The Rules of the 2016 CSOP shall be interpreted accordingly.

For the purposes of this Rule 6.9, Taxable Year means the 12 month period in respect of which the Option Holder is obliged to pay US tax or, if it would result in a longer exercise period, the 12 month period in respect of which the Option Holder's employing company is obliged to pay tax. US Taxpayer means a person who is subject to taxation under the tax rules of the United States of America which does not include an Option Holder who is a non-resident alien throughout the period of participation in the 2016 CSOP and who has no US workdays during such participation.

The 2016 CSOP is intended to be exempt from the requirements of sec. 409A and shall be construed and interpreted in accordance with that intent but the Company does not guarantee that treatment and the Option Holder remains liable for any additional tax that may arise<sup>1</sup>

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7. Exercise Triggers and exercise of Options in special circumstances

7.1. Death

Notwithstanding Rule 6.1, if an Option Holder dies, the Option Holder's personal representatives shall be entitled to exercise the Vested Option at any time during the 12 month period following the date of death. If not so exercised, the Option shall lapse at the end of such period.

The 12 month period for exercise of a Vested Option following the date of death overrides and takes precedence over all other lapse provisions contained in these Rules, except in the case of the winding up of the Company in accordance with Rule 8.4.

7.2. Injury, disability, redundancy etc

Notwithstanding Rule 6.1, if an Option Holder ceases to be in Relevant Employment by reason of:

1. injury or disability;

2. redundancy (within the meaning of the Employment Rights Act 1996);

3. retirement (by agreement with the company by which he is employed as evidenced to the satisfaction of the
Board);

4. a relevant transfer within the meaning of the Transfer of Undertakings (Protection of Employment) Regulations
2006;

5. the Option Holder being employed by a company which ceases to be a Group Member;

6. the Option Holder voluntarily ceasing to be in Relevant Employment, provided that this is not in circumstances
where any Group Member is entitled to dismiss the Option Holder for Cause; or

7. any other circumstances if the Board decides acting fairly and reasonably in any particular case,

the following provisions of this Rule shall apply.

Where an Option Holder ceases to be in Relevant Employment by reason of circumstances in Rules 7.2.1 to 7.2.5 (a "**CSOP Good Leaver**"), the Option Holder shall be entitled to exercise his Vested Options at any time during the period ending 90 days after the date of cessation of Relevant Employment or during such longer period as the Board determines. To the extent not so exercised, his Vested Options shall continue in force in accordance with the Rules and may then be exercised on or after a subsequent Exercise Trigger or where other exercise rights arise under the Rules.

Where an Option Holder ceases to be in Relevant Employment by reason of circumstances in Rules 7.2.6 or 7.2.7 (a "**Good Leaver**"), the Board may at its discretion permit the Option Holder to exercise his Vested Options within such period following cessation of Relevant Employment as the Board determines. To the extent not so exercised, Vested Options shall continue in force in accordance with the Rules and may then be exercised on or after a subsequent Exercise Trigger or where other exercise rights arise under the Rules.

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7.3. Meaning of ceasing to be in Relevant Employment

For the purposes of the 2016 CSOP, an Option Holder shall not be treated as ceasing to be in Relevant Employment until he no longer holds any office or employment with any Group Member.

7.4. Admission

In the event Vested Options become exercisable on an Admission, the Grantor shall have the right if the Board so determines acting fairly and reasonably, not to issue and allot Plan Shares to the Option Holder unless he has first agreed with the Company not to sell or otherwise dispose of Plan Shares acquired upon exercise of this Option within such period or periods (not extending beyond the first anniversary of the date of Admission) as the Board may specify.

No agreement mentioned shall prevent the Option Holder from immediately disposing of such number of Plan Shares as he has acquired as is sufficient to enable him (after deduction of costs of sale) to recover the aggregate Exercise Price he has paid and any tax and National Insurance contributions (or any equivalent local taxes or social security liabilities in any applicable jurisdiction) resulting from the exercise of Vested Options.

Any part of the Option which is not permitted to be exercised because it is not Vested at Admission may be exercised when and to the extent that it subsequently becomes Vested.

7.5. Assets Sale and other events

In the event of an Assets Sale (or on the occurrence of exceptional circumstances affecting the Company as determined by the Board in its discretion), a Vested Option may be exercised within the period beginning with the date of the Assets Sale (or other exceptional circumstance) and ending 28 days thereafter except that the Board may specify, in particular where no proceeds of an Assets Sale are to be distributed to shareholders within that period, that a longer exercise period shall apply. The Option shall lapse at the end of the applicable period.

7.6. Longstop Date

If no other Exercise Trigger occurs before the Longstop Date, a Vested Option may be exercised within 90 days of the Longstop Date, following which it shall cease to be capable of exercise under this Rule 7.6 but shall continue in force and remain capable of exercise if other exercise rights arise under the Rules.

7.7. Power to declare Vested Options exercisable

Subject to Rule 15.2, if the Board in its discretion considers it appropriate, it may determine that a Vested Option may be exercised in full or in part at any time.

7.8. Interaction of Rules

If an Option has become exercisable under Rule 7.2 and, during the period allowed for the exercise of the Option under Rule 7.2 the Option Holder dies, the period allowed for the exercise of the Option shall be the period allowed by Rule 7.1.

If an Option has become exercisable under Rule 7.2 and, during the period allowed for the exercise of the Option under Rule 7.2, the Option becomes exercisable under any of Rule 6.1, Rule 7.6 or Rule 8 also (or vice versa), the period allowed for the exercise of the Option shall be the shorter or shortest, if applicable, of the period allowed by Rule 7.2 and the period allowed by Rule 7.5, Rule 7.6 or Rule 8.

If an Option has become exercisable under Rule 7.1 and, during the period allowed for the exercise of the Option under that Rule the Option becomes exercisable under Rule 6.1, Rule 7.6 or Rule 8 (or vice

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versa) the period allowed for the exercise of the Option shall be the period allowed by Rule 7.1 other than where an Option becomes exercisable under Rule 8.4.

8. Takeover and other corporate events

8.1. Takeover and Trade Sale

Subject to Rules 7.1 and 9, where a person obtains Control of the Company as a result of making an offer to acquire Plan Shares in accordance with the provisions of paragraph 25A(3) to (5) of Schedule 4 or on the occurrence of any other Trade Sale that is not within any other provisions of Rules 8.2 to 8.4 and 8.10, Vested Options may be exercised at any time during the period of 28 days (or if the Board determines that a longer period not exceeding 6 months shall apply, that period) beginning with the time when the person making the offer has obtained Control or completion of the Trade Sale. If not so exercised, the Options shall lapse at the end of such period.

8.2. Compulsory acquisition of share in the Company

Subject to Rules 7.1 and 9, if a person becomes entitled or bound to acquire shares in the Company under sections 979 to 982 or 983 to 985 of the Companies Act 2006, Vested Options may be exercised at any time during the period beginning with the date the person serves notice under section 979, in accordance with paragraph 25A(7) of Schedule 4, and ending on the date on which the person ceases to be entitled to serve such a notice. If not so exercised, the Options shall lapse on the date the person ceases to be entitled to such notice.

8.3. Scheme of arrangement

Subject to Rules 7.1 and 9, if a person obtains Control of the Company in pursuance of a compromise or arrangement sanctioned by the court under section 899 of the Companies Act 2006, Vested Options may be exercised at any time during the period of 28 days (or, if the Board determines that a longer period not exceeding 6 months shall apply, that period) from the compromise or arrangement being sanctioned by the court. If not so exercised, the Options shall lapse at the end of that period.

8.4. Winding-up of Company

Subject to Rule 9, if notice is given of a resolution for the voluntary winding-up of the Company, Vested Options may be exercised at any time during the period of 28 days from the date of the notice, and if not exercised within that period the Options shall lapse.

8.5. Shares subject to Options ceasing to be Plan Shares

The Plan Shares subject to an Option must satisfy paragraphs 16 to 18 (inclusive) and paragraph 20 of Schedule 4 at the Date of Grant and the exercise date. If any Plan Shares subject to an Option cease to satisfy the conditions in paragraphs 16 to 18 (inclusive) and paragraph 20 of Schedule 4 after the Date of Grant then, subject to paragraph 25A(7B) of Schedule 4:

• the Option shall cease to be treated as granted or held in accordance with Schedule 4;

• the definition of "Plan Shares" shall be amended in relation to that Option by the deletion of the
words "which satisfy the conditions in paragraphs 16 to 18 (inclusive) and paragraph 20 of Schedule 4";

• the Grantor shall, as soon as reasonably practicable, notify HMRC;

• the Option shall continue to exist; and

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• the 2016 CSOP shall continue to exist but as a non-tax advantaged share
option plan.

8.6. Meaning of "obtains Control of the Company"

For the purpose of this Rule 8 a person shall be deemed to have obtained Control of the Company if he and others Acting In Concert with him have together obtained Control of it.

8.7. References to Board in this Rule 8

For the purposes of this Rule 8, any reference to the Board shall be taken to be a reference to those individuals who were members of the Board immediately before the event by virtue of which this Rule 8 applies.

8.8. Notification of Option Holders

The Board shall, as soon as reasonably practicable, notify each Option Holder of the occurrence of any of the events referred to in this Rule 8 or in Rule 7.5 or 7.7 and explain how this affects their position under the 2016 CSOP.

8.9. Options otherwise becoming exercisable and period for exercise

Subject to Rule 9, where the Board is aware that an event is likely to occur under Rule 8.1, 8.2 or 8.3 in respect of which a Vested Option will be exercisable and:

• in respect of Rule 8.1, the offer falls within paragraph 25A(3) to (5) of Schedule 4; or

• in respect of Rule 8.2, the compulsory acquisition of the Plan Shares falls within paragraph 25A(7) of Schedule
4; or

• in respect of Rule 8.3, the compromise or arrangement falls within paragraph 25A(6) of Schedule 4,

then the Board may determine that Vested Options may then be exercised during the period of 20 days ending with the relevant date on which the Vested Option would otherwise have become exercisable pursuant to the applicable Rule, on the condition that if a Vested Option is so exercised and the relevant event does not occur by the end of the 20 day period from the date of exercise of that Vested Option the exercise of the Vested Option is to be treated as having had no effect. If not so exercised but the relevant event takes effect then the Option shall lapse at the end of that 20 day period.

Subject to the above, if in consequence of the occurrence of an event described above, the Plan Shares subject to an Option no longer meet the requirements of paragraphs 16 to 18 inclusive and paragraph 20 of Schedule 4, the Vested Option may be exercised no later than 20 days after the day on which the relevant event has occurred notwithstanding that the Plan Shares no longer meet the requirements of paragraphs 16 to 18 inclusive and paragraph 20 of Schedule 4. If not so exercised, the Option shall lapse at the end of that 20 day period.

8.10. Non-UK company reorganisation arrangement

Subject to the remainder of this Rule 8.10 and 9, on the date on which a non-UK company reorganisation arrangement (as defined in paragraph 35ZA of Schedule 4) applicable to or affecting:

• all the ordinary share capital of the Company or all the shares of the same class as the Plan Shares; or

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• all the shares, or all the shares of the same class as the Plan Shares, which are held by a class of shareholders
identified otherwise than by reference to their employments or directorships or their participation in a Schedule 4 CSOP,

becomes binding on the shareholders covered by it, then Vested Options may then be exercised at any time during the period of 6 months beginning with the date described in this Rule 8.10. If not so exercised, the Options shall lapse at the 6 month period.

Where the Board shall determine that it is likely that a non-UK company reorganisation will become binding on shareholders and the Board passes a resolution to that effect, Vested Options may be exercised during the period of 20 days ending with the day on which the said non-UK company reorganisation becomes so binding and the Option shall be treated as if it was exercised in accordance with this Rule 8.10. If a Vested Option is exercised in reliance of this Rule 8.10 and in anticipation of the events referred to in this Rule 8.10, but the said non-UK company reorganisation does not become binding on shareholders, during the period of 20 days beginning with the date on which the Option is exercised, the exercise of the Option is to be treated as having had no effect. If not so exercised but the reorganisation takes affect then the Option shall lapse at the end of that 20 day period.

Subject to the above, if in consequence of a person obtaining Control of the Company as a result of a non-UK company reorganisation within this Rule 8.10, the Plan Shares to which the Option relates no longer meet the requirements of paragraphs 16 to 18 inclusive and paragraph 20 of Schedule 4, the Vested Option may be exercised no later than 20 days after the day on which a person obtains Control of the Company, notwithstanding that the Plan Shares no longer meet the requirements of paragraphs 16 to 18 inclusive and paragraph 20 of Schedule 4. If not so exercised, the Option shall lapse at the end of that 20 day period.

8.11. Exercise of Options in advance of a corporate event

Where the Board is aware that an event is likely to occur under Rule 8:

• in respect of which Options will be exercisable in circumstances where the conditions for relief under Part 12 of
the Corporation Tax Act 2009 may not be satisfied; or

• if the Board in its discretion considers it appropriate,

the Board may by notice in writing to all Option Holders, declare that all Vested Options shall be exercisable during such reasonable period prior to the relevant event as determined by the Board. If not so exercised within that period, the Option shall lapse at the end of that period.

9. Exchange of Options

9.1. Where exchange applies

An Option will not become exercisable under Rule 8 but the Option (whether or not Vested) will be exchanged for a New Option under this Rule to the extent that:

• an offer to exchange the Option for a New Option is made and accepted by the Option Holder; and

• only if the Acquiring Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. obtains Control of the Company as a result of making a general offer to acquire:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the whole of the issued ordinary share capital of the Company (other than that which is already owned by it and
its subsidiary or holding company) made on a condition such that, if satisfied, the Acquiring Company will have Control of the Company; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all the Plan Shares (or all those Plan Shares not already owned by the Acquiring Company or its subsidiary or
holding company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. obtains Control of the Company under a compromise or arrangement sanctioned by the court under Section 899
of the Companies Act 2006; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. becomes bound or entitled to acquire Plan Shares under Sections 979 to 982 of the Companies Act 2006; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. obtains Control of the Company as a result of a non-UK company
reorganisation which has become binding on the shareholders covered by it.

Options must be exchanged within the period referred to in paragraph 26(3) of Schedule 4 and with the agreement of the company offering the exchange and the Option Holder. No further Options may be granted under the 2016 CSOP.

9.2. Terms of exchange

The following applies in respect of the New Option:

• The Date of Grant of the New Option shall be deemed to be the same as the Date of Grant of the Option.

• The New Option shall be granted over Plan Shares in the Acquiring Company or such other company as determined by
the Board.

• In the application of the 2016 CSOP to the New Option, where appropriate, references to "Company" and
"Plan Shares" shall be read as if they were references to the company to whose shares the New Option relates, save that in the definition of "Board" the reference to "Company" shall be read as if it were a
reference to TransferWise Ltd.

• The New Option must be equivalent to the Option by satisfying the conditions of paragraph 27 of Schedule 4 and
must be in respect of shares which satisfy the conditions of paragraph 27 of Schedule 4, in a body corporate falling within paragraph 16(b) or (c) of Schedule 4, and it will be exercisable at the same time and in the same manner as the Option.

• In determining whether the Option is equivalent to the New Option, the market value of the Plan Shares shall be
determined using a methodology agreed with HMRC.

9.3. Internal reorganisation

If the person which obtains Control of the Company under Rule 8 is a company of which the ordinary shares are held in substantially the same proportions by substantially the same persons who previously held the Company's ordinary shares, then the Board may determine that Rule 8 shall not apply. Instead, if that person makes an offer to exchange the Option for a new option ("New **Option")** which meets the requirements set out in this Rule 9 and paragraph 26 of Schedule 4, any Options that are not exchanged within the period referred to in paragraph 26 of Schedule 4 shall lapse forthwith at the end of that period.

10. Lapse of Options

10.1. Options lapsing

Subject to Rule 10.2, notwithstanding any other provision of the Rules, an Option shall lapse on the earliest of:

• the 10th anniversary of the Date of Grant;

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• the Board determining that any Performance Target or any other condition imposed under Rule 5.1 has not been
satisfied either in whole nor in part in respect of the Option and can no longer be satisfied in whole or in part in which case the Option shall lapse either in whole or as to such part in relation to which the Performance Target or any other
condition imposed under Rule 5.1 can no longer be satisfied;

• subject to Rule 7.1 and 7.2, the Option Holder ceasing to be in Relevant Employment in any circumstances;

• any date provided for under Rules 7.5 and 8;

• any other date provided for under these Rules;

• the date the Option Holder violates the non-competition or
confidentiality provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the Option Holder and the Company or any other Group Member; and

• the date on which the Option Holder becomes bankrupt or enters into a compromise with his creditors generally.

10.2. Lapse of Options on death

Nothing in Rule 10.1 shall override the period allowed for exercise of an Option pursuant to Rule 7.1 following the death of an Option Holder.

11. Adjustment of Options on Variation of Share Capital

11.1. Power to adjust Options

Subject to Rule 11.2, in the event of a Variation of Share Capital, the number of Plan Shares subject to an Option, the description of the Plan Shares, the Exercise Price, or any one or more of these, shall be adjusted in such manner as the Grantor shall determine.

11.2. Terms of adjustment

Any adjustment within Rule 11.1 shall ensure that:

• no adjustment shall be made to the Exercise Price which would result in the Plan Shares subject to an Option
being issued at a price per Plan Share lower than the nominal value of a Plan Share except where the Board puts in place arrangements to pay up the nominal value at the date of issue of the Plan Shares (or the difference between the adjusted
Exercise Price and the nominal value as the case may be);

• the total Market Value of the Plan Shares which may be acquired by the exercise of the Option and the total price
at which those Plan Shares may be acquired is immediately after the variation or variations substantially the same as what it was immediately before the variation or variations; and

• the total price at which those Plan Shares may be acquired is immediately after the variation or variations
substantially the same as what it was immediately before the variation or variations.

For the avoidance of doubt, neither Rule 11.1 nor this Rule 11.2 shall authorise any variation which would result in the requirements of Schedule 4 not being met in relation to an Option, and any variation must be applied in a way that is fair and reasonable.

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11.3. Notification of Option Holders

The Grantor shall, as soon as reasonably practicable, notify each Option Holder of any adjustment made under this Rule 11 and explain how this affects his position under the 2016 CSOP.

12. Exercise Conditions

12.1. Deductions

If the Company or any Group Member (as the case may be) is obliged in any jurisdiction to account for tax and National Insurance contributions (or any equivalent local taxes or social security liabilities in any applicable jurisdiction) for which the Option Holder is liable by virtue of the exercise of the Option and such company has not received from the Option Holder the necessary amount, then such company shall be entitled to discharge such liability by selling sufficient Plan Shares in respect of which the Option has been validly exercised and allotting or procuring the transfer of the balance of the Plan Shares to the Option Holder.

12.2. Transfer of Employer's NICs

The Grantor may, at its discretion and to the extent permitted by law, require the Option Holder to pay all or any part of the Employer's NICs liability in relation to the exercise of an Option under the 2016 CSOP. Such requirements shall be specified on the Date of Grant and shall be a condition of exercise of the Option, but the Board (acting fairly and reasonably) may waive these requirements.

12.3. Execution of documents by Option Holder

The Grantor may require an Option Holder to execute a document in order to bind himself contractually to any such arrangement as is referred to in Rules 12.1 and 12.2 and return the executed document to the Board by a specified date.

The Grantor may further require an Option Holder to execute a power of attorney appointing any director of the Company to sign such documents on behalf of the Option Holder and agree such things as may reasonably be necessary to complete the sale of Plan Shares under the terms of the relevant event, and to waive any rights of pre-emption, class rights or restrictions on transfer in the event of a change of control of the Company. The Grantor may require the Option Holder to return the power of attorney to the Board by a specified date.

The Grantor may further require an Option Holder to execute a document to accept a Restriction further to an Admission as may be specified under Rules 1.4 and 7.4. The Grantor may require the Option Holder to return the power of attorney to the Board by a specified date.

It shall be a condition of exercise of the Vested Option that the executed documents and power of attorney be returned by the specified date unless the Grantor determines otherwise.

12.4. Tax elections

The Board may, at its discretion, determine that an Option may not be exercised unless the Option Holder has beforehand signed an election under Chapter 2 of Part 7 of ITEPA 2003 and/or section 165 of the Taxation of Chargeable Gains Act 1992 or entered into broadly similar local arrangements.

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13. Issue and Listing of Plan Shares

13.1. Rights attaching to Plan Shares

All Plan Shares issued and/or transferred under the 2016 CSOP shall, as to voting, dividend, transfer and other rights, including those arising on a liquidation of the Company, rank equally in all respects and as one class with the Plan Shares of the same class in issue at the date of issue or transfer save as regards any rights attaching to such Plan Shares by reference to a record date prior to the date of such issue or transfer.

13.2. Availability of Plan Shares

The Company shall at all times use its reasonable endeavours to keep available sufficient authorised but unissued Plan Shares to satisfy the exercise of all Options which the Board has determined will be satisfied by the issue of Plan Shares.

13.3. Listing of Plan Shares

If and so long as Plan Shares are listed and traded on a stock exchange, the Company will apply for the listing of any Plan Shares issued under the 2016 CSOP as soon as reasonably practicable.

14. Relationship of 2016 CSOP to contract of employment

14.1. Contractual provisions

Notwithstanding any other provision of the 2016 CSOP:

• the 2016 CSOP shall not form part of any contract of employment between any Group Member and an Eligible
Employee;

• unless expressly so provided in his contract of employment, an Eligible Employee has no right to be granted an
Option and the receipt of an Option in one year (and the calculation of the Exercise Price in a particular way) is no indication that the Option Holder will be granted any subsequent Options (or that the calculations of the Exercise Price will be
made in the same or a similar way);

• the 2016 CSOP does not entitle any Option Holder to the exercise of any discretion in his favour;

• the benefit to an Eligible Employee of participation in the 2016 CSOP (including, in particular but not by way of
limitation, any Options held by him) shall not form any part of his remuneration or count as his remuneration for any purpose and shall not be pensionable other than as required by law; and

• if an Eligible Employee ceases to be in Relevant Employment for any reason, he shall not be entitled to
compensation for the loss or diminution in value of any right or benefit or prospective right or benefit under the 2016 CSOP (including, in particular but not by way of limitation, any Options held by him which lapse by reason of his ceasing to be
in Relevant Employment) whether by way of damages for unfair dismissal, wrongful dismissal, breach of contract or otherwise.

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14.2. Deemed agreement

By signing and submitting the Option Certificate to the Grantor, an Option Holder is deemed to have agreed to the provisions of these Rules including this Rule 14.

15. Administration of 2016 CSOP

15.1. Responsibility for administration

The Board shall be responsible for, and shall have the conduct of, the administration of the 2016 CSOP. The Board may from time to time make, amend or rescind regulations for the administration of the 2016 CSOP provided that such regulations shall not be inconsistent with the Rules and not cause any of the provisions of Schedule 4 which are relevant to the 2016 CSOP to cease to be satisfied.

15.2. Board's exercise of discretion

Where any discretion is to be exercised by the Board under the 2016 CSOP in relation to an Option it must be exercised fairly and reasonably.

15.3. Board's decision final and binding

The decision of the Board shall be final and binding in all matters relating to the 2016 CSOP, including but not limited to the resolution of any dispute concerning, or any inconsistency or ambiguity in the Rules or any document used in connection with the 2016 CSOP.

15.4. Cost of 2016 CSOP

The cost of introducing and administering the 2016 CSOP shall be met by the Company. The Company shall be entitled, if it wishes, to charge an appropriate part of such cost or the costs of an Option to a Subsidiary or the Grantor.

15.5. Data protection

By signing and returning the Option Certificate to the Grantor, an Option Holder is deemed to consent to the holding, processing and transfer of personal data in relation to the Option Holder by or to the Company, the Grantor, any Group Member, any third party broker, registrar or administrator or any future purchaser of the Company or relevant Group Member employing the Option Holder for all purposes relating to the operation of the 2016 CSOP and this consent shall include transferring or processing personal data outside the European Economic Area (as defined in the Data Protection Act 1998) in its present form and as amended from time to time.

15.6. Third party rights

Nothing in these Rules confers any benefit, right or expectation on a person who is not an Option Holder. No such third party has any rights under the Contracts (Rights of Third Parties) Act 1999 in its present form and as amended from time to time (or any applicable overseas legislation) to enforce any terms of these Rules.

15.7. Option reporting requirements

The Company shall register and certify the 2016 CSOP with HMRC as required by Schedule 4 including that Options granted meet the requirements set out in Parts 2 to 6 of Schedule 4 and make any declaration in relation to amendments to key features (as defined in paragraph 28B(8) of Schedule 4) or variations under paragraph 22(3) of Schedule 4 to confirm that the requirements of Parts 2 to 6 of Schedule 4 continue to be met.

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Options granted in a Tax Year in advance of notification of the 2016 CSOP to HMRC in accordance with paragraph 28A of Schedule 4 will only fall within the provisions of the CSOP code (as defined under section 521(3) ITEPA 2003) if the Company notifies the 2016 CSOP to HMRC by 6 July of the following Tax Year.

16. Amendment of 2016 CSOP

16.1. Power to amend 2016 CSOP

Subject to Rule 16.2, the Board may from time to time amend the Rules.

16.2. Rights of existing Option Holders

An amendment may not adversely affect the rights of an existing Option Holder except where the amendment has been approved by those existing Option Holders who would be adversely affected by the amendment in such manner as would be required by the Company's articles of association (with appropriate changes) if the Plan Shares subject to those Options which would be so adversely affected had been issued or transferred to them (so that they had become shareholders in the Company) and constituted a separate class of shares.

16.3. Notification of Option Holders

The Board shall, as soon as reasonably practicable, notify each Option Holder of any amendment to the Rules under this Rule 16 and explain how it affects his position under the 2016 CSOP.

17. Notices

17.1. Notice by the Grantor

Save as provided for by law, any notice, document or other communication given by, or on behalf of, the Grantor or to any person in connection with the 2016 CSOP shall be deemed to have been duly given if delivered to him at his place of work, if he is in Relevant Employment, if sent by e-mail to such e-mail address as may be specified by him from time to time or, in the case of an Option Holder who remains in Relevant Employment, to such e-mail address as is allocated to him by any Group Member, or sent through the post in a pre-paid envelope to the postal address last known to the Company to be his address and, if so sent, shall be deemed to have been duly given on the date of posting.

17.2. Deceased Option Holders

Save as provided for by law, any notice, document or other communication so sent to an Option Holder shall be deemed to have been duly given notwithstanding that such Option Holder is then deceased (and whether or not the Company has notice of his death) except where his personal representatives have established title to the satisfaction of the Company and supplied to the Company an e-mail or postal address to which notices, documents and other communications are to be sent. Where personal representatives wish to exercise an Option, the Grantor may require that they have previously established their title to the satisfaction of the Grantor.

17.3. Notice to the Grantor

Save as provided for by law any notice, document or other communication given to the Grantor (or any relevant person appointed by the Grantor) in connection with the 2016 CSOP shall be delivered by hand or sent by email, fax or post to the Company Secretary (or any relevant person appointed by the Grantor) at the Company's registered office (or such other e-mail or postal address as may from time

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TransferWise 2016 Share Option Plan

to time be notified to Option Holders) but shall not in any event be duly given unless it is actually received at the registered office or such e-mail or postal address.

18. Governing Law and Jurisdiction

18.1. 2016 CSOP governed by English law

The formation, existence, construction, performance, validity and all aspects whatsoever of the 2016 CSOP, any term of the 2016 CSOP and any Option granted under it shall be governed by English law.

18.2. English courts to have jurisdiction

The English courts shall have jurisdiction to settle any dispute which may arise out of, or in connection with, the 2016 CSOP.

18.3. Jurisdiction agreement for benefit of the Company

The jurisdiction agreement contained in this Rule 18 is made for the benefit of the Company only, which accordingly retains the right to bring proceedings in any other court of competent jurisdiction.

18.4. Option Holder deemed to submit to such jurisdiction

By acknowledging the grant of an Option, an Option Holder is deemed to have agreed to submit to such jurisdiction.

19. Interpretation

19.1. Definitions

In this 2016 CSOP, unless the context otherwise requires, the following words and expressions have the following meanings:

2016 CSOP means the 2016 TransferWise Company Share Option Plan which constitutes Part A of the 2016 Plan;

2016 Plan means the 2016 TransferWise Share Option Plan;

Acquiring Company means a company which obtains Control of the Company in the circumstances referred to in Rules 8.1, 8.2, 8.3 or 8.10;

Acting In Concert has the meaning given to that expression in The City Code on Takeovers and Mergers in its present form or as amended from time to time;

Admission means the first occasion on which ordinary shares in the capital of the Company are admitted to the Official List of the UK Listing Authority or to trading on AIM or permission is given for them to be traded on any other share market approved for this purpose by the holders of a majority of the Ordinary Share Capital;

Adoption Date means the date on which the 2016 CSOP is adopted by the Board;

Articles of Association means the articles of association of the Company as amended from time to time;

Assets Sale means completion of an unconditional agreement for the sale of the whole or substantially the whole (which shall mean more than seventy five percent (75%) of the trade and assets of the Group), as determined by the Grantor;

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TransferWise 2016 Share Option Plan

Associated Company has the meaning given to that expression by paragraph 35(1) of Schedule 4;

Board means, subject to Rule 8.7, the board of directors of the Company or a duly authorised committee of it or a person duly authorised by the board of directors of the Company or such committee;

Cause means serious misconduct or any serious or repeated breach by the Option Holder of his employment obligations (or any other circumstances (other than redundancy) in which a Group Member may terminate the Option Holder's employment without that termination being an unfair dismissal);

Close Company has the meaning given to that expression by section 989 of ITA 2007, and paragraph 9(4) of Schedule 4;

Company means TransferWise Ltd incorporated in England and Wales under company number 07209813, being the scheme organiser for the purposes of paragraph 2(2) of Schedule 4;

Consortium has the meaning given to that word by paragraph 36(2) of Schedule 4;

Constituent Company has the meaning in paragraph 3(3) of Schedule 4;

Control has the meaning given to it by section 719 of ITEPA 2003;

CSOP Good Leaver has the meaning set out in Rule 7.2;

Date of Grant means the date on which an Option is granted in accordance with Rule 1.3;

Eligible Employee means an individual who is at the Date of Grant is an employee of a Group Member except for anybody who is:

• excluded from participation because of paragraph 9 of Schedule 4 (material interest provisions);

• a director who is required to work less than 25 hours a week (excluding meal breaks) for the Group; or

• not an employee or director of the Company or a Subsidiary which has been nominated by the Board as a Constituent
Company;

Enterprise Management Incentive means enterprise management incentive options which are qualifying options for the purposes of the EMI Code as defined under s.527 ITEPA;

Employees' Share Scheme has the meaning set out in section 1166 of the Companies Act 2006;

Employer's NICs means employer's National Insurance contributions liability or any local equivalent in any other jurisdiction;

Exercise Price means the amount per Plan Share payable in pounds sterling on the exercise of an Option determined in accordance with Rule 4 and stated in the Option Certificate;

Exercise Trigger means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Admission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an Assets Sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a Trade Sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Longstop Date.

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TransferWise 2016 Share Option Plan

Good Leaver has the meaning set out in Rule 7.2;

Grantor means the Board or the Company, as the context requires;

Group means the Company and all Subsidiaries and Associated Companies of the Company from time to time and Group Member shall be interpreted accordingly;

HMRC means Her Majesty's Revenue and Customs;

ITA 2007 means the Income Tax Act 2007;

ITEPA 2003 means the Income Tax (Earnings and Pensions) Act 2003;

Longstop Date means the date which is 9 years and 9 months from the Vesting Commencement Date;

Market Value on any day means the market value of a Plan Share determined in accordance with Part VIII of the Taxation of Chargeable Gains Act 1992 and as agreed in advance with HMRC. If shares are subject to a Restriction, the Market Value is to be determined as if they were not subject to a Restriction;

Material Interest has the meaning given to that expression by paragraphs 9 to 14 of Schedule 4;

New Holding Company means a company which obtains Control of the Company where the New Holding Company's Ordinary Share Capital is held in substantially the same proportions by substantially the same persons who previously held the Ordinary Share Capital;

Option means a right to acquire Plan Shares granted under the 2016 CSOP;

Option Certificate means the means a statement in a form, which may include an electronic form, determined by the Company setting out details of the Option and which shall contain the provisions specified in accordance with Rule 1.4;

Option Holder means an individual who holds an Option or, where the context permits, his legal personal representatives;

Ordinary Share Capital means the issued ordinary share capital of the Company other than fixed-rate preference shares;

Ordinary Shares means ordinary shares of £0.00001 each in the capital of the Company;

Performance Target means any performance target imposed as a condition of Vesting under Rule 5.1 and as substituted or varied in accordance with Rule 5.3;

Plan Shares means Ordinary Shares which satisfy the conditions in paragraphs 16 to 18 (inclusive) and paragraph 20 of Schedule 4;

Relevant Employment means employment with any Group Member;

Restriction has the meaning given in paragraph 36(3) of Schedule 4;

Rules mean the rules of the 2016 CSOP;

Schedule 4 means Schedule 4 to ITEPA 2003;

Schedule 4 CSOP means a plan which is intended to meet the requirements of Schedule 4;

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TransferWise 2016 Share Option Plan

Subsidiary has the meaning set out in section 1159 of the Companies Act 2006;

Tax Year is a year commencing 6 April;

Trade Sale means the completion of the sale of the whole of the Ordinary Share Capital to any person or persons other than where:

• the sale is to a New Holding Company in which case such company shall be considered to be the Company for the
purpose of this definition; or

• the relevant transfer is to a person or person(s) connected (within the meaning of section 993 of ITA 2007) with
the transferring shareholder;

or such other disposal of shares in the Company as the holders of more than 50% of the Ordinary Share Capital may in their discretion specify, acting fairly and reasonably;

Variation of Share Capital means any variation in the share capital of the Company, including but without limitation a capitalisation issue, rights issue, rights offer or bonus issue and a sub-division, consolidation or reduction in the capital of the Company but excluding a capitalisation issue in substitution for or as an alternative to a cash dividend;

Vest and Vested means an Option is capable of exercise on or following the occurrence of an Exercise Trigger or other right to exercise set out in the Rules to the extent that the service condition set out in the Vesting Schedule and any other conditions imposed under Rule 5 have been satisfied;

Vesting Commencement Date means the date from which Vesting is determined as specified in the Vesting Schedule; and

Vesting Schedule means the schedule appended to the Option Certificate setting out the service conditions which determine the level of Vesting of the Option.

19.2. Interpretation

In the 2016 CSOP, unless otherwise specified:

• save as provided for by law a reference to writing includes any mode of reproducing words in a legible form and
reduced to paper or electronic format or communication including, for the avoidance of doubt, correspondence via e-mail;

• reference to the singular includes the plural (and vice versa), reference to any gender includes all genders, and
reference to persons includes bodies corporate, unincorporated associations and partnerships (whether or not any of them have a separate legal personality); and

• the Interpretation Act 1978 applies to the 2016 CSOP in the same way as it applies to an enactment.

