# EDGAR Filing Document

**Accession Number:** 0002071668
**File Stem:** 0001104659-25-106340
**Filing Date:** 2025-11
**Character Count:** 2776413
**Document Hash:** e3729a6d709317b580b4ec5b592d5a28
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-106340.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001104659-25-106340

**CONFORMED SUBMISSION TYPE**: 20FR12B

**PUBLIC DOCUMENT COUNT**: 36

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Magnum Ice Cream Co B.V.
- **CENTRAL INDEX KEY:** 0002071668
- **STANDARD INDUSTRIAL CLASSIFICATION:** ICE CREAM & FROZEN DESSERTS [2024]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20FR12B
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42939
- **FILM NUMBER:** 251450156

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** REGULIERSDWARSSTRAAT 63
- **CITY:** AMSTERDAM
- **PROVINCE COUNTRY:** P7
- **ZIP:** 1017 BK
- **BUSINESS PHONE:** 3165458858

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** REGULIERSDWARSSTRAAT 63
- **CITY:** AMSTERDAM
- **PROVINCE COUNTRY:** P7
- **ZIP:** 1017 BK

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

#### As filed with the Securities and Exchange Commission on November 4, 2025.

#### UNITED STATES SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### Form 20-F
☒

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

#### OR
☐

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

☐

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

☐

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

#### Commission file number:

#### The Magnum Ice Cream Company B.V.\*
(Exact name of Registrant as specified in its charter and translation of Registrant's name into English)

#### The Netherlands
(Jurisdiction of incorporation or organization)

#### Reguliersdwarsstraat 63 1017 BK Amsterdam The Netherlands (Address of principal executive offices)

---

| | |
|:---|:---|
| **<br> Vanessa Vilar <br> Chief Legal Officer <br> Reguliersdwarsstraat 63 <br> 1017 BK Amsterdam <br> The Netherlands <br> vanessa.vilar@magnumicecream.com <br> +31 61 158 5067 <br> (Name, Telephone, E-mail and/or Facsimile number and <br> Address of Company Contact Person)**  |  ***Copies to:* <br> Michael Z. Bienenfeld <br> Igor Rogovoy <br> Linklaters LLP <br> One Silk Street <br> London EC2Y 8HQ <br> United Kingdom <br> +44 20 7456 3660**  |

---

Securities registered or to be registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| **Title of each class**  | **Name of each exchange on which registered**  |
| Ordinary Shares, nominal value of €1.00 per share<sup>1</sup> MICC  | New York Stock Exchange  |

---

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: **Not applicable** 

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† provided pursuant to Section 13(a) of the Exchange Act. ☐

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 required 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 by the International Accounting Standards Board ☒ Other ☐

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 ☐

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 after the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐

#### This registration statement shall hereafter become effective in accordance with the provisions of Section 12(b) of the Securities Exchange Act of 1934.

<sup>1</sup>

With effect prior to the Demerger and as at Admission, it is expected that the Company's Ordinary Shares will have a nominal value of €3.50 each.

\*

The Magnum Ice Cream Company B.V. is the registrant filing this registration statement with the Securities and Exchange Commission. Shortly prior to Admission (as defined herein), the Company will be converted into a public company with limited liability under the laws of the Netherlands and renamed The Magnum Ice Cream Company N.V. Following the Demerger (as defined herein), The Magnum Ice Cream Company N.V. will be the ultimate holding company of the Group (as defined herein). The securities issued to investors in connection with the Demerger will be ordinary shares registered or to be registered pursuant to Section 12(b) of the Securities Exchange Act of 1934.

†

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.

------

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

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

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | **Page**  | **Page**  |
| [LETTER FROM THE CHAIR](#tLFTC8)  |  | [iv](#tLFTC8) |
| [INTRODUCTION AND USE OF CERTAIN TERMS](#tIAUO)  |  | [v](#tIAUO) |
| [PRESENTATION OF FINANCIAL AND OTHER INFORMATION](#tPOFA)  |  | [viii](#tPOFA) |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#tCNRF)  |  | [xii](#tCNRF) |
| [REORGANISATION AND DEMERGER](#tRAD)  |  | [xiv](#tRAD) |
| [Part I](#tPAI)  |  | [1](#tPAI) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 1. ](#tI1IO) <br> [IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#tI1IO) <br>|  | [1](#tI1IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [1.A. ](#t1DAS) <br> [DIRECTORS AND SENIOR MANAGEMENT](#t1DAS) <br>|  | [1](#t1DAS) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [1.B. ](#t1BAD) <br> [ADVISERS](#t1BAD) <br>|  | [1](#t1BAD) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [1.C. ](#t1CAU) <br> [AUDITORS](#t1CAU) <br>|  | [1](#t1CAU) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 2. ](#tI2OS) <br> [OFFER STATISTICS AND EXPECTED TIMETABLE](#tI2OS) <br>|  | [1](#tI2OS) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 3. ](#tI3KI) <br> [KEY INFORMATION](#tI3KI) <br>|  | [1](#tI3KI) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [3.A. ](#t3ARE) <br> [\[RESERVED\]](#t3ARE) <br>|  | [1](#t3ARE) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [3.B. ](#t3CAI) <br> [CAPITALISATION AND INDEBTEDNESS](#t3CAI) <br>|  | [1](#t3CAI) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [3.C. ](#t3RFT) <br> [REASONS FOR THE OFFER AND USE OF PROCEEDS](#t3RFT) <br>|  | [3](#t3RFT) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [3.D. ](#t3RF) <br> [RISK FACTORS](#t3RF) <br>|  | [3](#t3RF) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 4: ](#tI4IO) <br> [INFORMATION ON THE COMPANY](#tI4IO) <br>|  | [29](#tI4IO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [4.A. ](#t4HAD) <br> [HISTORY AND DEVELOPMENT OF THE COMPANY](#t4HAD) <br>|  | [29](#t4HAD) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [4.B. ](#t4BO) <br> [BUSINESS OVERVIEW](#t4BO) <br>|  | [31](#t4BO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [4.C. ](#t4OS) <br> [ORGANISATIONAL STRUCTURE](#t4OS) <br>|  | [64](#t4OS) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [4.D. ](#t4PPA) <br> [PROPERTY, PLANTS AND EQUIPMENT](#t4PPA) <br>|  | [65](#t4PPA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 5. ](#tI5OA) <br> [OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#tI5OA) <br>|  | [65](#tI5OA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [5.A. ](#t5OR) <br> [OPERATING RESULTS](#t5OR) <br>|  | [65](#t5OR) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [5.B. ](#t5LAC) <br> [LIQUIDITY AND CAPITAL RESOURCES](#t5LAC) <br>|  | [87](#t5LAC) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [5.C. ](#t5RAD) <br> [RESEARCH AND DEVELOPMENT, PATENTS AND LICENCES, ETC.](#t5RAD) <br>|  | [101](#t5RAD) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [5.D. ](#t5TI) <br> [TREND INFORMATION](#t5TI) <br>|  | [101](#t5TI) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [5.E. ](#t5CAE) <br> [CRITICAL ACCOUNTING ESTIMATES](#t5CAE) <br>|  | [101](#t5CAE) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 6. ](#tI6DS) <br> [DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#tI6DS) <br>|  | [101](#tI6DS) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [6.A. ](#t6DAS) <br> [DIRECTORS AND SENIOR MANAGEMENT](#t6DAS) <br>|  | [101](#t6DAS) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [6.B. ](#t6BCO) <br> [COMPENSATION](#t6BCO) <br>|  | [108](#t6BCO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [6.C. ](#t6BP) <br> [BOARD PRACTICES](#t6BP) <br>|  | [115](#t6BP) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [6.D. ](#t6DEM) <br> [EMPLOYEES](#t6DEM) <br>|  | [122](#t6DEM) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [6.E. ](#t6SO) <br> [SHARE OWNERSHIP](#t6SO) <br>|  | [123](#t6SO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [6.F. ](#t6DOA) <br> [DISCLOSURE OF A REGISTRANT'S ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION](#t6DOA) <br>|  | [132](#t6DOA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 7. ](#tI7MS) <br> [MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#tI7MS) <br>|  | [132](#tI7MS) |

---

i

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[**TABLE OF CONTENTS**](#TOC2)

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| | | |
|:---|:---|:---|
| | **Page**  | **Page**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [7.A. ](#t7MS) <br> [MAJOR SHAREHOLDERS](#t7MS) <br>|  | [132](#t7MS) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [7.B. ](#t7RPT) <br> [RELATED PARTY TRANSACTIONS](#t7RPT) <br>|  | [133](#t7RPT) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [7.C. ](#t7IOE) <br> [INTERESTS OF EXPERTS AND COUNSEL](#t7IOE) <br>|  | [133](#t7IOE) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 8. ](#tI8FI) <br> [FINANCIAL INFORMATION](#tI8FI) <br>|  | [133](#tI8FI) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [8.A. ](#t8CSA) <br> [CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION](#t8CSA) <br>|  | [133](#t8CSA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [8.B. ](#t8SC) <br> [SIGNIFICANT CHANGES](#t8SC) <br>|  | [136](#t8SC) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 9. ](#tI9TO) <br> [THE OFFER AND LISTING](#tI9TO) <br>|  | [137](#tI9TO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [9.A. ](#t9OAL) <br> [OFFER AND LISTING DETAILS](#t9OAL) <br>|  | [137](#t9OAL) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [9.B. ](#t9POD) <br> [PLAN OF DISTRIBUTION](#t9POD) <br>|  | [137](#t9POD) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [9.C. ](#t9CMA) <br> [MARKETS](#t9CMA) <br>|  | [137](#t9CMA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [9.D. ](#t9SS) <br> [SELLING SHAREHOLDERS](#t9SS) <br>|  | [137](#t9SS) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [9.E. ](#t9EDI) <br> [DILUTION](#t9EDI) <br>|  | [137](#t9EDI) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [9.F. ](#t9EOT) <br> [EXPENSES OF THE ISSUE](#t9EOT) <br>|  | [137](#t9EOT) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 10. ](#tI1AI) <br> [ADDITIONAL INFORMATION](#tI1AI) <br>|  | [137](#tI1AI) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [10.A. ](#t1SC) <br> [SHARE CAPITAL](#t1SC) <br>|  | [137](#t1SC) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [10.B. ](#t1AOA) <br> [ARTICLES OF ASSOCIATION](#t1AOA) <br>|  | [138](#t1AOA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [10.C. ](#t1MC) <br> [MATERIAL CONTRACTS](#t1MC) <br>|  | [145](#t1MC) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [10.D. ](#t1EC) <br> [EXCHANGE CONTROLS](#t1EC) <br>|  | [148](#t1EC) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [10.E. ](#t10TA) <br> [TAXATION](#t10TA) <br>|  | [149](#t10TA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [10.F. ](#t1DAP) <br> [DIVIDENDS AND PAYING AGENTS](#t1DAP) <br>|  | [165](#t1DAP) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [10.G. ](#t1SBE) <br> [STATEMENTS BY EXPERTS](#t1SBE) <br>|  | [165](#t1SBE) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [10.H. ](#t1DOD) <br> [DOCUMENTS ON DISPLAY](#t1DOD) <br>|  | [165](#t1DOD) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [10.I. ](#t1SI) <br> [SUBSIDIARY INFORMATION](#t1SI) <br>|  | [165](#t1SI) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [10.J. ](#t1ART) <br> [ANNUAL REPORT TO SECURITY HOLDERS](#t1ART) <br>|  | [165](#t1ART) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 11. ](#tI1QA) <br> [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#tI1QA) <br>|  | [165](#tI1QA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [11.A. ](#t1QIA) <br> [QUANTITATIVE INFORMATION ABOUT MARKET RISK](#t1QIA) <br>|  | [165](#t1QIA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [11.B. ](#t1QIA1) <br> [QUALITATIVE INFORMATION ABOUT MARKET RISK](#t1QIA1) <br>|  | [165](#t1QIA1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 12. ](#tI1DO) <br> [DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#tI1DO) <br>|  | [166](#tI1DO) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [12.A. ](#t1DS) <br> [DEBT SECURITIES](#t1DS) <br>|  | [166](#t1DS) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [12.B. ](#t1WAR) <br> [WARRANTS AND RIGHTS](#t1WAR) <br>|  | [166](#t1WAR) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [12.C. ](#t1OS) <br> [OTHER SECURITIES](#t1OS) <br>|  | [166](#t1OS) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [12.D. ](#t1ADS) <br> [AMERICAN DEPOSITARY SHARES](#t1ADS) <br>|  | [166](#t1ADS) |
| [Part II](#tPAII)  |  | [167](#tPAII) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 13. ](#tI1DD) <br> [DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#tI1DD) <br>|  | [167](#tI1DD) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 14. ](#tI1MM) <br> [MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#tI1MM) <br>|  | [167](#tI1MM) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 15. ](#tI1CA) <br> [CONTROLS AND PROCEDURES](#tI1CA) <br>|  | [167](#tI1CA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 16. ](#tI1R) <br> [\[RESERVED\]](#tI1R) <br>|  | [167](#tI1R) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [16.A. ](#t1ACF) <br> [AUDIT COMMITTEE FINANCIAL EXPERT](#t1ACF) <br>|  | [167](#t1ACF) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [16.B. ](#t1COE) <br> [CODE OF ETHICS](#t1COE) <br>|  | [167](#t1COE) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [16.C. ](#t1PAF) <br> [PRINCIPAL ACCOUNTANT FEES AND SERVICES](#t1PAF) <br>|  | [167](#t1PAF) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [16.D. ](#t1EFT) <br> [EXEMPTION FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#t1EFT) <br>|  | [167](#t1EFT) |

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[**TABLE OF CONTENTS**](#TOC3)

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|:---|:---|:---|
| | **Page**  | **Page**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [16.E. ](#t1POE) <br> [PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS](#t1POE) <br>|  | [167](#t1POE) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [16.F. ](#t1CIR) <br> [CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT](#t1CIR) <br>|  | [167](#t1CIR) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [16.G. ](#t1CG) <br> [CORPORATE GOVERNANCE](#t1CG) <br>|  | [167](#t1CG) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [16.H. ](#t1MSD) <br> [MINE SAFETY DISCLOSURE](#t1MSD) <br>|  | [167](#t1MSD) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [16.I. ](#t1DRF) <br> [DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#t1DRF) <br>|  | [167](#t1DRF) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [16.J. ](#t1ITP) <br> [INSIDER TRADING POLICIES](#t1ITP) <br>|  | [167](#t1ITP) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [16.K. ](#t16CY) <br> [CYBERSECURITY](#t16CY) <br>|  | [167](#t16CY) |
| [Part III](#tPAII1)  |  | [168](#tPAII1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 17. ](#tI1FS) <br> [FINANCIAL STATEMENTS](#tI1FS) <br>|  | [168](#tI1FS) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 18. ](#tI1FS1) <br> [FINANCIAL STATEMENTS](#tI1FS1) <br>|  | [168](#tI1FS1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ITEM 19. ](#tI1E) <br> [EXHIBITS](#tI1E) <br>|  | [168](#tI1E) |
| [SIGNATURES](#tSIG)  |  | [169](#tSIG) |
| [INDEX TO FINANCIAL STATEMENTS](#tITCC)  |  | [F-1](#tITCC) |

---

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#### LETTER FROM THE CHAIR

#### The Magnum Ice Cream Company N.V. ("TMICC")
Dear Shareholder,

The publication of this document marks a significant milestone in our journey as a company. Upon completion of the demerger from Unilever, we will begin a new chapter as The Magnum Ice Cream Company — an independent, global leader in ice cream with a legacy of delighting consumers for over a century.

Our mission is simple yet powerful: to turn everyday moments into lasting memories. As the world's largest independent pure-play ice cream company, we will be uniquely positioned to focus our energy and investment on this mission. We will move faster, innovate more boldly, and empower our teams to act with agility and ownership. This is not just a structural shift — it is a cultural one that will unlock the next chapter of growth.

TMICC is not just a business — it is also the home of entrepreneurs and brand-builders. Our culture is rooted in entrepreneurial spirit and creative ambition. From the bold vision behind Magnum's indulgent positioning; to Ben & Jerry's unique three-part mission, balancing product excellence, sustainable financial growth, and progressive social impact; to the universal appeal of Cornetto's iconic cone; and to the everyday joy delivered by our Heartbrand family, our portfolio reflects a deep understanding of what makes ice cream special. We are committed to creating magical moments and memories that bring people together around the world — and, in doing so, delivering commercial success for our shareholders.

Unilever announced its intention to separate its ice cream business in March 2024, borne out of a fundamental re-think of the business as an independent category champion, with a fit-for-purpose operating model and a strategic framework to deliver sustainable value to all stakeholders. Today, we are highly encouraged by the progress we have made so far and look ahead to the future with confidence.

At the heart of our growth agenda are our world-class RD&I capabilities and culture of innovation. Inheriting a century of history of defining the global ice cream market through bold innovations, our global and regional teams are driving breakthrough product development and market expansion, enabling us to respond quickly to consumer trends and unlock new growth opportunities across formats, occasions, and geographies.

To support our transformation, strengthen our profitability and enable re-investment, we are delivering a productivity programme targeting approximately €500 million in savings over the medium term. This programme is well underway to unlock efficiency through optimising our supply chain, right-sizing overheads, and adopting the right technology, each of which are already delivering visible improvements in margin and operational agility, with more to come.

The opportunity we have is significant. Ice cream is a category rich with emotion, indulgence, and growth potential. With our scale, multiple billion-dollar brand equities and global reach, we are strongly placed to lead the category into a next era, expanding into new markets, formats, and experiences. We will do so with discipline, creativity, and a relentless focus on value creation — the Ice Cream Way.

It is an honour to write to you today as Chair of TMICC. I am excited by the opportunity to help shape the future of this remarkable business with so much future potential. Ice cream is a category that brings joy to millions every day, and TMICC is uniquely positioned to lead with creativity, purpose and performance.

We are grateful to Unilever for its stewardship and support throughout this transition. To our shareholders, thank you for your trust and belief in our vision.

We are excited to build TMICC into the world's most admired ice cream company — and a world-class, independent business — one scoop at a time.

Yours sincerely,

#### Jean-François van Boxmeer Chair
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#### INTRODUCTION AND USE OF CERTAIN TERMS
As used in this registration statement, references to "**the Company**" are to The Magnum Ice Cream Company B.V. Shortly prior to Admission (as defined herein), the Company will be converted into a public company with limited liability under the laws of the Netherlands and renamed The Magnum Ice Cream Company N.V. Following the Demerger (as defined herein), The Magnum Ice Cream Company N.V. will be the ultimate holding company of the Group (as defined herein).

References to "**euro**" and "**€**" are to the common currency of the European Monetary Union, reference to "**Pounds Sterling**", "**pence**", "**£**" or "**p**" are to the lawful currency of the United Kingdom and references to "**USD**", "**$**", "**US dollar**", or "**cents**" are to the lawful currency of the United States.

The Company has prepared this registration statement to register the ordinary shares in the capital of the Company (the "**Shares**") under the United States Securities Exchange Act of 1934 (the "**US Exchange Act**"), in connection with the listing and trading of the Shares on the New York Stock Exchange ("**NYSE**") as a result of the Demerger (as defined herein). As of the date of this registration statement, the issued share capital of the Company comprises 50,000 shares with a nominal value of €1.00 each. As at Admission, it is expected that the Company's authorised share capital will amount to €7,875,000,000.00 divided into 2,250,000,000 Shares with a nominal value of €3.50 each. As at Admission, it is expected that the Company's issued share capital will comprise 612,259,739 Shares with a nominal value of €3.50 each.

The Company is furnishing this registration statement solely to provide information to holders of ordinary shares of Unilever (as defined below) ("**Unilever Shares**") and holders of American depositary shares of Unilever ("**Unilever ADSs**"), who will receive the Shares as part of the Demerger. You should not construe this registration statement as an inducement or encouragement to buy, hold or sell any of the Company's securities or any securities of Unilever. The Company believes that the information contained in this registration statement is accurate as of the date set forth on the cover. Changes to the information contained in this registration statement may occur after that date, and neither the Company nor Unilever undertakes any obligation to update the information except in the normal course of its public disclosure obligations and practices.

In addition, unless otherwise indicated or the context otherwise requires, the following definitions apply throughout this registration statement:

---

| | |
|:---|:---|
| "**Admission**"  | the admission of all of the Shares to listing and trading on the NYSE;  |
| "**Board**"  | the board of directors of the Company; |
| "**Combined Carve-Out Financial Statements**"  | the audited combined carve-out financial information of the Group as of and for the financial years ended 31 December 2024, 31 December 2023 and 31 December 2022, and as of 1 January 2022;  |
| "**Condensed Combined Carve-Out Financial Statements**" | the unaudited condensed combined carve-out financial statements of the Group for the first half ended 30 June 2025;  |
| "**CREST**"  | the system for the paperless settlement of trades in securities and the holding of uncertificated securities in accordance with the CREST Regulations operated by Euroclear UK;  |
| "**Demerger**"  | the demerger of the Ice Cream Business, to be effected by way of the Demerger Dividend to be satisfied by the transfer of the entire issued share capital of Magnum Holdco from Unilever to the Company in consideration for the issuance by the Company of Shares to each Unilever Shareholder and Unilever ADS Holder at the Record Time in proportion to their holding;  |

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| | |
|:---|:---|
| "**Demerger Dividend**"  | the interim *in specie* dividend proposed to be declared by the board of Unilever;  |
| "**Demerger Effective Time**"  | the time at which the Demerger becomes effective, to be announced by the Company;  |
| "**DI**" | a depository interest; |
| "**Directors**"  | the directors of the Company (including, where relevant, Josh Frank as a prospective director of the Company);  |
| "**EEA**"  | the European Economic Area; |
| "**ESCC**"  | the Equity Shares (Commercial Companies) category of the Official List of the FCA;  |
| "**EU Member State" or "Member State**"  | a member state of the European Union; |
| "**FCA**"  | the UK Financial Conduct Authority; |
| "**Financial Statements**"  | the Combined Carve-Out Financial Statements and the Condensed Combined Carve-Out Financial Statements;  |
| "**Group**"  | (i) prior to 1 July 2025 (being the principal date for completion of the Reorganisation), the Ice Cream Business; (ii) from 1 July 2025 and prior to the Demerger, the Magnum Holdco Group; and (iii) following the Demerger and Admission, the Company and its consolidated subsidiaries. References to a "**Group Company**" mean any one member of the Group, in each case as the context may require;  |
| "**GTSA**"  | the global transitional services agreement to be entered into following the Reorganisation between Unilever Europe Business Center B.V. and Magnum ICC Global Services B.V.;  |
| "**Ice Cream Business**"  | &nbsp;&nbsp;&nbsp; the business to be separated from the Unilever Group with respect to: <br> • the researching and developing of ice cream products; <br>• the franchising of operations related to the marketing, distribution and sale of ice cream products; <br>• the marketing, distributing and selling of ice cream products; <br>• the ownership, maintenance, sale, distribution, lending and/or leasing of ice cream freezer cabinets; and <br>• the manufacturing, procuring, producing, packaging, packing and storage of ice cream products; <br>|
| "**IFRS**"  | International Financial Reporting Standards; |
| "**LSE**"  | the London Stock Exchange plc or the market conducted by it, as the context requires;  |
| "**Magnum Holdco**"  | The Magnum Ice Cream Company HoldCo Netherlands B.V.;  |
| "**Magnum Holdco Group**"  | Magnum Holdco, Magnum ICC US HoldCo, LLC and each of their respective subsidiaries from time to time and PT Unilever Indonesia Tbk (in respect of the Ice Cream Business operated by it), and "**Magnum Holdco Group Company**" means any one of them;  |
| "**Main Market**"  | the LSE's main market for listed securities; |

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| | |
|:---|:---|
| "**Record Time**"  | the record time for the Demerger Dividend, to be announced by the Company;  |
| "**Reorganisation**"  | the legal separation of the Ice Cream Business, which will be achieved through: (i) the incorporation and reorganisation of the Group Companies to form a stand-alone group of companies within the wider Unilever Group; and (ii) the transfer by the Unilever Group of those assets (including intellectual property rights) and liabilities that comprise the Ice Cream Business to the Group (as further described herein);  |
| "**SEC**"  | the US Securities and Exchange Commission; |
| "**Sponsors' Agreement**"  | the sponsors' agreement to be entered into prior to Admission between the Company and the Financial Advisers and Joint Sponsors;  |
| "**Tax Opinion**"  | opinion of Unilever's tax adviser, Linklaters LLP; |
| "**Unilever**"  | Unilever PLC, a public limited company incorporated and registered in England and Wales with registration number 00041424 and its registered office address at Port Sunlight, Wirral, Merseyside CH26 4ZD;  |
| "**Unilever ADS Holder**"  | a holder of Unilever ADSs as at the Record Time; |
| "**Unilever ADS Programme**"  | the American Depositary Share programme operated by Unilever in respect of certain Unilever Shares from time to time;  |
| "**Unilever Group**"  | Unilever and its consolidated subsidiaries; |
| "**Unilever Shareholder**"  | a holder of Unilever Shares who is registered on the Unilever register of members at the Record Time, but excluding (i) Unilever itself in respect of Unilever shares held in treasury and (ii) Deutsche Bank Trust Company Americas in its capacity as depositary bank under the Unilever ADS Programme;  |
| "**United Kingdom**" or "**UK**"  | the United Kingdom of Great Britain and Northern Ireland;  |
| "**United States**" or "**US**"  | the United States of America; |
| "**United States Internal Revenue Code**" or "**Code**" | the U.S. Internal Revenue Code of 1986; |
| "**US Exchange Act**"  | the U.S. Securities Exchange Act of 1934; |
| "**US Securities Act**"  | the U.S. Securities Act of 1933; and |
| "**US Transfer Agent**"  | Computershare Trust Company, N.A. |

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#### PRESENTATION OF FINANCIAL AND OTHER INFORMATION

#### Financial Information
The financial information contained in this registration statement includes: (i) the audited combined carve-out financial information of the Group as of and for the financial years ended 31 December 2024 ("**FY2024**"), 31 December 2023 ("**FY2023**") and 31 December 2022 ("**FY2022**"), and as of 1 January 2022 (the "**Combined Carve-Out Financial Statements**"); (ii) the unaudited condensed combined carve-out financial information of the Group as of and for the first half ended 30 June 2025 ("**HY2025**") and 30 June 2024 ("**HY2024**") (the "Condensed Combined Carve-Out Financial Statements" and, together with the Combined Carve-Out Financial Statements, the "**Financial Statements**"); and (iii) the unaudited pro forma combined carve-out financial information as of and for HY2025 and FY 2024 illustrating the estimated effects of the Demerger on the Group (the "**Unaudited Pro Forma Combined Carve-Out Financial Information**").

The Financial Statements have been prepared in accordance with International Financial Reporting Standards ("**IFRS**") as adopted by the European Union and as issued by the International Accounting Standards Board ("**IASB**").

The Combined Carve-Out Financial Statements have been audited by KPMG LLP ("**KPMG**"), an independent registered public audit firm whose registered address is at 15 Canada Square, Canary Wharf, E14 5GL London, United Kingdom. KPMG LLP is a member of the Institute of Charted Accountants of England and Wales.

The Condensed Combined Carve-Out Financial Statements have been prepared in accordance with IAS 34 '*Interim Financial Reporting*' as adopted by the European Union and as issued by the IASB.

The unaudited pro forma income statements of the Group have been prepared to illustrate the impact of the Demerger on the income statement of the Group as if it had taken place on 1 January 2024. The unaudited pro forma balance sheet of the Group has been prepared to illustrate the impact of the Demerger on the net assets of the Group as if it had taken place on 30 June 2025.

#### Basis of Preparation
The Financial Statements have been prepared on a combined carve-out basis from Unilever's consolidated financial statements on a going concern basis and under the historical cost convention, for FY2024, FY2023, FY2022, HY2025 and HY2024. Unilever's consolidated financial statements were prepared in accordance with IFRS as adopted by the United Kingdom and as issued by the IASB and Unilever's condensed consolidated financial statements were prepared in accordance with IAS 34 as issued by the IASB.

Historically, the Group's business was conducted through separate legal entities within the holding structure of Unilever. The Group did not exist as a single reporting group and no (statutory) consolidated financial statements were prepared previously.

The Financial Statements do not necessarily reflect the Group's financial position, results of operations or cash flows had it been a separate entity, or the future results of the Group as it will exist upon completion of the Demerger, given it was not an independently operating business during the periods covered by the Financial Statements.

#### Non-IFRS Measures
Certain discussions and analyses set out in this registration statement include measures that are not defined under IFRS. Management believes this information, along with comparable IFRS financial measurements, is useful to investors because it provides a basis for measuring the Group's operating performance. The Group's management uses these financial measures, along with the most directly comparable IFRS financial measures, in evaluating the Group's operating performance and value creation. Non-IFRS financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with IFRS. Wherever appropriate and practical, reconciliations to comparable IFRS financial measures are provided. For the explanation and a reconciliation of the closest measures prepared in accordance with IFRS to the applicable non-IFRS financial measures, see in "*Item 5. Operating and Financial Review*—*5.A. Operating* 

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 *Results—Description of Non-IFRS Financial Measures" and "Item 5. Operating and Financial Review—5.A. Results of Geographical Operating Segments—Reconciliation of Non-IFRS Financial Measures".* 

#### Rounding and Negative Amounts
Certain figures in this registration statement, including financial data, have been rounded. Accordingly, figures shown for the same category presented in different tables may vary slightly and figures shown as totals in certain tables may not be an exact arithmetic aggregation of the figures which precede them.

In preparing the financial information included in this registration statement, most numerical figures are presented in millions of euro. For the convenience of the reader of this registration statement, certain numerical figures in this registration statement are rounded to the nearest million. Accordingly, figures shown for the same category presented in different tables may vary slightly, and figures shown as totals in certain tables may not be an exact arithmetic aggregation of the figures which precede them.

The percentages (as a percentage of revenue and period-on-period percentage changes) presented in the textual financial disclosure in this registration statement are derived directly from the financial information included elsewhere in this registration statement. Such percentages may be computed on the numerical figures expressed in millions of euro. Therefore, such percentages are not calculated on the basis of the financial information in the textual disclosure that has been subjected to rounding adjustments in this registration statement.

In tables, negative amounts are shown in parentheses. Otherwise, negative amounts are shown by "-" or "negative" before the amount.

#### Controls over the Preparation of the Combined Carve-Out Financial Statements
The Unilever Group has established internal controls over financial reporting to prevent or detect material misstatements in the context of the Unilever Group's consolidated financial statements. Given the demerger of the Ice Cream Business, additional controls were implemented in anticipation of the preparation of the Combined Carve-Out Financial Statements and the much lower materiality threshold applicable to the Ice Cream Business. As part of the preparation of the Combined Carve-Out Financial Statements, a material weakness was identified because a small number of control activities were not precise enough to prevent or detect all material misstatements. As a result of this material weakness, two material misstatements were not detected during the preparation of the Combined Carve-Out Financial Statements, though these misstatements were detected and corrected prior to the finalisation of the Combined Carve-Out Financial Statements.

The control weaknesses related specifically to the process to prepare the Combined Carve-Out Financial Statements and Condensed Combined Carve-Out Financial Statements. On 1 July 2025, the Ice Cream Business was largely internally separated into dedicated legal entities such that the financial statements will be consolidated from those entities instead of carved-out from comingled Unilever legal entities, and those controls will no longer be relevant or required. The Group is in the process of designing and implementing appropriate internal controls and processes to ensure compliance with the financial reporting and disclosure requirements applicable in each of the jurisdictions in which it will be listed. Accordingly, it is not expected this material weakness will continue once the appropriate internal controls and processes have been implemented as noted above. For the avoidance of doubt, these findings were specific to the carve-out process and to the lower materiality pertaining to the Ice Cream Business, and did not represent a weakness in the Unilever Group control framework.

#### Unilever's Interest in the Company
As of 29 October 2025 (the "**Latest Practicable Date**"), the Unilever Group's 100 per cent. interest in the Company is held by Unilever International Holdings B.V., a wholly-owned subsidiary of Unilever PLC, representing 100 per cent. of the voting rights in the Company.

Immediately following Admission, it is anticipated that Unilever will hold (directly or indirectly) an interest of approximately 19.9 per cent. in the Company.

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#### No Incorporation of Website Information
Other than in the case of hyperlinks to documents which are to be incorporated by reference into this Registration Statement, the contents of any website mentioned in this registration statement or any website, directly or indirectly, linked to these websites have not been verified and do not form part of this registration statement, and information contained therein should not be relied upon.

#### Market and Industry Data
This registration statement includes estimates regarding market and industry data. Unless the source is otherwise stated, information concerning the ice cream industry and the geographic markets in which the Group operates, including its general expectations, market position and market opportunity, are based on the Group's estimates and analyses, using underlying data from independent third parties. Such data includes market research, consultant surveys, publicly available information and industry publications and surveys, as well as the Group's own proprietary data. Estimates based on this data involve risks and uncertainties and are subject to change based on various factors. This registration statement includes information and estimates that are derived from the following third-party sources:

• BartChart, ICE NY Cocoa futures, January 2025;

• Euromonitor, Fridge Freezer volumes, 2010 – 2024, February 2025;

• Euromonitor, Fridge Freezer penetration, 2018 – 2024, February 2025;

• Euromonitor, Ice Cream, Retail and Foodservice per country data, 2010 – 2024, February 2025;

• Euromonitor, Ice Cream Retail by Channel per country data, 2010 – 2024, February 2025;

• Euromonitor, Ice Cream, Retail — E-commerce per country data, 2010 – 2024, February 2025;

• EvaluatePharma, GLP-1 forecast, Q3 2024;

• Flywheel Edge, Ice Cream GMV per country, 2018 – 2029, October 2024;

• GlobalData, Ice Cream, Foodservice — Product by Channel, 2013 – 2024, January 2025;

• GlobalData, Ice Cream, Retail — Segment Insights, 2013-2024, extracted January 2025;

• International Monetary Fund, World Economic Outlook Database, GDP 2010 – 2029, Population 2010-2029, October 2024;

• International Monetary Fund, World Economic Outlook Database, Population 2010 – 2029, October 2024; and

• The No-Hunger Games: How GLP-1 Medication Adoption is Changing Consumer Food Purchases, 27 December 2024.

Statements based on the Group's own estimates, insights, opinions or proprietary information contain words such as "believe", "expect" and "see" and as such do not purport to cite, refer to or summarise any independent third-party source, and should not be so read.

In some cases, statements relating to the value of the Group's markets, market size or market position have been made on the basis of retail sales to consumers in relevant geographical markets in 2024, as reported by:

• Euromonitor Snacks 2026 edition, Retail Value Sales at retail selling prices;<sup>1</sup>

• NIQ FY24 Data at retail selling prices; and

• Circana CY'24 Sales.

<sup>1</sup>

Retail Value Sales in this Registration Statement are expressed as retail selling prices ("**RSP**") or manufacturing selling prices, per Euromonitor's methodology. RSP is the retail selling price (i.e. sales at end price to consumers), inclusive of all retailer and wholesaler mark-ups and any applicable sales tax (except in the US and Canada) and excise taxes. Manufacturing selling price refers to the ex-factory price charged by manufacturers, excluding sales tax, VAT, and retailer and wholesaler mark-ups.

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Where information is cited directly to a specific third-party source, this indicates that the information has been replicated in this document without adjustment by the Company. Where information is cited to Company analysis based on a specific third-party source, this indicates that the Company has applied some level of analysis to the relevant source in order to substantiate the relevant statement. For example, when relying upon data provided by Euromonitor's 2024 RSP Sales at retail selling prices, the Group has adjusted the data to reflect the true economic ownership of manufacturing in each market where a competing brand has split ownership globally between multiple economic owners. In some instances, however, brands are owned by one company and licensed to another company which receives the majority of the economic benefit. Therefore, when relying upon data provided by Euromonitor's 2024 RSP Sales at retail selling prices, the Group has adjusted the data to reflect the true economic ownership of manufacturing in each market where a competing brand has split ownership globally between multiple economic owners through the use of licensing arrangements. The Group believes this provides a more accurate picture of its position in a given market because the data more accurately attributes sales to the company receiving the economic benefit of the sales attributable to a brand in a specific region. Similarly, where data is based on manufacturing selling prices, the Group has converted this data to retail selling prices, which is the basis on which it normally analyses its geographic markets.

The Group confirms that all third-party information contained in this registration statement has been accurately reproduced and, as far as the Group is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information provided inaccurate or misleading. Where third-party data has been used in this registration statement, the source of such information has been identified. Industry publications and market studies generally state that their information is obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed and that the projections that they contain are based on a number of significant assumptions. The Group believes that such industry statistics and market data are true, but it has not independently verified the information or any of the underlying assumptions.

Data regarding the various markets and geographies in which the Group competes and its market position and market share within these markets and geographies are inherently imprecise and are subject to significant business, economic and competitive uncertainties, but the Group believes they generally indicate its size, position and market share. In addition, assumptions and estimates of the Group's and the Group's markets' and geographies' future performance are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause the Group's future performance to differ materially from its assumptions and estimates.

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#### CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This registration statement may contain forward-looking statements, including forward-looking statements concerning the financial condition, results of operations and businesses of the Group. All statements other than statements of historical fact are, or may deemed to be, forward-looking statements. Words such as "will", "aim", "expects", "anticipates", "intends", "looks", "believes", "vision", "ambition", "target", "goal", "plan", "potential", "work towards", "may", "milestone", "objectives", "outlook", "probably", "project", "risk", "seek", "continue", "projected", "estimate", "achieve" or the negative of these terms, and other similar expressions of future performance or results and their negatives, are intended to identify such forward-looking statements. Forward-looking statements also include, but are not limited to, statements and information regarding the Group's future financial performance, the Group's supply chain transformation programme, and emissions reduction targets and other climate change related matters (including actions, potential impacts and risks associated therewith). These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Group. They are not historical facts, nor are they guarantees of future performance or outcomes. All forward-looking statements contained in this document are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements.

Because these forward-looking statements involve known and unknown risks and uncertainties, a number of which may be beyond the Group's control, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements included in this Registration Statement include those discussed in "*Risk Factors*", such as:

• the Group's global brands not meeting consumer preferences;

• the Group's ability to innovate and remain competitive;

• the Group's investment choices in its portfolio management;

• the effect of climate change on the Group's business;

• significant changes or deterioration in customer relationships;

• the recruitment and retention of talented employees;

• disruptions in the Group's supply chain and distribution;

• risks relating to the GTSA and the Group's reliance on the Unilever Group;

• increases or volatility in the cost of raw materials and commodities;

• the Group's ability to maintain secure and reliable IT infrastructure;

• economic, social and political risks and natural disasters;

• financial risk; and

• the Group's management of regulatory, tax and legal matters.

The forward-looking statements are based on the Group's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Group. Forward-looking statements are not predictions of future events. These beliefs, assumptions, and expectations can change as a result of many possible events or factors, not all of which are known to the Group. If a change occurs, the Group's business, financial condition, liquidity and results of operations may vary materially from those expressed in its forward-looking statements.

The forward-looking statements speak only as of the date of this registration statement. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. New risks and uncertainties arise over time, and it is not possible for the Group to predict those events or how they may affect it. In addition, the Group cannot assess the impact of each

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factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

When evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, as well as the risk factors relating to the Group's business, industry and the Demerger that are set out in "*Item 3. Key Information—3.D. Risk Factors*".

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#### REORGANISATION AND DEMERGER

#### Introduction
On 19 March 2024, Unilever announced a proposal to separate its Ice Cream Business into an independent group with the goal of setting the Ice Cream Business up for success and offering the best opportunity for its future growth. After a review of separation options, on 13 February 2025 Unilever announced that such separation would take place by way of the Demerger, and that the Company would seek listings on Euronext Amsterdam, the London Stock Exchange and the New York Stock Exchange.

#### Reorganisation

#### Establishment of the Group
In preparation for the Demerger, the Ice Cream Business was legally separated from the other parts of the Unilever Group. On completion of the Demerger, the Company will become the holding company of the Group. This section describes in more detail the steps taken to achieve this legal separation and the steps that have been and will be taken to carry out the Demerger.

This legal separation has been achieved through: (i) the incorporation and reorganisation of the Group Companies to form a stand-alone group of companies within the wider Unilever Group; and (ii) the transfer by the Unilever Group of those legal entities, assets (including intellectual property rights) and liabilities that comprise the Ice Cream Business to the Group (as further described below) (the "**Reorganisation**"). In the period between 1 July 2025 (being the principal date on which the Reorganisation was completed) and the date of this registration statement, members of the Unilever Group and the Group have entered into a number of transitional arrangements pursuant to which both corporate groups will provide certain services to the other, including the Global Transitional Services Agreement (the "**GTSA**"), which has an effective date of 1 July 2025, and operating model agreements (the "**Local OMAs**"). In certain territories it has been necessary for the relevant local separation to be deferred until after 1 July 2025 (as further described below).

The structure chart below shows the simplified structure of the Group expected at Admission:

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

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Notes:

(1) The Company was incorporated as a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) under the laws of the Netherlands. Shortly prior to Admission, the Company will be converted into a public company with limited liability (*naamloze vennootschap*) under the laws of the Netherlands and renamed The Magnum Ice Cream Company N.V.

(2) All lines denote 100 per cent. ownership other than with respect to "Group Companies" which includes some companies in which third parties hold an ownership interest.

(3) Jurisdiction of incorporation has been indicated following company names.

(4) Simplified structure chart: some holding companies have been omitted.

#### Overview
Prior to the Reorganisation, the Ice Cream Business was owned by legal entities within the Unilever Group. The purpose of the Reorganisation was to legally separate the Ice Cream Business from other parts of the Unilever Group (notwithstanding the operation of the GTSA and Local OMAs), so that the Group owns the relevant legal entities, assets (including intellectual property rights) and liabilities that comprise the Ice Cream Business. In each relevant territory, the Reorganisation was implemented on or prior to 1 July 2025, save in respect of certain territories in which the Reorganisation was or will be implemented subsequent to such date (as further described below).

The Reorganisation was undertaken in three principal ways:

• in territories where the Ice Cream Business was conducted by one or more members of the Unilever Group (such members, "**Unilever Group Companies**") that conducted substantial business other than the Ice Cream Business (such as the manufacture, distribution and sale of products other than ice cream products in that territory (each an "**Asset Sale Territory**")), such Unilever Group Companies transferred those assets that they owned which exclusively related to the Ice Cream Business, as well as related liabilities (subject to specific exclusions) to a Group Company. Transfers of the relevant assets and liabilities in the Asset Sale Territories were completed by way of either a statutory transfer mechanism (such as a demerger or scheme of arrangement) governed by the law of the relevant territory or a contractual transfer. Completion of the asset transfers principally took place on or before 1 July 2025, save for: (i) any assets for which the formalities of transfer meant that such transfer could only complete after 1 July 2025; (ii) certain Asset Sale Territories in which all or part of the transfer of the relevant assets completed between 1 July 2025 and the date of this registration statement; and (iii) the Deferred Territories, details of which are described below;

• in territories where the Ice Cream Business was conducted by a Unilever Group Company (or several Unilever Group Companies) that conducted no, or only limited, business other than Ice Cream Business (the "**Share Sale Territories**"), the entire share capital of that legal entity (or legal entities) was transferred to a Group Company either directly pursuant to a contractual transfer or via a series of distributions and transfers between certain Unilever Group Companies and Group Companies. Where the relevant legal entity carried on a material amount of business other than Ice Cream Business, the assets and liabilities relating to that other business were transferred to another Unilever Group Company before the share capital of that legal entity was transferred to a Group Company. Completion of the transfers of the share capital held by the relevant Unilever Group Companies took place on or before 1 July 2025, save for certain Share Sale Territories in which the transfer of the relevant share capital completed between 1 July 2025 and the date of this registration statement; and

• in territories where the Ice Cream Business was conducted by more than one Unilever Group Company, with some legal entities conducting no, or only limited business other than Ice Cream Business and other legal entities conducting Ice Cream Business as well as a substantial amount of non-Ice Cream Business ("**Mixed Sale Territories**"), the legal entities that conducted substantial business other than Ice Cream Business were treated in the way described above for legal entities in Asset Sale Territories, and legal entities that conducted no, or only limited business other than Ice Cream Business were treated in the way described above for legal entities in Share Sale Territories. Completion of the transfers in the Mixed Sale Territories took place on or before 1 July 2025, save for certain Mixed Sale Territories in which all or part of the relevant transfer completed between 1 July 2025 and the date of this registration statement.

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No Ice Cream Business in Russia was transferred to the Group pursuant to the Reorganisation, Unilever having disposed of its businesses in Russia in 2024.

The consideration payable by the relevant Group Companies to the relevant Unilever Group Companies arising from the Reorganisation transfers described above was generally calculated on the basis of a third-party valuation exercise, save for certain territories in which the consideration was calculated on a different basis (such as the net book value of the relevant assets and liabilities), including in transfers that involved the use of a statutory transfer mechanism (such as a demerger). Except where prohibited by applicable law, where cash consideration was payable by a Group Company to a Unilever Group Company, such consideration was initially left outstanding on intercompany account, but prior to completion of the Demerger will be (in part) consolidated and (in part) settled from the proceeds of the third-party financing described in "*Item 5. Operating and Financial Review and Prospects—5.B. Liquidity and Capital Resources—Capital Resources and Indebtedness*" and (in part) capitalised.

#### Deferred Territories
In certain territories, it will be necessary for the completion of the separation of the Ice Cream Business and its transfer to the Group to occur after completion of the Demerger ("**Deferred Territories**"), including:

#### Indonesia
In Indonesia, the transfer by the relevant Unilever Group Company (PT Unilever Indonesia Tbk, a company listed on the Indonesian Stock Exchange) of those assets that relate exclusively to the Ice Cream Business, as well as any relevant related liabilities, will take place by means of a transfer of assets and liabilities in the way described above for legal entities in Asset Sale Territories pursuant to a business transfer agreement dated 22 November 2024 (the "**Indonesia Transfer**"). The relevant assets and liabilities will be transferred from PT Unilever Indonesia Tbk to a Group Company (PT The Magnum Ice Cream Indonesia, a wholly-owned indirect subsidiary of the Company) on the first business day following completion of the Demerger (or such other date as may be agreed) in order to comply with local regulations relating to related party transactions. PT The Magnum Ice Cream Indonesia will not be listed on the Indonesian Stock Exchange or any other exchange.

At the date of signing the business transfer agreement, PT Unilever Indonesia Tbk and PT The Magnum Ice Cream Indonesia were both Unilever Group Companies and affiliated parties under Indonesian law. Accordingly, PT Unilever Indonesia Tbk, as a listed company in Indonesia, obtained shareholder approval, including the approval of minority shareholders (holding in aggregate approximately 15 per cent. of PT Unilever Indonesia Tbk), for the Indonesia Transfer at shareholder meetings held on 14 January 2025. When the relevant assets and liabilities are transferred, PT Unilever Indonesia Tbk and PT The Magnum Ice Cream Indonesia will no longer be affiliated parties. Certain transitional intellectual property licensing arrangements were put in place between the Unilever Group and the Group on 1 July 2025 and will apply until the completion of the Indonesia Transfer (described in more detail in "—*Intellectual Property Agreements—Transitional and country-specific intellectual property arrangements*" below).

 *The consideration payable by the Group to the Unilever Group in respect of the Indonesia Transfer will be funded, either in whole or in part (with the remainder to be funded by cash flows generated from the Group's operations) from the proceeds of the Term Loan Facilities Agreement, described in "Item 5. Operating and Financial Review—5.B. Liquidity and Capital Resources—Capital Resources and Indebtedness—Term loan facilities".* 

Unilever's Ice Cream Business in Indonesia has been included in the Combined Carve-Out Financial Statements presented in "*Item 18. Financial Statements*".

#### India
In India, the relevant Unilever Group Company (Hindustan Unilever Limited, a company listed on the Bombay Stock Exchange and the National Stock Exchange of India) is undertaking a demerger of the business, undertakings, activities, operations and properties that relate to its Ice Cream Business in India as a going concern into a stand-alone entity, Kwality Wall's (India) Limited ("**Kwality Wall's India**"), which is

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expected to be listed on the Bombay Stock Exchange and the National Stock Exchange of India (the "**India Demerger**"). As of the date of this registration statement and subject to receipt of the requisite approvals in India from statutory and regulatory authorities, the India Demerger is expected to become effective by January 2026 and Kwality Wall's India is expected to start trading on the Bombay Stock Exchange and National Stock Exchange of India by April 2026.

Upon completion of the India Demerger, certain legal entities within the Unilever Group will be issued one equity share in Kwality Wall's India for every equity share held in Hindustan Unilever Limited on a record date to be fixed by the Boards of Hindustan Unilever Limited and Kwality Wall's India in accordance with the terms of the demerger scheme. This would result in approximately 61.9 per cent. of the issued equity shares in Kwality Wall's India being owned by Unilever Group Companies. These Unilever Group Companies have entered into an agreement with certain Group Companies to sell all of the Kwality Wall's India shares received by such Unilever Group Companies pursuant to the India Demerger to The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. (the "**Kwality Wall's Purchase Agreement**"). Completion of the sale of the shares in Kwality Wall's India pursuant to the Kwality Wall's Purchase Agreement is subject to certain conditions precedent including completion of the India Demerger and the India Tender Offer (see below).

In accordance with Indian law, before The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. can complete its acquisition of the Unilever Group's shares in Kwality Wall's India, those Group Companies must launch a tender offer in India to the minority shareholders of Kwality Wall's India (the "**India Tender Offer**"). In accordance with applicable law and the terms of the India Tender Offer, those Group Companies will be required to make an offer to the minority shareholders of Kwality Wall's India to acquire at least 26 per cent. of the issued share capital in Kwality Wall's India, at a price which is the higher of the fair value of Kwality Wall's India and the price to be paid to the Unilever Group under the Kwality Wall's Purchase Agreement. If, as a result of the number of Kwality Wall's India shares tendered under the India Tender Offer, the Group Companies were to collectively hold more than 75 per cent. of the shares in Kwality Wall's India, to maintain Kwality Wall's India's listings, the Group Companies would be required, within a period of one year, to ensure that their shareholding in Kwality Wall's India was reduced to not more than 75 per cent.

The consideration payable by Group Companies pursuant to the Kwality Wall's Purchase Agreement and, if required, the India Tender Offer will be funded from the proceeds of the Term Loan Facilities Agreement, described in "*Item 5. Operating and Financial Review—5.B. Liquidity and Capital Resources—Capital Resources and Indebtedness—Term loan facilities*". As at the date of this registration statement, the India Demerger has been approved by the requisite majorities of Hindustan Unilever Limited's shareholders and creditors and by the National Company Law Tribunal in India but remains subject to approval by the Securities and Exchange Board of India, BSE Limited and the National Stock Exchange of India Limited.

The Company can provide no assurances and there is no certainty that the transactions contemplated by the India Demerger and the Kwality Wall's Purchase Agreement will complete or as to the timing of their completion, as such transactions are subject to certain conditions (including the approvals referred to above). Accordingly, there is no certainty that Unilever's Ice Cream Business in India will be owned by the Group in the future and such business has not been included in the Combined Carve-Out Financial Statements presented in "*Item 18. Financial Statements*". However, the IP royalties historically paid by the Ice Cream Business in India to the Unilever Group have been recognised in the Group's revenue and operating profit (HY2025: €9 million; HY2024: €9 million; FY2024: €16 million; FY2023: €12 million; and FY2022: €9 million).

#### Portugal
Unilever Fima, Lda. ("**Unilever Fima**") (a Unilever Group Company indirectly held 55 per cent. by the Unilever Group) has agreed to sell its Ice Cream Business in Portugal to The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. ("**TMICC Holdco 1**") (the "**Portugal Transaction**"). The Portugal Transaction comprises:

• the demerger of Unilever Fima's ice cream marketing and sales operations business in Portugal (the "**Portugal MSO Business**") to UL Ice Cream Comercial, Lda. ("**IC MSO Portugal**"), a newly incorporated entity owned by the shareholders of Unilever Fima (the "**Portuguese Demerger**"). The plan for the Portuguese Demerger was registered with the Portuguese Commercial Registry on 30 October 2025, and the Portuguese Demerger is expected to become effective by the first quarter of 2026;

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

• the sale of IC MSO Portugal (comprising the Portugal MSO Business) to TMICC Holdco 1 (the "**Portugal Share Sale**") following completion of the Portuguese Demerger pursuant to a sale and purchase agreement entered into on 18 October 2025 (the "**Portugal SPA**"). Following the completion of the Portugal Transaction, the Group would own 100 per cent. of IC MSO Portugal; and

• the sale of the ice cream sourcing unit business operating at the factory site in Santa Iria de Azóia by Fima Olá — Produtos Alimentares, S.A. to a company to be incorporated, expected to be named UL Ice Cream Manufacturing, Lda. (which will be a wholly-owned subsidiary of IC MSO Portugal) (the "**Portugal Asset Sale**") following completion of the Portugal Share Sale pursuant to an asset purchase agreement entered into on 18 October 2025 (the "**Portugal APA**").

Completion of the Portugal Share Sale has not yet taken place and is subject to customary conditions precedent relating to regulatory and other approvals, including completion of the Portuguese Demerger and Admission having taken place. Completion of the Portugal Asset Sale has also not taken place and is also subject to customary conditions precedent, including receipt of certain licences to operate and completion of the Portugal Share Sale. The Portugal Share Sale is expected to complete during the first half of 2026, whilst the Portugal Asset Sale is expected to complete within three years, given the time-period expected to receive the relevant licenses. The consideration payable under the Portugal APA will be paid at the time of completion of the Portugal Share Sale (subject to customary adjustments at the time of completion of the Portugal Asset Sale), such amount to be refundable to the extent that the Portugal Asset Sale does not complete prior to the specified long-stop date.

The consideration payable by the Group for the Portugal Transaction is based on an enterprise value for Unilever's Ice Cream Business in Portugal of €165,000,000, subject to customary completion adjustments. The consideration payable by the Group pursuant to the Portugal SPA and the Portugal APA will be funded from the Working Capital Term Loan Facility, please see "*Item 5. Operating and Financial Review—5.B. Liquidity and Capital Resources—Capital Resources and Indebtedness—Term loan facilities*" for more information.

TMICC Holdco 1 has agreed to indemnify the sellers of IC MSO Portugal in respect of certain losses they and/or UL Fima may suffer as a result of the Portuguese Demerger and the Portugal Share Sale.

The Company can provide no assurances and there is no certainty that the Portuguese Demerger, the Portugal Share Sale or the Portugal Asset Sale will complete or as to the timing of their completion, as such transactions are subject, in the case of the Portuguese Demerger, to registration with the Portuguese Commercial Registry and, in the case of the Portugal Share Sale and the Portugal Asset Sale, to certain conditions (including receipt of certain licences to operate). Accordingly, there is no certainty that Unilever's Ice Cream Business in Portugal will be owned by the Group in the future and such business has not been included in the Financial Statements presented in "*Item 18. Financial Statements*".

#### TSAs and Interim Operating Models
The Group and the Unilever Group have entered into certain transitional arrangements (including the GTSA) and "interim operating model" arrangements (being the Local OMAs which apply in different markets). Local transitional services falling outside the scope of the Local OMAs and the GTSA are provided under separate, additional local transitional services agreements ("**Local TSAs**"), but are also listed in the GTSA. These arrangements have been entered into in order to ensure that the Group can continue to operate its business while it develops the capacity to operate independently of the Unilever Group. For further information on the GTSA, please refer to "*Item 10. Additional Information—10.C. Material Contracts*".

Under the terms of the GTSA and the Local OMAs, the Group is required to exit such arrangements as soon as practicable, pursuant to applicable early termination rights. There is no automatic right to extend the duration of services; extensions may be granted at the sole discretion of Unilever. The GTSA will automatically terminate when the last service provided in accordance with the agreement is terminated, and the Local OMAs have a fixed term which in all cases will not exceed 30 months.

The Local OMAs include undisclosed agency agreements, strategic management agreements, product sale agreements, strategic consultancy agreements and Local TSAs. The principal provisions of each respective

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type of Local OMA are set out below. However, the specific provisions of each agreement may vary slightly from territory to territory.

#### Undisclosed agency agreements
Under each undisclosed agency agreement, the relevant local Unilever Group Company is appointed as an undisclosed agent of the relevant local Group Company and given authority to sell finished ice cream products to customers and distributors as an agent of the Group.

Pursuant to the undisclosed agency agreements, the relevant local Unilever Group Company retains contracts with customers for sales of ice cream products but makes such sales under the instruction and on behalf of the relevant local Group Company. The relevant local Unilever Group Company continues to own the legal title to the goods which are sold to customers, until it transfers title to the relevant local Group Company immediately before sale under a separate product sale agreement.

The relevant Unilever Group Company will continue to collect all revenue relating to the Ice Cream Business (on behalf of, and for repatriation to, the Group) under this model. The local Unilever Group Company provides the proceeds of sale to the relevant local Group Company after deducting a commission for undisclosed agency services (and other costs). The agreement also provides for the performance of local activities by Unilever Group Company(ies) that are ancillary to the sale of goods (e.g. customer services, marketing, etc.).

#### Strategic management agreements
Under each strategic management agreement, the relevant Group Company provides strategic management and oversight to the relevant Unilever Group Company in relation to the operation of the Ice Cream Business and the relevant Unilever Group Company is authorised by the relevant Group Company to sell ice cream products to customers on behalf of the relevant local Group Company. Strategic management agreements are put in place at a global level (i.e. between a local Unilever Group Company and a holding company in the Group), as well as at a local level (i.e. between a local Unilever Group Company and the respective local Group Company).

Under each strategic management agreement, the relevant local Unilever Group Company(ies) retains contracts with customers for sales of ice cream products, but makes such sales under the instruction and on behalf of the relevant Group Company. The relevant Unilever Group Company holds the legal title in the goods being sold. The Group will continue to recognise all revenue relating to the Ice Cream Business under this model, with the relevant Unilever Group Companies paying strategic management fees to the Group in exchange for the strategic management services. At the same time, Unilever retains an agreed award as compensation for performing activities for the benefit of the Group Company that are ancillary to the sale of goods (e.g. account management, stock availability).

The strategic management agreement also provides for the provision of additional local services that are ancillary to the sale of goods (e.g. account management, stock availability, etc.) to and from both parties.

#### Strategic consultancy agreements
Under each strategic consultancy agreement, the Group provides strategic governance oversight to Unilever procurement entities in exchange for the payment of a strategic consultancy fee. Two strategic consultancy agreements have been put in place between (i) Magnum ICC Europe B.V. and Unilever Europe B.V. (for Europe); and (ii) Magnum ICC US, LLC and Unilever North America Supply Chain Company (for Americas).

Under the strategic consultancy agreements, the Unilever Group retains contracts with third-party manufacturers, but performance of such contracts occurs under the strategic oversight of the Group. All invoices from third-party manufacturers are issued to the relevant Unilever Group Company.

#### Local TSAs
Group Companies and Unilever Group Companies have entered into Local TSAs in a number of territories where services are required that are not ancillary to the sale of goods (e.g. payroll services). The scope of the services provided thereunder are generally limited to those that relate to people and property.

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In some cases, such as with respect to certain business units that transferred to the Group on 1 July 2025, Unilever Group Companies require access to certain services from the Group. In those instances, Group Companies and Unilever Group Companies have entered into reverse transitional services agreements for the provision of such services by the Group to the Unilever Group, for a maximum period of 30 months from 1 July 2025. The services provided thereunder include the provision of trade sales support and logistics management activities for non-ice cream frozen finished goods.

#### Manufacturing agreements
Pursuant to the applicable Local OMAs, certain Group Companies and Unilever Group Companies have entered into manufacturing agreements in order to enable the continued manufacturing of ice cream products.

The principal provisions of each type of manufacturing agreement are set out below. However, the specific provisions of each agreement may vary from territory to territory.

#### Toll manufacturing agreement (for the manufacturing of ice cream products by the Group for sale by Unilever Group Companies to end customers)
Certain Group Companies and Unilever Group Companies have entered into toll manufacturing agreements, under which the relevant local Unilever Group Company procures and holds the legal title to raw and pack materials with which each local Group Company produces finished ice cream products to be sold by Unilever Group Companies on its behalf on a toll-manufacturing basis. These agreements apply in territories in which the Group owns the factory that manufactures ice cream products but the Group does not yet have the necessary infrastructure to own title in the ice cream products. This applies to 24 out of the 30 manufacturing facilities dedicated to the Ice Cream Business, and the sales of ice cream products that are manufactured under these arrangements account for approximately 70 per cent. of the total revenue of the Ice Cream Business. Unilever Group Companies procure the raw and pack materials for the Group as a service under the GTSA.

In return for producing finished ice cream products, the relevant Unilever Group Companies pay the Group an "operating and equipment" fee, being a fee in respect of labour and assets required for the production (with any conversion costs still being incurred by the Unilever Group Company).

Toll manufacturing agreements were executed on 1 July 2025 and will last for a period of 30 months following that date (the "**Transitional Period**").

A master toll manufacturing agreement has been put in place between the Unilever Group and the Group that sets out the terms and conditions on which such manufacturing is to be carried out across all relevant territories. These global terms and conditions are incorporated into local implementation agreements for each manufacturing facility for which the relevant local Unilever Group Companies and Group Companies have entered into in relation to the supply of ice cream products. These implementation agreements also contain the commercial details relating to the ice cream products being manufactured at each manufacturing facility. Unilever Group Companies then sell the ice cream products manufactured by Group Companies to end customers on behalf of the Group pursuant to the applicable Local OMAs.

#### Co-packing agreements
Pursuant to the Local OMAs, certain Group Companies and Unilever Group Companies have entered into a co-packing agreement for the manufacture of ice cream products at a manufacturing facility in Mexico. This agreement is required because a Unilever Group Company will retain ownership of the manufacturing facility in Mexico that manufactures ice cream products until manufacturing separation is complete.

Under the terms of the co-packing agreement, a Unilever Group Company manufactures ice cream products for a local Group Company. A Unilever Group Company retains legal title in the raw and pack materials required for manufacturing and the finished goods. A Unilever Group Company then sells the ice cream products on to end customers on behalf of the Group in accordance with the applicable Local OMA.

The co-packing agreement terminates automatically after two years subject to the termination rights of the parties.

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#### Site sharing agreement
For a period of time immediately following completion of the Reorganisation in the relevant territories, certain Unilever Group Companies and Group Companies will continue to share some manufacturing facilities and RD&I sites. For such sites, the relevant Unilever Group Companies and Group Companies have entered into a site sharing agreement, which governs the provision and receipt of certain site related services (e.g. utilities) in exchange for a fee.

#### Material post-Transitional Period agreements
Following the end of the Transitional Period in a territory, the Company anticipates that the Group will possess the systems required to enable it to own title in the ice cream products and operate independently of the Unilever Group. It is anticipated that the GTSA, Local OMAs, manufacturing agreements and other ancillary agreements will thereafter no longer be required by the Group.

Once the Group has its own capabilities and can operate on a fully stand-alone basis, the Ice Cream Business will operate in accordance with the "final operating models". Intercompany arrangements will be put in place within the Group to implement and operate in accordance with the final operating models.

#### Retirement Benefit Arrangements
The Reorganisation dealt with retirement benefit arrangements (being arrangements providing retirement, death, other leaving benefits post-retirement medical or life assurance benefits for or in respect of Group employees, other than a state social security or otherwise mandatory arrangement) ("**RBAs**") in the following ways:

• Where RBAs are provided by a Unilever Group arrangement, the relevant Group Company has established a replacement arrangement for the Group employees. Benefits under the replacement arrangement when considered with other elements of the remuneration package are the same as or broadly equivalent in value when considered with the remuneration package provided by the Unilever Group.

• In some cases, liabilities accrued in respect of Group employees under a Unilever Group RBA have transferred (alongside the relevant employees) to a replacement Group RBA. Typically this has occurred due to operation of law or due to mandatory requirements and on other occasions as an effective and reasonable way to transfer employee accrued rights. Where an RBA is separately funded, an asset transfer of a proportion of the relevant liability has also taken place.

• In a small number of cases, a Unilever Group Company which transferred to the Group pursuant to the Reorganisation operated an RBA which wholly related to the post-Reorganisation Group. In these cases, the relevant RBA transferred along with the relevant legal entity.

Otherwise, liability for benefits built up before formal transfer for employment to the relevant Group Company will remain with the relevant Unilever Group RBA. This includes for Group employees, former employees and retirees. Please refer to "*Item 10. Additional Information—Material Pension Transfers*" for more information regarding the transfer of pension liabilities in Germany and Turkey to the Group.

#### Intellectual Property Arrangements
As part of the Reorganisation, the following intellectual property ("**IP**") rights have been assigned to the Group:

• over 9,000 registered trademarks and trademark applications for over 200 brands, which include all brands owned by the Unilever Group that exclusively or predominantly related to the Ice Cream Business;

• over 1,500 domain names related to these brands;

• over 900 registered designs and design applications, which include all registered designs owned by the Unilever Group that exclusively or predominantly related to the Ice Cream Business;

• approximately 160 patent families comprising approximately 1,000 patents and patent applications, which include all patent families owned by the Unilever Group that exclusively or predominantly related to the Ice Cream Business; and

• unregistered brand- and technology-related IP rights that exclusively related to the Ice Cream Business.

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As part of the Reorganisation, the Unilever Group has granted the Group a number of licences to use certain retained Unilever IP rights in relation to the Ice Cream Business, and the Group will grant the Unilever Group a number of licences to use certain transferred IP rights in relation to Unilever's retained businesses. These licence agreements include the licences described in further detail below.

#### Brand IP licence agreement
Under the brand IP licence agreement, the Unilever Group has granted the Group a worldwide (excluding Belarus, Portugal and Russia), non-exclusive, transitional and royalty-free licence to use the Unilever name and logo in relation to the Ice Cream Business. The Group is required to comply with quality control obligations in respect of the use of the Unilever name and logo. The term of the licence is three years from 1 July 2025, except in respect of use of the Unilever name and logo on existing ice cream cabinets, for which the term is five years from completion of the Demerger. The Unilever Group has also granted the Group a non-exclusive, perpetual and royalty-free licence to use any unregistered brand-related IP rights owned by the Unilever Group and used in relation to the Ice Cream Business prior to the Reorganisation. The licences to the Unilever name and logo and the unregistered brand-related IP rights are terminable by the Unilever Group for material breach by the Group or on certain insolvency events in respect of the Group, whereas the Group has a termination for convenience right.

#### Carte D'Or Professional brand IP licence agreement
Under the Carte D'Or Professional brand IP licence agreement, the Group will grant the Unilever Group a long-term, exclusive and royalty-free licence to use the Carte D'Or brand solely in the form "Carte D'Or Professional" in connection with food products commercialised by the Unilever Group's food solutions business. The Group will also grant the Unilever Group a transitional, non-exclusive licence to use the "Carte D'Or name" and the associated "Heart" logo in connection with the same products, for three years from completion of the Demerger. The Unilever Group is required to comply with quality control obligations in respect of the use of the Carte D'Or brand. The agreement is terminable by the Group for material breach by the Unilever Group which results in material damage to the Carte D'Or brand, on certain insolvency events in respect of the Unilever Group or if the Unilever Group challenges the validity of the Carte D'Or brand, whereas the Unilever Group has a termination for convenience right.

#### Popsicle / Firecracker (Liquid IV) brand IP licence agreement
Under the Popsicle / Firecracker (Liquid IV) brand IP licence agreement, the Group will grant the Unilever Group a long-term, exclusive and royalty-free licence-back to use the Firecracker and Popsicle brands in connection with Unilever's Liquid IV powdered electrolyte drink product. The Unilever Group is required to comply with quality control obligations in respect of the use of the Firecracker and Popsicle brands. The agreement is terminable by the Group for material breach by the Unilever Group which results in material damage to the Firecracker and Popsicle brands, on certain insolvency events in respect of the Unilever Group or if the Unilever Group challenges the validity of the Firecracker and Popsicle brands, whereas the Unilever Group has the right to terminate the licence-back for convenience.

#### Magnum (Axe / Lynx) brand IP licence agreement
Under the Magnum (Axe / Lynx) Brand IP Licence Agreement, the Group will grant the Unilever Group a long-term, exclusive and royalty-free licence-back to use the Magnum brand in connection with Unilever's Axe and Lynx deodorant products. The Unilever Group is required to comply with quality control obligations in respect of the use of the Magnum brand. The agreement is terminable by the Group for material breach by the Unilever Group which results in material damage to the Magnum brand, on certain insolvency events in respect of the Unilever Group or if the Unilever Group challenges the validity of the Magnum brand, whereas the Unilever Group has the right to terminate the licence-back for convenience.

#### Technology IP cross-licence agreement
Under the technology IP cross-licence agreement, the Unilever Group has granted the Group a worldwide (excluding Belarus, Portugal and Russia), non-exclusive, perpetual and royalty-free licence to use any unregistered technology-related IP owned by the Unilever Group and used in relation to the Ice Cream

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Business prior to the Reorganisation for the purpose of conducting the Ice Cream Business. Under the same agreement, the Group has granted the Unilever Group a worldwide (excluding Belarus, Portugal and Russia), exclusive, perpetual and royalty-free licence to use certain registered technology-related IP which was transferred to the Group as part of the Reorganisation in relation to any products other than ice cream products. Each party may terminate the licence granted by it for material breach of the other party and on certain insolvency events in respect of the other party, and each party further has a termination for convenience right in respect of the licence granted to it.

#### Transitional and country-specific intellectual property arrangements
In a small number of territories (including India, Indonesia and Portugal), transitional IP licensing arrangements have been put in place between the Unilever Group and the Group. Under these arrangements, the Group has granted the Unilever Group royalty-bearing licences to IP rights transferred to the Group in the relevant territories as part of the Reorganisation, to enable the Unilever Group to continue to conduct the Ice Cream Business in the relevant territory until (if applicable) the transfer of such Ice Cream Business to the Group. The Unilever Group is required to comply with quality control obligations in respect of the use of the licensed-back IP and has a termination for convenience right for each of these licences.

The GTSA, Local OMAs, Local TSAs, IP licensing arrangements and other major agreements with Unilever as well as the Group's internal policies and procedures for dealing with related parties were negotiated by persons who were, at the time of negotiation, members of the Unilever Group. Accordingly, during the period in which these agreements were prepared, the Company did not have a board of directors or a management team that was separate from, or independent of, Unilever. While the Group has endeavoured to ensure that these arrangements are in line with the market terms for transactions of their type and broadly similar to what would have been obtainable from unaffiliated third parties, such terms, including terms relating to fees, performance criteria, contractual or fiduciary duties, conflicts of interest, limitations on liability, indemnification and termination, may not be as favourable to the Group as otherwise might have resulted if the negotiations had involved unrelated parties from the outset.

#### The Demerger

#### Overview
The Demerger is proposed to be effected by the Group and the Unilever Group taking a number of steps in accordance with the terms of the Demerger Agreement (as defined under "*Item 10. Additional Information—10.C. Material Contracts—Demerger Agreement*") following the publication of this registration statement and shortly prior to Admission.

The Demerger will be executed via an interim *in specie* dividend declared by the Unilever Board (the "**Demerger Dividend**"). The Demerger Dividend will be satisfied by the transfer of the Group by Unilever to the Company shortly prior to Admission. In consideration for this transfer, the Company will then allot and issue the relevant Shares to each Unilever Shareholder recorded on the Unilever share register and each Unilever ADS Holder holding a Unilever ADS at the Record Time in the ratio of one Share for every five Unilever Shares or Unilever ADSs then held. Upon these steps having taken place, the Company will become the parent company of the Group.

Completion of the Demerger is conditional on the satisfaction of conditions precedent contained in the Demerger Agreement. As at the date of this registration statement, the only material conditions that remain outstanding are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the approval of the Demerger Dividend and associated corporate steps by the Unilever Board (and such approval not having been revoked);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the Sponsors' Agreement and Demerger Agreement not having been terminated in accordance with their terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the receipt of regulatory approvals in relation to Admission, admission to listing and trading on Euronext Amsterdam, a regulated market operated by Euronext Amsterdam N.V. ("**Euronext Amsterdam**"), and admission of the Shares to listing on the Equity Shares (Commercial Companies)

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Category of the Official List of the UK Financial Conduct Authority (the"**FCA**") and to trading on the London Stock Exchange's (the "**LSE**") main market for listed securities (the "**Main Market**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the approval of a prospectus by the Dutch Authority for the Financial Markets for the purpose of the admission of the Shares to listing and trading on Euronext Amsterdam;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the approval of a prospectus by the FCA for the purpose of the admission of the Shares to listing on the Equity Shares (Commercial Companies) Category of the Official List of the FCA and to trading on the LSE's Main Market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • this registration statement becoming effective and the approval of the admission of the Shares to listing and trading on the New York Stock Exchange (the "**NYSE**").

None of these conditions is capable of being waived unilaterally by any party to the Demerger Agreement.

Although Unilever currently intends to carry out the Demerger, Unilever is entitled to decide not to proceed with the Demerger at any time prior to the Demerger Effective Time if it determines that it would not be in the interests of Unilever Shareholders as a whole.

If the Demerger proceeds, each Unilever Shareholder and Unilever ADS Holder will receive one Share for every five Unilever Shares or Unilever ADSs that they hold at the Record Time. Unilever Shareholders will continue to own their existing Unilever Shares and/or Unilever ADSs (as applicable).

Immediately following Admission, it is expected that not less than 10 per cent. of the Company's issued ordinary share capital will be held in public hands (within the meaning of UK Listing Rule 5.5).

 *For further information on the Demerger Agreement please see "Item 10. Additional Information—10.C. Material Contracts—Demerger Agreement".* 

#### Unilever Retained Stake
Shortly after completion of the Demerger, a series of corporate reorganisation steps (including the allotment and issuance of Shares by the Company) will be undertaken which is expected to result in Unilever Group Companies holding 121,533,558 Shares.

As at the Latest Practicable Date, the number of Shares to be held by Unilever Group Companies at Admission is expected to represent approximately 19.9 per cent. of the total issued share capital of the Company (the "**Unilever Retained Stake**"). The Unilever Retained Stake will be obtained by Unilever between the date of this registration statement and Admission, therefore this figure represents the expected percentage of total voting rights. In accordance with applicable US federal tax laws and regulations, Unilever has indicated to the Company that it will exercise any votes attaching to the Unilever Retained Stake in proportion to the votes cast by the Company's other Shareholders.

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#### Part I

#### ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

#### 1.A. DIRECTORS AND SENIOR MANAGEMENT
 *For information regarding the Company's directors and senior management, see "Item 6. Directors, Senior Management and Employees—6.A. Directors and Senior Management".* 

#### 1.B. ADVISERS
The Company's US, English and Dutch legal counsel is Linklaters LLP, One Silk Street, London EC2Y 8HQ, United Kingdom.

#### 1.C. AUDITORS
The Company's auditor is KPMG whose registered office is at 15 Canada Square, Canary Wharf, E14 5GL London, United Kingdom. KPMG is an independent registered public accounting firm, registered with the Public Company Accounting Oversight Board in the United States. See "*Item 10. Additional Information—10.G. Statements by Experts*".

#### ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not applicable.

#### ITEM 3. KEY INFORMATION

#### 3.A. [RESERVED]

#### 3.B. CAPITALISATION AND INDEBTEDNESS
The following table sets forth the Group's capitalisation as of 30 June 2025, on a historical basis and on a pro forma basis to give effect to the Demerger and the Reorganisation related to the Demerger, as if they occurred on 30 June 2025. An explanation of the pro forma adjustments made to the Group's combined carve-out balance sheet as of 30 June 2025 are discussed in "*Item 5. Operating and Financial Review—5.B. Liquidity and Capital Resources—Unaudited Pro Forma Combined Carve-Out Financial Information*".

The pro forma adjustments are based on the best information available as of the date of this registration statement and assumptions that management believes are reasonable given the information available as of the date of this registration statement. You should review the following table in conjunction with "*Item 5. Operating and Financial Review and Prospects*", the Combined Carve-Out Financial Statements and the accompanying notes thereto, and the Group's unaudited pro forma financial statements ("**Unaudited Pro Forma Combined Carve-Out Financial Information**") included in "*Item 5. Operating and Financial Review —5.B. Liquidity and Capital Resources—Unaudited Pro Forma Combined Carve-Out Financial Information*".

The Group is providing the capitalisation table for information purposes only. The capitalisation table may not reflect the capitalisation or financial condition that would have resulted had the Group been operating as an independent, publicly traded company on 30 June 2025 and is not necessarily indicative of the Group's future capitalisation or financial condition.

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---

| | | |
|:---|:---|:---|
| | **As of 30 June 2025**  | **As of 30 June 2025**  |
| | **Reported**  | **Pro Forma**  |
|  | *(€ million)*  | *(€ million)*  |
| **Cash and cash equivalents**<sup>(1)</sup>  | **49** | **587** |
| Indebtedness |  |  |
| &nbsp;&nbsp;&nbsp; Unsecured bank loans and overdrafts<sup>(2)</sup>  | 39 | 3739 |
| &nbsp;&nbsp;&nbsp; Lease liabilities  | 164 | 164 |
| &nbsp;&nbsp;&nbsp; Related party loans with Unilever  | 1 | 1 |
| &nbsp;&nbsp;&nbsp; Other financial liabilities<sup>(3)</sup>  | 145 | 145 |
| **Total indebtedness**  | **349** | **4049** |
| Equity |  |  |
| Invested capital  | 2737 |  |
|  Share capital, par value €3.50 per share; shares authorised, shares as used and outstanding, pro forma<sup>(4)</sup>  |  | 2143 |
| Share premium  |  | 9074 |
| Merger reserve  |  | (11196) |
| Retained earnings  |  |  |
| Other reserves  | 98 | 98 |
| **Total shareholders' equity**  | **2835** | **119** |
| Non-controlling interests<sup>(5)</sup>  | 27 | 17 |
| **Total equity**  | **2862** | **136** |
| **Total capitalisation**<sup>(</sup><sup>6</sup><sup>)</sup>  | **3211** | **4185** |

---

Notes:

(1) *For a description of pro forma adjustments to cash and cash equivalents, see "Item 5. Operating and Financial Review—5.B. Liquidity and Capital Resources—Unaudited Pro Forma Combined Carve-Out Financial Information".* 

(2) *For information on the Group's anticipated debt, see "Item 5. Operating and Financial Review—5.B. Liquidity and Capital Resources—Capital Resources and Indebtedness".* 

(3) Other financial liabilities includes an option to acquire non-controlling interests from RFM Corporation, the Philippines Joint Venture. The Group owns 50 per cent. + 1 share and, under the terms of the shareholders' agreement, each year within one month of 31 December, RFM Corporation has the right to require the Group to purchase all or a proportion of RFM's shares in the joint venture at a price defined in the shareholder agreement. This put option has been valued at the redemption value with subsequent changes in finance costs. The redemption value is derived from a formula defined in the shareholder agreement which uses historical financial information, multipliers, and consumer price index (CPI) adjustments. See "*Item 8. Financial Information—8.A. Consolidated Statements and Other Financial Information—Philippines Joint Venture" and "Note 13. Capital and Funding" of the Combined Carve-Out Financial Statements*.

(4) Assuming a distribution ratio of one Share for every five Unilever Shares, the Company is expected to issue 490.7 million Shares with a nominal value per share of €3.50 per share to existing Unilever Shareholders. A further 121.5 million Shares are expected to be issued to Unilever resulting in Unilever retaining a c. 19.9 per cent. shareholding. This equates to an estimated total share capital of €2,143 million.

(5) The Group's net assets as of 30 June 2025 includes 15 per cent. of non-controlling interest in relation to Unilever's Ice Cream Business in Indonesia. The relevant assets and liabilities of Unilever's Ice Cream Business in Indonesia will be transferred from PT Unilever Indonesia Tbk to a Group Company (PT The Magnum Ice Cream Indonesia, a wholly-owned indirect subsidiary of the Company) on the first business

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day following completion of the Demerger, the minority shareholders will then receive their share of the proceeds via a distribution from Unilever Indonesia. Accordingly, there is a €10 million reduction to the Non-controlling interests.

(6) Total capitalisation is the sum of total equity and total indebtedness.

The Group expects to incur an immaterial amount of debt issuance costs.

Prior to Admission, and subject to market conditions, the Group, through its wholly-owned subsidiary, Magnum ICC Finance B.V., will consider issuing one or more series of bonds under a newly established medium term note programme. The Group intends to use the proceeds of such bonds to repay some or all of the financial indebtedness owed by the Group to Unilever under an intragroup facility between the Group and Unilever established in connection with the Reorganisation. The proceeds of any bonds issued prior to Admission would be used in place of, or in combination with, the Group drawing down under the Bridge Facility to re-pay existing financial indebtedness of the Group. Consequently, the issuance of the bonds would not have a material impact on the Group's net debt position as under the provisions of the Term Loan Facilities Agreement such bond proceeds (less reasonable costs and expenses) are required to reduce (in whole or in part) the Group's anticipated borrowings under the Bridge Facility. Should the Group not receive any bond proceeds prior to Admission, only the Bridge Facility will be used by the Group to finance the repayment of the financial indebtedness owed by the Group to Unilever under the intragroup facility. As is the case with the other financing arrangements currently available to the Group, the bonds will contain customary terms and conditions including a negative pledge. The bonds are not expected to contain any financial covenants nor is any one or more series of bonds which may be issued expected to have an incremental material impact on the finance costs of the Group as presented in the Unaudited Pro Forma Combined Carve-Out Financial Information. Any bond proceeds received by the Group following Admission (less reasonable costs and expenses) shall be required to refinance, and be applied in prepayment of, any borrowings that are outstanding under the Bridge Facility at the time of receipt of such bond proceeds.

#### 3.C. REASONS FOR THE OFFER AND USE OF PROCEEDS
Not applicable.

#### 3.D. RISK FACTORS
The risks described below, together with all other information contained in this registration statement, should be carefully considered in evaluating the Group and the Shares.

Although the Company believes that the risks described below are the material risks concerning the Group's business and industry, the Demerger and the Shares as of the date of this Registration Statement, they are not the only risks relating to the Group, the Demerger and the Shares. Other risks, events,facts or circumstances not presently known to the Group or that the Group currently deems to be immaterial could, individually or cumulatively, prove to be important and may have a significant negative impact on the Group's business, financial condition, results of operations or prospects and may also cause the price of the Shares to decline and cause investors to lose all or part of their investment.

Prior to investing in the Shares, prospective investors should carefully consider all of the information in this Registration Statement and, in particular, the risks described below before deciding to invest in the Shares.

#### Risks Relating to the Group's Business and Industry

#### The Group has not previously operated as a stand-alone publicly-listed entity and may be unable to operate efficiently
The Group has not previously operated as a stand-alone publicly-listed entity and it is uncertain how it will perform as such. Following the Demerger, the Group will be responsible for managing all of its corporate affairs. This may result in significant additional expenses, beyond those for which it has budgeted, including expenses related to the creation of the Group's own financial and administrative support systems and for

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services that will continue to be provided by Unilever to the Group pursuant to transitional service agreements at prices intended to correspond to those obtainable from third parties.

Total costs incurred by the Group in connection with the Demerger are expected to be approximately €800 million, of which approximately 55 per cent. relate to the development and implementation of the global ERP system and other enterprise-wide applications that will upgrade and standardise its information systems. The Group expects that the majority of costs arising in connection with the Demerger have been or will be incurred between FY2024 and FY2026.

In HY2025 and FY2024, the Group incurred transaction-related costs directly attributable to the Demerger of €121 million and €54 million, respectively. These costs are reflected in "*Note 2. Segment Information*" to the Condensed Combined Carve-Out Financial Statements and "*Note 3. Operating costs*" of the Combined Carve-Out Financial Statements and include approximately €68 million and €45 million of transaction-related costs for professional fees for HY2025 and FY2024, respectively.

In addition to the costs referenced above, the Group expects to incur recurring operating costs from the date of the Demerger onwards to operate successfully as a stand-alone public listed company following the Demerger, including in technology and infrastructure, and in corporate functions.

The Group is subject to the risk that the actual expenses it incurs in connection with the Demerger are significantly higher than those set out above or otherwise budgeted for, which would have an impact on its profitability and margins. Cost escalation could occur for a number of reasons, including general rates of inflation being higher than anticipated, the fees charged by external service providers for the implantation of one or more of the matters described above being higher than expected, and other matters beyond the Group's control.

In addition, since the Group will be responsible for managing all of its corporate affairs for the first time following the Demerger, the Group may be exposed to an increased risk of legal, regulatory or civil costs or penalties, and, if such costs or penalties were to arise, this could also have a negative impact on the Group's margins and profitability.

Significant changes may occur in the Group's cost structure, management, financing and financial risk management and business operations as a result of operating as a stand-alone publicly-listed entity separate from Unilever. The Group anticipates that its success in managing its business as a stand-alone publicly-listed entity and in successfully implementing its business strategy will depend substantially upon its ability to develop the expertise necessary to comply with the numerous regulatory and other requirements applicable to independent publicly-traded companies. In preparation for the Demerger, the Group has implemented structures (including an internal control environment) which are intended to promote compliance with these requirements. However, as the Group has not previously operated as a stand-alone publicly-listed entity separate from Unilever, it cannot guarantee that these structures will be sufficient, and additional costs may arise which could have a negative impact on the Group's margins and profitability.

#### Damage to the Group's reputation could have a negative impact on the value of its brands
Maintaining and extending recognition and trust in its portfolio of brands and continuously enhancing the value of its brands are critical to the success of the Group's business. The Group's portfolio of brands includes four global ice cream "power brands": the Heartbrand (an "umbrella" brand with numerous well-known sub-brands), Magnum, Ben & Jerry's and Cornetto, and more than 100 local and regional brands. While the Group has a large portfolio of successful brands, its global power brands contributed 82 per cent. of its revenue in FY2024. Accordingly, any adverse development affecting these brands could disproportionately impact the Group's performance.

The value of the Group's brands is based, in large part, on consumer perception and desirability of such brands. Success in promoting and enhancing brand value depends on the Group's ability to provide high-quality products that align with evolving consumer preferences, the effectiveness of its marketing and advertising initiatives and consistent and sufficient brand, marketing, and research and development investment.

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The Group's reputation and brand value could diminish significantly as a result of a number of factors, including:

• if the Group, its brands or its products become subject to adverse public or medical opinion for any reason, even if factually incorrect;

• any perceived failure by the Group to preserve the quality or enhance the sustainability of its products, processes and packaging;

• if the Group or any of its suppliers, service providers or partners is perceived to act in an irresponsible or disreputable manner, including with respect to food safety laws, or environmental, social, human capital or governance policies;

• if the Group or its suppliers are required to carry out product recalls; or

• if the Group fails to invest in protecting and enforcing its rights against lookalikes or copies of its brands.

Increased negative attention from the media, academics and online influencers, governments and other public figures in any of the above areas could subject the Group to heightened scrutiny. In addition, any actual or perceived failure to address issues of public concern, such as the use of appropriate marketing techniques, the provenance of certain ingredients, the use of sustainable packaging and ensuring sustainability in the supply chain (including with respect to human rights, labour practices and environmental impacts) may materially and adversely impact the value of the Group's brands.

#### Volatility in the cost of raw materials and energy may adversely affect the Group's business, financial condition or results of operations
The Group produces a large number of ice cream products, with ingredients and raw materials that differ from product to product. The Group relies to a varying degree on the sourcing of raw materials from around the world, including commodities such as dairy products, sugar, cocoa, cocoa byproducts, vanilla and vegetable oils. It also relies on energy for the manufacture and distribution of its products. Raw material and energy prices are subject to factors that are difficult to predict, such as economic and political conditions, war and other geopolitical conflicts, currency fluctuations, environmental regulation, changing regulations in relation to land use or labour practices, changing weather patterns/climate change and agricultural disruptions caused by disease or other risks inherent to farming. For example, cocoa has seen historically high market prices, with an increase of 375 per cent. from January 2022 to December 2024. This increase resulted primarily from extreme weather conditions in Ghana and Côte d'Ivoire, where cocoa production is concentrated, exacerbated by social and economic factors. Similarly, the heightened prevalence of cyclones in Madagascar, the world's largest producer of natural vanilla, has contributed, and may to a greater degree in the future contribute, to increased volatility in vanilla prices. Changes in the price of raw materials and fuel can increase the cost of making, manufacturing, packaging and shipping the Group's products, which could have a negative impact on its margins or its ability to maintain competitive pricing.

While the Group aims to maintain multiple sources for its key raw materials, certain materials used in the production or distribution of its products are sourced from a limited number of suppliers and/or suppliers who are geographically concentrated, which may exacerbate potential disruptions or cost increases. Additionally, the key commodities that the Group sources are at risk of causing deforestation and biodiversity loss and can be associated with adverse working conditions. Increased government intervention and consumer or activist responses caused by increased focus on climate change, biodiversity, deforestation, water, human rights concerns and other similar issues could also increase raw material prices. For a further discussion of environmental and social issues related to the Group's raw materials, see "—*Environmental and Social Risks—The Group sources key commodities that are associated with the risk of causing deforestation, biodiversity loss and human rights violations in the value chain*".

The Group regularly assesses movements in raw material and energy prices and passes a portion of any cost increases to consumers where it is prudent to do so. However, competitive pressures and issues around consumer affordability may restrict the Group's ability to pass cost increases on to consumers, in which case these increases will be absorbed by the Group. Competitive pressures may result in the Group increasing promotional offers and/or reducing prices, even in an environment of rising raw material and fuel costs. To the extent the Group is not able to increase prices to offset increased raw material or energy costs, either as a result

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of consumer sensitivity, competitive dynamics or otherwise, or if it is unable to do so in a time-efficient manner, the Group's margins may be negatively impacted. Similarly, if the Group does pass cost increases to consumers through an increase in prices, this could have an impact on demand for its products, which can place downward pressure on revenue and sales growth. Because of the number of variables involved, it is not possible to quantify the impact of fluctuations in raw materials and energy prices on the Group. However, any of the factors described above could impact the Group's results of operations, as well as its ability to invest in planned innovations or growth strategies.

#### The Group utilises hedging arrangements to manage fluctuating commodity, fuel and energy costs, which could have a negative impact on its financial performance
The Group has historically relied upon the Unilever Group to enter into forward purchase and hedging arrangements in an attempt to manage the costs of key raw materials, including dairy, cocoa and sugar, as well as to hedge movements in energy and fuel prices. Following the Reorganisation, the Group expects to enter into these arrangements on its own behalf. As at 31 December 2024, the Group had hedged its exposure to future commodity purchases with commodity derivatives valued at €296 million, details of which can be found in "*Note 14. Treasury Risk Management*" of the Combined Carve-Out Financial Statements. There can be no guarantee that the Group's efforts will be sufficient to protect the Group from significant or prolonged price volatility in these areas, or that the costs of these hedging arrangements will not outweigh the benefits. For example, the time period covered by a hedging arrangement may not match the time period covered by certain supply arrangements, meaning the protection that is provided by such hedging arrangements may be limited. Similarly, hedging arrangements expose the Group to the risk that raw material, energy and fuel prices may reduce in the future, at a time when the Group's hedging arrangements have locked it into a higher price range for these inputs. Accordingly, while forward purchase contracts and other hedging arrangements are designed to protect the Group from significant price fluctuations in the supply chain, they can also have a negative impact on the Group's margins and overall financial performance.

 ***The Group may be unable to anticipate, interpret and successfully respond to changes in consumer preferences or trends, which may result in decreased demand for its products***

The success of the Group depends, in part, on its ability to anticipate, identify, interpret and meet the tastes, dietary habits and other preferences of consumers, and to offer products that appeal to those preferences.

The Group markets products across a range of geographic markets, categories, demand moments and consumption occasions, each of which has its own prevailing tastes and preferences. As a result, the Group must be responsive to diverse consumer needs, including with respect to when and how consumers snack and their desire for premium or value offerings. If the Group is not able to effectively produce and market products that meet the desires of consumers in each of its markets, or if the Group is unable to develop products in faster-growing or more profitable categories, occasions and demand moments, its results of operations and competitive positioning may suffer. The Group's success relies in part on managing this complexity to promote its products successfully and deliver them to consumers where and when they prefer to consume them.

Consumer preferences may also change from time to time for various reasons, including as a result of health and nutritional trends, such as an increased demand for dairy-free and/or low sugar options. The Group must successfully distinguish between short-term trends and fads, on the one hand, and long-term changes in consumer preferences, on the other. If the Group does not accurately predict long-term shifts in consumer preferences, or if it fails to introduce new and improved products to satisfy those preferences, this may have a negative impact on revenue and sales, and on the Group's ability to meet its growth targets.

#### The Group's advertising and marketing efforts could prove to be unsuccessful
The Group relies heavily on marketing and advertising to increase brand visibility with existing and potential consumers and invests a significant amount of resources in marketing and advertising activities, particularly the use of media.

As brand communication models continue to rapidly evolve and new platforms develop, the Group must continue to maintain and grow its presence across existing and new social media and digital communications platforms to advertise its products. The Group's ability to invest the necessary amount of funds in, and deploy,

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the right product communications, both in terms of messaging content and medium, is critical to the continued strength of its brands and its business.

The Group's marketing efforts, including those efforts which may seek to leverage the potential of emerging technology solutions, may be unsuccessful for a variety of reasons, including its inability to execute and implement its plans effectively, failure to prioritise and focus brand and marketing investment in the correct markets or in the right brands, consumption occasions, demand moments or price points, failure to successfully utilise data and analytics, failure to allocate appropriate resources to media in an efficient, cost-effective and competitive manner, inaccurate trend forecasting, ineffective or insufficient social media content and failure to appeal to shifting consumer sensibilities and preferences.

Demand for the Group's products could decrease and its profitability could suffer if the Group fails to promote its product offerings successfully across product categories or reach consumers in an efficient manner. The high cost of media may also hinder the Group from sufficiently advertising its brands to consumers. Following the Demerger, the Group will no longer be able to leverage media buying volume from the Unilever Group, which is expected to increase media costs. This dis-synergy could reduce advertising reach, exacerbating demand challenges. If the Group is unable to effectively market its products, this would have a material adverse effect on revenue and growth prospects.

#### The Group's market share and earnings could be adversely affected if it fails to compete effectively
The Group's competitors operate in and across multiple geographies, and include national, regional and local retailers and manufacturers of ice cream, as well as a large number of relatively small, independently-owned ice cream retailers and grocery retailers that produce private-label ice cream products.

The Group competes primarily on the basis of brand recognition and loyalty, taste, quality, breadth of flavour selection, price, product size and format, as well as shelf space and placement, and promotional activities. Its competitors have in the past implemented, and may in the future implement, various strategies to increase their market positions, such as the launch of new products, discounted pricing and increased M&A activity. Successful innovation depends in part on the Group's ability to respond to new product introductions and technological advances made by competitors. To maintain its competitive position, the Group expects to increase expenditures on media, advertising, promotions and trade spend, and introduce new products and product line extensions, which may require new production methods, technological improvements and new machinery. If the Group's competitors produce new products or offer lower prices, new competitors enter the Group's markets or the Group is unable to distribute its products through existing retailers, it may lose market share.

For example, in the United States, some physical retailers have expanded shelf space for certain formats and product sizes at the expense of shelf space for the large tub category, resulting in the intensification of competition in relevant formats. Competitors may also increase promotional spending in the future, requiring the Group to increase its marketing spend, which may impact profitability. Due to inherent risks in the marketplace associated with advertising and new product introductions, including uncertainties about trade and consumer acceptance, increased expenditures may not prove successful in maintaining or increasing the Group's market share and could result in lower sales and profits.

Any of the foregoing could negatively impact the Group's ability to compete effectively, harm its sales volumes and reduce profitability.

#### Changes in the retail landscape, and the actions of major retailers and buying groups, can adversely affect the Group's business
The retail landscape in which the Group operates is continually evolving, including as a result of market consolidation, the growth of digital commerce and the rise of non-traditional grocers with business-to-consumer channels, which will require the Group to continue to adapt to evolving relationships with its existing retail customer base, and to establish relationships with new market entrants. Failure to do so may impact the Group's ability to market and distribute its products effectively.

Some customers and retailers with which the Group partners to sell its products may seek to increase their own profitability through improved efficiency, lower pricing or increased use of promotional programmes,

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and will assert pressure on the Group to modify its pricing and promotional arrangements in support of these goals. If the Group is unable to use its scale, product innovation and category leadership positions to respond to the demands, its profitability or volume growth could be negatively impacted.

The retail industry is also impacted by the actions and increasing power of large retailers and buying alliances with increased purchasing power, particularly in Europe. Maintaining strong relationships with such retailers and buying alliances is crucial for ensuring that the Group's brands are well-represented and available for purchase. In a similar vein, the success of the Group's digital commerce activities depends on its ability to secure and maintain partnerships with key digital commerce retailers and platforms through which the Group sells its products.

The Group has relationships with most of the top five retailers in each of its key markets, including Walmart, Rewe, Tesco and Albertsons. It also maintains important relationships with digital commerce platforms such as Walmart, DoorDash, Uber Eats and Amazon, and with a number of buying alliances throughout Europe. While the Group's business is not dependent on its relationship with any one of these parties, a failure to maintain strong relationships with these and other retailers, digital commerce platforms and buying alliances in the Group's key markets may impact the availability of the Group's products in such markets or the Group's ability to secure favourable pricing and competitive trade terms. Any of the foregoing could have a material and adverse effect on the Group's revenue and margins.

 ***The Group regularly enters into licensing arrangements and strategic product partnerships which could prove to be unsuccessful or subject the Group to increased costs or liabilities***

The Group grants third parties licences to use its trademarks, patents, designs and/or other proprietary rights in connection with the manufacture, sale or distribution of third-party products. Additionally, the Group develops strategic partnerships with third parties to license its products for use in certain markets to deliver co-branded product innovations. These partnerships are intended to expand the Group's product portfolio, enhance its marketing efforts and drive increased sales. The Group intends to continue to seek out new value-accretive collaborations and partnerships in the future as part of its growth strategy. While no single licensing arrangement or strategic partnership is material to the Group, revenue from the sale of products that were subject to some form of licensing or strategic partnership arrangement accounted for approximately 10 per cent. of the Group's revenue for FY2024.

The Group may not achieve the benefits expected from its current licensing arrangements, strategic partnerships or any future collaborations it enters into. In addition, the negotiation process for such arrangements or partnerships may be time-consuming and complex. Should the Group's existing or new licensing strategic partnerships not be successful or not provide the volume of sales growth anticipated, the Group may be unable to recoup its investment or pursue alternative arrangements.

Such arrangements may also require the Group to comply with certain governance or business practice standards of its partners, which may be more onerous than its own. Additionally, when the Group grants licences to third parties, such parties must comply with the Group's responsibility partner framework. Failure by either party to comply with, or complete required audits in respect of, such standards may lead to delays in product rollouts or otherwise impact the Group's ability to obtain new, and maintain existing, licensing arrangements or strategic partnerships, while also leading to negative publicity. In addition, such agreements may be terminable by the Group's partners, and the Group may not be able to adequately protect its rights under such arrangements. The Group is also subject to the risk that its partners may devote insufficient time and resource to collaborations, which could adversely impact the success of such collaborations.

Any of the foregoing could have a negative impact on the Group's revenues and margins, and on its ability to fully realise its growth strategy.

 ***The Group is dependent on its senior management and its ability to attract, develop and retain a skilled workforce is essential for the continued success of its business***

The success of the business and the Group's ability to execute its business strategy will depend on the efforts of the executive Directors and the Company's broader senior management team (the "**Senior Management Team**"). In anticipation of the Demerger, the Group has made significant investments in senior leadership and

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restructured its management and rewards structures to more closely align with its needs as a stand-alone business. As a result of this investment and restructuring programme, over 85 per cent. of the Group's top 100 leaders are relatively new to their roles. Significant leadership changes or senior management transitions of this nature involve risk, and if the Group is unable to effectively transition or retain these new leaders, or if some of these new leaders do not perform at the levels expected of them, it could hinder the Group's strategic planning, business execution and future performance. Furthermore, if the Group's relationship with one or more of the members of the Senior Management Team ends for any reason (which risk may be heightened for senior leaders who are new to their role), there is no assurance that it will be able to replace them in the short term with people of comparable experience and qualifications. Any material delay in replacing such individuals may have an adverse effect on the Group's operations and the public perception of the strength of its business.

The Group is also dependent on its ability to attract, hire, develop, motivate and retain a diverse range of skilled employees across the network. The Group has historically faced high levels of competition for, and turnover of, frontline factory employees in certain markets, including in the United States, and these dynamics may continue both in the United States and other markets in which the Group operates. Employee shortages, increased costs associated with heightened competition for employees, or high employee turnover rates may cause the Group's operating expenses to increase or impact its ability to execute its growth strategy.

#### The governance structure of Ben & Jerry's may pose certain risks to the reputation and operations of the Group
Pursuant to the arrangements entered into in connection with the acquisition by Unilever of Ben & Jerry's in 2000, Ben & Jerry's, a wholly-owned indirect subsidiary of the Company, maintains a defined purpose board of directors comprising a majority of independent members (the "**Ben & Jerry's Board**").

The rights, powers and authorities of the Ben & Jerry's Board are limited to those expressly granted to it in the arrangements and include: (i) having primary responsibility over "preserving and enhancing the objectives of the historical social mission" of Ben & Jerry's; and (ii) having primary responsibility over "safeguarding the integrity of the essential elements of the Ben & Jerry's brand-name". Examples of the social mission priorities contemplated by these arrangements at the time of the acquisition included, amongst other things, "packaging improvement efforts" to "achieve a compostable pint"; creating a "sustainability 'footprint'" to help protect the environment; opposing the use of growth hormones and genetically modified organisms; and donating to philanthropic causes. Although the Ben & Jerry's social mission objectives have evolved and may evolve from time to time, the evolution must be consistent with Ben & Jerry's historical social mission, as reflected in this list of priorities. The Group retains primary responsibility for all other matters not related to these social mission priorities or expressly delegated to the Ben & Jerry's Board, including the financial and operational aspects of the Ben & Jerry's business.

Notwithstanding the limited responsibilities afforded to the Ben & Jerry's Board, this unique governance structure introduces certain risks for the Group. There exists the potential for misalignment between decisions taken or public statements made by the Ben & Jerry's Board, its members or others associated with Ben & Jerry's (such as the co-founders of Ben & Jerry's) and the decisions taken or public statements made by the Group, or the Group's broader strategy and objectives. If the Ben & Jerry's Board, its members or others associated with Ben & Jerry's, individually or collectively, decide to pursue or promote certain social initiatives or causes (as they have done in the past), this may lead to increased costs, adverse publicity or legal or operational challenges for the Group. If these initiatives are perceived negatively by the public, they could result in reputational damage, consumer boycotts of products, investor claims or adverse shifts in consumer behaviour.

In addition to taking decisions or making public statements that are inconsistent with the Group's strategy and objectives, the Ben & Jerry's Board, its members or others associated with Ben & Jerry's may also attempt to bring legal claims and make public statements against the Company or other members of the Group (as they have done against Unilever prior to the Demerger) where they may believe or assert that the actions of the Company infringe on their primary responsibilities for the "social mission" or "essential integrity" of the Ben & Jerry's brand. Such actions could similarly result in reputational damage, consumer boycotts of products, investor claims or adverse shifts in consumer behaviour.

 *In the latest case brought against Unilever, which is described in detail in "Item 8. Financial Information—8.A. Consolidated Statements and Other Financial Information—Legal Proceedings", the independent directors* 

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of the Ben & Jerry's Board have alleged (on behalf of the Ben & Jerry's Board and Ben & Jerry's itself) that Unilever and its wholly-owned subsidiary, Conopco, violated elements of the arrangements governing the relationship between Unilever and Ben & Jerry's referenced above, as well as certain commitments made by Unilever in a settlement agreement entered into by the parties in 2022 to resolve an earlier lawsuit the Ben & Jerry's Board brought against Conopco and Unilever (as well as an amendment to that settlement agreement) by (i) refusing to approve the release of certain statements the Ben & Jerry's Board wished to make in 2023 and 2024 related to the conflict in the Middle East; (ii) withholding their consent to make donations in 2024 to two organisations — Jewish Voice for Peace and the Council on American-Islamic Relations selected by the Ben & Jerry's Board; and (iii) failing to purchase Palestinian almonds and erecting extracontractual hurdles regarding the purchase of these almonds. They are also seeking a declaration that Unilever and Conopco: (a) impermissibly terminated the former CEO of Ben & Jerry's; and (b) may not diminish the rights of the Ben & Jerry's Board in connection with the separation of the Ice Cream Business which is the subject of this registration statement.

The Company, Unilever, Conopco and Ben & Jerry's HoldCo (a wholly-owned subsidiary of the Company) entered into agreements pursuant to which (amongst other things): (i) all liabilities incurred by the Unilever group in connection with; and (ii) conduct in respect of, the litigation described above (together with other litigation that may be brought by the Ben & Jerry's Board in the future), will be assumed by the Company and Ben & Jerry's HoldCo. While the Group expects to incur costs and expend management time and resource in defending or settling the current case, it does not believe this case will have a significant impact on the Group's financial position or profitability. If the Company is unsuccessful in defending any element of the case, however, this could encourage the independent members of the Ben & Jerry's Board, or others associated with Ben & Jerry's, to bring similar claims in the future, which could cause reputational damage to the Group and serve as an on-going distraction to the Group's management team.

The Group has taken a pro-active approach to finding common ground with the Ben & Jerry's Board and its members to avoid future conflicts of the type that have arisen in the past. However, following investigations commissioned by the Group and conducted by external advisers, in the opinion of the Group the current chair of the Ben & Jerry's Board no longer meets the criteria to serve as a member of the Ben & Jerry's Board. The Group has informed the Ben & Jerry's Board about the results of the internal investigations. The Group will consider its options depending on the response it receives from the Ben & Jerry's Board.

While these matters are not expected to have a material impact on the operations of Ben & Jerry's or the Group, they may result in the types of reputational damage, consumer boycotts of products, investor claims or adverse shifts in consumer behaviour that are mentioned above. They may also give rise to further legal claims being brought against the Group (and/or its employees and officers) instigated by the Ben & Jerry's Board or its individual members.

As a result of all these factors, there remains an ongoing risk that the statements and actions of the Ben & Jerry's Board, its members or others associated with Ben & Jerry's (including the co-founders of Ben & Jerry's) could adversely impact the Group's reputation, business, financial condition, and results of operations.

 ***A significant interruption at one or more of the Group's key manufacturing facilities could have a material adverse effect on its business, financial condition or results of operations***

The Group owns and operates 30 manufacturing facilities, which are located across six continents. The Group is particularly reliant on certain of its facilities with greater capacities and/or geographical distribution capabilities. The Group's manufacturing facilities are responsible for the vast majority of the products produced and distributed by the Group. The operation of these manufacturing facilities could be disrupted for many reasons, including natural hazards (such as earthquakes, extreme weather conditions and floods), water shortages, fires, service or supply disruptions, system failures, workforce actions, political instability and war, or other causes. Interruptions or a loss of operations at any of the Group's key manufacturing facilities as set out in "*Item 4.B. Business Overview—Manufacturing and Logistics*", even for a short period of time, could result in significant production and delivery delays, and in cases where production at a particular manufacturing facility is shut down in full, the elimination of the availability of some of the Group's products in one or more geographies for a period of time. This could have a significant impact on sales volumes, while also impacting the reputation of the Group and its brands. While the Group may be able to rely on one or more of its other manufacturing facilities with sufficient capacity or capabilities to help alleviate issues caused

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by such disruptions, there may be significant cost and timing delays associated with the use of alternative manufacturing facilities, in particular where such facilities are located in different geographic regions, or where they are typically used for the production of a different suite of products.

In addition, the Group expects to continue to make investments to upgrade its facilities in order to improve production capabilities, increase production lines, enhance the quality of its products and increase the automation and cost-effectiveness. To the extent this investment involves the modification or replacement of existing facilities, this could also lead to manufacturing delays and service interruptions during the period over which work on a particular facility is carried out, which could also have a negative impact on delivery times, product availability and sales volumes.

 ***The Group may encounter challenges in achieving the intended benefits from its supply chain transformation programme, which could affect the Group's financial performance and its ability to achieve its strategic objectives***

The Group is undertaking a comprehensive supply chain transformation programme aimed at addressing inefficiencies in its global supply chain which have historically contributed to higher logistics costs, inconsistent service levels and lower operating margins. Examples of issues that have arisen in the past include operational inefficiencies in the Group's manufacturing facilities due to limited capital expenditure investments, ageing assets and high fixed costs, and a lack of integrated planning which led to unbalanced inventories. The programme is designed to reduce operating costs by modernising the Group's assets, reducing overheads and implementing adaptive manufacturing systems to drive improved production capacity, tailor the Group's distribution footprint to reflect changes in the markets it serves, address supplier concentration, streamline product route-to-market and address issues of over-capacity and under-capacity at certain of its manufacturing facilities.

The complexity of co-ordinating a comprehensive supply chain transformation programme across six continents involves substantial logistical challenges, such as technological integration issues, regulatory hurdles, construction delays, macro-economic or geopolitical issues in one or more jurisdictions where the programme is being implemented (including the imposition of tariffs or other trade restrictions), employee management issues and other related issues. These challenges could lead to service interruption, cost over-runs and delays in the implementation of the programme. They may also require additional investment in construction, technology, human resources and other areas which are beyond what was originally budgeted for the programme, and which could increase the Group's capital expenditure and operating expenses over the short to medium term. As a result, the Group may be unable to realise the full benefits of this transformation programme in the timeframe anticipated and could experience short-term service disruptions while changes contemplated by the programme are implemented. The success of the programme could also be impacted by issues such as customer acceptance of certain ingredients, processes and packaging used in the production or distribution of the Group's products. Furthermore, the supply chain transformation programme will continue to require substantial management focus and attention, which could divert management's attention from other critical business areas, potentially disrupting operations and affecting customer relationships. Employee morale and productivity might also be negatively impacted, risking unwanted attrition which could further delay the realisation of expected benefits and cost savings. Such challenges could raise unanticipated expenses and impact the Group's goal of achieving significant supply chain enhancements by 2028, which could in turn adversely affect financial performance and operational synergies.

 ***If the Group is unable to manage its inventory forecasting systems and extensive cabinet network, its business, financial condition and results of operations may be materially and adversely affected***

The Group is reliant on its inventory management systems in order to forecast its production requirements and to enhance the efficiency of its supply chain. Inventory forecasts enable the Group to meet its internal targets for operating working capital. Accurate forecasts of demand for the Group's products are necessary to fulfil orders from customers in a timely manner and avoid issues of understocking or overstocking certain products, which could lead to reduced sales volumes or, in the case of over-production, an increase in product spoilage and a negative impact on margins.

The Group may face particular challenges in effectively managing its network of approximately three million freezer cabinets, including over 60,000 AI-equipped smart cabinets. Failure to manage the timely and accurate stocking of its freezer cabinets, including as a result of inadequate algorithms, could also result in

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understocking or overstocking, leading to missed sales opportunities and customer dissatisfaction on the one hand, and the risk of product spoilage on the other. Additionally, failure to place cabinets correctly may necessitate costly adjustments to ensure accessibility and efficient use, any of which could reduce the Group's sales volume and increase operating expenses.

#### Product recalls or other issues or concerns with respect to product quality and safety can adversely impact the Group's business
The Group has in the past recalled, and could in the future recall, products due to product quality or safety issues, including actual or alleged mislabelling, misbranding, spoilage, undeclared allergens, adulteration or contamination. In the past three years, the Group has voluntarily issued four public product recalls which related to cross-packing, foreign bodies, incorrect language on labels and an undeclared allergen. While none of these product recalls had a material impact on the Group's business, reputation or results of operations, a widespread product recall in the future that relates to a matter of particular public concern, or that requires the Group to take significant action to remedy, could have a significant impact on the Group. For example, a widespread product recall that requires the Group to close one or more of its key manufacturing facilities (even temporarily), to implement significant cleaning or other remediating actions, or to seek alternative sources of supply of its raw materials, could result in adverse publicity, reduce customer confidence and demand for the Group's products, cause production and delivery disruptions, result in increased costs and damage the Group's reputation. The Group may also be subject to liability, including litigation or fines, if the products which are the subject of such a recall violate applicable laws or regulations, or in the event they cause injury, illness or death.

Additionally, food safety, traceability (including in respect of product origins, ingredients and their attributes, through all stages of production, processing and distribution), hygiene and the perception by customers that products are safe are key to the reputation of the Group's brands. The Group is susceptible to local, national and international food contamination, allergy incident or other health and safety issues affecting its products. Such incidents, whether or not they lead to a product recall, could affect consumer confidence and preferences, resulting in reduced purchase of products, or increased costs for the Group.

In addition to product recalls, a significant product liability or other legal judgment or a related regulatory enforcement action against the Group may adversely impact its reputation and profitability. Even if a product liability claim is unsuccessful or is without merit, any perception or allegation of failure to maintain adequate oversight over product quality or safety can result in litigation, government investigations or inquiries or civil or criminal proceedings, all of which may result in fines, penalties, damages or criminal liability. In addition, the Group's insurance coverage may not, depending on the specific facts and circumstances surrounding an incident, cover all losses or all types of claims that arise from an incident, or the resulting damage to its reputation or brands.

 ***Prolonged negative perceptions concerning health implications of ice cream could lead to an increase in regulation of the food industry or influence consumer preferences, which may adversely impact the Group's brands, reputation and results of operations***

The ice cream industry as a whole is faced with the global challenge of rapidly rising obesity levels. While the Group makes its products available in a range of sizes and varieties designed to meet all needs and health preferences, it is nonetheless subject to the risk of governments taking action that is detrimental to the ice cream industry as a whole. For example, governments in the markets where the Group sells its products may levy additional taxes on products with relatively high calories, sugar, fat content or salt levels or restrictions on ultra-processed foods, or restrict the advertising of products of this type. For example, in 2023, the United Kingdom restricted promotion and in-store placement of high-in-fat, sugar or salt products and in 2024, the state of California enacted a regulation banning artificial colours in products sold in public schools, effective from 2027. Additionally, the Group may be subject to initiatives that limit or prohibit the marketing and advertising of its products. The imposition of new taxes or limitations on the marketing or sale of the Group's products may reduce overall consumption, lead to negative publicity, or leave consumers with the perception that the Group's products do not meet their health and wellness needs, resulting in an adverse effect on the Group's business, financial condition and results of operations.

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Even absent additional regulation, consumers may change their purchasing or consumption habits in response to perceived health concerns. The rise of medical treatments such as prescription weight loss drugs, such as Glucagon-like peptide-1 agonists in the United States and Europe, which may reduce appetite, may also lead to changes in consumption habits and a decrease in average consumption of ice cream, which could lead to a decrease in sales volume in relevant markets.

Any of these dynamics could have an adverse effect on the Group's brands, reputation and sales.

 ***Adverse political and economic conditions, including sustained recessionary or inflationary conditions, in the countries in which the Group operates may materially and adversely impact its business, financial condition or results of operations***

By virtue of its global footprint, the Group's operations and financial performance are impacted by worldwide geopolitical and economic conditions which may be difficult to predict. Political crises, such as war, social upheaval or unforeseen incidents, can disrupt the Group's or its suppliers' and customers' operations, cause raw material price or fuel volatility, increase the difficulty and cost of transporting supplies and products, and ultimately affect the Group's operating margins and profitability. For example, ongoing conflicts in Ukraine and the Middle East have intensified market volatility for energy and fuel, impacting the Group's distribution costs in Europe. Further hikes in energy costs or other disturbances from broader geopolitical conflicts may further impact the Group's financial performance, or otherwise cause interruptions to the Group's operations.

Additionally, the imposition of new or increased tariffs or trade restrictions on the Group's sales or imports (including those that may affect its sourcing operations and the availability of raw materials and commodities) may increase its cost of goods sold. Supply chain disruptions and delays as a result of any new tariff policies or trade restrictions could also negatively impact the Group's cost of materials and production processes. If geopolitical tensions and trade controls were to increase or disrupt the Group's business in markets where it has significant sales or operations, including disruptions due to governmental responses to such conflicts (such as the imposition of sanctions, export controls or retaliatory tariffs), such disruptions could adversely impact the Group's business, financial condition, results of operations and cash flows.

More broadly, adverse economic conditions, such as elevated interest rates, inflationary or recessionary conditions, unemployment levels and other factors influencing consumer spending could reduce demand for the Group's products or limit its ability to increase or maintain its prices. Such conditions may also harm the Group's third-party suppliers' financial performance, negatively impact the ability of the Group's customers to timely pay their obligations or reduce the Group's access to capital. While no individual factor discussed in this risk factor has had a material impact on the Group in the past, a combination of the political and macro-economic issues described herein could cause interruptions to the Group's business or lead to an increase in costs or a decrease in revenue in certain markets in the future.

#### The Group's business is seasonal and adverse weather conditions during its peak sales season could have a negative impact on its monthly financial performance
The ice cream business is predictably seasonal, with the months of May to September representing the peak selling season in the Northern Hemisphere. Weather conditions, which may be partially caused or exacerbated by climate change, during the peak season can have a disproportionate impact on the Group's results of operations within the year, with unseasonably cool or wet weather adversely affecting monthly sales volumes, profits and cash flows. For example, unseasonably low temperatures and higher-than-usual rainfall had a negative impact on the Group's sales volumes across Europe in the second and third quarter of 2023.

#### The Group's business operations could be disrupted if its and/or Unilever's IT systems and software fail to perform adequately
The Group depends on accurate, timely information and numerical data from key software applications to enable day-to-day decision-making and operate its key business functions, including its supply chain management, product manufacturing and distribution and order processing for a large part of its business operations. Increasing digital interactions with customers, suppliers and consumers place ever greater emphasis on the need for secure and reliable information technology ("**IT**") systems and infrastructure.