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TransferWise 2016 Share Option Plan

Part B: TransferWise 2016 US Share Option Plan

This Part B to the 2016 Transferwise Ltd Share Option Plan (the "**2016 Plan**") is intended to provide that any options issued to "U.S. Employees" (as defined below) will comply with the requirements of Section 409A of the United States Internal Revenue Code.

The terms of Part A of the 2016 Plan, the TransferWise 2016 Company Share Option Plan (the "**2016 CSOP**") shall apply to this Part B except as specified otherwise in Part B (the "**2016 US Plan**"). The terms of the 2016 US Plan shall supersede any contrary or inconsistent terms of the 2016 CSOP, to the extent necessary to comply with such requirements; and notwithstanding Rule 18.1 of the 2016 CSOP, to the extent that any terms of the 2016 CSOP and the 2016 US Plan do not comply with such requirements, those noncompliant CSOP terms shall be interpreted and applied by the Grantor to comply with such requirements, and are hereby deemed to be amended to so comply.

The 2016 US Plan shall provide for the grant of Fair Market Value Options to Eligible Employees in accordance with the rules of the 2016 US Plan.

Defined Terms

Defined terms used in the 2016 US Plan shall have the meanings ascribed to them under the terms of the 2016 CSOP except where a different meaning is specified below in which case the definition below shall replace the definition in the 2016 CSOP. In addition, the following additional defined terms shall apply for purposes of the 2016 US Plan:

Eligible Employee. An individual who is at the Date of Grant an advisor, consultant, director or employee of a Group Member.

Fair Market Value. "Fair market value" within the meaning of U.S. Treasury Regulations Section 1.409A-1(b)(5)(iv).

Fair Market Value Option. An Option that, at the time of the Date of Grant, has an Exercise Price that meets all of the requirements described in Treasury Regulations Section 1.409A-1(b)(5)(i). Accordingly, the Option must have the following features:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At the time of the Date of Grant, the Exercise Price shall be not less than the Fair Market Value of the
Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) U.S. Code Section 83 will apply to tax a transfer or exercise of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Option shall not contain any feature providing for the deferral of compensation, other than the deferral of
recognition of U.S. taxable income until the later of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the exercise or disposition of the Option

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the time the stock acquired by an exercise of the Option first become substantially vested (under U.S. Code
Section 83).

Good Leaver. An Option Holder who ceases to be in Relevant Employment by reason of

• death

• injury or disability;

• redundancy (within the meaning of the Employment Rights Act 1996);

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TransferWise 2016 Share Option Plan

• retirement (by agreement with the company by which he is employed as evidenced to the satisfaction of the Board);

• a relevant transfer within the meaning of the Transfer of Undertakings (Protection of Employment) Regulations
2006; and

• the Option Holder being employed by a company which ceases to be a Group Member.

• the Option Holder voluntarily leaving Relevant Employment, provided that this is not in circumstances where any
Group Member is entitled to dismiss the Option Holder for Cause; or

• any other circumstances if the Board decides acting fairly and reasonably in any particular case.

Option. A Fair Market Value Option granted under the 2016 US Plan.

Plan Shares. The ordinary shares in the capital of the Company (or any shares representing them).

Share Option Agreement. The form of Option Certificate issued to Option Holders under the 2016 US Plan.

U.S. Code. The Internal Revenue Code of 1986, as amended from time to time. Reference to a section of the Code shall include such section and any comparable section or sections of any future legislation that amends, supplements, or supersedes such section. Reference to a section of the Code includes all rulings, regulations, notices, announcements, decisions, orders and other pronouncements that are issued by the United States Department of the Treasury, the Internal Revenue Service, or any Court of competent jurisdiction that are lawful and pertinent to the interpretation, application or effectiveness of such Section with respect to this Addendum.

U.S. Employee. An Eligible Employee of the Company or Group who is either (i) a citizen of the United States, or (ii) otherwise subject to U.S. income tax as a result of the Exercise of a Fair Market Value Option held by such Eligible Employee (after application of any applicable tax treaty exclusion).

The Rules of the 2016 CSOP shall apply to the 2016 US Plan subject to the following amendments.

Further provisions

<u>Rule 1.4 of the 2016 CSOP</u> 

Rule 1.4 of the 2016 CSOP shall be replaced by "Subject to Rule 1.3, the Option Certificate shall be in such form as is determined by the Board from time to time".

<u>Rule 4 of the 2016 CSOP</u> 

Rule 4 of the 2016 CSOP shall be replaced as follows:

The Exercise Price of an Option shall be determined by the Board but shall in all cases be no less than the Fair Market Value of a Plan Share as at the Date of Grant.

Where the Grantor has determined that an Option will be satisfied by the issue of new shares and the Exercise Price is less than the nominal value of a Plan Share the Company will ensure that at the time of issue of the Plan Shares arrangements are in place to pay up the nominal value of the relevant Plan Shares.

<u>Rule 5.1 of the 2016 CSOP</u> 

The following term shall be added to Rule 5.1 of the 2016 CSOP as it applies to the 2016 US Plan.

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TransferWise 2016 Share Option Plan

No Option shall be granted to a U.S. Employee, unless the Option is a Fair Market Value Option.

<u>Rule 9.2 of the 2016 CSOP</u> 

The following applies in respect of the New Option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the fourth bullet of rule 9.2 of the 2016 CSOP, references to compliance with Schedule 4 shall be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The fifth bullet of rule 9.2 of the 2016 CSOP shall not apply.

<u>Rule 9.3 of the 2016 CSOP</u> 

In rule 9.3 of the 2016 CSOP references to meeting the requirements of Schedule 4 shall be disregarded.

Disapplication of certain Rules and provisions

The following Rules shall not apply to the 2016 US Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rule 3 (Individual Limits);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rule 6.5 (Material Interest);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rule 6.9 (US Taxpayers);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rule 7.1 (Death)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rule 8.5 (Shares subject to Options ceasing to be Plan Shares),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rule 15.7 (Option reporting requirements).

Under Rule 7.2 the provision relating to CSOP Good Leavers shall not apply to the 2016 US Plan.

All references in the 2016 CSOP to Market Value shall be replaced by Fair Market Value.

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TransferWise 2016 Share Option Plan

Part C: TransferWise 2016 Non-tax advantaged plan for non-US taxpayers

This Part C to the 2016 TransferWise Share Option Plan (the "**2016 Plan**") is intended to provide for non- tax advantaged options to be granted to employees who are not US taxpayers (the "**2016 Non-tax advantaged Plan**").

For the avoidance of doubt, none of the provisions of Part A (the 2016 CSOP) or Part B (the 2016 US Plan) of the 2016 Plan shall apply to the 2016 Non-tax advantaged Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. 2016 Non-tax advantaged Plan

This 2016 Non-tax advantaged Plan which has been established by resolution of TransferWise Ltd ("**Company**") passed on 15 June 2016, sets out the terms of the authority of the Directors of the Company ("**Directors**") to grant rights to subscribe for or acquire ordinary shares in the capital of the Company ("**Options**"), and the parameters within which the Directors may specify the terms upon which Options may be granted to employees and former employees of the Company and its subsidiaries (within the meaning of section 1159 Companies Act 2006) ("**Group**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Grant of Options

The Directors shall be entitled to grant Options to advisors, consultants, directors, employees and former employees of the Group pursuant to this 2016 Non-tax advantaged Plan on such terms as the Directors shall think fit and as shall be recorded in a certificate issued pursuant to this 2016 Non-tax advantaged Plan ("**Share Option Certificate**"). The Directors shall have an absolute discretion as to the selection of employees and former employees to whom Options may be granted. Any grants made to persons who are not employees shall be made outside the provisions of this 2016 Non-tax advantaged Plan.

Options may be granted at any time after the date of adoption of the 2016 Plan until the 10th anniversary of that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Exercise of Options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Options shall not be capable of being exercised before such time or times as may be specified in the Share
Option Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Options shall be exercisable only upon, and subject to, the terms of a Share Option Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 It is intended that Options will be exercisable upon a sale of the Company or its assets or the listing of the
Company upon a recognised stock exchange or otherwise following cessation of employment in certain circumstances or at a longstop date, but the Directors shall have authority to vary the events upon which an option may be exercised.

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TransferWise 2016 Share Option Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Employees' Share Scheme

This 2016 Non-tax advantaged Plan is intended to be regarded as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 an "employees' share scheme" for the purpose of Section 1166 Companies Act 2006; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 an arrangement of the type described in Article 60(1) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 an arrangement of the type described in Article 71(1) of the Financial Services and Markets Act 2000 (Regulated
Activities) Order 2001.

5. Governing Law

This 2016 Non-tax advantaged Plan shall be governed by and construed in all respects in accordance with the laws of England and Wales and the parties shall submit to the exclusive jurisdiction of the courts of England and Wales as regards any claim legal action or proceedings arising out of this Scheme and will waive any objection to such proceedings taking place in the courts of England and Wales on the grounds of venue or on the grounds that such proceedings have been brought in an inconvenient forum.

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**TransferWise 2016 Share Option Plan - Part B: TransferWise 2016 US Share Option Plan Amendment Rider** 

*New definition to be added under "Defined Terms":* 

Internal Reorganisation. Where immediately after a change of Control of the Company, all or substantially all of the share capital of the Acquiring Company is owned directly or indirectly by the persons who were shareholders in the Company immediately before the change of Control;

*Under Further provisions* 

<u>Rule 9.1 of the 2016 CSOP</u> 

Rule 9.1 of the 2016 CSOP shall be replaced as follows:

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| | |
|:---|:---|
| "**9.1** | **Where exchange applies**  |

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An Option will not become exercisable under Rule 8 but the Option (whether or not Vested) will be exchanged for a New Option under this Rule to the extent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an offer to exchange the Option for a New Option is made and accepted by the Option Holder; or, the Board, with
the consent of the Acquiring Company, decides before the event that the Option will be automatically exchanged without Option Holder consent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in each case only if the Acquiring Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. obtains Control of the Company as a result of making a general offer to acquire:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the whole of the issued ordinary share capital of the Company (other than that which is already owned by it and
its subsidiary or holding company) made on a condition such that, if satisfied, the Acquiring Company will have Control of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all the Plan Shares (or all those Plan Shares not already owned by the Acquiring Company or its subsidiary or
holding company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. obtains Control of the Company under a compromise or arrangement sanctioned by the court under Section 899
of the Companies Act 2006; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. becomes bound or entitled to acquire Plan Shares under Sections 979 to 982 of the Companies Act 2006;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. obtains Control of the Company as a result of an Internal Reorganisation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. obtains Control of the Company as a result of a non-UK company
reorganisation which has become binding on the shareholders covered by it.

Options must be exchanged with the agreement of the company offering the exchange and, unless otherwise determined by the Board under this Rule 9.1, the Option Holder. No further Options may be granted under the 2016 CSOP."

<u>Rule 9.2 of the 2016 CSOP</u> 

The following applies in respect of any New Option:

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• in the fourth bullet of rule 9.2 of the 2016 CSOP, references to compliance with Schedule 4 shall be disregarded.

• The fifth bullet of rule 9.2 of the 2016 CSOP shall not apply.

• For the avoidance of doubt, any "New Option" resulting from the exchange of an Option in connection
with an Internal Reorganisation shall not be considered a new option grant nor a modification of an existing option grant for purposes of the United States Internal Revenue Code of 1986, as amended.

• Any New Option resulting from the exchange of an Option in connection with an Internal Reorganisation reflects
only the proportional adjustment to the number and class of securities and the Exercise Price subject to the Option being exchanged in the Internal Reorganisation."

<u>Rule 9.3 of the 2016 CSOP</u> 

Rule 9.3 of the 2016 CSOP shall not apply to the 2016 US Plan.

## Exhibit 4.4

**Exhibit 4.4** 

**Rules of the TransferWise 2021 Equity Incentive Plan** 

Adoption Date: 1 January 2021

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CONTENTS

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| | | |
|:---|:---|:---|
| 1 | DEFINITIONS AND INTERPRETATION | 3 |
| 2 | GRANT OF AWARDS | 8 |
| 3 | PERFORMANCE CONDITION | 9 |
| 4 | RESTRICTIONS ON TRANSFER AND BANKRUPTCY | 9 |
| 5 | DIVIDEND EQUIVALENTS | 9 |
| 6 | VESTING, RELEASE, EXERCISE AND SETTLEMENT | 10 |
| 7 | TAXATION AND REGULATORY ISSUES | 11 |
| 8 | CASH EQUIVALENT | 11 |
| 9 | CESSATION OF EMPLOYMENT | 11 |
| 10 | CORPORATE EVENTS | 13 |
| 11 | ADJUSTMENTS | 16 |
| 12 | AMENDMENTS | 16 |
| 13 | LEGAL ENTITLEMENT | 16 |
| 14 | GENERAL | 17 |
| SCHEDULE 1 | SCHEDULE 1 | 18 |
| 1 | CASH AWARDS | 18 |
| SCHEDULE 2 | SCHEDULE 2 | 19 |
| 1 | DEFINITIONS AND INTERPRETATION | 19 |
| 2 | GRANT OF AWARDS | 19 |
| 3 | VESTING CONDITIONS | 20 |
| 4 | DIVIDEND EQUIVALENTS | 21 |
| 5 | VESTING, RELEASE, EXERCISE AND SETTLEMENT | 21 |
| 6 | CASH EQUIVALENT | 21 |
| 7 | CESSATION OF EMPLOYMENT | 21 |
| 8 | AMENDMENTS | 22 |
| 9 | CASH AWARDS | 22 |
| SCHEDULE 3 | SCHEDULE 3 | 23 |
| 1 | DEFINITIONS AND INTERPRETATION | 23 |
| 2 | GRANT OF AWARDS | 23 |
| 3 | DIVIDEND EQUIVALENTS | 24 |
| 4 | VESTING, RELEASE AND SETTLEMENT | 24 |
| 5 | TAXATION AND REGULATORY ISSUES | 24 |
| 6 | CASH EQUIVALENT | 24 |
| 7 | CESSATION OF EMPLOYMENT | 24 |
| 8 | CORPORATE EVENTS | 24 |
| 9 | AMENDMENTS | 25 |
| 10 | CASH AWARDS | 25 |

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THE TRANSFERWISE 2021 EQUITY INCENTIVE PLAN

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| | |
|:---|:---|
| **1** | **DEFINITIONS AND INTERPRETATION**  |

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1.1 In this Plan, unless otherwise stated, the words and expressions below have the following meanings:

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| | |
|:---|:---|
| **"Acting in Concert"** | has the meaning given to that expression in The City Code on Takeovers and Mergers in its present form or as amended from time to time; |
| **"Admission"** | the first occasion on which ordinary shares in the capital of the Company (or any successor company), or securities representing those shares (including American depositary receipts, American depositary shares and/or other instruments), are admitted to the Official List of the FCA or to trading on AIM or any other recognised stock exchange (as defined in section 1005 of the Income Tax Act 2007) or permission is given for them to be traded on any other share market approved for this purpose by the holders of a majority of the Ordinary Share Capital; |
| **"AIM"** | a market operated by London Stock Exchange plc known as AIM; |
| **"Assets Sale"** | completion of an unconditional agreement for the sale of the whole or substantially the whole (which shall mean more than 75%) of the trade and assets of the Group, as determined by the Board; |
| **"Award"** | an RSU, a PSU or an Option; |
| **"Board"** | subject to rule 10.20, the board of the Company or any committee or person duly authorised by the board, or any duly appointed successor body; |
| **"Cause"** | serious misconduct, or any serious or repeated breach by the Participant of their employment obligations or other similar circumstances that would enable the Company to summarily dismiss the Participant (which for the avoidance of doubt will not include redundancy); |
| **"Code"** | the United States of America's Internal Revenue Code of 1986, as amended from time to time; |
| **"Company"** | TransferWise Ltd registered in England and Wales under number 07209813; |
| **"Control"** | the meaning given by section 995 of the Income Tax Act 2007; |
| **"Dealing Day"** | any day on which the London Stock Exchange is open for business; |
| **"Dealing Restrictions"** | at any time when the ordinary shares of the Company (or any successor company) are listed following Admission, restrictions imposed by such listed company's share dealing code, the FCA's listing rules, the MAR or any other laws or regulations that impose restrictions on share dealing; |

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| | | | |
|:---|:---|:---|:---|
| **"Eligible Employee"** | a current employee (including an executive director) of the Company or any of its Subsidiaries; | a current employee (including an executive director) of the Company or any of its Subsidiaries; | a current employee (including an executive director) of the Company or any of its Subsidiaries; |
| **"Exercise Price"** | the price at which each Share subject to a Market-Value Option or Nominal-Cost Option may be acquired on the exercise of the Option; | the price at which each Share subject to a Market-Value Option or Nominal-Cost Option may be acquired on the exercise of the Option; | the price at which each Share subject to a Market-Value Option or Nominal-Cost Option may be acquired on the exercise of the Option; |
| **"Fair Market Value Option"** | an Option that, at the Grant Date, meets all the requirements described in US Treasury Regulations Section 1.409A-1(b)(5)(i): | an Option that, at the Grant Date, meets all the requirements described in US Treasury Regulations Section 1.409A-1(b)(5)(i): | an Option that, at the Grant Date, meets all the requirements described in US Treasury Regulations Section 1.409A-1(b)(5)(i): |
|  | i. | an Exercise Price that is no less than Market Value at the Grant Date; | an Exercise Price that is no less than Market Value at the Grant Date; |
|  | ii. | Section 83 of the Code will apply to tax a transfer or exercise of the Option; and | Section 83 of the Code will apply to tax a transfer or exercise of the Option; and |
|  | iii. | the Option shall not contain any feature providing for the deferral of compensation, other than the deferral of recognition of US taxable income until the later of the following: | the Option shall not contain any feature providing for the deferral of compensation, other than the deferral of recognition of US taxable income until the later of the following: |
|  |  | a. | the exercise or disposition of the Option; and |
|  |  | b. | the time the Shares acquired by an exercise of the Option first become substantially vested (under Section 83 of the Code); |
| **"FCA"** | the United Kingdom Financial Conduct Authority, or any successor body; | the United Kingdom Financial Conduct Authority, or any successor body; | the United Kingdom Financial Conduct Authority, or any successor body; |
| **"GDPR"** | the EU General Data Protection Regulation 2016/679; | the EU General Data Protection Regulation 2016/679; | the EU General Data Protection Regulation 2016/679; |
| **"Grant Date"** | the date on which an Award is granted; | the date on which an Award is granted; | the date on which an Award is granted; |
| **"Group Member"** | the Company, any Subsidiary of the Company, any company that is (within the meaning given by section 1159 of the Companies Act 2006) the Company's holding company or a Subsidiary of the Company's holding company or, if the Board so determines, any body corporate in relation to which the Company is able to exercise at least 20% of the equity voting rights and "Group" will be construed accordingly; | the Company, any Subsidiary of the Company, any company that is (within the meaning given by section 1159 of the Companies Act 2006) the Company's holding company or a Subsidiary of the Company's holding company or, if the Board so determines, any body corporate in relation to which the Company is able to exercise at least 20% of the equity voting rights and "Group" will be construed accordingly; | the Company, any Subsidiary of the Company, any company that is (within the meaning given by section 1159 of the Companies Act 2006) the Company's holding company or a Subsidiary of the Company's holding company or, if the Board so determines, any body corporate in relation to which the Company is able to exercise at least 20% of the equity voting rights and "Group" will be construed accordingly; |
| **"Holding Period"** | a period determined by the Board, beginning on the Vesting Date; | a period determined by the Board, beginning on the Vesting Date; | a period determined by the Board, beginning on the Vesting Date; |
| **"Internal Reorganisation"** | where immediately after a change of Control of the Company, all or substantially all of the share capital of the acquiring company is owned directly or indirectly by the persons who were shareholders in the Company immediately before the change of Control; | where immediately after a change of Control of the Company, all or substantially all of the share capital of the acquiring company is owned directly or indirectly by the persons who were shareholders in the Company immediately before the change of Control; | where immediately after a change of Control of the Company, all or substantially all of the share capital of the acquiring company is owned directly or indirectly by the persons who were shareholders in the Company immediately before the change of Control; |

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| | | |
|:---|:---|:---|
| **"Leaves" or "Leaving"** | means ceasing to hold either: | means ceasing to hold either: |
|  | i. | office or employment; or |
|  | ii. | a right to return to work |
|  | with any Group Member and "**Leaving Date**" means the date on which a Participant Leaves; | with any Group Member and "**Leaving Date**" means the date on which a Participant Leaves; |
| **"Liquidity Event"** | any of: | any of: |
|  | i. | an Admission; |
|  | ii. | an Assets Sale; |
|  | iii. | a Trade Sale; or |
|  | iv. | an Other Liquidity Event; |
| **"MAR"** | the EU Market Abuse Regulation 596/2014; | the EU Market Abuse Regulation 596/2014; |
| **"Market Value"** | the market value of a Share as determined by the Board provided that, in respect of a Fair Market Value Option granted to a US Taxpayer, such market value will not be less than "Fair market value" within the meaning of U.S. Treasury Regulations Section 1.409A-1(b)(5)(iv); | the market value of a Share as determined by the Board provided that, in respect of a Fair Market Value Option granted to a US Taxpayer, such market value will not be less than "Fair market value" within the meaning of U.S. Treasury Regulations Section 1.409A-1(b)(5)(iv); |
| **"Market Value Option"** | a right to acquire Shares subject to the rules of the Plan for an Exercise Price not less than the Market Value of a Share on its Grant Date; | a right to acquire Shares subject to the rules of the Plan for an Exercise Price not less than the Market Value of a Share on its Grant Date; |
| **"Nil-Cost Option"** | a right to acquire Shares subject to the rules of the Plan for nil cost or for a Nominal Price (in which case such Option may also be referred to as a "**Nominal-Cost Option**"); | a right to acquire Shares subject to the rules of the Plan for nil cost or for a Nominal Price (in which case such Option may also be referred to as a "**Nominal-Cost Option**"); |
| **"Nominal Price"** | a price payable per Share equal to the nominal value of a Share from time to time; | a price payable per Share equal to the nominal value of a Share from time to time; |
| **"Normal Release Date"** | the date on which an Award will normally be Released, which: | the date on which an Award will normally be Released, which: |
|  | i. | in relation to an Award to which no Holding Period applies, will be the Normal Vesting Date; and |
|  | ii. | in relation to an Award to which a Holding Period applies, will be the first Dealing Day immediately after the end of the Holding Period; |
| **"Normal Vesting Date"** | the date on which an Award will normally Vest, which will be: | the date on which an Award will normally Vest, which will be: |
|  | i. | in relation to an Award which is subject to a Performance Condition, the date on which the Board determines the extent to which the Performance Condition has been satisfied in accordance with rule 6.1 and any other Vesting Condition(s) set at the Grant Date have been met; and |
|  | ii. | in relation to an Award which is not subject to a Performance Condition, the date on which any other Vesting Condition(s) set at the Grant have been met; |
| **"Option"** | a Market Value Option or a Nil-Cost Option; | a Market Value Option or a Nil-Cost Option; |

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| | | |
|:---|:---|:---|
| **"Ordinary Share Capital"** | the issued ordinary share capital of the Company other than fixed-rate preference shares; | the issued ordinary share capital of the Company other than fixed-rate preference shares; |
| **"Other Liquidity Event"** | at the discretion of the Board (such that no event will be an Other Liquidity Event unless the Board so determines), the establishment and operation of an internal market, a secondary market, or an arrangement determined by the Board to be equivalent, pursuant to which Participants are able to sell Shares acquired pursuant to Awards; | at the discretion of the Board (such that no event will be an Other Liquidity Event unless the Board so determines), the establishment and operation of an internal market, a secondary market, or an arrangement determined by the Board to be equivalent, pursuant to which Participants are able to sell Shares acquired pursuant to Awards; |
| **"Participant"** | any person who holds an Award or following their death, their personal representatives; | any person who holds an Award or following their death, their personal representatives; |
| **"Performance Condition"** | a condition or conditions imposed under rule 3.1 that relates to performance; | a condition or conditions imposed under rule 3.1 that relates to performance; |
| **"Performance Period"** | the period over which a Performance Condition will be measured; | the period over which a Performance Condition will be measured; |
| **"Performance Share Unit"** or **"PSU"** | an RSU that is subject to one or more Performance Conditions; | an RSU that is subject to one or more Performance Conditions; |
| **"Plan"** | the TransferWise 2021 Equity Incentive Plan as amended from time to time; | the TransferWise 2021 Equity Incentive Plan as amended from time to time; |
| **"Release"** | i. | in relation to an RSU or a PSU, the point at which the Participant becomes entitled to receive the Shares under their Award; and |
|  | ii. | in relation to an Option, the point at which it becomes capable of exercise, |
|  | and "**Released**" and "**Unreleased**" will be construed accordingly; | and "**Released**" and "**Unreleased**" will be construed accordingly; |
| **"Release Date"** | the date on which an Award is Released; | the date on which an Award is Released; |
| **"Restricted Share Unit"** or **"RSU"** | a right to receive Shares automatically subject to the rules of the Plan and, unless the Board determines otherwise, to the payment of a Nominal Price prior to receipt of the Shares; | a right to receive Shares automatically subject to the rules of the Plan and, unless the Board determines otherwise, to the payment of a Nominal Price prior to receipt of the Shares; |
| **"Section 409A"** | section 409A of the Code as amended from time to time; | section 409A of the Code as amended from time to time; |
| **"Service Period"** | the period commencing on the Vesting Start Date and ending on such date(s) as the Board may determine on or before the Grant Date; | the period commencing on the Vesting Start Date and ending on such date(s) as the Board may determine on or before the Grant Date; |
| **"Share"** | a fully paid ordinary share in the Company; | a fully paid ordinary share in the Company; |
| **"Subsidiary"** | the meaning given by section 1159 of the Companies Act 2006; | the meaning given by section 1159 of the Companies Act 2006; |
| **"Tax Liability"** | any tax or social security contributions liability or other levy in connection with an Award for which the Participant is liable (or which may be recovered from the Participant) and for which any Group Member or former Group Member is obliged to account to any relevant authority (including without limitation any employer's tax or social security contribution liability arising in connection with an Award which may be legitimately recovered from the Participant); | any tax or social security contributions liability or other levy in connection with an Award for which the Participant is liable (or which may be recovered from the Participant) and for which any Group Member or former Group Member is obliged to account to any relevant authority (including without limitation any employer's tax or social security contribution liability arising in connection with an Award which may be legitimately recovered from the Participant); |

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| | | | | |
|:---|:---|:---|:---|:---|
| **"Trade Sale"** | any of: | any of: | any of: | any of: |
|  | i. | the completion of the sale of the whole of the Ordinary Share Capital to any person or persons (other than for the purposes of an Internal Reorganisation or where the relevant transfer is to a person or persons connected with the transferring shareholder), including without limitation where: | the completion of the sale of the whole of the Ordinary Share Capital to any person or persons (other than for the purposes of an Internal Reorganisation or where the relevant transfer is to a person or persons connected with the transferring shareholder), including without limitation where: | the completion of the sale of the whole of the Ordinary Share Capital to any person or persons (other than for the purposes of an Internal Reorganisation or where the relevant transfer is to a person or persons connected with the transferring shareholder), including without limitation where: |
|  |  | a. | any person (either alone or together with any person acting in concert with them): | any person (either alone or together with any person acting in concert with them): |
|  |  |  | i. | obtaining Control of the Company as a result of making a general offer to acquire Shares; or |
|  |  |  | ii. | already having Control of the Company, making an offer to acquire all of the Shares other than those which are already owned by them, |
|  |  |  | and such offer becoming wholly unconditional; or | and such offer becoming wholly unconditional; or |
|  |  | b. | a compromise or arrangement in accordance with section 899 of the Companies Act 2006 for the purposes of a change of Control of the Company being sanctioned by the Court; | a compromise or arrangement in accordance with section 899 of the Companies Act 2006 for the purposes of a change of Control of the Company being sanctioned by the Court; |
|  | ii. | such other disposal of shares in the Company as the following may in their discretion specify, acting fairly and reasonably: | such other disposal of shares in the Company as the following may in their discretion specify, acting fairly and reasonably: | such other disposal of shares in the Company as the following may in their discretion specify, acting fairly and reasonably: |
|  |  | a. | prior to Admission, holders of greater than 50% of the Ordinary Share Capital; or | prior to Admission, holders of greater than 50% of the Ordinary Share Capital; or |
|  |  | b. | after Admission, the Board; | after Admission, the Board; |
| **"Trustee"** | the trustee or trustees for the time being of any employee benefit trust, the beneficiaries of which include Eligible Employees; | the trustee or trustees for the time being of any employee benefit trust, the beneficiaries of which include Eligible Employees; | the trustee or trustees for the time being of any employee benefit trust, the beneficiaries of which include Eligible Employees; | the trustee or trustees for the time being of any employee benefit trust, the beneficiaries of which include Eligible Employees; |
| **"US Taxpayer"** | a Participant who is or who may become, subject to a US tax or social security contributions liability in connection with an Award; | a Participant who is or who may become, subject to a US tax or social security contributions liability in connection with an Award; | a Participant who is or who may become, subject to a US tax or social security contributions liability in connection with an Award; | a Participant who is or who may become, subject to a US tax or social security contributions liability in connection with an Award; |
| **"Vest"** | subject in all cases to the Release of the Award, | subject in all cases to the Release of the Award, | subject in all cases to the Release of the Award, | subject in all cases to the Release of the Award, |
|  | i. | in relation to an RSU or PSU, the point at which the Participant becomes entitled to receive Shares under their Award; or | in relation to an RSU or PSU, the point at which the Participant becomes entitled to receive Shares under their Award; or | in relation to an RSU or PSU, the point at which the Participant becomes entitled to receive Shares under their Award; or |
|  | ii. | in relation to an Option, the point at which it becomes capable of exercise, | in relation to an Option, the point at which it becomes capable of exercise, | in relation to an Option, the point at which it becomes capable of exercise, |
|  | and "**Vested**", "**Vesting**" and "**Unvested**" will be construed accordingly; and | and "**Vested**", "**Vesting**" and "**Unvested**" will be construed accordingly; and | and "**Vested**", "**Vesting**" and "**Unvested**" will be construed accordingly; and | and "**Vested**", "**Vesting**" and "**Unvested**" will be construed accordingly; and |

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| | | |
|:---|:---|:---|
| **"Vesting Condition"** | a condition or conditions which relates to Vesting but which is not a Performance Condition, which will include unless the Board determines otherwise: | a condition or conditions which relates to Vesting but which is not a Performance Condition, which will include unless the Board determines otherwise: |
|  | i. | a time and service-based requirement that the Participant remains an employee or director of the Group, and does not Leave, during the Service Period; and |
|  | ii. | except where an RSU is granted pursuant to Schedule 3, a requirement that a Liquidity Event occurs; |
| **"Vesting Start Date"** | means the date specified at the Grant Date by reference to which the Service Period commences (and if no date is specified, it shall be the Grant Date); | means the date specified at the Grant Date by reference to which the Service Period commences (and if no date is specified, it shall be the Grant Date); |
| **"Vesting Date"** | the date on which an Award Vests; and | the date on which an Award Vests; and |
| **"Vesting Period"** | i. | in relation to an Award that is subject to a Performance Condition, the Performance Period; and |
|  | ii. | in relation to an Award that is not subject to a Performance Condition, the Service Period. |

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1.2 References in the Plan to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 any statutory provisions are to those provisions as amended or re-enacted from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 the singular include the plural and vice versa; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3 the masculine include the feminine and vice versa.

1.3 Headings do not form part of the Plan.

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| | |
|:---|:---|
| **2** | **GRANT OF AWARDS**  |

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2.1 The Board may grant an Award to an Eligible Employee at its discretion subject to the rules of the Plan.

2.2 An Award may be subject to such additional terms as the Board may determine, which may include restrictions on
the disposal of some or all of the Shares acquired pursuant to an Award for such period as the Board may determine. The Board may make the Release of an Award or exercise of an Option conditional on the Participant taking any action (including
entering into any agreement) reasonably required by the Board in relation to such additional terms.

2.3 The Board may grant Fair Market Value Options or RSUs to US Taxpayers. Where the Award is granted in the form
of an RSU to a US Taxpayer, such Award shall be subject to the terms of Schedule 2 unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 it is granted to a US Taxpayer who is working for a Group Member in Estonia, in which case it shall be subject
to the terms of Schedule 3; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2 the RSU is otherwise specified to be subject to the terms of Schedule 3.

2.4 An Award may be divided into distinct tranches with different Vesting Periods and, if so, the rules of the Plan
will be construed as if each tranche were itself a separate Award.

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2.5 Awards must be granted by deed (or in such other written form as the Board determines) and, as soon as
reasonably practicable after the Grant Date, Participants must be notified of the terms of their Award including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.1 the Grant Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.2 the number of Shares which are subject to the Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.3 the Exercise Price, if the Award is an Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.4 the Vesting Start Date (if not the Grant Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.5 the Vesting Conditions and the Vesting Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.6 any Performance Conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.7 any Holding Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.8 any additional terms imposed by the Board in accordance with rule 2.2.

2.6 A Participant may be required to accept an Award in such form as the Board reasonably requires and, if so and
the Board has not received (or waived the right to receive) such acceptance on or before the date that is three months after the Grant Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.1 the Award may not Vest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.2 the Board may determine that the Award will lapse.

2.7 No Award may be granted under the Plan after the tenth anniversary of the date on which the Plan is adopted by
the Board.

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| | |
|:---|:---|
| **3** | **PERFORMANCE CONDITION**  |

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3.1 Awards may be subject to the satisfaction of a Performance Condition.

3.2 Subject to rules 9 and 10, the Performance Condition will be measured over the Performance Period.

3.3 The Board may amend or substitute a Performance Condition if one or more events occur which cause the Board to
consider that an amended or substituted Performance Condition would be more appropriate and would not be materially less difficult to satisfy.

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| | |
|:---|:---|
| **4** | **RESTRICTIONS ON TRANSFER AND BANKRUPTCY**  |

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4.1 An Award must not be transferred, assigned, charged or otherwise disposed of in any way (except, in the event
of the Participant's death, to their personal representatives) and will lapse immediately on any attempt to do so.

4.2 An Award will lapse immediately if the Participant is declared bankrupt or, if the Participant is outside the
UK, any analogous event occurs.

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| | |
|:---|:---|
| **5** | **DIVIDEND EQUIVALENTS**  |

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5.1 The Board may decide at any time before the issue or transfer of the Shares in respect of which an Award is
Released that the Participant will receive an amount (in cash and/or additional Shares) equal in value to any dividends that would have been paid on those Shares on such terms and over such period (ending no later than the Release Date) as the Board
may determine. This amount may assume the reinvestment of dividends (on such basis as the Board may determine) and may exclude or include special dividends.

5.2 Rule 5.1 will not apply to an Award in the form of a Market Value Option.

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| | |
|:---|:---|
| **6** | **VESTING, RELEASE, EXERCISE AND SETTLEMENT**  |

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**Vesting** 

6.1 If the Vesting of an Award is subject to the satisfaction of a Performance Condition, as soon as reasonably
practicable after the end of the Performance Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 the Board will determine if and to what extent any Performance Condition has been satisfied and, accordingly,
the extent to which the Award will Vest or, if it remains subject to Vesting Conditions, is capable of Vesting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 in the event that the Board determines a Performance Condition which applies to an Award has not been satisfied
(in whole or in part) under rule 6.1.1, the Award will lapse immediately to the extent that the Performance Condition has not been satisfied.

Subject to rules 6.8, 7, 9 and 10 and to the meeting of any other Vesting Condition, the Award will Vest to the extent determined in accordance with rule 6.1.1 on its Normal Vesting Date.

6.2 Subject to rules 6.8, 7, 9 and 10, an Award that is not subject to the satisfaction of a Performance Condition
will Vest on the Normal Vesting Date. To the extent any of the part of the Award does not Vest on the Normal Vesting Date, it will lapse immediately.

6.3 If Participant takes a period of approved and unpaid leave of absence of three months or more, the Service
Period in respect of their Award will be suspended (unless prohibited by law or if the Board determines this rule 6.3 shall not apply) with effect from the date which is three months following commencement of the leave of absence until the
conclusion of that period (the "Suspension Period"), following which the Service Period shall resume but with the expiry of the Service Period being delayed by the number of days in the Suspension Period, or such lesser number of days as
the Board may determine.

**Release and exercise** 

6.4 Subject to rules 6.8, 7, 9 and 10, an Award will be Released on the Normal Release Date, unless on the Normal
Release Date (or on any other date on which an Award is due to be Released under rules 9 and 10) a Dealing Restriction applies to the Participant, in which case an Award will be Released on the date on which such Dealing Restriction lifts.

6.5 Subject to rules 6.8, 7, 9 and 10, a Released Option may be exercised in whole or part within such periods as
the Board may determine and notify to Participants ("exercise periods"), until the tenth anniversary of the Grant Date (or such earlier date as the Board may determine on or before the Grant Date) in such manner as the Board determines,
after which time it will lapse. If the Board does not determine and notify Participants of an exercise period(s) after a Liquidity Event, all Released Options may be exercised.

6.6 Where an Award (other than an Option) has been Released, the Participant must, unless the Board decides to
waive the requirement to pay the Nominal Price, pay the Nominal Price to the Company or enter into arrangements acceptable to the Board to pay the Nominal Price. To exercise an Option with an Exercise Price, the Participant must, unless the Board
decides to waive the requirement to pay the Exercise Price, pay the Exercise Price to the Company or enter into arrangements acceptable to the Board to pay the Exercise Price.

6.7 Subject to rules 6.6, 7 and 8, where an Award (other than an Option) has been Released or an Option has been
exercised within an exercise period, the number of Shares in respect of which the Award has been Released or exercised together with any additional Shares or cash to which a Participant becomes entitled under rule 5 will be issued, transferred or
paid (as applicable) to the Participant within 30 days thereafter.

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6.8 The Board may, in its discretion, accelerate the Vesting and/or Release of some or all of an Award in such
circumstances as it determines and the Board may determine that such Vesting and / or Release will be subject to such conditions as the Board may determine, which may include restrictions on the disposal of some or all of the Shares acquired
pursuant to the Award for such period as the Board may determine, and that any Shares so restricted may be forfeited if the Participant ceases to hold office or employment with a Group Member during such period in circumstances in which their Award
would have lapsed if it had not Vested or been Released in accordance with this rule 6.8. The Board may make the Release of the Award or exercise of an Option conditional on the Participant taking any action (including entering into any agreement)
reasonably required by the Board in relation to such conditions.

6.9 Following Admission, any costs associated with the delivery of Shares to satisfy an Award (including any stamp
duty or stamp duty reserve tax) will be borne by the Company (or another Group Member). Any costs associated with the sale of Shares acquired pursuant to an Award (including on any sale pursuant to rule 7) will be borne by the Participant.

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| | |
|:---|:---|
| **7** | **TAXATION AND REGULATORY ISSUES**  |

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7.1 A Participant will be responsible for and indemnifies each relevant Group Member and the Trustee against any
Tax Liability relating to their Award. Any Group Member and/or the Trustee may withhold an amount equal to such Tax Liability (or the relevant Group Member's reasonable estimate of such Tax Liability) from any amounts due to the Participant
(to the extent such withholding is lawful) and/or make any other arrangements as it considers appropriate to ensure recovery of such Tax Liability (or reasonable estimate thereof). These arrangements may include the sale of Shares acquired to
realise an amount equal to the Tax Liability (or reasonable estimate thereof) or the cash settlement under rule 8 of such part of the Award as is as near as reasonably possible equal to the Tax Liability (or reasonable estimate thereof).

7.2 The Release of an Award, the exercise of an Option and the issue or transfer of Shares under the Plan will be
subject to obtaining any approval required by the FCA (or any other relevant authority), any Dealing Restrictions or any other laws or regulations (whether in the UK or overseas).

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| | |
|:---|:---|
| **8** | **CASH EQUIVALENT**  |

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8.1 Subject to rule 8.2, at any time before Shares have been delivered to a Participant to satisfy an Award, the
Board may determine that, in substitution for their right to acquire some or all of those Shares, the Participant will instead receive a cash sum equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 in the case of an Award other than an Option, the Market Value on the Release Date of the Shares that would
otherwise have been delivered, less (unless the Board determines otherwise) the Nominal Price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 in the case of an Option, the Market Value on the date of exercise of the Shares that would otherwise have been
delivered less any Exercise Price, and

any such cash sum will be paid to the Participant within 30 days after the Release of an Award (other than an Option) or the exercise of the Option, net of any Tax Liability.

8.2 The Board may determine that this rule 8 will not apply to an Award or any part of it.

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| | |
|:---|:---|
| **9** | **CESSATION OF EMPLOYMENT**  |

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**Death** 

9.1 In the event of a Participant's death before the end of the Vesting Period, the Award will lapse on the
date of death unless the Board exercises its discretion to allow the Award to Vest in accordance with rule 9.3 and be Released as soon as reasonably practicable.

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9.2 In the event of a Participant's death after the end of the Vesting Period but before the Normal Vesting
Date, the Award will Vest in accordance with rule 9.3 and be Released as soon as reasonably practicable.

9.3 The number of Shares in respect of which an Unvested Award Vests pursuant to rule 9.1 or 9.2 will be determined
by the Board in its discretion, taking into account such factors as it determines, which may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.1 the proportion of the Vesting Period that had elapsed as at the Leaving Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.2 in the case of an Award subject to a Performance Condition, the extent to which any Performance Condition has
been satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. at the date of death, in the opinion of the Board (if rule 9.1 applies); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. at the end of the Performance Period (if rule 9.2 applies),

and any part of the Award that does not Vest will lapse immediately.

9.4 In the event of a Participant's death, any Vested Award which has not yet been Released will be Released
as soon as practicable after the date of their death.

9.5 An Option (whether Vested under this rule 9 or earlier) may, subject to rule 10, be exercised until the date
that is twelve months after the date of the Participant's death, or such later date as the Board may determine, after which time it will lapse.

**Cessation of employment for Cause** 

9.6 If at any time the Participant Leaves for Cause, their Award will immediately lapse on the Leaving Date.

**Cessation of employment before the end of the Vesting Period** 

9.7 Subject to rule 9.1, if a Participant Leaves before the end of the Vesting Period of an Award other than in
accordance with rule 9.8, their Award will lapse on the Leaving Date.

9.8 Where a Participant Leaves before the end of the Vesting Period of an Award for any reason other than for Cause
or death, the Board may exercise its discretion such that, unless the Board also determines that rule 9.9 will apply, the Unvested Award will continue and, subject to rule 10, will Vest in accordance with rule 9.12 on the Normal Vesting Date and
will be Released on the Normal Release Date.

9.9 If the Board determines under rule 9.8 that this rule 9.9 will apply, an Unvested Award will Vest in accordance
with rule 9.12 and be Released as soon as reasonably practicable after the Leaving Date.

**Cessation of employment after the end of the Vesting Period but before the Normal Vesting Date** 

9.10 Subject to rule 9.2, if a Participant Leaves after the end of the Vesting Period of an Award for any reason
(other than for Cause, in which case that Award will lapse on the Leaving Date), that Award will, unless the Board determines that rule 9.11 will apply, continue and, subject to rule 10, will Vest in accordance with rule 9.12 on the Normal Vesting
Date and will be Released on the Normal Release Date.

9.11 If the Board determines under rule 9.10 that this rule 9.11 will apply, an Award will Vest in accordance with
rule 9.12 and be Released as soon as reasonably practicable after the Leaving Date.

9.12 The number of Shares in respect of which an Award Vests pursuant to any of rules 9.8 to 9.11 will be determined
by the Board in its discretion, taking into account such factors as it determines, which may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12.1 the proportion of the Vesting Period that had elapsed as at the Leaving Date; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12.2 in the case of an Award subject to a Performance Condition, the extent to which any Performance Condition has
been satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. at the end of the Performance Period (if rules 9.8, 9.10, or 9.11 apply); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. at the Leaving Date, in the opinion of the Board (if rule 9.9 applies),

and any part of the Award that does not Vest will lapse immediately.

9.13 Options will be exercisable for a period of time to be determined in accordance with rule 9.15.

**Cessation of employment on or after the Normal Vesting Date** 

9.14 Subject to rule 9.4, if a Participant Leaves on or after the Normal Vesting Date but before the Normal Release
Date for any reason (other than for Cause, in which case that Award will lapse on the Leaving Date), any Vested Award will, unless rule 9.15 applies, continue and, subject to rule 10, be Released on the Normal Release Date.

9.15 If the Board determines under rule 9.14 that this rule 9.15 will apply, a Vested Award will be Released as soon
as reasonably practicable after the Leaving Date.

9.16 Subject to rule 9.5, if a Participant Leaves, an Option (whether Vested under this rule 9 or earlier) may,
subject to rule 10, be exercised until it otherwise lapses in accordance with the rules of the Plan.

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| | |
|:---|:---|
| **10** | **CORPORATE EVENTS**  |

---

**Vesting in advance of a Trade Sale** 

10.1 Subject to rule 10.2, the Board may notify a Participant prior to the date upon which, in the reasonable
opinion of the Board, a Trade Sale is likely to occur, of that fact and that their Award may, conditional upon the fulfilment or satisfactory waiver of any conditions of such Trade Sale and to the extent that the Award would become Vested on the
occurrence of such a Trade Sale in accordance with rule 10.3, Vest and be Released in advance of such Trade Sale taking place ("Prior Notice"). The Board may at its discretion include in such Prior Notice a requirement that a Participant
who holds an Award in the form of an Option gives notice of exercise in accordance with this rule, in the absence of which their Option will lapse and cease to be exercisable after the expiry of such reasonable period as the Board may determine.

10.2 If a Trade Sale does not take place within 90 days after the giving of Prior Notice any Vesting, Release and/or
exercise of an Award shall be deemed for all purposes never to have occurred and the Board will return or procure the return to the Participant of any Exercise Price or Nominal Price and any payment in respect of any Tax Liability made by the
Participant.

**Vesting on the occurrence of a Trade Sale** 

10.3 In the event of a Trade Sale being completed in circumstances where no Prior Notice was given to the
Participant, their Award will Vest and be Released on the occurrence of the Trade Sale to the extent that any Performance Condition and/or Vesting Condition to which the Award is subject have been either satisfied or, if the Board in its absolute
discretion so determines, waived.

10.4 Subject to rule 10.3, an Award in the form of an Option may be exercised to the extent that it has been
Released (in accordance with rule 10.3 or otherwise) within the period beginning with the date of completion of the Trade Sale and ending on the expiry of such period as may be specified by the Board (of not less than 28 days), and shall lapse and
cease to be exercisable at the end of that period.

------

**Other Liquidity Event** 

10.5 If an Other Liquidity Event takes place, an Award will Vest and be Released to the extent that the Board in its
absolute discretion permits. To the extent that an Award does not Vest on the occurrence of an Other Liquidity Event, it may continue and either Vest or lapse on the occurrence of a subsequent Liquidity Event subject to any Performance Condition or
other Vesting Condition to which it is subject.

**Other provisions in relation to a Trade Sale or Other Liquidity Event** 

10.6 The provisions of rules 10.1 and 10.3 shall not apply to the extent that rule 10.18 applies and Awards are to
be exchanged pursuant to rule 10.18 and 10.19.

10.7 The acceptance of an Award by a Participant shall irrevocably constitute the Company as the Participant's
agent for the sale of all the Shares acquired by the Participant as a result of the Release (and, where applicable, exercise) of an Award on or after completion of a Trade Sale, or on the occurrence of an Other Liquidity Event, on terms which
(subject to this rule 10) are no less favourable than the terms on which Shares are acquired by the purchaser from the other shareholders of the Company.

10.8 The Company shall have irrevocable and unconditional authority to sign, complete, execute and deliver in the
name of and on behalf of the Participant (and/or to appoint any person nominated by it to do so) any agreement, stock transfer form and any other documents necessary to transfer such Shares to the purchaser on the occurrence of a Trade Sale or Other
Liquidity Event (and to give normal warranties, representations and covenants that such Shares are sold with full title guarantee, are free from any encumbrance of any nature and as to the authority of the Participant and its agent to sell such
Shares) against payment of the purchase money and/or delivery of any other consideration to the Company.

10.9 The Company may receive the purchase money and any other purchase consideration on behalf of the Participant
and give a valid discharge to the purchaser for it. The Company will pay the purchase money received by it in respect of the sale of the Participant's Shares to the Participant less any Tax Liability deducted under rule 7 and shall deliver to
the Participant any other purchase consideration as soon as reasonably practicable following receipt of cleared funds for those amounts.

10.10 If a general offer is made to acquire the whole or any part of the issued Ordinary Share Capital of the Company
which, on it becoming or being declared unconditional and the purchaser completing the acquisition, would constitute a Trade Sale, then the provisions of rules 10.1 to 10.9 inclusive shall apply thereto (mutatis mutandis) and a Trade Sale shall be
treated as taking place when the offer becomes or is declared unconditional.

**Assets Sale** 

10.11 In the event of an Assets Sale (or any other exceptional circumstances affecting the Company as determined by
the Board in its absolute discretion) an Award will Vest and be Released to the extent that any Performance Condition and any Vesting Condition to which an Award is subject have been either satisfied or, if the Board in its absolute discretion so
determines, waived.

10.12 An Award in the form of an Option may, to the extent that the Award has been Released (in accordance with rule
10.11 or otherwise), be exercised in respect of all or any of the Shares in respect of which it subsists within the period beginning with the date of the Assets Sale (or other exceptional event) and ending 28 days thereafter except that the Board
may specify, in particular where no proceeds of an Assets Sale are to be distributed to shareholders within that period, that a longer exercise period shall apply. The Option shall lapse and cease to be exercisable at the end of the applicable
period.

------

**Admission** 

10.13 In the event of an Admission, an Award will Vest and be Released to the extent that any Performance Condition
or Vesting Condition to which that Award is subject have been either satisfied or, if the Board in its absolute discretion so determines, waived. To the extent that an Award does not Vest on the occurrence of an Admission, it may continue and either
Vest or lapse following Admission subject to any Performance Condition or Vesting Condition to which it is subject.

10.14 Subject to rule 10.15, if an Award is Released under rule 10.13 or is otherwise Released under any rule before
the first anniversary of the date of Admission, the Company shall have the right not to deliver (or procure the delivery of) Shares to the Participant unless they have first agreed with the Company not to sell or otherwise dispose of Shares acquired
on Release (or, in the case of an Option, exercise) within such period or periods (not extending beyond the first anniversary of the date of Admission) as the Company may specify.

10.15 No agreement mentioned in rule 10.14 shall prevent the Participant from immediately disposing of such number of
the Shares they have acquired as is sufficient to enable them (after deduction of costs of sale) to recover any Exercise Price paid and the cost of any Tax Liability resulting from the Vesting and/or exercise of an Award.

10.16 Any Release and/or exercise of an Award following Admission is subject to any dealing restrictions which apply
to the Participant in accordance with the rules of any exchange on which the Company's shares are traded.

**Other events** 

10.17 If the Company is or may be affected by any variation of the share capital of the Company, a demerger,
delisting, special dividend or other event that, in the opinion of the Board, may materially affect the current or future value of Shares, the Board may determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17.1 that any Award will Vest and be Released at the time of such event, to such extent and taking into account such
factors as the Board determines (and whether any Unvested part of the Award should lapse); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17.2 the period of time during which any Option (whether Released under rule 10.17.1 or earlier) may be exercised,
after which time it will lapse.

**Exchange of Awards** 

10.18 An Award will not Vest, be Released, become exercisable or lapse under this rule 10 but will be exchanged on
the terms set out in rule 10.19 to the extent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.18.1 an offer to exchange the Award is made and accepted by a Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.18.2 there is an Internal Reorganisation, unless the Board determines otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.18.3 the Board decides (before the relevant event) that an Award will be exchanged.

10.19 If rule 10.18 applies, the Award will be exchanged in consideration of the grant of a new award (the "New
Award") that, in the opinion of the Board, is equivalent to the Award, but relates to shares in a different company (whether the acquiring company or a different company). The rules of this Plan will be construed in relation to the New Award
as if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.19.1 the New Award was an Award granted under the Plan at the same time as the Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.19.2 references to any Performance Condition were references to a new performance condition to which the New Award
is subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.19.3 references to the Company were references to the company whose shares are subject to the New Award; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.19.4 references to Shares were references to shares that are the subject of the New Award.

------

**Interpretation** 

10.20 Any reference to the Board in this rule 10 means the members of the Board immediately before the relevant
event.

10.21 For the purpose of this rule 10, a person shall be deemed to have obtained Control of the Company if they and
others Acting In Concert with them have together obtained Control of it.

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| | |
|:---|:---|
| **11** | **ADJUSTMENTS**  |

---

11.1 The number of Shares subject to an Award and/or any Performance Condition may be adjusted in such manner as the
Board determines, in the event of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1 any variation of the share capital of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.2 a demerger, delisting, special dividend or other event that may, in the opinion of the Board, affect the
current or future value of Shares.

---

| | |
|:---|:---|
| **12** | **AMENDMENTS**  |

---

12.1 Except as described in this rule 12, the Board may amend the rules of the Plan or the terms of any Award.

12.2 No amendment to the material disadvantage of existing rights of Participants (except in respect of a
Performance Condition) will be made under rule 12.1 unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1 every Participant who may be affected has been invited to indicate whether or not they approve the amendment;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.2 the amendment is approved by a majority of those Participants who have so indicated.

12.3 No amendment will be made under this rule 12 if it would prevent the Plan from being an employees' share
scheme within the meaning of section 1166 of the Companies Act 2006.

12.4 The Board may establish further schedules to the Plan for overseas territories. Any such schedule will be
similar to the Plan but may modify the Plan to take account of local tax, exchange control or securities laws.

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| | |
|:---|:---|
| **13** | **LEGAL ENTITLEMENT**  |

---

13.1 This rule 13 applies during a Participant's employment with any Group Member and after the termination of
such employment, whether or not the termination is lawful.

13.2 Nothing in the Plan or its operation forms part of the terms of employment of a Participant and the rights and
obligations arising from a Participant's employment with any Group Member are separate from, and are not affected by, their participation in the Plan. Participation in the Plan does not create any right to continued employment with a Group
Member for any Participant.

13.3 The grant of any Award to a Participant does not create any right for that Participant to be granted any
further Awards or to be granted Awards on any particular terms, including the number of Shares to which Awards relate.

------

13.4 By participating in the Plan, a Participant waives all rights to compensation for any loss in relation to the
Plan, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.1 any loss or reduction of any rights or expectations under the Plan in any circumstances or for any reason
(including lawful or unlawful termination of the Participant's employment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.2 any exercise of a discretion or a decision taken in relation to an Award or to the Plan, or any failure to
exercise a discretion or take a decision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.3 the operation, suspension, termination or amendment of the Plan.

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| | |
|:---|:---|
| **14** | **GENERAL**  |

---

14.1 The Plan will terminate upon the date stated in rule 2.7, or at any earlier time by the passing of a resolution
by the Board or an ordinary resolution of the Company in general meeting. Termination of the Plan will be without prejudice to the existing rights of Participants.

14.2 Shares issued or (following Admission) transferred from treasury under the Plan will rank equally in all
respects with the Shares then in issue, except that they will not rank for any voting, dividend or other rights attaching to Shares by reference to a record date preceding the date of issue or transfer from treasury.

14.3 The personal data of any Eligible Employee, Participant or former Participant may be processed in connection
with the operation of the Plan in accordance with the Group's prevailing data protection policy and as notified to Eligible Employees in accordance with the GDPR. Any member of the Group may collect, hold, process and transfer the Eligible
Employee's personal information, including sensitive personal data, as set out in the data protection privacy notice provided to them.

14.4 The Plan will be administered by the Board. The Board will have full authority, consistent with the Plan, to
administer the Plan, including authority to interpret and construe any provision of the Plan and to adopt regulations for administering the Plan. Decisions of the Board will be final and binding on all parties.

14.5 Any notice or other communication in connection with the Plan may be delivered personally or sent by electronic
means or post, in the case of a company to its registered office (for the attention of the company secretary), and in the case of an individual to their last known address, or, where they are a director or employee of a Group Member, either to their
last known address or to the address of the place of business at which they perform the whole or substantially the whole of the duties of their office or employment. Where a notice or other communication is given by post, it will be deemed to have
been received 72 hours after it was put into the post properly addressed and stamped, and if by electronic means, when the sender receives electronic confirmation of delivery or if not available, 24 hours after sending the notice.

14.6 No benefits received under the Plan will be pensionable.

14.7 If any rule of the Plan or any term of an Award is held to be void but would be valid if part of its wording
were deleted, such rule will apply with such deletion as may be necessary to make it valid.

14.8 No third party other than a Group Member will have any rights under the Contracts (Rights of Third Parties) Act
1999 to enforce any term of the Plan (without prejudice to any right of a third party that exists other than under that Act).

14.9 The rules of the Plan will be governed by and construed in accordance with the laws of England and Wales. Any
person referred to in the Plan submits to the exclusive jurisdiction of the Courts of England and Wales.

------

**SCHEDULE 1** 

**CASH AWARDS** 

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| | |
|:---|:---|
| **1** | **CASH AWARDS**  |

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1.1 The rules of the Plan will apply to a right to receive a cash sum granted under this Schedule as if it was
either an RSU or PSU (a "Cash RSU") or an Option (a "Cash Option") ("Cash Award"), except as set out in this Schedule. Where there is any conflict between the rules of the Plan and this Schedule, the terms of this
Schedule will prevail.

1.2 Each Cash RSU or Option will relate to a certain number of notional Shares.

1.3 On the Release of a Cash RSU or the exercise of a Cash Option the Participant will be entitled to receive a
cash sum, calculated on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.1 in the case of a Cash RSU, the cash sum will be equal to the Market Value on the Release Date of the notional
Shares in respect of which the Cash RSU becomes Vested, less the Nominal Price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.2 in the case of a Cash Option, the cash sum will be equal to the Market Value on the date of exercise of the
notional Shares in respect of which the Cash Option is exercised, less any Exercise Price.

1.4 The cash sum payable under paragraph 1.3 above will be paid to the Participant within 30 days after the Release
of the Cash RSU or the exercise of the Cash Option, net of any tax liability as may be required by law.

1.5 Unless the Board determines otherwise on or before the grant date of a Cash RSU or a Cash Option, the Board
may, at any time prior to the date on which the cash sum becomes payable under paragraph 1.3 above, determine that a Cash RSU or a Cash Option will be converted into an RSU or an Option under the rules of the plan over the same number of Shares as
the number of notional Shares to which the Cash RSU or Cash Option relates.

------

**SCHEDULE 2** 

**US PARTICIPANTS** 

**COVERING AWARDS WITHIN THE SHORT TERM DEFERRAL EXEMPTION TO** 

**SECTION 409A, INCLUDING THE GRANT OF "DOUBLE TRIGGER" RSUS** 

Subject to rules 2.3.1 and 2.3.2, the terms set out in this Schedule 2 will apply to Awards (other than Market Value Options) held by US Taxpayers granted in accordance with the rules of the Plan (or, if the Board determines that an Award should be granted as a Cash RSU under Schedule 1 to the Plan, the rules of the Plan as amended by Schedule 1 to the Plan).

Schedule 2 and Awards subject to it are intended to fall within the short-term deferral exemption to Section 409A. Awards held by US Taxpayers subject to this Schedule will be administered and interpreted in a manner which complies with this intent.

Where there is any conflict between the rules of the Plan and this Schedule 2, the terms of this Schedule 2 will prevail. Any capitalised terms not specifically defined in this Schedule 2 shall be construed according to the interpretation given to them in the Plan.

---

| | | |
|:---|:---|:---|
| **1** | **DEFINITIONS AND INTERPRETATION** | **DEFINITIONS AND INTERPRETATION** |
| 1.1 | In this Schedule 2, the words and expressions below have the following meanings: | In this Schedule 2, the words and expressions below have the following meanings: |
|  | **"Expiration Date"** | the seventh anniversary of the Grant Date, or such earlier date specified at the Grant Date; |
|  | **"Other Liquidity Event"** | the occasion of a private secondary share sale or other similar arrangement pursuant to which Participants are able to sell Shares acquired pursuant to Awards to a person other than a Group Member, provided that: |
|  |  | a) the consideration payable per Share is higher than the Market Value of a Share at the Grant Date of the Award; and |
|  |  | b) no Group Member has funded the purchase of such Shares directly or indirectly, unless such monies arise from external investment; |
|  | **"Vesting Schedule"** | in relation to the Service Period Requirement (as defined by paragraph 3.1 below and as set out in paragraph 3.3 below), means the schedule of Service Period dates and Tranches specified in the table in paragraph 3.3 or such alternate schedule as is specified at grant, as may be varied from time to time pursuant to paragraph 3.6. |
| **2** | **GRANT OF AWARDS** |  |

---

2.1 An Award granted under this Schedule 2 may only be made in the form of an RSU or a Cash RSU. The rules of
the Plan, as amended by this Schedule 2, will be construed accordingly.

2.2 No Awards will be granted under this Schedule 2 which are subject to a Performance Condition.

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2.3 Subject to paragraph 2.4 of Schedule 3, if a Participant to whom an Award has been granted becomes or is
identified to be subject to any US tax or social security contributions liability in connection with the Award after the Grant Date and before it is Released:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 if the Award is a Nil-Cost Option (or Cash Option with nil or nominal
exercise price), it will be converted without any further action on the part of the Participant or the Company into an RSU (or Cash RSU) or if it is subject to a Performance Condition, a PSU (or Cash PSU);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2 to the extent the Award is a PSU or Cash PSU (or is converted to such form of Award pursuant to paragraph 2.3.1
above), the provisions of the rules shall be construed in such a manner so as to ensure that the PSU is settled in accordance with the requirements of this Schedule once it is no longer at substantial risk of forfeiture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.3 the Award will be subject to the rules of the Plan as varied by this Schedule 2.

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| | |
|:---|:---|
| **3** | **VESTING CONDITIONS**  |

---

3.1 Awards granted pursuant to this Schedule 2 will be be subject to the Vesting Conditions set out in this
paragraph 3.

3.2 Except as otherwise provided in this paragraph 3, or as the Board may in its absolute discretion determine in
exceptional circumstances, the Vesting of Awards will be subject to two Vesting Conditions which must <u>both</u> be satisfied on or before the applicable Expiration Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 a time and service-based requirement, as set out in paragraph 3.3 (the "Service Period
Requirement"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 a Liquidity Event requirement as set out in paragraph 3.4 and 3.5 (the "Liquidity Event
Requirement"),

and an Award shall Vest on the first date upon which <u>both</u> the Service Period Requirement and the Liquidity Event Requirement are satisfied with respect to that particular Award (or any part of it) (the "Normal Vesting Date").

3.3 Provided the Participant continues to hold office or employment with a Group Member, the Service Period
Requirement will be satisfied in respect of each Tranche on the date set out in the table below:

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| | |
|:---|:---|
| **Service Period** | **Percentage of Award (a "Tranche")** |
| 12 months after the Vesting Start Date | 25% of Shares subject to the Award |
| Every 3 months thereafter, until the date which falls 48 months after the Vesting Start Date | 6.25% of Shares subject to the Award |

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In the above table, the phrase "Shares subject to the Award", relating to a Tranche, refers to the total number of Shares subject to the Award at the Grant Date. In accordance with rule 2.4, the Vesting Period for each Tranche will be the associated Service Period. The Board may, in its absolute discretion, specify an alternate Vesting Schedule on the grant of an Award.

3.4 The Liquidity Event Requirement will be satisfied on the date the first Liquidity Event occurs where the
Liquidity Event is a Trade Sale, Assets Sale or Admission.

3.5 Where the Liquidity Event is an Other Liquidity Event, the Liquidity Event Requirement will be satisfied in
respect of 10% of a Tranche with regards to which the Service Period Requirement has been met (or such higher percentage of the Tranche as the Board may determine in its discretion in advance of the Other Liquidity Event). To the extent that an
Award does not Vest on the occurrence of such Other Liquidity Event, it may continue and either Vest or lapse on the occurrence of a subsequent Liquidity Event subject to any Performance Condition or other Vesting Condition to which it is
subject.Rule 10.5 shall be modified and construed accordingly.

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3.6 On or shortly before a Liquidity Event, the Board may exercise its discretion to vary the Service Period
Requirement of an Award by permitting the Vesting Schedule to be accelerated to such extent as the Board determines (in which case for the purpose of paragraph 3.2.1 the Service Period Requirement will be treated as satisfied in respect of the
relevant Award).

3.7 To the extent the Service Period Requirement has not been met at the date of Admission or an Other Liquidity
Event for any Tranche or any part of a Tranche, the Award shall continue post such event to be to be subject to such Service Period Requirement and the Vesting Schedule.

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| | |
|:---|:---|
| **4** | **DIVIDEND EQUIVALENTS**  |

---

4.1 The following new rule 5.2 will be added to rule 5:

"Any such amount will be payable as soon as reasonably practicable after Release and in any event, in accordance with the timings set out in rule 6.7 (Shares) and rule 8.1(cash)."

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| | |
|:---|:---|
| **5** | **VESTING, RELEASE, EXERCISE AND SETTLEMENT**  |

---

5.1 The following wording will be added to the end of rule 6.7:

"and, in any event, no later than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.1 where Shares are to be delivered via the Trustee, 31 December of the year in which Release occurs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.2 where Shares are to be otherwise delivered, 15 March following the end of the year in which the Release
occurs".

5.2 The following new rule 6.10 will be added to rule 6:

"6.10 Where Shares to be delivered are delivered via the Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10.1 the Participant will not have any interest in those Shares and those Shares will remain subject to a
substantial risk of forfeiture until the Award has been Released in accordance with the rules of the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10.2 the Trustee will not allocate any Shares or other trust assets in favour of the Participant until the Award has
been Released in accordance with the rules of the Plan."

5.3 The following new rule 6.11 will be added to rule 6:

"6.11 Where cash is to be paid in respect of a Cash Award under this Schedule 2, or otherwise pursuant to rules 5 and 8, the cash will not be paid by or otherwise delivered via the Trustee."

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| | |
|:---|:---|
| **6** | **CASH EQUIVALENT**  |

---

6.1 The following wording will be added to rule 8.1 after "within 30 days":

"and, in any event, no later than 15 March following the end of the year in which the Release occurs".

---

| | |
|:---|:---|
| **7** | **CESSATION OF EMPLOYMENT**  |

---

**Death** 

7.1 The following wording will be added to the end of rules 9.1, 9.2 and 9.4:

"in accordance with rule 6.7 (Shares) or rule 8.1 (cash)".

------

7.2 Rules 9.7 and 9.8 will be deleted and replaced with the following:

"9.7 If a Participant Leaves before a Service Period Requirement is met in respect of any Tranche of the Award for any reason other than Cause or death, the Board may exercise its discretion to determine that the Unvested Tranche will not lapse as at the date of cessation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 If the Board so exercises its discretion in accordance with rule 9.7, the Unvested Tranche will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8.1 to the extent it remains subject to a Liquidity Event Requirement, continue, and subject to it being Released
or lapsing under rule 10, Vest in accordance with rule 9.11 at the Normal Vesting Date and be Released on the Normal Release Date in accordance with rule 6.7 (Shares) or rule 8.1 (cash); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8.2 to the extent the Liquidity Event Requirement has been met, Vest in accordance with rule 9.11 and will be
Released as soon as reasonably practicable after the Leaving Date, in accordance with rule 6.7 (Shares) or rule 8.1 (cash)".

7.3 Rules 9.9 and 9.10 will be deleted and replaced with the following:

---

| | |
|:---|:---|
| "9.9 | If a Participant Leaves after the Service Period Requirement has been met in respect of a Tranche of an Award but before the Liquidity Event Requirement is met, such Tranche will, unless the Board determines that rule 9.10 will apply, continue and, subject to rule 10, Vest in accordance with rule 9.11 on the Normal Vesting Date and be Released on the Normal Release Date, in accordance with rule 6.7 (Shares) or rule 8.1 (cash)".  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 If the Board determines under rule 9.10 that this rule 9.11 will apply, an Award will Vest in accordance with
rule 9.12 and be Released as soon as reasonably practicable after the Leaving Date in accordance with rule 6.7 (Shares) or rule 8.1 (cash).

---

| | |
|:---|:---|
| **8** | **AMENDMENTS**  |

---

8.1 The following rule 12.5 will be added to rule 12:

"12.5 Notwithstanding the provisions of this rule 12, any such amendment will only be effective to the extent that it complies with Section 409A."

---

| | |
|:---|:---|
| **9** | **CASH AWARDS**  |

---

9.1 Paragraph 1.4 of Schedule 1 will be deleted and replaced with the following:

"The cash sum payable under paragraph 1.2 above will be paid to the Participant within 30 days after the Release of the Cash RSU and, in any event, no later than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.1 where cash is to be delivered via the Trustee, 31 December of the year in which Release occurs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.2 where cash is to be otherwise delivered, 15 March following the end of the year in which the Release
occurs,

net of Tax Liability as may be required by law.

------

Rules of the TransferWise 2020 Equity Incentive Plan

**SCHEDULE 3** 

**US PARTICIPANTS** 

**COVERING AWARDS INTENDED TO COMPLY WITH SECTION 409A** 

Where either of rule 2.3.1 or 2.3.2 applies, the terms set out in this Schedule 3 will apply to Awards (other than Market Value Options) granted to US Taxpayers granted in accordance with the rules of the Plan (or, if the Board determines that an Award should be granted as a Cash RSU under Schedule 1 to the Plan, the rules of the Plan as amended by Schedule 1 to the Plan).