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Unilever will continue to provide the Group with various IT-dependent services pursuant to the GTSA for a maximum period of 30 months from 1 July 2025. The IT infrastructure on which the Group depends, whether provided by Unilever or otherwise, may be exposed to outages due to fire, floods, acts of war or terrorism, cyber-attack, power loss, industrial action and other similar events. If Unilever is unable to maintain its IT infrastructure during the period of the GTSA, or if the Group is unable to do so in the future, one or more of the Group's businesses may experience a disruption to, or shutdown of, its systems. Additionally, the IT operations Unilever provides are, and the Group expects its IT operations in the future to be, largely managed through third-party suppliers. Disruptions caused by failures of key software applications, underlying equipment or communication networks, or as a result of any failures in the operations of such third-party suppliers, for whatever reason, could delay day-to-day decision-making, payment processes, manufacturing processes and product deliveries, and could lead to severe damage, including significant financial loss, a need for additional investment, as well as contractual or reputational performance degradation. Moreover, restoring or recreating information that has been lost could be costly, difficult or even impossible. Any such failure of the IT systems on which the Group depends could result in the loss of sales and customers, causing its business or results of operations to suffer. See "—*Risks Relating to the Demerger—As the Group establishes its own core IT environment and transitions its data to its own systems, it may incur substantial additional costs and may suffer temporarily reduced quality of IT services or temporary business interruptions*".

#### Security breaches and attacks against the Group's and/or Unilever's technology systems could damage the Group's reputation and expose it to litigation or regulatory action
Many of the IT systems on which the Group relies, including those provided by Unilever under relevant transitional service arrangements, contain personal, financial or other information pertaining to its suppliers, customers, consumers and employees. These systems also contain proprietary and other confidential information related to the Group's business, such as business plans, product innovation and designs, and sensitive contractual information.

Similar to many of its competitors, the Unilever Group has been subject to attempts to compromise its IT systems. The techniques and sophistication used to conduct cyber-attacks, as well as the sources and targets of these attacks, change frequently and are often not recognised until such attacks are launched or have been in place for a period of time. The Group incurs, and expects to continue to incur, substantial expense to protect itself against security breaches and their consequences. However, there can be no guarantee that such investments will meaningfully limit the success of future attempts to breach its IT systems.

To the extent the Group's systems, or the systems of third parties upon which the Group relies, are subject to a substantial interruption or security breach, the Group may incur significant losses and may face litigation and/or regulatory fines, which may be substantial, and may not be fully covered by insurance. Such security breaches could also result in a violation of applicable data privacy legislation, such as the European Union's General Data Protection Regulation ("**GDPR**") and similar legislation in other regions, which could subject the Group to additional fines, litigation and investigations. A significant breach could also damage the Group's reputation, adversely affecting the value of its brands and the demand for its products. For further detail, see "—*Risks Relating to the Group's Legal and Regulatory Environment—If the Group fails to comply with personal data protection laws it could be subject to adverse publicity, regulatory action and/or private litigation, which could negatively affect its business, financial condition and results of operations*".

#### Currency fluctuations could adversely impact the financial condition of the Group
Operating internationally involves exposure to movements in currency exchange rates. In particular, the Group is exposed to currency transaction risk in relation to its purchases of raw and product packaging materials whose price may be denominated in, or pegged to, a different currency from the currency earned by the Group on the sales of its products in different geographies.

Additionally, while the Group's reporting currency is the euro, a significant portion of its assets, liabilities, expenses and revenue are denominated in currencies other than euro, in particular US dollars. Assets, liabilities, expenses and revenue are translated into euro at the applicable exchange rates to prepare the Group's Financial Statements. Substantial fluctuations in the value of the euro compared to these other currencies (in particular the US dollar) could have a significant effect on the Group's financial condition and results of operations.

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Currencies in several of the markets in which the Group operates have been subject to significant volatility, hyperinflation and/or devaluation in recent years. For example, the Turkish economy has been designated hyperinflationary since 1 July 2022. Turkey is the Group's largest market by revenue in its Rest of the World ("**RoW**") segment, and consequently the Group is required to apply IAS 29 Financial Reporting in Hyperinflationary Economies to all entities whose functional currency is Turkish lira. For FY2023 and FY2022, the Group recognised a €10 million and €2 million net monetary loss, respectively, as a result of the application of IAS 29.

 *While the Group has strategies to manage foreign currency fluctuations, including the use of currency hedging arrangements as described in "Note 14. Treasury Risk Management" of the Combined Carve-Out Financial Statements, there is no guarantee such strategies will be sufficient in the future, particularly in the event of global and local market volatility, as a result of which the Group's results of operations could be materially and adversely impacted. For more information on the impact of exchange rate fluctuations in the Group's key markets, see "Item 5. Operating and Financial Review—5.A. Operating Results—Results of Geographical Operating Segments—Reconciliation of Non-IFRS Financial Measures".* 

#### Labour disputes could have a material adverse impact on the Group's business, financial condition or results of operations
The Group may become subject to strikes, work stoppages or other types of labour disputes with its employees in one or more of its major markets or at one or more of its manufacturing facilities. A widespread strike in one or more major markets or at one of the Group's manufacturing facilities, particularly during its peak selling season or at a factory where products are manufactured for one or more specific markets and there is no readily available substitute factory for such products or markets, could have a significant impact on the operation of the Group's business and jeopardise its ability to meet its product delivery or service obligations to its customers. Efforts to avert such action through negotiation with groups of employees or unions in the Group's major markets or manufacturing facilities could result in higher personnel costs, and also divert the time and energy of the Senior Management Team away from routine operational priorities. The Group may also be subject to general country strikes or work stoppages unrelated to its business. For example, strikes by transport workers could result in operational delays or other adverse impacts on production, while strikes or work stoppages at the Group's suppliers or customers could also impact its supply chain and sales channels, which could have a negative impact on sales volumes and cost of sales.

#### Failure to maintain satisfactory credit ratings could adversely affect the Group's liquidity, capital position, borrowing costs and access to capital markets
The Group expects that credit rating agencies will routinely evaluate their ratings of its long-term and short-term debt, which will be based on a number of factors. Whether as a result of its own actions or factors which are beyond the Group's control, any actual or anticipated changes or downgrades of the Group's credit rating by a credit rating agency (including any announcement that its ratings are under review for a downgrade) could adversely affect the Group's liquidity, capital position, borrowing costs, access to capital markets or require the posting of additional collateral under the Group's derivative contracts.

#### The Group's ability to comply with the terms of its debt facilities may be impacted by events beyond the Group's control
In connection with the Reorganisation and Demerger, the Group has entered into a series of borrowing arrangements with unaffiliated third-party lenders, including: (i) three term loan facilities with a total commitment of €4 billion; and (ii) a revolving credit facility with a total commitment of €1 billion, each as described in "*Item 5. Operating and Financial Review—5.B. Liquidity and Capital Resources—Capital Resources and Indebtedness*". The Group may in the future enter into additional borrowing arrangements with bank lenders or raise debt finance in the international capital markets or through the establishment of a commercial paper programme. Failure to comply with the terms of the Group's debt finance arrangements could result in a default under those arrangements and under other agreements containing cross-default provisions. A default would permit lenders to accelerate the maturity for the debt under these arrangements and to foreclose upon any collateral securing the debt. This could lead to a downgrade in the Group's credit

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rating and make it more difficult to access debt finance on favourable terms in the future, which would have a negative impact on the Group's liquidity and on its ability to pursue its growth strategy.

#### Impairment of the Group's goodwill and other intangible assets would result in a reduction in net income
As of 31 December 2024, the Group had €1.4 billion of goodwill, trademarks, software and other intangible assets, which are periodically evaluated for impairment in accordance with current accounting standards. The Group may confront events and circumstances that can lead to an impairment charge, including macroeconomic industry and market conditions, significant adverse shifts in its operating environment or the manner in which an asset is used, pending litigation or other regulatory matters and current or forecasted reductions in net sales, operating income or cash flows associated with the use of an asset. Impairment charges have resulted, and may in the future result, in a reduction in net income.

#### The Group's insurance coverage may not be sufficient
The Group maintains insurance of the types and in the amounts it believes are commercially reasonable based on its business and organisation as well as the practice of other actors in its industry. In particular, the Group maintains directors' and officers' insurance, workers' compensation insurance, public and product liability insurance, business interruption insurance, cyber insurance, travel insurance and property insurance as well as certain other insurances as deemed appropriate by the Group.

The Group's insurance coverage may be insufficient to protect against all losses and costs stemming from operational failures and the Group cannot be certain that such insurance will continue to be available on economically reasonable terms, or at all, or that any insurer will not deny coverage as to any future claim. Moreover, insurers may default on claims they are required to pay. The successful assertion of one or more large claims against the Group that exceeds available insurance coverage, or the occurrence of changes in the Group's insurance policies, including premium increases or the imposition of large deductible or co-insurance requirements, could have an adverse effect on the Group's margins.

#### Environmental and Social Risks

#### The physical impacts of climate change may disrupt the Group's operations and/or reduce consumer demand for its products
The Group's operations, workforce and supply chain may be exposed to climate change, particularly changes in the frequency, intensity and/or duration of adverse weather conditions, including storms, drought, flooding, wildfire, other extreme weather events and patterns, and water shortages. Climate change, including natural disasters, extreme weather conditions, and sustained increase in temperatures could pose physical risks to the Group's facilities resulting in impairment or disruption to its manufacturing and distribution network, disruption to its supply chain (causing delays, shortages or increased prices with respect to sourcing commodities) or changes in demand for its products.

Climate change, and the increased incidence of adverse weather and environmental conditions that result from it, can therefore increase costs for consumers and reduce availability of the Group's products, both of which could have a negative impact on its earnings and growth prospects. For a discussion of how climate change may impact commodity prices, see "*—Volatility in the cost of raw materials and energy may adversely affect the Group's business, financial condition or results of operations*".

#### The Group sources key commodities that are associated with the risk of causing deforestation, biodiversity loss and human rights violations in the value chain
The Group directly or indirectly sources certain key commodities, including cocoa, palm oil and soy (which is used to feed cattle), that form part of its supply chain. These commodities are associated with the risk of causing deforestation and biodiversity loss, and can be associated with human rights violations, such as child labour and/or adverse working conditions in the Group's supply chain. These risks are most likely to arise in the regions/jurisdictions that the Group sources from the most, such as Madagascar in relation to vanilla and Côte d'Ivoire in relation to cocoa. To the extent the Group's actions, or indeed those of its supply chain partners, contribute to (or are perceived to contribute to) these issues, this can lead to negative public attention

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and scrutiny which can cause reputational harm, as well as legal claims from individuals or regulatory authorities leading to financial penalties, fines and potential prosecution for violation of applicable laws and regulations. In addition, this can lead to regulatory intervention aimed at curbing the production of certain raw materials in certain regions and to a negative effect on ecosystem services potentially impacting yields, which could cause interruptions to the Group's supply chain. This could lead to increased costs, delays in obtaining necessary raw materials and other operational issues. All of these issues could have a significant impact on the Group's margins, profitability, competitive position and growth prospects.

#### The Group is subject to changes in environmental regulations, which could impact its margins
The Group is subject to increased focus by federal, state and local regulatory and legislative bodies globally regarding environmental policies relating to climate change, greenhouse gas ("**GHG**") emissions (including carbon pricing or a carbon tax), energy consumption, ESG reporting obligations and other sustainability matters (such as single-use plastics and deforestation). New legal and regulatory requirements have increased, and could continue to increase, the Group's operating costs for key inputs such as energy or packaging through taxes or regulations, including taxes on specific packaging material types. Increasing regulation of carbon taxes could also substantially increase the Group's product supply chain and distribution costs. In addition, the Group may be subject to fines under the EU's Green Claims Directive if its products do not meet the required environmental labelling standards.

Even if the Group makes changes to align with such legal or regulatory requirements, it may still be subject to significant penalties or potential litigation if such laws and regulations are interpreted and applied in a manner inconsistent with the Group's practices. Additionally, the Group might not effectively address increased attention from the media, holders of Shares ("**Shareholders**"), activists and other stakeholders on climate change and related environmental sustainability and social matters, including deforestation, biodiversity, land use, water use, packaging (including plastic) and human rights concerns and its reputation and competitive positioning may be harmed.

#### Increasing concerns about the environmental impact of plastic waste could result in reduced demand for the Group's products and increased production and distribution costs
There are increasing concerns among consumers, governments and other stakeholders about the damaging impact of the proliferation and accumulation of plastic waste in the environment, particularly in the world's waterways, lakes and oceans. The Group uses a significant amount of plastic to package its products which, while largely recyclable, may not be regularly recovered and recycled, including as a result of lack of collection and recycling infrastructure, low economic value or consumer recycling habits. If the Group does not, or is perceived not to, act responsibly to address plastic materials recoverability and recycling concerns, its corporate image and brand reputation could be damaged, which may cause consumers to reduce or discontinue consumption of some of its products. In addition, in response to environmental concerns, governmental entities around the world have adopted or are considering adopting regulations and policies, including single-use plastic bans and other plastic taxes, designed to mandate or encourage plastic packaging waste reduction and an increase of recycling rates or, in some cases, restricting or even prohibiting the use of plastic containers or packaging materials.

Both consumer and customer responses to the environmental impact of plastic waste and emerging regulation by governments to tax or ban the use of certain plastics require the Group to find solutions to reduce the amount of plastic it uses; increase recycling post-consumer use; and source recycled plastic for use in its packaging. At this stage, the Company's approach is to respond to regulatory requirements applicable to plastic packaging on a market-by-market basis, given the fragmented regulation in this area. Further policies may be developed as necessary. The Group also depends on the work of its industry partners to create and improve recycling infrastructures throughout the world. In addition to the risk of being unable to find appropriate replacement materials, the cost of recycled plastic or other alternative packaging materials could significantly increase in the foreseeable future due to high demand, and this could impact the Group's business performance. The Group could also be exposed to higher costs as a result of taxes or fines if it is unable to comply with plastic regulations, which would further impact its profitability and reputation.

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#### Risks Relating to the Group's Legal and Regulatory Environment
 ***The Group is required to comply with numerous, complex, constantly evolving legal and regulatory requirements in multiple jurisdictions, and could suffer financial, operational or reputational loss due to non-compliance***

The Group operates in 80 countries around the world, by virtue of which the Group is subject to complex, overlapping and rapidly evolving laws, regulations and licensing requirements, including in relation to product composition, manufacturing, storage, handling, packaging, labelling, advertising, employment and occupational health and safety, environmental and social (including human rights, labour practices and environmental impacts) and governance matters and reporting. Such laws may vary significantly from jurisdiction to jurisdiction, and are subject to continual changes in scope, breadth and interpretation.

The Group is also required to maintain various approvals, licences and permits in accordance with the relevant laws and regulations in jurisdictions in which it operates.

By way of example, the Group is subject to extensive food safety regulations and is subject to governmental food processing controls in each of the countries in which it operates, including Regulation EC/178/2002 for European Union Member States, the Food, Drug, and Cosmetic Act (US), Codex Alimentarius (international standard) and the ASEAN Food Safety Regulatory Framework. The Group is also regularly inspected by various national and local regulatory authorities, including food safety authorities, with the frequency and intensity often based on a risk assessment of the Group's production processes.

The Group is also subject to extensive advertising and marketing regulations in each of its markets, including national advertising and marketing regulations that are aligned to the ICC Code of Advertising Practices, and European regulations on trade and marketing applicable to the ice cream industry, such as Regulation (EU) No 1151/2012 and Directive 2005/29/EC which bans misleading claims regarding ingredients, production methods or health benefits of certain foods.

Additionally, the Group is also subject to environmental and health and safety regulations, plastics and packaging regulations, and sustainability reporting obligations. Environmental and health and safety regulations include the Health and Safety at Work Act 1974 and the Control of Major Accident Hazards Regulations 2015 in the UK; Regulation EC 1907/2006 for Registration, Evaluation, Authorisation and Restriction of Chemicals and Industrial Emissions Directive in Europe; and the Clean Air Act and the Occupational Safety and Health Act in the United States and govern, among other things, air emissions and the discharge of wastewater and other pollutants, the handling and disposal of hazardous materials, and the cleanup of contamination in the environment. A more detailed discussion of the regulations to which the Group is subject is set out in "*Item 4. Information on the Company—4.B. Business Overview—Regulatory Overview*".

Taken together, the universe of regulations to which the Group is subject gives rise to risks for the Group. Failure to comply with applicable legislation or regulation in the Group's key markets, including with respect to required approvals, licences or permits, may impact the Group's ability to operate its business in that market, or damage its reputation, and expose it to potential fines, damages, injunctions, product recalls or criminal sanctions. Furthermore, existing regulations are subject to change, which could lead to increasing compliance costs for the Group as it adapts its business to ensure ongoing compliance with changes in regulation, or delay or prevent the execution of its strategic plans or increase the cost of implementing such plans.

 ***Failure to obtain, maintain or successfully enforce its IP or rights to confidential information, or claims of infringement by third parties, could materially and adversely impact the Group's business***

The Group's most material IP assets are its brands, in particular Ben & Jerry's, Cornetto, Magnum and the Heartbrand, which are wholly owned by the Group. The protection of the Group's IP rights in relation to these brands is critical to its business. In addition, the Group relies on trademarks, trade names, domain names, copyrights, design rights, patents, trade secrets, know-how, confidential information and other IP rights, and agreements with its employees, customers, suppliers and other parties, to protect its extensive portfolio of brands, products, packaging, manufacturing processes and other technologies. If the Group fails to obtain and maintain sufficient IP and confidential information protection for its current and future products

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and technologies or is unable to enforce such protections against third parties, its business could be materially and adversely affected.

As the Group continues to expand its product portfolio, it expects to file additional applications for new IP rights. Such applications may not be successful, and the Group may be required to pursue lengthy and expensive processes in an attempt to obtain such rights. If the Group is unable to protect its new or existing IP rights, its competitors may be able to utilise its proprietary designs, technologies and innovations, materially impacting the Group's competitiveness. In addition, the Group may be subject to claims and other legal proceedings against it by competitors claiming infringement or other violation of their IP rights. Such litigation is complex and expensive, and outcomes are difficult to predict. As a result of such claims, the Group may be subject to damages, costs and other financial remedies and liabilities, and be required to seek licences from third parties, which may not be available on satisfactory terms or at all. The Group may also be subject to injunctions which require the Group to stop selling certain products or using certain technologies, which could have a material adverse effect on the Group's revenue and ability to grow the business.

#### The Group could be subject to adverse tax rulings and to changes in tax laws, regulations and interpretations
Tax laws and regulations are complex and subject to varying interpretations, and the Group is subject to regular review and audit by the tax authorities in the jurisdictions in which it operates. In addition, the determination of the Group's income tax provisions and other tax liabilities requires significant judgement, and there are many transactions and calculations, including in respect of intragroup transactions, where the ultimate tax determination is uncertain. Any adverse outcome of a tax review or audit, or a disagreement by a relevant tax authority in relation to judgements taken by the Group, could result in additional tax payments or penalties, which could be significant. For example, the Group is currently subject to a number of pending tax assessment matters, particularly in Brazil, where such assessments can result in significant losses. In FY2024, the Group disclosed a contingent liability of €98 million related to its ongoing tax assessments in Brazil. There also remains the possibility of further material tax assessments related to the same matter for periods not yet assessed. Although the Group believes that the judgements and determinations it makes relating to its tax position are reasonable, disagreements with tax authorities could materially affect the Group's results of operations in the periods for which such judgements and determinations are made.

In addition, tax is a complex and evolving area where laws and regulations are changing regularly, leading to the risk of unexpected tax exposure. For example, multi-jurisdictional legislative changes continue to be enacted in response to the guidelines provided by the Organisation for Economic Co-operation and Development to address base erosion and profit shifting, including the enactment of a global minimum tax — "Pillar Two" — in each EU member state, the UK and multiple other jurisdictions in which the Group operates. The UK and the EU are considering further potential tax reform — for example, the proposed reform of UK law in relation to transfer pricing, permanent establishment and diverted profits tax.

Furthermore, US tax authorities continue to issue various forms of guidance, including notices of proposed rulemaking and United States Treasury regulations, implementing and clarifying aspects of significant reforms to the United States Internal Revenue Code introduced under the 2017 Tax Cuts and Jobs Act, the 2022 Inflation Reduction Act and the 2025 "One Big Beautiful Bill Act".

Taken together, adverse tax rulings and changes in tax laws, regulations and interpretations could increase tax uncertainty, increase the Group's effective tax rate and lead to the imposition of fines and penalties.

 ***The Group may be exposed to risks in relation to compliance with anti-corruption, economic sanctions and other laws and regulations in the jurisdictions where it conducts its business***

The Group is required to comply with the laws and regulations of the various jurisdictions in which it conducts its business. This may expose it to risks in relation to compliance with anti-corruption, economic sanctions and other laws and regulations, including, but not limited to, the Dutch Criminal Code (*Wetboek van Strafrecht*), the US Foreign Corrupt Practices Act of 1977, the United Kingdom Bribery Act 2010, and economic sanctions programmes, including those administered by the United Nations, the European Union and the Office of Foreign Assets Control in the United States. Violations of applicable anti-corruption and economic sanctions laws and regulations are punishable by civil penalties, including fines, denial of export privileges, injunctions, asset seizures, debarment from government contracts (and termination of existing

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contracts) and revocations or restrictions of licences, as well as criminal fines and imprisonment. In addition, any major violations could have an impact on the Group's reputation and consequently on its ability to win future business.

 ***If the Group fails to comply with personal data protection laws it could be subject to adverse publicity, regulatory action and/or private litigation, which could negatively affect its business, financial condition and results of operations***

In the ordinary course of the Group's business, it receives, processes, transmits and stores information relating to identifiable individuals ("**personal data**"), such as consumers, customers/distributors, vendors, employees and job applicants, site visitors, and website/app users. This includes identification and contact details, behavioural and transactional data, employment and compliance records, biometric and CCTV data, and information related to complaints, recalls, and legal obligations. Consequently, the Group is subject to complex and evolving laws, rules, regulations, orders and directives relating to the collection, use, retention, security, processing and transfer of personally identifiable information across multiple jurisdictions. In particular, the processing of personal data is regulated in the United Kingdom and the European Union by the GDPR and in the United States by the California Consumer Privacy Act, among others.

Failure to comply with any of these laws or regulations may increase the Group's costs, subject it to expensive and disruptive government investigations, result in substantial fines or result in lawsuits and claims against the Group to the extent these laws include a private right of action. For example, GDPR imposes stringent data protection obligations that can result in high compliance burdens, including that the Group demonstrate its compliance with data protection principles. GDPR imposes potential fines of up to the higher of €20 million or 4 per cent. of global annual net revenue and confers a private right of action on certain individuals and associations. Compliance with GDPR and other applicable international privacy, cybersecurity and related laws can be costly and time consuming. Any changes to laws and the introduction of such laws in other jurisdictions may subject the Group to, among other things, additional costs and expenses, and has required and may in the future require costly changes to the Group's business practices and security systems, policies, procedures and practices. Data privacy laws may also be inconsistent from jurisdiction to jurisdiction. There can be no assurance that the Group's security controls over personal data, the training of employees and vendors on data privacy and data security, and the policies, procedures and practices the Group has implemented or may implement in the future will prevent the improper disclosure of personal data. Improper disclosure of personal data could harm the Group's reputation, result in a violation of applicable privacy and other laws, and subject the Group to private consumer, business partner, or litigation and governmental investigations and proceedings, any of which could result in the Group being exposed to material civil or criminal liability.

#### The Group is subject to risks associated with the enforcement of antitrust and competition laws
The Group is subject to various antitrust and competition rules and regulations in the countries in which it operates. These laws and regulations evolve and change, and their interpretation, application and enforcement can also change, be unpredictable or be affected by changing political or social pressures.

The Group's business activities have been, and may in the future be, subject to investigations, regulatory actions or inquiries involving alleged violations of antitrust and competition laws, certain of which remain ongoing. The most material ongoing anti-trust and competition law disputes to which the Group is subject are set out below:

• in December 2017, the AGCM fined Unilever Italia MKT Operations S.R.L (the Ice Cream Business of which now forms part of the Group) €60.7 million for alleged imposition of exclusivity and abuse of dominant position. The Italian Council of State (Consiglio di Stato) upheld the fine. The fine was paid in 2018 and an appeal to the Italian Cassation Court (Corte di Cassazione) is ongoing. A decision is expected in 2025 or 2026; and

• in March 2021, the Turkish Competition Authority (Rekabet Kurumu, the "**RK**") fined Unilever Sanayi ve Ticaret Türk A.Ş. (the Ice Cream Business of which now forms part of the Group) TRY 360 million for allegedly establishing exclusivity obligations and offering allegedly abusive rebates. The RK also imposed a "Cooler Rule Obligation" whereby outlets with an indoor commercial surface of less than or equal to 100m²

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with no non-Unilever freezer cabinet available to consumers can decide to leave 30 per cent. of the Unilever freezer cabinet space available for competitor products. This case is the subject of an appeal petition before the Regional Administrative Court and a decision is expected in 2025 or 2026.

A successful antitrust/competition law challenge against the Group could result in the imposition of significant fines by one or more authorities, and/or in decisions preventing the Group from further expanding its business, and/or third parties (such as competitors and customers) initiating civil litigation claiming damages caused by anticompetitive practices. Further, if one jurisdiction imposes or proposes to impose new requirements or restrictions on the Group's business, other jurisdictions may follow. Rulings by government agencies and courts on antitrust/competition matters, whether or not valid or subject to appeal, could result in civil penalties, regulatory fines, mitigation or significant capital expenditures or could require changes in the Group's business practices, which could have a material adverse effect on the Group's business, financial condition and results of operations.

If the above or any currently unknown lawsuits or investigations relating to violations of antitrust and competition laws are decided unfavourably for the Group, its business, financial condition and results of operations could materially suffer.

#### Litigation, disputes and regulatory investigations may materially and adversely affect the Group's business, financial condition, results of operations and prospects
The Group's business activities are, and may in the future be, subject to legal proceedings, disputes and regulatory and governmental investigations in various contexts, including consumer fraud actions, competitor and regulatory challenges to product and marketing claims, competition law investigations, product liability and quality claims, human resources claims, contractual disputes and other disputes or claims arising in the ordinary course of its business operations. These legal actions, disputes and investigations may relate to aspects of the Group's businesses and operations that are specific to the Group, or that are common to companies that operate in the Group's markets, and this risk may be enhanced in circumstances where the Group is operating in new markets. Legal actions and disputes may arise under contracts, regulations or from a course of conduct taken by the Group, and may be class actions.

Although the Group has developed and implemented a set of standards, controls, and policies and procedures that are tailored to the specific requirements of the Group and the regulatory regimes of the jurisdictions in which it operates, there is no guarantee that those standards, controls, and policies and procedures will totally shield the Group from liability, and the Group remains exposed to the risk of potential civil and/or criminal actions leading to damages, fines and sanctions. For example, the risk of consumer fraud class actions, competitor, regulatory and governmental challenges to product and marketing claims, and product liability lawsuits remains significant. Governmental agencies such as the United States Federal Trade Commission (the "**FTC**") are very active in oversight of consumer products as they seek to prevent consumer fraud. The FTC may have changing enforcement priorities in this area, for example, the use of expert endorsements/testimonials and environmental marketing claims. Consumer fraud actions, and competitor, regulatory and governmental challenges to product and marketing claims, and class-action lawsuits affecting the Group have the potential to do significant damage to the Group's reputation and materially and adversely affect the results of its operations and financial condition.

Given the large or indeterminate amounts of damages sometimes sought by claimants, other sanctions that might be imposed (including the Group no longer being able to use key claims) and the inherent unpredictability of litigation and disputes, it is possible that an adverse outcome to any litigation, dispute, government or regulatory investigation could have a material adverse effect on the Group's business, financial condition, results of operations and prospects. For more information on the legal proceedings to which the Group has been subject, see "*Item 8. Financial Information—8.A. Consolidated Statements and Other Financial Information—Legal Proceedings"*.

 ***If the Company loses its status as a "foreign private issuer" under the US federal securities laws, it will incur significant costs and require significant management resource in order to comply with the US rules applicable to a "US domestic" issuer***

As a foreign private issuer, the Company will be permitted to follow certain home country corporate governance practices instead of those otherwise required by the NYSE for US domestic issuers. For instance,

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the Company may follow Dutch home country practices with respect to, among other things, composition and function of the committees of its Board, certain quorum requirements and other general corporate governance matters. In addition, in certain instances, the Company may choose to follow its home country law, instead of the NYSE rules applicable to US domestic issuers that would require that the Company obtains shareholder approval for certain dilutive events, such as an issuance that will result in a change of control of the Company, certain transactions other than a public offering involving issuances of a 20 per cent. or more interest in the Company and certain acquisitions of the stock or assets of another company.

In the future, the Company would lose its foreign private issuer status if a majority of its shares are owned by US residents and: (i) a majority of its directors or executive officers are US citizens or residents; (ii) more than 50 per cent. of its assets are located in the United States; or (iii) its business is administered principally in the United States. The regulatory and compliance costs to the Company under US securities laws as a US domestic issuer would be significantly more than costs the Company incurs as a foreign private issuer. If the Company is not a foreign private issuer, it would be required to file periodic reports and registration statements on US domestic issuer forms with the SEC, which are more detailed and extensive in certain respects than the forms available to a foreign private issuer. The Company would also have to mandatorily comply with US federal proxy requirements, and its executive officers, directors and principal Shareholders would become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the US Exchange Act. Further, the Company would under current SEC rules be required to prepare its financial statements in accordance with US generally accepted accounting principles and modify certain of its policies to comply with corporate governance practices associated with US domestic issuers. In addition, the Company may lose its ability to rely upon exemptions from certain corporate governance requirements of the NYSE that are available to foreign private issuers. Such transition and modifications would involve additional costs and may divert management's attention from other business concerns.

#### Risks Relating to the Demerger
 ***The Group may not achieve any or all of the expected benefits of the Demerger, and the Demerger could adversely impact the Group's business, results of operations or financial condition***

The Group may be unable to realise all the potential benefits that it expects to achieve from the Demerger. These benefits include the Group's ability to focus on its own strategic and operational plans, cost savings from a lean and efficient company setup, and a more efficient allocation of capital which is expected to increase the Group's earnings and profitability.

The Group may not achieve these or other anticipated benefits of the Demerger for a variety of reasons. For example, following the Demerger, the Group will no longer benefit from being a fully integrated part of Unilever's business operations. The Group may lose business opportunities that it previously enjoyed because its customers took into consideration other business opportunities relating to the broader Unilever Group in contracting with it in relation to ice cream. Furthermore, the Group may need to renegotiate with its suppliers and customers and the Group cannot guarantee that the same contractual terms will be maintained for such agreements. There can be no guarantee that when the existing contractual arrangements with these suppliers and customers expire, the Group will be able to obtain pricing and payment terms on the same basis as its previous arrangements, or at all.

 ***If Unilever fails to perform its obligations under any of the transitional services arrangements it has entered into with the Group, the Group may be unable to obtain replacement agreements with unrelated parties in a timely manner or on similar terms***

The Group has entered into the GTSA, whereby Unilever will provide the Group with certain operational services, including IT infrastructure and support services, financial services and support, operations management services, distribution services, the use of offices and facilities, logistics and supply-chain management. In addition, the Group has also entered into a variety of Local OMAs and manufacturing agreements, pursuant to which Unilever provides the Group with certain raw and packaging materials for incorporation in, as well as manufacturing services for the production of, ice cream products. If Unilever fails to perform its obligations under any of these arrangements, the Group would need to find substitutes to provide such services, which could be costly and time consuming. While the Group believes it would be able to

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obtain replacement agreements with unrelated third parties within a reasonable amount of time in order to carry on its business independently, there is no guarantee that the Group will be able to obtain replacement agreements with such third parties without some element of delay or on terms that are comparable to its existing arrangements with Unilever. In such cases, the Group may incur proportionately higher costs for these services, or experience disruption to its operations while replacement services are sourced.

#### The transitional services arrangements entered into between Unilever and the Group may prove to be insufficient for all the Group's needs following the Demerger
As a fully integrated part of Unilever, the Group has historically relied on Unilever's resources in relation to, among other things, financial and administrative matters, as well as services related to taxes, legal and contract management, IT, corporate communications, procurement, human resources, internal audit, compliance, real estate, cyber-security, accounting, and financing (including treasury, guarantees, insurance and pension management). Under the GTSA and the Local OMAs, Unilever will continue to provide some of these services to the Group for a maximum period of 30 months from 1 July 2025. However, the services provided by Unilever under the GTSA and the Local OMAs may prove to be insufficient to cover all of the Group's needs in these areas during the periods these agreements are in effect, or they may not fully capture the organisational and commercial benefits the Group's business enjoyed as a fully integrated part of Unilever. Any gap or inefficiencies experienced by the Group in relation to the provision of these services by Unilever could lead to operational delays and increases in costs as the Group finds alternative suppliers or service providers to fill these gaps.

#### The Group has incurred and will continue to incur significant costs in connection with the Demerger and incremental costs as an independent, publicly-traded company
The Group expects the Demerger process to continue to be complex and time-consuming. The Group needs to establish or expand its own corporate functions, including facilities, insurance, logistics, quality, compliance, finance, human resources, benefits administration, procurement support, information technology, legal, corporate strategy, corporate governance, other professional services and general commercial support functions. In particular, the Group will be subject to increased regulatory obligations as a result of being listed, and its Senior Management Team will need to devote a substantial amount of time to ensure that the Group complies with all of these requirements, which may divert their attention from operating and growing the Group's business. For example, the Sarbanes-Oxley Act of 2002 ("**Sarbanes-Oxley**"), as well as regulations subsequently adopted by the SEC and the NYSE, has imposed various requirements on public companies, including rules regarding corporate governance practices. Sarbanes-Oxley requires, among other things, that the Group maintain and periodically evaluate its internal controls over financial reporting and disclosure controls and procedures. The Group and the Senior Management Team will have to perform system and process evaluation and testing of its respective internal controls over financial reporting to allow it and the Group's reporting accountants to report on the effectiveness of the Group's internal controls over financial reporting, as required by section 404 of Sarbanes-Oxley.

The Group also needs to make investments or hire additional employees to operate without the same access to Unilever's existing operational and administrative infrastructure. The Group expects to incur one-time costs to replicate, or outsource from other providers, these corporate functions to replace the corporate services that Unilever historically provided prior to the Demerger. Due to the scope and complexity of the underlying projects relative to these efforts, the amount of total costs could be materially higher than the Group's estimate, and the timing of the incurrence of these costs is subject to change. Any failure or significant downtime in the Group's own financial, administrative or other support systems, or in the Unilever financial, administrative or other support systems during the transitional period during which Unilever provides the Group with support, could adversely affect its business, results of operations or financial condition, such as by preventing the Group from paying its suppliers and employees, executing business combinations and foreign currency transactions, or performing administrative or other services on a timely basis.

 ***The Group's Financial Statements may not necessarily reflect the results that the Group would have achieved as an independent, publicly traded company or may not be a reliable indicator of its future results***

Prior to 1 July 2025, the Group did not operate as a stand-alone group. Accordingly, the Financial Statements included in this registration statement do not necessarily reflect what the results of the Group would have been

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had it operated as a stand-alone group during the period under review. The historical financial information has been derived from Unilever's historical financial and company information, with certain adjustments being made. In order to reflect the assets, liabilities, income and expenses that fall within the perimeter of the Group, various combination rules as well as a series of assumptions and estimates have been applied.

For example, the Financial Statements include the assets, liabilities, revenue and expenses that the management of Unilever determined are specifically or primarily identifiable as belonging to the Group, as well as certain indirect incurred costs. These allocations have been determined on a basis that both Unilever and the Group consider to be a reasonable reflection of the utilisation of services provided to, or the benefit received by, the Group during the periods presented. The reasonable reflection is primarily based on revenues generated by the Group as compared to Unilever.

Had the Group operated independently during the periods presented, the level of costs incurred would have been different and would have been influenced by a number of factors including the chosen organisational structure, the functions that are outsourced as opposed to performed by employees, and by other strategic decisions taken by the Group. The value of the assets and liabilities the Group assumes in connection with the Demerger could ultimately be materially different from the attributions as calculated by the management of Unilever for the purposes of preparing the Financial Statements, which could adversely affect the Group's reported results in the future.

#### The Group is subject to tax risks due to the Reorganisation
The Reorganisation and the grouping of activities and assets that shall form part of the Group were implemented by way of three separate demergers under Dutch law and comparable measures under the laws of other jurisdictions as well as certain carve-out measures. In the course of carrying out the Reorganisation, a multitude of assets have been transferred. As a general rule, the taxes arising in the course of the Reorganisation shall be borne by the entity which owes such taxes as the statutory taxpayer. For example, in the event that the Group was separated by way of reverse carve-out measures, the tax burden and risks which result from such measures or relate to the carved-out business remain with entities of the Group. It is possible that the envisaged tax treatment of such measures will be challenged by the tax authorities and that additional taxes, for instance income taxes, value-added tax ("**VAT**"), stamp duties or de-grouping charges, will be assessed, for example due to a denial of certain exemptions or of input VAT-deductions, or a different valuation of the transferred assets, or that loss-carry-forwards will be utilised as a consequence of such measures which could result in a reduction of deferred tax assets.

For a transitional period, there may also be tax inefficiencies associated with the need to initially set up the corporate and/or business structure (including, among others, the conclusion or transfer of customer contracts) and with the transfer of assets in certain jurisdictions. There are some jurisdictions in which the Group will operate via newly-created permanent establishments which need to become registered for tax purposes. While this process is either substantially progressed or has been completed in many instances, there is a risk that in some jurisdictions this process may take longer than expected to complete due to factors beyond the Group's control. In addition, there may also be tax inefficiencies associated with the interim operating model of the Group for a transitional period in respect of the services or other support provided by Unilever, which are set out in further detail in "*Reorganisation and Demerger—Reorganisation*", because such services or other support that is currently being provided by Unilever may no longer be provided on a tax neutral basis pursuant to certain tax grouping or other related party regimes following the Demerger.

 ***As the Group establishes its own core IT environment and transitions its data to its own systems, it may incur substantial additional costs and may suffer temporarily reduced quality of IT services or temporary business interruptions***

Under the terms of the GTSA, Unilever will continue to provide certain IT services to the Group, including enterprise applications (including finance and enterprise resource planning ("**ERP**"), customer relationship management, human resources, procurement and other systems), a core infrastructure (including hosting, networking, voice platform, email and collaboration systems), end-user computing, service integration and management, information security and local IT systems (for use at manufacturing facilities and offices). However, the Group will install and implement its own IT environment to support its critical business functions and will transition the services provided under the GTSA. The Group may incur temporary interruptions in

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business operations and financing services if it cannot transition effectively from Unilever's existing transactional and operational systems and infrastructure and the services that support these functions as it replaces these systems with its own. In particular, the Group is in the process of developing and implementing a global ERP system and other enterprise-wide applications that will upgrade and standardise its information systems. ERP implementations are inherently complex and time-consuming projects that involve substantial expenditure on system software, implementation activities and business process reengineering.

The implementation of the Group's ERP system and other IT systems is expected to occur in phases over the next two to three years, and the Group may experience delays and increased costs beyond those for which it has budgeted as part of the implementation of these systems.

Any interruptions as the Group implements new systems and replaces part of Unilever's IT services, or failure to anticipate the necessary readiness and training needs, or the Group's failure to replace Unilever's services effectively and efficiently, could disrupt its business and expose it to liability to third parties. It could also lead to increased costs, which would have a negative impact on the Group's margins and profitability.

 ***If the Demerger does not qualify for its intended US federal income tax treatment, US Shareholders could be subject to tax in connection with the receipt of Shares***

The receipt by US Shareholders (as defined under "*Item 10. Additional Information—10.E. Taxation —Certain US Federal Income Tax Considerations*") of Shares pursuant to the Demerger is intended to qualify for non-recognition treatment for US federal income tax purposes. Unilever has received a private letter ruling from the U.S. Internal Revenue Service (the "**IRS**") and an opinion from its tax adviser, Linklaters LLP, to the effect that, among other things, the Demerger will qualify for non-recognition treatment, including for its shareholders, for US federal income tax purposes. The private letter ruling and the opinion of Linklaters LLP (the "**Tax Opinion**") are based upon and rely on, among other things, various facts and assumptions, as well as certain representations, statements and undertakings of Unilever and the Company (including those relating to the past and future conduct of Unilever and the Company). If any of these representations, statements or undertakings is, or becomes, inaccurate or incomplete, or if Unilever or the Company breach any of their respective representations or covenants contained in any of the Demerger-related agreements and documents or in any documents relating to the private letter ruling and/or the Tax Opinion, such private letter ruling and/or the Tax Opinion may be invalid and the conclusions reached therein could be jeopardised. If the Demerger were determined not to qualify for non-recognition treatment for US federal income tax purposes, each US Shareholder generally would be treated as receiving a distribution taxable as a dividend in an amount equal to the fair market value of the Shares received, as described under "*Item 10. Additional Information—10.E. Taxation—Certain US Federal Income Tax Considerations—Demerger*". A US Shareholder that receives a distribution taxable as a dividend must include the gross amount of such distribution as part of its taxable income on the day such distribution is received. For the avoidance of doubt, this risk factor only applies to US Shareholders who receive their Shares pursuant to the Demerger. It does not impact future purchasers of the Shares.

 ***The Group could have significant indemnity obligations to Unilever if the Demerger or the internal restructuring were to fail to qualify for tax-free treatment for US federal income tax purposes***

If the Demerger were determined not to qualify as a tax-free transaction for US federal income tax purposes, Unilever generally would recognise a gain with respect to the Demerger for US federal income tax purposes. Because Unilever is not a US taxpayer, Unilever would not be subject to US federal income taxation with respect to such gain. However, the failure of the Demerger to qualify as a tax-free transaction for US federal income tax purposes could affect the tax-free status of certain US steps of the Reorganisation, which, in turn, would result in adverse US federal income tax consequences to the Unilever Group.

Under the Tax Matters Agreement (as defined herein), the Company has generally agreed to indemnify Unilever for taxes and related losses it suffers as a result of the Demerger or certain US steps of the Reorganisation failing to qualify as tax-free transactions for US federal income tax purposes if the taxes and related losses are attributable to actions taken (or the failure to take certain actions) by the Group that would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

be inconsistent with or cause to be untrue any statement, information, covenant, or representation in the IRS ruling request, the Tax Opinion and any other related materials; or

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

result in the direct or indirect acquisitions of shares or assets of the Group (including, for example, a takeover of the Company and regardless of whether the Company consents to such acquisitions).

Although the Company does not currently anticipate taking (or failing to take) the above actions and has generally agreed not to take (or to fail to take) such actions, if the Company's indemnity obligations are triggered, the amounts payable by the Company to Unilever pursuant to these indemnity obligations (which would equal the US federal income tax liabilities incurred by the Unilever Group, including related expenses, if the Demerger or certain US steps of the Reorganisation were to fail to qualify as tax-free transactions for US federal income tax purposes) could be substantial, which could materially adversely affect its financial position.

#### The Tax Matters Agreement will restrict the Company's ability to engage in certain transactions
In the Tax Matters Agreement, the Company has agreed not to take certain actions that could cause the Demerger or certain US steps of the Reorganisation to fail to qualify for tax-free treatment for US federal income tax purposes. Under the Tax Matters Agreement, the Company will be restricted from engaging in certain acquisition, merger, liquidation, sale, and stock redemption transactions during the two-year period following the completion of the Demerger, unless (i) the Company obtains a tax opinion from a qualified adviser (or a ruling from the IRS) that such action will not affect the tax-free treatment of the Demerger or the internal restructuring or (ii) the Company and Unilever agree otherwise. Although the Company does not currently anticipate that these restrictions would have a material adverse impact on the Company, these restrictions may reduce the Company's ability to engage in certain business transactions that might otherwise be advantageous, such as engaging in certain acquisition, merger, liquidation, sale, and stock redemption transactions during the two-year period following the completion of the Demerger, unless certain requirements are met. For more information on the Tax Matters Agreement, see "*Item 10. Additional Information—Material Contracts—Tax Matters Agreement*".

 ***The Group's joint venture partner in the Philippines has a recurring right to require the Group to acquire its stake in the joint venture companies***

In the Philippines, the Group's business is predominantly conducted through Magnum RFM Ice Cream, Inc., which is a joint venture between a Group Company and RFM Corporation ("**RFM**") (the "**Philippines Joint Venture**").

Under the terms of the shareholders agreement for the Philippines Joint Venture (the "**Philippines JV Agreement**"), each year, within one month of 31 December, RFM has the right to require the relevant Group Company to purchase all or a proportion of RFM's shares in the Philippines Joint Venture companies pursuant to a put option, at a price to be calculated in accordance with the "formula" set out in the Philippines JV Agreement. This formula takes into account various financial performance metrics of the Philippines Joint Venture. This put option has been exercisable on an annual basis since the Philippines Joint Venture was established, but has never been exercised by RFM. The value of this option is included on the Group's balance sheet as at 30 June 2025 as a non-current financial liability of €145 million, and is reflected in "*Note 4. Financial Instruments*" of the Condensed Combined Carve-Out Financial Statements in the line item "Other financial liabilities". While RFM agreed to waive its right to exercise this option in connection with the Demerger, the option may become exercisable again in the future. Should RFM exercise its right to require the Group to acquire its stake in the Philippines Joint Venture, it would require the Group to raise the funds necessary to make this acquisition, which could have a negative impact on short-term liquidity, and potentially divert funds from other attractive business opportunities that the Group would otherwise pursue at that time.

#### Risks Relating to the Shares

#### There is no existing market for the Shares and an active trading market for the Shares may not develop or be sustained
Prior to Admission, there has been no public trading market for the Shares. Although the Company intends to apply to: (i) Euronext Amsterdam N.V. for the admission of the Shares to listing and trading on Euronext Amsterdam; (ii) the FCA for the admission of the Shares to the Equity Shares (Commercial Companies)

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category of the Official List; (iii) the LSE for admission to trading on the Main Market; and (iv) the NYSE for the admission of the Shares to listing and trading on the NYSE, the Group can give no assurance that an active trading market for the Shares will develop or, if developed, can be sustained following Admission. If an active trading market does not develop or is not sustained, the liquidity and trading price of the Shares could be materially adversely affected, and investors may have difficulty selling their Shares.

#### The listing of the Shares in three different jurisdictions may adversely affect the liquidity and price of the Shares
The Shares will be admitted to listing and trading on Euronext Amsterdam, the LSE and the NYSE. The Company's multiple listings may adversely affect liquidity and trading prices for the Shares on one or more of the exchanges as a result of circumstances that may be beyond the Group's control. For example, the multiple listings may increase share price volatility as trading will be split between three markets, resulting in less liquidity on each exchange than if the Shares were listed on only one or two exchanges. Different liquidity levels, trading volumes, market conditions and regulatory conditions (including the imposition of capital controls) on the exchanges may result in different prevailing prices. Any decrease in the price of the Shares on one exchange could cause a decrease in the trading price of the Shares on another exchange. Investors could seek to sell or buy the Shares to take advantage of any price differences between the markets through a practice known as arbitrage. Any arbitrage activity could create unexpected volatility in both the prices and the volumes of the Shares available for trading on the exchanges. In addition, investors may not be able to sell or buy the Shares on an exchange in case of a technological malfunction or other failure, which may increase the risk of arbitrage activities.

#### The value of the Shares may fluctuate significantly
The value of the Shares may fluctuate significantly as a result of a large number of factors, including, but not limited to, those referred to in this "*Item 3. Key Information—3.D. Risk Factors*" section, as well as period-to-period variations in operating results or changes in revenue or profit estimates by the Group, industry participants or financial analysts. The value of the Shares could also be affected by developments unrelated to the Group's operating performance, such as the operating and share price performance of other companies that investors may consider comparable to the Group, speculation about the Group in the press or investment community, strategic actions by competitors, including acquisitions and/or restructurings, changes in market conditions and regulatory changes in any number of countries, whether or not the Group derives significant revenue therefrom.

The Shares will not be eligible for inclusion in the FTSE UK Index Series Indexation (which includes the FTSE 100, FTSE 250, FTSE 350 and FTSE All-Share indices). As a result, certain institutional investors and index-tracking funds that base their investment decisions on index inclusion may be less likely to invest in the Shares. This exclusion could reduce demand for the Shares, which could negatively impact their trading price, trading volumes, and overall liquidity. Consequently, the Shares could be less attractive to a broader range of investors, and the market price of the Shares could be adversely affected.

#### The market price of the Shares could be negatively affected by sales of Shares, or the perception that such sales could occur
Following Admission, Unilever will own (directly or indirectly) approximately 19.9 per cent. of the Company's issued share capital. Some Shareholders, including some of the Company's larger Shareholders, such as Unilever, may sell their Shares for a variety of reasons, including, among others, the Group's business profile or market capitalisation as a stand-alone company, changes in such Shareholders' investment objectives, or a determination by such Shareholders that holding Shares is impractical or difficult due to listing, tax, or other considerations. Shareholders, including Unilever, will not be subject to lock-up arrangements post the Demerger. The sale of a substantial number of Shares by Unilever in the public market, or the perception that these sales may occur, may depress the market price of the Shares and could impair the Company's ability to raise capital through the issuance of additional Shares or negatively impact the market price of Shares.

#### The issuance of additional Shares in connection with future acquisitions, any share incentive or share option plan or otherwise may dilute other shareholdings
The rights of Shareholders are governed by Dutch law, the Company's articles of association as they will be in effect following amendment effective as of the Demerger (the "**Articles of Association**") and other internal

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rules. In the event of an increase in the Company's share capital, Shareholders are generally entitled to full pre-emptive rights unless these rights are limited or excluded either by virtue of Dutch law, by a resolution of the general meeting (the "**General Meeting**"), or by a resolution of the Company's board of directors (*bestuur*) (the "**Board**") (if the Board has been designated by the General Meeting or the Articles of Association for this purpose). The Board is expected to be designated by the General Meeting prior to Admission, for a period expiring on the earlier of: (i) the date falling six months following the conclusion of the Company's 2026 Annual General Meeting; and (ii) the date of renewal of this authorisation, to issue Shares or grant rights to subscribe for Shares in the capital of the Company and to limit or exclude the pre-emptive rights. Pursuant to this designation, the Board may resolve to issue Shares or grant rights to subscribe for Shares up to a maximum of 10 per cent. of the number of Shares issued as of the date of Admission and limit or exclude pre-emptive rights in relation thereto. Such authority can also be used for issuances/grants in connection with share plans adopted or operated by the Group (including in respect of executive members of the Board).

The Group may seek to raise financing to fund future acquisitions and other growth opportunities, to invest in its business, or for general corporate purposes. The Company may, for these and other purposes, such as in connection with share incentive and share option plans, issue additional Shares or securities convertible into Shares. As a result, Shareholders may suffer dilution in their economic and voting rights, or the price of the Shares may be adversely affected. Upon liquidation, holders of any debt securities issued, and lenders with respect to other borrowings, would receive a distribution of the Company's available assets prior to the holders of the Shares. Any debt securities convertible into equity could be subject to adjustments in the conversion ratio pursuant to which certain events may increase the number of equity securities issuable upon conversion. The Company's decision to issue equity securities in any future offering will depend on market conditions and other factors beyond the Company's control, which may adversely affect the amount, timing and nature of the Company's future offerings.

#### Shareholders may not receive dividends or other distributions from the Company
The Group's financial condition and results of operations are dependent on its trading performance. There can be no assurance that the Company will pay dividends or make other payments to shareholders in the future, notwithstanding its stated dividend policy, which is expected to be in the range of 40 to 60 per cent. of net income after adjusting items and paid annually. Any decision to declare and pay dividends or make other payments to shareholders in the future will be made at the discretion of the Board and will depend on, amongst other things, applicable law, regulation, restrictions, the Group's financial position, regulatory capital requirements, working capital requirements, finance costs, general economic conditions and other factors the Board deems significant from time to time.

Under Dutch law, the Company may only pay a dividend or make another payment to its shareholders after the adoption of the annual accounts by the General Meeting that show that the dividend or payment is allowed, or, in the case of an interim dividend, it appears from an interim statement of assets signed by the Board. Such a dividend or payment will only be allowed under the Dutch Civil Code to the extent that the Company's equity exceeds the sum of the paid-up and called-up share capital, increased by the reserves required to be maintained by either Dutch law or the Articles of Association. Once the annual accounts are available, the Board will determine whether the Company is able to, or should (in its discretion), make distributions in accordance with Dutch law. As the Company is a holding company with no business operations of its own, its ability to satisfy these requirements and pay dividends and make other payments to its shareholders will therefore depend on the future profitability of operating subsidiaries within the Group and the ability to distribute or dividend profits from those operating subsidiaries up the Group structure to the Company. For further information, see "—*The Company is a holding company with no business operations of its own and depends on its subsidiaries for cash, including in order to pay dividends and make other payments to shareholders*".

 ***The Company is a holding company with no business operations of its own and depends on its subsidiaries for cash, including in order to pay dividends and make other payments to shareholders***

The Company is a group holding company with no independent operations and is dependent on earnings and distributions of funds from its operating subsidiaries for cash, including in order to pay dividends and make other payments to Shareholders. The amount and timing of such distributions to the Company from its

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operating subsidiaries will depend on the laws of those operating subsidiaries' respective jurisdictions, their operating performance, as well as any financing arrangements entered into by them which restrict their ability to make distributions.

 ***The rights and responsibilities of Shareholders are governed by Dutch law and will differ in some respect from the rights and obligations of shareholders under the laws of other jurisdictions and the shareholder rights under Dutch law may not be as clearly established as the rights of a shareholder established under the laws of some other jurisdictions***

The Company will exist under the laws of the Netherlands as a public limited liability company (*naamloze vennootschap*). Accordingly, the Company's corporate structure as well as the rights and obligations of its Shareholders may be different from the rights and obligations of shareholders of companies incorporated or organised under the laws of other jurisdictions. For example, resolutions of the General Meeting may be taken with majorities different from the majorities required for adoption of equivalent resolutions in companies organised under the laws of other jurisdictions. Additionally, in fulfilling their responsibilities, the Board must act in the interest of the Company and the business connected with it and give specific attention to the relevant interests of all the Company's stakeholders, which in addition to Shareholders includes customers, employees, lenders and suppliers. Any action to contest any of the Company's corporate actions must be filed with, and will be reviewed by, a Dutch court, in accordance with Dutch law. As such, the exercise of certain rights by Shareholders outside the Netherlands may be more costly than the exercise of rights in a company organised under the laws of other jurisdictions.

In particular, in the case of a future issuance of new Shares, Shareholders are generally entitled to full pre-emptive rights unless these rights are limited or excluded either by virtue of Dutch law, by a resolution of the General Meeting, or by a resolution of another corporate body authorised by the General Meeting or the Articles of Association for this purpose for a specified period not exceeding five years. The Board is expected to be designated by the General Meeting, for a period expiring on the earlier of: (i) the date falling six months following the conclusion of the Company's 2026 Annual General Meeting; and (ii) the date of renewal of this authorisation, to limit or exclude pre-emptive rights subject to the limits as set out in this registration statement. The securities laws of certain jurisdictions may restrict the ability of Shareholders in those jurisdictions to exercise their pre-emptive rights for new Shares unless the Company complies with local requirements. If these Shareholders are not able to exercise pre-emptive rights, then they may not receive the economic benefit of such rights and could suffer dilution.

 ***If securities or industry analysts cease publishing research or reports on the Company's business or if any such analysts publish inaccurate or unfavourable research about the Company's business, the trading volume and price of the Shares could decline***

The trading market for the Shares will be affected by the research and reports that securities or industry analysts publish about the Company's business or industry. If one or more of the analysts covering the Company recommends selling the Shares or publishes inaccurate or unfavourable research about the Company's business or industry, the price of the Shares could be adversely affected. If one or more of the analysts ceases publishing research or reports on the Company's business or industry or fails to publish research or reports on the Company regularly, there could be a decline in demand for the Shares, which could cause their price and trading volume to be adversely affected.

#### ITEM 4: INFORMATION ON THE COMPANY

#### 4.A. HISTORY AND DEVELOPMENT OF THE COMPANY

#### General Corporate Information
The Company was incorporated as a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) under the laws of the Netherlands, with its corporate seat in Amsterdam, The Netherlands, and registered with the Dutch Chamber of Commerce under number 97035467. The Company was incorporated on 15 April 2025 under the name The Magnum Ice Cream Company B.V. Shortly prior to Admission, the Company will be converted into a public company with limited liability (*naamloze* 

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*vennootschap*) under the laws of the Netherlands and its legal and commercial name will be The Magnum Ice Cream Company N.V. Following the Demerger, the principal activity of the Company will be to act as the ultimate holding company of the Group. The Company is domiciled in the Netherlands with its registered and head office at Reguliersdwarsstraat 63, 1017 BK Amsterdam, The Netherlands (Tel. +31 61 158 5067). The Company's legal entity identifier is 25490052LLF3XH6G9847. The Company's website is www.corporate.magnumicecream.com. The information on the Company's website does not form part of this registration statement.

#### History and Development of the Company
In 1913, an entrepreneurial butcher named Thomas Wall decided to counteract the summer dip in sales of sausages by branching out into selling ice cream. World War I put his idea on hold. But when Lever Brothers Ltd purchased the business in 1922 and large commercial freezers began arriving from the United States, the Wall's ice cream brand, and Unilever's Ice Cream Business, were brought to life.

Over the next century, the Group continued to expand through a combination of organic growth and strategic acquisitions, focusing primarily on at-home consumption, and cementing its position as a global market-leader. The following graphic provides an overview of important events in the development of the Group's business:

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

On 1 July 2025, the Group was established as a stand-alone corporate group within the Unilever Group, becoming the world's largest pureplay ice cream group.

#### Capital Expenditure and Divestitures
 *See "Item 5. Operating and Financial Review—5.B. Liquidity and Capital Resources—Capital Expenditure".* 

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#### Public Information
See "*Item 10. Additional Information—10.H. Documents on Display*".

#### 4.B. BUSINESS OVERVIEW
 *Item 4.B. should be read in conjunction with "Presentation of Financial and Other Information—Market and Industry Data" for further information on the use of market and industry data in this registration statement.* 

#### Key Highlights
The Group is a global market-leader in ice cream across developed and emerging markets, operating in 80 countries. Accounting for approximately 21 per cent. of the global retail ice cream market in 2024, the Group is the largest ice cream company by retail sales in the world.<sup>2</sup> It is number one by retail sales in nine of its ten largest markets (being the United States<sup>3</sup>, Turkey, Germany, the United Kingdom, Mexico, Italy, France, the Philippines and Indonesia)<sup>4</sup> and number two in China.<sup>5</sup>

With a rich history spanning over a century, the Group has built a portfolio of household names, including global power brands: the Heartbrand (an "umbrella" brand with numerous well-known sub-brands), Magnum, Ben & Jerry's and Cornetto, and local heroes, such as Breyers, Klondike and Popsicle. Through its brand portfolio, the Group offers ice cream products addressing the full value spectrum, and all consumption occasions and demand moments, offering tastes and product formats specifically curated to regional consumer preferences.