Schedule 3 and Awards subject to it are intended to comply with Section 409A. Awards subject to this Schedule, the provisions of this Schedule 3, and the rules of the Plan as modified by this Schedule 3, are to be administered and interpreted in a manner consistent with the requirements of section 409A.

Where there is any conflict between the rules of the Plan and this Schedule 3, the terms of this Schedule 3 will prevail. Any capitalised terms not specifically defined in this Schedule 3 shall be construed according to the interpretation given to them in the Plan.

---

| | |
|:---|:---|
| **1** | **DEFINITIONS AND INTERPRETATION**  |

---

1.1 In this Schedule 3, the words and expressions below have the following meanings:

---

| | |
|:---|:---|
| **"US Tax Liability"** | any US taxation or social security contributions liability in connection with an Award. |

---

---

| | |
|:---|:---|
| **2** | **GRANT OF AWARDS**  |

---

2.1 An Award granted under this Schedule 3 may only be made in the form of an RSU, PSU or a Cash RSU or PSU.
The rules of the Plan, as amended by this Schedule 3, will be construed accordingly.

2.2 An Award granted pursuant to this Schedule 3 to a US Taxpayer who is working for a Group Member in Estonia at
the Grant Date will be granted such that if the Award (or any tranche of it) Vests prior to the third anniversary of the Grant Date, it will be subject to an additional Holding Period post-Vest, ending on the third anniversary of the Grant Date at
which point the Vested Award will be Released.

2.3 The wording "provided that such additional terms are consistent with the requirements of
Section 409A" shall be inserted in rule 2.2 after the words "subject to such additional terms as the Board may determine".

2.4 If a Participant to whom an Award has been granted subject to a Holding Period becomes or is identified to be
subject to any US tax or social security contributions liability in connection with the Award after the Grant Date and before it is Released:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.1 if the Award is a Nil-Cost Option (or Cash Option with nil or nominal
exercise price), it will be converted without any further action on the part of the Participant or the Company into an RSU (or Cash RSU) or, if it is subject to a Performance Condition, a PSU (or Cash PSU);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.2 to the extent the Award is a PSU or Cash PSU (or is converted to such form of Award pursuant to paragraph 2.4.1
above), the provisions of the rules shall be construed in such a manner so as to ensure that the PSU is administered and interpreted in accordance with the requirements of this Schedule 3; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.3 the Award will be subject to the rules of the Plan as varied by this Schedule 3.

------

Rules of the TransferWise 2020 Equity Incentive Plan

---

| | |
|:---|:---|
| **3** | **DIVIDEND EQUIVALENTS**  |

---

3.1 The words "Any such amount will be paid to the Participant as soon as reasonably practicable following
Release, and, in any event, no later than 90 days after the Release Date (or, if earlier, 31 December of the year in which the Release Date falls)" will be added to the end of rule 5.1.

---

| | |
|:---|:---|
| **4** | **VESTING, RELEASE AND SETTLEMENT**  |

---

4.1 The wording "and, in any event, no later than 31 December of the year in which the Award is
Released" will be added to the end of rule 6.7.

4.2 Rule 6.8 will be deleted.

4.3 The following rule 6.10 will be added to rule 6:

"6.10 Where Shares are to be delivered in satisfaction of an Award by a Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the Participant will not have any interest in assets held by the Trustee until the Award has been Released in
accordance with the rules of the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the Trustee will not allocate any trust assets in favour of the Participant until the Award has been Released
in accordance with the rules of the Plan."

4.4 The following new rule 6.11 will be added to rule 6:

"6.11 Where cash is to be paid in respect of a Cash Award under this Schedule 3, or otherwise pursuant to rules 5 and 8, the cash will not be paid by or otherwise delivered via the Trustee."

---

| | |
|:---|:---|
| **5** | **TAXATION AND REGULATORY ISSUES**  |

---

5.1 The following new rule 7.3 will be added to rule 7:

"If a US Tax Liability arises in relation to an Award to which this Schedule 3 applies, before that Award would otherwise be Released, that Award may be Released to the extent permitted under Section 409A at that time in respect of such number of Shares as have a Market Value as nearly as possible equal to (but not greater than) the amount of that US Tax Liability."

---

| | |
|:---|:---|
| **6** | **CASH EQUIVALENT**  |

---

6.1 The wording "and, in any event, no later than 31 December of the year in which the Award is
Released" will be added to the end of rule 8.1.

---

| | |
|:---|:---|
| **7** | **CESSATION OF EMPLOYMENT**  |

---

7.1 The wording "and, in any event, no later than 15 March of the tax year following the date of
death" shall be added to the end of rules 9.1, 9.2, and 9.4.

7.2 Rules 9.9, 9.11 and 9.15 will be deleted.

7.3 The words "unless the Board also determines that rule 9.9 will apply" will be deleted from rule
9.8. 7.4 The words "unless the Board determines that rule 9.11 will apply" will be deleted from rule 9.10.

7.5 The words "unless rule 9.159.11 will apply" will be deleted from rule 9.149.10.

---

| | |
|:---|:---|
| **8** | **CORPORATE EVENTS**  |

---

8.1 The following new rule 10.A will be inserted before rule 10.1:

"To the extent there is a Trade Sale, the provisions of rules 10.1 to 10.3 will apply if such Trade Sale is a change of ownership or effective control, as provided in Section 409A(a)(2)(A)(v)."

------

Rules of the TransferWise 2020 Equity Incentive Plan

8.2 Rule 10.5 will be deleted and any reference to "Other Liquidity Event" will not be relevant to an
Award that is subject to this Schedule 3.

8.3 The following new rule 10.B will be inserted before rule 10.11:

"To the extent there is a Assets Sale, the provisions of rules 10.11 and 10.12 will apply if such Assets Sale is a change of ownership or effective control, as provided in Section 409A(a)(2)(A)(v)."

8.4 Rule 10.13 will be deleted and replaced with:

---

| | |
|:---|:---|
| "10.13 | In the event of an Admission, an Award will continue and will remain subject to the rules of this Plan and this Schedule 3, including any Vesting Conditions and / or Performance Conditions. Subject to Vesting, the Award will be Released on the Normal Release Date (or otherwise lapse on its terms)."  |

---

8.5 The wording "if an Award is Released under rule 10.13 or is otherwise" shall be deleted from rule
10.14. 8.6 The following new rule 10.C will be inserted before rule 10.17:

"To the extent there is any variation of the share capital of the Company, a demerger, delisting, special dividend or other event that, in the opinion of the Board, may materially affect the current or future value of Shares, the provisions of rule 10.17 will apply if such event is a change of ownership or effective control, as provided in Section 409A(a)(2)(A)(v)."

8.7 The following new rule 10.22 will be added to rule 10:

"10.22 Where the Board resolves that an Award will be Released pursuant to rule 10, it is the intent that any such resolution will be made such that the Award is Released in accordance with Section 409A provided that no individual tax treatment is guaranteed by the Company or any Group Member.

---

| | |
|:---|:---|
| **9** | **AMENDMENTS**  |

---

9.1 The following rule 12.5 will be added to rule 12:

"12.5 Any amendment made under this rule 12 will only be effective to the extent that it complies with section 409A."

---

| | |
|:---|:---|
| **10** | **CASH AWARDS**  |

---

10.1 The wording "and, in any event, no later than 31 December of the tax year in which the Release Date
falls" shall be added to paragraph 1.4 of Schedule 1 after the words "within 30 days".

## Exhibit 4.5

**Exhibit 4.5** 

**RULES OF THE WISE PLC LONG TERM INCENTIVE PLAN** 

WISE plc

---

| | |
|:---|:---|
| Committee's Adoption: | 18 June 2021 |
| Expiry Date: | 7 July 2031 |
| Amended by Committee: | 12 November 2024 |

---

Ref: L-304970

------

---

| | |
|:---|:---|
| **1** | **Definitions**  |

---

In these rules:

"**Acquiring Company**" means a person who has or obtains control (within the meaning of Section 995 of the Income Tax Act 2007) of the Company;

"**Award**" means a Conditional Award, an Option or Forfeitable Shares;

"**Award Date**" means the date set by the Committee under rule 2.3 or, if no such date is set, the date on which the Award is granted;

"**Bonus Deferral Award**" means an Award to which rule 2.4 applies;

"**Change of control**" means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when a general offer to acquire Shares made by a person (or a group of persons acting in concert) becomes
wholly unconditional; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when, under Section 895 of the Companies Act 2006 or equivalent procedure under local legislation, a court
sanctions a compromise or arrangement in connection with the acquisition of Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a person (or a group of persons acting in concert) obtaining control (within the meaning of Section 995 of
the Income Tax Act 2007) of the Company in any other way.

"**Clawback Period**" means the period during which the Committee can decide under rule 6.2 that clawback will apply which, unless the Committee decide otherwise under rule 2.3, will run from the date on which the Award Vests until the fifth anniversary of the Award Date;

"**Code**" means the U.S. Internal Revenue Code of 1986, as amended and any reference to any section of the Code shall also be a reference to any successor provision and any Treasury Regulation promulgated thereunder;

"**Committee**" means, subject to rule 9.6 (Composition of the Committee), the board of directors of the Company or a duly authorised person or group of persons;

"**Company**" means Wise plc;

"**Conditional Award**" means a conditional right to acquire Shares granted under the Plan;

"**Dealing Restriction**" means any restriction on dealing in securities imposed by regulation, statute, order, directive or any code adopted by the Company as varied from time to time;

"**Dividend Equivalent**" means an amount equal to the ordinary dividends payable on the number of Vested Shares between the Award Date and such date reasonably determined by the Committee up to and including the date of satisfaction of an Award, subject to rule 5.5 (Dividend Equivalent);

"**Final Lapse Date**" means the 10<sup>th</sup> anniversary of the date on which an Option is granted or any earlier date set under rule 2.3 (Terms of Awards);

"**Forfeitable Shares**" means Shares held in the name of or for the benefit of a Participant subject to the Forfeitable Share Agreement;

------

"**Forfeitable Share Agreement**" means the agreement referred to in rule 2.7;

"**Grantor**" means, in respect of an Award, the Company or any Member of the Group or other entity which has agreed or is otherwise bound to satisfy the Award;

"**Gross Holding Award**" means an Option or Conditional Award subject to a Holding Requirement as described in Schedule 7;

"**Holding Period**" means the period during which a Holding Requirement applies;

"**Holding Requirement**" means a requirement that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Shares be held during the Holding Period as described in rule 7; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Award continues during the Holding Period as a Gross Holding Award as described in Schedule 7;

"**Holding Share**" means a Share which is subject to a Holding Requirement as described in rule 7;

"**IPO**" the admission to trading of Shares on the official list of the London Stock Exchange;

"**Market Value**" means, except where the definition in Schedule 1 applies, the market value determined by the Committee in its discretion on the relevant date by reference to the closing price on that date or the previous trading day or average closing prices over a period specified by the Committee;

"**Member of the Group**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) its Subsidiaries from time to time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other company which is associated with the Company and is so designated by the Committee;

"**Normal Vesting Date**" means the date set by the Committee for Vesting of an Award under rule 2.3 (Terms of Awards);

"**Option**" means a right to acquire Shares granted under the Plan;

"**Participant**" means a person holding (or who previously held) an Award or their personal representatives;

"**Performance Condition**" means a condition set for an Award under rule 2.5;

"**Plan**" means these rules known as the "Wise plc Long Term Incentive Plan", as changed from time to time;

"**Phantom Award**" means an Option or Conditional Award which the Committee has determined under rule 2.3.3 will always be satisfied in cash as described in rule 5.7;

"**Shares**" means fully paid ordinary A shares in the capital of the Company;

"**Subsidiary**" means a company which is a subsidiary of the Company within the meaning of Section 1159 of the Companies Act 2006;

------

"**Vesting**" occurs at the time or times described in rule 5.1 and means the determination of the number of Shares in respect of which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Option will be exercisable; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Conditional Award will be satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in relation to Forfeitable Shares, the restrictions in the Forfeitable Share Agreement will cease to apply.

---

| | |
|:---|:---|
| **2** | **Granting Awards**  |

---

**2.1** **Eligibility** 

The Committee may decide that an Award will be granted to anyone who is an employee, including an executive director of any Member of the Group on the date of grant in accordance with any selection criteria that the Committee in its discretion may set.

A Bonus Deferral Award may be granted to a former employee of any Member of the Group.

However, unless the Committee considers that special circumstances exist, an Award (other than a Bonus Deferral Award) may not be granted to a person who, on the date of grant, has given or been given notice terminating their employment, whether or not such termination is or would be lawful.

**2.2** **Timing of Award** 

Awards may not be granted after the 10<sup>th</sup> anniversary of IPO and may only be granted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.1** within 42 days starting on any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the end of any closed period under the UK version of the Market Abuse Regulation (EU) 596/2014 which is part of
UK law by virtue of the European Union (Withdrawal) Act 2018;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the day after the announcement of the Company's results for any period (whether annual, quarterly or
half-yearly);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date of the Company's annual general meeting or any other general meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any day on which changes to the legislation or regulations affecting share plans are announced, effected or
made,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.2** where an Award is granted in connection with the recruitment of an employee, as soon as practicable
following the start of the relevant employment with any Member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.3** as soon as practicable following the lifting of any Dealing Restrictions which prevented the granting of
Awards during any period specified above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.4** at any other time if the Committee resolves that exceptional circumstances exist which justify the grant
of Awards at such time.

------

**2.3** **Terms of Awards** 

The Committee will set the following terms for each Award:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.1** whether the Award is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Conditional Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Forfeitable Shares;

or a combination of these;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.2** whether the Award is a Bonus Deferral Award (see rule 2.4);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.3** in the case of a Conditional Award or an Option, whether the Award is a Phantom Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.4** subject to rule 3 (limits), the number of Shares subject to the Award or how it will be calculated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.5** the Award Date (if not the date on which the Award is granted);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.6** any Performance Condition - see rule 2.5 (Performance Conditions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.7** the Normal Vesting Date(s) and, if more than one the number of Shares which will Vest on each Normal
Vesting Date or how that will be determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.8** whether or not a Holding Requirement will apply and if so, when the Holding Period will normally end;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.9** if a Holding Requirement applies, the Committee may also set whether the Holding Requirement takes the
form either of a requirement that Shares be held during the Holding Period as described in rule 7, or the Award continues as a Gross Holding Award as described in Schedule 7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.10** in the case of a Conditional Award or Option, whether or not the Award carries a Dividend Equivalent
and, if so, the basis on which it will be determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.11** the Clawback Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.12** in the case of an Option, the Exercise Price (which may be nil) and the Final Lapse Date if it is to be
earlier than the 10<sup>th</sup> anniversary of the date on which the Option is granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.13** which, if any, of the Schedules to these rules applies to the Award (though Schedule 1 can apply without
any decision by the Committee); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.14** any other terms determined by the Committee which are not inconsistent with these rules.

**2.4** **Bonus Deferral Award** 

An Award is a Bonus Deferral Award if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.1** the Participant is (subject to rule 2.4.2) awarded a cash bonus; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.2** the Committee decides (with or without the agreement of the Participant) that the Bonus Deferral Award
will be granted instead of some or all of the cash bonus which would otherwise be payable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.3** the Committee designates the Award as a Bonus Deferral Award.

The number of Shares subject to a Bonus Deferral Award will be that which has a Market Value on the Award Date equal to the amount of cash bonus which would otherwise be payable.

An Award granted in connection with the hiring of an Employee in lieu of awards forfeited from the Employee's previous employer may be granted as a Bonus Deferral Award if the Committee so designates.

Bonus Deferral Awards are different to others in that they do not normally lapse on leaving employment (see rule 8) and are not normally reduced on a Change in control or similar corporate event (see rule 9).

**2.5** **Performance Conditions** 

When granting an Award, the Committee may make its Vesting conditional on the satisfaction of one or more conditions which may or may not be linked to the performance of the Company, the Participant, or the Member of the Group in whose business unit the Participant works.

A Performance Condition will normally be specified when the Award is granted. The Committee may change a condition in accordance with its terms or if anything happens which causes the Committee reasonably to consider it appropriate to do so.

**2.6** **Documentation of Conditional Awards and Options** 

Conditional Awards and Options will be granted by deed.

Each Participant will receive a certificate setting out the terms of a Conditional Award or an Option determined under rule 2.3 as soon as practicable after the Award is granted. The certificate may be the deed referred to above or any other document.

If any certificate is lost or damaged the Company may replace it on such terms as it decides.

**2.7** **Documentation of Forfeitable Shares** 

Where an Award consists of Forfeitable Shares, the Participant must enter into a Forfeitable Share Agreement with the Grantor on such terms as the Committee may determine. The Forfeitable Share Agreement must provide that, to the extent that the Award lapses under the Plan, the Shares are forfeited and the Participant will immediately transfer the interest in the Shares, for no consideration or nominal consideration, to any person (which may include the Company, where permitted) specified by the Grantor.

**2.8** **Transfer of Forfeitable Shares** 

On or after the grant of an Award of Forfeitable Shares the Grantor will procure that the relevant number of Shares are transferred to the Participant or to another person to be held for the benefit of the Participant under the terms of the Plan and the Forfeitable Share Agreement.

------

**2.9** **No payment** 

A Participant is not required to pay for the grant of any Award.

**2.10** **Administrative errors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10.1** If an Award is granted which is inconsistent with rule 2.1 (Eligibility), it will lapse immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10.2** If any Award is granted which is inconsistent with rules 3.1 (Individual limit for Awards), 3.2 (Plan
limits - 10 per cent) or 3.3 (Plan limits - 5 per cent), the Award will, unless the Committee decides otherwise, be limited and will take effect from the date it is granted on a basis consistent with those rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10.3** If the Committee determine that an Award is granted in or subject to an error, including being granted
in respect of an incorrect number of Shares, the Committee may determine that the Award shall lapse or be adjusted in order to correct such error, including that the number of Shares subject to such Award shall be adjusted (provided that the Award
as adjusted continues to be subject to the rules of the Plan).

---

| | |
|:---|:---|
| **3** | **Limits**  |

---

**3.1** **Individual limit** 

The Committee will, from time to time, set an individual limit on the Market Value of Shares subject to Awards granted to any one Participant. This limit cannot be exceeded without the prior approval of the Committee. For executive directors this will not exceed the limit set out in the Company's remuneration policy approved by shareholders as amended from time to time.

For Options (apart from those with a nil Exercise Price), "the Market Value of Shares subject to Awards", for the purposes of this rule 3.1, is to be the fair value of the Options as calculated by the Company using an option valuation model.

This limit may be exceeded if the Committee determines that exceptional circumstances make it desirable that Awards should be granted in excess of that limit, and does not apply to an Award granted in connection with the hiring of an Employee in lieu of awards forfeited from the Employee's previous employer.

***"*Basic salary**" means gross salary before adjustment to take account of any flexible benefits. Basic salary payable in a currency other than sterling will be converted into sterling at the average of the spot buying and selling rates with the relevant currency in comparable amounts by any clearing bank chosen by the Committee on a date chosen by the Committee.

For the avoidance of doubt, no individual limit applies to a Bonus Deferred Award.

**3.2** **Plan limits - 10 per cent** 

An Award must not be granted on any day if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.1** the number of Shares committed to be issued under that Award, plus

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.2** the number of Shares which have been issued, or committed to be issued, to satisfy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) other Awards under the Plan, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) options or awards under any other employee share plan operated by the Company,

granted in the previous ten years

is more than 10 per cent of the ordinary share capital of the Company in issue immediately before that day.

**3.3** **Plan limits - 5 per cent** 

An Award must not be granted on any day if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.1** the number of Shares committed to be issued under that Award plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.2** the number of Shares which have been issued, or committed to be issued, to satisfy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) other Awards under the Plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) options or awards under any other employee share plan adopted by the Company,

granted, on a discretionary basis, in the previous ten years,

is more than 5 per cent of the ordinary share capital of the Company in issue immediately before that day.

**3.4** **Scope of Plan limits** 

For the purposes of determining the limits in rules 3.2 (Plan limits – 10 per cent) and 3.3 (Plan limits - 5 per cent), the following are ignored:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.1** Shares committed to be issued under a Dividend Equivalent (or otherwise in respect of any dividend); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.2** Shares issued, or committed to be issued to satisfy options or awards under any other employee share
plan operated by any Member of the Group which were granted before IPO.

As long as so required by the Investment Association, shares transferred from treasury are counted as part of the ordinary share capital of the Company and as shares issued by the Company.

---

| | |
|:---|:---|
| **4** | **Before Vesting**  |

---

**4.1** **Rights** 

A Participant is not entitled to vote, to receive dividends or to have any other rights of a shareholder in respect of Shares subject to a Conditional Award or Option until the Shares are issued or transferred to the Participant.

Except to the extent specified in the Forfeitable Share Agreement, a Participant will have all rights of a shareholder in respect of Forfeitable Shares until the Award lapses.

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**4.2** **Transfer** 

A Participant may not transfer, assign or otherwise dispose of an Award or any rights in respect of it. If the Participant does, whether voluntarily or involuntarily, then it will immediately lapse. This rule 4.2 does not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.1** to the transmission of an Award on the death of a Participant to the personal representatives; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.2** to the assignment of an Award, with the prior consent of the Committee, subject to any terms and
conditions the Committee impose.

**4.3** **Rights issues, demergers and changes to share capital** 

If there is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.1** a variation in the equity share capital of the Company, including a capitalisation or rights issue, sub-division, consolidation or reduction of share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.2** a demerger (in whatever form) or exempt distribution by virtue of Section 1075 of the Corporation
Tax Act 2010;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.3** a special dividend or distribution, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.4** any other corporate event which might affect the current or future value of any Award,

the Committee may adjust the description, number and/or class of Shares or securities subject to the Award and, in the case of an Option, the Exercise Price.

Subject to the Forfeitable Share Agreement, a Participant will have the same rights as any other shareholders in respect of Forfeitable Shares where there is a variation or other event of the sort described in this rule 4.3. Any shares, securities or rights allotted to a Participant as a result of such an event will be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.5** treated as if they were awarded to the Participant under the Plan in the same way and at the same time
as the Forfeitable Shares in respect of which the rights were conferred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.6** subject to the rules of the Plan and the terms of the Forfeitable Share Agreement.

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| | |
|:---|:---|
| **5** | **Vesting**  |

---

**5.1** **Timing of Vesting** 

Subject to rule 6 (Malus, delay and clawback) and any Holding Requirement under rule 7, an Award will normally Vest on the latest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.1** the date on which the Committee determines the extent to which any Performance Condition has been met
under rule 5.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.2** the Normal Vesting Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.3** the first date on which Vesting is not prevented by a Dealing Restriction.

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**5.2** **Determining the Performance Condition** 

If the Award is subject to a Performance Condition, the Committee will determine the extent to which it is satisfied as soon as reasonably practicable after the end of the period over which it is tested (or if later after the Normal Vesting Date), and an Award will lapse to the extent that the Performance Condition is not satisfied.

Without limiting the Committee's discretion under rule 6, the Committee may decide to reduce the extent to which the Award Vests on a formulaic basis. In doing so, it may, but shall not be obliged to, take into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.1** the Committee's assessment of the performance of any Member of the Group or of any business area
or team;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.2** the conduct, capability, or performance of the Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.3** the Committee's assessment of the appropriateness of the value in respect of which the Award would
otherwise Vest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.4** any exceptional event that has affected the Company or any Member of the Group.

**5.3** **Consequences of Vesting for Conditional Awards** 

Subject to any Holding Requirement under rule 7, within 30 days of a Conditional Award Vesting, the Grantor will arrange (subject to rules 5.8 (Tax), 6 (Malus and clawback), 8.4 (Death) and 12.8 (Consents)) for the transfer including a transfer out of treasury or issue, to, or to the order of, the Participant, of the number of Shares in respect of which the Award has Vested.

**5.4** **Consequences of Vesting for Options** 

Subject to rule 8.1 (General rule):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4.1** a Participant may only exercise an Option to the extent it has Vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4.2** to exercise the Option, the Participant must give notice in the prescribed form to the Grantor or any
person nominated by the Committee and pay the Exercise Price (if any) or make arrangements, satisfactory to the Committee for its payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4.3** within 30 days of a valid exercise of an Option, the Grantor will arrange (subject to any Holding
Requirement under rule 7 and rules 5.7 (Cash alternative), 5.8 (Tax), 6 (Malus and clawback) and 12.8 (Consents)) for the number of Shares in respect of which the Option is exercised to be issued or transferred to or to the order of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4.4** the Option will lapse, at the latest, on the close of business on the Final Lapse Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4.5** if an Option lapses under more than one provision of the rules of the Plan, the provision resulting in
the shortest exercise period or the earliest lapse will prevail.

**5.5** **Consequences of Vesting for Forfeitable Shares** 

The Forfeitable Share Agreement will cease to apply to an Award of Forfeitable Shares to the extent it has Vested.

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**5.6** **Dividend Equivalent** 

If the Award carries a Dividend Equivalent, the Grantor will arrange (subject to any Holding Requirement and rules 5.7 (Cash alternative), 5.8 (Tax), 6 (Malus and clawback) and 12.8 (Consents)) for a number of additional Shares to be issued to the Participant at the same time as the Shares in respect of which the Award is Vested are delivered.

**5.7** **Cash alternative** 

The Committee may decide that an Award (including any Dividend Equivalent) will be satisfied (wholly or in part) by paying the Participant an amount in cash equal to the Market Value of the Shares which would otherwise have been issued or transferred (less the Exercise Price, in the case of an Option).

A Phantom Award will always be satisfied in this manner.

For the avoidance of doubt, an Award which is subject to a Holding Requirement may only be satisfied as described above at or after the end of the Holding Period.

**5.8** **Tax** 

The Participant will be responsible for all taxes, social security contributions, other payroll deductions required by law, and other levies or charges arising out of or in connection with an Award or the acquisition, holding or disposal of Shares or any interest in them. But this will only apply to employer social security contributions to the extent that the Committee so decides and to the extent lawful.

If the Grantor, any Member of the Group or the trustee of any employee benefit trust has any liability to pay or account for any such tax, contribution, payroll deduction, levy or charge, it will normally meet the liability by selling Shares of which the Participant has become the beneficial owner on their behalf and using the proceeds to meet the liability.

However, the Committee may decide that the liability will, instead, be met by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.8.1** deducting the amount of the liability from any monetary payment due under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.8.2** reducing the number of Shares to which the Participant would otherwise be entitled;<sup>1</sup>and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.8.3** deducting the amount from any payment of salary, bonus or other monetary payment due to the Participant;
and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.8.4** requiring the Participant to pay the amount of such liability to, or to the order of, the Company or any
Member of the Group.

The Participant will enter into any elections required by the Committee, including elections under Part 7 of the Income Tax (Earnings and Pensions) Act 2003 and/or elections to transfer any liability, or agreements to pay social security contributions.

<sup>1</sup> Note that there may be legal difficulties with taking this approach for Estonian tax liabilities.

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Notwithstanding anything else in these rules, the Vesting of an Award or the issue or transfer of Shares or any payment of cash may be delayed until the Participant has done all things reasonably required by the Committee to give effect to this rule 5.8.

Without limiting this rule in any way, references to "employer social security contributions" shall, in respect of Estonia, include fringe benefit taxes (CIT and social tax).

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| | |
|:---|:---|
| **6** | **Malus, delay in Vesting and clawback**  |

---

**6.1** **Malus (performance adjustment)** 

Notwithstanding anything else in these rules, the Committee may, at any time before an Award has been satisfied and in its absolute discretion, decide that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.1** the number of Shares subject to any Award will be reduced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.2** the Award will lapse (at a time it determines); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.3** additional conditions will be imposed on the Vesting or satisfaction of the Award.

**6.2** **Clawback** 

Notwithstanding anything else in these rules, the Committee may, in its absolute discretion, at any time during the Clawback Period, decide that clawback will apply where any of the events referred to in rule 6.4 occur.

If clawback applies the Committee may decide that the Participant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.1** must transfer to or to the order of the Company a number of Shares which is equal to (or less than) the
number of Shares issued or transferred to them pursuant to the Award; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.2** pay to or to the order of the Company an amount representing the value of the Shares acquired under the
Award; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.3** pay to or to the order of the Company an amount equal to any cash payment made to them pursuant to the
Award.

In addition, the Committee may decide that any Award, bonus or other benefit which might have been granted, Vested or paid to the Participant under this or any other arrangement will be reduced, not awarded or not Vest.

**6.3** **Examples of events giving rise to malus** 

Without limiting its discretions under rule 6.1 the following events are examples of what the Committee may take into account in making any decision under this rule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.1** Results announced for any financial year before Vesting have subsequently appeared materially
financially inaccurate or misleading as determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.2** There has been a material failure of risk management in the Group and/or the business unit or profit
centre in which the Participant works.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.3** Any error or a material misstatement has resulted in an overpayment or over-allocation to Participants,
whether in the form of Awards granted or Vesting under the Plan or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.4** The Participant participated in, or was responsible for, conduct which resulted in significant losses to
the Group and/or the business unit or profit centre in which the Participant works.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.5** There is reasonable evidence of misconduct or material error by the Participant and/or the Participant
failed to meet appropriate standards of fitness and propriety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.6** An exceptional event or events occurs that has had or may have a material effect on the value or
reputation of any Member of the Group (excluding an exceptional event or events which have a material adverse effect on global macroeconomic conditions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.7** The Company or entities representing a material proportion of the Group becomes insolvent or otherwise
suffers a corporate failure so that Shares cease to have material value, provided that the Committee determines, following an appropriate review of accountability, that the Participant should be held responsible (wholly or in part) for that
insolvency or failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.8** The Group and/or the business unit or profit centre in which the Participant works suffers a material
downturn in its financial performance.

**6.4** **Events giving rise to clawback** 

If the Committee considers that any of the following events occurs or has occurred, the Committee may exercise its discretion under rule 6.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.1** There is reasonable evidence of misconduct or material error by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.2** Results announced for any financial year before Vesting have subsequently appeared materially
financially inaccurate or misleading as determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.3** There has been a material failure of risk management in the Group and/or the business unit or profit
centre in which the Participant works.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.4** Any error or a material misstatement has resulted in an overpayment or over-allocation to Participants,
whether in the form of Awards granted or Vesting under the Plan or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.5** The Participant participated in, or was responsible for, conduct which resulted in significant losses to
the Group and/or the business unit or profit centre in which the Participant works.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.6** The Participant's behaviour has resulted in material reputational damage to the Group or any
Member of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.7** The Company or entities representing a material proportion of the Group becomes insolvent or otherwise
suffers a corporate failure so that Shares cease to have material value, provided that the Committee determines, following an appropriate review of accountability, that the Participant should be held responsible (wholly or in part) for that
insolvency or failure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.8** The Participant failed to meet appropriate standards of fitness and propriety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.9** The Group and/or the business unit or profit centre in which the Participant works suffers a material
downturn in its financial performance.

**6.5** **Discretion to delay Vesting, settlement or exercise** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5.1** Notwithstanding any other provision of these rules, the Committee may delay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Vesting of an Award under any rule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the issue or transfer of Shares or payment of cash pursuant to an Award which Vests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the ability for a Participant to exercise an Option; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the expiry of a Holding Period,

if the Committee determines that it is appropriate to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5.2** Without prejudice to the generality of the Committee's discretion, and without any limitation
whatsoever, the circumstances in which the Committee may (but shall not be obliged) to consider exercising the discretion in rule 6.5.1 include where, on the date on which the event in rule 6.5.1(i) to (iv) would otherwise occur, there is an
ongoing investigation or other procedure which could essentially result in an Award being subject to adjustment in accordance with rule 5.2 (Determining the Performance Condition) or this rule 6 (Malus, delay in Vesting and clawback), or where the
Committee determines that further investigation of any matter is needed.

**6.6** **General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6.1** For the avoidance of doubt, rules 6.1 and 6.2 can apply even if the Participant was not responsible for
the event in question or if it took place before the Vesting or grant of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6.2** Those rules may be applied in different ways for different Participants in relation to the same or
different events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6.3** The Committee will notify the Participant of any adjustment or delay under this rule 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6.4** Except to the extent the Committee so decides at the time of exchange, neither malus nor clawback will
apply to an Award which has been exchanged in accordance with rule 9.5 (Exchange).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6.5** Clawback will not apply to an Award which has Vested in accordance with rule 9  **** ** (Corporate
events).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6.6** Without limiting rule 12.1 (Terms of employment), the Participant will not be entitled to any
compensation in respect of the operation or purported operation of this rule 6.

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| | |
|:---|:---|
| **7** | **Holding Requirement**  |

---

**7.1** **Structure of Holding Requirement** 

To the extent not previously notified to the Participant, immediately prior to Vesting the Committee will determine whether for the purposes of the Holding Requirement, either the Award will continue during the Holding Period on the terms described in Schedule 7 (a Gross Holding Award) or Holding Shares will be delivered in accordance with this rule 7.

If no determination is made in accordance with this rule, the Award will continue as a Gross Holding Award during the Holding Period.

**7.2** **Holding Shares** 

If this rule 7 applies to an Award, it will Vest at the time and to the extent determined under rules 5 or 8 but, in the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.1** a Conditional Award, the Holding Shares will be issued or transferred to the Participant or to another
person to be held for the benefit of the Participant (as the Committee determine) on the basis set out in this rule 7; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.2** an Option and it is exercised during the Holding Period, the Holding Shares will be issued or
transferred as described above to be held for the balance of the Holding Period, on the basis set out in this rule 7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.3** Forfeitable Shares, Vesting of the Holding Shares will be deferred until the end of the Holding Period
and during the Holding Period, the Forfeitable Share Agreement will continue to apply as varied by this rule 7 as if the Forfeitable Shares were Holding Shares.

If required to do so by the Committee, the Participant must enter into an agreement setting out the basis on which the Holding Shares will be held under this rule 7. If the Participant does not do so in the manner and within the timeframe specified by the Committee, the Award will lapse and the Holding Shares will not be issued or transferred (or will be forfeited if already issued or transferred).

If the Holding Shares had already been transferred to the Participant or to another person to be held for the benefit of the Participant, the Participant will immediately transfer their interest in the Holding Shares, for no consideration or nominal consideration, to any person (which may include the Company, where permitted) specified by the Committee.

**7.3** **Rights during the Holding Period** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.1** The Participant will be entitled to vote (or give instructions as to voting) and to receive dividends
and have all other rights of a shareholder in respect of the Holding Shares from the date the Shares are issued or transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.2** The Participant may not transfer, assign or otherwise dispose of the Holding Shares or any interest in
them (or instruct anyone to do so) except in the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a sale of sufficient entitlements nil-paid in relation to a Holding
Share to take up the balance of the entitlements under a rights issue or similar transaction;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on forfeiture of the Holding Shares as described in rule 7.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to fund any tax in accordance with rule 5.8; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an irrevocable undertaking to accept or vote in favour of a transaction contemplated by rule 9;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in any other circumstances if the Committee so allows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.3** Any securities which the Participant receives in respect of Holding Shares as a result of an event
described in rule 4.3 during the Holding Period will, unless the Committee decides otherwise, be subject to the same restrictions as the corresponding Holding Shares. This will not apply to any Shares which a Participant acquires on a rights issue
or similar transaction to the extent that they exceed the number they would have acquired on a sale of sufficient rights under the rights issued nil-paid to take up the balance of the rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.4** For the avoidance of doubt, clawback (under rule 6.2) will apply to the Holding Shares during the
Holding Period.

**7.4** **Leaving employment during the Holding Period** 

Rule 8 (Leaving employment) will not apply to any Holding Shares during the Holding Period and the Holding Requirement will continue to apply after the Participant has left employment.

However, if the Participant leaves employment during the Holding Period in circumstances in which their employment could have been terminated without notice or otherwise due to the Participant's misconduct, the Holding Shares will be forfeited. ****

**7.5** **Forfeiture of Holding Shares** 

Where any Holding Shares are forfeited, the Participant will immediately transfer their interest in the Holding Shares, for no consideration or nominal consideration, to any person (which may include the Company, where permitted) specified by the Committee.

**7.6** **End of the Holding Period** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6.1** The Holding Period will end on the earliest of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date on which the Holding Period would normally end, as set by the Committee under rule 2.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the date on which the Participant dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date of a Change of control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other date determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6.2** At the end of the Holding Period, the restrictions relating to Holding Shares in rule 7.2.2 will cease
to apply and the Holding Shares will be transferred to the Participant or as they may direct.

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| | |
|:---|:---|
| **8** | **Leaving employment**  |

---

**8.1** **General rule** 

Unless rules 8.2 (Exceptions) or 8.5 (Bonus Deferral Awards) apply, an Award which has not Vested will lapse on the date the Participant leaves employment.

Vested but unexercised Options will lapse where the Participant leaves employment because of serious misconduct or otherwise in circumstances in which their employment could have been terminated without notice (whether or not it was, in fact, so terminated).

**8.2** **Exceptions** 

Subject to rule 8.3 (Early vesting), the Committee may decide within 30 days of a Participant leaving employment that an Award which has not Vested will not lapse and the rules will continue to apply. Unless the Committee decides otherwise, the number of Shares in respect of which the Award will be capable of Vesting will be reduced to reflect the proportion of the period up to the Normal Vesting Date which had elapsed by the date the Participant left employment or to such greater extent as it may determine.

Vesting of the Award on or after leaving employment will be subject to such additional conditions as the Committee may impose.

**8.3** **Early vesting** 

Where a Participant leaves employment and the Committee decides that rule 8.2 will apply, the Committee may also decide, in its discretion, that the Award will Vest on the date the Participant leaves employment or on any later date chosen by it. Where it does so:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3.1** subject to any Holding Requirement, the Award will Vest to the extent that any condition has been
or is likely to be satisfied (as determined by the Committee, at the time the Participant leaves employment, in the manner specified in the condition or in such manner as it considers reasonable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3.2** unless the Committee decide otherwise, the number of Shares in respect of which the Award Vests will be
reduced to reflect the proportion of the period up to the Normal Vesting Date which had elapsed by the date the Participant left employment or to such greater extent as it may determine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3.3** the Award will lapse to the extent it does not Vest.

**8.4** **Death** 

If a Participant dies, the Award will Vest on the date of death in full.

Shares will be issued or transferred or cash paid to the personal representatives of a Participant who has died but only if they have produced such evidence as the Committee may require of their status as such. The receipt of any person who has produced such evidence will discharge the Grantor from any obligation to the Participant or their estate.

------

**8.5** **Bonus Deferral Awards** 

A Bonus Deferral Award will not lapse on the date the Participant leaves employment but will continue in effect until it Vests or lapses in accordance with these rules save that rule 8.3.2 will also not apply to Bonus Deferral Awards.

However, a Bonus Deferral Award will lapse if the Participant leaves employment because of serious misconduct or otherwise in circumstances in which their employment could have been terminated without notice (whether or not it was, in fact, so terminated).

**8.6** **General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6.1** A Participant will only be treated as "leaving employment" when they are no longer an
employee or director of any Member of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6.2** Unless the Committee decides otherwise, a Participant will be treated as leaving employment on the date
of leaving.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6.3** An Option (whether Vested or not) which does not lapse when the Participant dies or leaves employment
will lapse on the latest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) six months after the date of leaving employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where not Vested, six months after the date on which it Vests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) where the Participant has died, 12 months after the date of death; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in any case, such later date as the Committee may allow;

or, if earlier, on the Final Lapse Date.

---

| | |
|:---|:---|
| **9** | **Corporate events**  |

---

**9.1** **Change of control** 

Subject to rule 9.5, if there is a Change of control, an Award will Vest as described in rule 9.3.

**9.2** **Demerger and other corporate events** 

If the Company is or may be affected by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.1** any demerger, delisting, distribution (other than an ordinary dividend) or other transaction, which, in
the opinion of the Committee, might affect the current or future value of any Award; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.2** any reverse takeover (not within rule 9.1), merger by way of a dual listed company or other significant
corporate event, as determined by the Committee,

the Committee may allow an Award to Vest to the extent determined by the Committee (not being greater than the extent specified in rule 9.3). The Committee may impose other conditions on Vesting.

------

**9.3** **Extent of Vesting** 

Where rule 9.1 or 9.2 applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.1** the Award will Vest to the extent that any Performance Condition has been or is likely to be satisfied,
as determined by the Committee at the time of the relevant event, in the manner specified in the condition or in such manner as it considers reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.2** unless the Committee decide otherwise or the Award is a Bonus Deferral Award, the number of Shares in
respect of which it Vests will be reduced to reflect the proportion of the period up to the Normal Vesting Date which had elapsed on the date of the relevant event or to such greater extent as it may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.3** to the extent that the Award does not Vest it will lapse, save that the Committee may decide that it
will be exchanged (wholly or partly) under rule 9.5 (Exchange).

**9.4** **Lapse of Options** 

An Option will be exercisable to the extent it has Vested:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4.1** for six months following a Change of control or, if earlier, for six weeks after the date on which a
notice to acquire Shares under section 979 of the Companies Act 2006 is first served; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4.2** for such period (not exceeding one year) as the Committee may set at the time of the event, following an
event described in rule 9.2,

and will lapse at the end of that period to the extent it has not been exercised or exchanged.

**9.5** **Exchange** 

An Award will not Vest (or, in the case of an Option, be exercisable) following an event described in rules 9.1 or 9.2 but will be exchanged pursuant to rule 10 (Exchange) to the extent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5.1** an offer to exchange the Award is made and accepted by a Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5.2** the Committee, with the consent of the Acquiring Company, decide before the event that the Award will be
automatically exchanged.

**9.6** **Committee** 

In this rule 9 (Corporate events), "**Committee**" means those people who were members of the remuneration committee of the Company immediately before the Change of control.

---

| | |
|:---|:---|
| **10** | **Exchange**  |

---

**10.1** **Timing of exchange** 

Where an Award is to be exchanged under rule 9.5 (Exchange) the exchange is effective immediately following the relevant event.

**10.2** **Exchange terms** 

Where a Participant is granted a new award in exchange for an existing Award, the new Award:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.1** must confer a right to acquire shares in the Acquiring Company or another body corporate determined by
the Acquiring Company;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.2** must be equivalent to the existing Award, subject to rules 6.6.5 and 10.2.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.3** will be treated as having been acquired at the same time as the existing Award and, subject to rule
10.2.4, will Vest in the same manner and at the same time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.4** must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be subject to a condition which is, so far as practicable, equivalent to any condition applying to the existing
Award; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not be subject to any condition but be in respect of the number of shares which is equivalent to the number of
Shares comprised in the existing Award which would have Vested under rule 9.3 (Extent of Vesting) and Vest at the end of the period over which any original Performance Condition was tested or on the Normal Vesting Date set by the Committee on the
grant of the Award; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) be subject to such other terms as the Committee consider appropriate in all the circumstances,

but where the Award is exchanged to the extent it does not Vest under rule 9.3 (Extent of Vesting), it need not be subject to any condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.5** is governed by the rules of the Plan from time to time, excluding rule 11.2 (Shareholder approval), as
if references to Shares were references to the shares over which the new award is granted and references to the Company were references to the Acquiring Company or the body corporate determined under rule 10.2.1 above.

---

| | |
|:---|:---|
| **11** | **Changing the Plan and termination**  |

---

**11.1** **Committee' powers** 

Subject or rule 11.2, the Committee may at any time change the Plan and the terms of any existing Awards in any way, including changes to the disadvantage of existing Participants.

**11.2** **Shareholder approval** 

Except as described in rule 11.2.2, the Company in general meeting must approve in advance by ordinary resolution any proposed change to the Plan to the advantage of present or future Participants, which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the limitations on the amount or number of Shares, cash or other benefits subject to the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the individual limit for each Participant under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the basis for determining a Participant's entitlement to, and the terms of, securities, cash or other
benefit to be provided and for the adjustment thereof (if any) if there is a capitalisation issue, rights issue or open offer, sub-division or consolidation of shares or reduction of capital or any other
variation of capital; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the terms of this rule 11.2.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.2** The Committee can change the Plan and need not obtain the approval of the Company in general meeting for
any minor changes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to benefit the administration of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to comply with or take account of the provisions of any proposed or existing legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to take account of any changes to legislation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to obtain or maintain favourable tax, exchange control or regulatory treatment of the Company, any Subsidiary
or any present or future Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.3** The Committee may, without obtaining the approval of the Company in general meeting, establish further
plans (by way of schedules to the rules or otherwise) based on the rules, but modified to take account of local tax, exchange control or securities law in non-UK territories. However, any Shares made available
under such plans are treated as counting against any limits on individual or overall participation in the Plan under rules 3.2 (Plan limits - 10 per cent), 3.3 (Plan limits - 5 per cent) and 3.4 (Scope of Plan limits).

**11.3** **Employees' share scheme** 

No amendment or operation of the Plan will be effective to the extent that the Plan would cease to be an "employees' share scheme" as defined in Section 1166 of the Companies Act 2006.

**11.4** **Notice** 

The Committee is not required to give Participants notice of any changes.

**11.5** **Termination** 

The Plan will terminate on the 10th anniversary of IPO but the Committee may terminate the Plan at any time before that date. The termination of the Plan will not affect existing Awards.

---

| | |
|:---|:---|
| **12** | **General**  |

---

**12.1** **Terms of employment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.1** In this rule 12.1, **'Employee'** means any current, former or prospective employee of
any Member of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.2** This rule 12.1 applies during an Employee's employment and after the termination of an
Employee's employment, whether or not the termination is lawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.3** Nothing in the rules or the operation of the Plan forms part of the contract of employment of an
Employee. The rights and obligations arising from the employment relationship between the Employee and the employer are separate from, and are not affected by, the Plan. Participation in the Plan does not create any right to, or expectation of,
continued employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.4** No Employee has a right to participate in the Plan. Participation in the Plan or the grant of Awards on
a particular basis on any occasion does not create any right to or expectation of participation in the Plan or the grant of Awards on the same basis, or at all, on any future occasion.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.5** The terms of the Plan do not entitle the Employee to the exercise of any discretion in the
Employee's favour.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.6** The Employee will have no claim or right of action in respect of any decision, omission or discretion,
which may operate to the disadvantage of the Employee even if it is unreasonable, irrational, capricious arbitrary or might be regarded as being in breach of the duty of trust and confidence (and/or any other implied duty) between the Employee and
the employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.7** No Employee has any right to compensation for any loss in relation to the Plan, including any loss in
relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any loss or reduction of rights or expectations under the Plan in any circumstances (including lawful or
unlawful termination of employment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any exercise of a discretion or a decision taken in relation to an Award or to the Plan, or any failure to
exercise a discretion or take a decision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the operation, suspension, termination or amendment of the Plan.

**12.2** **Committee' decisions final and binding** 

The decision of the Committee on the interpretation of the Plan or in any dispute relating to an Award or matter relating to the Plan will be final and conclusive.

**12.3** **Third party rights** 

Nothing in this Plan confers any benefit, right or expectation on a person who is not a Participant. No such third party has any rights under the Contracts (Rights of Third Parties) Act 1999 or any equivalent local legislation to enforce any term of this Plan. This does not affect any other right or remedy of a third party.

**12.4** **Documents sent to shareholders** 

The Company is not required to send to Participants copies of any documents or notices normally sent to the holders of its Shares.

**12.5** **Costs** 

The Company will pay the costs of introducing and administering the Plan. The Company may ask a Participant's employer to bear the costs in respect of an Award to that Participant.

**12.6** **Employee trust** 

The Company and any Subsidiary may provide money to the trustee of any trust or any other person to enable them to acquire Shares to be held for the purposes of the Plan or enter into any guarantee or indemnity for those purposes, to the extent permitted by Section 682 of the Companies Act 2006 or any applicable law.

------

**12.7** **Participants' information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.7.1** Subject to rule 12.7.2, by participating in the Plan and accepting an Award, the Participant consents to
the holding and processing of personal information the Participant provides to any Member of the Group, trustee or third-party service provider, for all purposes relating to the operation of the Plan. These include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) administering and maintaining Participant records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) providing information to Members of the Group, trustees of any employee benefit trust, registrars, brokers or
third-party administrators of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) providing information to future purchasers or merger partners of the Company, the Participant's employing
company, or the business in which the Participant works;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) transferring information about the Participant to any country or territory<sup>2</sup> that may not provide the same statutory protection for the information as the Participant's home country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.7.2** The basis for any processing of personal information about the Participant under the EU's General
Data Protection Regulation (2016/679) ()"**GDPR**") (or any successor laws, including its incorporation into UK law as the UK GDPR) is set out in the Company's Share Plan Privacy Notice and is not the consent given under
rule.12.7.1. The Share Plan Privacy Notice also contains details about how the Participant's personal information is processed and the Participant's rights in relation to that information. The Participant has a right to review the Share
Plan Privacy Notice.

**12.8** **Consents** 

All allotments, issues and transfers of Shares will be subject to any necessary consents under any relevant enactments or regulations for the time being in force in the United Kingdom or elsewhere. The Participant is responsible for complying with any requirements to obtain or avoid the necessity for any such consent.

**12.9** **Consistency with Committee' remuneration policy** 

Nothing in these rules or the terms of any Award will oblige the Grantor or any other person to make any remuneration payment or payment for loss of office which would be in breach of Chapter 4A of Part 10 of the Companies Act 2006 (which requires such payments to be within an approved remuneration policy or otherwise approved by shareholders).

The Company will not be obliged to seek the approval of its shareholders in general meeting for any such payment but may make such changes as are necessary or desirable to the terms of any payment to ensure that it is not in breach of that Chapter.

<sup>2</sup> You will need to check this sort of consent to transfer can be given by participant in the relevant jurisdiction.

------

**12.10** **Share rights** 

Shares issued to satisfy Awards under the Plan will rank equally in all respects with the Shares in issue on the date of allotment. They will not rank for any rights attaching to Shares by reference to a record date preceding the date of allotment. Where Shares are transferred to a Participant, including a transfer out of treasury, the Participant will be entitled to all rights attaching to the Shares by reference to a record date on or after the transfer date. The Participant will not be entitled to rights before that date.

**12.11** **Listing** 

If and so long as the Shares are listed and traded on a public market, the Company will apply for listing of any Shares issued under the Plan as soon as practicable.

**12.12** **Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.12.1** Any information or notice to a person who is or will be eligible to be a Participant under or in
connection with the Plan may be posted, or sent by electronic means, in such manner to such address as the Company considers appropriate, including publication on any website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.12.2** Any information or notice to the Company or other duly appointed agent under or in connection with the
Plan may be sent by post or transmitted to it at its registered office or such other place, or by such other means, as the Committee or duly appointed agent may decide and notify Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.12.3** Notices sent by post will be deemed to have been given on the second day after the date of posting.
However, notices sent by or to a Participant who is working overseas will be deemed to have been given on the seventh day after the date of posting. Notices sent by electronic means, in the absence of evidence to the contrary, will be deemed to have
been received on the day after sending.

**12.13** **Governing law and jurisdiction** 

English law governs the Plan and all Awards and their construction. The English courts have exclusive jurisdiction in respect of disputes arising under or in connection with the Plan or any Award.

------

**Schedule 1** 

**Section 409A Exempt Time-based Awards** 

---

| | |
|:---|:---|
| **1** | **Application and purpose**  |

---

**1.1** This Schedule will apply to an Award:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.1** which is held by a Participant who is or at any time becomes subject to United States tax on an Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.2** to which Schedule 2 does not apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.3** which is an Option with an Exercise Price which is less than the Market Value of a Share on the date on
which it is granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.4** is not subject to any Performance Condition.

a **'409A Exempt Time-based Award**'.

**1.2** 409A Exempt Time-based Awards shall be governed by the rules of the Plan as amended by this Schedule.

**1.3** For the avoidance of doubt, this Schedule can apply to an Award without any decision by the Committee.

---

| | |
|:---|:---|
| **2** | **Short term deferral exemption**  |

---

409A Exempt Time-based Awards are intended to fall within the short-term deferral exemption to Section 409A of the Code and will be administered and interpreted in a manner which complies with this intent.

The Committee, in its sole discretion and without the consent of the Participant, may amend the terms of a US Time-Based Award (and the provisions of the Plan applicable thereto) if and to the extent that the Committee determines that such amendment is necessary or appropriate to comply with the short-term deferral exemption to Section 409A of the Code (or otherwise to comply with Section 409A of the Code).

---

| | |
|:---|:---|
| **3** | **Options with an Exercise Price less than Market Value**  |

---

If a 409A Exempt Time-based Award is an Option and its Exercise Price is:

**1.4** nil or of an amount which the Committee considers is nominal, it will be treated as being and having
always been a Conditional Award granted on the same terms;

**1.5** not nil or nominal but is less than the Market Value of a Share on the date on which it is granted, it
must be exercised by no later than the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.1** 15 March immediately following the end of the taxable year of the Participant in which the 409A
Exempt Time-Based Award Vests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.2** 15 March immediately following the end of the taxable year of the Company in which the 409A Exempt
Time-Based Award Vests; and

will lapse at the end of such period to the extent not exercised.

------

---

| | |
|:---|:---|
| **4** | **Vesting on leaving employment**  |

---

If a Participant leaves employment and the Committee decides that an unvested Award will not lapse in accordance with rule 8.2, the Award will always Vest on the date the Participant leaves employment in accordance with rule 8.3 (early vesting). <sup>3</sup>

---

| | |
|:---|:---|
| **5** | **Restrictions on satisfying 409A Exempt Time-based Awards**  |

---

**1.6** Any Shares to be issued or transferred or cash to be paid in satisfaction of a 409A Exempt Time-based
Award (including in respect of any Dividend Equivalent) will be paid, issued or transferred by no later than the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.1** 15 March immediately following the end of the taxable year of the Participant in which the 409A
Exempt Time-based Award Vests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.2** 15 March immediately following the end of the taxable year of the Company in which the 409A Exempt
Time-Based Award Vests.

But this will not prevent the application of any Holding Requirement.

**1.7** Where the trustee of any employee benefit trust is to transfer Shares following the Vesting or exercise
of a 409A Exempt Time-based Award, the Shares will not be treated as allocated and the Participant will not have any interest in those Shares or the trust.

**1.8** The trustee of an employee benefit trust will not make any cash payment in respect of a 409A Exempt
Time-based Award.

---

| | |
|:---|:---|
| **6** | **Status of 409A Exempt Time-based Awards**  |

---

Notwithstanding any provision of the Plan (including this Schedule) or the terms of any Award, no Member of the Group makes any representation to any Participant or beneficiary thereof that any Awards are exempt from the requirements of, Section 409A of the Code, and no Member of the Group shall have any liability or other obligation to indemnify or hold harmless the Participant or any beneficiary thereof for any tax, additional tax, interest or penalties that the Participant or any beneficiary thereof may incur in the event that any provision of this Plan, or any Award or any amendment or modification thereof, or any other action taken with respect thereto, is deemed to violate any of the requirements of Section 409A of the Code.

---

| | |
|:---|:---|
| **7** | **Exchange**  |

---

An 409A Exempt Time-based Award will not be exchanged in accordance with rule 10 if the exchanged Award would not meet the requirements to be a short-term deferral under Section 409A of the Code.

<sup>3</sup> Discretionary vesting should be allowed only rarely and in unusual circumstances for 409A Exempt Time-based Awards, as if a pattern or practice of vesting in certain circumstance develops, such that it is unlikely that a participant who terminates employment under those circumstances will forfeit his or her award, then the award will be treated as being vested for US tax purposes at the time the circumstances develop, and the award is likely to fail the requirements of the short-term deferral exception. For example, if the committee regularly vests participants who terminate employment after age 60 and who have 20 years of service, then a participant is likely to be treated as vested for US tax purposes when he or she turns 60 and has 20 years of service. If the award is not settled by March 15 of the relevant taxable year after the participant turns age 60 with 20 years of service, the award will no longer meet the requirements to be a short-term deferral. A regular pattern of vesting in the case of disability would be another example. 

------

---

| | |
|:---|:---|
| **8** | **Changing the Plan**  |

---

No change will be made to a 409A Exempt Time-based Award under rule 11 if the changed Award would not meet the requirements to be a short-term deferral under Section 409A of the Code.

------

**Schedule 2** 

**s.409A Compliant Time-based Awards** 

---

| | |
|:---|:---|
| **1** | **Application and purpose**  |

---

**1.1** When granting an Award that is a Conditional Award, the Committee may decide that this Schedule will
apply to the Award if it considers that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.1** the employee is or becomes subject to United States tax on the Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.2** the terms of the Award would constitute a "nonqualified deferred compensation plan" under
Section 409A of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.3** the Award is not subject to a Performance Condition.

If it does so, the Award will be a **'409A Compliant Time-based Award'** and will be construed in a manner consistent with the applicable requirements of Section 409A of the Code.

**1.2** The Committee, in its sole discretion and without the consent of the Participant, may amend the terms of
a 409A Compliant Time-based Award (and the provisions of the Plan applicable thereto) if and to the extent that the Committee determines that such amendment is necessary or appropriate to comply with the requirements of Section 409A of the
Code.

**1.3** Schedule 3 may also apply to Estonian Participants.

---

| | |
|:---|:---|
| **2** | **Leaving employment**  |

---

**2.1** If a Participant leaves employment in circumstances that is a "separation of service" and
the Committee decides that an unvested Award will not lapse in accordance with rule 8.2, the Award will always Vest on the date the Participant leaves employment in accordance with rule 8.3 (early vesting). Rule 8.3 (early vesting) will not
otherwise apply.

**2.2** In the case of any Participant who is a "specified employee", a distribution on account of a
"separation from service" shall be made on the first business day falling after the expiry of a period of six months after the date of the Participant's "separation from service" (or, if earlier, the date of the
Participant's death).

---

| | |
|:---|:---|
| **3** | **Corporate events**  |

---

**3.1** A 409A Compliant Time-Based Award can only Vest under rule 9.1 (change of control) if the Change of
control is a "change in the ownership or effective control of the corporation, or in the ownership of a substantial portion of the assets" of the Company.

**3.2** Rule 9.2 will not apply to a 409A Compliant Time-Based Award.

---

| | |
|:---|:---|
| **4** | **No other acceleration or delay to Vesting**  |

---

**4.1** Notwithstanding any provision of the Plan (which shall be read accordingly), a 409A Compliant Time-Based
Award shall only be capable of vesting the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.1** the Normal Vesting Date (or Normal Vesting Dates) which shall be specified at grant and shall constitute
a specified time (or a fixed schedule) for such vesting;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.2** the date of early Vesting under rule 8.3 (early vesting), as applied in accordance with this Schedule);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.3** death (see rule 8.4)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.4** a Change of control (see rule 9.1) as applied in accordance with this Schedule.

---

| | |
|:---|:---|
| **5** | **Exchange**  |

---

An 409A Compliant Time-based Award will not be exchanged in accordance with rule 10 if the exchanged Award would not meet the requirements of Section 409A of the Code.

---

| | |
|:---|:---|
| **6** | **Changing the Plan**  |

---

No change will be made to a 409A Compliant Time-based Award under rule 11 if the changed Award would not meet the requirements of Section 409A of the Code.

---

| | |
|:---|:---|
| **7** | **General provisions**  |

---

**7.1** The time or schedule for any payment of the deferred compensation may not be accelerated, except to the
extent provided in applicable Treasury Regulations or other applicable guidance issued by the Internal Revenue Service.

**7.2** Any elections with respect to the deferral of such compensation or the time and form of distribution of
such deferred compensation shall comply with the requirements of Section 409A(a)(4) of the Code.

**7.3** Terms in quotation marks used in this Schedule shall have the same meanings that those terms have for
purposes of Section 409A of the Code and the limitations set forth herein shall be applied in such manner (and only to the extent) as shall be necessary to comply with any requirements of Section 409 of the Code that are applicable to the
409A Compliant Time-Based Award.

**7.4** Where the trustee of any employee benefit trust is to transfer Shares following the Vesting or exercise
of a 409A Compliant Time-Based Award, the Shares will not be treated as allocated and the Participant will not have any interest in those Shares or the trust.

**7.5** The trustee of an employee benefit trust will not make any cash payment in respect of a 409A Compliant
Time-Based Award.

**7.6** Notwithstanding any provision of the Plan (including this Schedule) or the terms of any Award, no Member
of the Group makes any representation to any Participant or beneficiary thereof that any Award satisfies the requirements of Section 409A of the Code and no Member of the Group shall have any liability or other obligation to indemnify or hold
harmless the Participant or any beneficiary thereof for any tax, additional tax, interest or penalties that the Participant or any beneficiary thereof may incur in the event that any provision of this Plan, or any Award or any amendment or
modification thereof, or any other action taken with respect thereto, is deemed to violate any of the requirements of Section 409A of the Code.

------

**Schedule 3** 

**Estonian Lockup Awards - US taxpayers** 

---

| | |
|:---|:---|
| **1** | **Application and purpose**  |

---

**1.1** Unless the Committee decides otherwise, this Schedule will apply to a 409A Compliant Time-based Award
granted under Schedule 2 to a Participant who, at the time of grant, is employed by any Member of the Group established in Estonia or by a branch or other presence in Estonia of any Member of the Group (an "**Estonian US Lockup Award** ").

**1.2** An Estonian **US Lockup** Award will be governed by the rules and Schedule 2 as further expressly
varied by this Schedule 3.

**1.3** In this Schedule 3, terms in quotation marks shall have the same meanings as those terms have for
purposes of Section 409A of the Code, and the limitations set forth herein shall be applied in such manner (and only to the extent) as shall be necessary to comply with any requirements of Section 409 of the Code that are applicable to the
Estonian **US Lockup** Award.

---

| | |
|:---|:---|
| **2** | **Lockup Period**  |

---

**2.1** If an Estonian **US Lockup** Award Vests under rule 5.1 or 8.3 (each as modified by Schedule 2),
other than where paragraph 3(a) applies, before the end of the period of three years starting on the date on which the Award was granted (the **' Lockup Period '**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.1** the Committee will determine the extent to which the Award would Vest under those rules (including any
Dividend Equivalent) but for this Schedule 3; but

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.2** no Shares will be issued or transferred and no cash will be paid in respect of the Award until the end
of the Lockup Period.

**2.2** Until the end of the Lock-Up Period, the Award will continue in
effect in respect of the number of Shares determined by the Committee under paragraph 2.1 and lapse as to the balance, (except as described in paragraphs 3 and 4). In particular, rules 4.2 (Transfer), 4.3 (Rights issues, demergers and changes to
share capital) and 6 (malus and clawback) will continue to apply as if the Award had not Vested.

**2.3** At the end of the Lockup Period, subject to any reduction under rule 6 (malus and clawback) and to any
Holding Requirement, the relevant number of Shares will be issued or transferred or the relevant amount of cash paid under rule 5 as if the Award had Vested on the last day of the Lockup Period. The issue, transfer or payment will occur no later
than the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.1** the end of the calendar year in which the Lockup Period ends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.2** the 15th day of the third month following the end of the Lockup Period.

---

| | |
|:---|:---|
| **3** | **Leaving employment**  |

---

If, during the Lockup Period, the Participant leaves employment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) because of dismissal for misconduct, the Estonian **US Lockup** Award will lapse in full; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any other reason, the Lock-up Period shall continue and the
Estonian **US Lockup** Award will not lapse or Vest to any greater or lesser extent under rule 8.

---

| | |
|:---|:---|
| **4** | **Death**  |

---

If, during the Lockup Period, the Participant dies the Lockup Period will be treated as ending on the date of death (and, for the avoidance of doubt, the Estonian **US Lockup** Award will not Vest or lapse to any greater extent under rule 8)

---

| | |
|:---|:---|
| **5** | **Change of control**  |

---

If, during the Lockup Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there is a Change of control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the event constitutes a "change in the ownership or effective control of the corporation, or in the
ownership of a substantial portion of the assets" of the Company and to the extent permitted by Section 409A of the Code,

the Lock-up Period will be treated as ending on the date of the relevant event (and, for the avoidance of doubt, the Estonian US Lockup Award will not Vest or lapse to any greater extent under rule 9).

---

| | |
|:---|:---|
| **6** | **General**  |

---

Where tax is payable before the end of the Lockup Period, rule 4.8 (Tax) will apply. Shares may be issued or transferred and sold or cash paid in respect of the Award to the extent necessary to satisfy the liability under that rule to the extent permitted by Section 409A of the Code. The Award will continue in effect under this Schedule in respect of the balance.

------

**Schedule 4** 

**Non-employees** 

---

| | |
|:---|:---|
| **1** | **Grants to Non-Employees**  |

---

Notwithstanding anything in rule 2.1, the Committee may decide that an Award will be granted under this Schedule 4 to any natural person who is not an employee or executive director of any Member of the Group but, who on the date of grant, provides services to any Member of the Group as a contractor, consultant or otherwise (a **'Non-Employee'**).

---

| | |
|:---|:---|
| **2** | **Leaving employment**  |

---

The rules will apply to any Award granted to a Non-Employee as if set out herein in full except that any reference to 'employment' or to 'leaving employment' (or similar) will be treated, in relation to the Award, as a reference to the arrangement under which they provide services to any Member of the Group, and the rules shall otherwise be construed accordingly.

---

| | |
|:---|:---|
| **3** | Without limiting the foregoing, if a Non-Employee ceases to be a Non-Employee but following such cessation continues to be an employee of any Member of the Group, they will not be treated as 'leaving employment', and references to 'employment' or to 'leaving employment' (or similar) shall be construed accordingly. Transfer of Shares  |

---

No Member of the Group will provide any financial assistance for the acquisition of Shares by or for the benefit of any Non-Employee unless the Committee is satisfied that doing so would not be unlawful under Chapter 2 of Part 18 of the Companies Act 2006.

------

**Schedule 5** 

**Estonian Lockup Awards – non-US taxpayers** 

---

| | |
|:---|:---|
| **1** | **Application and purpose**  |

---

**1.1** The Committee may decide that an Award is to be granted under this Schedule to a Participant who, at the
time of grant, is: (a) employed by any Member of the Group established in Estonia or by a branch or other presence in Estonia of any Member of the Group; and (b) is not subject to United States tax on the Award (an "**Estonian Non-US Lockup Award** ").

**1.2** An Estonian Non-US Lockup Award will be governed by the rules
and this Schedule 5.

**1.3** If a Participant becomes subject to United States tax after the grant of a Estonian Non-US Lockup Award, the Award shall automatically become an Estonian US Lockup Award and shall become subject to Schedule 2 and Schedule 3 to these rules without any further action needed on behalf of the Committee
or the Participant.

---

| | |
|:---|:---|
| **2** | **Lockup Period**  |

---

**2.1** If an Estonian Lockup Award Vests under rule 5.1 or 8.3, other than where paragraph 3 applies, before
the end of the period of three years starting on the date on which the Award was granted (the **"Lockup Period"**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.1** the Committee will determine the extent to which the Award would Vest under those rules (including any
Dividend Equivalent) but for this Schedule 5; but

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.2** no Shares will be issued or transferred and no cash will be paid in respect of the Award until the end
of the Lockup Period.

**2.2** Until the end of the Lock-Up Period, the Award will continue in
effect in respect of the number of Shares determined by the Committee under paragraph 2.1 and lapse as to the balance, (except as described in paragraphs 3 and 4). In particular, rules 4.2 (Transfer), 4.3 (Rights issues, demergers and changes to
share capital) and 6 (malus and clawback) will continue to apply as if the Award had not Vested.

**2.3** At the end of the Lockup Period, subject to any reduction under rule 6 (malus and clawback) and to any
Holding Requirement, the relevant number of Shares will be issued or transferred or the relevant amount of cash paid under rule 5 as if the Award had Vested on the last day of the Lockup Period.

---

| | |
|:---|:---|
| **3** | **Leaving employment**  |

---

If, during the Lockup Period, the Participant leaves employment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) because of dismissal for misconduct, the Estonian Non-US Lockup Award
will lapse in full; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for any other reason, the Lockup Period shall continue and the Estonian Non-US Lockup Award will not lapse or Vest to any greater or lesser extent under rule 8.

------

---

| | |
|:---|:---|
| **4** | **Death**  |

---

If, during the Lockup Period, the Participant dies the Lockup Period will be treated as ending on the date of death (and, for the avoidance of doubt, the Estonian Non-US Lockup Award will not Vest or lapse to any greater extent under rule 8.

---

| | |
|:---|:---|
| **5** | **Change of control**  |

---

If, during the Lockup Period there is a Change of control, the Lock-up Period will be treated as ending on the date of the relevant event (and, for the avoidance of doubt, the Award will not Vest or lapse to any greater extent under rule 9).

---

| | |
|:---|:---|
| **6** | **General**  |

---

Where tax is payable before the end of the Lockup Period, rule 5.8 (Tax) will apply. Shares may be issued or transferred and sold or cash paid in respect of the Award to the extent necessary to satisfy the liability under that rule. The Award will continue in effect under this Schedule in respect of the balance.

------

**Schedule 6** 

**Ukrainian participants/RSUs** 

---

| | |
|:---|:---|
| **1** | **Application and purpose**  |

---

**1.1** The Committee may decide that this Schedule will apply to a Conditional Award granted under the Plan or
granted under Schedule 4 (and this Schedule shall operate as a Schedule to the Plan and to Schedule 4 as applicable). An Award to which this Schedule applies is referred to as a "**Nominal Value Conditional Award** ".