The Group owns, manufactures and sells ice cream brands and products that are tailored for both at-home and away-from-home consumption. The Group's strong positions in both categories are supported by its fleet of approximately three million freezer cabinets, including over 60,000 AI-equipped smart freezer cabinets. In 2024, the Group had a leading position by retail sales across most of the top five retailers in its key markets, including Walmart, Rewe, Tesco and Albertsons.<sup>6</sup> Additionally, the Group had a leading position by retail sales in several of the largest and fastest growing pure-play dCom groups and quick commerce platforms, including Walmart, DoorDash, UberEats and JD.com.<sup>7</sup>

Technology is at the core of the Group's strategy to engage with consumers across all consumption occasions. Its marketing model focuses on demand creation, and is based on a deep understanding of consumer occasions and local dynamics, complemented by dynamic benchmark pricing, which refers to the ongoing practice of benchmarking the Group's prices against those of its peers, and adjusting the Group's prices accordingly. The Group utilises a technology-powered, social-first activation strategy to generate relevant advertising content at speed. Its innovation focus, supported by 12 research, design and innovation ("**RD&I**") centres and underpinned by a comprehensive innovation ecosystem, enables the Group to consistently deliver product, packaging and process improvements, and maintain a competitive edge in a rapidly evolving marketplace.

The Group's global operations are supported by an end-to-end supply chain and production footprint, consisting of 30 manufacturing facilities, approximately 200 distribution centres, 327 production lines and more than 2,150 distributors, across six continents. Its global scale of production and supply chain provide significant economies of scale and agility, and enable local-for-local production and distribution.

<sup>2</sup>

Company analysis based on *Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y-o-y ex. rates, current prices*, adjusted for economic ownership of brands in each market.

<sup>3</sup>

Company analysis based on *Circana as of MAT August 2025.*

<sup>4</sup>

The Group's top ten markets are based on the Group's FY2023 revenue.

<sup>5</sup>

Company analysis based on *Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y-o-y ex. rates, current prices (excluding US)*.

 *<sup>6</sup>* 

 *Company analysis partially based on NIQ FY24 Data and customer confirmations for US, Germany, UK, Mexico, France.* 

<sup>7</sup>

*NIQ FY24 Data.*

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The Group organises its business into four geographic regions: (i) Europe and Australia and New Zealand ("**ANZ**"); (ii) Americas; (iii) Asia; and (iv) Middle East, Turkey, South Asia and Africa ("**METSA**"). For the purpose of financial reporting, such regions are aggregated into three reportable segments of:

• **Europe and ANZ:** representing Europe (which includes the United Kingdom and Ireland), Australia and New Zealand;

• **Americas:** representing North America and South America; and

• **Rest of the World** ("**RoW**"): representing Africa, Asia and the Middle East (which includes Turkey).

The operating segments, METSA and Asia, are combined into the RoW reportable segment due to their economic similarities and shared key business characteristics.

The Group was recently reorganised and established as a stand-alone corporate group within the Unilever Group. Since 1 July 2025, the Group has operated separately from the Unilever Group, apart from certain areas where the Unilever Group continues to provide services through transitional services agreements, which are expected to continue for a maximum period of 30 months from 1 July 2025, unless the Group terminates them earlier. This period includes a three-month "ramp down phase". This "ramp down phase" is a period in which the services provided by the Unilever Group through the transitional services agreements will run in parallel with any new arrangements that the Group has put in place to replace the services being provided by the Unilever Group to ensure a smooth transition to successor operators and to wind down the services being provided on the Unilever Group's systems. In addition, the transfers of certain assets, liabilities, and companies that formed part of Unilever's global Ice Cream Business to the Group have been deferred until after the Demerger and Admission, in order to comply with applicable law and to obtain necessary regulatory clearances. For more information on the Reorganisation and related matters, see "*Reorganisation and Demerger*".

#### Market Overview
 *This section includes information sourced from various third parties. For further information on the treatment of third-party information and statements based on the Group's own estimates, insights, opinions or proprietary information, see "Presentation of Financial Information and Other Information—Market and Industry Data" above.* 

 *This section describes the characteristics, market developments, key trends and competitive landscape in the global ice cream market. The historical growth rates in this section have been presented based on financials translated to euro at prevailing exchange rates in each year unless otherwise specified. The forecast growth rates in this section have been presented based on constant 2024 exchange rates unless otherwise specified. Market size data is based on the manufacturer selling price ("**MSP**") i.e. sales at ex-factory price, calculated exclusive of sales tax, VAT, retailer, and wholesaler mark-ups and other customary adjustments. The figures presented throughout this section reflect sales at MSP unless indicated otherwise.* 

 *Within this section, unless specified otherwise, any references to market size (global, regional or segmental) are presented in euro based on the average exchange rates between local currencies and euro in 2024. Similarly, unless specified otherwise, any references to market growth (global, regional or segmental) are presented on a 2024 FX basis.* 

#### Global Ice Cream Market Overview
The global ice cream market is estimated at €75 billion as of 31 December 2024.<sup>8</sup>

The Group estimates the global ice cream market to have grown at a compound annual growth rate ("**CAGR**") of 3.7 per cent. in the ten-year period from 2014 to 2024.<sup>9</sup> Historical growth has been relatively stable, with an exception in 2020, when lockdown measures from the Covid-19 pandemic led to a notable drop in ice cream

<sup>8</sup>

Total 2024 market size of €75 billion based on Company analysis of third-party market data.

 *<sup>9</sup>* 

 *Company projection based on analysis of Euromonitor, Snacks 2026 edition, Retail Value Sales (MSP) in EUR, y-o-y ex. rates, current prices. CAGR data based on retail and foodservice sales combined.* 

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sales particularly in certain emerging market countries. Thereafter, however, the global ice cream market resumed positive growth, surpassing the prior peak in 2019 by 2022, and continued to grow in each of 2023 and 2024.

Looking ahead, the Group expects the global ice cream market to grow at a CAGR of 3 to 4 per cent. in the five-year period between 2024 and 2029, to reach a total value of approximately €90 billion.<sup>10</sup> Drivers for growth are expected to differ across markets, some of which are described in this section.

In the Group's view, the global ice cream market forms part of the wider global "snacking occasions" market, which includes products that consumers seek out on various consumption occasions, and which often include ice cream. The Group includes in this category: savoury snacks; confectionery; sweet biscuits; snack bars; and fruit snacks, and estimates this market to be worth around €470 billion as of 31 December 2024.<sup>11</sup>

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

*Source:* Includes foodservice. Company analysis of third-party market data.

#### Key Elements of the Global Ice Cream Market

#### Geography
The key regions for the Group in terms of ice cream sales are: (i) Europe and ANZ, representing Europe (which includes the United Kingdom and Ireland), Australia and New Zealand; (ii) Americas representing North America and South America; and (iii) Rest of the World ("**RoW**"), representing Africa, Asia and the Middle East (which includes Turkey).

<sup>10</sup>

Company projection based on analysis of third-party market data.

<sup>11</sup>

Total 2024 market size of €470 billion based on third-party market data.

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

• **Europe and ANZ** ice cream market accounted for €24.8 billion of sales in 2024, or 33 per cent. of the global ice cream market.<sup>12</sup>

• **Americas** ice cream market accounted for €25.0 billion of sales in 2024, or 33 per cent. of the global ice cream market.<sup>12</sup>

• **RoW** ice cream market accounted for €25.2 billion of sales in 2024, or 34 per cent. of the global ice cream market.<sup>12</sup>

Globally, the countries which represent the Group's ten largest national markets (the United States, Turkey, Germany, the United Kingdom, Mexico, Italy, China, France, the Philippines and Indonesia)<sup>13</sup> are estimated to account for €37 billion of ice cream sales in 2024, representing approximately 50 per cent. of the global ice cream market.<sup>12</sup>

#### Income
The Group also considers the global ice cream market in two categories based on per capita income: (i) developed markets; and (ii) emerging markets.<sup>14</sup>

• **Developed markets** — according to Company analysis, the ice cream market in developed markets accounted for €49 billion of sales in 2024 (approximately 65 per cent. of the global ice cream market). This market is estimated to have grown at a CAGR of 4.4 per cent. from 2014 to 2024 and is forecast to grow at a CAGR of 2 to 3 per cent. from 2024 to 2029.<sup>15</sup>

• **Emerging markets** — according to Company analysis, the ice cream market in emerging markets accounted for €26 billion of sales in 2024 (approximately 35 per cent. of the global ice cream market). The market is estimated to have grown at a CAGR of 2.6 per cent. from 2014 to 2024 and is forecast to grow at a CAGR of 5 to 6 per cent. from 2024 to 2029.<sup>15</sup>

Developed and emerging markets have significantly different ice cream consumption patterns. On average, per capita ice cream consumption in 2024 was 8.1 litres across developed markets compared with 1.3 litres across emerging markets.<sup>16</sup> Retail outlet density is also significantly different across these markets, with 216 outlets per million people across developed markets compared with 146 outlets per million people across emerging markets.<sup>17</sup>

<sup>12</sup>

Includes foodservice. Company analysis partially based on *Euromonitor, Snacks 2026 edition, Retail Value Sales (MSP) in EUR, y-o-y ex. rates, current prices*.

<sup>13</sup>

The Group's top ten markets are based on the Group's FY2023 revenue.

<sup>14</sup>

The Group defines developed markets to consist of countries with per capita GDP of at least $35,000 for 2024 on 2024 average exchange rates, based on IMF data, and emerging markets to consist of the remaining countries.

<sup>15</sup>

Company projection based on analysis of third-party market data.

<sup>16</sup>

Company analysis based on third-party market data.

<sup>17</sup>

Company analysis based on *Global Data*, *Euromonitor* and *IMF* market data.

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#### Number of Retail Outlets, 2024
 *per million people*![[MISSING IMAGE: bc_consumption-4clr.jpg]](bc_consumption-4clr.jpg)

#### Consumption
The ice cream market can be segregated into two primary consumption categories: (i) products targeted for at-home consumption and (ii) products targeted for away-from-home consumption.

 *At-home* 

At-home consumption represents products targeted for at-home consumption that are generally intended to be consumed at home through multiple servings, such as ice cream tubs, pints and multi-packs of ice cream cones, ice cream sticks and ice cream bars. These products are distributed mainly through a broad range of organised modern trade retail customers, including supermarkets, grocery stores, club stores, other retailers and digital commerce platforms.

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According to Company analysis, at-home represented €31.1 billion by sales in 2024 (approximately 41 per cent. of the global ice cream market). The category is estimated to have grown at a CAGR of 3.8 per cent. from 2014 to 2024 and is forecast to grow at a CAGR of approximately 3 per cent. from 2024 to 2029.<sup>18</sup>

 *Away-from-home* 

Away-from-home consumption represents products targeted for away-from-home consumption that are generally intended to be consumed "on-the-go" through a single serving, including ice cream sticks, bars and cones. These products are distributed mainly through a broad range of smaller retailers, including newsagents, food service outlets, gas stations, leisure centres and convenience stores.

According to Company analysis, away-from-home represented €40.6 billion by sales in 2024 (approximately 54 per cent. of the global ice cream market). The category is estimated to have grown at a CAGR of 2.9 per cent. from 2014 to 2024 and is forecast to grow at a CAGR of 3 to 4 per cent. from 2024 to 2029.<sup>18</sup>

#### Market Size <sup>19</sup>
![[MISSING IMAGE: bc_digital-4clr.jpg]](bc_digital-4clr.jpg)

#### Digital commerce
Over the past decade, digital commerce has emerged as a rapidly growing and increasingly important avenue for the sale of ice cream products targeted for both at-home and away-from-home consumption. Digital commerce represents the distribution of products through a range of online retail customers, broadly grouped into three categories:

<sup>18</sup>

Company projection based on analysis of third-party market data.

<sup>19</sup>

The ice cream market is often divided into three segments: at-home, away-from-home, and digital commerce. When the market is analysed in this way, products sold through large retailers are classified as at-home, products sold through smaller convenience stores and food outlets are classified as away-from-home, and products sold through digital commerce platforms are classified in their own segment. As a practical matter, products sold through digital commerce platforms can be consumed at home or away from home, which is why the table above presents the D-commerce segment as sitting across both the at-home and the away-from-home segment.

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

• *Omnichannel, pureplayer and rapid grocery delivery:* Distribution of ice cream products as a part of rapid or planned grocery home delivery, achieved through partnership with retailers and pure-play delivery providers. Examples include the online delivery services of Walmart, Kroger, Tesco, Amazon and Leclerc; and quick commerce platforms like Zepto, PandaMart and Flink;

• *On-demand meal delivery:* Distribution of ice cream products as an add-on with meal delivery, achieved through partnership with meal delivery services. Examples include UberEats, JustEat Takeaway, DoorDash and Quick Service Restaurant ("**QSR**") applications; and

• *On-demand ice cream delivery:* Distribution of ice cream products through virtual stores. Examples include Grab, Swiggy, iFood, Pinduoduo and Meituan.

According to Company analysis, digital commerce accounted for €3.4 billion of ice cream sales in 2024 (approximately 4 per cent. of the global ice cream market). The digital commerce market is estimated to have grown at a CAGR of 26.6 per cent. from 2014 to 2024 and is forecast to grow at a CAGR of 8 to 10 per cent. from 2024 to 2029.<sup>20</sup> Given higher expected growth than the overall market, the Group believes that digital commerce will become an increasingly important avenue for the sale of ice cream.

#### Price
The global ice cream market can be segmented by the price positioning of each specific product. Although the segmentation is highly dependent on individual market and price points of other products in the broader snacking categories, the Group categorises ice cream products into the following three segments:

• *Value:* Defined as ice cream products priced at 80 per cent. or below the estimated average ice cream price of the relevant country;

• *Mainstream:* Defined as ice cream products priced between 80 per cent. and 120 per cent. of the estimated average ice cream price of the relevant country; and

• *Premium:* Defined as ice cream products priced at a minimum of 120 per cent. above the estimated average ice cream price of the relevant country.

#### Key Market Growth Drivers
As mentioned above, the Group expects the global ice cream market to grow at a CAGR of 3 to 4 per cent. in the five-year period between 2024 and 2029, with higher growth expected in emerging markets as compared with developed markets.<sup>20</sup>

However, given that each national and regional market is characterised by distinct macroeconomic and demographic conditions, as well as consumption patterns and competitive dynamics, the Group expects that the medium-term growth for each market will be driven by different factors. Some, but not all, of the drivers that are expected to affect growth in the global ice cream market include:

• ***Rising disposable income:*** Globally, countries experience a wide range of ice cream consumption per capita, and based on Company analysis, this is positively correlated with GDP per capita. Based on a sample group of developed markets including Australia, Germany, Sweden, the United Kingdom and the United States, average per capita ice cream consumption was 11.0 litres in 2024, whereas a group of emerging markets including Brazil, India, Indonesia, Mexico and the Philippines had an average per capita ice cream consumption of 1.4 litres in the same year.<sup>21</sup> The Group believes that rising income levels will be a factor in increasing per capita ice cream consumption for the relevant markets.

• ***Increasing penetration of fridge freezers:*** According to Company analysis, certain markets, particularly emerging markets with lower income, have seen ice cream consumption rising consistently with increasing penetration of fridge freezers in households. As an example, in India, per capita ice cream consumption rose from 0.2 litres to 0.6 litres between 2010 and 2024, while fridge freezer penetration rates increased from

<sup>20</sup>

Company projection based on analysis of third-party market data.

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18 per cent. to 47 per cent. in the same period.<sup>21</sup> The Group believes that this effect will continue to have a positive impact on certain markets' ice cream consumption trajectory.

• ***Growth in ice cream freezer cabinets:*** According to Company analysis, estimated at-home ice cream consumption is positively correlated with the number of retail outlets per 1,000 people, based on a sample of ten selected emerging and developed markets.<sup>22</sup> More concretely, the Group believes that growth in ice cream freezer cabinets will result in greater availability of products, leading to additional away-from-home consumption.

• ***Digital commerce platforms:*** In the past decade, the proliferation of online delivery platforms, and in particular, the "quick commerce" platforms that allow consumers to order fast grocery delivery, as well as food delivery platforms that offer ice cream as part of the menu, have caused digital commerce to become the fastest growing market for ice cream. The Group expects that the speed and convenience of ice cream delivery through these platforms will contribute to creating new consumption occasions and bring incremental growth to the category.

• ***Premiumisation:*** According to Company analysis, amongst a sample of 18 developed markets, the "premium" ice cream segment expanded disproportionately from 2016 to 2024, thereby increasing share in the overall ice cream market from 36 per cent. to 41 per cent.<sup>22</sup> The Group expects that growing consumer willingness to pay higher prices for higher quality products, particularly in developed markets, is expected to support growth in the value of the ice cream market by raising per-unit price of ice cream consumed.

• ***New consumption occasions:*** Changing lifestyles and preferences have led to the emergence of new consumption occasions, such as on-the-go consumption, late night snacking and premium indulgence experiences. The enduring impulse purchase nature of ice cream supports consumption, which is further enhanced by its emergence as a snacking and dessert option.

#### Global Ice Cream Category Competitive Landscape
 *The following sub-section provides the Group's view on the competitive landscape of the ice cream market. Market share data is based on the Retail Sales category and excludes the foodservice category due to data availability. Market share data is sourced from Euromonitor through December 2024 and has been adjusted in accordance with management's assessment of the economic ownership of brands within specific markets.* 

#### Competitive Landscape
The ice cream industry is highly competitive and dynamic, with an emphasis on quality, taste, price, brand reputation, brand differentiation, variety of products, advertising, product packaging and design, supermarket and grocery shelf space and away-from-home distribution capabilities through freezer cabinets. Success in the market is also predicated on continuous innovation and ability to create new consumption occasions.

The global ice cream market has few global competitors that are solely focused on ice cream, with the top two companies globally representing 32 per cent. of total retail sales.<sup>23</sup>

Froneri, who is the Group's largest competitor globally, primarily offers ice cream products through licence agreements and private label manufacturing. While global multi-category consumer packaged goods companies also operate within the ice cream industry, they do so at a more limited scale, and in some cases through partnership agreements.

In specific regions, the Group also competes with local companies, such as Ferrero in the United States, General Mills in Europe, and Yili and Mengniu Dairy in China, as well as private label offerings.

<sup>21</sup>

Company analysis based on third-party market data.

<sup>22</sup>

Company analysis based on analysis of third-party market data.

<sup>23</sup>

Company analysis based on *Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y-o-y ex. rates, current prices*, adjusted for the economic ownership of manufacturing in each market where a brand has split ownership globally between multiple economic owners.

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The graphic below sets out the share of global ice cream sales by key company for 2024.

#### RPS Sales Share (%)
![[MISSING IMAGE: bc_rspsales-4clr.jpg]](bc_rspsales-4clr.jpg)

 *Source: Company analysis based on Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y-o-y ex. rates, current prices, adjusted for the economic ownership of manufacturing in each market where a brand has split ownership globally between multiple economic owners.* 

Note:

(1) Market share attributable to Froneri reflects branded products, and excludes private label manufacturing sales.

#### Competitive Strengths
The Group believes it benefits from the following key competitive strengths:

#### Largest ice cream company in the world with strong positions in each of its regions
The Group is the largest ice cream company in the world. Based on Euromonitor and management estimates, the Group had a global market share of 21 per cent. in 2024 (based on RSP sales), compared with the largest competitor which had an estimated market share of 11 per cent.<sup>24</sup> The Group estimates that the remaining global ice cream market is fragmented, spread between divisions of multinational snacking and confectionary companies, and a long tail of local competitors.

The Group also has a strong market position at regional and national levels. On a regional level, based on market data and management estimates, the Group had a leading position by retail sales in each of its key geographic regions: Americas (19 per cent. market share), Europe and ANZ (31 per cent. market share) and RoW (11 per cent. market share) in 2024.<sup>25</sup> On a national level, the Group estimates that it was number one by

<sup>24</sup>

Company analysis based on *Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y-o-y ex. rates, current prices*, adjusted for economic ownership of brands in each market.

 *<sup>25</sup>* 

 *Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y-o-y ex. rates, current prices (excluding US).* 

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retail sales in nine of its top ten markets in 2024, including the United States<sup>26</sup> and Mexico in Americas; Germany, the United Kingdom, Italy and France in Europe and ANZ; and Indonesia, the Philippines and Turkey in RoW.<sup>27</sup>

Whilst the global ice cream market includes local markets with distinct competitive dynamics, there is no other company with the breadth and depth of presence that the Group has, as demonstrated by the Group's global market share.<sup>28</sup> The Group believes that its market position underscores its strength in the ice cream industry and enables it to pursue growth and productivity strategies that would otherwise not be feasible.

#### Over 100 years of ice cream expertise and heritage
The Group has a history spanning over a century, starting from the founding of Breyers in 1866. Many of its brands have heritage of several decades, including Wall's (1922), Cornetto (1959), Twister (1982), Ben & Jerry's (1978) and Magnum (1989). Additionally, the Group also has a long history expanding into international markets, such as its expansion into Malaysia in 1980 and Turkey in 1990.

Throughout its history, the Group has led innovation on the product category which has influenced when and how ice cream is consumed worldwide today. The Group's innovation track-record started early in its history, with the introduction of Popsicle as a frozen, flavoured ice snack on a stick that could be consumed without a utensil. In the 1980s and 1990s, Ben & Jerry's drove growth in the market for premium ice cream offered in pint-sized and smaller containers, which have subsequently become a staple in supermarkets worldwide.

The Group believes that its long history of innovation in the global ice cream market and its strong heritage brands spanning multiple decades gives it a strong brand recognition and loyalty across generations.

#### Four global power brands representing full spectrum of consumption occasions
The Group's four global power brands — the Heartbrand, Magnum, Ben & Jerry's and Cornetto — comprise four of the top five brands globally by retail sales in 2024.<sup>29</sup> These four brands form the core of the Group's operations worldwide and allow the Group to cater to a variety of consumption occasions by targeting distinct price points, formats and flavours.

The Heartbrand, the Group's largest brand, operates as a brand family which encompasses a number of sub-brands in a wide range of formats, price points, flavours and branding. This ranges from Carte d'Or, known for its tubs for at-home consumption, to Calippo, which uses a frozen push-up design with refreshing fruit flavours, to Golden Gaytime, an iconic Australian ice cream with a combination of toffee and vanilla ice cream on a wooden stick.

The Magnum brand, positioned in the premium price segment, is predominantly consumed away-from-home. It is known for its thick chocolate coating with the signature cracking when bitten into, which adds to the indulgent experience for consumers. Magnum is also driving category growth through bite-size formats, such as Bon Bons, expanding desirability and occasions.

While Ben & Jerry's is also priced in the premium segment; unlike the Magnum brand, it focuses on at-home consumption through the pint format, and is distinguished by its chunky, indulgent ice cream with bold flavours. Its use of candy, cookies, sauces and rich bases, as well as its whimsical and pop culture-driven branding, contributes to its appeal to consumers.

<sup>26</sup>

Company analysis based on *Circana as of MAT August 2025.*

<sup>27</sup>

Company analysis based on *Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y-o-y ex. rates, current prices (excluding US)*.

<sup>28</sup>

Company analysis based on *Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y-o-y ex. rates, current prices*, adjusted for economic ownership of brands in each market.

<sup>29</sup>

Company analysis partially based on *Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y-o-y ex. rates, current prices*. The Heartbrand is not listed as a global brand name in Euromonitor's data and its position is calculated based on the Group's internal classification.

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Cornetto, known for its wafer cone format with the distinct chocolate-filled tip at the bottom of the cone, with aerated, soft ice cream texture, is primarily consumed away-from-home. Cornetto is positioned as an accessible, everyday treat, straddling between mainstream and premium price segments.

Together, the Group's four global power brands significantly contribute to revenue across the Group's geographic regions and enable the Group to meet the full spectrum of tastes, product formats, occasions and price points in each of the markets in which it operates.

#### Portfolio of best-in-class brands, including local and specialty brands
The breadth of the Group's brand portfolio is further enhanced by a range of specialty and local brands. These brands complement the four global power brands in the relevant geographies and/or for particular consumption occasions, and allow the Group to capture a broader segment of overall ice cream demand.

The Group's locally focused brands include brands with significant heritage and recognition in their respective markets. For example, Breyers and Popsicle are both iconic brands in the United States with a century of heritage, focusing on at-home and away-from-home consumption, respectively. Weis is an Australian brand founded in 1957 which is known for its fruit and cream bars.

The Group's specialty brands focus on distinct demand characteristics, consumption occasions or consumer demographics. For example, in the United States, Yasso is known for pioneering Greek yogurt bars that combine indulgent flavours with better-for-you nutritional values. Founded in 2009, Yasso was the first brand to market in this category and has led a rapid expansion of the category. The Group acquired the brand in 2023 and believes there is significant potential to expand the brand internationally.

Talenti, which launched in 2003 and was acquired by the Group in 2014, is a specialty brand distinguished by a traditional Italian gelato-making techniques, where ingredients are slow cooked in small batches, which results in a dense, velvety texture that sets it apart from conventional ice cream. More recently, Talenti launched products which feature multiple layers, known as "Talenti Layers", which requires a specialised production technique. Whilst the brand is currently focused on the United States, the Group believes that there is potential to expand the footprint of the brand to other premium ice cream markets.

Through its four global power brands and its specialty and local brands, the Group believes that it has a best-in-class portfolio of owned brands in the global ice cream market. Unlike its largest competitor, which primarily licenses its brands, the Group primarily operates through owned brands. The Group believes that its ownership of brands allows it to test and introduce new products quickly, further improving its ability to set industry trends and both influence and adapt to changing consumer preferences.

#### Market-leading capabilities and innovation
The Group boasts a rich portfolio of intellectual property, including approximately 1,000 patent cases, more than 150 research agreements, 71 trade secrets and 125 registered design families. The Group believes that its scientific expertise and intellectual property portfolio leads to world-class capabilities for production, selling systems, packaging and assembly, each of which contributes to its competitive strength.

In particular, product innovation and specialised manufacturing capabilities are at the core of the Group's strengths. This ranges from its expertise in using premium ingredients and blending to create unique flavour combinations consistently, to microstructure control and forming techniques that allow the Group to create unique textural experience in many of its products. From chunky elements incorporated into a swirl of complementary flavours in a Ben & Jerry's pint, to the signature crack of the Belgian chocolate coating of the classic Magnum bar, to the multi-layered pints of Talenti, the Group leverages its advanced production technique to bring to market innovative and desirable products for consumers.

The Group also benefits from its expertise in forming techniques, which enables it to market a wide range of product formats catering to distinct consumption occasions. Through Cornetto, the Group pioneered the mass-produced ice cream cone category by using the technique of coating the inside of the cone with a layer of chocolate. Additionally, Calippo brought the distinct frozen push-up design to the ice cream market.

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#### Omnichannel leadership
The Group has a market leading position in both at-home and away-from-home consumption<sup>30</sup> and is well positioned to capitalise on the rapidly growing digital commerce ("**dCom**") channel.<sup>31</sup> For at-home consumption, the Group maintains a close relationship with key retailers such as supermarket chains across the world. The Group estimates that it is amongst the largest ice cream sellers in each of the key supermarket chains around the world, and is the largest seller amongst a large number of key retail chains<sup>32</sup> in markets such as:

• **United States** — Walmart, Publix, Albertsons and Ahold Delhaize;

• **Germany** — Edeka, Rewe, Aldi and Markant;

• **United Kingdom** — Tesco, Sainsbury's, Asda, Co-operative and Morrisons;

• **Mexico** — BodegaAurrera, Walmart, Sofiana and Chedraui; and

• **France** — Cooperative U (Enseigne) and Auchan.

The Group's strong position in away-from-home consumption is supported by its approximately three million ice cream cabinets around the world. The Group estimates that it has an overall market share of approximately 30 per cent.<sup>30</sup>

Additionally, the Group has experienced notable success in increasing sales through the fast-growing dCom channel. In particular, the Group estimates that it has a leading position by retail sales in several of the largest and fastest growing pure-play dCom groups and quick commerce platforms, including JD.com, Amazon, Pinduoduo, Ocado, Doordash and Delivery Hero.<sup>33</sup> The Group believes that the convenience of dCom will propel continued rapid growth of the platforms, and that it is well-positioned to benefit from such growth.

#### Global supply chain based on local-for-local production
The Group's operations are supported by a comprehensive global supply chain with 30 manufacturing facilities, approximately 200 distribution centres, 327 production lines and 2,150 distributors, across six continents. The Group's manufacturing facilities are geographically distributed to support its key areas of operations, including six sites in North America (Sikeston and Covington representing the Group's largest and second largest ice cream manufacturing facilities worldwide, respectively), 11 in Europe, six in Asia, three in the Middle East, two in South Africa, one in Africa and one in Australia.

The Group's manufacturing and distribution footprint allows it to pursue a local-for-local production principle in most of its largest markets. For example, in Turkey, the second largest national market for the Group, the Group's operations are supported by two manufacturing facilities, one in Konya (in Anatolia) and one in Çorlu (in European Turkey). Together with 86 cold storage facilities located across the country, these two manufacturing facilities support a one-day lead time from production for the majority of the country by area, and a two-day lead time for the eastern section of the country.

In connection with the Group's separation from Unilever, it has embarked on a comprehensive supply chain transformation programme, which is aimed at fully exploiting the potential of its supply chain fundamentals. The Group believes that through this programme, it will be able to unlock additional savings and efficiency through improving balance inventories and service rates, optimising its supplier pool, increasing asset utilisation and streamlining its route-to-market.

<sup>30</sup>

Company analysis based on third-party market data.

 *<sup>31</sup>* 

 *Company analysis based on Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y-o-y ex. rates, current prices (excluding US).* 

 *<sup>32</sup>* 

 *Based on 2024 revenue, Company analysis partially based on NIQ FY24 Data and customer confirmations for US, Germany, UK, Mexico, France.* 

<sup>33</sup>

Company analysis partially based on *NIQ FY24 Data and customer confirmations.*

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#### Revamped front-line first organisation with a new winning culture, and incentives aligned to growth strategy
As part of Unilever, the Group has undergone and, as a stand-alone entity, will continue to undergo, a number of commercial re-sets designed to make it fit for its new purpose and position the Group to take a leading role in the global snacking industry. Central to this transformation is the revitalisation of talent, including a new senior team with extensive food and beverage experience and proven track records in delivering success at publicly listed companies. The Group's senior leadership team is well-equipped to leverage its many years of combined industry expertise to advance the Group's strategic objectives. The team is supported by increased depth of leadership across the whole of the organisation, with dedicated general management of each of the Group's business units who run the business end-to-end. By empowering local leadership, management can be more agile, with strategies and execution tailored to local consumer needs and trends. Coupled with this, the Group has launched renewed incentive arrangements aligned to the delivery of clearly defined growth and other strategic objectives. The Group's commitment to aligning incentives with shareholder and other stakeholder interests reflects its focus on sustainable long-term value creation.

The Group has embraced a technology-enabled, frontline-first approach that empowers its workforce to excel. New systems and key performance indicators have been crafted to fit the Group's operational and financial needs. The Group is fostering a winning culture marked by a significant increase in performance intensity, which not only strengthens the Group's market position but also enhances its capacity for sustainable growth, while aligning with the Company's broader goals of prosperity and community alignment.

#### Strategy: Re-founding Ice Cream
From the time the Group started operating as a separate business unit within Unilever in July 2022, it has begun to re-establish itself as a separate, focused, independent global category leader<sup>34</sup> with the strategic control and operating focus to build a better-performing business. Ice cream is a growing €75 billion<sup>35</sup> market with upside in the €470 billion<sup>35</sup> snacking market with above average fast moving consumer goods return on invested capital.

As a separate business unit, and now as a standalone company, the Group is building a sharper, faster, and more accountable business, already delivering results through early productivity gains (such as automation upgrades at 21 manufacturing facilities in FY2024 contributing to a 23 per cent. reduction in food waste), a more efficient organisation (characterised by the removal of a layer of management and redeployment of personnel) and stronger in-market execution supported by revamped local management teams with end-to-end accountability.

The Group's strategy centres on five interconnected levers:

• Building a portfolio that drives value and penetration (through new consumption occasions and innovation);

• Expanding availability, reach and execution;

• Unlocking productivity to drive margin and growth;

• ESG strategy focused on building resilience, enabling innovation, and protecting licence to operate; and

• Organisation and Culture: Built for focus, speed, and accountability, without compromising business integrity.

While the Group will continue to face challenges in the execution of its strategy, it is now operating with greater pace, a clear strategy, proven leadership and a strong platform for reinvestment. Since becoming a separate business unit, the Group has invested significantly in its cabinet fleet and its supply chain in order to drive growth and productivity.<sup>36</sup> The Group is now confident in its ability to build a structurally improved ice cream business, one positioned for sustainable competitive growth, stronger margins and long-term value

<sup>34</sup>

Company analysis based on *Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y-o-y ex. rates, current prices*, adjusted for economic ownership of brands in each market.

<sup>35</sup>

Company analysis based on third-party market data.

<sup>36</sup>

Between FY2022 and FY2024, the Group made €892 million worth of capital expenditure investment in its cabinet fleet and supply chain.

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creation. The discussion below provides more details around the Group's growth strategy. For a discussion of the challenges that might prevent the Group from executing its growth strategy successfully, see "*Risk Factors*".

#### Building a Portfolio That Drives Value and Penetration
As a standalone company, the Group has redeveloped its growth model, not simply by launching new products, but by unlocking new consumption occasions, reshaping its portfolio and focusing innovation on scalable, high-return platforms. Whereas the Group's growth model was historically more focused on growing in the premium segment of the industry, the Group's re-developed growth model focuses on the entire pricing pyramid within the industry, and is built on leveraging its brands to grow consumption occasions and increase penetration within those occasions. By expanding the focus of the growth model beyond the premium segment, and growing occasions within the industry, the Group expects to accelerate growth, expand margins and keep the consumer at the core of the Group's strategy.

#### Expanding consumption occasions through innovation
The Group is shifting from a brand-first model to an occasion-led growth engine focused on where, when and why consumers choose ice cream. By identifying key moments like weekday indulgences, BBQs, road trips, couch moments, or family gatherings, the Group designs its products, route-to-market and activations that meet consumers in the moments that matter.

The Group structures its occasion strategy around five distinct demand moments:

• **Indulgent delights:** Premium experiences from brands like Magnum, Ben & Jerry's, and Talenti, using proprietary textures and layered formats to elevate indulgence.

• **Refresh & revive:** Light and refreshing formats for both adults and kids, often seasonal or impulse-driven, led by brands like Twister and Calippo.

• **Fuel up:** Bite-sized, convenient formats for on-the-go and sharing snacking, including innovations like Magnum Bon Bons and snack bars.

• **Bonding & sharing:** Social and family formats that make ice cream part of everyday and festival rituals, from premium tubs to accessible multi-packs.

• **Mindful choices:** Health-forward options that balance taste and nutrition, playing in spaces like "high protein" through brands like Yasso.

This framework ensures that the Group's innovation and communication are not only category-relevant but also occasion-right.

#### Competing across the full price pyramid to grow both margin and penetration
The Group's portfolio is built to compete across the full price pyramid, from affordable, everyday formats to premium indulgent offerings, enabling the Group to serve all consumers across occasions, channels and income levels.

Premium offerings drive pricing power, margin mix and brand distinctiveness. Accessible formats support broad penetration and frequency, helping the Group win in mass channels driving volume efficiencies in its manufacturing facilities.

The Group supports this approach with a sophisticated country-specific, occasion-based pricing strategy, positioning the Group's products not just within the ice cream category norms, but against the broader snacking market.

#### Focusing innovation on scalable disruptive platforms
The Group is moving from an innovation strategy focused on flavour renovations to a model that emphasises value per launch. The Group's focus is on disruptive formats that unlock new usage occasions, have pricing power, and deliver scale across markets, such as Magnum Bon Bons.

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The Group is investing in scalable innovation platforms, including:

• **Premium indulgence:** Multi-textured formats like Magnum Brownie and seven-layer sticks that elevate sensory experience.

• **Better-for-you snacks:** Health-forward options like Yasso, 70 per cent. fruit sorbets and adult refreshment.

• **Format-led expansion:** Portable and occasion-driven formats such as micro-treats, snack bars and bite-size, opening up new occasions like on-the-go snacking.

With an improved RD&I focus, dedicated category teams and faster test-and-learn cycles, the Group is building long-term market-making platforms, not just one-off novelties.

#### Expanding Availability, Reach and Execution
The Group's growth is shaped not only by what it sells, but by where and how its products appear, because in ice cream, availability is everything. It is an impulse-driven category, one in which cold chain access, product visibility and speed to shelf determine sales. This is why the Group is transforming its go-to-market model to: expand access, strengthen execution and drive demand across every channel.

#### A dedicated salesforce built for ice cream
One of the most significant changes the Group has made is the deployment of an enlarged, dedicated ice cream sales team.

The sales team has three clear mandates:

• To expand distribution, particularly in underpenetrated outlets;

• To reduce out-of-stocks by improving availability and execution; and

• To create perfect stores and shelves.

The impact of these mandates is already visible through broader coverage, improved store compliance and a more reliable presence across markets.

#### Elevating retail execution with the right tools and terms
Grocery retail is the Group's largest commercial channel, and the Group is transforming how it operates within the channel to drive more profitable category growth.

The Group is strengthening its end-to-end revenue growth management ("**RGM**") system, with smarter pack-price architecture, promotion design and occasion-based assortment strategies, tailored by channel. These tools are being rolled out market-by-market to drive margin and conversion.

In parallel, the Group is redefining its trade terms, moving towards agreements that are designed to fully reflect the economics of ice cream. As part of Unilever, the Group's trade terms were negotiated by Unilever in order to accommodate a variety of consumer goods, many of which had different characteristics from ice cream. As a stand-alone business, the Group is free to negotiate trade terms that are tailored to the specific needs of an ice cream business. Trade terms touch all areas of the business, including the timing of deliveries, structure of promotions, replenishment costs, freezer space, cold chain logistics and seasonal dynamics.

These upgrades to the Group's trading terms are not just improving execution, they are changing how the Group grows. By combining occasion-led innovation, sharper RGM and ice cream-specific trade structures, the Group aims to become market-makers with its customers, growing the category and creating the conditions for both sides to win.

#### Optimising cabinet fleet to drive away-from-home growth
At the heart of the Group's away-from-home model is a global fleet of approximately three million freezer cabinets, a physical distribution network that gives the Group unparalleled access to consumers across parks, beaches, petrol stations and independent stores.

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The Group is modernising this fleet by deploying smarter, energy-efficient units, using outlet-level data to target high-potential locations and improving service efficiency to reduce mislocated cabinets and boost sales per cabinet.

The Group has embedded new technologies to turn its cabinets from static assets into intelligent sales agents, including:

• in-cabinet cameras enabling real-time stock visibility for faster replenishment;

• a mobile app that lets shopkeepers in certain jurisdictions scan cabinets and receive AI-generated order suggestions, with similar technology deployed to allow on-the-ground personnel from the Company to assess replenishment needs; and

• machine learning models that combine sales and weather data to forecast demand and thereby facilitate efficient and accurate cabinet re-stocking.

Over the next one to three years, the Group aims to equip an increasing proportion of its fleet and its personnel with these technologies, enhancing availability, improving conversion and strengthening route economics, with the aim of digitising its entire cabinet fleet by 2035.

Away-from-home is margin-accretive to the Group's business, and its cabinet strategy is central to unlocking the full potential of the freezer fleet, turning a traditional asset base into a modern, data-enabled growth engine. The Group plans to grow its cabinet fleet by approximately 2 per cent. per year.

#### Building a winning model in digital commerce
Digital commerce is the Group's fastest-growing channel, with approximately 28 per cent. sales growth CAGR from 2016 to 2024. Historically underpenetrated due to delivery and cold chain constraints, the retail landscape is shifting fast as consumers embrace mobile-first, on-demand shopping, opening up new potential for impulse categories.

The Group is building the infrastructure to lead in this new landscape, including:

• strategic partnerships with digital commerce and delivery platforms;

• optimised pack design, content and digital shelf architecture; and

The Group's goal is not just to transact, but to build brand equity and category relevance in digital-first environments. For many, especially younger, urban consumers, digital is where the Group's brands are discovered, shared and bought.

The Group sees digital not just as a channel, but as a multiplier, expanding reach, deepening engagement and creating new paths to purchase that drive disproportionate value over time.

#### Expanding brands internationally
The Group's brand portfolio gives it a powerful platform to expand internationally, with proven propositions, strong equities and clear white space in many markets.

The Group has a successful track record in scaling brands internationally. For example, Ben & Jerry's expanded from 26 to 46 countries between 2010 and 2024, delivering approximately 7 per cent. CAGR, well ahead of global category growth. This was driven by a repeatable model, combining strong brand equity, disciplined entry and local execution.

The Group sees further upside in:

• **Yasso:** A frozen yogurt brand (high protein, lower calorie), well-suited to markets with rising demand for mindful snacking.

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

• **Talenti:** The leading US gelato brand,<sup>37</sup> offering super premium indulgence through artisan-style products and transparent packaging.

The Group's approach is not about exporting products, but scaling market-ready systems. With a leaner structure, faster decision-making and locally empowered teams, the Group is extending its brand footprint and unlocking new paths to growth.

#### Unlocking Productivity to Fuel Margin and Growth
As a standalone company, the Group is reshaping how it operates, structurally, commercially and technologically, to unlock margin expansion and reinvest for growth. The Group's productivity programme was launched in 2024 and is targeting €500 million in savings over the medium term by leveraging efficiency across three core levers:

• Supply chain transformation;

• Overheads reduction; and

• Tech-enabled operations.

#### Supply chain transformation
The Group's supply chain transformation programme addresses the realities of the ice cream category from seasonality, energy intensity and frozen logistics to manufacturing complexity. As a standalone business, the Group is executing strategic pivots across five areas:

• The Group is streamlining stock keeping units ("**SKUs**") to reduce complexity while preserving category and price tier coverage, and targeting a 20 per cent. increase in equipment efficiency, a 20 per cent. reduction in waste, and reallocating approximately 25 per cent. of supply chain capital expenditure towards productivity-linked projects.

• The Group is improving procurement through competitive buying, risk management, and end-to-end value chain simplification.

• On the planning side, the Group aims to improve forecast accuracy by enhancing governance, segmentation and AI adoption.

• The Group's manufacturing and logistics networks are being rebalanced to reduce cost-per-tonne and improve seasonal responsiveness.

• The Group is embedding a lean, end-to-end supply chain model with capability hubs to reduce overheads and improve capital return on investment.

These changes are expected to generate approximately €350 to €380 million in medium-term run-rate savings as part of the €500 million productivity programme.

#### Overheads reduction
Since the carve-out process began, the Group has rebuilt its organisation around leaner, accountable teams. This includes a frontline-first model with decentralised P&L ownership in 23 markets, a HQ focused on strategy and capital allocation, and tech-enabled support functions to drive de-layering. These design principles, and future productivity improvement enabled by technology investments, are delivering an organisation that is more efficient as a standalone ice cream business than as part of a larger multi-category group. The Group is targeting a reduction in overheads as a percentage of revenue of 1.5 per cent. by 2028, and to generate approximately €70 to €100 million in medium-term run-rate savings as part of the €500 million productivity programme.

#### Tech-enabled productivity
The Group is building a scalable technology stack to drive growth and efficiency. This includes consolidating multiple legacy ERPs into a single global platform, standardising data and processes for real time decision

<sup>37</sup>

*Circana CY'24 Sales.*

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making, and setting up capability hubs in Mexico and Poland. These changes are expected to generate approximately €30 to €50 million in medium-term run-rate savings as part of the €500 million productivity programme.

#### Sustainability Strategy
The Group's sustainability strategy is focused on its material sustainability matters relating to climate, sourcing of raw materials, plastics and salient human rights. It will build on existing programmes, such as energy-efficient cabinets, responsible sourcing of cocoa and its award-winning vanilla value chain programme, to build business resilience and achieve greater positive outcomes for society. The Group's sustainability strategy and targets will be refined over time through ongoing engagement with its stakeholders while taking into account evolving compliance obligations.

#### Organisation and Culture: Built for Focus, Speed, and Accountability
The Group has been deliberately designed for a standalone future with the structure, leadership, and culture to drive growth, accountability and long-term value creation.

The Group operates across three reportable segments, divided into 23 performance units with full end-to-end ownership. This structure encourages a growth mind-set and culture of accountability by providing local management teams fulsome control over their performance units, with tailored performance targets and an incentive structure that rewards long-term value creation. Local management teams are not constrained by budget allocations that are spread across multiple categories (as was the case before the Reorganisation) — they are incentivised to find new outlets to grow sales volumes, and to act with speed and agility. The local management teams are supported by a lean corporate centre focused on strategy, capital allocation, compliance and governance. Compared to the Group's prior structure, it has removed one management layer, reducing headcount while improving execution and decision speed.

This structural reset has been matched by a refresh in the Group's management team: over 85 per cent. of the Group's top 100 leaders are new to their roles, bringing energy, focus and alignment, as well as extensive food and beverage experience and proven track records in delivering success at publicly listed companies. All members of the Senior Management Team will have completed at least one full season prior to the Demerger and are all empowered with clear mandates, decentralised decision rights and outcome-based incentives.

The Group's culture is defined by "The Ice Cream Way", driving performance, consumer focus and execution discipline, ensuring accountability and integrity. These principles are embedded in leadership, performance management and daily operations, with incentives fully aligned to deliver the Group's growth objectives.

#### Key Brands
The Group's extensive brand portfolio covers the global ice cream market across the full spectrum of demand moments and pricing categories, all of which drive the Group's strategy.

The Group's brand portfolio is led by its four power brands: the Heartbrand (an "umbrella" brand with numerous well-known sub-brands), Magnum, Ben & Jerry's and Cornetto. Complementing these global power brands, the Group's extensive portfolio also includes more than 100 local and regional brands, including sub-brands of the Heartbrand, and high-growth and occasion-led brands, many of which are a local market-leader in their respective markets. These brands significantly contribute to the Group's global position, showcasing both established local presence and dynamic growth profiles.

As of 31 December 2024, more than 90 per cent. of the Group's revenue came from its portfolio, with the remaining 10 per cent. from value accretive licensed products.

#### Global power brands
The Group's global power brands: the Heartbrand, Magnum, Ben & Jerry's and Cornetto, combined, accounted for €6.5 billion, or 82 per cent., of the Group's revenue for FY2024. These brands benefit from unparalleled market recognition and consumer loyalty. The following table provides a snapshot of these power brands.

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

 *The Heartbrand (Wall's) ("Everyone's happy")* 

Founded in 1913 by Thomas Wall, Wall's first ventured into the ice cream market in the early 1920s alongside its acquisition by Unilever and the advent of large commercial freezers. At its inception, Wall's was distributed primarily via bicycle cart, pioneering ice cream sales for away-from-home consumption and revolutionising the way ice cream is sold. Today, the Heartbrand is the most prominent global ice cream brand, selling over 1 billion ice creams annually in more than 70 countries. Known for its diverse portfolio of more than 40 sub-brands (including Solero, Calippo, Carte d'Or and Twister), the Heartbrand's branded products are well-diversified across demand occasions, price points and formats. In 2024, the Heartbrand held leading positions by retail sales in 21 countries, including Germany, Turkey, the Philippines, Mexico, Indonesia, Brazil, the Netherlands and Italy.<sup>38</sup> In FY2024, the Heartbrand's products contributed €2.8 billion to Group revenue for the period.

 *Magnum ("True to pleasure")* 

Launched in 1989, Magnum was the first chocolate-coated hand-held ice cream created as the world's first premium ice cream for adults. Today, Magnum is a leading global brand, selling 1 billion units annually in more than 65 countries around the world. Magnum ice cream pints, bites and sticks are made from highest quality ingredients to match its premium market positioning, focusing primarily on "indulgent" occasions and demand moments. Magnum is the number one brand in eleven countries, including France, Spain and the United Kingdom.<sup>39</sup> In FY2024, Magnum contributed €1.8 billion to Group revenue for the period.

 *Ben & Jerry's ("Peace, love & ice cream")* 

Ben & Jerry's was established in 1978, when Ben Cohen and Jerry Greenfield opened their first ice cream scoop shop in Burlington, Vermont. After expanding across the United States and in Europe, the company was acquired by Unilever in 2000 and continued to expand its geographic reach under Unilever's ownership. Today, Ben & Jerry's is the second largest ice cream brand by sales in the United States.<sup>40</sup> In the United Kingdom, Ben & Jerry's is the second largest ice cream brand by sales.<sup>39</sup> It is sold in over 45 countries across the world. Ben & Jerry's iconic ice cream range includes more than 98 flavours, available in dairy, non-dairy and gluten-free options, primarily targeting indulgent occasions supported by strong premium market positioning. In FY2024, Ben & Jerry's contributed €1.1 billion to Group revenue for the period. Unlike the other brands within the Group's portfolio, Ben & Jerry's is subject to a bespoke governance arrangement, whereby the board of directors of Ben & Jerry's Homemade Inc. (a subsidiary of the Company) includes independently appointed directors and retains primary responsibility for the brand's "social mission" and "brand integrity". For further details of this governance arrangement, see "*Item 6. Directors, Senior Managers and Employees*".

 *Cornetto ("Unwrap your summer")* 

Cornetto was launched in 1959 as the world's first mass-marketed ice cream cone and acquired by Unilever in 1976. Leveraging strong consumer recognition developed over decades, the Group has successfully expanded

<sup>38</sup>

Company analysis based on *Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y-o-y ex. rates, current prices*. The Heartbrand is not listed as a global brand name in Euromonitor's data and its position is calculated based on the Group's internal classification.

<sup>39</sup>

Company analysis based on *Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y-o-y ex. rates, current prices*.

<sup>40</sup>

Company analysis based on *Circana CY'24 Sales*.

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its Cornetto offerings to include a diverse range of flavours and formats, featuring full-sized cones, minis and bites all centred around the classic Cornetto cone. Cornetto is sold in over 50 countries across the world and holds the number five position by sales globally, with the number one position in Italy and the number two position in the Philippines and Austria.<sup>41</sup> In FY2024, Cornetto contributed €0.7 billion to Group revenue for the period.

#### Local heroes, high-growth brands and partnerships
The Group's diverse local brand portfolio, including the sub-brands of the Heartbrand, complements the strength of its power brands, featuring over 100 highly-recognisable brands that play strategic roles within their respective markets. These range from local and regional leaders with decades of heritage and established brand recognition, to high-growth and occasion-specific brands. Collectively, these local heroes and high growth brands reinforce the Group's leadership across emerging and developed markets globally. They enable the Group to offer distinct value propositions aimed at addressing specific consumption occasions, formats and price points, and filling "white space" in the markets in which the Group operates. The Group's key brand categories falling outside its power brands include:

• *Local heroes:* Iconic brands such as Breyers, Klondike and Popsicle, benefit from strong heritage, deep brand awareness and product innovation. The Group's local heroes contributed €1.5 billion to Group revenue for FY2024, and accounted for 8 per cent of retail ice cream sales in the United States in that year.<sup>42</sup>

• *Better-for-you:* These brands are dedicated to promoting lifestyle nutrition, and serve to expand the Group's portfolio into new categories and formats like fibre, dairy-free, hydration-enhancing and sugar-free products. This category includes premier frozen yogurt brand Yasso. The acquisition of Yasso has enabled the Group to unlock growth into new categories and formats in lifestyle nutrition, capturing market share amongst rapidly emerging consumer trends. Between FY2022 and FY2024, Yasso sales grew at a CAGR of approximately 20 per cent., demonstrating significant market opportunity in the category.

• *Ultimate indulgence:* These are fast-growing premium brands such as Talenti, the Group's premium gelato offerings. These brands provide opportunities to expand geographically and enhance ultra-premium offerings that drive growth, particularly in developed markets. With Talenti, the Group occupies the top position in the US super premium gelato segment.<sup>43</sup> Between FY2022 and FY2024, Talenti sales grew at a CAGR of approximately 3.5 per cent. and offers significant opportunity for cross-border expansion.

• *Brand partnerships and licences:* The Group partners with renowned brands to deliver collaborative innovations. For example, the Group has successfully launched partnerships with iconic snacking brands to introduce innovative ice cream products. The Group's partnership and licencing arrangements facilitate geographical expansion and penetration of new and select consumption occasions, such as snacking, on-the-go treats and day-out delights.

#### Products and Customers

#### Products
The Group sells products for at-home and away-from-home consumption, though many products lend themselves to both categories. Examples of products targeted towards at-home consumption include ice cream tubs, pints and multi-packs of ice cream cones, sticks, and bars. These products are defined as larger sized, multi-serving products more suitable for at-home consumption. Examples of products targeted for away-from-home consumption include single portions of ice cream cones, sticks, bars and mini cups (which are generally intended to be consumed "on-the-go" after purchase by the consumer).

Products targeted for at-home-consumption are typically sold through larger retail outlets such as hypermarkets, supermarkets and convenience stores (including the likes of Walmart, Albertsons, Edeka, Aldi,

 *<sup>41</sup>* 

 *Company analysis based on Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y-o-y ex. rates, current prices.* 

<sup>42</sup>

*NIQ FY24 Data.*

<sup>43</sup>

*Circana CY'24 Sales*.

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Tesco, Sainsbury's, Asda, BodegaAurrera and Carrefour, to name a few), whereas products targeted for away-from-home consumption are typically sold through smaller retail establishments, such as convenience stores (including, among others, 7-Eleven, Speedway and Couche-Tard), newsagents, gas stations, food service outlets and other strategically relevant locations (like leisure centres), where the Group's freezer cabinets are strategically placed and stocked with the Group's products. The majority of the Group's products, whether targeted for at-home or away-from-home consumption, are also sold through the Group's fast growing digital commerce business, which is described in more detail below.

#### Customer arrangements

In the US market, the Group also employs a "concessionaire model" for the sale of products targeted for away-from-home consumption. The model is based on a direct store delivery model and provides each concessionaire with the exclusive rights to sell certain of the Group's products in a specific geographic region. These arrangements encourage concessionaires to invest in long-term sustainable growth in their region. The Group has arrangements in place with 16 concessionaries which represent approximately 75 per cent. of volume of ice cream targeted for away-from-home consumption sold in the United States.

The Group also contracts with "club stores", such as Costco and Sam's Club, to effectively sell its products to consumers. A common feature of its arrangements with club stores includes wholesale agreements, whereby the Group supplies products in larger bulk quantities but at discounted prices and limited-time promotions or member-only products that drive traffic to the store and encourage bulk buying.

In all of its markets, the Group will sometimes provide financial incentives to its customers to assist in the distribution and promotion of its products to the consumer. In certain markets, these incentives include, among other things, volume-based rebates, growth-based rebates, product placement fees, pricing discounts, promotions and displays. New product support includes targeted consumer and retailer incentives and direct marketplace support, such as point-of-purchase materials, product placement fees, media and advertising.

#### Cabinet fleet
The Group is able to drive market penetration and volume growth through its extensive network of ice cream freezer cabinets, which are deployed at large and small retail locations, targeting both at-home and away-from-home consumption. The Group owns, freely loans and maintains approximately three million freezer cabinets across its markets, representing an estimated 30 per cent. of ice cream freezer cabinets worldwide.<sup>44</sup> The Group has experienced a direct correlation between freezer penetration and both volume and market share growth, in particular in developing markets. Management believes that this significant freezer penetration therefore represents a unique competitive opportunity for the Group.

The Group has also recently begun imbedding AI-enabled digital monitors into its freezer cabinets, which provide real-time data insights to retailers, while also monitoring stock levels, and immediately triggering replenishment when stocks run low, enhancing in-store execution. Unlike a more traditional cabinet, which lacks automated insights and relies on manual checks and ordering, the AI-enabled cabinet continuously captures images of its contents, identifies SKUs and assesses stock levels. The information is processed through specialised AI software that translates visual data into actionable, SKU-level insights and auto-generates replenishment orders, reducing out-of-stocks and improving sales effectiveness.

<sup>44</sup>

Company analysis based on third-party market data*.*

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The AI used by the Group in respect of its cabinet fleet primarily comprises computer vision algorithms embedded in four deployment models: (i) retrofit camera hardware, (ii) original equipment manufacturer (OEM) factory-fitted systems, (iii) mobile snapshot applications (referred to as a snapshot model) and (iv) marketing insight solutions, each of which is described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Retrofit camera hardware** — Retrofit camera hardware can be retrofitted into existing cabinets. The integrated camera records images inside the cabinet on a regular basis (with varying frequency depending on whether it is high season or not), and translates the images into SKU-level data analytics, which can be sent directly to a desired location. The integrated camera also provides location and temperature alerts, average fill level per cabinet, share of shelf and lost opportunity data, all of which can be used by the Company and retailers alike to optimise stocking strategies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **OEM factory-fitted systems** — OEM factory-fitted systems refers to the camera hardware described above, in circumstances where it is installed in new cabinets rather than being retrofitted into existing cabinets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Mobile snapshot applications** (snapshot model) — The snapshot model enables a salesperson to record an image of a cabinet by mobile phone, which image is automatically sent for processing via an application and is translated into SKU-level data analytics which, like in the case of the camera hardware, can be sent directly to a desired location. Like the camera, the snapshot model also provides average fill level per cabinet, share of shelf and lost opportunity data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Marketing insight solutions** — Marketing insight solutions use data analytics to help the Company and retailers alike better understand consumer behaviour, market trends, and product performance. This model makes use of an external camera which captures images of each transaction, and automatically applies data analytics for the purpose of assessing consumer behaviour relating to levels of demand generally, product pulls at different times of day, temperature gauging, door open/close times and other decision-useful information for the Company and retailers.

As of 31 December 2024, the Group had over 60,000 AI-enabled smart freezer cabinets installed at retailers across the world. A key pillar of the Group's strategy involves the continued upgrading of its cabinet fleet from both a technology and a sustainability perspective, which is described above under "—*Strategy: Re-founding Ice Cream*".

#### Digital Commerce
The majority of the Group's products are available and distributed through three digital commerce businesses in more than 30 countries, catering to various on-demand consumer needs.

The Group intends to continue to grow its digital commerce business through partnerships with grocery retailers, QSR chains and rapid delivery platforms, in order to address additional consumption occasions.

#### Geographical Regions Based on the Group's Reportable Segments
 *The Group reports its results across three segments: (i) Europe and ANZ; (ii) Americas; and (iii) RoW. See "Note 2. Segment information" of the Combined Carve-Out Financial Statements and "Item 5. Operating and Financial Review—5.A. Operating Results—Results of Geographical Operating Segments" for detailed financial information on the Group's reporting segments.* 

Across these regions, 69 per cent. of Group revenue was generated from developed markets in HY2025, with the remaining 31 per cent generated from emerging markets. In FY2024, 70 per cent. of Group revenue was generated from developed markets, with the remaining 30 per cent. generated from emerging markets. The following graphics set out the percentage of revenue generated by each of the Group's geographic regions in HY2025 and FY2024.

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| | |
|:---|:---|
| **HY2025**  | **FY2024**  |
| ![[MISSING IMAGE: pc_regionsbasedfy25-4c.jpg]](pc_regionsbasedfy25-4c.jpg)  | ![[MISSING IMAGE: pc_regionsbasedfy24-4c.jpg]](pc_regionsbasedfy24-4c.jpg)  |

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#### Europe and ANZ
The Group's largest geographical region by revenue is Europe and ANZ, comprising the Group's sales in more than 38 countries, including Germany, the United Kingdom, Italy, France, Australia, Spain, the Netherlands and Sweden, among others. The Group generated revenue of €1.9 billion (or 41 per cent. of Group revenue) and €3.1 billion (or 39 per cent. of Group revenue) from the Europe and ANZ region in HY2025 and FY2024, respectively.