---

| | |
|:---|:---|
| **2** | **The Award**  |

---

**2.1** A Nominal Value Conditional Award shall be an Award in the form of an Option, but subject to the
following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.1** the Exercise Price shall be equal to the nominal value of a Share from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.2** a notice of exercise shall automatically be deemed to have been given in respect of the Option (or the
relevant part of the Option) on the first date on which the Option (or the relevant part of the Option) vests (for the avoidance of doubt, being the same date on which the Award would vest were the Award in the form of a Conditional Award) without
any action required on the part of the Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.3** the Participant shall remain required to pay the Exercise Price, and the issue or transfer of Shares
pursuant to the Option shall therefore remain conditional on such payment (but subject to paragraph 2.1.4 below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.4** rule 5.8 (Tax) applies as if references to any taxes for which the Company is obliged to account also
included reference to the Participant's liability to pay the Exercise Price (and so that, for the avoidance of doubt, the Company may take any action to procure payment of the Exercise Price that it would otherwise take under rule 5.8 (Tax) to
procure satisfaction of the tax liabilities).

------

**Schedule 7** 

**Holding Requirement – Gross Continuing Award** 

---

| | |
|:---|:---|
| **1** | **Application and purpose**  |

---

**2.2** If an Award is subject to a Holding Requirement in the form of a Gross Holding Award, the rules of the
Plan apply to a Gross Holding Award, amended as described in this Schedule 7.

---

| | |
|:---|:---|
| **3** | **The Award**  |

---

**3.1** Rule 7.2 will not apply and instead immediately after Vesting a Gross Holding Award:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.1** in the form of a Conditional Award, will continue during the Holding Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.2** in the form of an Option, will not be exercisable during the Holding Period.

**3.2** Rule 5.3 will not apply.

**3.3** Rules 7.3 and 7.5 will not apply.

---

| | |
|:---|:---|
| **4** | **Leaving**  |

---

**4.1** Rule 7.4 will apply during the Holding Period as if references to Holding Shares were references to a
Gross Holding Award.

---

| | |
|:---|:---|
| **1** | **End of the Holding Period**  |

---

**4.2** Rule 7.6.1 will apply.

**4.3** Rule 7.6.2 will be amended so that at the end of the Holding Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.1** for a Gross Holding Award in the form of a Conditional Award, the Grantor will arrange within 30 days of
the end of the Holding Period, (subject to rules 5.8 (Tax), 6 (Malus and clawback), 8.4 (Death) and 12.8 (Consents)) for the transfer including a transfer out of treasury or issue, to, or to the order of, the Participant, of the number of Shares in
respect of which the Continuing Award Vested; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.2** for a Gross Holding Award in the form of an Option, it will be exercisable and rule 5.4 will apply.

**4.4** Rules 5.6, 5.7 and 5.8 will apply.

------

**Annexes** 

These Annexes supplement the rules and schedules and set out terms of Awards which are commonly granted.

Terms specified in rule 2.3 which are not specified below for any Annex will be set by the Committee for each Award granted under the Annex in accordance with that rule.

**ANNEX A - S.409A EXEMPT TIME-BASED CONDITIONAL AWARDS GRANTED TO US TAXPAYERS PURSUANT TO SCHEDULE 1 OF THE PLAN** 

The key terms of Awards under Annex A are, subject to any terms set by the Committee in respect of the grant of an Award, as follows:

---

| | |
|:---|:---|
| **Type of Award:** | Conditional Award |
| **Normal Vesting Dates:** | &nbsp;&nbsp;&nbsp;&nbsp; The Normal Vesting Dates are:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as to 25% of the Shares subject to the Award, 12 months after the Award Date; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• thereafter, as to 6.25% of the Shares subject to the Award, on each date which falls three months after previous Normal Vesting Date until the date which falls 48 months after the Award Date.<br>The number of Shares Vesting on any date will be rounded down to the nearest whole Share and the fraction will be added to the number Vesting on the next Normal Vesting Date. |
| **Performance Condition** | The Award is not subject to a Performance Condition. |
| **Schedules** | Schedule 1 applies to Awards under Annex A. |

---

------

**ANNEX B – NIL COST OPTIONS GRANTED TO PARTICIPANTS WHO ARE NOT US TAXPAYERS** 

The terms of Awards under Annex B are, subject to any terms set by the Committee in respect of the grant of an Award, as follows:

---

| | |
|:---|:---|
| **Type of Award:** | Option |
| **Exercise Price** | The Exercise Price will be nil. |
| **Normal Vesting Dates:** | &nbsp;&nbsp;&nbsp;&nbsp; The Normal Vesting Dates are:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as to 25% of the Shares subject to the Award, 12 months after the Award Date; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• thereafter, as to 6.25% of the Shares subject to the Award, on each date which falls three months after previous Normal Vesting Date until the date which falls 48 months after the Award Date.<br>The number of Shares Vesting on any date will be rounded down to the nearest whole Share and the fraction will be added to the number Vesting on the next Normal Vesting Date. |
| **Final Lapse Date** | The 10th anniversary of the date on which the Option is granted. |
| **Schedules** | No Schedules apply to Awards under Annex B at the Award Date |

---

------

**ANNEX C – ESTONIAN LOCKUP AWARDS FOR US TAXPAYERS (S.409A COMPLIANT TIME-BASED CONDITIONAL AWARDS GRANTED TO US TAXPAYERS RESIDENT IN ESTONIA PURSUANT TO SCHEDULES 2 AND 3 OF THE PLAN)** 

The key terms of Awards under Annex C are, subject to any terms set by the Committee in respect of the grant of an Award, as follows:

---

| | |
|:---|:---|
| **Type of Award:** | Conditional Award |
| **Normal Vesting Dates:** | &nbsp;&nbsp;&nbsp;&nbsp; The Normal Vesting Dates are:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as to 25% of the Shares subject to the Award, 12 months after the Award Date; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• thereafter, as to 6.25% of the Shares subject to the Award, on each date which falls three months after previous Normal Vesting Date until the date which falls 48 months after the Award Date.<br>The number of Shares Vesting on any date will be rounded down to the nearest whole Share and the fraction will be added to the number Vesting on the next Normal Vesting Date. |
| **Lock-Up Period** | As described in Schedule 3 of the Plan, the Award is subject to a Lock-Up Period of three years from the Award Date. In most circumstances, Shares will not be issued or transferred and cash will not be paid until the end of the Lock-Up Period. |
| **Schedules** | Schedules 2 and 3 will apply Awards under Annex C. |
| **Performance Conditions** | The Award is not subject to a Performance Condition. |

---

------

**ANNEX D - S.409A EXEMPT CASH TIME-BASED CONDITIONAL AWARDS GRANTED TO US TAXPAYERS PURSUANT TO SCHEDULE 1 OF THE PLAN** 

The key terms of Awards subject to Annex D are, subject to any terms set by the Committee in respect of the grant of an Award, as follows:

---

| | |
|:---|:---|
| **Type of Award:** | Conditional Award.<br>The Awards are Phantom Awards (and so shall not confer any right to receive Shares or any interest in Shares). |
| **Normal Vesting Dates:** | &nbsp;&nbsp;&nbsp;&nbsp; The Normal Vesting Dates are:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as to 25% of the Shares subject to the Award, 12 months after the Award Date; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• thereafter, as to 6.25% of the Shares subject to the Award, on each date which falls three months after previous Normal Vesting Date until the date which falls 48 months after the Award Date.<br>The number of Shares Vesting on any date will be rounded down to the nearest whole Share and the fraction will be added to the number Vesting on the next Normal Vesting Date. |
| **Schedules** | Schedule 1 will apply to Awards granted under Annex D. |
| **Performance Condition** | The Award is not subject to a Performance Condition. |

---

------

**ANNEX E – FAIR MARKET VALUE TIME-BASED OPTIONS GRANTED TO US TAXPAYERS** 

The key terms of Awards granted under Annex E are as follows:

---

| | |
|:---|:---|
| **Type of Award:** | Option |
| **Exercise Price** | The Exercise Price will not be less than "fair market value" within the meaning of U.S. Treasury Regulations Section 1.409A-1(b)(5)(iv). |
| **Normal Vesting Dates:** | &nbsp;&nbsp;&nbsp;&nbsp; The Normal Vesting Dates are:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as to 25% of the Shares subject to the Award, 12 months after the Award Date; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• thereafter, as to 6.25% of the Shares subject to the Award, on each date which falls three months after previous Normal Vesting Date until the date which falls 48 months after the Award Date.<br>The number of Shares Vesting on any date will be rounded down to the nearest whole Share and the fraction will be added to the number Vesting on the next Normal Vesting Date. |
| **Final Lapse Date** | The 10th anniversary of the date on which the Option is granted. |
| **Schedules** | No Schedules apply to Awards under Annex E at the Award Date.<sup>4</sup> |

---

<sup>4</sup> To note: Market value options must comply with a number of additional requirements to be exempt from the requirements of section 409A. They must (i) not include any feature for the deferral of compensation after exercise of the option; (ii) generally not provide that dividends or other amounts will be paid upon the exercise of an option; (iii) must only be issued to employees who perform services for the issuer of the stock that is subject to the option or to a subsidiary of the issuer; (iv) comply with restrictions when new options can be substituted for existing options; (v) comply with strict limits on the extent to which options can be modified or extended; and (vi) comply with rules requiring modification of an option if changes are made to the underlying stock that causes it to increase in value. These requirements do not need to set out in the stock option award, but must be complied with in practice. 

------

**ANNEX F – NOMINAL COST OPTIONS GRANTED TO PARTICIPANTS IN UKRAINE** 

The terms of Awards under Annex F are, subject to any terms set by the Committee in respect of the grant of an Award, as follows:

---

| | |
|:---|:---|
| **Type of Award:** | Option |
| **Exercise Price** | The Exercise Price will be £0.01 for all Shares exercised on any one occasion. |
| **Normal Vesting Dates:** | &nbsp;&nbsp;&nbsp;&nbsp; The Normal Vesting Dates are:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as to 25% of the Shares subject to the Award, 12 months after the Award Date; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• thereafter, as to 6.25% of the Shares subject to the Award, on each date which falls three months after previous Normal Vesting Date until the date which falls 48 months after the Award Date.<br>The number of Shares Vesting on any date will be rounded down to the nearest whole Share and the fraction will be added to the number Vesting on the next Normal Vesting Date. |
| **Final Lapse Date** | The 10th anniversary of the date on which the Option is granted. |
| **Schedules** | Awards under Annex F are granted under Schedule 4 (including the rules of the Plan which apply as if set out in such schedule in full). |

---

------

**ANNEX G – CONDITIONAL AWARDS GRANTED TO PARTICIPANTS WHO ARE NOT US TAXPAYERS** 

The terms of Awards under Annex G are, subject to any terms set by the Committee in respect of the grant of an Award, as follows:

---

| | |
|:---|:---|
| **Type of Award:** | Conditional Award |
| **Normal Vesting Dates:** | &nbsp;&nbsp;&nbsp;&nbsp; The Normal Vesting Dates are:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as to 25% of the Shares subject to the Award, 12 months after the Award Date; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• thereafter, as to 6.25% of the Shares subject to the Award, on each date which falls three months after previous Normal Vesting Date until the date which falls 48 months after the Award Date.<br>The number of Shares Vesting on any date will be rounded down to the nearest whole Share and the fraction will be added to the number Vesting on the next Normal Vesting Date. |
| **Schedules** | No Schedules apply to Awards under Annex G at the Award Date |
| **Performance Conditions** | The Award is not subject to a Performance Condition. |

---

------

**ANNEX H – ESTONIAN LOCKUP AWARDS FOR PARTICIPANTS WHO ARE NOT US TAX (PAYERS (CONDITIONAL AWARDS GRANTED TO ESTONIAN PARTICIPANTS WHO ARE NOT US TAX PAYERS PURSUANT TO SCHEDULE 5 OF THE PLAN)** 

The key terms of Awards under Annex H are, subject to any terms set by the Committee in respect of the grant of an Award, as follows:

---

| | |
|:---|:---|
| **Type of Award:** | Conditional Award |
| **Normal Vesting Dates:** | &nbsp;&nbsp;&nbsp;&nbsp; The Normal Vesting Dates are:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as to 25% of the Shares subject to the Award, 12 months after the Award Date; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• thereafter, as to 6.25% of the Shares subject to the Award, on each date which falls three months after previous Normal Vesting Date until the date which falls 48 months after the Award Date.<br>The number of Shares Vesting on any date will be rounded down to the nearest whole Share and the fraction will be added to the number Vesting on the next Normal Vesting Date. |
| **Lock-Up Period** | As described in Schedule 5 of the Plan, the Award is subject to a Lock-Up Period of three years from the Award Date. In most circumstances, Shares will not be issued or transferred and cash will not be paid until the end of the Lock-Up Period. |
| **Schedules** | Schedule 5 will apply to Awards under Annex H. |
| **Performance Conditions** | The Award is not subject to a Performance Condition. |

---

------

**ANNEX I – NOMINAL COST CONDITIONAL AWARDS GRANTED TO UKRAINIAN PARTICIPANTS** 

The terms of Awards under Annex I are, subject to any terms set by the Committee in respect of the grant of an Award, as follows:

---

| | |
|:---|:---|
| **Type of Award:** | Nominal Value Conditional Award |
| **Exercise Price** | The Exercise Price will be £0.01 for all Shares in respect of which the Award, or any part thereof, vests on any one occasion. |
| **Normal Vesting Dates:** | &nbsp;&nbsp;&nbsp;&nbsp; The Normal Vesting Dates are:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as to 25% of the Shares subject to the Award, 12 months after the Award Date; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• thereafter, as to 6.25% of the Shares subject to the Award, on each date which falls three months after previous Normal Vesting Date until the date which falls 48 months after the Award Date.<br>The number of Shares Vesting on any date will be rounded down to the nearest whole Share and the fraction will be added to the number Vesting on the next Normal Vesting Date. |
| **Schedules** | Awards under Annex I are granted under Schedule 4 (including the rules of the Plan which apply as if set out in full in Schedule 4), as modified by Schedule 6. |
| **Performance Conditions** | The Award is not subject to a Performance Condition. |

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## Exhibit 4.6

**Exhibit 4.6** 

**WISE GROUP PLC** 

**2026 EQUITY INCENTIVE PLAN** 

**WITH** 

**NON-EMPLOYEE SUB-PLAN** 

**ADOPTED BY THE BOARD OF DIRECTORS: APRIL 8, 2026** 

**1. GENERAL.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Plan Purpose**. The Company, by means of the Plan, seeks to secure and retain the services of Service Providers, to provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate and to provide a means by which such persons may be given an opportunity to benefit from increases in value of the Shares through the granting of Awards. The Plan is intended to be an "***employees' share scheme***" for the purpose of English law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Available Awards**. The Plan provides for the grant of the following Awards: (i) Options; (ii) SARs; (iii) Restricted Share Awards; (iv) RSU Awards; (v) Performance Awards; and (vi) Other Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Adoption Date; Effective Date**. The Plan will come into existence on the Adoption Date, but no Award may be granted prior to the Effective Date.

**2. SHARES SUBJECT TO THE PLAN.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Share Reserve**. Subject to adjustment in accordance with Section 2(c) and any adjustments as necessary to implement any Capitalisation Adjustments, the aggregate number of Shares that may be issued pursuant to Awards will not exceed 102,567,200 Shares. In addition, subject to any adjustments as necessary to implement any Capitalisation Adjustments, such number of Shares will automatically increase on January 1 of each year for a period of ten years commencing on January 1, 2027 and ending on (and including) January 1, 2036, in an amount equal to ten percent 10% of the total number of all classes of shares of the Company that have been issued as at December 31 of the preceding year regardless of the number of votes per share, subject to Applicable Law and the Company having sufficient authorised but unissued shares; provided, however, that the Board may act prior to January 1<sup>st</sup> of a given year to provide that the increase for such year will be a lesser number of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Share Reserve Operation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) Limit Applies to Shares Issued Pursuant to Awards**. For clarity, the Share Reserve is a limit on the number of Shares that may be issued pursuant to Awards and does not limit the granting of Awards, except that the Company will keep available at all times the number of Shares reasonably required to satisfy its obligations to issue or procure the transfer of

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Shares pursuant to such Awards. Shares may be issued in connection with a merger or acquisition as permitted by, as applicable, Nasdaq Listing Rule 5635(c), NYSE Listed Company Manual Section 303A.08, NYSE American Company Guide Section 711 or other applicable rule, and such issuance will not reduce the number of shares available for issuance under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii) Actions that do not Constitute Issuance of Shares and do not Reduce Share Reserve**. The following actions do not result in an issuance of shares under the Plan and accordingly do not reduce the number of shares subject to the Share Reserve and available for issuance under the Plan: (1) the expiration or termination of any portion of an Award without the shares covered by such portion of the Award having been issued; (2) the settlement of any portion of an Award in cash (*i.e.*, the Participant receives cash rather than Shares); (3) the withholding of shares that would otherwise be issued by the Company to satisfy the exercise, strike or purchase price of an Award; (4) the withholding of shares that would otherwise be issued by the Company to satisfy a tax and/or social security withholding obligation in connection with an Award; or (5) Shares purchased by the trustee of any employee benefit trust on the open market or otherwise and transferred from the trustee in settlement of any Award under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii) Reversion of Previously Issued Shares to Share Reserve**. The following Shares previously issued pursuant to an Award and accordingly initially deducted from the Share Reserve will be added back to the Share Reserve and again become available for issuance under the Plan: (1) any shares that are subject to a lien as unpaid or partly paid shares and forfeited back to or repurchased by the Company because of a failure to meet a contingency or condition required for the vesting of such shares; (2) any shares that are repurchased by the Company to satisfy the exercise, strike or purchase price of an Award; and (3) any shares that are repurchased by the Company to satisfy a tax and/or social security withholding obligation in connection with an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Source of Shares**. The Shares issuable or transferable under the Plan will be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** newly issued shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** Treasury Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** market purchase shares which include shares repurchased by the Company and/or shares purchased by the trustee of any employee benefit trust on the open market or otherwise.

**3. DATE OF GRANT, ELIGIBILITY, LIMITATIONS AND RESTRICTIONS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Date of Grant**. Unless otherwise determined by the Committee, the date of grant of an Award shall be the date on which the corporate action constituting a grant by the Company of an Award to any Participant is deemed completed, which shall be the date of such corporate action, unless otherwise determined by the Committee (including but not limited to in circumstances where the Committee determines that Awards shall be granted effective as of the date of execution on behalf of the Company of a Deed Poll), regardless of when the instrument, certificate, or letter evidencing the Award is communicated to, or actually received or accepted by, the Participant. In the event that the corporate records (e.g., Committee consents, resolutions or minutes) documenting the corporate action approving the grant and/or the applicable Deed Poll

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contain terms (e.g., exercise price, vesting schedule or number of Shares) that are inconsistent with those in the Award Agreement or related grant documents as a result of a clerical error in the Award Agreement or related grant documents, the corporate records or Deed Poll (as applicable) will control and the Participant will have no legally binding right to the incorrect term in the Award Agreement or related grant documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Eligible Award Recipients**. Subject to the terms of the Plan, Service Providers are eligible to receive Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Timing of Award**. Awards may not be granted after the 10<sup>th</sup> anniversary of the Effective Date and may only be granted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** within 42 days starting on any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** the end of any closed period under the UK version of the Market Abuse Regulation (EU) 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** the day after the announcement of the Company's results for any period (whether annual, quarterly or half-yearly);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** the date of the Company's annual general meeting or any other general meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** any day on which changes to the legislation or regulations affecting share plans are announced, effected or made,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** where an Award is granted in connection with the recruitment of a Service Provider, as soon as practicable following them commencing their role as a Service Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** as soon as practicable following the lifting of any restriction on dealing in securities imposed by regulation, statute, order, directive or any code adopted by the Company as varied from time to time which prevented the granting of Awards during any period specified above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** at any other time if the Committee resolves that exceptional circumstances exist which justify the grant of Awards at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Limitations on Options and SARs**. Options and SARs may not be granted to US Participants providing Continuous Service only to any "parent" of the Company (as such term is defined in Rule 405) unless the Shares underlying such Awards are treated as "service recipient stock" under Section 409A because the Awards are granted pursuant to a corporate transaction (such as a spin off transaction) or unless such Awards otherwise comply with the distribution requirements of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Transferability**. Except as the Committee may determine or provide in an Award Agreement or otherwise for an Award, an Award may not be sold, assigned, transferred, pledged or otherwise encumbered, either voluntarily or by operation of law, except to the Designated

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Beneficiary of the Participant on his or her death, and will, if applicable, be exercisable during the lifetime of the Participant only by the Participant or the Participant's Designated Beneficiary after the Participant's death, provided that except as explicitly provided herein, an Award may not be transferred (including, without limitation, to third party financial institutions) for consideration. Notwithstanding the foregoing, the Committee may, in its sole discretion, permit transfer of an Award pursuant to a domestic relations order or in such other manner that is not prohibited by applicable anti-money laundering, sanctions, tax and securities laws upon the Participant's request and provided that the Participant and the transferee enter into transfer documentation in a format acceptable to the Company and subject to the approval of the Committee or a duly authorised officer. References to a Participant, to the extent relevant in this context, will include references to a Designated Beneficiary or to Participant's authorised transferee that the Committee specifically approves.

**4. OPTIONS AND SHARE APPRECIATION RIGHTS.** 

Each Option and SAR will have such terms and conditions as determined by the Committee. Each SAR will be denominated in Share equivalents. The terms and conditions of separate Options and SARs need not be identical; provided, however, that each Award Agreement in respect of an Option or SAR will conform (through incorporation of provisions hereof by reference in the Award Agreement or otherwise) to the substance of each of the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Term**. No Option or SAR will be exercisable after the expiration of ten years from the date of grant of such Award or such shorter period specified in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Exercise or Strike Price**. The Committee will establish each Option's and SAR's exercise or strike price and specify the exercise or strike price in the Award Agreement. In respect of an Award to be satisfied using newly issued Shares, the exercise price will be no less than the nominal value of a Share and, in respect of US Participants, shall also not be less than 100% of the Fair Market Value on the date of grant of such Award. Notwithstanding the foregoing, an Option or SAR may be granted to a US Participant with an exercise price lower than 100% of the Fair Market Value on the date of grant of such Award if such Award is granted pursuant to an assumption of or substitution for another option or share appreciation right pursuant to a Corporate Transaction and in a manner consistent with the provisions of Sections 409A and, if applicable, 424(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Exercise Procedure and Payment of Exercise Price for Options**. In order to exercise an Option, the Participant must provide notice of exercise to the Plan Administrator in accordance with the procedures specified in the Award Agreement or otherwise provided by the Company. The Committee has the authority to grant Options that do not permit all of the following methods of payment (or otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Company to utilise a particular method of payment. The exercise price of an Option may be paid, to the extent permitted by Applicable Law and as determined by the Committee, by one or more of the following methods of payment to the extent set forth in the Award Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** by cash or cheque, bank draft or money order payable to the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** pursuant to a "cashless exercise" program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance or transfer of the Shares subject to the Option, results in either the receipt of cash (or cheque) by the Company or the receipt of irrevocable instructions to pay the exercise price to the Company from the sales proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** by a "net exercise" arrangement pursuant to which the Company will reduce the number of Shares issuable or transferable upon exercise by the largest whole number of shares with a Fair Market Value on the date of exercise that does not exceed the exercise price, provided that (1) such shares used to pay the exercise price will not be exercisable thereafter and (2) any remaining balance of the exercise price not satisfied by such net exercise is paid by the Participant in cash or other permitted form of payment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** in any other form of consideration that may be acceptable to the Committee and permissible under Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Exercise Procedure and Payment of Appreciation Distribution for SARs**. In order to exercise any SAR, the Participant must provide notice of exercise to the Plan Administrator in accordance with the Award Agreement. The appreciation distribution payable to a Participant upon the exercise of a SAR will not be greater than an amount equal to the excess of (i) the aggregate Fair Market Value on the date of exercise of a number of Shares equal to the number of Share equivalents that are vested and being exercised under such SAR, over (ii) the strike price of such SAR. Such appreciation distribution may be paid to the Participant in the form of Shares or cash (or any combination of Shares and cash) or in any other form of payment, as determined by the Committee and specified in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Vesting**. The Committee may impose such restrictions on or conditions to the vesting and/or exercisability of an Option or SAR as determined by the Committee. Except as otherwise determined by the Committee or Plan Administrator (as applicable), or provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate, vesting of Options and SARs will cease upon termination of the Participant's Continuous Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Performance Awards**. With respect to any Option or SAR which is a Performance Award, the length of any Performance Period, the Performance Goals to be achieved during the Performance Period, the other terms and conditions of such Award, and the measure of whether and to what degree such Performance Goals have been attained will be determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g) Termination of Continuous Service for Cause**. Except as explicitly otherwise provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate, if a Participant's Continuous Service is terminated for Cause, the Participant's Options and SARs will terminate and be forfeited immediately upon such termination of Continuous Service, and the Participant will be prohibited from exercising any portion (including any vested portion) of such Awards on and after the date of such termination of Continuous Service and the Participant will have no further right, title or interest in such forfeited Award, the Shares subject to the forfeited Award, or any consideration in respect of the forfeited Award.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h) Post-Termination Exercise Period Following Termination of Continuous Service for Reasons Other than Cause**. Subject to Section 4(i), if a Participant's Continuous Service terminates for any reason other than for Cause, the Participant or, if applicable, the Participant's Designated Beneficiary, may exercise his or her Option or SAR to the extent vested (or in the case of the Participant's death the Participant's Designated Beneficiary may exercise his or her Option or SAR in full unless otherwise provided in the applicable Award Agreement), but only within the following period of time or, if applicable, such other period of time provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate or in each case such longer period of time as may be determined by the Committee or Plan Administrator (as applicable); provided, however, that in no event may such Award be exercised after the expiration of its maximum term (as set forth in Section 4(a)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** six months following the date of such termination if such termination is a termination without Cause (other than any termination due to the Participant's death);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** 12 months following the date of such termination if such termination is due to the Participant's death;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** 12 months following the date of the Participant's death if such death occurs following the date of such termination but during the period such Award is otherwise exercisable (as provided in (i) above).

Following the date of such termination, to the extent the Participant does not exercise such Award within the applicable Post-Termination Exercise Period (or, if earlier, prior to the expiration of the maximum term of such Award), such unexercised portion of the Award will terminate, and the Participant will have no further right, title or interest in the terminated Award, the Shares subject to the terminated Award, or any consideration in respect of the terminated Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) Restrictions on Exercise; Extension of Exercisability**. A Participant may not exercise an Option or SAR at any time that the issuance or transfer of Shares upon such exercise would violate Applicable Law. Except as otherwise provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate, if a Participant's Continuous Service terminates for any reason other than for Cause and, at any time during the last thirty days of the applicable Post-Termination Exercise Period: (i) the exercise of the Participant's Option or SAR would be prohibited solely because the issuance or transfer of Shares upon such exercise would violate Applicable Law; or (ii) the immediate sale of any Shares issued upon such exercise would violate the Company's Trading Policy, then the applicable Post-Termination Exercise Period will be extended to the last day of the calendar month that commences following the date the Award would otherwise expire, with an additional extension of the exercise period to the last day of the next calendar month to apply if any of the foregoing restrictions apply at any time during such extended exercise period, generally without limitation as to the maximum permitted number of extensions; provided, however, that in no event may such Award be exercised after the expiration of its maximum term (as set forth in Section 4(a)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j) Non-Exempt Employees**. No Option or SAR, whether or not vested, granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938, as amended, will be first exercisable for any Shares until at least six months following the date of

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grant of such Award. Notwithstanding the foregoing, in accordance with the provisions of the Worker Economic Opportunity Act, any vested portion of such Award may be exercised earlier than six months following the date of grant of such Award in the event of (i) such Participant's death or Disability, (ii) a Corporate Transaction in which such Award is not assumed, continued or substituted, (iii) a Change in Control, or (iv) such Participant's retirement (as such term may be defined in the Award Agreement or another applicable agreement or, in the absence of any such definition, in accordance with the Company's then current employment policies and guidelines). This Section 4(j) is intended to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting of an Option or SAR will be exempt from his or her regular rate of pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k) Whole Shares**. Options and SARs may be exercised only with respect to whole Shares or their equivalents.

**5. AWARDS OTHER THAN OPTIONS AND SHARE APPRECIATION RIGHTS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Restricted Share Awards and RSU Awards. Each Restricted Share Award and RSU Award will have such terms and conditions as determined by the Committee; provided, however, that each Award Agreement in respect of a Restricted Share Award or an RSU Award will conform (through incorporation of the provisions hereof by reference in the Award Agreement or otherwise) to the substance of each of the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) Form of Award**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1) Restricted Share Awards**: To the extent consistent with the Company's memorandum of association and articles of association from time to time, at the Committee's election, Shares subject to a Restricted Share Award may be (A) held in book entry form subject to the Company's instructions until such Shares become vested or any other restrictions (including any Holding Requirements) lapse, or (B) evidenced by a certificate, which certificate will be held in such form and manner as determined by the Committee. Unless otherwise determined by the Committee, a Participant will have voting and other rights as a shareholder of the Company with respect to any Shares subject to a Restricted Share Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2) RSU Awards**: An RSU Award represents a Participant's right to be issued on a future date the number of Shares that is equal to the number of restricted share units subject to the RSU Award. As a holder of an RSU Award, a Participant is an unsecured creditor of the Company with respect to the Company's unfunded obligation, if any, to issue or procure the transfer of Shares in settlement of such Award and nothing contained in the Plan or any Award Agreement, and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between a Participant and the Company or an Affiliate or any other person. A Participant will not have voting or any other rights as a shareholder of the Company with respect to any RSU Award (unless and until Shares are actually issued in settlement of a vested RSU Award).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii) Consideration**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1) Restricted Share Awards**: A Restricted Share Award may be granted in consideration for (A) cash or cheque, bank draft or money order payable to the

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Company, (B) past services to the Company or an Affiliate, or (C) any other form of consideration (including future services) as the Committee may determine and permissible under Applicable Law, provided in each case that such consideration shall be no less than the nominal value of a Share in respect of a Restricted Share Award satisfied by the issuance of new Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2) RSU Awards**: Unless otherwise determined by the Committee at the time of grant, an RSU Award will be granted in consideration for the Participant's services to the Company or an Affiliate, such that the Participant will not be required to make any payment to the Company (other than such services) with respect to the grant or vesting of the RSU Award, or the issuance or transfer of any Shares pursuant to the RSU Award, provided that consideration of no less than the nominal value of a Share shall be paid prior to the issuance of new Shares in satisfaction of an RSU Award. If, at the time of grant, the Committee determines that any consideration must be paid by the Participant (in a form other than the Participant's services to the Company or an Affiliate) upon the issuance or transfer of any Shares in settlement of the RSU Award, such consideration may be paid in any form of consideration as the Committee may determine and permissible under Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii) Vesting**. The Committee may impose such restrictions on or conditions to the vesting of a Restricted Share Award or RSU Award as determined by the Committee. Except as otherwise determined by the Committee or Plan Administrator (as applicable), or provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate, vesting of Restricted Share Awards and RSU Awards will cease upon termination of the Participant's Continuous Service (save where such termination is due to the Participant's death, in which case the Participant's Award shall vest in full unless otherwise provided in the applicable Award Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv) Termination of Continuous Service**. Except as otherwise provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate, if a Participant's Continuous Service terminates for any reason, (1) the Company may receive through a forfeiture condition or a repurchase right any or all of the Shares held by the Participant under his or her Restricted Share Award that have not vested as of the date of such termination as set forth in the Award Agreement in respect of a Restricted Share Award, (2) any portion of his or her RSU Award that has not vested will be forfeited upon such termination, and (3) the Participant will have no further right, title or interest in the Restricted Share Award or RSU Award, the Shares subject to or issuable or transferable pursuant to the Restricted Share Award or RSU Award, or any consideration in respect of the Restricted Share Award or RSU Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v) Dividends and Dividend Equivalents**. Subject to Section 6 (Holding Requirement), Section 9 (Tax Withholding) and Section 10(g) (Clawback/Recovery), dividends or dividend equivalents may be paid or credited, as applicable, with respect to any Shares subject to a Restricted Share Award or RSU Award, as determined by the Committee prior to settlement of the relevant Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi) Settlement of RSU Awards**. An RSU Award may be settled by the issuance or transfer of Shares or cash (or any combination thereof) or in any other form of payment, as determined by the Committee and specified in the applicable Award Agreement. At the time of

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grant, the Committee may determine to impose such restrictions or conditions that delay such delivery to a date following the vesting of the RSU Award including any Holding Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Performance Awards**. With respect to any Performance Award, the length of any Performance Period, the Performance Goals to be achieved during the Performance Period, the other terms and conditions of such Award, and the measure of whether and to what degree such Performance Goals have been attained will be determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Other Awards**. Other forms of Awards valued in whole or in part by reference to, or otherwise based on, Shares, including the appreciation in value thereof (e.g., options or share rights with an exercise price or strike price less than 100% of the Fair Market Value at the time of grant) may be granted either alone or in addition to Awards provided for under Section 4 and the preceding provisions of this Section 5. Subject to the provisions of the Plan, the Committee will have sole and complete discretion to determine the persons to whom and the time or times at which such Other Awards will be granted, the number of Shares (or the cash equivalent thereof) to be granted pursuant to such Other Awards and all other terms and conditions of such Other Awards.

**6. HOLDING REQUIREMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Effect of Holding Requirement**. Subject to Section 6(b), if an Award is subject to a Holding Requirement, it will vest at the time and to the extent determined under this Plan but, in the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** an RSU Award, the Holding Shares will be issued or transferred to the Participant or to another person to be held for the benefit of the Participant (as the Committee determines) on the basis set out in this Section 6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** an Option that is exercised during the Holding Period, the Holding Shares will be issued or transferred as described above to be held for the balance of the Holding Period, on the basis set out in this Section 6; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** a Restricted Share Award, vesting of the Holding Shares will be deferred until the end of the Holding Period and during the Holding Period, the Award Agreement in respect of a Restricted Share Award will continue to apply as varied by this Section 6 as if the Restricted Share Award were Holding Shares.

If required to do so by the Committee, the Participant must enter into an agreement setting out the basis on which the Holding Shares will be held under this Section 6. If the Participant does not do so in the manner and within the timeframe specified by the Committee, the Award will lapse and the Holding Shares will not be issued or transferred (or will be forfeited if already issued or transferred).

If the Holding Shares have already been issued or transferred to the Participant or to another person to be held for the benefit of the Participant, the Participant will immediately transfer their interest in the Holding Shares, for no consideration or nominal consideration, to any person specified by the Committee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) "Gross Hold"**. The Committee or Plan Administrator (as applicable) may determine that instead of an Award vesting in respect of the Holding Shares, it will continue throughout the Holding Period. The provisions of the remainder of this Section 6 will apply to the ongoing Award to the extent applicable and will be interpreted as if references to the Holding Shares refers to the Shares, cash or other property comprised in the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Rights during the Holding Period**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** The Participant will be entitled to vote (or give instructions as to voting) and to receive dividends and have all other rights of a shareholder in respect of the Holding Shares (other than those subject to a Gross Hold) from the date the Shares are issued or transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** The Participant may not transfer, assign or otherwise dispose of the Holding Shares or any interest in them (or instruct anyone to do so) except (in each case other than those subject to a Gross Hold):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** in the case of a sale of sufficient entitlements in relation to a Holding Share to take up the balance of the entitlements under a rights issue or similar transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** on forfeiture of the Holding Shares as described in Section 6.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** to fund any tax or social security in accordance with Section 9;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** in the case of an irrevocable undertaking to accept or vote in favour of a transaction contemplated by Section 7(c); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5)** in any other circumstances if the Committee so allows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** Any securities which the Participant receives in respect of Holding Shares as a result of an event described in Section 7(a) during the Holding Period will, unless the Committee decides otherwise, be subject to the same restrictions as the corresponding Holding Shares. This will not apply to any Shares which a Participant acquires on a rights issue or similar transaction to the extent that they exceed the number they would have acquired on a sale of sufficient rights under the rights issued nil-paid to take up the balance of the rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** For the avoidance of doubt, clawback (under Section 10(g)) will apply to the Holding Shares during the Holding Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** Termination of Continuous Service during the Holding Period. Provisions of this Plan relating to the termination of Continuous Service will not apply to any Holding Shares during the Holding Period and the Holding Requirement will continue to apply after the Participant's Continuous Service has terminated.

However, if the Participant's Continuous Service terminates for Cause during the Holding Period, the Holding Shares will be forfeited.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Forfeiture of Holding Shares**. Where any Holding Shares are forfeited, the Participant will immediately transfer their interest in the Holding Shares, for no consideration or nominal consideration, to any person specified by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) End of the Holding Period**. The Holding Period will end on the earliest of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** the date on which the Holding Period would normally end, as set by the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** the date on which the Participant dies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** any other date determined by the Committee.

At the end of the Holding Period, the restrictions relating to Holding Shares in Section 6(c)(ii) will cease to apply and the Holding Shares will be transferred to the Participant or as he or she may direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g) Cash Alternative**. For the avoidance of doubt, any Award which is subject to a Holding Requirement may only be satisfied in cash as described in the Plan at or after the end of the Holding Period.

**7. ADJUSTMENTS UPON CHANGES IN SHARES; OTHER CORPORATE EVENTS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Dissolution or Liquidation**. Except as otherwise provided in the Award Agreement, in the event of a dissolution or liquidation of the Company, all outstanding Awards (other than Awards consisting of vested and outstanding Shares not subject to a forfeiture condition or the Company's right of repurchase) will terminate immediately prior to the completion of such dissolution or liquidation, and the Shares subject to the Company's repurchase rights or subject to a forfeiture condition may be repurchased by the Company or otherwise forfeited notwithstanding the fact that the holder of such Award is providing Continuous Service, provided, however, that the Committee may determine to cause some or all Awards to become fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the extent such Awards have not previously expired or terminated) before the dissolution or liquidation is completed but contingent on its completion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Corporate Transaction**. The following provisions will apply to Awards in the event of a Corporate Transaction, except as set forth in Section 12, and unless otherwise provided in the instrument evidencing the Award or any other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly provided by the Committee at the time of grant of an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) Awards May Be Assumed**. In the event of a Corporate Transaction, any surviving corporation or acquiring corporation (or the surviving or acquiring corporation's parent company) may assume or continue any or all Awards outstanding under the Plan or may substitute similar awards for Awards outstanding under the Plan (including but not limited to, awards to acquire the same consideration paid to the shareholders of the Company pursuant to the Corporate Transaction), and any reacquisition or repurchase rights held by the Company in respect of Shares issued pursuant to Awards may be assigned by the Company to the successor of the Company (or the successor's parent company, if any), in connection with such Corporate Transaction. A surviving corporation or acquiring corporation (or its parent) may choose to assume or continue only a portion of an Award or substitute a similar award for only a portion of an Award, or may choose to assume, continue or substitute the Awards held by some, but not all Participants. The terms of any assumption, continuation or substitution will be set by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii) Awards Held by Current Participants**. In the event of a Corporate Transaction in which the surviving corporation or acquiring corporation (or its parent company) does not assume or continue such outstanding Awards or substitute similar awards for such outstanding Awards, then with respect to Awards that have not been assumed, continued or substituted and that are held by Participants whose Continuous Service has not terminated prior to the effective time of the Corporate Transaction (referred to as the "*Current Participants*"), the Committee will determine the extent (if at all) to which Awards, including but not limited to any Performance Awards which are not otherwise vested in accordance with their terms will vest (and, with respect to Options and Share Appreciation Rights, the time when such Awards may be exercised) effect as of a date prior to the effective time of such Corporate Transaction (contingent upon the effectiveness of the Corporate Transaction) as the Board determines (or, if the Board does not determine such a date, the date that is five days prior to the effective time of the Corporate Transaction), and such Awards will terminate if not exercised (if applicable) at or prior to the effective time of the Corporate Transaction, and any reacquisition or repurchase rights held by the Company with respect to such Awards will lapse (contingent upon the effectiveness of the Corporate Transaction). With respect to the vesting of any Awards that will accelerate in whole or in part upon the occurrence of a Corporate Transaction and are settled in the form of a cash payment, such cash payment will be made no later than 30 days following the occurrence of the Corporate Transaction or such later date as required to comply with Section 409A of the Code if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii) Awards Held by Persons other than Current Participants**. In the event of a Corporate Transaction in which the surviving corporation or acquiring corporation (or its parent company) does not assume or continue such outstanding Awards or substitute similar awards for such outstanding Awards, then with respect to Awards that have not been assumed, continued or substituted and that are held by persons other than Current Participants, such Awards will terminate if not exercised (if applicable) prior to the occurrence of the Corporate Transaction; provided, however, that any reacquisition or repurchase rights held by the Company with respect

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to such Awards will not terminate and may continue to be exercised notwithstanding the Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv) Payment for Awards in Lieu of Exercise**. Notwithstanding the foregoing, in the event an Award will terminate if not exercised prior to the effective time of a Corporate Transaction, the Committee may provide, in its sole discretion, that the holder of such Award may not exercise such Award but will receive a payment, in such form as may be determined by the Committee, equal in value, at the effective time, to the excess, if any, of (1) the value of the property the Participant would have received upon the exercise of the Award (including, at the discretion of the Committee, any unvested portion of such Award), over (2) any exercise price payable by such holder in connection with such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Appointment of Shareholder Representative**. As a condition to the receipt of an Award under this Plan, a Participant will be deemed to have agreed that the Award will be subject to the terms of any agreement governing a Corporate Transaction involving the Company, including, without limitation, a provision for the appointment of a shareholder representative that is authorised to act on the Participant's behalf with respect to any escrow, indemnities and any contingent consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) No Restriction on Right to Undertake Transactions**. The grant of any Award under the Plan and the issuance or transfer of shares pursuant to any Award does not affect or restrict in any way the right or power of the Company, the Board or the shareholders of the Company to make or authorise any adjustment, recapitalisation, reorganisation or other change in the Company's capital structure or its business, any Change in Control, any Corporate Transaction, any merger or consolidation of the Company, any issue of shares or of options, rights or options to purchase shares or of bonds, debentures, preferred or prior preference shares whose rights are superior to or affect the Shares or the rights thereof or which are convertible into or exchangeable for Shares, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

**8. ADMINISTRATION.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Administration by Board**. The Board will administer the Plan unless and until the Board delegates administration of the Plan to a Committee or Committees, as provided in subsection (c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Powers of Board**. The Board will have the power, subject to, and within the limitations of, the express provisions of the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** To determine from time to time (1) which of the persons eligible under the Plan will be granted Awards; (2) when and how each Award will be granted; (3) what type or combination of types of Award will be granted; (4) the provisions of each Award granted (which need not be identical), including the time or times when a person will be permitted to receive an issuance or transfer of Shares or other payment pursuant to an Award; (5) the number of Shares or cash equivalent with respect to which an Award will be granted to each such person; (6) the Fair Market Value applicable to an Award; and (7) the terms of any Performance Award that is not

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valued in whole or in part by reference to, or otherwise based on, the Shares, including the amount of cash payment or other property that may be earned and the timing of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** To construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for its administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Award Agreement, in a manner and to the extent it deems necessary or expedient to make the Plan or Award fully effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** To settle all controversies regarding the Plan and Awards granted under it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** To accelerate the time at which an Award may first be exercised or the time during which an Award or any part thereof will vest, notwithstanding the provisions in the Award Agreement stating the time at which it may first be exercised or the time during which it will vest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** To prohibit the exercise of any Option, SAR or other exercisable Award during a period of up to 30 days prior to the consummation of any pending share dividend, share split, combination or exchange of shares, merger, consolidation or other distribution (other than normal cash dividends) of Company assets to shareholders, or any other change affecting the Shares or the share price of the Shares, including any Corporate Transaction, for reasons of administrative convenience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)** To suspend or terminate the Plan at any time. Suspension or termination of the Plan will not Materially Impair rights and obligations under any Award granted while the Plan is in effect except with the written consent of the affected Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vii)** To amend the Plan in any respect the Board deems necessary or advisable; provided, however*,* that shareholder approval will be required for any amendment to the extent required by Applicable Law. Except as provided above, rights under any Award granted before amendment of the Plan will not be Materially Impaired by any amendment of the Plan unless (1) the Company requests the consent of the affected Participant, and (2) such Participant consents in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(viii)** To submit any amendment to the Plan for shareholder approval to the extent required by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ix)** To approve forms of Award Agreements for use under the Plan and to amend the terms of any one or more Awards, including, but not limited to, amendments to provide terms more favourable to the Participant than previously provided in the Award Agreement, subject to any specified limits in the Plan that are not subject to Board discretion; *provided however*, that, a Participant's rights under any Award will not be Materially Impaired by any such amendment unless (1) the Company requests the consent of the affected Participant, and (2) such Participant consents in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(x)** Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the Company and that are not in conflict with the provisions of the Plan or Awards.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xi)** To adopt such procedures and sub-plans as are necessary or appropriate to permit and facilitate participation in the Plan by, or address differences in laws, rules, regulations or customs of such international jurisdictions with respect to tax, securities, currency, employee benefit or other matters, including as may be necessary or appropriate in the Committee's discretion to take advantage of specific tax treatment for Awards under any tax-favourable regime that may be available in any jurisdiction granted to Service Providers who are nationals of, or employed in, a jurisdiction outside Jersey (provided that Board approval will not be necessary for immaterial modifications to the Plan or any Award Agreement to ensure or facilitate compliance with the laws of the relevant jurisdiction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xii)** To effect, at any time and from time to time, subject to the consent of any Participant whose Award is Materially Impaired by such action, (1) the reduction of the exercise price (or strike price) of any outstanding Option or SAR; (2) the cancellation of any outstanding Option or SAR and the grant in substitution therefor of (A) a new Option, SAR, Restricted Share Award, RSU Award or Other Award, under the Plan or another equity plan of the Company, covering the same or a different number of Shares, (B) cash and/or (C) other valuable consideration (as determined by the Committee); or (3) any other action that is treated as a repricing under generally accepted accounting principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Delegation to Committee**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) General**. The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration of the Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to another Committee or a subcommittee of the Committee any of the administrative powers the Committee is authorised to exercise (and references in this Plan to the Board will thereafter be to the Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. Each Committee may retain the authority to concurrently administer the Plan with the Committee or subcommittee to which it has delegated its authority hereunder and may, at any time, revest in such Committee some or all of the powers previously delegated to the extent consistent with Applicable Law. The Board may retain the authority to concurrently administer the Plan with any Committee and may, at any time, revest in the Board some or all of the powers previously delegated to the extent consistent with Applicable Law. References herein to the Board shall include a Committee or Committees to whom such administration has been delegated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii) Rule 16b-3 Compliance**. To the extent an Award is intended to qualify for the exemption from Section 16(b) of the Exchange Act (to the extent applicable to the Company) that is available under Rule 16b-3 of the Exchange Act, the Award will be granted by the Board or a Committee that consists solely of two or more Non-Executive Directors, as determined under Rule 16b-3(b)(3) of the Exchange Act and thereafter any action establishing or modifying the terms of the Award will be approved by the Board or a Committee meeting such requirements to the extent necessary for such exemption to remain available.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Effect of Board's Decision**. All determinations, interpretations and constructions made by the Board or any Committee in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Delegation to Other Person or Body**. The Board or any Committee may delegate to one or more persons or bodies the authority to do one or more of the following to the extent permitted by Applicable Law: (i) designate recipients, other than Officers, of Awards, provided that no person or body may be delegated authority to grant an Award to themself; (ii) determine the number of Shares subject to such Awards; and (iii) determine the terms of such Awards; provided, however, that the Board or Committee action regarding such delegation will fix the terms of such delegation in accordance with Applicable Law. Unless provided otherwise in the Board's or Committee's action regarding such delegation, each Award granted pursuant to this section will be evidenced by the applicable form of Award Agreement most recently approved for use by the Board or the Committee, with any modifications necessary to incorporate or reflect the terms of such Award. Notwithstanding anything to the contrary herein, neither the Board nor any Committee may delegate to any person or body (who is not a Director or that is not comprised solely of Directors, respectively) the authority to determine the Fair Market Value.

**9. TAX WITHHOLDING AND ELECTIONS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Withholding Authorisation**. As a condition to acceptance of any Award under the Plan, a Participant authorises withholding from payroll and any other amounts payable to such Participant, and otherwise agrees to make adequate arrangements to satisfy the Tax-Related Item withholding obligations, if any, of the Company and/or an Affiliate and/or the trustee of any employee benefit trust that arise in connection with the grant, vesting, exercise or settlement of such Award, as applicable. Accordingly, a Participant may not be able to exercise an Award even though the Award is vested, and the Company shall have no obligation to issue or procure the transfer of Shares subject to an Award, unless and until such obligations are satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Satisfaction of Withholding Obligation**. To the extent permitted by the terms of an Award Agreement, the Company may, in its sole discretion, satisfy any Tax-Related Item withholding obligation relating to an Award by (or by procuring that its Affiliates or a trustee satisfies) any of the following means or by a combination of such means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** causing the Participant to tender a cash payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** withholding Shares from the Shares issued or otherwise issuable or transferable to the Participant in connection with the Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** withholding cash from an Award settled in cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** withholding payment from any amounts otherwise payable to the Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** by allowing a Participant to effectuate a "cashless exercise" pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)** allowing the Participant to enter into a "same day sale" commitment with a broker-dealer (including, without limitation, a commitment under a previously established written trading plan that meets the requirements of Rule 10b5-1 under the Exchange Act); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vii)** by such other method as may be set forth in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) No Obligation to Notify or Minimise Taxes; No Liability to Claims**. Except as required by Applicable Law, the Company has no duty or obligation to any Participant to advise such holder as to the time or manner of exercising such Award. Furthermore, the Company has no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of an Award or a possible period in which the Award may not be exercised. The Company has no duty or obligation to minimise the tax or social security consequences of an Award to the holder of such Award and will not be liable to any holder of an Award for any adverse tax or social security consequences to such holder in connection with an Award. As a condition to accepting an Award under the Plan, each Participant (i) agrees not to make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax or social security liabilities arising from such Award or other Company compensation and (ii) acknowledges that such Participant was advised to consult with his or her own personal tax, financial and other legal advisers regarding the tax and social security consequences of the Award and has either done so or knowingly and voluntarily declined to do so. Additionally, to the extent applicable, each Participant acknowledges that any Option or SAR granted under the Plan is exempt from Section 409A only if the exercise or strike price is at least equal to the "fair market value" of a Share on the date of grant as determined by the Internal Revenue Service and there is no other impermissible deferral of compensation associated with the Award. Additionally, as a condition to accepting an Option or SAR granted under the Plan, each Participant agrees not to make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates in the event that the Internal Revenue Service asserts that such exercise price or strike price is less than the "fair market value" of the Shares on the date of grant as subsequently determined by the Internal Revenue Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Withholding Indemnification**. The Company, its Affiliate and/or a trustee may withhold or account for Tax-Related Items by considering statutory or other withholding rates, including minimum or maximum rates applicable in a Participant's jurisdiction. In the event of overwithholding, the Participant may receive a refund of any over-withheld amount in cash (with no entitlement to the equivalent in Shares) or, if not refunded, the Participant may seek a refund from the local tax authorities. In the event of underwithholding, the Participant may be required to pay any additional Tax-Related Items directly to the applicable tax authority or to the Company, its Affiliate and/or the trustee. As a condition to accepting an Award under the Plan, in the event that the amount of the Company's, its Affiliate's and/or the trustee's withholding obligation in connection with such Award was greater than the amount actually withheld by the Company, its Affiliates and/or the trustee, each Participant agrees to indemnify and hold the Company, its Affiliates and/or the trustee harmless from any failure by the Company, its Affiliates and/or the trustee to withhold the proper amount. Further, if the obligation for Tax-Related Items is satisfied by withholding in shares, for tax purposes, the Participant will be deemed to have been issued the full number of shares subject to the Award, notwithstanding that a number of the shares are held back solely for the purpose of paying the Tax-Related Items unless otherwise required by Applicable Law. Notwithstanding the generality of the foregoing, by accepting an Award, a

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Participant agrees that they will be responsible for and indemnify the Company, any Affiliate and / or any trustee against any tax or social security consequences relating to their Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Tax Elections. By accepting an Award**, a Participant agrees to enter into any elections required by the Committee or Plan Administrator (as applicable), including elections under Part 7 of the Income Tax (Earnings and Pensions) Act 2003, under Section 83(b) of the Code and/or elections to transfer any liability, or agreements to pay social security contributions.

**10. MISCELLANEOUS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Use of Proceeds from Sales of Shares**. Proceeds from the sale of Shares pursuant to Awards (if any) will constitute general funds of the Company if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Shareholder Rights**. No Participant or Designated Beneficiary will be deemed to be the holder of, or to have any of the rights of a holder with respect to, any Shares subject to such Award unless and until (i) such Participant has satisfied all requirements for exercise, vesting or settlement of the Award pursuant to its terms, if applicable, and (ii) the issuance or transfer of the Shares subject to such Award is reflected in the records of the Company. The Company may place legends on certificates issued under the Plan that the Committee deems necessary or appropriate to comply with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) No Employment or Other Service Rights**. Nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection with any Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award was granted or affect the right of the Company or an Affiliate to terminate (subject to Applicable Law) and without regard to any future vesting opportunity that a Participant may have with respect to any Award (i) the employment of an Employee with or without notice and with or without cause subject to Applicable Law and the terms of the Employee's employment agreement, if any, or (ii) the service of a Director pursuant to the memorandum of association and articles of association from time to time of the Company or relevant Affiliate, and any applicable provisions of the corporate law of the jurisdiction in which the Company or the Affiliate is incorporated, as the case may be. Further, nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection with any Award will constitute any promise or commitment by the Company or an Affiliate regarding the fact or nature of future positions, future work assignments, future compensation or any other term or condition of employment or service or confer any right or benefit under the Award or the Plan unless such right or benefit has specifically accrued under the terms of the Award Agreement and/or Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Change in Time Commitment**. In the event a Participant's regular level of time commitment in the performance of his or her services for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee and the Employee has a change in status from a full-time Employee to a part-time Employee or takes an extended leave of absence) after the date of grant of any Award to the Participant, the Committee may determine, to the extent permitted by Applicable Law and save as may be provided in the written terms of any leave of absence agreement or policy applicable to the Participant, to (i) make a corresponding (or lesser, if the Committee so determines) reduction in the number of Shares or

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cash amount subject to any portion of such Award that is scheduled to vest or become payable after the date of such change in time commitment, and (ii) in lieu of or in combination with such a reduction, extend the vesting, exercise or payment schedule applicable to such Award and/or delay the expiry of any applicable Holding Period by a corresponding period (or such lesser period as the Committee may determine). In the event of any such reduction, the Participant will have no right with respect to any portion of the Award that is so reduced or extended subject to Applicable Law. Notwithstanding the foregoing, any such extension: (A) shall not cause an Option or SAR to remain exercisable beyond the maximum term permitted under the Plan; and (B) shall not result in an Option or SAR failing to comply with, or becoming subject to, Section 409A of the Code or, in the case of a Participant subject to the tax laws of a jurisdiction outside the United States, any similar or equivalent provision of Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Execution of Additional Documents**. As a condition to accepting an Award under the Plan, the Participant agrees to execute any additional documents or instruments necessary or desirable, as determined in the Plan Administrator's sole discretion, to carry out the purposes or intent of the Award, or facilitate compliance with securities and/or other regulatory requirements, in each case at the Plan Administrator's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Electronic Delivery and Participation**. Any reference herein or in an Award Agreement to a "written" agreement or document will include any agreement or document delivered electronically, filed publicly at www.sec.gov (or any successor website thereto) or posted on the Company's website or intranet (or other shared electronic medium controlled by the Company to which the Participant has access). By accepting any Award the Participant consents to receive documents by electronic delivery and to participate in the Plan through any on-line electronic system established and maintained by the Plan Administrator or another third party selected by the Plan Administrator. The form of delivery of any Shares (e.g., a share certificate or electronic entry evidencing such shares) shall be determined by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g) Clawback/Recovery**. All Awards granted under the Plan will be subject to recoupment in accordance with any clawback policy that the Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company's securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other Applicable Law and any malus and/or clawback policy that the Company otherwise adopts or has adopted, to the extent applicable and permissible under Applicable Law. In addition, the Committee may impose such other malus, clawback, recovery or recoupment provisions in an Award Agreement as the Committee determines necessary or appropriate, including but not limited to a reacquisition or forfeiture right in respect of previously acquired Shares or other cash or property upon the occurrence of Cause. No recovery of compensation under such a malus and/or clawback policy or terms will be an event giving rise to a Participant's right to voluntarily terminate employment upon a "resignation for good reason," or for a "constructive termination" or "constructive dismissal" or any similar term under any plan of or agreement with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h) Securities Law Compliance**. A Participant will not be issued any shares in respect of an Award unless either (i) the shares are registered under the Securities Act or (ii) the Company has determined that such issuance or transfer would be exempt from the registration requirements of the Securities Act. Each Award also must comply with other Applicable Law governing the

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Award, and a Participant will not receive such shares if the Company determines that such receipt would not be in material compliance with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) Transfer or Assignment of Awards; Issued Shares**. Except as expressly provided in the Plan or the form of Award Agreement, Awards granted under the Plan may not be transferred or assigned by the Participant. After the vested Shares subject to an Award have been issued or transferred, or in the case of a Restricted Share Award and similar Awards, after the issued or transferred Shares have vested, the holder of such Shares is free to assign, hypothecate, donate, encumber or otherwise dispose of any interest in such shares provided that any such actions are in compliance with the provisions herein, any Holding Requirement applicable to such holder, the terms of the Trading Policy and Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j) Effect on Other Employee Benefit Plans**. The value of any Award granted under the Plan and the Shares underlying such Award, as determined upon grant, vesting or settlement, shall not be included as normal or expected compensation, earnings, salaries, or other similar terms used for any purpose, including, without limitation, calculating any severance, resignation, termination, vacation, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments when calculating any Participant's benefits under any employee benefit plan sponsored by the Company or any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the Company's or any Affiliate's employee benefit plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k) Deferrals**. To the extent permitted by Applicable Law, the Committee, in its sole discretion, may determine that the delivery of Shares or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award may be deferred and may also establish programs and procedures for deferral elections to be made by Participants. Deferrals will be made in accordance with the requirements of Section 409A to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(l) Section 409A**. The following provisions only apply to US Participants. Unless otherwise expressly provided for in an Award Agreement, the Plan and Award Agreements will be interpreted to the greatest extent possible in a manner that makes the Plan and the Awards granted hereunder exempt from Section 409A, and, to the extent not so exempt, in compliance with the requirements of Section 409A. If the Committee determines that any Award granted hereunder is not exempt from and is therefore subject to Section 409A, the Award Agreement evidencing such Award will incorporate the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of the Code, and to the extent an Award Agreement is silent on terms necessary for compliance, such terms are hereby incorporated by reference into the Award Agreement. Notwithstanding anything to the contrary in this Plan (and unless the Award Agreement specifically provides otherwise), if the Shares are publicly traded, and if a Participant holding an Award that constitutes "deferred compensation" under Section 409A is a "specified employee" for purposes of Section 409A, no distribution or payment of any amount that is due because of a "separation from service" (as defined in Section 409A without regard to alternative definitions thereunder) will be issued or paid before the date that is six months and one day following the date of such Participant's "separation from service" or, if earlier, the date of the Participant's death, unless such distribution or payment can be made in a manner that complies with Section 409A, and any amounts so deferred will be paid in a lump sum on the day after such six month period elapses, with the balance paid thereafter on the original schedule.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(m) Data Privacy**. (i) To the extent that the processing of the Participant's personal data by the Company, trustee, the Plan Administrator and any Affiliate under and/or in connection with this Plan falls within the territorial scope of (i) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27th April 2016 (the "*EU GDPR*"), (ii) the EU GDPR as it forms part of UK law by virtue of section 3 of the European Union (Withdrawal) Act 2018, as amended (the "*UK GDPR*"), (iii) the Data Protection (Jersey) Law 2018 and any orders, regulations or guidance in connection therewith (the "*Jersey GDPR*") and/or (iv) equivalent legislation and/or legislation implementing and/or supplementing the EU GDPR or UK GDPR or Jersey GDPR in any member state of the European Economic Area or the UK or Jersey, the Company, trustee, the Plan Administrator and/or any Affiliate will carry out such processing in accordance with their EEA/UK/Jersey privacy notice from time to time in force, the latest version of which shall have been provided to the Participant. (ii) By accepting an Award, (except where (i) above applies) a Participant: (A) explicitly and unambiguously acknowledges and consents to the collection, use, transfer and other processing of their personal data as described in this Section by the Company, trustee, the Plan Administrator and any Affiliate for the purpose of implementing, administering and managing their participation in the Plan; (B) understands that the Company, trustee, the Plan Administrator and any Affiliate hold certain personal data about the Participant, including, but not limited to, their name, home address, telephone number, date of birth, social security number (or other identification number), salary, nationality, job title, any shares or directorships held by the Participant in the Company, details of all options or any other entitlement to Shares awarded, cancelled, purchased, exercised, vested, unvested or outstanding in the Participant's favour for the purpose of implementing, managing and administering the Plan; and (C) understands that this personal data may be transferred to any third parties assisting in the implementation, administration and management of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(n) Governing Law and Jurisdiction**. This Plan and all Awards, including any non-contractual obligations arising in connection therewith, will be governed by and interpreted in accordance with the laws of England and Wales, disregarding any jurisdiction's choice-of-law principles requiring the application of a jurisdiction's laws other than that of England and Wales and the courts of England and Wales shall have exclusive jurisdiction to hear any dispute.

**11. COVENANTS OF THE COMPANY**.

The Company will seek to obtain from each regulatory commission or agency, as may be deemed to be necessary, having jurisdiction over the Plan such authority as may be required to grant Awards and to issue or procure the transfer of and sell Shares upon exercise or vesting of the Awards; provided, however, that this undertaking will not require the Company to register under the Securities Act the Plan, any Award or any Shares issued or issuable or transferable pursuant to any such Award. If, after reasonable efforts and at a reasonable cost, the Company is unable to obtain from any such regulatory commission or agency the authority that counsel for the Company deems necessary or advisable for the lawful issuance or transfer and sale of Shares under the Plan, the Company will be relieved from any liability for failure to issue or procure the transfer of and sell Shares upon exercise or vesting of such Awards unless and until such authority is obtained. A Participant is not eligible for the grant of an Award or the subsequent issuance or transfer of Shares pursuant to the Award if such grant or issuance or transfer would be in violation of any Applicable Law.

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**12. ADDITIONAL RULES FOR AWARDS SUBJECT TO SECTION 409A (US PARTICIPANTS ONLY)**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Application**. Unless the provisions of this Section of the Plan are expressly superseded by the provisions in the form of Award Agreement, the provisions of this Section shall apply and shall supersede anything to the contrary set forth in the Award Agreement for a Non-Exempt Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Non-Exempt Awards Subject to Non-Exempt Severance Arrangements**. To the extent a Non-Exempt Award is subject to Section 409A due to application of a Non-Exempt Severance Arrangement, the following provisions of this subsection (b) apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** If the Non-Exempt Award vests in the ordinary course during the Participant's Continuous Service in accordance with the vesting schedule set forth in the Award Agreement, and does not accelerate vesting under the terms of a Non-Exempt Severance Arrangement, in no event will the shares be issued in respect of such Non-Exempt Award any later than the later of: (i) December 31<sup>st</sup> of the calendar year that includes the applicable vesting date; or (ii) the 60<sup>th</sup> day that follows the applicable vesting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** If vesting of the Non-Exempt Award accelerates under the terms of a Non-Exempt Severance Arrangement in connection with the Participant's Separation from Service, and such vesting acceleration provisions were in effect as of the date of grant of the Non-Exempt Award and, therefore, are part of the terms of such Non-Exempt Award as of the date of grant, then the shares will be earlier issued in settlement of such Non-Exempt Award upon the Participant's Separation from Service in accordance with the terms of the Non-Exempt Severance Arrangement, but in no event later than the 60<sup>th</sup> day that follows the date of the Participant's Separation from Service. However, if at the time the shares would otherwise be issued the Participant is subject to the distribution limitations contained in Section 409A applicable to "specified employees" as defined in Section 409A(a)(2)(B)(i) of the Code, such shares shall not be issued before the date that is six months following the date of such Participant's Separation from Service, or, if earlier, the date of the Participant's death that occurs within such six month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** If vesting of a Non-Exempt Award accelerates under the terms of a Non-Exempt Severance Arrangement in connection with a Participant's Separation from Service, and such vesting acceleration provisions were not in effect as of the date of grant of the Non-Exempt Award and, therefore, are not a part of the terms of such Non-Exempt Award on the date of grant, then such acceleration of vesting of the Non-Exempt Award shall not accelerate the issuance or transfer date of the shares, but the shares shall instead be issued on the same schedule as set forth in the Grant Notice as if they had vested in the ordinary course during the Participant's Continuous Service, notwithstanding the vesting acceleration of the Non-Exempt Award. Such issuance or transfer schedule is intended to satisfy the requirements of payment on a specified date or pursuant to a fixed schedule, as provided under Treasury Regulations Section 1.409A-3(a)(4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Treatment of Non-Exempt Awards Upon a Corporate Transaction for Employees**. The provisions of this subsection (c) shall apply and shall supersede anything to the contrary set forth in the Plan with respect to the permitted treatment of any Non-Exempt Award in

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connection with a Corporate Transaction if the Participant was an Employee upon the applicable date of grant of the Non-Exempt Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) Vested Non-Exempt Awards**. The following provisions shall apply to any Vested Non-Exempt Award in connection with a Corporate Transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** If the Corporate Transaction is also a Section 409A Change in Control then the Acquiring Entity may not assume, continue or substitute the Vested Non-Exempt Award. Upon the Section 409A Change in Control the settlement of the Vested Non-Exempt Award will automatically be accelerated and the shares will be immediately issued in respect of the Vested Non-Exempt Award. Alternatively, the Company may instead provide that the Participant will receive a cash settlement equal to the Fair Market Value of the shares that would otherwise be issued to the Participant upon the Section 409A Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** If the Corporate Transaction is not also a Section 409A Change in Control, then the Acquiring Entity must either assume, continue or substitute each Vested Non-Exempt Award. The shares to be issued in respect of the Vested Non-Exempt Award shall be issued to the Participant by the Acquiring Entity on the same schedule that the shares would have been issued to the Participant if the Corporate Transaction had not occurred. In the Acquiring Entity's discretion, in lieu of an issuance or transfer of shares, the Acquiring Entity may instead substitute a cash payment on each applicable issuance or transfer date, equal to the Fair Market Value of the shares that would otherwise be issued to the Participant on such issuance or transfer dates, with the determination of the Fair Market Value of the shares made on the date of the Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii) Unvested Non-Exempt Awards**. The following provisions shall apply to any Unvested Non-Exempt Award unless otherwise determined by the Committee pursuant to subsection (d) of this Section or as otherwise required by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** In the event of a Corporate Transaction, the Acquiring Entity shall assume, continue or substitute any Unvested Non-Exempt Award. Unless otherwise determined by the Committee, any Unvested Non-Exempt Award will remain subject to the same vesting and forfeiture restrictions that were applicable to the Award prior to the Corporate Transaction. The shares to be issued in respect of any Unvested Non-Exempt Award shall be issued to the Participant by the Acquiring Entity on the same schedule that the shares would have been issued to the Participant if the Corporate Transaction had not occurred. In the Acquiring Entity's discretion, in lieu of an issuance or transfer of shares, the Acquiring Entity may instead substitute a cash payment on each applicable issuance or transfer date, equal to the Fair Market Value of the shares that would otherwise be issued to the Participant on such issuance or transfer dates, with the determination of Fair Market Value of the shares made on the date of the Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** If the Acquiring Entity will not assume, substitute or continue any Unvested Non-Exempt Award in connection with a Corporate Transaction, then such Award shall automatically terminate and be forfeited upon the Corporate Transaction with no consideration payable to any Participant in respect of such forfeited Unvested Non-Exempt Award. Notwithstanding the foregoing, to the extent permitted and in compliance with the requirements of Section 409A, the Committee may in its discretion determine to elect to accelerate the vesting

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and settlement of the Unvested Non-Exempt Award upon the Corporate Transaction, or instead substitute a cash payment equal to the Fair Market Value of such shares that would otherwise be issued to the Participant, as further provided in subsection (d)(ii) below. In the absence of such discretionary election by the Committee, any Unvested Non-Exempt Award shall be forfeited without payment of any consideration to the affected Participants if the Acquiring Entity will not assume, substitute or continue the Unvested Non-Exempt Awards in connection with the Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** The foregoing treatment shall apply with respect to all Unvested Non-Exempt Awards upon any Corporate Transaction, and regardless of whether or not such Corporate Transaction is also a Section 409A Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** If the RSU Award is a Non-Exempt Award, then the provisions in this Section 12(d) shall apply and supersede anything to the contrary that may be set forth in the Plan or the Award Agreement with respect to the permitted treatment of such Non-Exempt Award:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** Any exercise by the Committee of discretion to accelerate the vesting of a Non-Exempt Award shall not result in any acceleration of the scheduled issuance or transfer dates for the shares in respect of the Non-Exempt Award unless earlier issuance or transfer of the shares upon the applicable vesting dates would be in compliance with the requirements of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** The Company explicitly reserves the right to earlier settle any Non-Exempt Award to the extent permitted and in compliance with the requirements of Section 409A, including pursuant to any of the exemptions available in Treasury Regulations Section 1.409A-3(j)(4)(ix).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** To the extent the terms of any Non-Exempt Award provide that it will be settled upon a Change in Control or Corporate Transaction, to the extent it is required for compliance with the requirements of Section 409A, the Change in Control or Corporate Transaction event triggering settlement must also constitute a Section 409A Change in Control. To the extent the terms of a Non-Exempt Award provides that it will be settled upon a termination of employment or termination of Continuous Service, to the extent it is required for compliance with the requirements of Section 409A, the termination event triggering settlement must also constitute a Separation From Service. However, if at the time the shares would otherwise be issued to a Participant in connection with a "separation from service" such Participant is subject to the distribution limitations contained in Section 409A applicable to "specified employees," as defined in Section 409A(a)(2)(B)(i) of the Code, such shares shall not be issued before the date that is six months following the date of the Participant's Separation From Service, or, if earlier, the date of the Participant's death that occurs within such six month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** The provisions in this subsection (d) for delivery of the shares in respect of the settlement of an RSU Award that is a Non-Exempt Award are intended to comply with the requirements of Section 409A so that the delivery of the shares to the Participant in respect of such Non-Exempt Award will not trigger the additional tax imposed under Section 409A, and any ambiguities herein will be so interpreted.