In HY2025 and FY2024, 97 per cent. of the Group's revenue in the region was derived from its highly recognised power brands. In FY2024, Magnum ranked number one by sales in the United Kingdom, France, Spain, Switzerland and Austria, while the Heartbrand ranked number one by sales in Germany, Italy and the Netherlands.<sup>45</sup>

The region derives the majority of its revenue from at-home consumption, where the Group was the leading ice cream retailer by sales in major grocery retailers in Germany, the United Kingdom and France in 2024.<sup>46</sup> The Group also generates a significant amount of revenue from away-from-home consumption (contributing approximately one third of revenue in both HY2025 and FY2024), supported by approximately 900,000 freezer cabinets in the region.

#### Americas
The Americas region is the Group's second largest by revenue, comprising its sales in 12 countries, including the United States, Mexico, Brazil and Canada, among others. The Group generated revenue of €1.5 billion (or 33 per cent. of Group revenue) and €2.9 billion (or 36 per cent. of Group revenue) from the Americas region in HY2025 and FY2024, respectively, the majority of which came from the United States.

With a population exceeding 1 billion, the Americas region comprises diverse local market landscapes across North and South America. In the United States, the world's largest ice cream market, the Group's portfolio caters to a broad spectrum of consumers and demand moments, focusing on premium and super-premium products. In FY2024, the Group had a 22 per cent. share of retail sales in the United States, as well as the number two ranked brand, Ben & Jerry's.<sup>47</sup>

In the United States, the Group generates the majority of its revenue from at-home consumption, supported by leading sales across a majority of the top grocery retailers in the region.<sup>48</sup> In South America, the Group derives the majority of its sales from away-from-home consumption, and is particularly well-positioned in high growth markets such as Mexico, Brazil and Ecuador.

<sup>45</sup>

Company data.

<sup>46</sup>

Company analysis partially based on *NIQ FY24 Data and customer confirmations.*

<sup>47</sup>

*Circana CY'24 Sales.*

<sup>48</sup>

Based on 2024 revenue, Company analysis partially based on *NIQ FY24 Data and customer confirmations.*

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#### RoW
The Group generated revenue of €1.1 billion (or 26 per cent. of Group revenue) and €2 billion (or 25 per cent. of Group revenue) from the RoW region in HY2025 and FY2024, respectively. The Group derives the majority of its revenue in the RoW region from away-from-home consumption, which accounted for 71 per cent. and 68 per cent. of RoW revenue in HY2025 and FY2024, respectively, driven primarily by strong cabinet penetration and expansive distribution capabilities. The Group's largest markets in the RoW region are Turkey, China, the Philippines and Indonesia.

In Turkey, the Group's leading market in the RoW region, the Group had an over 80 per cent. market share in FY2024.<sup>49</sup> The Group's primary brands in Turkey are the Heartbrand and Cornetto, which ranked the first and third brands, respectively, by retail sales in Turkey.<sup>50</sup> Turkey contributed €361 million and €649 million of the Group's total RoW revenue in HY2025 and FY2024, respectively. Sales in Turkey are driven, in part, by the Group's significant cabinet penetration, which surpassed 300,000 in FY2024.

In China, the Group generates the majority of its revenue from strong away-from-home consumption, supported by a robust innovation programme and efficient distribution networks. The Group's primary brands in China are Cornetto and Magnum, which are ranked the fourth and fifth brands in the country by retail sales in 2024.<sup>51</sup> The Group generated €270 million and €317 million in revenue from China in HY2025 and FY2024, respectively.

In Indonesia, the Philippines, Thailand and Malaysia, the Group ranks first amongst ice cream retailers by retail sales according to Euromonitor. In Indonesia and the Philippines, the Group's third and fourth largest markets in the region, the Group is reinvesting in building a larger presence by leveraging its brand strength and market development knowledge to further drive penetration and consumption.

Other key markets in the RoW segment include Israel and Pakistan, where the Group ranks first by retail sales, and South Africa, where the group ranks second by retail sales as of FY2024.<sup>51</sup> Once the Group acquires Unilever's Ice Cream Business in India, which is expected to occur in 2026, India will also represent a key market in the RoW segment. See "*Reorganisation and Demerger—Reorganisation—Deferred Territories— India*".

In the short to medium term, the Group intends to focus on creating affordable supply chains in Pakistan while improving availability through distribution to stimulate consumption. The Group also aims to secure early market entry in highly populous countries like Nigeria, Ethiopia, Egypt, Bangladesh and countries across the Middle East currently exhibiting nascent levels of ice cream consumption.

#### Manufacturing and Logistics

#### Materials and suppliers
The Group sources raw materials, packaging and other materials from a comprehensive network of approximately 2,000 third-party suppliers. The primary raw materials used in the production of the Group's ice cream are dairy products, sugar, cocoa, cocoa byproducts, vanilla and vegetable oils. The Group produces wafer cones in some key locations and sources cones, fruits and inclusions such as nuts, confetti and pralines from third-party suppliers. The Group has identified multiple suppliers for most of these raw materials to ensure supply security, and it purchases supplies on a Group-wide basis to maximise economies of scale. The supply of cocoa remains geographically concentrated in West Africa, in particular Ghana and Côte d'Ivoire, while the supply of vanilla remains geographically concentrated in Madagascar. For scarce commodities, such as cocoa and vanilla, the Group is focused on diversifying the country of origin of its supply to ensure resilience against supply chain challenges in specific countries.

<sup>49</sup>

*NIQ FY24 Data, excluding discounters.*

<sup>50</sup>

Company analysis partially based on *Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y-o-y ex. rates, current prices.* The Heartbrand is not listed as a global brand name in Euromonitor's data and its position is calculated based on the Group's internal classification.

<sup>51</sup>

*Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in EUR, y-o-y ex. rates, current prices.*

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The majority of the Group's contracts with suppliers for raw materials are governed by annual or bi-annual purchase agreements with termination rights for service failures, quality issues and unpredictable events. When such purchase agreements are due to expire, the Group prepares and sends invitations for tenders to new and existing suppliers. For certain strategic, high value raw materials, such as cocoa and vanilla, the Group enters into multi-year contracts with suppliers to ensure resilience against supply chain disruptions and pricing volatility. Additionally, the Group takes actions to reduce overall material expenses and exposure to commodity price fluctuations, including through the use of forward purchase and fixed-price contracts. The Group opportunistically enters into these arrangements when it believes favourable prices can be secured for specified future periods or when customer prices are contracted ahead of time, reducing exposure to near-term price fluctuations.

#### Warehousing, distribution and route-to-market models
The Group primarily relies on third parties for: (i) the shipping of raw materials from origin to central hubs; (ii) the transportation of raw materials from central hubs to manufacturing facilities; and (iii) transportation of products from the manufacturing facilities to distribution centres ("**DCs**") and then to retail distribution points in each country where products are sold.

The Group utilises a highly distributed network of DCs which are either owned or leased from third-party logistics partners, where it serves as an anchor tenant. The majority of the Group's inventory is stored at the DCs until the time of distribution. Additionally, the Group contracts specialised cold chain third-party providers for the transportation of its products from DCs to its customers. For international exports, the Group contracts with international carriers to export its products from exporting manufacturing facilities into the various markets in which the Group operates.

For large supermarkets and retailers, the Group distributes products from its central DCs directly to its customers' warehouses. For smaller retail stores, the Group distributes its products either through distributors (concessionaries) or directly through its last-mile logistics network.

#### Manufacturing facilities
The Group's products are manufactured at its 30 manufacturing facilities, which are located across six continents. The Group owns, leases or has a right to use all of its facilities, other than a portion of the facility at Minto, Australia, for which the Group is in the process of agreeing a renewal lease with the relevant landowner as at the date of this registration statement and which it expects to have agreed prior to Admission (but continues to operate uninterrupted in the interim). Following the completion of the Demerger, it is expected that Unilever's Ice Cream Business in India will be transferred to the Group as further described in "*Reorganisation and Demerger—Reorganisation—Deferred Territories—India*". Upon completion of the transfer of the Ice Cream Business in India, the Group will have a total of 33 manufacturing facilities.

The Group's manufacturing footprint is geographically aligned with its key markets around the world, which allows products to be regionally sourced and more easily tailored to local needs. The Group's manufacturing units are responsible for the production and packaging of its products, and ensuring that the Group's products are delivered at the right quality, cost and time, in order for the supply to satisfy the demand generation activity for its business.

The majority of the Group's manufacturing facilities meet the standards of the International Organization for Standardization (ISO), an international industrial and commercial standard-setting body.

The illustration below provides an overview of the facilities owned or operated by the Group during FY2024 (including India, which is a deferred territory, as discussed elsewhere herein).

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

The below table provides additional details on the Group's material manufacturing facilities:

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| | | | |
|:---|:---|:---|:---|
| **Location**  | **Products Produced**  | **Capacity (millions <br> of litres/year)**  | **Total sq. metres <br> (thousands)**  |
| Sikeston North (USA)  | Jars, Tubs, Pints, Moulded Sticks and <br> Extruded Sticks and Extruded Stickless  | 239 | 321 |
| Covington (USA)  | Jars, Tubs, Moulded Sticks and Extruded <br> Stickless  | 217 | 330 |
| Çorlu IC (Turkey)  | Tubs, Pints, Moulded Sticks, Extruded <br> Sticks, Extruded Stickless, Cones, Cups, <br> Logs and Wafer Cones  | 238 | 65 |
| Heppenheim (Germany)  | Tubs, Moulded Sticks, Extruded Sticks, <br> Extruded Bites, Cups and Logs  | 186 | 114 |
| Pasig IC (Philippines)  | Tubs, Moulded Sticks, Cones and Cups  | 141 | 28 |
| Gloucester (United Kingdom)  | Tubs, Pints, Moulded Sticks, Extruded <br> Sticks, Cones, Cups and Logs  | 121 | 100 |
| Caivano (Italy)  | Tubs, Moulded Sticks, Extruded Sticks, <br> Cones and Wafer Cones  | 164 | 167 |
| Cikarang IC (Indonesia)  | Tubs, Moulded Sticks, Extruded Sticks, <br> Extruded Bites, Cones and Cups  | 116 | 60 |
| Minburi IC (Thailand)  | Tubs, Moulded Sticks, Extruded Sticks, <br> Extruded Bites, Cones and Cups  | 102 | 38 |
| Konya IC (Turkey)  | Tubs, Pints, Moulded Sticks, Extruded <br> Sticks, Cones and Wafer Cones  | 139 | 297 |
| Tultitlan IC (Mexico)  | Tubs, Pints, Moulded Sticks, Extruded <br> Sticks, Extruded Stickless and Cones  | 99 | 110 |
| VT Saint Albans (USA)  | Tubs and Pints  | 94 | 17 |
| Veszprem (Hungary)  | Tubs, Pints, Extruded Sticks, Extruded <br> Stickless and Cones  | 120 | 73 |
| Banino (Poland)  | Tubs and Extruded Sticks  | 134 | 190 |
| Lahore ICF (Pakistan)  | Tubs, Moulded Sticks, Extruded Sticks, <br> Extruded Stickless, Cups and Cones  | 88 | 150 |
| Hellendoorn (Netherlands)  | Moulded Stickless, Pints and Cups  | 75 | 28 |

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The Group's key manufacturing facilities typically run with an average capacity utilisation of around 70 per cent.

#### Inventory
The Group's supply chain, combined with its ERP solution, is designed to maintain sufficient quantities of desired finished products available to meet the needs of customers and consumers, while optimising inventory throughout the supply chain.

The supply chain is triggered by the demand for products from each of the markets in which the Group operates. The Group's marketing and demand planning units use tech-enabled solutions to review forward demand and capacity constraints in order to create demand forecasts. These demand forecasts are collected by the inventory planning units, reviewed for production capacities and then submitted to the manufacturing facilities, and the aggregate of these forecasts is used as the basis for the Group's production planning. Through inventory visibility in the Group's supply chain, manufacturing facilities can optimise their production planning, while ensuring optimised service levels. The Group maintains flexibility in its manufacturing facilities in order to ensure it can meet demand on a timely basis.

#### Technology-enabled Marketing and Demand Creation
Management believes that the Group has an opportunity to build on its world-class brand portfolio through a modern, technology-empowered marketing approach designed to drive relevance, reach and growth at scale. The Group's marketing strategy is anchored in four key pillars:

• *Brand superiority:* The Group elevates brand equity through a superior product experience, increased distribution coverage and consistent messaging that reinforces each brand's distinctive role.

• *Occasion and need-based demand creation:* The Group aligns product offerings to real consumer occasions and demand moments, whether emotional, seasonal or functional, using data-driven insights to unlock incremental growth opportunities.

• *Technology-powered, social-first activation:* By harnessing emerging technologies, the Group generates dynamic, occasion-relevant content at speed. Social media and influencer-led strategies allow the Group to connect with culture, engage diverse audiences and optimise performance in real time.

• *Smart innovation and pricing architecture:* The Group develops innovations that are both meaningful and commercially sharp, leveraging insights to optimise format, pack and pricing strategies reflecting local market dynamics.

The Group believes that its product research provides a thorough understanding of its markets, which, coupled with key differentiators such as superior brand recognition, strong development resources, customer service and support capabilities, broad geographic reach and large-scale production resources, contributes to enhancing its marketing capabilities and solidifying its position as a preferred supplier in the industry. Superior service is also critical in the industry. The Group approaches sales and marketing with sales teams possessing specialised product and regional market knowledge, as well as product development personnel who co-ordinate development activities. The Group's scale enables the dedication of certain sales and marketing efforts to particular products, customers, or geographic regions, developing expertise that is valued by customers. Many customer relationships stem from existing connections of owners or management of companies the Group has acquired, with retained owners often continuing to play key roles in those relationships.

Sales representatives are trained to maintain a general familiarity with all products, enabling the Group to leverage cross-selling opportunities. This training has led to sales personnel developing a deep understanding of the product lines, in addition to the specific operations and needs of individual customers. This expertise allows the Group to cultivate profitable new business, develop highly effective partnering initiatives with key customers, meet or exceed customer needs and expectations regarding product quality and innovation and differentiate its products from competitors.

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#### Innovation, Research, Food Safety and Compliance

#### Product research, design and innovation
The Group's RD&I development facilities comprise a comprehensive network of 12 RD&I centres, integrating a combination of dedicated sites and shared sites operated pursuant to long-term lease agreements with Unilever, all designed to bolster a wide array of functions and foster innovation.

Key components of the Group's RD&I network include:

• The Group's global innovation lab and advanced manufacturing centre for design and rapid prototyping located in the UK.

• The Group's five innovation and experience centres located in the United States, Mexico, the United Kingdom (with a creative kitchen and experience centre co-located at the Group's Netherlands headquarters), Turkey and Thailand.

• The Group's six innovation centres located in other strategic markets, including the United States, Brazil, Israel, Indonesia, China and Australia.

The Group leverages its RD&I facilities and significant in-house expertise to ensure the sustained vitality of its brands and enable it to proactively meet its customers' and end consumers' needs. Over the last three fiscal years, the Group has made significant investments in its dedicated RD&I function, with a focus on leveraging science and technology to deliver market-leading capabilities across several key areas: (i) product safety, quality and nutrition; (ii) product microstructure and designer components; (iii) precision engineering; (iv) intelligent selling systems; (v) impactful packaging; and (vi) design for experience accelerated by the latest digital tools across the full spectrum of the product life cycle, each as further described below:

• *Safety, quality and nutrition:* The Group utilises the latest methods and protocols for assessment of food safety with its full portfolio adhering to applicable standards and regulations. In addition, the Group has established a nutrition strategy whereby it utilises the latest scientific and technological developments in the food industry to deliver products with responsible nutritional content.

• *Product structure and designer components:* The RD&I function leverages its expertise to develop new ice cream formulations and market-leading innovations in texture, format and taste. The Group utilises the latest developments in biotechnology and physics to create unique formats and tastes. Additionally, the Group has developed predictive models that help design and test new ice cream recipes, allowing real-time virtual design of ice cream formulations.

• *Precision engineering:* The Group uses advanced manufacturing techniques and modular digital lines to enable rapid prototyping, allowing for fast development and roll-out of new proprietary formats and features. The Group's engineering teams also apply robotics, digital vision and state of the art software solutions to digitise and operate its manufacturing facilities with maximum efficiency.

• *Intelligent selling systems:* The Group makes extensive use of digital technology for real-time monitoring and automation, as well as targeted investment in carbon reduction technologies to drive increasing supply chain efficiency and sustainability.

• *Impactful packaging:* The Group employs pioneering packaging designs that amplify consumer experience while ensuring safety and recyclability.

• *Design for experience:* The Group employs methods that are grounded in neuroscience to design superior and multisensorial experiences for consumers. The Group's innovation process is also enhanced by the use of consumer data to improve its market intelligence.

The Group has a strong ecosystem supporting the development of new and alternative ingredients, formulations, manufacturing equipment, packaging and freezer cabinets. The Group achieves intellectual property generation and speed-to-market by utilising specialist internal and external expertise and resources. The Group's RD&I ecosystem includes: academic experts; ingredient, equipment and packaging suppliers; RD&I service providers; and consumer research and design agencies. The Group has built world-class innovation partnerships across key strategic areas, such as vanilla, chocolate and flavour, driving superior

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consumer experiences. The Group will continue to expand its ecosystem to include new partners where necessary to drive growth.

#### Food safety, quality and compliance
The Group has a comprehensive food safety and quality programme to ensure products are safe, high-quality and fully compliant with applicable regulations. This includes stringent food safety and quality requirements for raw material and supplier approval, product design and development, as well as for manufacturing and cold chain management. Rigorous processes are also in place for on-pack labelling and claims management, to ensure compliance with applicable regulations whilst providing the clarity and transparency needed for consumers.

In addition, verification mechanisms (such as the monitoring of raw materials and suppliers; internal auditing and external certification of the Group's manufacturing facilities; and focused regulatory compliance audits) provide ongoing assurance that the Group's food safety and quality programme is properly implemented "end-to-end" and remains effective at all times.

The Group's quality control and assurance programmes are designed to enable strict compliance with all applicable government mandates regarding the safe manufacture of foods. Quality control policies and procedures are strictly monitored and enforced at all of the Group's manufacturing facilities. All plants ensure product consistency to a designed standard of product quality.

The Group is subject to extensive food safety regulations and is subject to governmental food processing controls in each of the countries in which it operates, including Regulation EC/178/2002 for European Union Member States, the Food Safety Modernization Act (US), Codex Alimentarius (international standard) and the ASEAN Food Safety Regulatory Framework. The Group is also regularly inspected by various national and local regulatory authorities. For a more detailed discussion of the regulatory frameworks under which the group operates, please see "—*Regulatory Overview—Food safety regulations*" below.

#### Intellectual Property
Intellectual property ("**IP**"), including trademarks, trade names, domain names, copyrights, design rights, patents, trade secrets and confidential information, amongst other things, is an important part of the Group's business, and IP assets are, in the aggregate, of material importance to the Group's business. The Group's most material IP assets are its power brands, in particular Ben & Jerry's, Cornetto, Magnum and the Heartbrand, as well as the Group's other major brands, including Calippo and Twister, and their associated logos, which are wholly owned by the Group. The Group believes that it has taken, and will continue to take, appropriate available legal steps to protect its IP, including registering its trademarks on multiple registries worldwide.

The Group uses all of its major trademarks and it renews the registrations for such trademarks for as long as the Group uses them. In accordance with the applicable laws and regulations of each relevant jurisdiction, the Group's patents have a defined duration of typically 20 years and must be renewed within this 20-year period (after which they cannot be further renewed).

#### Information Technology
The Group currently uses a number of Unilever IT systems for operational, business and technology support under the terms of the GTSA. Unilever's IT systems provide support for the Group in the areas of IT infrastructure and support services, financial services and support, operations management services, distribution services, logistics and supply-chain management. Such transitional services agreements are expected to remain in place for a maximum period of 30 months from 1 July 2025, which includes a three-month ramp down phase. For more information on the GTSA, see "*Item 10. Additional Information—10.C. Material Contracts—Global Transitional Services Agreement*".

For the duration of the GTSA, the Group will continue to rely on Unilever's SAP platform to manage and operate its key business functions, including its supply chain management, product manufacturing and distribution and order processing for a large part of its business operations. IT operations are primarily managed by third parties, with automated reporting and accounting solutions through an ERP solution on an SAP platform. These solutions provide the Group with central insight into inventory, manufacturing and sales

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data across its segments. In the event of a failure of Unilever's IT systems, Unilever maintains back-up systems and disaster recovery plans. Through the GTSA, the Group has access to Unilever's back-up systems and disaster recovery plans in the event of a failure of Unilever's IT systems. In regard to the independent IT systems that the Group maintains, the Group has contracted business continuity management with the relevant suppliers to ensure business continuity and disaster recovery.

The Group is in the process of developing a modern-purpose ERP to replace its current technology stack, with functional systems specially developed to meet the Group's needs as a stand-alone business. The new technology stack focuses on establishing a robust, scalable and efficient technological foundation to support the Group's growth and innovation-first strategy.

The Group's technology strategy is underpinned by the following core principles:

• *Co-ownership of digital transformation:* Collaborate across units for improved growth through flexible, reusable solutions.

• *Driven by top talent:* Cultivate leading internal talent in data, AI, cloud, architecture and engineering.

• *Data-driven decisions and insights:* Business decisions guided by timely and accurate data insights.

• *Security, compliance, governance and privacy by design:* Secure data with comprehensive governance and legal compliance tactics.

• *Sustainable footprint:* Technology practices that align with sustainable values.

• *Agile cloud infrastructure:* All services via cloud enabling business agility while controlling costs.

• *Ecosystem of digital applications:* Build cross-functional applications integrated into a modern, ERP core supporting business operations and innovation.

Implementation of this strategy will involve deploying the Group's new technology stack through a phased approach, ensuring minimal disruption to business operations, aligned with the timeline for exiting the GTSA. The introduction of new technologies will be managed under the oversight of the Chief Technology and Information Officer, helping to navigate the complexities of implementation and to foster a culture of continuous improvement, innovation and compliance.

#### Information Security
The Group has taken a number of steps to secure its information as well as the information of its consumers, customers and employees. The Group engages with third parties that monitor the Group's information security, which is overseen by the Group's Cyber Information Security Officer.

#### Sustainability
The Group's sustainability strategy is focused on managing impacts and risks to strengthen the Group's resilience, unlock innovation and drive business performance. The Group intends to build on its approach over time with a focus on material sustainability matters relating to climate, sourcing of key commodities, salient human rights and plastics.

The Group has a Net Zero ambition by 2050. It is in the process of defining the scope of this ambition, developing its climate strategy and considering climate target setting options (including GHG emission reduction targets). Its most significant sources of GHG emissions relate to the use of cabinets and the sourcing of key commodities, such as cocoa, dairy and vanilla. The Group is implementing measures to improve the efficiency of its ice cream cabinets and is engaging with key suppliers to progress initiatives to reduce GHG emissions.

The Group responsibly sources key commodities, such as cocoa, vanilla, dairy and palm oil, in accordance with relevant current and incoming regulations such as the EU Deforestation Regulation. The majority of cocoa, vanilla, dairy and palm oil purchased by the Group is certified under various voluntary regimes. The Group purchases Fairtrade and Rainforest Alliance certified cocoa and vanilla, dairy verified through the Sustainable Agriculture Initiative's Sustainable Dairy Partnership, and RSPO-certified palm oil. The Rainforest Alliance Sustainable Agriculture Standard for certified farmers sets criteria on environmental,

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social and economic sustainability standards. Commodities which are Fairtrade certified must meet certain environmental, social and economic criteria, including that producers receive the Fairtrade Minimum Price and the Fairtrade Premium (an additional sum of money to be used to invest in improving social, economic and environmental conditions).

The Group has performed a salient human rights assessment and is developing its social strategy, which will build on existing initiatives and programmes. The Group has programmes in place to help protect workers in the supply chain, such as the child and forced labour risk mitigation programmes with cocoa suppliers, cooperatives and farmers in Côte d'Ivoire and Ghana, and the Vanilla for Change programme in Madagascar to help vanilla farmers improve livelihoods and resilience.

The Group will develop a market-specific approach to packaging regulation and plastic taxes where relevant, building on its strong track-record in packaging innovation. For example, the Group has successfully introduced plant-based tubs and lids for Ben & Jerry's in the EU.

The Group's approach to product innovation is developed in alignment with the changing regulatory landscape and stakeholder expectations in relation to nutrition, labelling and marketing. The Group seeks to align to industry standards regarding responsible marketing to consumers. For example, the Group seeks to align to the full ICC Advertising and Marketing Communication Code (the "**ICC Code**"), which aims to ensure all marketing communications are legal, decent, honest and truthful in order to build consumer trust. Its product innovation is based on evolving consumer preferences, and includes offering healthier alternatives, such as reduced sugar and mini-portion product varieties.

The Group's sustainability strategy is developed by a dedicated team of sustainability experts. Central coordination will be complemented at a functional and business unit level by the incorporation of sustainability objectives into the Group's operational and performance targets, ensuring sustainability is embedded across the organisation and is managed to drive value for all stakeholders.

The Group has developed an advocacy strategy that focuses on engagement in the legislative and regulatory agenda for the Group, including sustainability-related matters such as climate.

#### Human Capital

#### Inclusion
The Group believes that a workforce that brings a wealth of lived and professional experiences, skills and perspectives will drive business growth by better representing the consumers it serves. The Group will also place effort behind inclusion programmes that help its employee value proposition (its ability to attract the best talent) by ensuring it has programmes in place that create a thriving and inclusive company representing people from all communities and backgrounds.

#### Culture
In early 2025 the Group launched "The Ice Cream Way", an articulation of its company culture through six values and underlying behaviours. This cultural identity prioritises what makes the Group unique as a company and where it needs to excel: having passion and expertise for the ice cream category, being industry disrupters and creating an open, transparent working environment. The Group's cultural values will be driven through investment in leadership programmes and employee workshops throughout the organisation.

#### Wellbeing
Providing support for the wellbeing and health of its workforce is in line with the Group's culture and sustainability strategy and is essential in attracting and retaining employees of the highest calibre. The Group will offer competitive packages of benefits and services that will be focused on improving wellbeing and work/life integration.

#### Regulatory Overview
The following is a summary of the regulatory landscape applicable to the Group's business in the key markets in which it operates.

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#### Food safety regulations
The Group is subject to extensive food safety regulations and is subject to governmental food processing controls in each of the countries in which it operates, including Regulation EC/178/2002 for European Union Member States, the Food, Drug, and Cosmetic Act (US), Codex Alimentarius (international standard) and the ASEAN Food Safety Regulatory Framework. The Group is also regularly inspected by various national and local regulatory authorities.

In the United States, the US Food and Drug Administration (the "**FDA**") regulates food products pursuant to the Food, Drug, and Cosmetic Act ("**FDCA**"), as amended by the Food Safety Modernization Act. The FDCA governs the manufacturing, composition and ingredients, labelling, packaging and safety of food. The FDCA requires that certain nutrient and product information appear on product labels and that the labels and labelling be truthful, not misleading. In particular, the FDCA contains specific labelling requirements pertaining to nutrient content claims about specific nutrients (such as saturated fat and protein) and the "healthy" nutrient content claim. The FDCA further prohibits the distribution of food products that are adulterated or misbranded and provides the FDA with mandatory recall authority over mislabelled or misbranded food products. The Food Safety Modernization Act, which amended the FDCA, contains additional requirements intended to enhance food safety and prevent food contamination, including more frequent inspections and increased record-keeping and traceability requirements.

In Europe, Regulation EC/178/2002 provides the framework for a unified approach to food safety and all Member States have implemented the requirements into national law, creating a harmonised approach to food safety across the European market. Among the other major requirements of Regulation EC/178/2002 are Article 17, which imposes a general obligation on food business operators to ensure that the operations under their control satisfy the relevant food law requirements and an obligation to verify that such requirements are met, and Article 18, which imposes a mandatory traceability requirement along the food chain. The traceability requirement applies to all food, animal feed, food-producing animals and all types of food chain operators including in the farming, processing, transport, storage, distribution and retail sectors. The Group has implemented careful internal recording systems to ensure that it complies with this requirement. In addition to the general requirements of Regulation EC/178/2002, the Group is subject to the specific food hygiene legislation, such as Regulation (EC) No 852/2004, which outlines hygiene requirements for all food businesses including ice cream production, along with hazard analysis and critical control points ("**HACCP**"), which has been implemented in all of the Group's operating divisions and plants. Further, the Group is regularly inspected by various national and local regulatory authorities. Regulatory oversight is enforced through regular inspections conducted by both national and local food safety authorities, with the frequency and intensity often based on risk assessment of the Group's production processes.

The ice cream products category is also subject to various product composition and labelling regulations in Europe. Regulation (EU) No 1169/2011 governs food information to consumers, including mandatory nutritional declarations, allergen labelling, and ingredient listing. Directive 2000/36/EC establishes standards for cocoa and chocolate products, defining minimum cocoa content requirements and permitted additives, which applies to chocolate-based ice creams and toppings, requiring careful formulation to meet legal definitions. Regulation (EC) No 1333/2008 controls the use of food additives, including stabilisers, emulsifiers and colourings commonly used in ice cream. Regulation (EC) No 853/2004 sets specific rules for food products of animal origin, including dairy ingredients used in ice cream production, as well as the requirements for the sourcing, processing, and handling of milk, cream and other dairy components.

#### Advertising and marketing regulations
The majority of countries in which the Group operates have implemented national advertising and marketing regulations that are aligned to the ICC Code. Additionally, in the United States, the National Advertising Division (the "**NAD**"), an industry-sponsored self-regulatory system, permits competitors to resolve disputes over advertising claims by applying FTC guidelines and rules, as well as prior self-regulatory decisions by the NAD. The NAD may refer matters to the FTC or other agencies for further action if a company does not implement the NAD's recommendations.

There are numerous European regulations on trade and marketing applicable to the ice cream sector. Regulation (EU) No 1151/2012 protects quality schemes for agricultural products and food, including

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Protected Designation of Origin (PDO), which is relevant for specialty ice creams. Directive 2005/29/EC prohibits unfair business-to-consumer commercial practices, including misleading marketing claims. In particular, this directive prohibits unfair business-to-consumer commercial practices, banning misleading claims regarding ingredients, production methods or health benefits. Furthermore, Directive 2005/29/EC contains regulations pertaining to comparative advertising and requirements for substantiation of claims (e.g. "artisanal", "homemade", or "traditional").

Additionally, various regulators have adopted, or are considering adopting, regulations on environmental marketing claims, including but not limited to the use of "sustainable", "environmentally-friendly", "climate friendly", "green", "eco-friendly", "organic", "recyclable" or similar language in product marketing. There are also increasing regulations on the provenance, composition, or production methods of products to reflect environmental and/or social concerns, which may require the Group to change suppliers, disrupt its business operations, incur additional compliance costs or otherwise impact its reputation or business.

#### Environmental and health and safety regulations
The Group is subject to a number of local, national and international laws and other requirements relating to the protection of the environment and the safety and health of personnel and the public. These requirements relate to a broad range of the Group's activities, including:

• the discharge of pollutants into the air and water;

• the identification, generation, storage, handling, transportation, disposal, record-keeping, labelling reporting of, and emergency response in connection with, hazardous materials (including asbestos) associated with the Group's operations;

• noise emissions from the Group's facilities; and

• safety and health standards, practices and procedures that apply to the workplace and the operation of the Group's facilities.

In order to comply with these requirements, the Group may need to commit financial and other resources from time to time to (i) construct or acquire new equipment, (ii) acquire or amend permits to authorise facility operations, (iii) modify, upgrade or replace existing and proposed equipment, (iv) provide safety equipment to employees, (v) clean up or decommission waste management facilities, and (vi) adopt appropriate policies and procedures.

If the Group does not comply with environmental and health and safety requirements that apply to its operations, regulatory agencies could seek to impose civil, administrative and/or criminal liabilities, as well as seek to curtail the Group's operations. In particular, the presence of hazardous materials at the Group's facilities may expose it to potential liabilities associated with the cleanup of contaminated soil and groundwater, and the Group could be liable for (i) the costs of responding to and remediating any release of hazardous materials, and (ii) the restoration of natural resources damaged by any such release, among other related responsibilities.

Under some circumstances, private parties could also seek to impose civil fines or penalties for violations of environmental laws or recover monetary damages, including those relating to property damage or personal injury. In relation to health and safety, private parties could also seek to impose civil fines or penalties for violations of health and safety laws or recover monetary damages, including those relating to personal injury.

 *Sustainability reporting regulations* 

The Group is subject to a number of sustainability-related reporting requirements. At a high level, these requirements will require the Group to publish information covering a broad range of environmental, social and governance topics (including details of material sustainability-related impacts, risks and opportunities and whether its business is "environmentally sustainable" under EU rules). Sustainability disclosures may also be subject to assurance, which is currently the case for the EU sustainability disclosure regime. Sustainability disclosure regimes continue to be developed across a range of jurisdictions, and it is likely that the Group will become subject to additional disclosure obligations in the coming years, such as potential reporting obligations in relation to the UK's draft Sustainability Reporting Standards. In addition, new regulatory frameworks are

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being introduced which will not only require reporting on material sustainability risks and impacts but also require compliance with due diligence obligations (which may lead to internal assessments and changes to the Group's environmental and human rights due diligence processes and supplier frameworks).

In order to comply with these requirements, the Group will continue to (i) identify applicable requirements in all of the jurisdictions in which it operates; (ii) conduct the required assessments (including material assessments); (iii) produce clear and considered disclosures in compliance with relevant rules; and (iv) engage with relevant third parties (including assurers).

 *Plastics and packaging regulations* 

The Group is subject to a number of national and international obligations in relation to plastic packaging and waste, including bans on certain single use plastic products in Europe and the UK and taxes on the production and import of certain plastic packaging with less than 30 per cent. recycled content in the UK. Member states of the United Nations are negotiating an international agreement to address plastic pollution through its entire life cycle. When adopted, this is likely to affect how the Group uses plastics in its operations and products.

In order to comply with these requirements, the Group may need to commit financial and other resources from time to time to: (i) update existing plastics and packaging processes and procedures; and (ii) modify, upgrade or replace existing and proposed packaging equipment.

 *Carbon pricing* 

Increasingly, regimes are being developed which could apply to the Group (directly or indirectly) and impose a price on carbon. The aim of carbon pricing regimes is to capture the external costs of GHG emissions in relation to certain goods and services and encourage emitters to reduce the amount of GHGs emitted into the atmosphere. The implementation of such regimes could lead to increased direct and indirect costs for the Group, including costs of sales linked to raw materials, production, and distribution emissions.

#### Seasonality
 *For a discussion on the impact of seasonality on the Group, see "Item 5. Operating and Financial Review—5.A. Operating Results—Key Factors Affecting Results of Operations—Seasonality".* 

#### 4.C. ORGANISATIONAL STRUCTURE
 *Following the Demerger, the Company will be the ultimate holding company of the Group. For additional information on the structure of the Group following the separation, see "Reorganisation and Demerger—Reorganisation—Establishment of the Group".* 

The Group will operate through various subsidiaries. The following table provides an overview of the Group's significant subsidiaries anticipated as at Admission, which constitute the key holding companies and finance companies for the Group generally (including the holding company of the Group's Dutch business and the US-incorporated holding company of the Group's US business). Owing to its global footprint, the Group does not have any individually significant operating subsidiaries. These significant subsidiaries will be directly and indirectly held through intermediate holding companies.

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| | | |
|:---|:---|:---|
| **Significant Subsidiary**  | **Interest**  | **Jurisdiction of <br> Incorporation**  |
| **Holding/Finance Companies** |  |  |
| The Magnum Ice Cream Company HoldCo Netherlands B.V.  | 100%  | The Netherlands  |
| The Magnum Ice Cream Company NewCo Netherlands B.V.  | 100%  | The Netherlands  |
| Magnum ICC Finance B.V.  | 100%  | The Netherlands  |
| The Magnum Ice Cream Company HoldCo 1 Netherlands B.V.  | 100%  | The Netherlands  |
| The Magnum Ice Cream Company HoldCo 3 Netherlands B.V.  | 100%  | The Netherlands  |
| The Magnum Ice Cream Company HoldCo 4 Netherlands B.V.  | 100%  | The Netherlands  |
| The Magnum ICC US SpinCo, LLC  | 100%  | Delaware, US |

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#### 4.D. PROPERTY, PLANTS AND EQUIPMENT
The Group's ice cream products are primarily manufactured at its 30 manufacturing facilities as described in "—*Manufacturing and Logistics*".

In addition, the Group owns or rents warehousing and office space (including renting its headquarters located in Amsterdam). In addition to warehouses and office space, the Group rents premises for its RD&I centres and land for its manufacturing facilities. See "—*Manufacturing and Logistics*" for further information on the Group's warehousing and distribution operations and "*Note 8. Property, plant and equipment*" of the Combined Carve-Out Financial Statements for historical financial information on its property, plant and equipment provisions.

The Group believes that its facilities are maintained in good condition and are generally suitable and of sufficient capacity to support its current business operations.

There are no major encumbrances on any of the Group's material properties.

#### ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
The following discussion of the financial condition and results of operations of the Group should be read in conjunction with the Financial Statements, including the notes thereto, which are included elsewhere in this registration statement. Except as otherwise stated, this Operating and Financial Review is based on the audited Combined Carve-Out Financial Statements and the unaudited Condensed Combined Carve-Out Financial Statements, which have been prepared in accordance with IFRS and IAS 34 respectively. The following discussion contains forward-looking statements that reflect the current view of the Group's management and involve risks. The Group's future results could differ materially from those discussed below. Factors that could cause or contribute to such differences include, without limitation, those discussed below and elsewhere in this registration statement, particularly in "*Item 3. Key Information—3.D. Risk Factors*".

#### 5.A. OPERATING RESULTS

#### Overview
The Group reports its results across three segments:

• **Europe and ANZ:** representing Europe (which includes the United Kingdom and Ireland), Australia and New Zealand;

• **Americas:** representing North America and South America; and

• **Rest of the World:** representing Africa, Asia and the Middle East (which includes Turkey).

 *For more information on the Group's operations and market positioning, see "Item 4. Information on the Company—4.B. Business Overview".* 

#### Key Factors Affecting Results of Operations
The Group's results of operations and financial condition are affected by a variety of factors. Set out below is a discussion of the most significant factors that have affected the Group's financial results during the periods

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under review and which the Group currently expects to affect its financial results in the future. Factors other than those presented below could also have a significant impact on the Group's results of operations and financial condition in the future.

#### Innovation
The Group's sales and profits depend in part on its ability to identify and offer products that appeal to changing consumer needs and preferences. The Group believes that its depth of consumer insights, coupled with industry-leading innovation capabilities and intellectual property portfolio has enabled it to deliver products, formats and concepts that reflect a broad range of ice cream consumption occasions, demand moments and consumer price points. The launch of new products is typically supported by marketing investments to create awareness and strengthen brand equity for those products and brands in the markets in which they are sold.

The Group's consistent investment in research and development has contributed to the sustained vitality of its brands. Research and development costs, which are recognised in the Group's combined carve-out income statement and condensed combined carve-out income statement within selling, general and administrative expenses and include staff costs, material costs, depreciation of property, plant and equipment, patent costs and other costs directly attributable to research and development activities, amounted to €46 million and €45 million in HY2025 and HY2024, respectively, and €92 million, €92 million and €95 million in FY2024, FY2023 and FY2022, respectively. As a percentage of revenue, research and development costs remained stable for the period under review, representing 1 per cent. in both HY2025 and HY2024, and 1.2 per cent. in each of FY2024, FY2023 and FY2022. The Group's focus area during this period included expanding its range by launching several premium, market-making innovations designed to bring new experiences to consumers while also meeting evolving snacking habits, including the introduction of "micro" formats catering to consumer demand for smaller, more frequent eating throughout the day, ultimately resulting in the launch of Magnum's bite-sized Bon Bons in 12 of the Group's markets in FY2024. In addition, the Group has maintained both local and global relevance through various flavour innovations, such as the "Dubai chocolate" trend, the launch of Magnum Chocolate con Chile in Mexico, the global launch of Magnum Fantasia and the Cornetto Classic "Unwrap It" campaign.

The Group's strategic investments also extend to innovation of its route to market, including through the development and piloting of new cabinets which include AI, image recognition and vending capabilities.

#### Management of the supply chain network
The Group has a comprehensive global supply chain network, comprising 30 manufacturing facilities, approximately 200 distribution centres, 327 production lines and more than 2,150 distributors, across six continents. This extensive network provides a competitive advantage to the Group across key geographies, in an industry with significant barriers to entry requiring high upfront investments.

As it transitions to a stand-alone company, the Group aims to capitalise on opportunities to strengthen its supply chain by investing in local logistics, expanding manufacturing capacity, and streamlining inventory systems. These initiatives are expected to unlock incremental revenue, optimise costs, strengthen operating margins and improve working capital.

To that end, in 2024 the Group started to implement a multi-year supply chain transformation programme aimed at enhancing service levels, driving operational efficiency, reducing waste, and significantly lowering the cost to serve (particularly across key markets in Europe and the United States). The programme prioritises balancing inventories, optimising the supplier base through dual sourcing, and streamlining product route-to-market, with a focus on local-for-local production.

In FY2024 and HY2025, these initiatives yielded significant savings as part of the Group's broader productivity programme. The saving were reinvested strategically to enhance automation and upgrade factory operations. Notably, the Group expanded its Magnum production lines at its factory in Turkey. It also strengthened manufacturing capabilities and increased its investment in quality and safety measures. These investments reduced product quality issues and food safety incidents across its manufacturing facilities. During FY2024, the Group completed automation upgrades at 21 manufacturing facilities, which has improved overall efficiency and contributed to a 23 per cent. reduction in food waste compared to the prior year. Overall, the

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changes being implemented as part of the supply chain transformation programme are expected to generate approximately €350 million to €380 million in medium-term run rate savings.

Continued improvements are anticipated to unlock further synergies across its operational footprint, underpinning the Group's commitment to achieving significant supply chain enhancements by 2028.

#### Changes in prices of raw materials, packaging and energy
A significant portion of the Group's cost of sales are attributed to the purchase of: (i) raw materials essential for ice cream manufacturing, including dairy products, sugar, cocoa, cocoa byproducts, vanilla and vegetable oils; (ii) packaging materials, including sticks, wrappers and tubs; and (iii) energy. The cost of these commodities and materials depends on various factors beyond the Group's control, including, but not limited to, global supply chain disruptions, currency fluctuations, weather patterns and geopolitical developments.

For instance, the market price of cocoa increased sharply during the periods under review, by 375 per cent. between FY2022 and FY2024. This increase was primarily due to a supply deficit driven by adverse weather conditions and other issues, including ageing trees and a crop virus in Ghana and Côte d'Ivoire (which collectively produce 80 per cent. of global cocoa). This was exacerbated by social and economic factors. The Europe and ANZ segment has a particularly high exposure to the price of cocoa due to the demand and share of Magnum sales in this region.

The Group aims to minimise the impact of material and energy price fluctuations by effectively managing its material and fuel costs, including through the use of fixed-price contracts over a price horizon between six months and nine months, with forward hedging via financial derivatives used to cover any purchase demand exposure not covered by such fixed-price contracts. Notwithstanding these hedging arrangements, material and energy price fluctuations have nonetheless impacted the Group's margins over the period under review. For example, although the full impacts of the increased cost of cocoa in FY2023 and FY2024 were delayed by existing forward hedging contracts, this price increase had the effect of increasing cost of sales per kilolitre by 1.6 per cent. in FY2024 compared to FY2023 (1.3 per cent. in HY2025 compared to HY2024), which, in isolation, had a negative impact on margins. The Group may continue to face significant increases in material costs in the second half of FY2025 and beyond as the benefits of hedging and other mitigating measures unwind.

In order to protect profit margins, the Group regularly assesses movements in material prices and aims to adjust the prices of its products where it is prudent to do so. The Group also builds strategic reserves of materials when prices are favourable, thus securing supply against unforeseen market volatility.

In FY2024, the Group made progress in diversifying its supplier base and incorporating more sustainable sourcing practices to ensure supply and pricing stability. The Group has placed supplier partnerships at the core of its procurement approach, promoting transparent and responsible supply chains which allow the Group to negotiate favourable terms and secure high-quality materials, while also maintaining a diverse supplier base. This sourcing strategy specifically emphasises responsible sourcing principles for key raw materials such as cocoa, vanilla, and dairy.

#### Seasonality
The ice cream business is seasonal, with a significant portion of the Group's annual sales occurring during the summer months in the Northern Hemisphere. The impacts of seasonality on the Group's results are relatively stable each year. For FY2024, FY2023 and FY2022, 47 per cent., 47 per cent. and 48 per cent., respectively, of revenue was generated during the four-month period from 1 May to 31 August.

The impact of seasonality differs across the Group's markets, with certain markets being more seasonal than others or subject to the impacts of seasonality at different times of the year. For example, the Group's most seasonal markets are in Europe, notably Italy and Spain, as well as Turkey, where revenue tends to be stronger during the spring and summer seasons in the second and third quarters of each year. Conversely, with the exception of China, volumes in Asia are generally less impacted by seasonality. The impact of seasonality is also dependent on the proportion of away-from-home sales and at-home consumption in the market. For example, the United States is not very seasonal, as most of the ice cream consumption happens at home.

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As part of the improvements to its supply chain contemplated by its supply chain transformation programme, the Group aims to enhance product availability and minimise waste, supporting efficient and timely deliveries that align stock levels with consumer demand. This approach, alongside prudent liquidity management, will enable the Group to effectively manage seasonal working capital shifts.

#### Weather trends
Weather conditions have a significant impact on sales volumes, particularly in the summer months. High temperatures, extended hours of sunshine and prolonged periods of warm weather positively influence consumer demand, boosting the Group's sales volumes and revenue. Conversely, unseasonably cool or wet weather, particularly during the spring and summer months, can adversely affect monthly sales volumes and profits. In the periods under review, the Group experienced variable weather patterns that impacted sales differently across regions. For example, unseasonably low temperatures and higher-than-usual rainfall impacted the Group's sales volumes across Europe in the second and third quarter of 2023. The breadth of the Group's geographic footprint and product portfolio, however, acts as a natural hedge against the impacts of such adverse weather trends.

#### Foreign currency and exchange rates
The Group operates globally with subsidiaries in various countries, and incurs transactions denominated in a variety of currencies. Accordingly, fluctuations in currency exchange rates can impact its results of operations. These impacts can take the form of transaction effects, or translation effects, which result from converting assets, liabilities and operating results denominated in foreign currencies into euro for reporting purposes.

Individual group companies incur foreign currency transactions resulting from their commercial activities, such as procurement of commodities and recognition of monetary assets and liabilities. Foreign currency transactions in individual group companies are translated into their functional currency using exchange rates at the date of the transaction. Foreign exchange gains and losses from settlement of these transactions, and from translation of monetary assets and liabilities at year-end exchange rates, are recognised in the Group's combined carve-out income statement and condensed combined carve-out income statement.

The Group has historically benefited from Unilever hedging foreign exchange exposures on behalf of its group companies, which included the Group. Accordingly, as the derivative contracts are held at the Unilever level, and the Group is not a party to the contracts, such derivatives are not recognised in the combined carve-out balance sheet. However, a proportional allocation of the realised gains and losses on foreign exchange derivatives has been recognised in the Group's combined carve-out income statement.

In preparing the Group's financial statements, the balances in individual group companies are translated from their functional currency into euros. Apart from the financial statements of group companies in hyperinflationary economies, transactions reflected in the Group's combined carve-out income statement, and combined carve-out cash flow statement, and all other movements in assets and liabilities, are translated at average rates of exchange as a proxy for the transaction rate, or at the transaction rate itself if more appropriate. Assets and liabilities are translated at year-end exchange rates.

The Group's other comprehensive income includes a foreign currency retranslation loss of €236 million in HY2025 compared to a gain of €71 million in HY2024, and a gain of €137 million in FY2024 compared to a foreign currency retranslation loss of €50 million in FY2023. These foreign currency retranslation gains and losses are reflected in the combined carve-out statement of comprehensive income and condensed combined carve-out statement of comprehensive income.

#### Hyper-inflationary economy in Turkey
The Turkish economy has been classified as hyperinflationary for the periods under review under IFRS (IAS 29). The application of IAS 29 includes: (i) the adjustment of historical cost of non-monetary assets and liabilities for the change in purchasing power caused by inflation from the date of initial recognition to the balance sheet date; (ii) the adjustment of the Group's combined carve-out income statement at the period-end foreign exchange rate instead of an average rate; and (iii) adjustment of the Group's combined carve-out income statement to reflect the impact of inflation and exchange rate movement on holding monetary assets

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and liabilities in local currency. As a result of the application of IAS 29 to all entities whose functional currency is Turkish lira, the Group recognised the following adjustments to historical cost figures for the periods indicated.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **HY2025**  | **HY2024**  | **FY2024**  | **FY2023**  | **FY2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Total asset increase  | 6 | 23 | 42 | 8 | 88 |
| Revenue increase  | (24) | 13 | 79 | 20 | 13 |
| Operating profit increase/(reduction)  | (11) | (6) | 7 | 1 | (2) |
| Net monetary gain/(loss)  | 27 | 16 |  | (10) | (2) |

---

#### Re-focused investment priorities following the Demerger
The Group's separation from the Unilever Group provides the strategic opportunity to reconfigure its operations, focusing on improving financial performance and operational efficiency. The Group will employ a distinct operating model focused on unlocking opportunities for value creation and margins improvement, underpinned by a new, focused leadership team and management structure, alongside improvements to its global cold supply chain. Management believes this will enable the Group to establish a robust foundation for future growth and strengthen margins.

In anticipation of the Demerger, the Group has onboarded a senior team with extensive food and beverage experience and proven track records in delivering success at publicly listed companies. To support a greater focus on financial performance, the Group has introduced dedicated general management of each of the Group's regional and performance management units to run the business end-to-end. This strategic shift will enable the Group to fully leverage its brand portfolio to grow the market and capture additional market share across performance management units.

#### Demerger and transition to stand-alone company
In preparation for the Demerger, the Group has taken numerous actions to ensure readiness to function as an independent, publicly listed company.

Total costs incurred by the Group in connection with the Demerger are expected to be approximately €800 million, of which approximately 55 per cent. relate to the development and implementation of the global ERP system and other enterprise-wide applications that will upgrade and standardise its information systems. The Group expects that the majority of costs arising in connection with the Demerger have been or will be incurred between FY2024 and FY2026.

In FY2024, the Group incurred transaction-related costs directly attributable to the Demerger of €54 million. These costs are reflected in "*Note 3. Operating costs*" of the Combined Carve-Out Financial Statements and include approximately €45 million of transaction-related costs for professional fees. In HY2025, the Group incurred transaction-related costs directly attributable to the Demerger of €121 million, including approximately €68 million of transaction-related costs for professional fees.

In addition to the costs referenced above, the Group expects to incur recurring operating costs from the date of the Demerger onwards to operate successfully as a stand-alone public listed company following the Demerger, including in technology and infrastructure, and in corporate functions.

The Group has historically benefited from negotiated arrangements with third-party suppliers, distributors, licensors, lessors, other business partners and/or counterparties as part of the larger Unilever Group. While certain of these arrangements will change as a result of the Demerger, the cost impact is not expected to be material.

#### Current Trading

#### Overview
The Group's revenue declined slightly in the quarter ended 30 September 2025 compared to the same period last year due to a negative currency impact. Organic sales grew by mid-single digits, mainly driven by an

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increase in prices, with volumes remaining broadly flat compared to the same period in the prior year. Growth over the period was driven by successful innovation and continued strong execution. Year-to-date OSG was strong at mid-single digits, balanced between OVG and OPG.

#### Regional Performance
The Group achieved a strong performance in its Rest of World<sup>52</sup> segment, with double-digit OSG in that segment offsetting lower OSG in Europe & ANZ and Americas, following high prior year comparators and softer market growth in those regions.

 *Europe & ANZ* 

OSG was broadly flat compared to the same period last year, as a result of a strong prior year comparator, which was driven by solid performance in Benelux, DACH and Eastern Europe. A low single-digit decline in OVG was offset by the positive impact of OPG in response to raw material price inflation. Year-to-date OSG remained strong with a good balance between volume growth and price growth.

 *Americas* 

OSG was down very slightly compared to the same period last year. Positive OVG was driven by competitive pricing and successful innovations, while OPG was negative. Year-to-date OSG was in the low single digits with positive contribution from both volume and price.

 *Rest of World* 

OSG increased significantly as a result of positive volume growth and OPG. This was driven by increased product availability through expansion of cabinets, successful consumer-relevant innovations and strong customer and distributor partnerships. Indonesia, Turkey and Pakistan each delivered double-digit OSG in the quarter. Year-to-date OSG was similarly strong with growth well-balanced between volume and price.

#### Description of Key Line Items

#### Revenue
Revenue comprises sales of goods after the deduction of discounts, sales taxes and estimated returns. It does not include intercompany sales within the Group. The Group provides a variety of discounts to its customers, including rebates, price reductions and incentives, promotional couponing, and trade communication costs, all of which are based on contractual arrangements with each customer and are excluded from revenue.

#### Operating profit
Operating profit comprises the income from business activities, after deducting operating costs from revenue. Operating costs include cost of sales, selling, general and administrative expenses, restructuring costs, acquisition and disposal-related costs, impairment costs, gains or losses from the disposal of group companies and other items classified separately considered by management to be significant and outside the course of normal operations. For further information on operating costs, see "*Note 3. Operating costs*" of the Combined Carve-Out Financial Statements.

#### Cost of sales
Cost of sales includes: (i) the cost of inventories sold during the period, comprising raw and packaging materials and goods purchased for resale as well as related production costs; and (ii) distribution costs.

Raw and packaging materials comprise costs associated with the procurement of raw materials, such as dairy products, sugar, cocoa, cocoa byproducts, vanilla and vegetable oils, the costs of packaging materials, such as

<sup>52</sup>

For the purposes of financial reporting after Admission, the Group intends to refer to "Rest of World" as "AMEA", which stands for "Asia, Middle East and Africa".

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sticks, wrappers and tubs, and the cost of inward freights and transporting such materials to the point of manufacture or packaging. Goods purchased for resale include the cost of finished ice cream products purchased from third parties for resale by the Group.

Production costs comprise costs associated with converting raw materials into finished ice cream products, including factory-related production costs such as labour, energy, depreciation, repair and maintenance at the Group's manufacturing facilities.

Distribution costs comprise the cost of storing and shipping goods from point of manufacturing to customer's warehouses.

#### Selling, general and administrative expenses
Selling, general and administrative expenses comprise advertising and promotion costs and overheads.

Advertising and promotion costs are incurred for the purpose of building and maintaining brand equity and awareness, and include media, advertising production, promotional materials, engagement with consumers and point-of-sale investments.

Overheads comprise staff costs associated with sales activities and central functions such as finance, human resources, and research and development costs. Research and development costs are staff costs, material costs, depreciation of property, plant and equipment, patent costs and other costs directly attributable to research and development activities.

#### Net finance costs
Net finance costs are comprised of finance costs and finance income, including net finance costs in relation to pensions and similar obligations. Finance income relates to income on cash and cash equivalents. Finance costs include interest costs in relation to financial liabilities. This includes interest on lease liabilities which represents the unwind of the discount rate applied to lease liabilities.

Borrowing costs are recognised using the effective interest method.

#### Taxation
Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the combined carve-out income statement except to the extent that it relates to items recognised directly in equity or net parent investment.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustments to tax payable in respect of previous years.

Total tax in the combined carve-out income statement will differ from the income tax paid in the combined carve-out cash flow statement primarily because of deferred tax arising on temporary differences and payment dates for income tax occurring after the balance sheet date. Both combined carve-out income statement tax movements and combined carve-out balance sheet amounts relating to the Group's dedicated entities have been included in the Combined Carve-Out Financial Statements in line with amounts reported in the full Unilever Group financial statements.

Legal entities with both Group and non-Group related operations have been aggregated by jurisdiction for the purposes of calculating tax movements and balances. Amounts included in the Group's combined carve-out income statement have been calculated by applying a Group adjusted jurisdictional effective tax rate to the carve-out pre-tax result for these entities within that jurisdiction. Amounts included on the balance sheet in respect of deferred tax have been calculated either by reference to the proportion of the pre-tax assets or liabilities that give rise to the associated deferred item or applying the appropriate statutory jurisdictional tax rate to the pre-tax asset or liability carrying value. No current tax balances have been included for entities with both Group and non-Group operations on the basis that the legal obligation to settle will remain with the existing Unilever Group, unless the legal entity is transferring.

The Group's computed rate of tax for the periods under review was 25.5 per cent. in HY2025 and 24.7 per cent. in HY2024, and 25.1 per cent. in FY2024, 25.2 per cent. in FY2023 and 24.4 per cent. in FY2022. The

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computed rate of tax is the average of the standard rate of tax applicable in the countries in which the Group operates, weighted by the amount of profit before taxation generated in each of those countries. The Group's effective tax rate, accounting for incentive tax credits, expenses not deductible for tax purposes, the impact of withholding tax and income tax reserve adjustments was 20.7 per cent. and 24.7 per cent. in HY2025 and HY2024, respectively, and 20.3 per cent., 28.4 per cent. and 24.6 per cent. for FY2024, FY2023 and FY2022, respectively.

#### Description of Non-IFRS Financial Measures
In considering the financial performance of the Group, management analyses certain measures not defined by, or calculated in accordance with, IFRS, including organic sales growth ("**OSG**"), organic volume growth ("**OVG**"), organic price growth ("**OPG**"), Adjusted EBITDA, free cash flow ("**FCF**"), free cash flow conversion ("**FCF conversion**"), net debt ("**Net Debt**") and adjusted return on invested capital ("**Adjusted ROIC**"). Management believes this information, along with comparable IFRS measurements, is useful to investors because it provides a basis for measuring the Group's operating performance. Management uses these financial measures, along with the most directly comparable IFRS financial measures, in evaluating the Group's operating performance and value creation. The non-IFRS financial measures presented in this registration statement may not be comparable to other similarly titled measures used by other companies, have limitations as analytical tools and should not be considered in isolation, or as a substitute for, financial information presented in compliance with IFRS. Wherever appropriate and practical, reconciliations to comparable IFRS measures are provided. For a reconciliation of the closest measures prepared in accordance with IFRS to the applicable non-IFRS measures, see "—*Results of Geographical Operating Segments—Reconciliation of Non-IFRS Financial Measures*".

#### OSG
OSG refers to the increase in revenue for the period, excluding any change in revenue resulting from disposals, changes in currency and price growth in excess of 26 per cent. in hyperinflationary economies. Inflation of 26 per cent. per year compounded over three years is one of the key indicators within IAS 29 to assess whether an economy is deemed to be hyperinflationary. The impact of disposals is excluded from OSG for a period of 12 calendar months from the applicable closing date.

OSG includes increases or decreases in sales of an acquired business immediately following the business combination, unless a reliable historical baseline is not available for the 12 months prior to the acquisition, in which case sales during the first 12 months of the acquisition are excluded from OSG.

The Group believes this measure provides valuable additional information on the organic sales performance of the business and it is a key measure used internally.