**13. SEVERABILITY**.

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If all or any part of the Plan or any Award Agreement is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any portion of the Plan or such Award Agreement not declared to be unlawful or invalid. Any Section of the Plan or any Award Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

**14. TERMINATION OF THE PLAN**.

The Board may suspend or terminate the Plan at any time. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated.

**15. DEFINITIONS**.

As used in the Plan, the following definitions apply to the capitalised terms indicated below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** "***Acquiring Entity***" means the surviving or acquiring corporation (or its parent company) in connection with a Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** "***Adoption Date***" means the date the Plan is first approved by the Board or the Committee, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** "***Affiliate***" means, at the time of determination, any "parent" or "subsidiary" of the Company as such terms are defined in Rule 405 promulgated under the Securities Act. The Committee may determine the time or times at which "parent" or "subsidiary" status is determined within the foregoing definition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** "***Applicable Law***" means the Code and any applicable U.S. and non-U.S. securities, exchange control, tax, federal, state, material local or municipal or other law, statute, constitution, principle of common law, resolution, ordinance, code, edict, decree, rule, listing rule, regulation, judicial decision, ruling or requirement issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Body (including under the authority of any applicable self-regulating organisation such as the London Stock Exchange, the Nasdaq Stock Market, New York Stock Exchange, the Financial Industry Regulatory Authority, the Financial Conduct Authority, the Prudential Regulation Authority or stock exchange or quotation system on which the Shares are listed or quoted) and the applicable laws and rules of any other country or jurisdiction where Awards are granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** "***Award***" means any right to receive Shares, cash or other property granted under the Plan (including an Option, a Restricted Share Award, an RSU Award, a SAR, a Performance Award or any Other Award).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** "***Award Agreement***" means a written or electronic agreement between the Company and a Participant evidencing the terms and conditions of an Award. The Award Agreement generally consists of the Grant Notice and the agreement containing the written summary of the general terms and conditions applicable to the Award and which is provided, including through electronic means, to a Participant along with the Grant Notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** "***Board***" means the Board of Directors of the Company (or its designee). Any decision or determination made by the Board shall be a decision or determination that is made in the sole discretion of the Board (or its designee), and such decision or determination shall be final and binding on all Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** "***Capitalisation Adjustment***" means any change that is made in, or other events that occur with respect to, the Shares subject to the Plan or subject to any Award after the Effective Date without the receipt of consideration by the Company through merger, consolidation, reorganisation, recapitalisation, reincorporation, share dividend, dividend in property other than cash, large nonrecurring cash dividend, share split, reverse share split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or any similar equity restructuring transaction, as that term is used in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities of the Company will not be treated as a Capitalisation Adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** "***Cause***" has the meaning ascribed to such term in any written agreement between the Participant and the Company or any Affiliate or an Award Agreement in which the term "cause" (or words of like import) is defined and, in the absence of such agreement, such term means, with respect to a Participant, the occurrence of any of the following events: (i) such Participant's commission of any criminal offence (other than a road traffic offence for which no custodial sentence is imposed); (ii) such Participant's attempted commission of, or participation in, a fraud or act of dishonesty against the Company; (iii) such Participant's material violation of any contract or agreement between the Participant and the Company, the Company's employment policies, or of any statutory or other duty owed to the Company; (iv) such Participant's unauthorised use or disclosure of the Company's confidential information or trade secrets; (v) such Participant's gross misconduct; (vi) such Participant's failure or refusal to comply with a material directive from the Committee, the Participant's supervisor or, if applicable, the board of directors of any Affiliate; or (vii) such Participant's breach of a fiduciary duty to the Company. For purposes of this definition, "Company" will be deemed to include the Company and any applicable Affiliate employing or otherwise engaging the Participant. The determination that a termination of the Participant's Continuous Service is either for Cause or without Cause will be made by the Committee with respect to Participants who are executive officers of the Company and any other Participant where Applicable Law requires it, and otherwise by the Company's chief executive officer with respect to any other Participants. Any determination by the Company that the Continuous Service of a Participant was terminated with or without Cause for the purposes of outstanding Awards held by such Participant will have no effect upon any determination of the rights or obligations of the Company, any Affiliate or such Participant for any other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** "***Change in Control***" or "***Change of Control***" means, unless otherwise determined by the Committee in the applicable Award Agreement or other written agreement with a Participant approved by the Committee, the occurrence, in a single transaction or in a series of related transactions, of any one or more of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** any Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company's then outstanding securities other than by virtue of a merger, consolidation or similar

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transaction. Notwithstanding the foregoing, a Change in Control shall not be deemed to occur (A) on account of the acquisition of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the Company by an investor, any affiliate thereof or any other Exchange Act Person that acquires the Company's securities in a transaction or series of related transactions the primary purpose of which is to obtain financing for the Company through the issuance or transfer of equity securities, or (C) solely because the level of Ownership held by any Exchange Act Person (the "***Subject Person***") exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated percentage threshold, then a Change in Control shall be deemed to occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after the consummation of such merger, consolidation or similar transaction, the shareholders of the Company immediately prior thereto do not Own, directly or indirectly, either (A) outstanding voting securities representing more than 50% of the combined outstanding voting power of the Acquiring Entity in such merger, consolidation or similar transaction or (B) more than 50% of the combined outstanding voting power of the parent of the Acquiring Entity in such merger, consolidation or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** there is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries to an Entity, more than 50% of the combined voting power of the voting securities of which are Owned by shareholders of the Company in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such sale, lease, license or other disposition; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** individuals who, on the Adoption Date, are members of the Board (the "***Incumbent Board***") cease for any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment or election (or nomination for election) of any new Board member was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member shall, for purposes of this Plan, be considered as a member of the Incumbent Board.

Notwithstanding the foregoing or any other provision of this Plan, (A) the term Change in Control shall not include a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company, (B) the definition of Change in Control (or any analogous term) in an individual written agreement between the Company or any Affiliate and the Participant shall supersede the foregoing definition with respect to Awards subject to such agreement; provided, however, that if no definition of Change in Control or any analogous term is set forth in such an individual written agreement, the foregoing definition shall apply, and (C) with

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respect to any nonqualified deferred compensation that becomes payable on account of the Change in Control, the transaction or event described in clause (i), (ii), (iii), or (iv) also constitutes a Section 409A Change in Control if required in order for the payment not to violate Section 409A of the Code.

Notwithstanding anything contained herein, a transaction shall not constitute a "Change in Control" for the purposes of this definition if (1) the Company becomes a direct or indirect wholly owned subsidiary of a holding company and (2) the direct or indirect holders of the voting stock of such holding company immediately following that transaction are substantially the same as the holders of the Company's voting stock immediately prior to that transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)** "***Code***" means the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(l)** "***Committee***" means the Board or the Remuneration Committee of the Board or any other committee of one or more Directors to whom authority has been delegated by the Board to administer the Plan in accordance with the Plan. If no committee is duly authorised by the Board to administer the Plan, the term "Committee" shall be deemed to refer to the Board for all purposes under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(m)** "***Company***" means Wise Group plc, a company incorporated in Jersey with registered number 160362 or any successor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(n)** "***Consultant***" means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for such services. However, service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered a "Consultant" for purposes of the Plan. Notwithstanding the foregoing, a person is treated as a Consultant under this Plan only if a Form S-8 Registration Statement under the Securities Act is available to register either the offer or the sale of the Company's securities to such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(o)** "***Continuous Service***" means that the Participant's service with the Company or an Affiliate, whether as an Employee or Director, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee or Director or a change in the Entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant's service with the Company or an Affiliate, will not terminate a Participant's Continuous Service; provided, however*,* that if the Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Committee, such Participant's Continuous Service will be considered to have terminated on the date such Entity ceases to qualify as an Affiliate. For example, a change in status from an Employee of the Company to a Consultant of an Affiliate or to a Director will not constitute an interruption of Continuous Service. To the extent permitted by Applicable Law, the Committee in its sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence approved by the Committee or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors. Notwithstanding the foregoing, a leave of absence will

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be treated as Continuous Service for purposes of vesting in an Award only to such extent as may be provided in the Company's leave of absence policy, in the written terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise required by Applicable Law. In addition, to the extent required for exemption from or compliance with Section 409A, the determination of whether there has been a termination of Continuous Service will be made, and such term will be construed, in a manner that is consistent with the definition of "separation from service" as defined under Treasury Regulation Section 1.409A-1(h) (without regard to any alternative definition thereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(p)** "***Corporate Transaction***" means the consummation, in a single transaction or in a series of related transactions, of any one or more of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** a sale or other disposition of all or substantially all, as determined by the Board, of the consolidated assets of the Company and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** a sale or other disposition of at least 50% of the outstanding securities of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** a merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** a merger, consolidation or similar transaction following which the Company is the surviving corporation but the Shares outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.

Notwithstanding the foregoing or any other provision of this Plan, (A) the term Corporate Transaction shall not include a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company, (B) the definition of Corporate Transaction (or any analogous term) in an individual written agreement between the Company or any Affiliate and the Participant shall supersede the foregoing definition with respect to Awards subject to such agreement; provided, however, that if no definition of Corporate Transaction or any analogous term is set forth in such an individual written agreement, the foregoing definition shall apply, and (C) with respect to any nonqualified deferred compensation that becomes payable on account of the Corporate Transaction, the transaction or event described in clause (i), (ii), (iii), or (iv) also constitutes a Section 409A Change in Control if required in order for the payment not to violate Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(q) "*Deed Poll***" means a document executed by deed by the Company to unilaterally grant Awards under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(r)** "***Designated Beneficiary***" means (i) a Participant's personal representative appointed on Participant's death; or (ii) if the Committee permits from time to time in its discretion, the beneficiary or beneficiaries a Participant designates, in a manner the Committee determines, to receive amounts due or exercise the Participant's rights if the Participant dies or becomes incapacitated.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(s)** "***determine***" or "***determined***" means as determined by the Board or the Committee (or its designee) in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(t)** "***Director***" means a member of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(u)** "***Disability***" means, unless otherwise determined by the Committee in the applicable Award Agreement, with respect to a Participant's termination of Continuous Service, that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment. The determination of whether an individual has a Disability shall be determined by the Committee in its sole and good faith discretion, and the Committee may rely on any determination that a Participant is disabled for purposes of benefits under any long-term disability plan in which a Participant participates that is maintained by the Company or any Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** "***Effective Date***" means the date of effectiveness of the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(w)** "***Employee***" means any person employed by the Company or an Affiliate. However, service solely as a Director, or payment of a fee for such services, will not cause a Director to be considered an "Employee" for purposes of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(x)** "***Employer***" means the Company or the Affiliate of the Company that employs the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(y)** "***Entity***" means a corporation, partnership, limited liability company or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(z)** "***Exchange Act***" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(aa)** "***Exchange Act Person***" means any natural person, Entity or "group" (within the meaning of Section 13(d) or 14(d) of the Exchange Act), except that "Exchange Act Person" will not include (i) the Company or any Subsidiary of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter temporarily holding securities pursuant to a registered public offering of such securities, (iv) an Entity Owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their Ownership of shares of the Company, or (v) any natural person, Entity or "group" (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date, is the Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company's then outstanding securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(bb)** "***Fair Market Value***" means, as of any date, unless otherwise determined by the Committee, the value of the Shares (as determined on a per share or aggregate basis, as applicable) determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** If the Shares are listed on any established stock exchange or traded on any established market, the Fair Market Value will be the closing sales price for such shares as quoted

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on such exchange or market (or the exchange or market with the greatest volume of trading in the Shares) on the date of determination, as reported in a source the Committee deems reliable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** If there is no closing sales price for the Shares on the date of determination, then the Fair Market Value will be the closing selling price on the last preceding date for which such quotation exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** In the absence of such markets for the Shares, or if otherwise determined by the Committee, the Fair Market Value will be determined by the Committee in good faith and in a manner that complies with Sections 409A and 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(cc)** "***Governmental Body***" means any: (i) nation, state, commonwealth, province, territory, county, municipality, district or other jurisdiction of any nature; (ii) Jersey, United Kingdom, U.S. federal, state, local, municipal, foreign or other government; (iii) governmental or regulatory body, or quasi-governmental body of any nature (including any governmental division, department, administrative agency or bureau, commission, authority, instrumentality, official, ministry, fund, foundation, centre, organisation, unit, body or Entity and any court or other tribunal, and for the avoidance of doubt, any tax authority) or other body exercising similar powers or authority; or (iv) self-regulatory organisation (including the London Stock Exchange, the Nasdaq Stock Market, New York Stock Exchange, the Financial Conduct Authority, the Prudential Regulation Authority and the Financial Industry Regulatory Authority).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(dd)** "***Grant Notice***" means the notice provided to a Participant that he or she has been granted an Award under the Plan and which includes the name of the Participant, the type of Award, the date of grant of the Award, number of Shares subject to the Award or potential cash payment right, (if any), the vesting schedule for the Award (if any) and other key terms applicable to the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ee)** "***Holding Period***" means the period during which a Holding Requirement applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ff)** "***Holding Requirement***" means a requirement that Shares be held during the Holding Period as described in Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(gg)** "***Holding Share***" means a Share which is subject to a Holding Requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(hh)** "***Materially Impair***" means any amendment to the terms of the Award that materially adversely affects the Participant's rights under the Award. A Participant's rights under an Award will not be deemed to have been Materially Impaired by any such amendment if the Committee, in its sole discretion, determines that the amendment, taken as a whole, does not materially impair the Participant's rights. For example, the following types of amendments to the terms of an Award do not Materially Impair the Participant's rights under the Award: (i) imposition of reasonable restrictions on the minimum number of shares subject to an Option or SAR that may be exercised; (ii) to clarify the manner of exemption from, or to bring the Award into compliance with or qualify it for an exemption from, Section 409A; or (iii) to comply with other Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** "***Non-Employee Sub-Plan***" means the Non-Employee Sub-Plan to the Plan adopted by the Board.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(jj)** "***Non-Exempt Award***" means any Award that is subject to, and not exempt from, Section 409A, including as the result of (i) a deferral of the issuance or transfer of the shares subject to the Award which is elected by the Participant or imposed by the Company, or (ii) the terms of any Non-Exempt Severance Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(kk)** "***Non-Exempt Director Award***" means a Non-Exempt Award granted to a Participant who was a Director but not an Employee on the applicable grant date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ll)** "***Non-Exempt Severance Arrangement***" means a severance arrangement or other agreement between the Participant and the Company that provides for acceleration of vesting of an Award and issuance or transfer of the shares in respect of such Award upon the Participant's termination of employment or separation from service (as such term is defined in Section 409A(a)(2)(A)(i) of the Code (and without regard to any alternative definition thereunder)) ("***Separation from Service***") and such severance benefit does not satisfy the requirements for an exemption from application of Section 409A provided under Treasury Regulations Section 1.409A-1(b)(4), 1.409A-1(b)(9) or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(mm)** "***Officer***" means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(nn)** "***Option***" means a right to acquire Shares granted pursuant to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(oo)** "***Optionholder***" means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(pp)** "***Other Award***" means an award based in whole or in part by reference to the Shares which is granted pursuant to the terms and conditions of Section 5(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(qq)** "***Own***," "***Owned***," "***Owner***," "***Ownership***" means that a person or Entity will be deemed to "Own," to have "Owned," to be the "Owner" of, or to have acquired "Ownership" of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(rr)** "***Participant***" means an Employee, Director or Consultant to whom an Award is granted pursuant to the Plan or, if applicable, such other person (including any Designated Beneficiary) who holds an outstanding Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ss) "*Performance Award***" means an Award that may vest or may be exercised or a cash award that may vest or become earned and paid contingent upon the attainment during a Performance Period of certain Performance Goals and which is granted under the terms and conditions of Section 4(f) or Section 5(b) pursuant to such terms as are approved by the Committee. In addition, to the extent permitted by Applicable Law and set forth in the applicable Award Agreement, the Committee may determine that cash or other property may be used in payment of Performance Awards. Performance Awards that are settled in cash or other property are not required to be valued in whole or in part by reference to, or otherwise based on, the Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(tt)** "***Performance Criteria***" means the one or more criteria that the Committee will select for purposes of establishing the Performance Goals for a Performance Period. The Performance Criteria that will be used to establish such Performance Goals may be based on any one of, or combination of, the following as determined by the Committee: earnings (including earnings per share and net earnings); earnings before interest, taxes and depreciation; earnings before interest, taxes, depreciation and amortisation; total shareholder return; return on equity or average shareholder's equity; return on assets, investment, or capital employed; share price; margin (including gross margin); income (before or after taxes); operating income; operating income after taxes; pre-tax profit; operating cash flow; sales or revenue targets; increases in revenue or product revenue; expenses and cost reduction goals; improvement in or attainment of working capital levels; economic value added (or an equivalent metric); market share; cash flow; cash flow per share; share price performance; debt reduction; customer satisfaction; shareholders' equity; capital expenditures; debt levels; operating profit or net operating profit; growth of net income or operating income; billings; financing; regulatory milestones; shareholder liquidity; corporate governance and compliance; intellectual property; personnel matters; progress of internal research; progress of partnered programs; partner satisfaction; budget management; partner or collaborator achievements; internal controls, including those related to the Sarbanes-Oxley Act of 2002; investor relations, analysts and communication; implementation or completion of projects or processes; employee retention; number of users, including unique users; strategic partnerships or transactions (including in-licensing and out-licensing of intellectual property); establishing relationships with respect to the marketing, distribution and sale of the Company's products; supply chain achievements; co-development, co-marketing, profit sharing, joint venture or other similar arrangements; individual performance goals; corporate development and planning goals; and other measures of performance selected by the Board or Committee whether or not listed herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(uu)** "***Performance Goals***" means, for a Performance Period, the one or more goals established by the Committee for the Performance Period based upon the Performance Criteria. Performance Goals may be based on a Company-wide basis, with respect to one or more business units, divisions, Affiliates, or business segments, and in either absolute terms or relative to the performance of one or more comparable companies or the performance of one or more relevant indices. If specified by the Committee (i) in the Award Agreement at the time the Award is granted or (ii) in such other document setting forth the Performance Goals at the time the Performance Goals are established, the Committee may appropriately make adjustments at the end of the Performance Period in the method of calculating the attainment of Performance Goals for a Performance Period in relation to some or all of the following factors: (1) to exclude restructuring and/or other nonrecurring charges; (2) to exclude exchange rate effects; (3) to exclude the effects of changes to generally accepted accounting principles; (4) to exclude the dilutive effects of acquisitions or joint ventures; (5) to exclude the effect of any change in the outstanding Shares by reason of any share dividend or split, share repurchase, reorganisation, recapitalisation, merger, consolidation, spin-off, combination or exchange of shares or other similar corporate change, or any distributions to Shareholders other than regular cash dividends; and (6) to exclude costs incurred in connection with potential acquisitions or divestitures that are required to be expensed under generally accepted accounting principles. In addition, the Committee may establish or provide for other adjustment items in the Award Agreement at the time the Award is granted or in such other document setting forth the Performance Goals at the time the Performance Goals are established. The Committee retains the discretion to consider additional adjustment items when

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determining achievement of Performance Goals at the end of the Performance Period and/or to reduce or eliminate the compensation or economic benefit due upon attainment of Performance Goals (in each case, including but not limited to adjustments reflecting, reducing or eliminating, as applicable, the effect of changes to tax laws or rates, litigation (including threatened litigation), regulatory and/or risk events which the Committee determines to be relevant to Performance Goals which have been set) and to define the manner of calculating the Performance Criteria it selects to use for such Performance Period. Partial achievement of the specified criteria may result in the payment or vesting corresponding to the degree of achievement as specified in the Award Agreement or the written terms of a Performance Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vv)** "***Performance Period***" means the period of time selected by the Committee over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant's right to vesting or exercise of an Award. Performance Periods may be of varying and overlapping duration, at the sole discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ww)** "***Plan***" means this Wise Group plc 2026 Equity Incentive Plan, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xx)** "***Plan Administrator***" means the person, persons, and/or third-party administrator designated by the Company to administer the day-to-day operations of the Plan and the Company's other equity incentive programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(yy)** "***Post-Termination Exercise Period***" means the period following termination of a Participant's Continuous Service within which an Option or SAR is exercisable, as specified in Section 4(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(zz)** "***Prospectus***" means the document containing the Plan information specified in Section 10(a) of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(aaa)** "***Registration Statement***" means registration statement on Form 20-F in connection with the listing of ordinary shares of the Company on the Nasdaq Stock Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(bbb)** "***Restricted Share Award***" or "***RSA***" means an Award of Shares which is granted pursuant to the terms and conditions of Section 5(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ccc)** "***RSU Award***" or "***RSU***" means an Award of restricted share units representing the right to receive an issuance or transfer of Shares which is granted pursuant to the terms and conditions of Section 5(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ddd)** "***Rule 16b-3***" means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(eee)** "***Rule 405***" means Rule 405 promulgated under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(fff)** "***Section 409A***" means Section 409A of the Code and the regulations and other guidance thereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ggg)** "***Section 409A Change in Control***" means a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the Company's assets, as provided in Section 409A(a)(2)(A)(v) of the Code and Treasury Regulations Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(hhh)** "***Securities Act***" means the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** "***Service Provider***" means an Employee, Director or Consultant, provided that Consultants and Directors who are not Employees are only considered "Service Providers" eligible to be granted Awards under the Non-Employee Sub-Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(jjj)** "***Share***" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** a fully paid A ordinary share in the capital of the Company, whether held in certificated or uncertificated form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** a depositary interest created over an A ordinary share in the capital of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** a Treasury Share; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** a share or other instrument representing a Share following any reorganisation of the share capital of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(kkk)** "***Share Appreciation Right***" or "***SAR***" means a right to receive the appreciation on a Share that is granted pursuant to the terms and conditions of Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(lll)** "***Share Reserve***" means the number of Shares available for issuance under the Plan as set forth in Section 2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(mmm)** "***Subsidiary***" means, with respect to the Company, (i) any corporation of which more than 50% of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other class or classes of such corporation will have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity in which the Company has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than 50%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(nnn)** "***Tax-Related Items***" means any income tax, social security contributions or the like (including but not limited to, if applicable, all liability to employee and/or employer social security contributions for which Participant is liable and has agreed to pay in connection with such Participant's Awards by the date of the event creating the tax liability), payroll tax, fringe benefit tax, levies or charges, payment on account or other tax-related items and any other payroll deductions required by law arising out of or in relation to a Participant's participation in the Plan and legally applicable or deemed applicable to the Participant. For purposes of the foregoing, reference to employer social security contributions shall, in respect of Estonia, include fringe benefit taxes (CIT and social tax).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ooo)** "***Trading Policy***" means the Company's policy permitting certain individuals to sell Company shares only during certain "window" periods and/or otherwise restricts the ability of certain individuals to transfer or encumber Company shares, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ppp)** "***Treasury Shares***" means Shares that were previously issued but were purchased, redeemed, surrendered or otherwise acquired by the Company held in treasury and not cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(qqq)** "***Unvested Non-Exempt Award***" means the portion of any Non-Exempt Award that had not vested in accordance with its terms upon or prior to the date of any Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(rrr)** "***US Participan***t" means a Participant who is, or who subsequently becomes, a US resident or subject to United States taxation in respect of an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(sss)** "***Vested Non-Exempt Award***" means the portion of any Non-Exempt Award that had vested in accordance with its terms upon or prior to the date of a Corporate Transaction.

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**NON-EMPLOYEE SUB-PLAN** 

**TO THE WISE GROUP PLC 2026 EQUITY INCENTIVE PLAN** 

This sub-plan (the "***Non-Employee Sub-Plan***") to the Plan governs the grant of Awards to Consultants (defined below) and Directors who are not Employees. The Non-Employee Sub-Plan incorporates all the provisions of the Plan except as modified in accordance with the provisions of this Non-Employee Sub-Plan.

Awards granted pursuant to the Non-Employee Sub-Plan are not granted pursuant to an "***employees' share scheme***" for the purpose of English law.

For the purposes of the Non-Employee Sub-Plan, the provisions of the Plan shall operate subject to the following modifications:

**1. INTERPRETATION** 

In the Non-Employee Sub-Plan, unless the context otherwise requires, the following words and expressions have the following meanings:

"***Continuous Service***" means that the Participant's service with the Company or an Affiliate, whether as a Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate as a Director or Consultant or a change in the Entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant's service with the Company or an Affiliate, will not terminate a Participant's Continuous Service; provided, however, that if the Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Committee, such Participant's Continuous Service will be considered to have terminated on the date such Entity ceases to qualify as an Affiliate. For example, a change in status from a Director of the Company to a Consultant of an Affiliate or vice versa will not constitute an interruption of Continuous Service. To the extent permitted by Applicable Law, the Committee or the chief executive officer of the Company, in that party's sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence approved by the Committee or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors. Notwithstanding the foregoing, a leave of absence will be treated as Continuous Service for purposes of vesting in an Award only to such extent as may be provided in the Company's leave of absence policy, in the written terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise required by Applicable Law. In addition, to the extent required for exemption from or compliance with Section 409A, the determination of whether there has been a termination of Continuous Service will be made, and such term will be construed, in a manner that is consistent with the definition of "separation from service" as defined under Treasury Regulation Section 1.409A-1(h) (without regard to any alternative definition thereunder).

"***Non-Executive Director***" means a Director who either (i) is not a current employee or officer of the Company or an Affiliate, does not receive compensation, either directly or indirectly, from the Company or an Affiliate for services rendered as a consultant or in any capacity other than as a Director (except for an amount as to which disclosure would not be required under Item

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404(a) of Regulation S-K promulgated pursuant to the Securities Act ("*Regulation S-K*")), does not possess an interest in any other transaction for which disclosure would be required under Item 404(a) of Regulation S-K, and is not engaged in a business relationship for which disclosure would be required pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise considered a "non-employee director" for purposes of Rule 16b-3.

"***Service Provider***" means a Consultant or Director who is not an Employee.

**2. ELIGIBILITY** 

Service Providers are eligible to be granted Awards under the Non-Employee Sub-Plan.

**3. SERVICE PROVIDER STATUS AND TERMINATION OF SERVICE** 

If the Committee so determines, a Participant who (i) ceases to be a Service Provider for the purposes of this Non-Employee Sub-Plan and who becomes a Service Provider as defined in the Plan immediately thereafter; or (ii) ceases to be a Service Provider as defined in the Plan and who becomes a Service Provider for the purposes of this Non-Employee Sub-Plan immediately thereafter, (provided that there is no interruption or termination of the Participant's service with the Company or an Affiliate) may be considered to remain in Continuous Service for the purposes of their Award(s).

**4. NO OTHER SERVICE RIGHTS** 

Nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection with any Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award was granted or affect the right of the Company or an Affiliate to terminate (subject to Applicable Law) and without regard to any future vesting opportunity that a Participant may have with respect to any Award (i) the service of a Consultant pursuant to the terms of such Consultant's agreement with the Company or an Affiliate, or (ii) the service of a Director pursuant to the memorandum of association and articles of association from time to time of the Company or an Affiliate, and any applicable provisions of the corporate law of the jurisdiction in which the Company or the Affiliate is incorporated, as the case may be. Further, nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection with any Award will constitute any promise or commitment by the Company or an Affiliate regarding the fact or nature of future positions, future work assignments, future compensation or any other term or condition of service or confer any right or benefit under the Award or the Plan unless such right or benefit has specifically accrued under the terms of the Award Agreement and/or Plan.

**5. ADDITIONAL RULES FOR AWARDS SUBJECT TO SECTION 409A (US PARTICIPANTS ONLY)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Treatment of Non-Exempt Awards Upon a Corporate Transaction for Consultants**. The provisions of this subsection (a) shall apply and shall supersede anything to the contrary set forth in the Plan with respect to the permitted treatment of any Non-Exempt Award in connection with a Corporate Transaction if the Participant was a Consultant upon the applicable date of grant of the Non-Exempt Award.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** Vested Non-Exempt Awards. The following provisions shall apply to any Vested Non-Exempt Award in connection with a Corporate Transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** If the Corporate Transaction is also a Section 409A Change in Control then the Acquiring Entity may not assume, continue or substitute the Vested Non-Exempt Award. Upon the Section 409A Change in Control the settlement of the Vested Non-Exempt Award will automatically be accelerated and the shares will be immediately issued in respect of the Vested Non-Exempt Award. Alternatively, the Company may instead provide that the Participant will receive a cash settlement equal to the Fair Market Value of the shares that would otherwise be issued to the Participant upon the Section 409A Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** If the Corporate Transaction is not also a Section 409A Change in Control, then the Acquiring Entity must either assume, continue or substitute each Vested Non-Exempt Award. The shares to be issued in respect of the Vested Non-Exempt Award shall be issued to the Participant by the Acquiring Entity on the same schedule that the shares would have been issued to the Participant if the Corporate Transaction had not occurred. In the Acquiring Entity's discretion, in lieu of an issuance or transfer of shares, the Acquiring Entity may instead substitute a cash payment on each applicable issuance or transfer date, equal to the Fair Market Value of the shares that would otherwise be issued to the Participant on such issuance or transfer dates, with the determination of the Fair Market Value of the shares made on the date of the Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** Unvested Non-Exempt Awards. The following provisions shall apply to any Unvested Non-Exempt Award unless otherwise determined by the Committee pursuant to Section 12(d) or as otherwise required by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** In the event of a Corporate Transaction, the Acquiring Entity shall assume, continue or substitute any Unvested Non-Exempt Award. Unless otherwise determined by the Committee, any Unvested Non-Exempt Award will remain subject to the same vesting and forfeiture restrictions that were applicable to the Award prior to the Corporate Transaction. The shares to be issued in respect of any Unvested Non-Exempt Award shall be issued to the Participant by the Acquiring Entity on the same schedule that the shares would have been issued to the Participant if the Corporate Transaction had not occurred. In the Acquiring Entity's discretion, in lieu of an issuance or transfer of shares, the Acquiring Entity may instead substitute a cash payment on each applicable issuance or transfer date, equal to the Fair Market Value of the shares that would otherwise be issued to the Participant on such issuance or transfer dates, with the determination of Fair Market Value of the shares made on the date of the Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** If the Acquiring Entity will not assume, substitute or continue any Unvested Non-Exempt Award in connection with a Corporate Transaction, then such Award shall automatically terminate and be forfeited upon the Corporate Transaction with no consideration payable to any Participant in respect of such forfeited Unvested Non-Exempt Award. Notwithstanding the foregoing, to the extent permitted and in compliance with the requirements of Section 409A, the Committee may in its discretion determine to elect to accelerate the vesting and settlement of the Unvested Non-Exempt Award upon the Corporate Transaction, or instead substitute a cash payment equal to the Fair Market Value of such shares that would otherwise be issued to the Participant, as further provided in Section 12(d)(ii). In the absence of such

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discretionary election by the Committee, any Unvested Non-Exempt Award shall be forfeited without payment of any consideration to the affected Participants if the Acquiring Entity will not assume, substitute or continue the Unvested Non-Exempt Awards in connection with the Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** The foregoing treatment shall apply with respect to all Unvested Non-Exempt Awards upon any Corporate Transaction, and regardless of whether or not such Corporate Transaction is also a Section 409A Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Treatment of Non-Exempt Awards Upon a Corporate Transaction for Non-Executive Directors**. The following provisions of this subsection (b) shall apply and shall supersede anything to the contrary that may be set forth in the Plan with respect to the permitted treatment of a Non-Exempt Director Award in connection with a Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** If the Corporate Transaction is also a Section 409A Change in Control then the Acquiring Entity may not assume, continue or substitute the Non-Exempt Director Award. Upon the Section 409A Change in Control the vesting and settlement of any Non-Exempt Director Award will automatically be accelerated and the shares will be immediately issued to the Participant in respect of the Non-Exempt Director Award. Alternatively, the Company may provide that the Participant will instead receive a cash settlement equal to the Fair Market Value of the shares that would otherwise be issued to the Participant upon the Section 409A Change in Control pursuant to the preceding provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** If the Corporate Transaction is not also a Section 409A Change in Control, then the Acquiring Entity must either assume, continue or substitute the Non-Exempt Director Award. Unless otherwise determined by the Committee, the Non-Exempt Director Award will remain subject to the same vesting and forfeiture restrictions that were applicable to the Award prior to the Corporate Transaction. The shares to be issued in respect of the Non-Exempt Director Award shall be issued to the Participant by the Acquiring Entity on the same schedule that the shares would have been issued to the Participant if the Corporate Transaction had not occurred. In the Acquiring Entity's discretion, in lieu of an issuance or transfer of shares, the Acquiring Entity may instead substitute a cash payment on each applicable issuance or transfer date, equal to the Fair Market Value of the shares that would otherwise be issued to the Participant on such issuance or transfer dates, with the determination of Fair Market Value made on the date of the Corporate Transaction.

## Exhibit 8.1

**Exhibit 8.1** 

**Subsidiaries of the Registrant** 

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| | |
|:---|:---|
| **Name of Subsidiary** | **Jurisdiction of Incorporation** |
| Wise plc | United Kingdom |
| Wise Financial Holdings Ltd | United Kingdom |
| Wise Payments Limited | United Kingdom |
| Wise Europe SA | Belgium |
| Wise US Inc. | Delaware, United States |

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## Exhibit 15.1

Exhibit 15.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Registration Statement on Form 20-F of Wise Group plc of our report dated December 5, 2025, except for the disaggregation of government bonds within the total available-for-sale debt securities disclosure discussed in Note 11 and the concentration of payment processors, partners, customers and brokers within the total accounts receivable disclosure discussed in Note 12 to the consolidated financial statements, as to which the date is February 12, 2026 relating to the financial statements of Wise plc, which appears in this Registration Statement. We also consent to the reference to us under the heading "10.G Statement by Experts" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

London, United Kingdom

April 10, 2026