#### OVG
OVG is part of OSG and means, for the applicable period, the increase in revenue in such period calculated as the sum of: (i) the increase in revenue attributable to the volume of products sold; and (ii) the increase in revenue attributable to the composition of products sold during such period. OVG therefore excludes any impact on OSG due to changes in prices.

#### OPG
OPG is part of OSG and means, for the applicable period, the increase in revenue attributable to changes in prices during the period. OPG therefore excludes the impact to OSG due to: (i) the volume of products sold; and (ii) the composition of products sold during the period. In determining changes in price, the Group excludes the impact of price growth in excess of 26 per cent. per year in hyperinflationary economies as explained in OSG above.

#### Adjusting items
Several non-IFRS measures are adjusted to exclude items defined as adjusting. Management considers adjusting items to be significant, or unusual or non-recurring in nature and so believe that separately identifying them helps in understanding the financial performance of the Group from period to period.

Adjusting items within operating profit are:

• gains or losses on business disposals which arise from business disposal projects;

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

• acquisition and disposal-related costs which are costs that are directly attributable to a business acquisition or disposal project;

• restructuring costs which are costs that are directly attributable to a restructuring project. Management defines a restructuring project as a strategic, major initiative that delivers cost savings and materially changes either the scope of the business or the manner in which the business is conducted;

• impairments of assets which includes impairments of goodwill, intangible assets, and property, plant and equipment; and

• other approved items which are any additional matters considered by management to be significant and outside the course of normal operations.

Adjusting items not in operating profit but within net profit are net monetary gain/(loss) arising from hyperinflationary economies and significant and unusual items in net finance cost and taxation.

#### Adjusted EBITDA
Adjusted EBITDA is defined as operating profit before the impact of depreciation, amortisation and adjusting items within operating profit. This measure is used to evaluate the performance of the Group and its segments. The Group's management believes this measure provides useful information in understanding and evaluating the Group's operating results.

#### FCF
FCF is defined as net cash flow from operating activities, less net capital expenditure and net interest payments. It does not represent residual cash flows entirely available for discretionary purposes; for example, the repayment of principal amounts borrowed is not deducted from FCF. FCF reflects an additional way of viewing the Group's liquidity that management believes is useful to investors because it represents cash flows that could be used for distribution of dividends, repayment of debt or to fund the Group's strategic initiatives, including acquisitions, if any.

#### FCF conversion
FCF conversion is defined as FCF excluding cash impact of tax on disposal as a proportion of net profit, excluding profit and loss on disposal, and income from non-current investments. Management uses FCF conversion as it reflects the Group's ability to convert profit into cash.

#### Net Debt
Net Debt is defined as the excess of total financial liabilities over cash and cash equivalents, other current financial assets and non-current financial asset derivatives that relate to financial liabilities. Management believes Net Debt provides valuable additional information on the summary presentation of the Group's net financial liabilities and is a measure in common use elsewhere.

#### Adjusted ROIC
Adjusted ROIC is calculated as operating profit after taxation net of adjusting items divided by the annual average of invested capital for the period which are goodwill, intangible assets, property, plant and equipment, inventories, trade and other current receivables, and trade payables and other current liabilities. Adjusted ROIC is a measure of the return generated on capital invested by the Group. Management believes this provides a measure for long-term value creation and encourages compounding reinvestment within the business and discipline around acquisitions with low returns and long payback.

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#### Results of Operations
The following table presents the Group's combined carve-out income statement for the periods indicated.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **HY2025**  | **HY2024**  | **FY2024**  | **FY2023**  | **FY2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **Revenue** | **4503** | **4394** | **7947** | **7618** | **7506** |
| **Operating profit**  | **569** | **608** | **764** | **742** | **737** |
| Net finance costs  | (10) | (10) | (17) | (20) | (35) |
| &nbsp;&nbsp;&nbsp; Pensions and similar obligations  | (5) | (6) | (12) | (11) | (7) |
| &nbsp;&nbsp;&nbsp; Finance income  | 3 | 1 | 2 | 1 | 1 |
| &nbsp;&nbsp;&nbsp; Finance costs  | (8) | (5) | (7) | (10) | (29) |
|  Net monetary gain/(loss) arising from hyperinflationary economies  | 27 | 16 |  | (10) | (2) |
| **Profit before taxation**  | **586** | **614** | **747** | **712** | **700** |
| **Taxation** | **(122)** | **(152)** | **(152)** | **(203)** | **(173)** |
| **Net profit**  | **464** | **462** | **595** | **509** | **527** |

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The discussion below presents a comparison of: (i) costs of sales; (ii) selling, general and administrative expenses; and (iii) adjusting items in connection with the comparison of operating profit for the periods presented. For more information on these measures, see "*Note 3. Operating costs*" of the Combined Carve-Out Financial Statements. In addition, the discussion below references OSG and Adjusted EBITDA, which are non-IFRS financial measures. See "—*Description of Non-IFRS Financial Measures*" for detailed the definitions of OSG, Adjusted EBITDA and other non-IFRS financial measures, and an explanation of why the Group's management believes such metrics provide useful information to investors regarding the Group's financial condition and results of operations. For a reconciliation of these measures to their nearest IFRS measure, see "*—Results of Geographical Operating Segments—Reconciliation of Non-IFRS Financial Measures*". For additional information on Adjusted EBITDA, see "*Note 2. Segment information*" of the Combined Carve-Out Financial Statements.

#### Comparison of Results of Operations for HY2025 and HY2024

#### Revenue
Revenue was €4,503 million in HY2025 compared to €4,394 million in HY2024, representing growth of 2.5 per cent. (or an increase of €109 million). Revenue growth was driven by OSG contribution of 5.8 per cent., partially offset by a negative currency impact of 3.0 per cent. The OSG growth reflected improved customer relationships in Europe, stronger trade investments leading to enhanced market presence in Asia, favourable weather conditions in Northwestern Europe, continued momentum in the Turkish market, continued strong performance from Yasso following its integration (which delivered a €38 million increase in revenue), and product development and innovation including Bon Bons which initially launched in FY2024 and continued global expansion into HY2025. These factors resulted in an OSG contribution that was balanced between price and volume growth.

#### Operating profit and Adjusted EBITDA
 *Cost of sales* 

Cost of sales was €2,887 million in HY2025 compared to €2,774 million in HY2024, representing an increase of 4.1 per cent. (or €113 million). The cost of materials increased by €119 million, primarily as a result of higher sales volume and continued price inflation in cocoa (an increase of approximately 54 per cent. as compared to HY2024). This increase was slightly offset by a €6 million decrease in other supply chain costs, largely due to improved efficiencies in production and distribution as a result of reduction in SKU complexity, increased automation in factories and the redesign of the distribution network in the Americas.

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 *Selling, general and administrative expenses* 

Selling, general and administrative expenses were €950 million in HY2025 compared to €965 million in HY2024, representing a decrease of 1.6 per cent. (or €15 million). This decrease was primarily driven by a €19 million reduction in advertising and promotion spend, as a result of favourable foreign currency movements of €24 million. Excluding the impacts of foreign currency movements, advertising and promotion spend increased by €5 million in HY2025, primarily due to campaign activations in Turkey and increased social and digital campaigns in China.

 *Adjusting items* 

Adjusting items were €97 million in HY2025 compared to €47 million in HY2024, representing an increase of 106.4 per cent. (or €50 million). This increase was primarily driven by a €111 million increase in acquisition and disposal-related costs resulting from the separation, partially offset by a €63 million reduction in restructuring costs. The primary driver of this reduction related to the redeployment of a greater number of employees in HY2025 who were due to exit the Group at the end of FY2024 than was originally provisioned, which resulted in a net credit of €43 million.

 *Operating profit and Adjusted EBITDA* 

Operating profit was €569 million in HY2025 compared to €608 million in HY2024, representing a decrease of 6.4 per cent. (or €39 million). This decrease was driven by growth in revenue being more than offset by increases in cost of sales, selling, general and administrative expenses, and adjusting items as described above.

Adjusted EBITDA was €853 million in HY2025 compared to €849 million in HY2024, representing an increase of 0.5 per cent. (or €4 million). The increase in operating profit after adjusting items (€11 million) was partially offset by a small increase in depreciation and amortisation (€7 million).

#### Net finance costs
Net finance costs were €10 million in HY2025 compared to €10 million in HY2024, representing no change. Finance income increased by €2 million in HY2025, driven by higher interest on deposit and bank accounts in Turkey. This increase was fully offset by a higher interest cost resulting from new lease agreements.

#### Taxation
Taxation was €122 million in HY2025 compared to €152 million in HY2024, representing a decrease of 19.7 per cent. (or €30 million). This decrease was primarily driven by favourable prior year adjustments (€20 million), higher incentive tax credits in various countries (€4 million) and a decrease in withholding taxes (€4 million).

#### Net profit
Net profit was €464 million in HY2025 compared to €462 million in HY2024, representing an increase of 0.4 per cent. (or €2 million). This increase was the result of a €39 million decrease in operating profit, a €30 million reduction in taxation, and a €11 million increase in net monetary gain arising from hyperinflationary markets (HY2025: €27 million gain; HY2024: €16 million gain).

#### Comparison of Results of Operations for FY2024 and FY2023

#### Revenue
Revenue was €7,947 million in FY2024 compared to €7,618 in FY2023, representing growth of 4.3 per cent. (or an increase of €329 million). Revenue growth was driven by OSG contribution of 2.8 per cent. and the impact of the Yasso acquisition, which contributed a further 1.4 per cent. Consumer relevant innovations, including new snacking formats, along with operational improvements such as a more efficient go-to-market strategy, improved distribution and optimised promotional activities, contributed to an OSG balanced between price and volume growth.

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#### Operating profit and Adjusted EBITDA
 *Cost of sales* 

Cost of sales was €5,173 million in FY2024 compared to €5,022 million in FY2023, representing an increase of 3.0 per cent. (or €151 million). This increase was primarily driven by rising sales volume (contributing approximately €70 million) and inflation in the price of cocoa (contributing approximately €100 million). These factors were partially offset by €70 million of productivity savings. The productivity savings primarily comprised reduction of more than 20 per cent. in business waste and product complexity. This was achieved, in part, through a 4 per cent. reduction in product lines, whereby the Group removed less popular items from production while continuing to deliver strong innovations.

 *Selling, general and administrative expenses* 

Selling, general and administrative expenses were €1,810 million in FY2024 compared to €1,742 million in FY2023, representing an increase of 3.9 per cent. (or €68 million). This increase was primarily driven by a €47 million increase in advertising spend to support growing markets and new premium innovations, and a €41 million increase in employee costs mainly driven by inflation, which were partially offset by other items within overheads.

 *Adjusting items* 

Adjusting items were €200 million in FY2024 compared to €112 million in FY2023, representing an increase of 79 per cent. (or €88 million). This increase was primarily driven by a €63 million increase in restructuring costs related the Group's productivity programme and supply chain transformation initiatives. Acquisition and disposal-related costs within adjusting items increased by €14 million in FY2024 from FY2023. This primarily reflected separation-related costs, compared to FY2023, when such costs were mainly driven by the Yasso acquisition.

 *Operating profit and Adjusted EBITDA* 

Operating profit was €764 million in FY2024 compared to €742 million in FY2023, representing an increase of 3.0 per cent. (or €22 million). This increase was driven by growth in revenue offset by increases in cost of sales, selling, general and administrative expenses, and adjusting items as described above.

Adjusted EBITDA was €1,340 million in FY2024 compared to €1,211 million in FY2023, representing an increase of 10.7 per cent. (or €129 million). This increase was driven by growth in operating profit after adjusting items (€110 million) and a small increase in depreciation and amortisation (€19 million).

#### Net finance costs
Net finance costs were €17 million in FY2024 compared to €20 million in FY2023, representing a decrease of 15 per cent. (or €3 million). This decrease was primarily driven by a €6 million reduction in fair value of the Philippines put option, as described in "*Note 13B. Financial Liabilities*" of the Combined Carve-Out Financial Statements.

#### Taxation
Taxation was €152 million in FY2024 compared to €203 million in FY2023, representing a decrease of 25.1 per cent. (or €51 million). This decrease was primarily driven by a lower effective tax rate due to favourable tax audit settlements and prior year true-ups in FY2024, which was partially offset by a reduction in the effect of hyperinflationary adjustments in Turkey. In FY2024, there were significant favourable settlements and true-ups (€30 million), compared with adverse impacts with FY2023.

#### Net profit
Net profit was €595 million in FY2024 compared to €509 million in FY2023, representing an increase of 16.9 per cent. (or €86 million). The €86 million increase was driven by the €51 million reduction in taxation, a

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€22 million increase in operating profit and the €3 million reduction in net finance costs described above, as well as a €10 million positive impact from net monetary loss arising from hyperinflationary markets (FY2024: nil; FY2023: €10 million loss).

#### Comparison of Results of Operations for FY2023 and FY2022

#### Revenue
Revenue was €7,618 million in FY2023 compared to €7,506 million in FY2022, representing an increase of 1.5 per cent. (or €112 million). The contribution from OSG of 2.5 per cent. and the Yasso acquisition of 0.9 per cent. was partially offset by the negative impact of currency related items (1.9 per cent.). The OSG contribution was primarily driven by high price increases across all segments to offset inflation and maintain margins across all brands, with the greatest impact being seen in Europe and ANZ. The positive price impact was largely offset by a decline in volume (primarily in Europe).

#### Operating profit
 *Cost of sales* 

Cost of sales was €5,022 million in FY2023 compared to €4,940 million in FY2022, representing an increase of 1.7 per cent. (or €82 million). While volumes declined by approximately 7 per cent. in FY2023, cost of sales increased, primarily resulting from high price inflation in key commodities and higher production costs. The average unit prices for the commodities, including dairy, sugar and cocoa, increased by more than 30 per cent. between FY2022 and FY2023. The increase in production costs (4.2 per cent. in FY2023 compared to FY2022) was largely due to labour inflation, higher depreciation from new line investments and higher repair and maintenance costs, partially offset by a reduction in utilities as global fuel and energy prices declined.

 *Selling, general and administrative expenses* 

Selling, general and administrative expenses were €1,742 million in FY2023 compared to €1,693 million in FY2022, representing an increase of 2.9 per cent. (or €49 million). This increase was primarily due to increased advertising and promotion spend across segments to drive volume and support new innovations in key markets and increases in other expenses largely due to hyperinflation in Turkey.

 *Adjusting items* 

Adjusting items were €112 million in FY2023 compared to €136 million in FY2022, representing a decrease of 17.6 per cent. (or €24 million). This decrease was largely driven by a €34 million reduction in restructuring costs as additional costs were incurred in FY2022 resulting from the Compass reorganisation programme. Acquisition and disposal-related costs were €36 million higher, largely driven by the Yasso acquisition. This was mostly offset by a €30 million favourable movement year-on-year from the release of an unutilised legal provision by Unilever, which was partially allocated to the Group.

 *Operating profit and Adjusted EBITDA* 

Operating profit was €742 million in FY2023 compared to €737 million in FY2022, representing an increase of 0.7 per cent. (or €5 million). This increase was driven by growth in revenue offset by increases in cost of sales, selling, general and administrative expenses, and adjusting items as described above.

Adjusted EBITDA was €1,211 million in FY2023 compared to €1,245 million in FY2022, representing a decrease of 2.7 per cent. (or €34 million). This reduction was driven by the €19 million decrease in adjusted operating profit described above as well as a €15 million reduction in depreciation and amortisation.

#### Net finance costs
Net finance costs were €20 million in FY2023 compared to €35 million in FY2022, representing a decrease of 42.9 per cent. (or €15 million). This decrease was primarily driven by the remeasurement of the Philippines

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put option, which resulted in a €22 million loss in finance costs in FY2022 compared to a nil effect in FY2023. This decrease was slightly offset by increases in pension interest and interest on lease liabilities.

#### Taxation
Taxation was €203 million in FY2023 compared to €173 million in FY2022, representing an increase of 17.3 per cent. (or €30 million). The increase in tax between FY2022 and FY2023 was due to a number of factors including (i) a €10 million increase due to an overall increase in profitability and a relative increase in profits in countries taxed at higher rates, and (ii) changes in irrecoverable withholding taxes, incentive tax credits and non-deductible expenses. Irrecoverable withholding taxes were a benefit of €1 million in FY2022 and a cost of €7 million in FY2023. The benefit of incentive tax credits decreased from €25 million in FY2022 to €19 million in FY2023. Non-deductible expenses increased from €10 million in FY2022 to €15 million in FY2023, primarily as a result of the deferred consideration for the Yasso acquisition.

#### Net profit
Net profit was €509 million in FY2023 compared to €527 million in FY2022, representing a decrease of 3.4 per cent. (or €18 million). The decrease was primarily driven by a €30 million increase in taxation and €8 million higher net monetary loss arising from hyperinflationary economies, partly offset by a €5 million increase in operating profit and €15 million reduction in net finance costs.

#### Results of Geographical Operating Segments

#### Comparison of Segment Results for HY2025 and HY2024
The following table sets out the Group's revenue and Adjusted EBITDA for HY2025 and HY2024 by reporting segments.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Europe and ANZ**  | **Europe and ANZ**  | **Americas**  | **Americas**  | **RoW**  | **RoW**  | **Total**  | **Total**  |
| | **HY2025**  | **HY2024**  | **HY2025**  | **HY2024**  | **HY2025**  | **HY2024**  | **HY2025**  | **HY2024**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Revenue  | 1861 | 1756 | 1479 | 1518 | 1163 | 1120 | 4503 | 4394 |
| Adjusted EBITDA<sup>(1)</sup>  | 320 | 324 | 229 | 221 | 304 | 304 | 853 | 849 |

---

Note:

(1) *Adjusted EBITDA represents the Group's measure of segment profit or loss. For the definition of Adjusted EBITDA, see "—Operating Results—Description of Non-IFRS Financial Measures—Adjusted EBITDA", and for a reconciliation of the closest measure prepared in accordance with IFRS (operating profit) to Adjusted EBITDA, see "—Reconciliation of Non-IFRS Financial Measures—Adjusted EBITDA".* 

#### Europe and ANZ
 *Revenue* 

The Group's revenue attributable to Europe and ANZ was €1,861 million in HY2025 compared to €1,756 million in HY2024, representing an increase of 6.0 per cent. (or €105 million). OSG contributed 6.1 per cent. The strong revenue growth in Europe and ANZ was driven by volume and price following effective pricing strategies across key markets, improved customer relationships in France and favourable weather conditions in Northwestern Europe. In Italy, revenue decreased in HY2025 due to local competition and in Australia revenue decreased in HY2025 due to the difficulty of importing stock, coupled with market decline.

 *Adjusted EBITDA* 

The Group's Adjusted EBITDA attributable to Europe and ANZ was €320 million in FY HY2025 compared to €324 million in HY2024, representing a decrease of 1.2 per cent. (or €4 million). This decrease was largely driven by the high material cost inflation, particularly in cocoa and dairy, offsetting revenue growth.

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#### Americas
 *Revenue* 

The Group's revenue attributable to the Americas was €1,479 million in HY2025 compared to €1,518 million in HY2024, representing a decrease of 2.6 per cent. (or €39 million). Contribution from OSG of 1.8 per cent. was more than offset by a negative impact from currency (4.3 per cent.). The United States was a major source of revenue growth, with revenue increasing by €15 million in HY2025 (2.7 per cent. OSG). This was primarily due to the ongoing integration of Yasso, which delivered a €38 million increase in revenue. Strong organic growth in Mexico, reflected by a 3.8 per cent. OSG in HY2025 driven by price increases, was more than offset by an unfavourable foreign currency impact. In Brazil, market decline resulted in volume and revenue loss.

 *Adjusted EBITDA* 

The Group's Adjusted EBITDA attributable to the Americas was €229 million in HY2025 compared to €221 million in HY2024, representing an increase of 3.6 per cent. (or €8 million). This increase was primarily driven by reduced advertising and promotion expenses resulting from currency translation effects and the differences in the timing of innovation launches.

#### RoW
 *Revenue* 

The Group's revenue attributable to the RoW was €1,163 million in HY2025 compared to €1,120 million in HY2024, representing an increase of 3.8 per cent. (or €43 million). OSG contributed 10.7 per cent., partially offset by a negative currency impact of 6.2 per cent. Turkey continued to grow in volume with strong innovations and cabinet investment, as well as in price due to high price increases under the hyperinflationary environment, all of which resulted in a €12 increase in revenue. China, Pakistan and the Philippines delivered strong revenue growth driven by volume. Higher trade investments, cabinet deployment, strong innovations and earlier new product launches enabled better market presence and strong volume growth in these markets.

 *Adjusted EBITDA* 

The Group's Adjusted EBITDA attributable to the RoW was €304 million in HY2025 compared to €304 million in HY2024, representing no change. Revenue growth was offset by raw material cost inflation in cocoa, trade investments in Asia and slightly higher selling, general and administrative expenses.

#### Comparison of Segment Results for FY2024 and FY2023
The following table sets out the Group's revenue and Adjusted EBITDA for FY2024 and FY2023 by reporting segments.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Europe and ANZ**  | **Europe and ANZ**  | **Americas**  | **Americas**  | **RoW**  | **RoW**  | **Total**  | **Total**  |
| | **FY2024**  | **FY2023**  | **FY2024**  | **FY2023**  | **FY2024**  | **FY2023**  | **FY2024**  | **FY2023**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Revenue  | 3109 | 3019 | 2887 | 2750 | 1951 | 1849 | 7947 | 7618 |
| Adjusted EBITDA<sup>(1)</sup>  | 454 | 431 | 425 | 368 | 461 | 412 | 1340 | 1211 |

---

Note:

(1) *Adjusted EBITDA represents the Group's measure of segment profit or loss. For the definition of Adjusted EBITDA, see "—Operating Results—Description of Non-IFRS Financial Measures—Adjusted EBITDA", and for a reconciliation of the closest measure prepared in accordance with IFRS (operating profit) to Adjusted EBITDA, see "—Reconciliation of Non-IFRS Financial Measures—Adjusted EBITDA".* 

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#### Europe and ANZ
 *Revenue* 

The Group's revenue attributable to Europe and ANZ was €3,109 million in FY2024 compared to €3,019 million in FY2023, representing an increase of 3.0 per cent. (or €90 million). OSG contributed 2.6 per cent. and currency had a further positive impact of 0.4 per cent on revenue growth. Europe and ANZ saw strong performance across markets, notably Germany and Eastern Europe, driven by strong consumer-relevant innovations. This was primarily the result of the launch of Magnum Euphoria, Chill & Wonder and Bon Bons, optimised pricing and promotional plans and stronger customer partnerships. Strong growth across most markets was partially offset by weaker performance in Italy as a result of a reduction in the concession network and in France due to the use of a pricing model that was not adequately matched to consumer expectation. This mismatch led to a consumer trend towards purchasing lower priced products from both the Group and its competitors, which collectively had a downward impact on revenue.

 *Adjusted EBITDA* 

The Group's Adjusted EBITDA attributable to Europe and ANZ was €454 million in FY2024 compared to €431 million in FY2023, representing an increase of 5.3 per cent. (or €23 million). This increase was driven by revenue growth, limited raw material inflation aside from cocoa, and supply chain cost savings delivered through product reformulations, stock keeping unit (SKU) rationalisation and logistics optimisation. This was partially offset by an increase in selling, general and administrative expenses due to higher marketing spend and general salary inflation.

#### Americas
 *Revenue* 

The Group's revenue attributable to the Americas was €2,887 million in FY2024 compared to €2,750 million in FY2023, representing an increase of 5.0 per cent. (or €137 million). Contribution from OSG of 2.0 per cent. and the Yasso acquisition of 3.9 per cent. was partially offset by a negative impact from currency (0.9 per cent.). Growth was driven by strong performance in Mexico and improved performance in the United States, where new innovations were well received by consumers as the Group adjusted advertising and promotions to be more competitive with key snacking peers, strengthened customer partnerships, increased distribution and integrated the Yasso acquisition. This was partially offset by Brazil following a decline in the overall market partially driven by flooding in the year, and execution challenges as well as electricity shortages in Ecuador.

 *Adjusted EBITDA* 

The Group's Adjusted EBITDA attributable to the Americas was €425 million in FY2024 compared to €368 million in FY2023, representing an increase of 15.5 per cent. (or €57 million). This increase was driven by revenue growth and operational efficiencies delivered through product rationalisation, improved logistics and business waste savings, as well as shifting the product portfolio to higher margin products and brands. This was slightly offset by an increase in selling, general and administrative expenses, fully attributable to higher advertising and promotion spend.

#### RoW
 *Revenue* 

The Group's revenue attributable to the RoW was €1,951 million in FY2024 compared to €1,849 million in FY2023, representing an increase of 5.5 per cent. (or €102 million). OSG contributed 4.7 per cent. and currency related items contributed 0.8 per cent. Growth was driven by Turkey, which saw strong volume growth, supported by a wide range of innovations, distribution gains and warm weather. Excluding Turkey, ROW experienced a decrease in revenue, primarily driven by China, as a result of weak consumer demand and high trade stock levels, and Israel, where one of the Group's factories was temporarily closed due to rising tensions in the region. This was slightly offset by a volume driven growth in the Philippines as a result of price adjustments and strong innovations.

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 *Adjusted EBITDA* 

The Group's Adjusted EBITDA attributable to the RoW was €461 million in FY2024 compared to €412 million in FY2023, representing an increase of 11.9 per cent. (or €49 million). This increase was largely driven by strong growth in Turkey (where the Group experienced high margins), and margin improvement in China and Indonesia, both due to reduced supply chain costs from the Group's supply chain transformation programme. This was slightly offset by an increase in selling, general and administrative expenses, largely driven by higher marketing spends and overheads in Turkey.

#### Comparison of Segment Results for FY2023 and FY2022
The following table sets out the Group's revenue and Adjusted EBITDA for FY2023 and FY2022 by reporting segments.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Europe and ANZ**  | **Europe and ANZ**  | **Americas**  | **Americas**  | **RoW**  | **RoW**  | **Total**  | **Total**  |
| | **FY2023**  | **FY2022**  | **FY2023**  | **FY2022**  | **FY2023**  | **FY2022**  | **FY2023**  | **FY2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Revenue  | 3019 | 3028 | 2750 | 2647 | 1849 | 1831 | 7618 | 7506 |
| Adjusted EBITDA<sup>(1)</sup>  | 431 | 477 | 368 | 333 | 412 | 435 | 1211 | 1245 |

---

Note:

(1) *Adjusted EBITDA represents the Group's measure of segment profit or loss. For the definition of Adjusted EBITDA, see "—Operating Results—Description of Non-IFRS Financial Measures—Adjusted EBITDA", and for a reconciliation of the closest measure prepared in accordance with IFRS (operating profit) to Adjusted EBITDA, see "—Reconciliation of Non-IFRS Financial Measures—Adjusted EBITDA".* 

#### Europe and ANZ
 *Revenue* 

The Group's revenue attributable to Europe and ANZ was €3,019 million in FY2023 compared to €3,028 million in FY2022, representing a decrease of 0.3 per cent. (or €9 million). OSG contribution of 0.7 per cent. was more than offset by a negative currency effect (1.0 per cent.). Growth was driven by double digit price increases which were implemented in response to high commodity costs. Pricing gains were almost fully offset by a decrease in volumes, resulting from reduced consumer demand and the loss of distribution in some markets, particularly in France due to extended retailer negotiations.

 *Adjusted EBITDA* 

The Group's Adjusted EBITDA attributable to Europe and ANZ was €431 million in FY2023 compared to €477 million in FY2022, representing a decrease of 9.6 per cent. (or €46 million). This decrease was largely driven by high inflation that was experienced in the first half of FY2023 in fuel and raw material prices, particularly sugar and dairy. Although the Group increased the prices of its products during this period, the adverse impact of inflation was not fully mitigated through pricing adjustments. The reduced economies of scale from volume loss had a further negative impact on profitability. The selling, general and administrative expenses increased, driven by the stepped-up advertising and promotion spend in key markets to maintain market share.

#### Americas
 *Revenue* 

The Group's revenue attributable to the Americas was €2,750 million in FY2023 compared to €2,647 million in FY2022, representing an increase of 3.9 per cent. (or €103 million). Contribution from OSG of 2.7 per cent. and the Yasso acquisition of 2.5 per cent. was partially offset by a negative currency impact (1.3 per cent.)

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resulting from the US dollar depreciating against the euro. Growth was driven by price increases implemented to mitigate cost inflation and the increased focus on premium brands (particularly in the United States, Mexico and Brazil), partially offset by volume losses.

 *Adjusted EBITDA* 

The Group's Adjusted EBITDA attributable to the Americas was €368 million in FY2023 compared to €333 million in FY2022, representing an increase of 10.5 per cent. (or €35 million). This increase was largely driven by the inflation on supply chain costs being mitigated through price increases, shifting the portfolio to premium brands and higher margin products, and the acquisition of Yasso in August 2023. This was partially offset by higher selling, general and administrative expenses, particularly due to higher advertising and promotion spend in Mexico to support double digit growth and increase in overheads.

#### RoW
 *Revenue* 

The Group's revenue attributable to the RoW was €1,849 million in FY2023 compared to €1,831 million in FY2022, representing an increase of 1.0 per cent. (or €18 million). Contribution from OSG of 5.3 per cent. was mostly offset by a negative currency effect of 4.1 per cent. (primarily due to currency devaluations in China, Pakistan, Indonesia, Israel and Turkey). Strong price and volume growth in Turkey was partially offset by a decline in other markets, particularly driven by volume loss in China as consumers shifted to cheaper alternatives.

 *Adjusted EBITDA* 

The Group's Adjusted EBITDA attributable to the RoW was €412 million in FY2023 compared to €435 million in FY2022, representing a decrease of 5.3 per cent. (or €23 million). The Adjusted EBITDA increase from Turkey driven by revenue growth and profitability improvement was more than offset by a decline in the rest of the region. This decrease was primarily driven by lower margins in China as consumer preferences shifted to lower margin brands in response to higher prices, and cost inflation not being fully recovered through pricing in Philippines and Thailand with considerations on consumer affordability. The selling, general and administrative expenses remained largely unchanged.

#### Reconciliation of Non-IFRS Financial Measures
The sections below provide reconciliations of the closest measures prepared in accordance with IFRS to the non-IFRS measures used by the Group.

The Group uses "constant rate" and "organic" measures primarily for internal performance analysis and targeting purposes. The Group presents certain items, percentages and movements, using constant exchange rates, which do not include the impact of fluctuations in foreign currency exchange rates. Constant currency values are calculated by translating both the current and the prior period local currency amounts using the prior year average exchange rates into euro, except for the local currency of entities that operate in hyperinflationary economies. These currencies are translated into euro using the prior year closing exchange rate before the application of IAS 29. The table below shows exchange rate movements in the Group's key markets.

---

| | | | |
|:---|:---|:---|:---|
| | **Annual average rate in<sup>(1)</sup>**  | **Annual average rate in<sup>(1)</sup>**  | **Annual average rate in<sup>(1)</sup>**  |
| | **FY2024**  | **FY2023**  | **FY2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| US dollar (€1 = US$)  | 1.085 | 1.081 | 1.050 |
| UK pound sterling (€1 = GBP)  | 0.848 | 0.870 | 0.851 |
| Mexican peso (€1 = MXN)  | 19.589 | 19.169 | 21.178 |
| Turkish lira (€1 = TRY)  | 36.671 | 31.625 | 19.300 |

---

Note:

(1) Except for the local currency of entities that operate in hyperinflationary economies, which includes the Turkish lira, these currencies are translated into euro using the prior year closing exchange rate before the application of IAS 29.

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#### OSG
The following table presents a reconciliation of changes in the IFRS measure of revenue to OSG for the periods indicated. For the methodology used by the Company to calculate OSG, see footnote 5 below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **HY2025**  | **HY2024**  | **FY2024**  | **FY2023**  | **FY2022**  |
| *Revenue (€ million)*  | 4503 | 4394 | 7947 | 7618 | 7506 |
| Revenue growth<sup>(1)</sup> *(%)*  | 2.5 | 2.1 | 4.3 | 1.5 | 13.3 |
| Effect of acquisitions<sup>(2)</sup> *(%)*  |  | 2.1 | 1.4 | 0.9 |  |
| Effect of disposals<sup>(3)</sup> *(%)*  | (0.1) |  |  |  |  |
| Effect of currency-related items<sup>(4)</sup> *(%)*  | (3.0) | 0.7 |  | (1.9) | 4.9 |
| *of which:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange rate changes *(%)*  | (4.1) | (1.3) | (1.8) | (4.7) | 3.2 |
| &nbsp;&nbsp;&nbsp; Extreme price growth in hyperinflationary markets *(%)*  | 1.1 | 2.1 | 1.8 | 3.0 | 1.6 |
| OSG<sup>(5)(6)</sup> *(%)* | 5.8 | (0.7) | 2.8 | 2.5 | 8.1 |
| *of which:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; OVG *(%)*<sup>(7)</sup>  | 3.5 | (1.7) | 1.1 | (6.5) | (1.1) |
| &nbsp;&nbsp;&nbsp; OPG *(%)*<sup>(7)</sup>  | 2.1 | 1.1 | 1.7 | 9.7 | 9.3 |

---

Notes:

(1) Revenue growth is calculated as current year revenue minus prior year revenue divided by prior year revenue.

(2) Effect of acquisitions is calculated using constant exchange rates and is the difference between revenue growth and what revenue growth would have been if the revenue associated with acquisitions was removed from the current year. This excludes the change in revenue of the acquisitions compared to their historical base, if this change has been included in the OSG.

(3) Effect of disposals is calculated using constant exchange rates and is the difference between revenue growth and what revenue growth would have been if the revenue associated with disposals was removed from the prior year.

(4) Effect of currency-related items is comprised of the effect of foreign currency exchange rate movements on revenue growth and price growth in excess of 26 per cent. per year in hyperinflationary economies which is excluded from OSG. The calculation of effect of currency-related items is as follows: Effect of currency-related items = [(1+Effect of exchange rate changes) multiplied by (1+Effect of extreme price growth in hyperinflationary markets)] minus 1. There may be minor discrepancies between the number arrived at through the application of this calculation and the final figure set out above, which is as a result of rounding.

(5) For the definition of OSG, see "—*Operating Results—Description of Non-IFRS Financial Measures— OSG*". OSG is revenue growth adjusted to remove the impacts of acquisitions, disposals and the impact of currency-related items (being movements in exchange rates and extreme price growth in hyperinflationary markets). The calculation of OSG is as follows: (1 plus revenue growth) divided by [(1 plus effect of acquisitions) multiplied by (1 plus effect of disposals) multiplied by (1 plus effect of currency-related items)] minus 1. There may be minor discrepancies between the number arrived at through the application of this calculation and the final figure set out above, which is as a result of rounding. The reconciliation of OSG to revenue is as set out in the table above.

(6) OPG in excess of 26 per cent. per year in hyperinflationary economies has been excluded when calculating the OSG in the tables above, and an equal and opposite amount is shown as extreme price growth in hyperinflationary markets.

(7) *For the definitions of OVG and OPG, see "—Operating Results—Description of Non-IFRS Financial Measures—OVG" and "—Operating Results—Description of Non-IFRS Financial Measures—OPG". OVG and OPG are multiplied on a compounded basis to arrive at OSG through application of the following formula: OSG equals (1 plus OVG) multiplied by (1 plus OPG) minus 1.* 

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#### Adjusting items
Several non-IFRS measures are adjusted to exclude items defined as adjusting. The following table sets out the calculation of adjusting items for the periods indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **HY2025**  | **HY2024**  | **FY2024**  | **FY2023**  | **FY2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Acquisition and disposal-related costs<sup>(1)</sup>  | (121) | (10) | (64) | (50) | (14) |
| Restructuring costs<sup>(2)</sup>  | 26 | (37) | (137) | (74) | (108) |
| Other  | (2) |  | 1 | 12 | (14) |
| **Total adjusting items**<sup>(3)</sup>  | 97 | 47 | 200 | 112 | 136 |

---

Notes:

(1) HY2025, HY2024 and FY2024 comprises the charge relating to the separation. FY2023 included a charge of €38 million related to the revaluation of the earnout liability of Yasso.

(2) HY2025 comprises a net release of €43 million related to the restructuring provision, which was partially offset by charges of €17 million related to supply chain projects and other corporate initiatives. FY2024 includes restructuring costs of €54 million relating to the separation, and a cost of €16 million (FY2023: €18 million and FY2022: €nil) for supply chain transformation projects. FY2022 restructuring costs consist of various strategic organisational change programmes, such as the Compass reorganisation.

(3) *For the definition of adjusting items, see "—Operating Results—Description of Non-IFRS Financial Measures—Adjusting items". For additional information, see "Note 3. Operating costs" of the Combined Carve-Out Financial Statements.* 

#### Adjusted EBITDA
The following table sets out a reconciliation of net profit to Adjusted EBITDA for the periods indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **HY2025**  | **HY2024**  | **FY2024**  | **FY2023**  | **FY2022**  |
|  | *(€million)*  | *(€million)*  | *(€million)*  | *(€million)*  | *(€million)*  |
| **Net profit**  | 464 | 462 | 595 | 509 | 527 |
| Net finance costs  | 10 | 10 | 17 | 20 | 35 |
|  Net monetary gain/(loss) arising from hyperinflationary economies  | (27) | (16) |  | 10 | 2 |
| Taxation  | 122 | 152 | 152 | 203 | 173 |
| **Operating profit**  | 569 | 608 | 764 | 742 | 737 |
| Depreciation and amortisation  | 187 | 194 | 376 | 357 | 372 |
| Adjusting items<sup>(1)</sup>  | 97 | 47 | 200 | 112 | 136 |
| **Adjusted EBITDA**<sup>(2)</sup>  | 853 | 849 | 1340 | 1211 | 1245 |

---

Notes:

(1) *For the definition of adjusting items, see "—Operating Results—Description of Non-IFRS Financial Measures—Adjusting items", and for a calculation of adjusting items, see "—Reconciliation of Non-IFRS Financial Measures—Adjusting items".* 

(2) *For the definition of Adjusted EBITDA, see "—Operating Results—Description of Non-IFRS Financial Measures—Adjusted EBITDA". For additional information, see "Note 3. Operating costs" of the Combined Carve-Out Financial Statements.* 

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#### FCF
The following table sets out a reconciliation of net cash flow from operating activities to FCF for the periods indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **HY2025**  | **HY2024**  | **FY2024**  | **FY2023**  | **FY2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **Net cash flow from operating activities**  | 276 | 379 | 1113 | 914 | 721 |
| Net capital expenditure<sup>(1)</sup>  | (133) | (113) | (299) | (253) | (258) |
| Net interest paid  | (5) | (4) | (11) | (9) | (6) |
| **FCF**<sup>(2)</sup> | 138 | 262 | 803 | 652 | 457 |
| Net cash flow (used in)/from investing activities  | (129) | (174) | (359) | (854) | (258) |
| Net cash flow used in financing activities  | (164) | (223) | (737) | (51) | (470) |

---

Notes:

(1) Comprises the addition of: (a) purchase of intangible assets; (b) purchase of property, plant and equipment; and (c) disposal of property, plant and equipment.

(2) *For the definition of FCF, see "—Operating Results—Description of Non-IFRS Financial Measures—FCF".* 

#### FCF conversion
The following table sets out a reconciliation of net cash flow from operating activities to FCF conversion for the periods indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **HY2025**  | **HY2024**  | **FY2024**  | **FY2023**  | **FY2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Net cash flow from operating activities  | 276 | 379 | 1113 | 914 | 721 |
| FCF  | 138 | 262 | 803 | 652 | 457 |
| Cash impact of tax on disposal  |  |  |  |  |  |
| **FCF excluding cash impact of tax on disposal**  | **138** | **262** | **803** | **652** | **457** |
| **Net profit**  | **464** | **462** | **595** | **509** | **527** |
| Loss/(gain) on disposal of group companies  |  |  |  |  |  |
|  Other (income)/loss from non-current investments and associates  |  |  |  |  |  |
| Tax on gain on disposal of group companies  |  |  |  |  |  |
|  **Net profit excluding profit and loss on disposal, and income from non-current investments**  | **464** | **462** | **595** | **509** | **527** |
| Cash conversion from operating activities *(%)*  | 86 | 117 | 211 | 225 | 160 |
| **FCF conversion<sup>(1)</sup> *(%)***  | **30** | **57** | **135** | **128** | **87** |

---

Note:

(1) *For the definition of FCF conversion, see "—Operating Results—Description of Non-IFRS Financial Measures—FCF conversion". FCF conversion is calculated as FCF excluding cash impact of tax on disposal divided by net profit, excluding profit and loss on disposal, and income from non-current investments.* 

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#### Net Debt
The following table sets out a reconciliation of total financial liabilities to Net Debt for the periods indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **HY2025**  | **HY2024**  | **FY2024**  | **FY2023**  | **FY2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Total financial liabilities  | (349) | (361) | (333) | (348) | (339) |
| &nbsp;&nbsp;&nbsp; Current  | (89) | (104) | (85) | (73) | (73) |
| &nbsp;&nbsp;&nbsp; Non-current  | (260) | (257) | (248) | (275) | (266) |
| Cash and cash equivalents  | 49 | 39 | 70 | 52 | 44 |
| Other current financial assets  |  |  |  |  |  |
|  Non-current financial asset derivatives that relate to financial <br> liabilities  |  |  |  |  |  |
| **Net debt<sup>(1)</sup>**  | **(300)** | **(322)** | **(263)** | **(296)** | **(295)** |

---

Note:

(1) *For the definition of Net Debt, see "—Operating Results—Description of Non-IFRS Financial Measures—Net Debt".* 

#### Adjusted ROIC
The following table sets out a reconciliation of net profit to Adjusted ROIC for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
| | **FY2024**  | **FY2023**  | **FY2022**  |
|  | *(€ million unless otherwise indicated)*  | *(€ million unless otherwise indicated)*  | *(€ million unless otherwise indicated)*  |
| Net profit  | 595 | 509 | 527 |
| Net finance costs  | 17 | 20 | 35 |
| Net monetary loss arising from hyperinflationary economies  |  | 10 | 2 |
| Taxation on finance costs<sup>(1)</sup>  | (3) | (6) | (9) |
| **Operating profit after taxation**  | **609** | **533** | **555** |
| Adjusting items within operating profit<sup>(2)</sup>  | 200 | 112 | 136 |
| Tax impact of adjusting items<sup>(3)</sup>  | (56) | (45) | (9) |
| **Operating profit after taxation net of adjusting items**  | **753** | **600** | **682** |
| Goodwill  | 585 | 558 | 272 |
| Intangible assets  | 793 | 754 | 381 |
| Property, plant and equipment  | 2355 | 2234 | 2246 |
| Inventories  | 920 | 915 | 991 |
| Trade and other current receivables  | 635 | 540 | 587 |
| Trade payables and other current liabilities  | (1818) | (1826) | (1864) |
| **Period-end invested capital**  | **3470** | **3175** | **2613** |
| **Average invested capital for the period**<sup>(4)</sup>  | **3323** | **2894** | **2434** |
| **ROIC *(%)***  | **18.3%** | **18.4%** | **22.8%** |
| **Adjusted ROIC**<sup>(5)</sup> ***(%)***  | 22.7% | 20.7% | 28.0% |

---

Notes:

(1) Taxation on finance cost is calculated as net finance cost multiplied by the effective tax rate of 20.3 per cent. for FY2024 (FY2023: 28.4 per cent. and FY2022: 24.6 per cent.). Net monetary loss is not taxable.

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

(2) *For the definition of adjusting items, see "—Operating Results—Description of Non-IFRS Financial Measures—Adjusting items", and for a calculation of adjusting items, see "—Reconciliation of Non-IFRS Financial Measures—Adjusting items".* 

(3) Tax impact of adjusting items includes tax on adjusting times within operating profit and other adjusting tax items such as the impact of deferred tax adjustments from the application of IAS 29.

(4) Average invested capital for the period is calculated as the sum of opening and closing balances for the period divided by two.

(5) *For the definition of Adjusted ROIC, see "—Operating Results—Description of Non-IFRS Financial Measures—Adjusted ROIC". Adjusted ROIC is calculated as operating profit after taxation net of adjusting items divided by the annual average of invested capital for the period.* 

#### 5.B. LIQUIDITY AND CAPITAL RESOURCES

#### Working Capital Statement
In the opinion of the Company, the Group's working capital is sufficient for the Group's present requirements; that is for at least 12 months following the date of this registration statement.

#### Cash Flows
The following table presents the primary components of the Group's cash flows for each of the periods indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **HY2025**  | **HY2024**  | **FY2024**  | **FY2023**  | **FY2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Net cash flow from operating activities  | 276 | 379 | 1113 | 914 | 721 |
| Net cash flow used in investing activities  | (129) | (174) | (359) | (854) | (258) |
| Net cash flow used in financing activities  | (164) | (223) | (737) | (51) | (470) |
| Net increase/(decrease) in cash and cash equivalents  | (17) | (18) | 17 | 9 | (7) |
| Cash and cash equivalents at the beginning of the year  | 67 | 50 | 50 | 43 | 51 |
| Effects of foreign exchange rate changes  | (5) | (1) |  | (2) | (1) |
| **Cash and cash equivalents at the end of the year**  | **45(1)** | **31** | **67(1)** | **50** | **43** |

---

Note:

(1) As of 30 June 2025, cash and cash equivalents were primarily held in Philippine peso, Brazilian real and Turkish lira.

#### Net cash flow from operating activities
Net cash flow from operating activities was €276 million in HY2025 compared to €379 million in HY2024, representing a decrease of 27.2 per cent. (or €103 million). This decrease was primarily driven by a reduction in operating profit (€39 million), an increase in working capital outflow (€56 million), an increase in outflows from provisions less payments (€53 million) during HY2025 and partially offset by a decrease in taxes paid (€38 million). The €56 million increase in working capital outflows were predominantly driven by higher levels of inventory due to organic growth, inflation and the impact of product mix. The €53 million increase in outflows from provisions less payments was primarily due to the release of a restructuring provision (as the release of the restructuring provision offset the non-cash income included in operating profit). The income tax decrease was due to a lower effective tax rate primarily resulting from favourable prior year true-ups in HY2025 as explained above. The reduction in operating profit was primarily driven by the increase in acquisition and disposal related costs arising from separation.

Net cash flow from operating activities was €1,113 million in FY2024 compared to €914 million in FY2023, representing an increase of 21.8 per cent. (or €199 million). During this period, €90 million of the improvement was driven by a decrease in income tax paid. The income tax decrease was primarily due to a lower effective

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tax rate resulting from favourable tax audit settlements and prior year true-ups in FY2024, which was partially offset by a reduction in the effect of hyperinflationary adjustments in Turkey. In FY2024, there were significant favourable settlements and true-ups, compared with adverse impacts in FY2023.<sup>53</sup> A further €55 million improvement in net cash flow from operations resulted from a €41 million cash inflow from provisions less payments which compared to an outflow of €14 million in FY2023. The inflow in FY2024 related to an increase in provisions for overhead reduction as part of the Group's broader productivity programme. Working capital inflows of €70 million in FY2024 were broadly in line with FY2023, which recorded a working capital inflow of €56 million. The cash inflow from trade payables and other liabilities increased by €54 million in FY2024 from FY2023. This increase was largely attributable to higher dairy and cocoa prices, extended supplier payment terms in the Americas, and hyperinflation in Turkey. The corresponding impact on inventory value was offset by operational improvements, particularly in the Americas, which reduced inventory volumes.

Net cash flow from operating activities was €914 million in FY2023 compared to €721 million in FY2022, representing an increase of 26.8 per cent. (or €193 million). This increase was primarily driven by favourable working capital movements, of €56 million compared to an outflow of €273 million in FY2023. The movement in inventory resulted in a €54 million cash inflow in FY2023 compared to an outflow of €228 million in FY2022. In FY2022, inventory levels were intentionally increased to enhance supply security, support customer services, and mitigate fluctuations in production demand, which led to an outflow during this period. In FY2023, inventory levels were reduced following operational improvements in the supply chain. Trade and other receivables generated a cash inflow of €30 million in FY2023, compared to a €196 million outflow in FY2022. The outflow in FY2022 was driven by the significant increase in revenue in FY2022 compared to FY2021. For trade and other payables, there was a €28 million cash outflow in FY2023, compared to a €151 million inflow in FY2022. The inflow in FY2022 mainly related to payables arising from an inventory build-up in that year, which was largely reversed in FY2023. The cash inflow from working capital movement was partially offset by an increase of €108 million in income tax paid. This increase was primarily attributable to a higher current tax charge, reflecting a higher effective tax rate. The higher effective tax rate resulted from a relative increase in profits in countries with higher tax rates, an increase in non-deductible expenses, irrecoverable withholding taxes, and the impact of tax audit settlements. These factors were partially offset by the effect of hyperinflationary adjustments in Turkey.

#### Net cash flow used in investing activities
Net cash flow used in investing activities was €129 million in HY2025 compared to €174 million in HY2024, representing a decrease of 25.9 per cent. (or €45 million). This decrease was driven by the €61 million contingent consideration outflow for the Yasso acquisition in HY2024, which did not repeat in HY2025, partially offset by a €22 million increase in capital expenditures.

Net cash flow used in investing activities was €359 million in FY2024 compared to €854 million in FY2023, representing a decrease of 58.0 per cent. (or €495 million). This decrease was primarily driven by the cash outflow resulting from the consideration paid for the Yasso acquisition in FY2023 (€604 million). Partially offsetting the decrease were €61 million in cash outflows for the settlement of deferred consideration related to the Yasso acquisition in FY2024, as well as €43 million in higher purchases of property, plant and equipment, driven by increased investment in cabinets and vehicles for product distribution.

Net cash flow used in investing activities was €854 million in FY2023 compared to €258 million in FY2022, representing an increase of €596 million. This increase was primarily driven by the €604 million net outflow resulting from the consideration paid for the Yasso acquisition in FY2023.

#### Net cash flow used in financing activities
Net cash flow used in financing activities was €164 million in HY2025 compared to €223 million in HY2024, representing a decrease of €59 million. In HY2025 and HY2024, net cash flow used in financing activities primarily represented the capital elements of lease payments and other transactions with Unilever and owners of non-controlling interests. The decrease in net outflow year-on-year was primarily driven by other transactions with Unilever.

<sup>53</sup>

True-ups are adjustments from the positions taken for reporting which may be based on estimates to the figures in the final submitted tax returns.

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Net cash flow used in financing activities was €737 million in FY2024 compared to €51 million in FY2023, representing an increase of €686 million. In FY2024 and FY2023, net cash flow used in financing activities primarily represented other transactions, including cash pooling arrangements, with Unilever and owners of non-controlling interests. In FY2024, this primarily consisted of a net outflow through the cash pooling arrangements to Unilever of the free cash flow generated by the Group. In FY2023, this primarily consisted of a small net inflow due to the consideration paid for the Yasso acquisition, which offset the free cash generated by the Group.

Net cash flow used in financing activities was €51 million in FY2023 compared to €470 million in FY2022, representing a decrease of 89.1 per cent. (or €419 million). As with FY2024 and FY2023, net cash flow used in financing activities represented other transactions, including cash pooling arrangements, with Unilever and owners of non-controlling interests. In FY2022, this consisted of a net outflow through the cash pooling arrangement to Unilever of the free cash flow generated by the Group.

#### Capital Resources and Indebtedness
See "*Item 3. Key Information—3.B. Capitalisation and Indebtedness*" for details relating to the Group's capitalisation and indebtedness as of the dates indicated therein. Further details of the capital resources of the Group are set out in the summaries below.

The Group's liquidity requirements primarily relate to its working capital requirements, funding its operating expenses and capital expenditures, implementing its growth strategies, and servicing its ongoing debt obligations.

Historically, the Group primarily relied on cash flows generated from its operations and funding from Unilever, as part of the Unilever Group, to meet its liquidity needs. In connection with the Reorganisation and Demerger, the Group has entered into a series of borrowing arrangements with unaffiliated third-party lenders, including: (i) three term loan facilities; and (ii) a revolving credit facility, as described below. These facilities remain undrawn as at the date of this registration statement.

#### Term loan facilities
Magnum ICC Finance B.V. (as borrower) and The Magnum Ice Cream Company HoldCo Netherlands B.V. (as guarantor) (each, a wholly-owned subsidiary of the Company) entered into a term loan facilities agreement on 28 August 2025 (the "**Term Loan Facilities Agreement**") (the facilities to be provided thereunder being the "**Term Loan Facilities**"). The commitments under the Term Loan Facilities are provided by unaffiliated third-party lenders.

The Term Loan Facilities comprise:

• a bridge term loan facility (the "**Bridge Facility**") denominated in euro, with a commitment of €3 billion available for the refinancing of financial indebtedness owed by Group Companies to the Unilever Group, and for the financing or refinancing of the consideration for the transfer of Unilever's Ice Cream Business in Indonesia (see "*Reorganisation and Demerger—Overview—Deferred Territories—Indonesia*"). The Bridge Facility is provided on a certain funds basis until the date of the Demerger. The Bridge Facility has an initial maturity date of one year from the date of the Term Loan Facilities Agreement, subject to two extension options of six months each which can be exercised by the Company in its sole discretion, subject to no event of default continuing and the repeating representations being true in all material respects, in each case under the Term Loan Facilities Agreement;

• a term loan facility (the "**India Term Loan Facility**") denominated in euro, with a commitment of €300 million available for the financing or refinancing of the consideration for the transfer of the Unilever Group's shares in Kwality Wall's India, once those shares are received by the relevant Unilever Group Company (see "*Reorganisation and Demerger—Overview—Deferred Territories—India*"). The India Term Loan Facility is provided on a certain funds basis for a period of 18 months from the date of the Term Loan Facilities Agreement. The India Term Loan Facility has a maturity date of three years from the date of the Term Loan Facilities Agreement; and

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

• a working capital term loan facility (the "**Working Capital Term Loan Facility**") denominated in euro (with optional currencies of US dollars and Pounds Sterling), with a commitment of €700 million available for general corporate purposes and with a maturity date of three years from the date of the Term Loan Facilities Agreement.

Prior to Admission, Magnum ICC Finance B.V.'s obligations under the Term Loan Facilities Agreement are only to be guaranteed by The Magnum Ice Cream Company HoldCo Netherlands B.V. Following the Demerger, the Company will accede to the Term Loan Facilities Agreement as an additional guarantor of Magnum ICC Finance B.V.'s obligations thereunder. Following its accession as guarantor under the Term Loan Facilities Agreement, the Company will guarantee the obligations of any other member of the Group that accedes to the Term Loan Facilities Agreement as an additional borrower.

Any loan drawn under the any of the Term Loan Facilities will bear interest at a rate equal to the aggregate of: (i) EURIBOR (in respect of loans drawn in euro), Compounded SOFR (in respect of loans drawn in US dollars) or Compounded SONIA (in respect of loans drawn in Pounds Sterling); and (ii) a margin between 0.35 and 1.70 per cent. subject to a margin grid which is based on duration for the Bridge Facility, and between 0.75 and 1.30 per cent. subject to a margin grid which is based on the Group's long-term credit rating for the India Term Loan Facility and Working Capital Term Loan Facility.

The Term Loan Facilities Agreement requires Magnum ICC Finance B.V. and The Magnum Ice Cream Company HoldCo Netherlands B.V. (and, on and from its accession as an additional guarantor, the Company) to make certain customary representations and warranties at various times throughout the term of the agreement. While the Term Loan Facilities Agreement does not contain any financial covenants, it contains a customary negative pledge and restrictions on disposals, as well as other customary covenants of an administrative or operational nature. The Term Loan Facilities Agreement also contains customary events of default, including cross-default and acceleration provisions.

#### Revolving credit facility
Magnum ICC Finance B.V. (as borrower) and The Magnum Ice Cream Company HoldCo Netherlands B.V. (as guarantor) entered into a syndicated revolving credit facility agreement on 28 August 2025 (the "**Revolving Credit Facility Agreement**") (the revolving credit facility provided thereunder being the "**Revolving Credit Facility**" and the swingline facilities as a sub-limit within the Revolving Credit Facility provided thereunder being the "**Swingline Facility**"). The commitments under the Revolving Credit Facility and the Swingline Facility are provided by unaffiliated third-party lenders.

The Revolving Credit Facility comprises:

• a multicurrency facility denominated in euro (with optional currencies of US dollars and Pounds Sterling), and a commitment of €1 billion available for general corporate purposes with an initial maturity date of five years from the date of the Revolving Credit Facility Agreement, subject to two extension options of one year each which can be requested by the Company and which each lender can in its sole discretion, agree to or not; and

• a €500 million Swingline Facility and a US$500 million Swingline Facility each operating as a sublimit within the Revolving Credit Facility with the purpose of refinancing euro or US dollar commercial paper programmes, respectively, that the Group plans to establish.

Prior to Admission, Magnum ICC Finance B.V.'s obligations under the Revolving Credit Facility Agreement are only guaranteed by The Magnum Ice Cream Company HoldCo Netherlands B.V. Following the Demerger, the Company will accede to the Revolving Credit Facility Agreement as an additional guarantor of Magnum ICC Finance B.V.'s obligations thereunder. Following its accession as guarantor under the Revolving Credit Facility Agreement, the Company will guarantee the obligations of any other member of the Group that accedes to the Revolving Credit Facility Agreement as an additional borrower.

Any loan drawn under the Revolving Credit Facility will bear interest at a rate equal to the aggregate of: (i) EURIBOR (in respect of loans drawn in euro) or Compounded SOFR (in respect of loans drawn in US dollars) or Compounded SONIA (in respect of loans drawn in Pounds Sterling); and (ii) a margin of between 0.20 and 0.75 per cent., subject to a margin grid which is based on the Group's long-term credit rating.

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Any loan drawn under the Swingline Facilities will bear an interest rate of: (i) the aggregate of (x) enhanced €STR and (y) margin in relation to the Euro Swingline Facility; and (ii) the higher of (x) the commercial lending rate in US dollars and (y) 0.50 per cent. per annum over the Federal Funds Rate in relation to the US dollar Swingline Facility.

The Revolving Credit Facility Agreement requires Magnum ICC Finance B.V. and The Magnum Ice Cream Company HoldCo Netherlands B.V. (and, on and from its accession as an additional guarantor, the Company) to make certain customary representations and warranties at various times throughout the term of the Revolving Credit Facility Agreement. While the Revolving Credit Facility Agreement does not contain any financial covenants, it contains a customary negative pledge and restrictions on disposals, as well as other customary covenants of an administrative or operational nature.

The Revolving Credit Facility Agreement also contains customary events of default, including cross-default and acceleration provisions.

#### Treasury policies and future financing plans
The Group is developing its treasury policies in order to optimise its capital structure following the Demerger.

Prior to Admission, and subject to market conditions, the Group, through its wholly-owned subsidiary, Magnum ICC Finance B.V., will consider issuing one or more series of bonds under a newly established medium term note programme. The Group intends to use the proceeds of such bonds to repay some or all of the financial indebtedness owed by the Group to Unilever under an intragroup facility between the Group and Unilever established in connection with the Reorganisation. The proceeds of any bonds issued prior to Admission would be used in place of, or in combination with, the Group drawing down under the Bridge Facility to re-pay existing financial indebtedness of the Group. Consequently, the issuance of the bonds would not have a material impact on the Group's net debt position as under the provisions of the Term Loan Facilities Agreement such bond proceeds (less reasonable costs and expenses) are required to reduce (in whole or in part) the Group's anticipated borrowings under the Bridge Facility. Should the Group not receive any bond proceeds prior to Admission, only the Bridge Facility will be used by the Group to finance the repayment of the financial indebtedness owed by the Group to Unilever under the intragroup facility. As is the case with the other financing arrangements currently available to the Group, the bonds would contain customary terms and conditions including a negative pledge. The bonds are not expected to contain any financial covenants nor is any one or more series of bonds which may be issued expected to have an incremental material impact on the finance costs of the Group as presented in the Unaudited Pro Forma Combined Carve-Out Financial Information. Any bond proceeds received by the Group following Admission (less reasonable costs and expenses) will be required to refinance, and be applied in prepayment of, any borrowings that are outstanding under the Bridge Facility at the time of receipt of such bond proceeds.

Following Admission, the Group will continue to explore a range of financing options depending on market conditions.

#### Capital Expenditure
The Group's capital expenditure investment is intended to drive growth, productivity and maintenance, including owned asset additions. Capital expenditure was financed by investment from Unilever during the periods under review.

Capital expenditure amounted to €150 million in HY2025, €128 million in HY2024, €321 million in FY2024, €278 million in FY2023 and €293 million in FY2022. The principal capital expenditure during the period under review related to investments in the Group's supply chain and its cabinets. The principal capital expenditure during the period under review related to investments in the Group's supply chain and its cabinets. The stepped-up investment in FY2024 compared to FY2023 included: (i) a return to growth in the Group's cabinet fleet size after several years of decline; (ii) capacity investments in key sites including expanded Magnum production lines at the Group's factories in Turkey and Europe; (iii) investments in quality and safety measures, resulting in a reduction in product quality and food safety issues; and (iv) other cost saving initiatives, including the insourcing of Yasso's operations following its acquisition.

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#### Commitments and Contingent Liabilities

#### Commitments
Commitments consist of lease commitments and other commitments. Lease commitments are the future cash out flows from the lease contracts which are not recorded in the measurement of lease liabilities. These include potential future payments related to leases of low value assets, leases which are less than 12 months, variable leases, extension and termination options and leases not yet commenced but which the Group has committed to. Other commitments principally comprise commitments under contracts to purchase materials and services. They do not include capital commitments to purchase property, plant and equipment, which are reported in "*Note 8B. Leased assets*" of the Combined Carve-Out Financial Statements. As of 31 December 2024, the Group's capital commitments to purchase property, plant and equipment totalled €43 million. The following table summarises the Group's contractual obligations for the periods indicated as of 31 December 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Within <br> 1 year**  | **Later than 1 year <br> but not less <br> than 5 years**  | **Later than <br> 5 years**  | **Total**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Leases  | 7 | 15 | 1 | 23 |
| Other commitments  | 13 | 5 | 2 | 20 |

---

#### Contingent liabilities
The Group has various contingent liabilities. Contingent liabilities arise in respect of litigation against Ice Cream Business companies, investigations by competition, regulatory and fiscal authorities and obligations arising under environmental legislation. In many markets, there is a high degree of complexity involved in the local tax regimes. The majority of contingent liabilities are in respect of fiscal matters in Brazil, with no other contingent liability being individually material. See "*Risk Factors—The Group could be subject to adverse tax rulings and to changes in tax laws, regulations and interpretations*". For more information on contingent liabilities, see "*Note 18. Commitments and contingent liabilities*" of the Combined Carve-Out Financial Statements.

The following table presents the Group's contingent liabilities for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
| | **As of 31 December**  | **As of 31 December**  | **As of 31 December**  |
| | **FY2024**  | **FY2023**  | **FY2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Brazil tax assessments  | 98 | 117 | 100 |
| Other contingent liabilities  | 5 | 5 | 10 |
| **Total contingent liabilities**  | **103** | **122** | **110** |

---

#### Qualitative and Quantitative Disclosures about Financial Risks
The Group is exposed to a number of financial risks that arise from its use of financial instruments. These include liquidity risk, market risk (including currency risk, commodity price risk and interest rate risk) and credit risk. For more information on the Group's exposure to these financial risks and how the Group manages them, see "*Note 14. Treasury Risk Management*" of the Combined Carve-Out Financial Statements.

#### Unaudited Pro Forma Combined Carve-Out Financial Information
The following Unaudited Pro Forma Combined Carve-Out Financial Information should be read in conjunction with "*Item 5. Operating and Financial Review and Prospects*", the Combined Carve-Out Financial Statements and the Condensed Combined Carve-Out Financial Statements and the accompanying notes included in "*Item 18. Financial Statements*".

The following Unaudited Pro Forma Combined Carve-Out Financial Information consists of:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The unaudited pro forma combined statements of operations for the six months to 30 June 2025 and the year ended 31 December 2024 and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • An unaudited pro forma combined balance sheet as of 30 June 2025.

The following Unaudited Pro Forma Combined Carve-Out Financial Information is presented to illustrate the effects of the Demerger in accordance with Article 11 of Regulation S-X.

The unaudited pro forma income statement of the Group for the year ended 31 December 2024 and for the six months ended 30 June 2025 have been prepared to illustrate the impact of the Demerger on the income statement of the Group as if it had taken place on 1 January 2024. The unaudited pro forma balance sheet as of 30 June 2025 has been prepared to illustrate the impact of the Demerger on the net assets of the Group as if it had taken place on 30 June 2025.

The Unaudited Pro Forma Combined Carve-Out Financial Information has been prepared to include transaction accounting adjustments to reflect the financial condition and results of operations of the Group as if it were a separate stand-alone entity. While the historical combined carved-out financial statements reflect the historical financial results of the Group, the Unaudited Pro Forma Combined Carve-Out Financial Information gives effect to the Demerger of that business into an independent, publicly traded company.

The Unaudited Pro Forma Combined Carve-Out Financial Information gives effect to the following:

• the Term Loan Facilities;

• the Reorganisation;

• the Demerger, including the resultant change in capital structure; and

• the impact of the aforementioned adjustments on the Group's income tax expense using statutory tax rates.

The Unaudited Pro Forma Combined Carve-Out Financial Information does not purport to project the future financial position or operating results of the Group following the completion of the Demerger and does not include adjustments to reflect any potential synergies or dis-synergies that may result from the Demerger.

#### Unaudited Pro Forma Combined Carve-Out Income Statements for HY2025 and FY2024

---

| | | | |
|:---|:---|:---|:---|
| | **Historical <br> Income <br> Statement for <br> the six months <br> ended <br> 30 June 2025<sup>(1)</sup>**  | **Term <br> Loan <br> Facilities<sup>(2)</sup>**  | **Pro forma <br> Income <br> Statement for <br> the six months <br> ended <br> 30 June 2025<sup>(4)(5)(6)</sup>**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **Revenue** | **4503** |  | **4503** |
| **Operating Profit**  | **569** |  | **569** |
| Net finance costs  | (10) | (67) | (77) |
| &nbsp;&nbsp;&nbsp; Pensions and similar obligations  | (5) |  | (5) |
| &nbsp;&nbsp;&nbsp; Finance income  | 3 |  | 3 |
| &nbsp;&nbsp;&nbsp; Finance costs  | (8) | (67) | (75) |
|  Net monetary gain/(loss) arising from hyperinflationary <br> economies  | 27 |  | 27 |
| **Profit before taxation**  | **586** | **(67)** | **519** |
| **Taxation**  | **(122)** | **17** | **(105)** |
| **Net profit**  | **464** | **(50)** | **414** |
| Attributable to: |  |  |  |
| Non-controlling interests  | 10 |  | 10 |
| Parent investment  | 454 | (50) | 404 |
| **Earnings per share** |  |  |  |
| *Basic and diluted earnings per share (€)<sup>(3)</sup>*  |  |  | 0.68 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Historical <br> Income <br> Statement for <br> the year ended <br> 31 December <br> 2024<sup>(1)</sup>**  | **Term <br> Loan <br> Facilities <sup>(2)</sup>**  | **Reorganisation<sup>(3)</sup>**  | **Pro forma <br> Income <br> Statement for <br> the year ended <br> 31 December <br> 2024(5)(6)<sup>(7)</sup>**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **Revenue** | **7947** |  |  | **7947** |
| **Operating Profit**  | **764** |  | **(29)** | **735** |
| Net finance costs  | (17) | (134) |  | (151) |
| &nbsp;&nbsp;&nbsp; Pensions and similar obligations  | (12) |  |  | (12) |
| &nbsp;&nbsp;&nbsp; Finance income  | 2 |  |  | 2 |
| &nbsp;&nbsp;&nbsp; Finance costs  | (7) | (134) |  | (141) |
| **Profit before taxation**  | **747** | **(134)** | **(29)** | **584** |
| **Taxation**  | **(152)** | **35** |  | **(117)** |
| **Net profit**  | **595** | **(99)** | **(29)** | **467** |
| Attributable to: |  |  |  |  |
| Non-controlling interests  | 16 |  |  | 16 |
| Parent investment  | 579 | (99) | (29) | 451 |
| **Earnings per share** |  |  |  |  |
| Basic and diluted earnings per share *(€)*<sup>(</sup><sup>4</sup><sup>)</sup>  |  |  |  | 0.76 |

---

Notes:

(1) The Condensed Combined Carve-Out Income Statement for the first half ended 30 June 2025 and the Combined Carve-Out Income Statement for the year ended 31 December 2024 have been extracted without material adjustment from the Condensed Combined Carve-Out Financial Statements for HY2025 and the Combined Carve-Out Financial Statements for FY2024 as set out in "*Item 18. Financial Statements*".

(2) *Term Loan Facilities:* The Group has entered into a term loan facilities agreement (the "**Term Loan Facilities Agreement**") (the facilities to be provided thereunder being the "**Term Loan Facilities**"). The Term Loan Facilities comprise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a bridge term loan facility (the "**Bridge Facility**") denominated in euro, with a commitment of €3,000 million available for the refinancing of financial indebtedness owed by Group Companies to the Unilever Group, and for the financing or refinancing of the consideration for the transfer of Unilever's Ice Cream Business in Indonesia (see "*Demerger Overview—Reorganisation—Deferred Territories—Indonesia*"). For an explanation of potential drawings under the Bridge Facility, please see below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a working capital term loan facility (the "**Working Capital Term Loan Facility**") denominated in Euro, with a commitment of €700 million available for general corporate purposes and with a maturity date of three years from the date of the Term Loan Facilities Agreement. This is expected to be drawn in full at the Demerger date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a term loan facility (the "**India Term Loan Facility**") denominated in Euro, with a commitment of €300 million available for the financing or refinancing of the consideration for the transfer of the Unilever Group's shares in Kwality Wall's India. This item has not been reflected in the Pro Forma financial statements above as it will not be drawn at the Demerger date, and the acquisition of Kwality Wall's India is not assumed to occur until FY2026.

The Group has also entered into a syndicated revolving credit facility agreement (the "**Revolving Credit Facility Agreement**", the revolving credit facility provided thereunder being the "**Revolving Credit Facility**"). This item has not been reflected in the Unaudited Pro Forma Combined Carve-Out Financial Information as it will not be drawn at the Demerger date.

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The Group expects to incur an immaterial amount of debt issuance costs.

Prior to Admission, and subject to market conditions, the Group, through its wholly-owned subsidiary, Magnum ICC Finance B.V., will consider issuing one or more series of bonds under a newly established medium term note programme. The Group intends to use the proceeds of such bonds to repay some or all of the financial indebtedness owed by the Group to Unilever under an intragroup facility between the Group and Unilever established in connection with the Reorganisation. The proceeds of any bonds issued prior to Admission would be used in place of, or in combination with, the Group drawing down under the Bridge Facility to re-pay existing financial indebtedness of the Group. Consequently, the issuance of the bonds would not have a material impact on the Group's net debt position as under the provisions of the Term Loan Facilities Agreement such bond proceeds (less reasonable costs and expenses) are required to reduce (in whole or in part) the Group's anticipated borrowings under the Bridge Facility. Should the Group not receive any bond proceeds prior to Admission, only the Bridge Facility will be used by the Group to finance the repayment of the financial indebtedness owed by the Group to Unilever under the intragroup facility. As is the case with the other financing arrangements currently available to the Group, the bonds will contain customary terms and conditions including a negative pledge. The bonds are not expected to contain any financial covenants nor is any one or more series of bonds which may be issued expected to have an incremental material impact on the finance costs of the Group as presented herein. Any bond proceeds received by the Group following Admission (less reasonable costs and expenses) shall be required to refinance, and be applied in prepayment of, any borrowings that are outstanding under the Bridge Facility at the time of receipt of such bond proceeds.

For the purpose of preparation of the Unaudited Pro Forma Combined Carve-Out Financial Information, an average annual interest rate of 3.623 per cent. has been assumed for the six months ended 30 June 2025 and the year ended 31 December 2024.

The assumed constant interest rate is based on the terms of the Term Loan Facilities of a EURIBOR rate, which for the purposes of the Unaudited Pro Forma Combined Carve-Out Financial Information is assumed as 2.074 per cent., plus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • For the Bridge Facility, an increasing margin each quarter of between 0.35 per cent. and 1.70 per cent.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • For the Working Capital Term Loan Facility, a margin of 0.90 per cent., based on the credit rating applied to The Magnum Ice Cream Company B.V.'s long-term unsecured and non-credit enhanced debt obligations, which at the time of this pro forma is assumed to be as follows: (i)Moody's: Baa2; and (ii) S&P: BBB.

The Unaudited Pro Forma Combined Carve-Out Financial Information reflects estimated interest expense of €67 million for the six months ended 30 June 2025 and €134 million for the year ended 31 December 2024.

The Unaudited Pro Forma Combined Carve-Out Financial Information does not take into consideration any possible refinancing of the Term Loan Facilities that may occur post-Demerger.

A ⅛ per cent. change to the annual interest rate would change interest expense by less than €3 million for the six months ended 30 June 2025 and €5 million for the year ended 31 December 2024.

The associated tax effect has been calculated by applying the Dutch statutory corporate income tax rate of 25.8 per cent. to the additional finance costs.

(3) *Reorganisation:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

As a result of the transfer of assets and liabilities under the Reorganisation there is an amount of €29 million of indirect taxes which has been paid to the relevant local tax authorities which is not recoverable, and as such has been expensed. Irrecoverable indirect taxes are not deductible for corporation tax.

This balance was funded by Unilever by way of a related party loan that was then capitalised and, accordingly, there is an equal and opposite entry to Invested Capital.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

The Group's historical income statements for the year ended 31 December 2024 and the six months ended 30 June 2025 include 15 per cent. of non-controlling interest in relation to Unilever's Ice Cream Business in Indonesia. The relevant assets and liabilities of Unilever's Ice Cream Business in Indonesia will be transferred from PT Unilever Indonesia Tbk to a Group Company (PT The Magnum Ice Cream Indonesia, a wholly-owned indirect subsidiary of the Company) on the first business day following completion of the Demerger, the minority shareholders will then receive their share of the proceeds via a distribution from Unilever Indonesia. The impact of this on the Net profit attributable to: Non-controlling interests is not expected to be material.

(4) *Earnings per share:* The number of ordinary shares used to compute basic earnings per share for the six months ended 30 June 2025 and the year ended 31 December 2024 is based on the number of Shares to be issued to consummate the transaction, being 612.2 million Shares. This assumes a distribution ratio of one Share for every five Unilever Shares, the Company is expected to issue 490.7 million Shares with a nominal value per share of €3.50 to existing Unilever Shareholders. A further 121.5 million Shares are expected to be issued to Unilever resulting in Unilever retaining a c. 19.9 per cent. shareholding.

The actual future impact of potential dilution from share plans will depend on various factors, including post-Demerger share price, extent of any new share options awarded, employees who may change employment from one company to another and is not reflected in this pro forma financial information.

(5) The Unaudited Pro Forma Combined Carve-Out Financial Information does not reflect any additional charges resulting from the global transitional services agreement (the "**GTSA**") with Unilever as the incremental impact is not material on the results of the Group in the presented periods.

(6) The historical income statement includes transaction-related costs directly attributable to the Demerger, including professional fees and costs relating to the separation and establishment of the standalone Group, of €121 million for the period to 30 June 2025 and €54 million in the year to 31 December 2024. For the period from 1 July 2025 to the date of the Demerger transaction-related costs for professional fees and other costs directly attributable to the Demerger have been borne by the Unilever Group. No pro forma adjustment is made in the Unaudited Pro Forma Combined Carve-Out Financial Information for these costs.

(7) The Unaudited Pro Forma Combined Carve-Out Financial Information does not reflect any changes in the trading results of the Group since 30 June 2025 or 31 December 2024. None of the adjustments in the Unaudited Pro Forma Combined Carve-Out Income Statements, with the exception of the interest expense, are expected to have a continuing effect on the Group.

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#### Unaudited Pro Forma Combined Carve-Out Balance Sheet as at 30 June 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Historical <br> Balance <br> Sheet as at <br> 30 June <br> 2025<sup>(1)</sup>**  | **Term <br> Loan <br> Facilities<sup>(2)</sup>**  | **Reorganisation<sup>(3)</sup>**  | **Demerger<sup>(4)</sup>**  | **Pro forma <br> Balance <br> Sheet as at <br> 30 June <br> 2025<sup>(5)</sup>**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **Assets** |  |  |  |  |  |
| **Non-current assets** |  |  |  |  |  |
| Goodwill  | 531 |  |  |  | 531 |
| Intangible assets  | 716 |  |  |  | 716 |
| Property, plant and equipment  | 2258 |  |  |  | 2258 |
| Pension asset for funded schemes in surplus  | 40 |  |  |  | 40 |
| Deferred tax assets  | 126 |  | 475 |  | 601 |
| Other non-current assets  | 29 |  |  |  | 29 |
| **Total non-current assets**  | **3700** | **—** | **475** | **—** | **4175** |
| **Current assets** |  |  |  |  |  |
| Inventories  | 1054 |  |  |  | 1054 |
| Trade and other current receivables  | 1388 |  | 1180 |  | 2568 |
| Current tax assets  | 8 |  |  |  | 8 |
| Cash and cash equivalents  | 49 | 3700 | (3162) |  | 587 |
| Assets held for sale  | 3 |  |  |  | 3 |
| **Total current assets**  | **2502** | **3700** | **(1982)** | **—** | **4220** |
| **Total assets**  | **6202** | **3700** | **(1507)** | **—** | **8395** |
| **Liabilities and equity** |  |  |  |  |  |
| **Current liabilities** |  |  |  |  |  |
| Financial liabilities  | 89 |  |  |  | 89 |
| Trade payables and other current liabilities  | 2535 |  | 1264 |  | 3799 |
| Current tax liabilities  | 20 |  |  |  | 20 |
| Provisions  | 35 |  |  |  | 35 |
| Liabilities held for sale  | 1 |  |  |  | 1 |
| **Total current liabilities**  | **2680** | **—** | **1264** | **—** | **3944** |
| **Non-current liabilities** |  |  |  |  |  |
| Financial liabilities  | 260 | 3700 |  |  | 3960 |
|  Pensions and post-retirement healthcare liabilities:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Funded schemes in deficit  | 1 |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp; Unfunded schemes  | 87 |  |  |  | 87 |
| Provisions  | 40 |  |  |  | 40 |
| Deferred tax liabilities  | 262 |  | (45) |  | 217 |
| Other non-current liabilities  | 10 |  |  |  | 10 |
| **Total non-current liabilities**  | **660** | **3700** | **(45)** | **—** | **4315** |
| **Total liabilities**  | **3340** | **3700** | **1219** | **—** | **8259** |
| **Equity** |  |  |  |  |  |
| Invested Capital  | 2737 |  | (2726) | (11) |  |
| Share Capital  |  |  |  | 2143 | 2143 |
| Share Premium  |  |  |  | 9074 | 9074 |
| Merger Reserve  |  |  | 10 | (11206) | (11196) |
| Retained earnings  |  |  |  |  |  |
| Other reserves  | 98 |  |  |  | 98 |
| Non-controlling interests  | 27 |  | (10) |  | 17 |
| **Total equity**  | **2862** | **—**  | **(2726)** | **—** | **136** |
| **Total liabilities and equity**  | **6202** | **3700** | **(1507)** | **—** | **8395** |

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Notes:

(1) The Condensed Combined Carve-Out Balance Sheet as at 30 June 2025 has been extracted without material adjustment from the Condensed Combined Carve-Out Financial Statements for HY2025 as set out in "*Item 18. Financial Statements*".

(2) *Term Loan Facilities*: The Group has entered into a term loan facilities agreement (the "**Term Loan Facilities Agreement**") (the facilities to be provided thereunder being the "**Term Loan Facilities**"). The Term Loan Facilities comprise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a bridge term loan facility (the "**Bridge Facility**") denominated in euro, with a commitment of €3,000 million available for the refinancing of financial indebtedness owed by Group Companies to the Unilever Group, and for the financing or refinancing of the consideration for the transfer of Unilever's Ice Cream Business in Indonesia (see "*Demerger Overview—Reorganisation—Deferred Territories—Indonesia*"). For an explanation of potential drawings under the Bridge Facility, please see below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a working capital term loan facility (the "**Working Capital Term Loan Facility**") denominated in Euro, with a commitment of €700 million available for general corporate purposes and with a maturity date of three years from the date of the Term Loan Facilities Agreement. This is expected to be drawn in full at the Demerger date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a term loan facility (the "**India Term Loan Facility**") denominated in Euro, with a commitment of €300 million available for the financing or refinancing of the consideration for the transfer of the Unilever Group's shares in Kwality Wall's India. This item has not been reflected in the Pro Forma financial statements above as it will not be drawn at the Demerger date, and the acquisition of Kwality Wall's India is not assumed to occur until FY2026.

The Group has also entered into a syndicated revolving credit facility agreement (the "**Revolving Credit Facility Agreement**", the revolving credit facility provided thereunder being the "**Revolving Credit Facility**"). This item has not been reflected in the Unaudited Pro Forma Combined Carve-Out Financial Information as it will not be drawn at the Demerger date.

The Group expects to incur an immaterial amount of debt issuance costs.

Prior to Admission, and subject to market conditions, the Group, through its wholly-owned subsidiary, Magnum ICC Finance B.V., will consider issuing one or more series of bonds under a newly established medium term note programme. The Group intends to use the proceeds of such bonds to repay some or all of the financial indebtedness owed by the Group to Unilever under an intragroup facility between the Group and Unilever established in connection with the Reorganisation. The proceeds of any bonds issued prior to Admission would be used in place of, or in combination with, the Group drawing down under the Bridge Facility to re-pay existing financial indebtedness of the Group. Consequently, the issuance of the bonds would not have a material impact on the Group's net debt position as under the provisions of the Term Loan Facilities Agreement such bond proceeds (less reasonable costs and expenses) are required to reduce (in whole or in part) the Group's anticipated borrowings under the Bridge Facility. Should the Group not receive any bond proceeds prior to Admission, only the Bridge Facility will be used by the Group to finance the repayment of the financial indebtedness owed by the Group to Unilever under the intragroup facility. As is the case with the other financing arrangements currently available to the Group, the bonds will contain customary terms and conditions including a negative pledge. The bonds are not expected to contain any financial covenants nor is any one or more series of bonds which may be issued expected to have an incremental material impact on the finance costs of the Group as presented herein. Any bond proceeds received by the Group following Admission (less reasonable costs and expenses) shall be required to refinance, and be applied in prepayment of, any borrowings that are outstanding under the Bridge Facility at the time of receipt of such bond proceeds.

(3) The Reorganisation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

As part of the Reorganisation and prior to the Demerger, an estimated consideration of €9,716 million became payable by the relevant Group Companies to the relevant Unilever Group Companies, resulting in additional related party loans with Unilever of €9,716 million. These will be reflected as movements in invested capital in the financial statements of the Group for the year ended 31 December 2025.

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€304 million of indirect taxes were paid to local tax authorities as a result of the transfer of assets and liabilities under the Reorganisation. €275 million of these indirect taxes are deemed to be recoverable from local tax authorities through the relevant indirect tax returns in each jurisdiction. There is an equal and opposite amount due to Unilever, who funded the payments made.

The liability to Unilever and the corresponding receivable from local tax authorities are presented gross (as they are with different counterparties), within "Trade payables and other current liabilities" and "Trade and other current receivables", respectively.

Separately, there is an amount of €29 million of indirect taxes which has been paid to the relevant local tax authorities which is not recoverable, and as such has been expensed, this balance was funded by Unilever by way of a related party loan that was then capitalised and, accordingly, there is an equal and opposite entry to Invested Capital.

These balances are in addition to the €905 million Inventory Subsidy and €989 million Inventory Accrual described below.

The proceeds from the Term Loan Facilities described above will be used to repay €3,162 million of these loans and the remaining balance is to be capitalised. Accordingly, these items result in a reduction of Invested Capital of €3,162 million equal to the amount of the related party loan repayment. The final amount repaid to Unilever will ultimately be determined by the trading performance of the Group up to the date of the Demerger.

As part of the Reorganisation, the Group expects an estimated net deferred tax asset of €520 million to arise on the transfers of assets and liabilities. This includes the impact of tax base adjustments and is subject to completion of the purchase price allocation exercise in certain jurisdictions. The estimated net deferred tax asset of €520 million is based on the applicable statutory tax rate with respect to the estimated purchase price allocation in certain jurisdictions. The effective tax rate of the Group could be significantly different (either higher or lower) depending on post-transaction activities, including cash needs, the geographical mix of income and changes in tax law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

Inventory-related adjustments:

The inventory arrangements during the Transitional Period result in two pro forma adjustments.

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

*The Inventory Accrual*: Upon the Demerger, in many territories, the legal title for inventory has not passed from Unilever to the Group. Accordingly, a liability is recognised (the "**Inventory Accrual**") of €989 million to Unilever with an offset to Invested Capital. This reflects the fact that during the Transitional Period, the Group does not have legal title for all inventory and will need to acquire that inventory at the end of the Transitional Period.

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

*The Inventory Subsidy*: On 1 July 2025 the Group made a payment (the "**Inventory Subsidy**") of €905 million to Unilever. The Inventory Subsidy is a cash flow mechanism that allows Unilever to be compensated for its investment in inventory that it retains legal title for. This subsidy is a one-time payment which will be repaid at the end of the Transitional Period. Unilever is obligated to repay the Inventory Subsidy at the end of the Transitional Period in an amount equal to the initial value of the Inventory Subsidy. The Inventory Subsidy was funded by Unilever by way of a related party loan that was then capitalised and, accordingly, there is an equal and opposite entry to Invested Capital.

The Inventory Accrual and the Inventory Subsidy amounts are not equal as the Inventory Accrual is calculated from the inventory balances as at the historical balance sheet date, whereas the Inventory Subsidy is calculated from an average of the inventory held over FY2024.

Under IFRS, the Inventory Accrual cannot be offset against the Inventory Subsidy receivable as they are held with different Unilever legal entities. However, economically they will be settled at the same time, at the end of the Transitional Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

The Group's net assets as of 30 June 2025 includes 15 per cent. of non-controlling interest in relation to Unilever's Ice Cream Business in Indonesia. The relevant assets and liabilities of Unilever's Ice Cream Business in Indonesia will be transferred from PT Unilever Indonesia Tbk to a Group Company (PT The Magnum Ice Cream Indonesia, a wholly-owned indirect subsidiary of the Company) on the first business day following completion of the Demerger, the minority shareholders will then receive their share of the proceeds via a distribution from Unilever Indonesia. Accordingly,

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there is a €10 million reduction to the Non-controlling interests, with an equal and opposite adjustment to the Merger Reserve.

(4) The Demerger:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

*Creation of share premium and share capital*: Assuming a distribution ratio of one Share for every five Unilever Shares, the Company is expected to issue 490.7 million Shares with a nominal value per Share of €3.50 to existing Unilever Shareholders. A further 121.5 million Shares are expected to be issued to Unilever resulting in Unilever retaining a c. 19.9 per cent. shareholding. This equates to an estimated total share capital of €2,143 million. The total Shares issued have an estimated fair value of €11,217 million (based on the consideration paid at the time of the Reorganisation, adjusted for net debt). The difference between the estimated fair value of the Shares issued and the nominal value of the Shares issued (estimated to be €2,143 million) is recognised as share premium (€9,074 million).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

*Merger Reserve*: Upon the Demerger, a Merger Reserve is created comprising the difference between the estimated fair value of the Shares issued (€11,217 million, described above) and the net book value of the business immediately prior to the Demerger (€11 million net liabilities, described below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

*Reclassification of Invested Capital*: After reflecting the Reorganisation adjustments as explained above, upon the Demerger the remaining balance of invested capital of €11 million will be reclassified to a Merger Reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)

The Group's net assets as of 30 June 2025 excludes the operations of Unilever's Ice Cream Business in India (currently owned by Hindustan Unilever Limited, a Unilever Group Company). A local demerger is currently being undertaken, which once completed will result in the Ice Cream Business in India being held by a stand-alone entity which is expected be listed on the Bombay Stock Exchange and the National Stock Exchange of India. Completion of this demerger is anticipated for January 2026 and is subject to satisfaction of certain conditions. Once complete, the demerger would result in an estimated 61.9 per cent. of the issued equity shares in Kwality Wall's India being owned by entities within the Group. The revenue of Unilever's Ice Cream Business in India for the year ended 31 December 2024 was €185 million and the operating profit was €9 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)

The Group's net assets as of 30 June 2025 excludes the operations of Unilever's Ice Cream Business in Portugal. On 18 October 2025, the shareholders of Unilever Fima, Lda. ("**Unilever Fima**") (a Unilever Group Company indirectly held 55 per cent. by the Unilever Group) signed an agreement to demerge Unilever Fima's ice cream marketing and sales operations business in Portugal (the "**Portugal MSO Business**") to UL Ice Cream Commercial, Lda. ("**IC MSO Portugal**") and subsequently sell their shares in IC MSO Portugal (which will then own the Portugal MSO Business) to The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. ("**TMICC Holdco 1**") (the "**Portugal Share Sale**"). On the same date, a Unilever Group Company (indirectly held 55 per cent. by the Unilever Group) signed an agreement to sell (conditional on the completion of the sale of IC MSO Portugal to TMICC Holdco 1) its ice cream sourcing unit business operating at the factory site in Santa Iria de Azóia to a company to be incorporated, expected to be named UL Ice Cream Manufacturing, Lda. (which will be a wholly-owned subsidiary of IC MSO Portugal) (the "**Portugal Asset Sale**").

The consideration for these acquisitions will be based on an aggregate enterprise value equal to €165 million subject to customary completion adjustments. The consideration payable by the Group pursuant to the Portugal SPA and the Portugal APA will be funded from the Working Capital Term Loan Facility. The Portugal Share Sale is expected to complete during the first half of 2026, whilst the Portugal Asset Sale is expected to complete within three years, given the time-period expected to receive the relevant licenses. The revenue of the Ice Cream Business of Unilever Fima for the year ended 31 December 2024 was €92 million and the operating profit was €9 million. Following the completion of these acquisitions the Group will indirectly hold 100 per cent. of the Ice Cream Business of Unilever Fima. No adjustment has been reflected in the pro forma in relation to the Portugal Share Sale or the Portugal Asset sale given the uncertainty around the timing of the completion.

(5) The Unaudited Pro Forma Combined Carve-Out Financial Information does not reflect any changes in the financial position of the Group since 30 June 2025. None of the adjustments in the Unaudited Pro Forma Combined Carve-Out Balance Sheet are expected to have a continuing effect on the Group.

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#### 5.C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENCES, ETC.
 *See "Innovation, Research, Food Safety and Compliance" in "Item 4. Information on the Company— 4.B. Business Overview".* 

#### 5.D. TREND INFORMATION
For a discussion of trend information, see "—*Key Factors Affecting Results of Operation*".

#### 5.E. CRITICAL ACCOUNTING ESTIMATES
The Group's reported financial condition and results of operations are sensitive to the accounting principles, methods and assumptions that are the basis for its Combined Carve-Out Financial Statements. The Group's accounting policies, the judgements that management makes in the creation and application of these policies, and the sensitivities of reported results to changes in accounting policies and assumptions are factors to be considered along with the Combined Carve-Out Financial Statements. For a detailed discussion of its significant accounting policies and estimates, see "*Note 1. Basis of preparation, accounting policies, estimates and judgements*" of the Combined Carve-Out Financial Statements which are incorporated by reference in this registration statement as described in "*Presentation of Financial and Other Information*".

The preparation of financial statements requires management to make estimates and judgements in the application of accounting policies that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and judgements are continuously evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future period affected. See "*Item 3. Key Information—3.D. Risk Factors*" and "*Cautionary Note Regarding Forward-Looking Statements*".

#### ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

#### 6.A. DIRECTORS AND SENIOR MANAGEMENT
Prior to the date of the Demerger, the Unilever Group (as the sole current shareholder of the Company) elected the Directors until the Company's 2026 Annual General Meeting. The Directors and Senior Management Team set out below are the Directors and Senior Management Team who, as of the date of this registration statement, have been so appointed.

#### Board of Directors
The Directors, their principal functions within the Company and titles, together with a brief description of their management experience and expertise and principal business activities outside the Company, are set out below. The business address of each of the Directors (in such capacity) is Reguliersdwarsstraat 63, 1017 BK Amsterdam, The Netherlands.

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All Directors stand for annual re-election by Shareholders at the Company's annual General Meeting.

---

| | | | |
|:---|:---|:---|:---|
| **Name**  | **Age**  | **Position**  | **Date of <br> Appointment <br> to Board**  |
| Jean-François van Boxmeer  | 64 | Chair | 23 September 2025 |
| Peter ter Kulve  | 61 | Chief Executive Officer | 23 September 2025 |
| Abhijit Bhattacharya  | 64 | Chief Financial Officer | 23 September 2025 |
| Melissa Bethell  | 51 | Independent Non-Executive Director  | 26 September 2025 |
| Stefan Bomhard  | 58 | Independent Non-Executive Director  | 26 September 2025 |
| Stacey Cartwright  | 61 | Independent Non-Executive Director  | 26 September 2025 |
| Reginaldo Ecclissato  | 57 | Non-Executive Director | 26 September 2025 |
| Josh Frank  | 47 | Independent Non-Executive Director  | 1 March 2026<sup>(1)</sup> |
| René Hooft Graafland  | 70 | Independent Non-Executive Director  | 26 September 2025 |
| Anja Mutsaers  | 55 | Independent Non-Executive Director  | 26 September 2025 |

---

Note:

(1) Appointment as a director to take effect from no later than 1 March 2026.

The management expertise and experience of each of the Directors is set out below:

#### Jean-François van Boxmeer
Jean-François van Boxmeer is the Chair of the Company, based in Amsterdam, The Netherlands. He is currently the Chair of Vodafone Group Plc, a Non-Executive Director on the Board of Heineken Holding N.V., a member of the Shareholders' Committee of Henkel AG & Co. KGaA and the Chair of the European Roundtable for Industry. Earlier in his career Jean-François spent 36 years at Heineken N.V., a global brewing company, serving in a variety of management positions, including 15 years as Chief Executive Officer.

#### Peter ter Kulve
Peter ter Kulve is Chief Executive Officer of the Company, having previously served as the Unilever Ice Cream President since 2024.

Peter originally joined Unilever Ice Cream in 1988 as a Marketeer with his career development leading to the role of CEO Wall's China in 1999.

Between 2004 and 2009 as Executive Vice President Global Ice Cream Category, he led the expansion of the category across developing markets, oversaw the globalisation of the Magnum brand and rollout of Ben & Jerry's in Europe and led the integration of the Ice Cream category into Unilever North America.

More broadly within Unilever, he has also served as Founder and Business Group President Health & Wellbeing, Business Group President Home Care, Chief Digital and Growth Officer and President Southeast Asia and Australasia.

#### Abhijit Bhattacharya
Abhijit Bhattacharya is Chief Financial Officer of the Company. Abhijit, having previously served as CFO for Unilever Ice Cream since December 2024.

Prior to joining Unilever, Abhijit had a career spanning 38 years at Koninklijke Philips N.V., serving in a range of senior leadership positions in Finance and Operations across Europe, Asia and the US, including Chief Financial Officer and Member of the Board of Management and Executive Committee, Head of Investor Relations and Chief Financial Officer Philips Healthcare. He has significant experience in strategic transformation, including major corporate carve-outs and spin-offs.

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#### Melissa Bethell
Melissa is a Non-Executive Director of Diageo plc, Exor N.V. and Tesco PLC (where she chairs the Remuneration Committee). She is also a Senior Advisor to Atairos (a private investment fund) and a Director of investee companies. She previously held Non-Executive Director positions at Samsonite, Worldpay and Atento. Melissa was previously a Managing Director and Head of Technology, Telecom and Media at Bain Capital for over 18 years. Prior to joining Bain Capital, she worked in the Capital Markets group at Goldman Sachs & Co.

#### Stefan Bomhard
Stefan has spent the past five years as the Chief Executive Officer (and Executive Director) of Imperial Brands plc, having overseen a significant transformation of the company and its portfolio. He is also a Non-Executive Director of Compass Group plc.

Stefan joined Imperial from Inchcape plc, a global distribution and retail leader in the premium and luxury automotive sectors, where he delivered successful transformational change during a five-year tenure as Chief Executive. Prior to Inchcape, Stefan was President of Bacardi-Martini's European region and was also responsible for Bacardi's Global commercial organisation and Global Travel Retail. His executive leadership career includes time as President Coffee Europe at Mondelez International, Inc., Chief Commercial Officer of Cadbury plc and Chief Operating Officer of Unilever Food Solutions Europe. These executive positions followed various senior management and sales and marketing roles at Burger King Corporation and Procter & Gamble earlier in his career.

#### Stacey Cartwright
Stacey has been the Chair of Savills plc since 2024, having previously served as a Non-Executive Director since 2018. She is also a Non-Executive Director of AerCap Holdings N.V. and Gymshark.

She brings diverse boardroom experience having previously served as Chief Executive (2014 to 2018) and Deputy Chair (2018 to 2019) at Harvey Nichols Ltd until 2019, Non-Executive Director of GlaxoSmithKline plc (2011 to 2016), Non-Executive Director of Genpact (2019 to 2024), Chair of Majid Al Futtaim Lifestyle LLC (2021 to 2025), Non-Executive Director of Majid Al Futtaim Entertainment (2021 to 2025) and the Senior Independent Non-Executive Director of the English Football Association (2018 to 2020). She spent her early career in finance qualifying as a Chartered Accountant with Price Waterhouse before holding various finance roles at Granada Group plc, Chief Financial Officer of Egg plc and later EVP and CFO of Burberry Group plc.

#### Reginaldo Ecclissato
Reginaldo is responsible for all 1 Unilever Markets globally, serving consumers with a sharp portfolio of power brands that is drawn from across Unilever Business Groups, delivered through a fast moving and entrepreneurial business model and tailored to win in each market. He started his journey at Unilever Brazil as a trainee in 1991. Just two years later, he was responsible for building a new factory and the production of a new category — powder detergents — before undertaking a series of leadership positions across Unilever's supply chain in North America, Latin America and Central America. Reginaldo then served as Executive Vice President of Unilever Mexico and North Latin America, overseeing 11 countries, 12 product categories and high levels of growth despite the Covid-19 pandemic. He then joined the Unilever Leadership Executive in 2022 leading a significant transformation and modernisation of the operations through his role as the Chief Business Operations and Supply Chain Officer.

***Josh Frank***<sup>54</sup>

Josh Frank is a Partner at Trian Fund Management, L.P. Prior to working for Triarc Companies, Inc. between 2003 and 2007, Josh worked at Credit Suisse First Boston in both the Mergers & Acquisitions and Healthcare investment banking groups. Josh has been a Director of Janus Henderson PLC since June 2023 and is currently

<sup>54</sup>

Appointment as a director to take effect from no later than 1 March 2026.

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a member of the Human Capital and Compensation Committee and the Risk Committee. Josh served as a Director of Sysco Corporation from 2015 to 2021 where, during his tenure, he served on the Compensation and Leadership Development Committee, the Finance Committee and the Audit Committee. Josh received a BA (cum laude) in economics from Yale University.

#### René Hooft Graafland
René is the Chair of Lucas Bols N.V. and a member of the Chinko Conservation Area Board, having previously served on the Supervisory Boards of Koninklijke Ahold Delhaize N.V., FrieslandCampina N.V. and Wolters Kluwer N.V. He is also Chair of the Board of Stichting Grachtenfestival. He was a member of the Dutch Monitoring Committee Corporate Governance Code from 2019 to 2022 and spent 34 years in various international management positions at Heineken N.V, including 13 years as Executive Board Member and Chief Financial Officer.

#### Anja Mutsaers
Anja was a partner in De Brauw's Corporate / M&A practice until February 2025. In recent years, she held several leadership roles in the firm, including as a Management Board Member and Chair of the Energy Industry Group. As a lawyer, Anja specialises in corporate law, contract law, and mergers & acquisitions. She has built extensive experience in various industry sectors, including tech, infrastructure, energy, banking and insurance. Her expertise ranges from strategic deals to private equity, hybrid corporate projects, distressed M&A, carve-outs and restructurings, both nationally and internationally. Currently, Anja serves as a Supervisory Board Member at Gasunie N.V., Huisman Equipment and the Royal Concert Hall. On 1 September, she became deputy member of the Management Board of the EU Agency for Fundamental Rights in Vienna. In addition, Anja is a lecturer in corporate law and leadership at various Dutch universities.

#### Senior Managers
In addition to the Directors, the members of the senior executive team (each, a "**Senior Manager**") that will have responsibility for day-to-day management of the Group's business, together with their management experience and expertise and expected titles, are set out below. The business address of each Senior Manager (in such capacity) is Reguliersdwarsstraat 63, 1017 BK Amsterdam, The Netherlands.

---

| | |
|:---|:---|
| **Name**  | **Position**  |
| Julien Barraux  | Chief Creative Officer |
| Sandeep Desai  | Chief Supply Chain Officer |
| Tim Gunning  | Chief of Staff & Head of Strategy |
| Wai-Fung Loh  | President — Asia |
| Mark O'Brien  | Chief Technology Officer |
| Gerardo Rozanski  | President — Americas |
| Ronald Schellekens  | Chief Human Resources Officer |
| Mustafa Seckin  | President — Europe and Australia & New Zealand |
| Toloy Tanridagli  | President — Middle East, Turkey, South Asia and Africa  |
| Vanessa Vilar  | Chief Legal Officer |

---

Set out below are brief biographical descriptions of the persons named in the table above, including their current principal occupation or employment and material occupations, positions, offices or employment during the past five years.

#### Julien Barraux
Julien is the Chief Creative Officer of the Company, having held the same role at Unilever Ice Cream. Julien brings to this role over 30 years' experience as a global brand and innovation executive, having spent ten years at P&G, nine years at L'Oréal and 14 years at Unilever, where he has built and scaled brands across the full

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spectrum of Fast-Moving Consumer Goods (FMCG). Julien has experience leading global strategies and repositioning iconic brands across both developed and emerging markets.

Julien's work has received several marketing awards including Cannes Lions Grand Prix and Gold Effie.

#### Sandeep Desai
Sandeep is the Chief Supply Chain Officer of the Company, having previously been Executive Vice President and Chief Product Supply Chain Officer at Unilever Ice Cream. Prior to this current role, Sandeep served in a variety of management positions with Unilever since 2014, including Vice President Supply Chain for Global Home Care, Vice President Supply Chain for Philippines, South East Asia and Australia, Vice President Supply Chain for Southern Africa and Vice President Manufacturing for Southern Africa. In his last role, he oversaw a large-scale manufacturing transformation involving the closure of five manufacturing facilities and the building of three new state-of-the-art manufacturing facilities with a budget of €600 million.

Earlier in his career, Sandeep held various procurement roles in local, regional and global procurement and various roles leading and managing manufacturing facilities in Nutrition, Spreads and Home Care.

Sandeep is a member of the South African Institute of Mechanical and Electrical Engineers (SAIMechE).

#### Tim Gunning
Tim is the Company's Chief of Staff and Head of Strategy, having held the same role at Unilever Ice Cream. Tim has spent over a decade in international leadership roles at Unilever. Prior to his current role, Tim was Head of Strategy and Transformation Home Care for Europe, the Middle East, Turkey and Australasia, where he led the strategy and transformation agenda for Unilever's Home Care business.

Earlier in his career, Tim held several leadership roles across Unilever's Personal Care and Home Care categories in the Netherlands and Benelux.

#### Wai-Fung Loh
Wai-Fung is the Company's President of the Asia Region, having previously been Business Unit General Manager, Asia at Unilever Ice Cream. Prior to her current role, Wai-Fung was General Manager for Home Care in North Asia at Unilever from 2022 to 2023.

From 2019 to 2022, Wai-Fung served as Customer Development Vice President for Unilever Health & Personal Care China. During her time at HPC China, Wai-Fung oversaw the integration of the offline and ecommerce teams into one omnichannel Customer Development Function. She also successfully transformed the route-to-market model in China during the Covid-19 pandemic.

#### Mark O'Brien
Mark is the Chief Technology Officer of the Company, having previously been Chief Technology and Information Officer for Unilever Ice Cream. Before this, Mark was the Senior Vice President of IT Strategy and Transformation at PepsiCo from 2021 to 2023 where he led the implementation of a new technology strategy for the business.

Prior to that role, he spent 11 years at SSL International plc in a number of roles, including Head of Global IT and a further 11 years at Reckitt Benckiser Group PLC, following Reckitt's acquisition of SSL, of which Mark oversaw the technology integration. At Reckitt, Mark held a number of senior leadership roles, including leading the Group Technology Function and CIO North America.

#### Gerardo Rozanski
Gerardo is the Company's President of the Americas, having previously been Executive Vice President, Americas at Unilever Ice Cream. Gerardo joined Unilever in January 1993, and prior to this role, Gerardo served as General Manager for Unilever Home Care, Americas from 2022 to 2024, Executive Vice President of Unilever Brazil from April 2019 to 2022 and Executive Vice President of Unilever Mexico and Greater Caribbean from 2016 to 2019.

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Gerardo has previous experience in Unilever Ice Cream, having served as Brand Development Vice President for Ice Cream North America between 2010 and 2012 and as EVP for Brazil and Mexico, overseeing the local ice cream units.

#### Ronald Schellekens
Ronald is the Chief Human Resources Officer of the Company, having held the same role at Unilever Ice Cream. Previously, Ronald was the Executive Vice President and Chief Human Resources Officer of PepsiCo for over five years, during which time PepsiCo was recognised as a global top employer in 2020, 2021 and 2022 by the Top Employers Institute.

Prior to that role, he was the Chief Human Resources Officer of Vodafone Group Plc for ten years.

Before joining Vodafone, Ronald worked for almost six years as the Executive Vice President of Human Resources for the downstream division of Royal Dutch Shell plc. Before that, he spent nine years with PepsiCo on various international HR assignments in Spain, South Africa, Switzerland, the UK and Poland. Earlier in his career, he spent eight years at AT&T in Human Resources roles, based in the Netherlands and Poland.

He is currently a member of the Supervisory Board of Staffbase, the fastest-growing employee communications cloud solution.

#### Mustafa Seckin
Mustafa is the Company's President of Europe and Australia & New Zealand (ANZ), having previously been General Manager for Europe, UK & Ireland and ANZ at Unilever Ice Cream. Mustafa was appointed to his current role in 2024, prior to which, he acted as Executive Vice President of Unilever Türkiye, Iran and Central Asian Republics from 2019 to 2022 and General Manager of Unilever Türkiye and Middle East Personal Care and Head of Country for Unilever Türkiye from July 2022.

Earlier in his career, Mustafa served as Vice President of Unilever Türkiye from 2007, with his responsibilities being expanded to larger regions of North Africa, Middle East, Türkiye and Russia as Category Vice President for Foods, Beverages (Tea) and Ice Cream.

#### Toloy Tanridagli
Toloy is the Company's President of the Middle East, Turkey, South Asia and Africa (METSA), having been General Manager for the Middle East and Turkey at Unilever Ice Cream.

Toloy has spent 25 years in the food and beverage industry across various global markets. Twelve of these years were at Unilever, where he held various leadership roles in marketing and general management across the foods, tea and ice cream businesses.

Earlier in his career, Toloy held various marketing positions at Mondelez International Inc. (formerly Kraft Foods Inc.).

#### Vanessa Vilar
Vanessa is the Chief Legal Officer of the Company, having previously been General Counsel at Unilever Ice Cream.

Vanessa started her career in private practice, and has spent the past 22 years at Unilever, holding various senior legal roles including Group General Counsel Ice Cream (based in the Netherlands) and Brazil General Counsel and Personal Care General Counsel Latin America (based in Brazil).

Vanessa is a member of the General Counsel Netherlands Network (GCN).

#### Directorships and Partnerships Outside the Group
The details of those companies and partnerships outside Unilever Group Companies of which the Directors and Senior Managers are currently directors or partners, or have been directors or partners at any time during the five years prior to the date of this registration statement, are as follows:

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#### Directors

---

| | | |
|:---|:---|:---|
| **Name**  | **Current directorships and partnerships**  | **Previous directorships and partnerships**  |
| Jean-François van Boxmeer  | Vodafone Group plc <br> Heineken Holding N.V. <br> Henkel AG & Co. KGaA <br> European Roundtable for Industry  | Mondelez International Inc. <br> Nationale Opera & Ballet  |
| Peter ter Kulve  |  |  |
| Abhijit Bhattacharya  | Corbion N.V. <br> Aliaxis SA  | Koninklijke Philips N.V. |
| Melissa Bethell  | Tesco PLC <br> Diageo PLC <br> Exor N.V. <br> St Mary's School Ascot <br> Sadler's Wells Trust Limited <br> Sadler's Wells Development Trust <br> Limited <br> Brillio Holdings, Inc. <br> Atoll Holdco Ltd.  | Atairos Management UK, LLP |
| Stefan Bomhard  | Compass Group PLC | Imperial Brands PLC |
| Stacey Cartwright  | Savills plc <br> AerCap Holdings N.V. <br> Gymshark Topco Limited  | Football Association Limited <br> Gymshark Group Limited <br> OVO Group Ltd <br> Genpact Ltd Majid Al Futtaim Lifestyle LLC <br> Majid Al Futtaim Leisure & Entertainment Co.  |
| Reginaldo Ecclissato  |  | Stichting IDH <br> Z100 Community Limited  |
| Josh Frank<sup>(1)</sup>  | Trian Fund Management, L.P. <br> Janus Henderson Group PLC  | Sysco Corporation <br> 2R Holdco Inc  |
| René Hooft Graafland  | Lucas Bols N.V. <br> Chinko Conservation Area Stichting Grachtenfestival  | Royal Ahold Delhaize N.V. <br> FrieslandCampina N.V. <br> Wolters Kluwer N.V.  |
| Anja Mutsaers  | Gasunie N.V. <br> Het Concertgebouw N.V. <br> Ace Innovation Holding B.V. <br> EU Agency for Fundamental Rights  | De Brauw Blackstone Westbroek N.V. |

---

Note:

(1) Appointment as a director to take effect from no later than 1 March 2026.

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#### Senior Managers

---

| | | |
|:---|:---|:---|
| **Name**  | **Current directorships and partnerships**  | **Previous directorships and partnerships**  |
| Julien Barraux  |  |  |
| Sandeep Desai  |  |  |
| Tim Gunning  |  |  |
| Wai-Fung Loh  |  |  |
| Mark O'Brien  |  |  |
| Gerardo Rozanski  |  |  |
| Ronald Schellekens  | Staffbase SE <br> ATOSS Software SE |  |
| Mustafa Seckin  | Signature Francaise SAS | International Investors Association <br> (YASED) <br> Dutch Business Association in <br> Türkiye |
| Toloy Tanridagli  |  | Association of Packaged Milk and Milk Products Industrialists <br> (ASÜD) <br> Association of Turkish Advertisers <br> (RVD)  |
| Vanessa Vilar  |  | Associação Brasileira de Anunciantes Conselho Nacional de Autorregulamentação Publicitária |

---

Save as set out above, none of the Directors or members of the Senior Management Team has any business interests, or performs any activities, outside the Group which are significant with respect to the Group.

None of the Directors or Senior Managers was selected to be a director or senior manager (as applicable) of the Company pursuant to any arrangement or understanding with any major Shareholder, customer, supplier or other person having a business connection with the Unilever Group.

No restrictions have been agreed by any Director or Senior Manager on the disposal within a certain period of time of their holding in securities of the Company.

There are no actual or potential conflicts of interest between any duties to the Company and the private interests and/or other duties of any of the Directors or Senior Managers.

There are no family relationships between any of the Directors or Senior Managers.

#### 6.B. COMPENSATION

#### Directors' and Senior Management's Remuneration
The aggregate amount of remuneration paid (including any contingent or deferred compensation) and all benefits in kind granted to the Directors and the Senior Managers in all capacities for services to the Group for FY2024 (excluding pensions, retirement or similar benefits) was €17,070,097, constituting €5,721,418 in salary and fees, €3,516,632 in annual variable remuneration, €2,910,352 in benefits and €4,921,695 in share-based payments. Of this amount, €5,128,449 was paid to the Directors as set out below, and €11,941,648 was paid to the Senior Managers.

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Details of remuneration paid to the Directors for FY2024 are set out below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Salary and <br> fees**  | **Annual <br> variable <br> remuneration<sup>(2)</sup>**  | **Benefits**  | **Share- <br> based <br> payments<sup>(3)</sup>**  | **Total <br> Remuneration**  |
|  | *(€)*  | *(€)*  | *(€)*  | *(€)*  | *(€)*  |
| **Executive Directors**<sup>(1)</sup> |  |  |  |  |  |
| Peter ter Kulve<sup>(4)</sup>  | 1162362 | 1043350 | 326013 | 2502553 | 5034278 |
| Abhijit Bhattacharya<sup>(5)</sup>  | 70280 |  | 23891 |  | 94171 |

---

Notes:

(1) Jean-François van Boxmeer was appointed as Chair with effect from 23 September 2025 and Melissa Bethell, Stefan Bomhard, Stacey Cartwright, René Hooft Graafland, Anja Mutsaers and Reginaldo Ecclissato were appointed as non-executive Directors with effect from 26 September 2025. The appointment of Josh Frank as a Director will take effect from no later than 1 March 2026, and so has not come into effect at the date of this registration statement. Accordingly, none of Jean-François van Boxmeer, Melissa Bethell, Stefan Bomhard, Stacey Cartwright, René Hooft Graafland, Anja Mutsaers, Reginaldo Ecclissato or Josh Frank received remuneration for services to the Group for FY2024 and are therefore not included in the table above.

(2) Annual variable remuneration comprises annual bonus payments in March 2025 relating to performance for FY2024.

(3) Share-based payments include the value of long-term incentive awards that vested in 2025 based on performance periods ending in FY2024, calculated using the share price on the vesting date.

(4) Benefits for Peter ter Kulve include one-time relocation benefits in support of his move from the UK to the Netherlands.

(5) Abhijit Bhattacharya was appointed CFO on 1 December 2024 and therefore only one month of renumeration is shown in the table above and there were no bonuses or share-based payments to report.

In FY2024, the total amount set aside or accrued by the Group to provide pensions, retirement or similar benefits to the Directors and Senior Managers was €155,566.

#### Remuneration Policy
The Company has adopted a remuneration policy (the "**Remuneration Policy**") which will be made available free of charge on the Company's website (www.corporate.magnumicecream.com).

The Remuneration Policy is designed to attract, motivate and retain exceptional international executive and non-executive Directors with the required background, skills and experience to implement the strategy of the Company. It is transparent and aligns the interests of the Company, shareholders and other stakeholders in the medium and long term to deliver sustainable performance in line with the strategy, purpose and values of the Company. The Remuneration Policy is structured to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • drive the success of the Company and the delivery of its business strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • create sustainable, long-term value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • offer a competitive and responsible reward package; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • align with the Company's culture, values, and wider workforce pay policies.

For every change to the Remuneration Policy and, in any event, at least every four years, the General Meeting will be requested to vote on the (amended) Remuneration Policy. The non-executive Directors, upon recommendation from the Remuneration Committee, are responsible for implementing and monitoring the Remuneration Policy. Pursuant to the Articles of Association, the resolution of the General Meeting to adopt (amendments to) the Remuneration Policy requires a majority of the votes cast.

The Remuneration Policy explains the decision-making process followed for its determination, review and implementation.

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In the event that the Remuneration Policy is revised, it shall describe and explain all material changes and the decision-making process followed for its determination, review and implementation. It shall also explain how it takes into account the votes and views of Shareholders since the most recent vote on the Remuneration Policy by the General Meeting. Any revised Remuneration Policy, together with the date and the results of the vote at the General Meeting, will be available free of charge on the Company's website (www.corporate.magnumicecream.com) and the Remuneration Policy will remain publicly available while it is applicable. If the General Meeting does not adopt the proposed amendments to the Remuneration Policy, the Company shall continue to remunerate in accordance with the existing adopted Remuneration Policy and shall submit a revised policy for approval at the following General Meeting.

In exceptional circumstances only, the non-executive Directors may decide to temporarily derogate from the Remuneration Policy. Exceptional circumstances only cover situations in which the derogation from the Remuneration Policy is necessary to serve the long-term interests and sustainability of the Company as a whole or to assure its viability. The rationale and detail of any such deviation will be disclosed in the Company's annual remuneration report.

The non-executive Directors may grant additional awards in order to facilitate recruitment of new or interim executive Directors, comprising cash or medium- to long-term incentives. This may include, for example, buy out awards for any remuneration forfeited on joining the Company.

#### Executive Directors
The remuneration of the executive Directors (and any other future executive Directors) from Admission will be determined by the non-executive Directors, upon recommendation from the Remuneration Committee in accordance with the Remuneration Policy. The Remuneration Policy provides a structure that aligns compensation of the executive Directors with the successful delivery of the Company's long-term strategy and sustainable long-term value creation. When developing this Remuneration Policy, the Board considered multiple perspectives including business requirements, shareholder views, the Company's identity, the overall pay philosophy across the Company, alignment of incentives and rewards with the Company's culture and values, the pay ratio between the executive Directors' pay and the average employee pay, remuneration practices of its industry peers and societal context. The executive Directors may not participate in the discussion and decision-making process of the Board with respect to their own remuneration.

Based on the Remuneration Policy, the remuneration of the executive Directors consists of the following components:

• annual base salary — fixed cash compensation;

• annual bonus — performance-related cash bonus;

• long-term incentives including performance shares and a one-off grant of matching options; and

• other benefits — cash allowance (in lieu of pension contributions and car provision), insurances and tax return support.

The executive Directors will also be eligible to receive:

• a one-off award subject to the performance of the Company in 2025 up to the Demerger ("**2025 Performance Awards**"), as assessed by the Remuneration Committee. The grant value of 2025 Performance Awards for each executive Director will not exceed 50 per cent. of their target annual bonus. 50 per cent. of any payment of the 2025 Performance Award is expected to be paid in early 2026, and the remaining 50 per cent. six months later, subject to continued employment; and

• as referred to in "—*Interests of the Directors and Senior Managers—Awards over Unilever Shares*" below, a one-off "replacement award". The grant value will not exceed the value of their pre-Demerger Unilever Share awards that lapsed in connection with the Demerger due to the application of time pro-rating (calculated on a gross-up basis for certain Unilever awards which were previously granted on a net-of-tax basis under legacy arrangements). Replacement awards will vest, subject to continued service and applicable performance conditions, on the same timeline as the Unilever awards they replace.

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As referred to in "—*Interests of the Directors and Senior Managers—Awards over Unilever Shares*" below, subject to Board consent the Chief Executive Officer's Unilever RSU awards will be exchanged for a substantially equivalent award over Shares (the "**Rollover Award**"). The value of the Rollover Award at the point of rollover will not exceed the value (immediately prior to Demerger) of the number of Unilever Shares (inclusive of accrued dividend equivalents) under the Chief Executive Officer's Unilever RSU awards. The Rollover Award will vest on the same vesting dates as Unilever RSU awards subject to continued service and maintaining satisfactory levels of personal performance, 50 per cent. in February 2026 and the remaining 50 per cent. in August 2026. Where required to ensure substantial equivalence with the Unilever RSU awards which were granted on a net-of-tax basis, the Board may determine that the Rollover Award will be grossed up for tax at the point of award or at the time of vesting.

 *Annual base salary* 

The annual base salary for executive Directors has been set at levels considered appropriate by the Board to attract and retain individuals of the calibre required to lead the Company through the post-listing phase and deliver its strategic objectives. The Chief Executive Officer will receive a base salary of €1,250,000, while the Chief Financial Officer will receive a base salary of €875,000. These levels reflect the scope and complexity of their respective roles, as well as prevailing market benchmarks for comparable positions.

 *Annual bonus* 

The annual bonus is designed to incentivise the achievement of short-term financial and strategic objectives.

The individual bonus target level from Admission will be set at 120 per cent. of annual base salary for the Chief Executive Officer and 100 per cent. for the Chief Financial Officer.

Performance measures are determined annually by the Remuneration Committee and may be based on a combination of financial targets and strategic objectives. The specific performance measures and the weighting of these measures are set each year to reflect the Company's evolving strategic priorities and to ensure alignment between executive performance and the delivery of shareholder value. FY2025 financial performance measures are based on underlying sales growth, underlying operating profit and cash. It is currently expected that FY2026 financial performance measures will be based on performance in key areas of our strategy: organic sales growth, margin improvement, cash flow optimisation and market share expansion with each measure equally weighted. In determining the bonus outcome, the Remuneration Committee will multiply the bonus target level by the financial performance multiplier (which ranges from zero per cent. for underperformance to 200 per cent. payout for exceptional performance) and adjust this outcome by the strategic objectives multiplier which ranges from zero per cent. for underperformance to 150 per cent. for exceptional performance. The maximum bonus opportunity for exceptional performance is capped at two times the target level.

The Board retains discretion to adjust bonus outcomes to ensure alignment with underlying performance and achievement of strategic objectives.

The bonus is typically satisfied in cash and will be subject to the malus and clawback provisions summarised below.

 *Long-term incentives* 

<u>Performance Share Plan</u>

The Company intends that long-term incentives will be provided through the Performance Share Plan ("**PSP**") (operated under The Magnum Ice Cream Company Long Term Incentive Plan 2025), which is intended to incentivise and recognise delivery of longer-term business priorities, financial growth, and long-term value creation. Under the PSP, executive Directors receive annual conditional awards of shares subject to performance over a three-year period, followed by a two-year holding requirement.

Target awards for 2026 are set at 180 per cent. of annual base salary for the Chief Executive Officer and 150 per cent. for the Chief Financial Officer.

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Vesting of awards granted under the PSP will be subject to performance conditions determined by the Board (on the recommendation of the Remuneration Committee) and tied to the Company's long-term strategy. For PSP awards to be granted in 2026, it is expected that performance conditions will be based on the achievement of targets for organic sales growth and earnings per share growth. Full details of the applicable performance measures, including their weightings and targets, will be disclosed in the Company's annual remuneration report. The maximum vesting level of awards granted under the PSP is two times the target award (excluding dividend equivalents).

The Board may adjust vesting outcomes to reflect underlying performance and will disclose any such adjustments in the annual remuneration report.

Awards are eligible for dividend equivalent payments in respect of dividends that would have been paid on the Shares that vest under the PSP awards during the vesting period (or to the end of any relevant post-vesting holding period). The Board may determine that the dividend equivalent will be calculated as if the dividends have been reinvested in additional Shares.

<u>Foundation Plan for Growth</u>

The Company intends to provide a one-off long-term incentive through the Foundation Plan for Growth (the "**Foundation Plan**"), designed to further strengthen the alignment between executive Directors (and other senior employees) and Shareholders.

The Foundation Plan is designed to reinforce the extraordinary leadership commitment required during the Company's formative years as a listed entity, ensuring that executive Directors are materially invested in the Company's long-term success. The plan recognises the exceptional circumstances surrounding the Demerger and reflects the unique opportunity to drive significant long-term value creation for Shareholders.

In order to participate in the Foundation Plan, executive Directors will be required to make an investment in Shares, up to a maximum amount, expressed as a multiple of their annual salary. The intention is the investment maximum will be set at five times salary for the Chief Executive Officer (equivalent to €6,250,000) and four times salary for the Chief Financial Officer (equivalent to €3,500,000).

The Company intends to grant matching market-value share options on the basis of up to five options for every Share invested up to the investment maximum. Subject to continuous ownership of the initial investment, these options will vest and become exercisable on the vesting dates in two tranches: 50 per cent. subject to performance measured over a three-year performance period and the remaining 50 per cent. subject to performance measured over a four-year performance period. Achievement of the performance conditions will be contingent upon the Company's total shareholder return outperforming the median of a peer group of international snacking and refreshment companies. The exercise period will begin at the respective vesting date and will remain open until up to the seventh anniversary of the grant date.

To reinforce long-term alignment with Shareholders, executive Directors will not be permitted to sell any Shares acquired through the exercise of these options until five years from the grant date, except to cover tax (unless net-settled) and in other limited circumstances.

Long-term incentives will be subject to the malus and clawback provisions summarised below.

 *Malus and clawback* 

In line with the Dutch Civil Code and governance best practices, the non-executive Directors, upon recommendation from the Remuneration Committee, may reduce, cancel, or recover any variable remuneration awarded to executive Directors to an appropriate level if payment of the variable remuneration is unacceptable according to the requirements of reasonableness and fairness and/or if they determine that such action is necessary to ensure alignment with the Company's long-term interests and sound governance standards. These powers may be invoked in cases including, but not limited to, material misstatement of financial results, misconduct, serious reputational harm attributable to the executive Director, corporate failure, or any other situation where the award was made or determined based on incorrect or misleading information. The powers to recover variable remuneration may be exercised at any time prior to the second anniversary of the payment of a cash bonus or the vesting of an award under any incentive plan, including the

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PSP (or, if longer, within such statutory time limit imposed by the Dutch Civil Code). In such circumstances, the Board may reduce the value of the award (including to zero), impose additional conditions, extend the performance period, defer payment or vesting, or require the return of Shares or repayment of cash received. In addition, the Company has adopted a compensation recovery policy in accordance with the requirements of section 303A.14 of the New York Stock Exchange Listed Company Manual which requires the Company to recover the amount of erroneously awarded variable remuneration in the event of a required accounting restatement. Any application of claw-back or discretion will be disclosed and explained in the Company's annual remuneration report.

 *Other benefits* 

Executive Directors are eligible to receive other benefits including insurance coverage and tax return support. Relocation allowances may be provided where necessary. The remuneration to be paid to the executive Directors is gross and subject to applicable tax and social security withholdings.

Executive Directors do not participate in a company-sponsored pension scheme and do not receive a company car or car allowance. Instead, they receive a benefits envelope equal to 20 per cent. of annual base salary, paid in cash, which enables them to make their own arrangements. This approach is intended to be simple and consistent with the arrangements provided to other senior managers.

 *Shareholding requirement* 

To reinforce alignment with Shareholders, executive Directors are subject to shareholding requirements of 500 per cent. of annual base salary for the Chief Executive Officer and 400 per cent. of annual base salary for the Chief Financial Officer, to be achieved within five years of appointment. Until the relevant Share ownership requirements have been met, executive Directors are required to hold all Shares acquired as a result of the vesting of Share awards, including under the PSP, and the exercise of options under the Foundation Plan, except to cover tax (unless net-settled) and in other limited circumstances.

#### Non-executive Directors
Pursuant to the Articles of Association, the authority to establish remuneration and other terms of service for non-executive Directors is vested in the General Meeting, with due observance of the Remuneration Policy and applicable provisions of law. Non-executive Directors receive remuneration that reflects time commitment and responsibilities, independent of Company performance, comprising fixed payments only (with no variable compensation and no participation in incentive plans).

Non-executive Directors are not entitled to any pension allowance or contribution.

The non-executive Directors are entitled to the following elements: (i) a fixed base fee for membership of the Board; (ii) a fixed committee fee for chairing a Board committee; and (iii) a fixed committee fee for membership of a Board committee. The Chair is entitled to an all-inclusive fixed base fee and is not eligible to receive any further committee membership fees. In addition, all reasonable travel and business expenses incurred by the non-executive Directors in the course of performing their duties will be reimbursed together with any tax payable and the non-executive Directors are compensated for international travel required to exercise their role, paid as a fee per meeting (of either €5,000 or €2,500 depending on location) held outside of the country of their residence. Non-executive Directors may also be entitled to additional remuneration (typically paid as a fee of €2,500 per meeting in excess of the regular meeting schedule) in special circumstances, such as a rise in time commitment, as determined by the Board upon recommendation from the Remuneration Committee.

The compensation for the Chair has been set at €270,000 per annum, the compensation for the Senior Independent Director has been set at €140,000 per annum and the compensation for other non-executive Directors has been set at €110,000 per annum. The additional compensation for membership of or chairing the Board committees has been set at: (i) €35,000 per annum for the chair of the Audit and Risk Committee; (ii) €30,000 per annum for the chair of the Remuneration Committee; (iii) €25,000 per annum for membership of the Audit and Risk Committee; (iv) €20,000 per annum for membership of the Remuneration Committee; and (v) €15,000 per annum for membership of the Nomination and Governance Committee. No additional

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compensation will be paid to the chair of the Nomination and Governance Committee for as long as the Nomination and Governance Committee is chaired by the Chair. In the event the chair of the Nomination and Governance Committee is not chaired by the Chair, additional compensation for chairing the committee will be set at a level commensurate with that paid for chairing the other Board committees.

#### Directors' Service Contracts and Letters of Appointment

#### Executive Directors
Peter ter Kulve has been appointed CEO of the Company and Abhijit Bhattacharya has been appointed CFO of the Company. Each of Peter ter Kulve and Abhijit Bhattacharya will enter into a service agreement effective as of the date of Admission under which they each provide the services of being an executive director (each a "**Service Agreement**"). In accordance with the Dutch Civil Code this does not constitute an employment relationship and the services are provided in the course of an independent profession or business.

Each Service Agreement terminates by operation of law after four years, but may be terminated by either party giving 6 months' notice in writing to the other. Each Service Agreement also includes customary summary termination events allowing the Company to terminate immediately by written notice and terminates automatically on death, dismissal or replacement as an executive director or if the director is not re-elected when proposed for re-election. A termination payment of up to 12 months' salary may also be payable if the Service Agreement is terminated at the initiative of the Company and there has been no serious culpable or negligent behaviour by the executive director.

Where notice is applicable, each Service Agreement provides that the Company may make a payment of the pro rata base salary in lieu of notice, which may be paid in monthly instalments and is subject to the individual's duty to mitigate.

Each Service Agreement also includes a right to place the individual on garden leave during the notice period, during which time the individual will receive base salary, but will not be entitled to receive any variable remuneration or any long-term incentive award.

Each Service Agreement provides a "benefits envelope" of 20 per cent. of the annual base salary, payable in 12 monthly instalments, in order for the individual to make their own retirement arrangements and provides that each individual will be entitled to private medical insurance, life insurance, disability insurance, tax return support and variable pay in accordance with applicable plans and Company policies, including as to clawback.

Each Service Agreement includes protections for confidential information and intellectual property as well as non-compete and non-solicit provisions applicable for 12 months from the termination of employment.

#### Non-executive Directors
On Admission, the Company will have seven non-executive Directors: the Chair, five independent non-executive Directors and one non-executive Director designated by Unilever. The non-executive Directors have a contract for services (overeenkomst van opdracht) with the Company and are therefore not employees of the Company nor the Group.

The non-executive Directors (excluding the Chair) were each appointed by a letter of appointment effective from 26 September 2025. The key terms of these appointments are as follows.

Each appointment is subject to annual re-nomination and re-election. With the exception of Reginaldo Ecclissato, it is expected that each non-executive Director will serve a minimum of three years from appointment. Reginaldo Ecclissato is expected to serve a maximum of two years from appointment.

Each non-executive Director may terminate their appointment on written notice at any time, with immediate effect. A non-executive Director's appointment will terminate immediately if they cease to be a non-executive Director of the Company.

The Company may terminate the appointment immediately without notice if the non-executive Director: is unable to discharge their obligations as a director for an extended period; is guilty of gross misconduct or fails to perform duties competently or is guilty of serious or persistent neglect in their duties; becomes bankrupt or

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makes a composition with their creditors; is placed under guardianship or put under administration; becomes prohibited by law from being a director; is guilty of any fraud or dishonesty or acts in a manner which brings or is likely to bring the Company into disrepute; or is convicted of any criminal offence (other than minor road traffic offences). The Company may also terminate a non-executive Director's appointment, without notice, if they hold any appointment, position or office of any nature whatsoever with any company which the Board determines to be a company in competition with the Company.

Each letter of appointment provides for fees in line with the fee structure set out in the remuneration policy, as determined from time to time. Fees as at Admission will be as set out in the summary of the Remuneration Policy for non-executive Directors, please see "—*Remuneration of the Directors and the Senior Managers—Remuneration Policy—Non-executive Directors*" above. All reasonable and properly documented expenses incurred in performing the non-executive Director's duties shall be paid or reimbursed to them. Non-executive Directors are not eligible for any variable, share-based or any other form of performance-based pay arrangements. Non-executive Directors shall not receive any benefits upon termination of their appointment.

Each non-executive Director is subject to confidentiality undertakings without limitation in time.

The Chair's appointment was effective from 23 September 2025 and his appointment terms are the same as for non-executive Directors generally.

 *The Chair's fee as at Admission is as set out in the summary of the Remuneration Policy for non-executive Directors, please see "—Remuneration of the Directors and the Senior Managers—Remuneration Policy—Non-executive Directors" above.* 

#### 6.C. BOARD PRACTICES

#### Corporate Governance
From Admission, both the Dutch Corporate Governance Code and the UK Corporate Governance Code will apply to the Company. The Company is required to disclose in its management report in its annual report whether or not it applies the provisions of the Dutch Corporate Governance Code and the UK Corporate Governance Code and, if it does not apply those provisions, to explain the reasons why that is the case.

At Admission, it is expected that the Company will be compliant, and thereafter intends to comply, with both the Dutch Corporate Governance Code and the UK Corporate Governance Code other than in respect of best practice provision 4.3.3 of the Dutch Corporate Governance Code.

Best practice provision 4.3.3 of the Dutch Corporate Governance Code provides that a general meeting may cancel the binding nature of a nomination for the appointment of a director or resolve upon the dismissal of a director with an absolute majority of the votes cast, and that it may be provided that this majority should represent a given proportion of the issued share capital not exceeding one-third. It further provides that if an absolute majority is reached but the quorum of one-third of issued capital is not, then a new meeting may be convened at which the resolution may be adopted by an absolute majority of the votes cast without any quorum being required. In line with this best practice provision, the Articles of Association provide that if proposed by the Board, the General Meeting can dismiss a Director with a majority of the votes cast representing at least one-third of the Company's issued capital. However, in deviation from this best practice provision, in all other cases, a dismissal requires a majority of at least two-thirds of the votes cast which represents more than half of the Company's issued capital. In addition, in deviation from this best practice provision, if a majority voted in favour but such majority does not represent the required portion of capital, then a second General Meeting can be convened and the same portion of capital remains required for the vote at such meeting. The Company believes that these deviations are appropriate to safeguard the continuity of the Company and the Group in general.

#### The Board

#### Overview
The Company has a one-tier board structure comprising executive Directors and non-executive Directors. The executive Directors are charged with the day-to-day management of the Company and the business

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connected with it, which includes, among other things, formulating its strategies and policies and setting and achieving its objectives. The non-executive Directors supervise and advise the executive Directors. Each Director is responsible for the general course of affairs and must act in the interests of the Company and the business connected with it. Under Dutch law, the Company's corporate interest extends to the interests of all its stakeholders, including its customers, employees, creditors, suppliers, Shareholders and other stakeholders. The executive Directors, together with the Senior Managers of the Company listed under *"—Senior Managers*" above form the Senior Management Team.

As of the date of this registration statement, the provisions in Dutch law that are commonly referred to as the "large company regime" (*structuurregime)* do not apply to the Company. The Company also does not intend to voluntarily apply such regime. This will not change upon conversion of the Company to a public company with limited liability (*naamloze vennootschap*). The Company may meet the requirements of the "large company regime" in the future, which will have an impact on the governance described below. The Company may then be eligible to rely on the holding company exemption to the "large company regime" becoming applicable to it if more than 50 per cent. of the employees of the Company and its group companies work outside the Netherlands.

#### Powers, Responsibilities and Functioning
The Board is entrusted with the management of the Company and is responsible for the continuity of the Company and the business connected with it. The Board is accountable for these matters to the General Meeting.

The Board's responsibilities include, among other things, setting the Company's management agenda, developing a view on long-term value creation by the Company, enhancing the performance of the Company, developing a strategy, identifying, analysing and managing the risks associated with the Company's strategy and activities and establishing and implementing internal procedures, which safeguard that all relevant information becomes known to the Board in a timely manner. The Board may perform all acts necessary or useful for achieving the Company's corporate purposes, except for those expressly attributed to the General Meeting as a matter of Dutch law or the Articles of Association, other applicable law or regulation or pursuant to the Articles of Association (see "—*Board Meetings and Decision-making*" below). Pursuant to the Articles of Association, the Board may delegate duties and powers to individual Directors. In fulfilling their responsibilities, the Directors must act in the interests of the Company and the business connected with it and give specific attention to the relevant interests of the Company's customers, employees, creditors, suppliers, Shareholders and other stakeholders. The Board Terms of Reference (as defined below) furthermore provide that the Board's focus should be on sustainable long-term value creation for the Company.

The Board as a whole is authorised to represent the Company. Additionally, the Chief Executive Officer individually is, and two executive Directors acting jointly are, authorised to represent the Company. Pursuant to the Articles of Association, the Board may appoint one or more officers with the authority to represent the Company and may determine each such officer's title.

Dutch law provides that resolutions of the Board entailing a significant change in the Company's identity or character are subject to the approval of the General Meeting. See "—*Board Meetings and Decision-making*" below for further information on the approval of the General Meeting required for such significant changes.

#### Board Terms of Reference
Pursuant to the Articles of Association, the Board may adopt rules regarding its working methods and decision-making process which must be put in writing (the "**Board Terms of Reference**"). On Admission, the Board will have adopted the Board Terms of Reference. The full text of the Board Terms of Reference will be available free of charge on the Company's website (www.corporate.magnumicecream.com).

#### Board Composition and Directors' Appointment, Dismissal and Suspension
The Articles of Association provide that the Board comprises a maximum of two executive Directors and a minimum of five and a maximum of ten non-executive Directors. The total number of non-executive Directors shall be determined by the Board. On Admission, the Board will comprise two executive Directors and seven

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non-executive Directors. Other than Reginaldo Ecclissato, all of the non-executive Directors are considered independent within the meaning of the Dutch Corporate Governance Code and the UK Corporate Governance Code.

According to the Board Terms of Reference, the non-executive Directors shall prepare a profile (*profielschets*) of the size and composition of the Board, taking account of the nature and activities of the Company's business. This board profile shall address: (i) the desired expertise and background of the executive Directors and non-executive Directors; (ii) the desired composition of the Board as required by Dutch law and expressed in the board composition standards; (iii) the size of the Board; and (iv) the independence of the non-executive Directors. The Company's board composition standards, which on Admission will have been adopted in accordance with the Board Terms of Reference, will be considered in the preparation of the nomination for appointment or reappointment of a Director. See "—*Dutch Civil Code and Board composition standards*" below for further information.

Directors are appointed by the General Meeting upon the binding nomination of the Board.

The General Meeting can overrule the binding nature of a nomination of the Board for an appointment of a Director by a majority of the votes cast, representing at least one-third of the Company's issued capital. If an absolute majority of the votes cast is in favour of a resolution but that majority does not represent one-third of the issued capital, pursuant to the Articles of Association, a second General Meeting can be convened at which the binding nomination can be overruled by a majority of the votes cast.

If a binding nomination is overruled by the General Meeting with the required majority, the Board may make a new binding nomination in accordance with the Articles of Association. If the nomination comprises one candidate for a vacancy, a resolution concerning the nomination shall result in the appointment of the candidate, unless the nomination is overruled. The Company will consider proposals to amend the Articles of Association at the annual General Meeting in 2026 to introduce rights for shareholders to nominate candidates for appointment to the Board (subject to applicable thresholds).

The Articles of Association provide that the Board may propose to the General Meeting to suspend or dismiss a Director. The resolution of the General Meeting on a suspension or dismissal at the proposal of the Board requires a majority of the votes cast, representing at least one-third of the Company's issued capital. A resolution of the General Meeting to suspend or dismiss a Director other than at the proposal of the Board requires a majority of at least two-thirds of the votes cast, representing more than half of the Company's issued capital. If a majority voted in favour but such majority does not represent the required portion of capital, then pursuant to the Articles of Association, a second General Meeting can be convened and the same portion of capital remains required for the vote at such a meeting. In addition, an executive Director may be suspended by the Board at any time. A suspension can be ended by the General Meeting at any time. A suspension can be extended one or more times, but the total duration of the suspension may not exceed three months. If at the end of that period, no decision has been taken on the termination of the suspension or on dismissal of that Director, the suspension ends.

#### Term of Appointment and Re-election
The Directors comprising the Board as at Admission (together with Josh Frank, who will join the Board after Admission but no later than 1 March 2026) have each been appointed until the annual General Meeting to be held in 2026. The UK Corporate Governance Code recommends that all directors of companies to which it applies should be subject to annual re-election. The Directors comprising the Board as at Admission therefore intend to put themselves up for re-election at the Company's next annual General Meeting. It is also intended that the Directors will continue to put themselves up for annual re-election voluntarily at each further annual General Meeting. In addition, prior to recommending their re-election to the Shareholders, the Board intends to carry out an annual re-assessment of the ongoing independence of each of the non-executive Directors and to make an appropriate statement disclosing their status in the Company's annual report. Non-executive directors may not be reappointed for a term that would continue beyond the end of the first annual General Meeting held after nine years from the date of their first appointment have elapsed.

#### Senior Independent Director
The UK Corporate Governance Code recommends that the Board should appoint one of the independent non-executive Directors to be the Senior Independent Director ("**SID**") to provide a sounding board for the

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chair of the Board (*voorzitter*) (the "**Chair**") and to serve as an intermediary for the other directors when necessary. The SID should be available to Shareholders if they have concerns that the normal channels of Chair, Chief Executive Officer or other executive Directors have failed to resolve, or for which such channel of communication is inappropriate. The Company's SID is Stacey Cartwright, who will also serve as Vice-Chair of the Board.

#### Dutch Civil Code and Board Composition Standards
Pursuant to the Dutch Civil Code, the non-executive directors of a one-tier board of a Dutch company listed on Euronext Amsterdam, such as the Company, must comprise at least one-third women and at least one-third men. Pursuant to these rules, for as long as the Board is not "gender balanced" under this quota, a non-executive Director of the overrepresented gender cannot be appointed or re-appointed, unless (a) it concerns the reappointment of an incumbent non-executive Director within the first eight years of their service on the Board or (b) the appointment or re-appointment is necessary in order to serve the long-term interests and sustainability of the Company or to safeguard the Company's viability, and in each case the (re)appointment is for a period of no more than two years. An appointment or reappointment in violation of these rules is in principle regarded null and void (*nietig*). As a result, the person in question would not become a non-executive Director.

Pursuant to Dutch law, large Dutch companies must further set appropriate and ambitious gender balance targets for the managing directors, supervisory directors and senior management levels. The term "large Dutch company" applies to any Dutch company that at two consecutive balance sheet dates and on a consolidated basis meets at least two of the following criteria: (i) the value of its assets pursuant to its balance sheet with explanatory notes on the basis of their acquisition price and production costs is more than €25 million; (ii) its net revenue in the applicable financial year is more than €50 million; and (iii) the average number of employees in the applicable financial year is at least 250. The targets must be included in a plan, which must outline the actions required to meet the gender balance targets. Such company will also be required to report annually, within ten months of the end of its financial year, to the Dutch Social and Economic Council (*Sociaal-Economische Raad*) on the annual targets, how to achieve them and, if it has not met the targets, why and how this will be remedied. Such company must also include the information on gender balance target reporting in its management report.

On Admission, the Board will have adopted board composition standards, which, among other things, address Dutch law and Dutch Corporate Governance Code requirements at Board level. The full text of the standards will be available free of charge on the Company's website (www.corporate.magnumicecream.com). The Board's standards will be taken into account when considering the appointment and reappointment of executive and non-executive Directors. The standards will provide that a Board will include, and make use of, differences in, amongst other things, the experience, skills and other distinctions between Directors. These differences will be considered in determining the composition of the Board and, when possible, will be balanced appropriately. The Board is satisfied that its composition reflects the appropriate mix of gender balance, experience, independence, knowledge and skills. The board composition target for the non-executive directors of the Board is expected to be set at a minimum of one-third female and a minimum of one-third male. The Company must disclose information on its board composition standards in its management report.

On Admission, the non-executive Directors will comprise four men (approximately 57 per cent.) and three women (approximately 43 per cent.).

#### Limitation of Board Positions
Pursuant to Dutch law, there are limitations to the number of supervisory or non-executive positions persons can hold on the boards of directors of large Dutch companies. In addition, a person cannot be appointed as a managing or executive director of a "large Dutch company" if: (i) they already hold a supervisory or non-executive position at more than two other "large" Dutch public or private companies or "large" Dutch foundations; or (ii) they are the chair (*voorzitter*) of the supervisory board or one-tier board of another "large" Dutch public or private company or foundation. In addition, a person cannot be appointed as a supervisory director or non-executive director of a "large Dutch company" if they already hold a supervisory position or non-executive position at five or more other "large" Dutch public or private companies or foundations,

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whereby the position of chair of the supervisory board or one-tier board of directors of another "large" Dutch company is counted twice.

The term "large Dutch company" for the purposes of this paragraph and "—*Dutch Civil Code and Board Dutch Civil Code and Board Composition Standards*" above differs from the concept of the "large company regime" (*structuurregime*) as referred to "—*Overview*" above.

On Admission, the Directors will comply with these rules as none of the Directors will hold more than the allowed number of positions with a large Dutch company.

#### Board Meetings and Decision-making
Pursuant to the Board Terms of Reference, the Board meets on such dates each year as it determines, or when requested by at least one Director. The Board Terms of Reference further provide that the Board must meet at least four times each calendar year.

Pursuant to the Board Terms of Reference, resolutions of the Board are adopted by a majority of the votes cast. The Board may designate types of resolutions which are subject to different quorum and voting requirements. These types of resolutions and the nature of the difference must be clearly specified and laid down in writing.

For adoption of a resolution other than at a Board meeting, it is required that: (i) the proposal is submitted to all Directors then in office in respect of whom no conflict of interest exists; (ii) these Directors have been given the opportunity to express their opinion on the proposed resolution; (iii) none of them has objected to the relevant manner of adopting resolutions; and (iv) a majority of the Directors, or a qualified majority of the Directors (if applicable), has signed or otherwise approved the resolution.

Dutch law and the Articles of Association provide that resolutions of the Board entailing a significant change in the Company's identity or character are subject to the approval of the General Meeting. Such changes include:

• the transfer of (nearly) the entire business of the Company to a third party;

• entering into or terminating a long-term co-operation of the Company or a subsidiary with another legal entity or company or as a fully liable partner in a limited partnership or general partnership, if such co-operation or termination is of major significance for the Company; and

• acquiring or disposing by the Company or a subsidiary of participating interests in the capital of a company, with a value equal to at least one-third of the sum of the assets of the Company as shown on its consolidated balance sheet with explanatory notes, according to the last adopted annual accounts of the Company.

The absence of any of these approvals from the General Meeting does not affect the authority of the Board or the Directors to represent the Company.

In addition, certain resolutions of the Board identified in the Board Terms of Reference or identified pursuant to a resolution of the Board from time to time on the basis of the relevant provisions in the Board Terms of Reference require a qualified majority or can only be taken with the consent of a majority of the non-executive Directors.

#### Conflicts of Interest
Dutch law provides that a member of the board of directors of a Dutch public company with limited liability (*naamloze vennootschap*), such as the Company (following conversion of the Company immediately prior to Admission), may not participate in the board's discussions and decision-making if they have a direct or indirect personal interest on a certain matter that conflicts with the interests of the relevant company and the business connected with it. Such a conflict of interest in any event exists if the director is deemed unable to serve the interests of the company and the business connected with it with the required level of integrity and objectivity.

Pursuant to the Board Terms of Reference, a Director having a (potential) conflict of interest must declare the nature and extent of that interest to the other Directors. A Director may not participate in the Board's discussions and decision-making with respect to the matter concerned if the Director has a direct or indirect

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personal interest that conflicts with the interests of the Company and the business connected with it. This prohibition does not apply if the conflict of interest exists for all Directors.

In addition, if a Director does not comply with the provisions on conflicts of interest, the resolution concerned is subject to nullification (*vernietigbaar*) and such Director may be held liable towards the Company for any damages resulting from such improper performance of duties. As a general rule, the existence of a (potential) conflict of interest does not affect the authority to represent the Company as described in "—*Powers, Responsibilities and Functioning*" above. Furthermore, as a general rule, agreements and transactions entered into by a company cannot be annulled on the grounds that a decision of its board of directors was adopted with the participation of a conflicted director. However, under certain circumstances, a company may annul such an agreement or transaction if the counterparty misused the relevant conflict of interest.

#### Board Committees
According to the Articles of Association and the Board Terms of Reference, the Board may appoint standing and/or ad hoc committees from among its members, which are charged with tasks specified by the Board. The Board remains collectively responsible for decisions prepared by its committees and accountable for the performance and affairs of the Company. As envisaged by the Dutch Corporate Governance Code and the UK Corporate Governance Code, the Board has established an audit and risk committee (the "**Audit and Risk Committee**"), a remuneration committee (the "**Remuneration Committee**") and a nomination and governance committee (the "**Nomination and Governance Committee**"). If the need arises, the Board may set up additional committees as appropriate. The Company has also established a separate market disclosure committee (the "**Disclosure Committee**").

#### Audit and Risk Committee
The Audit and Risk Committee assists the Board in discharging its responsibilities with regard to financial and sustainability reporting and the effectiveness of the Company's internal risk management and control systems. Under the Audit and Risk Committee's terms of reference, the Audit and Risk Committee is charged in particular with: (i) informing the Board of the outcome of the statutory audit, whereby it is explained in which manner the statutory audit contributed to the integrity of the financial reporting and the role of the Audit and Risk Committee in that process; (ii) monitoring the financial reporting process and making proposals to ensure the integrity of that process; (iii) monitoring the compliance management system, the effectiveness of the internal control system, the internal audit system and the risk management system in relation to the financial reporting of the Company; (iv) monitoring the statutory audit of the (consolidated) annual accounts; (v) assessing and monitoring the independence of the external auditor, with particular attention to the provision of ancillary services to the Company; and (vi) establishing the procedure for selecting the statutory auditor or audit firm and the nomination for the engagement to perform the statutory audit. The terms of reference of the Audit and Risk Committee also cover such issues as membership and the frequency of meetings, together with requirements for the quorum for and the right to attend meetings, reporting responsibilities and the authority of the Audit and Risk Committee to carry out its duties. The Audit and Risk Committee's terms of reference will be available free of charge on the Company's website (www.corporate.magnumicecream.com).

The Audit and Risk Committee shall meet as often as required for the proper functioning of the Audit and Risk Committee. The Audit and Risk Committee shall meet whenever deemed necessary by the chair of the committee or by another member of the committee, the Chair or the Directors and at least four times a year.

The Disclosure Guidance and Transparency Rules ("**UK DTRs**") require that a majority of members of the Audit and Risk Committee be independent and that at least one member has competence in accounting and/or auditing. In addition, by virtue of the recommendations of the Dutch Corporate Governance Code and the UK Corporate Governance Code, the Audit and Risk Committee should comprise at least three independent non-executive Directors and have recent and relevant financial experience. In addition, the chair of the Audit and Risk Committee must be independent and not be the Chair or previously have been an executive Director of the Company. The Board considers that the Company complies with the requirements of the Disclosure Guidance and Transparency Rules and the recommendations of the Dutch Corporate Governance Code and the UK Corporate Governance Code in those respects.

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The Audit and Risk Committee comprises four Directors: René Hooft Graafland, as chair of the committee, Stacey Cartwright, Melissa Bethell and Stefan Bomhard. Stacey Cartwright has competence in accounting and/or auditing. At least annually the Board shall consider whether to designate one or more members of the Audit and Risk Committee as "Audit Committee financial experts" in accordance with US federal securities laws and regulations.

#### Remuneration Committee
The Remuneration Committee assists the Board in determining its rights and responsibilities in relation to remuneration and workforce engagement, including making recommendations to the Board on the Company's policy on executive remuneration, setting the over-arching principles, parameters and governance framework of the Group's remuneration policy, the design of short-term and long-term incentive plans for executive Directors, and setting the remuneration and benefits package of each of the executive Directors and the Senior Management Team.

By virtue of the recommendations of the Dutch Corporate Governance Code and the UK Corporate Governance Code, the Remuneration Committee should comprise at least three independent non-executive Directors, one of whom may be the Chair (but who may not chair the Remuneration Committee). In addition, the chair of the Remuneration Committee must be independent and not have previously been an executive Director of the Company.

The Remuneration Committee is chaired by Melissa Bethell and its other members are Stefan Bomhard and Anja Mutsaers. Josh Frank will join the Remuneration Committee following his appointment, which will take effect on or before 1 March 2026. The Board considers that the composition of the Remuneration Committee complies with the requirements of the Dutch Corporate Governance Code and the UK Corporate Governance Code in this respect. The Remuneration Committee is required to meet at least twice a year.

The terms of reference of the Remuneration Committee cover such issues as membership and the frequency of meetings, requirements for the quorum for and the right to attend meetings, reporting responsibilities and the authority of the Remuneration Committee to carry out its duties. The Remuneration Committee's terms of reference will be available free of charge on the Company's website (www.corporate.magnumicecream.com).

#### Nomination and Governance Committee
The Nomination and Governance Committee assists the Board in discharging its responsibilities relating to the composition and make-up of the Board and any committees of the Board. It is responsible for evaluating the balance of skills, knowledge and experience and the size, structure and composition of the Board and committees of the Board and, in particular, for monitoring the independent status of the independent non-executive Directors. It is also responsible for periodically reviewing the Board's structure and identifying potential candidates to be appointed as Directors or committee members as the need may arise.

By virtue of the recommendations of the Dutch Corporate Governance Code and the UK Corporate Governance Code, a majority of members of a nomination committee must be independent non-executive Directors. The Board considers that the Company complies with the recommendations of the Dutch Corporate Governance Code and the UK Corporate Governance Code in that respect. The Nomination and Governance Committee is chaired by Jean-François van Boxmeer, and its other members are Stacey Cartwright, Anja Mutsaers, René Hooft Graafland and Reginaldo Ecclissato. The Nomination and Governance Committee is required to meet at least twice a year.

The terms of reference of the Nomination and Governance Committee cover such issues as membership and the frequency of meetings, requirements for the quorum for and the right to attend meetings, reporting responsibilities and the authority of the Nomination and Governance Committee to carry out its duties. The Nomination and Governance Committee's terms of reference will be available free of charge on the Company's website (www.corporate.magnumicecream.com).

#### Disclosure Committee
The Company has established the Disclosure Committee in order to, among others, ensure timely and accurate disclosure of all information required to be so disclosed to the market to meet the legal and regulatory

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obligations and requirements arising from the listing of the Company's securities on Euronext Amsterdam, the NYSE and the London Stock Exchange, including the EU Market Abuse Regulation, the UK Market Abuse Regulation, the UK Listing Rules, the NYSE rules, applicable national law and the Disclosure Guidance and Transparency Rules sourcebook.

The Disclosure Committee will meet as often as necessary to fulfil its responsibilities. Meetings may be called by the chair of the Disclosure Committee, any other member of the Disclosure Committee, the Chair, the Directors or the Company Secretary. The Disclosure Committee must have at least three members. Members of the Disclosure Committee are appointed by the Board.

#### Corporate Governance Arrangements with Ben & Jerry's
Ben & Jerry's was founded in 1978 and acquired by the Unilever Group in 2000. Ben & Jerry's Homemade Inc. ("**Ben & Jerry's Homemade**") is a "close" corporation under the Vermont Business Corporation Act and is a certified B corporation.

In connection with the acquisition, a series of agreements and other documents were entered into which contained a bespoke set of corporate governance arrangements. Under these provisions, Ben & Jerry's Homemade was allowed to maintain, among other things, a defined purpose board of directors comprising a majority of independent members (the "**Ben & Jerry's Board**"). These corporate governance arrangements will not change as a result of the Demerger.

The rights, powers and authorities of the Ben & Jerry's Board are limited to those expressly granted to it in the series of agreements and other documents referenced above and include: (i) having primary responsibility for preserving and enhancing the objectives of the historical social mission of Ben & Jerry's; and (ii) having primary responsibility over safeguarding the integrity of the essential elements of the Ben & Jerry's brand-name.

The other powers and functions of Ben & Jerry's Homemade are exercised by the CEO or by its direct parent company, Ben & Jerry's Holdco, LLC ("**Ben & Jerry's HoldCo**"), a wholly-owned indirect subsidiary of the Company. Therefore, Ben & Jerry's HoldCo has primary responsibility for the financial and operational aspects of Ben & Jerry's Homemade and the other aspects of Ben & Jerry's Homemade not allocated to the Ben & Jerry's Board.

The arrangements between Ben & Jerry's Homemade and Ben & Jerry's HoldCo and the other governing documents of Ben & Jerry's Homemade also provide that the Ben & Jerry's Board is fixed at 11 members and shall comprise: (i) nine members appointed by the existing independent directors; (ii) the CEO, who is appointed (and removed) by Ben & Jerry's HoldCo following a process of good-faith consultation with an advisory committee comprising only independent directors; and (iii) one other director appointed by Ben & Jerry's HoldCo.

Following investigations commissioned by the Group and conducted by external advisers, in the opinion of the Group the current chair of the Ben & Jerry's Board no longer meets the criteria to serve as a member of the Ben & Jerry's Board. The Group has informed the Ben & Jerry's Board about the results of the internal investigations. The Group will consider its options depending on the response it receives from the Ben & Jerry's Board.

The Ben & Jerry's Board or its individual members may seek to commence or instigate other proceedings against the Group (and/or its employees and officers) as a result.

#### 6.D. EMPLOYEES
The table below provides an overview of the average number of permanent employees of the Group during FY2024 and FY2023 by geographical operating segments as set out in "*Note 4. Employees*" of the Combined Carve-Out Financial Statements.<sup>55</sup>

<sup>55</sup>

The average number of permanent employees of the Group during FY2022 is not available because prior to November 2022, the ice cream category within Unilever was not a dedicated business group.

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| | | |
|:---|:---|:---|
| **Geographical operating segment**  | **FY2024**  | **FY2023**  |
| Americas  | 5031 | 5019 |
| Europe and ANZ  | 4758 | 4614 |
| RoW  | 4093 | 4050 |
| **Total**  | 13882 | 13683 |

---

The following table sets out the average number of permanent employees of the Group during FY2024 and FY2023 by business function.

---

| | | |
|:---|:---|:---|
| **Business function**  | **FY2024**  | **FY2023**  |
| Commercial Operations  | 2863 | 2785 |
| Supply Chain, Logistics and Manufacturing  | 10168 | 10121 |
| Support Staff  | 851 | 777 |
| **Total**  | 13882 | 13683 |

---

In addition to the permanent employees set out above, approximately 4,700 full-time equivalent employees were allocated to the Group from Unilever in 2024 (2023: 4,300). On a go forward basis, these employees will be replaced by a combination of services provided by Unilever on a transitional basis or recruitment of new staff.

#### Works councils
The Group has established and will establish works councils in certain of its European markets as required. A works council is a body regulated by applicable laws and regulations comprising employee representatives whose members have been elected by the employees.

A works council typically has the right to be informed or consulted on, among other things: (i) a transfer of control of the undertaking or any division thereof; (ii) the taking up of significant credit on behalf of the undertaking; (iii) the granting of significant credit and provision of security for major liabilities of another company, unless this is done within the normal conduct of activities of the undertaking; and (iv) the restructuring of the company through such actions as termination of one of its activities, a substantial reduction of the work force, or expansion or other change in its activities.

#### Collective bargaining
Approximately 8,000 of the Group's employees are covered by collective bargaining agreements, typically lasting between one and five years. These agreements address, among other things, working conditions as well as wage rates and benefits The Group has collective bargaining agreements in the major markets in which it operates, including Germany, Indonesia, Italy, the Netherlands, Turkey, the United Kingdom and the United States.

#### Medium- to long-term incentives
 *See "Item 6. Directors, Senior Managers and Employees—Remuneration of the Directors and the Senior Managers" for further information on the long-term Incentive Plan.* 

#### 6.E. SHARE OWNERSHIP
As of the date of this registration statement, the entire issued share capital of the Company is held and controlled by Unilever International Holdings B.V., a wholly-owned subsidiary of Unilever PLC.

#### Interests of the Directors and the Senior Managers
As at the date of this registration statement, the Directors and the Senior Managers have no interest in the share capital of the Company. Following Admission, the interests of the Directors and the Senior Managers in the share capital of the Company will be based on the number of Unilever Shares or Unilever ADSs owned by

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them (with each Director and Senior Manager receiving one Share for every five Unilever Shares or Unilever ADSs owned by them at the Record Time) and the number of Unilever Shares and Unilever ADSs subject to certain awards that will be unvested at that time.

The following sets out the total interests of each relevant Director and Senior Manager in Unilever Shares and Unilever ADSs as at the Latest Practicable Date and the expected shareholdings in the Company immediately after the Demerger Dividend:

---

| | | | |
|:---|:---|:---|:---|
| **Name**  | **Number of <br> Unilever <br> Shares held <br> at the Latest <br> Practicable <br> Date<sup>(1)(2)</sup>**  | **Number of <br> Unilever <br> ADSs held at <br> the Latest <br> Practicable <br> Date**  | **Expected <br> number of <br> Shares to be <br> held <br> immediately <br> after the <br> Demerger <br> Dividend<sup>(3)</sup>**  |
| **Chair** |  |  |  |
| Jean-François van Boxmeer  |  |  |  |
| **Executive Directors** |  |  |  |
| Peter Ter Kulve  | 45612 |  | 9122 |
| Abhijit Bhattacharya  |  |  |  |
| **Non-Executive Directors** |  |  |  |
| Melissa Bethell  |  |  |  |
| Stefan Bomhard  |  |  |  |
| Stacey Cartwright  |  |  |  |
| Reginaldo Ecclissato  | 100125 |  | 20025 |
| René Hooft Graafland  |  |  |  |
| Anja Mutsaers  |  |  |  |
| **Senior Management** |  |  |  |
| Julien Barraux  | 21811 |  | 4362 |
| Sandeep Desai  | 797 |  | 159 |
| Tim Gunning  | 749 |  | 149 |
| Wai-Fung Loh  | 36053 |  | 7210 |
| Mark O'Brien  |  |  |  |
| Gerardo Rozanski  | 39649 |  | 7929 |
| Ronald Schellekens  | 3271 |  | 654 |
| Mustafa Seckin  | 53247 |  | 10649 |
| Toloy Tahir Tanridagli  | 15244 |  | 3048 |
| Vanessa Vilar  | 2922 |  | 584 |

---

Notes:

(1) Rounded down to the nearest whole share.

(2) Includes Unilever Shares held under UK ShareBuy, and as bonus deferral share awards under the Unilever Share Plan 2017.

(3) Each Unilever Shareholder will be allotted one Share for every five Unilever Shares or Unilever ADSs held at the Record Time.

The following sets out the unvested awards over Unilever Shares held by each relevant Director and Senior Manager as at the Latest Practicable Date under the terms of the relevant Unilever employee share plans.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name**  | **Award type<sup>(1)</sup>**  | **Number <br> subject to <br> award<sup>(2)</sup>**  | **Grant Date**  | **Vesting Date**  |
| **Executive Directors** |  |  |  |  |
| Peter Ter Kulve  | Unilever RSU  | 5343 | 27/11/2024 | 12/02/2026 |
|  | Unilever RSU  | 5343 | 27/11/2024 | 12/08/2026 |
|  | Unilever PSP  | 12788 | 10/03/2023 | 12/02/2026 |
|  | Unilever PSP  | 13777 | 08/03/2024 | 17/02/2027 |
|  | Unilever PSP  | 10975 | 07/03/2025 | 16/02/2028 |
|  | Unilever TSA  | 4658 | 08/03/2024 | 12/02/2026 |
| Abhijit Bhattacharya  | Unilever PSP  | 18926 | 07/03/2025 | 16/02/2028 |
| **Non-Executive Directors** |  |  |  |  |
| Reginaldo Ecclissato  | Unilever PSP  | 12485 | 10/03/2023 | 12/02/2026 |
|  | Unilever PSP  | 11696 | 08/03/2024 | 17/02/2027 |
|  | Unilever PSP  | 9724 | 07/03/2025 | 16/02/2028 |
| **Senior Managers** |  |  |  |  |
| Julien Barraux  | Unilever RSU  | 1445 | 27/11/2024 | 12/02/2026 |
|  | Unilever RSU  | 1445 | 27/11/2024 | 12/08/2026 |
|  | Unilever PSP  | 3334 | 10/03/2023 | 12/02/2026 |
|  | Unilever PSP  | 3448 | 08/03/2024 | 17/02/2027 |
|  | Unilever PSP  | 2670 | 07/03/2025 | 16/02/2028 |
| Sandeep Desai  | Unilever RSU  | 1306 | 27/11/2024 | 12/02/2026 |
|  | Unilever RSU  | 1306 | 27/11/2024 | 12/08/2026 |
|  | Unilever PSP  | 2077 | 10/03/2023 | 12/02/2026 |
|  | Unilever PSP  | 2234 | 08/03/2024 | 17/02/2027 |
|  | Unilever PSP  | 2678 | 07/03/2025 | 16/02/2028 |
| Tim Gunning  | Unilever ASP  | 232 | 08/03/2024 | 17/02/2027 |
|  | Unilever ASP  | 740 | 07/03/2025 | 16/02/2028 |
|  | Unilever RSU  | 450 | 27/11/2024 | 12/02/2026 |
|  | Unilever RSU  | 450 | 27/11/2024 | 12/08/2026 |
|  | Unilever PSP  | 221 | 10/03/2023 | 12/02/2026 |
| Wai Fung Loh  | Unilever RSU  | 1849 | 27/11/2024 | 12/02/2026 |
|  | Unilever RSU  | 1849 | 27/11/2024 | 12/08/2026 |
|  | Unilever PSP  | 4637 | 10/03/2023 | 12/02/2026 |
|  | Unilever PSP  | 4561 | 08/03/2024 | 17/02/2027 |
|  | Unilever PSP  | 3413 | 07/03/2025 | 16/02/2028 |
| Mark O'Brien  | Unilever RSU  | 1213 | 27/11/2024 | 12/02/2026 |
|  | Unilever RSU  | 1213 | 27/11/2024 | 12/08/2026 |
|  | Unilever PSP  | 2472 | 07/03/2025 | 16/02/2028 |
| Gerardo Rozanski  | Unilever RSU  | 2645 | 27/11/2024 | 12/02/2026 |
|  | Unilever RSU  | 2645 | 27/11/2024 | 12/08/2026 |
|  | Unilever PSP  | 7299 | 10/03/2023 | 12/02/2026 |
|  | Unilever PSP  | 6527 | 08/03/2024 | 17/02/2027 |
|  | Unilever PSP  | 5427 | 07/03/2025 | 16/02/2028 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name**  | **Award type<sup>(1)</sup>**  | **Number <br> subject to <br> award<sup>(2)</sup>**  | **Grant Date**  | **Vesting Date**  |
| Ronald Schellekens  | Unilever PSP  | 13244 | 07/03/2025 | 16/02/2028 |
|  | Unilever TSA  | 13021 | 25/10/2024 | 12/02/2026 |
| Mustafa Seckin  | Unilever RSU  | 1726 | 27/11/2024 | 12/02/2026 |
|  | Unilever RSU  | 1726 | 27/11/2024 | 12/08/2026 |
|  | Unilever PSP  | 4336 | 10/03/2023 | 12/02/2026 |
|  | Unilever PSP  | 4265 | 08/03/2024 | 17/02/2027 |
|  | Unilever PSP  | 3544 | 07/03/2025 | 16/02/2028 |
| Toloy Tahir Tanridagli  | Unilever RSU  | 1165 | 27/11/2024 | 12/02/2026 |
|  | Unilever RSU  | 1165 | 27/11/2024 | 12/08/2026 |
|  | Unilever PSP  | 1867 | 10/03/2023 | 12/02/2026 |
|  | Unilever PSP  | 1945 | 08/03/2024 | 17/02/2027 |
|  | Unilever PSP  | 2389 | 07/03/2025 | 16/02/2028 |
|  | Unilever TSA  | 1619 | 27/10/2023 | 12/02/2026 |
| Vanessa Vilar  | Unilever RSU  | 510 | 27/11/2024 | 12/02/2026 |
|  | Unilever RSU  | 510 | 27/11/2024 | 12/08/2026 |
|  | Unilever PSP  | 1334 | 10/03/2023 | 12/02/2026 |
|  | Unilever PSP  | 1511 | 08/03/2024 | 17/02/2027 |
|  | Unilever PSP  | 1266 | 07/03/2025 | 16/02/2028 |

---

Notes:

(1) All awards are granted under the Unilever Share Plan 2017.

(2) Inclusive of accrued dividend equivalents, rounded down to the nearest whole share.

#### Awards over Unilever Shares
On completion of the Demerger, employees of the Group will leave employment with the Unilever Group and awards they hold under the Unilever Share Plan 2017 will, in accordance with the rules, be subject to "good leaver" treatment meaning that:

• Unilever PSP and Unilever TSA awards will continue to vest on their normal vesting date(s) subject to time pro-rating and (where relevant) performance testing;

• Unilever ASP awards will continue to vest on their normal vesting date(s) subject to time pro-rating; and

• subject to Board consent, Unilever RSU awards will be exchanged for substantially equivalent awards over Shares which will vest on their original vesting date(s) subject to continued employment/service with the Group and maintaining satisfactory levels of personal performance.

Subject to Board consent, in addition to any ordinary course annual awards made under the Company's discretionary share plans following Demerger, Group employees who hold awards under the Unilever Share Plan 2017 (other than Unilever RSUs) on completion of the Demerger will receive an award (referred to as a "replacement award") under the Magnum Ice Cream Company Long Term Incentive Plan 2025 over Shares on substantially equivalent terms and with a value equivalent to the value of the Unilever Shares subject to the relevant Unilever award that will lapse due to the application of time pro-rating. All long-term incentive grants over Shares awarded or vesting following the Demerger, including the replacement awards, will be under the governance, and subject to the approval, of the Remuneration Committee.

Employees of the Group who participate in Unilever's all-employee SHARES and UK ShareBuy plans will be treated in accordance with the normal rules for 'good leavers' under those plans when they leave employment with the Unilever Group on completion of the Demerger.

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The treatment described above will apply equally in respect of any awards held by the Directors and Senior Managers of the Company. Save as set out above, no Director or Senior Manager has any interests in the share capital or any other securities of the Company.

#### Employee Share Plans
The Company intends to operate the following employee share plans, following Admission:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Magnum Ice Cream Company Long Term Incentive Plan 2025 (the "**LTIP**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Foundation Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Magnum Ice Cream Company Celebration Award Plan (the "**Celebration Award Plan**"),

(together, the "**Employee Share Plans**"). Prior to the date of this Registration Statement, the Employee Share Plans have been adopted by the Board conditional on and effective as at the later of Admission and shareholder approval (and such approval for the LTIP and Celebration Award Plan is expected to be obtained before Admission).

The Board intends to put the Foundation Plan to Shareholders for approval at a general meeting in 2026. As part of the development of the Foundation Plan, the Company consulted with Unilever and incorporated feedback received into the design.

The Board makes all decisions in relation to the Employee Share Plans, such as which employees will participate and the key terms of their awards.

The Board can delegate its functions to any committee or other person. References to the Board in this section include the Board and its delegate(s). Decisions in relation to executive Directors and Senior Managers under the LTIP and the Foundation Plan will be delegated to the Remuneration Committee.

The current principal terms of the Employee Share Plans and how the Company currently intends to operate the plans, once adopted, are set out below, with the common terms of the Employee Share Plans set out in "—*Common Terms*" below.

All awards granted under the Employee Share Plans will be in respect of Shares.

#### The LTIP

#### Eligibility
Executive Directors and employees of the Company, the Group and associated companies are eligible to participate in the LTIP. The Board will decide who will be granted awards and over how many shares. In practice, it is intended that executive Directors and managers will be granted awards.

#### Types of awards
An award under the LTIP may take the form of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "conditional awards" under which the participant automatically receives Shares to the extent the award vests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "options" under which the participant can acquire Shares, to the extent their option has vested, at an exercise price set at grant (which may be nil); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "forfeitable shares" under which the participant receives Shares on grant which must be given back to the extent the award lapses.

An option or conditional award may be granted on the basis that the participant will not receive Shares on exercise or vesting (as applicable) but will receive an equivalent amount in cash.

Some or all of a participant's annual bonus may be paid in the form of an award, referred to as a "deferred bonus award".

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As set out above, the Company has a broad discretion under the LTIP to award different types of awards to participants. The Company may also use the LTIP to facilitate the exchange of Unilever RSUs for Rollover Awards on such terms as the Board determines.

The main types of awards the Company currently intends to award to participants in the LTIP are outlined below.

 *Performance Share Plan ("PSP")* 

Selected participants, including executive Directors, will be granted conditional awards which normally vest after three years subject to continued employment, to the extent performance conditions are achieved. In line with the Dutch Corporate Governance Code and the UK Corporate Governance Code, upon vesting, executive Directors have an additional two-year holding period after vesting (during which Shares cannot be sold except to cover tax (unless net-settled) and in other limited circumstances) to ensure there is a five-year duration between the grant of the award and release of shares.

 *Momentum Share Plan* 

Selected participants (excluding executive Directors) will be granted conditional awards which normally vest after three years subject to continued employment.

 *Replacement awards* 

The executive Directors and Group employees who held awards under the Unilever Share Plan 2017 (other than Unilever RSUs) on completion of the Demerger will be granted conditional awards on substantially equivalent terms and with a value not exceeding the value of the Unilever Shares subject to the relevant Unilever award that lapsed due to the application of time pro-rating. Where the underlying Unilever award has been granted on a net-of-tax basis, the replacement award may be awarded on a gross-up basis or be grossed-up at the time of vesting.

#### Performance conditions
An award may (and must where this is required under the Remuneration Policy in respect of executive Directors) be granted on the basis that it will normally only vest to the extent that a performance condition, set at the time of grant, is satisfied.

#### Timing of grants
Awards to executive Directors will normally only be granted in the 42 days following approval of the plan, Admission, any General Meeting of the Company or the announcement or preliminary announcement of the Company's results for any period but may be granted at other times such as following a change in applicable legislation or in connection with recruitment or other exceptional circumstances.

No further awards can be granted after the 10th anniversary of approval of the LTIP.

#### Vesting
An award will normally vest to the extent that any performance condition is met on the later of the date or dates set by the Board at the time of grant or the date performance is assessed following the end of the period over which any performance condition is tested. An option can be exercised only to the extent it has vested and will lapse no later than 10 years after the date on which the award was granted.

#### Holding period
Awards granted to executive Directors will (and awards to others may) be subject to a post-vesting holding period. For executive Directors, the Board will set the length of any holding period at the time of grant in accordance with the Remuneration Policy. The Board can end any holding period early and the holding period will end in the event of a change of control or if the participant dies.

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During a holding period, the participant cannot normally sell or transfer any Shares received on exercise or vesting, except to cover tax (unless net-settled) and in other limited circumstances. Alternatively, the Board may determine that delivery of the Shares in respect of which an option or conditional award has been exercised or vested will be delayed until the end of the holding period.

If the participant leaves employment/service with the Group during the holding period, the Shares are not normally forfeited unless the participant has been dismissed for misconduct.

#### Foundation Plan

#### Eligibility
The intention is that executive Directors and certain employees of the Company, the Group and associated companies will be eligible to participate in the Foundation Plan. The Board will decide who will be invited to participate and/or receive options and over how many Shares.

The Foundation Plan is intended as a one-off award; any options granted under the Foundation Plan must be granted before 30 June 2026.

#### Types of options
It is intended that the Foundation Plan would be used to grant two types of options, as follows:

 *Matching options* 

The Board may decide to invite certain senior employees of the Group and executive Directors to participate.

If an invitee chooses to participate, they may use Shares (referred to as "**Investment Shares**") up to a maximum value set out in the invitation, bought on the market over a period of time set by the Board (the "**Investment Period**"). The intention is the maximum investment amount for the CEO and CFO will be set at five- and four-times annual base salary (respectively). For other employees, the maximum value will be set by the Board and will be no more than five times annual base salary.

After the end of the Investment Period, the invitee will be granted an option over up to five times the number of Investment Shares acquired.

If the participant disposes of any of the Investment Shares before all options are fully vested, the option (vested or unvested) will normally lapse in full unless the Board determines otherwise.

 *Foundation options* 

Selected senior employees of the Group (excluding executive Directors) may be granted an option over Shares with a value typically equal to their annual base salary.

#### Terms of options
It is intended that the options will be on broadly the same terms as an option under the LTIP (as described above) but:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the exercise price will be based on the market value of a Share on or around the grant date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • will be subject to performance conditions measured over a three-year and four-year period based on the Company's total shareholder return outperforming the median of a peer group of international snacking and refreshment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • will normally vest and become exercisable as to 50 per cent. of the Shares following the end of the three-year performance period and as to the remaining 50 per cent. of the Shares following the end of the four-year performance period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • will lapse (at the latest) on the seventh anniversary of the grant date.

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#### Holding period
Any options granted to executive Directors will be subject to a holding period which will normally end on the fifth anniversary of the grant date. The holding period mechanism is the same as awards under the LTIP (as described above) and is expected to be implemented by way of the participant not being permitted to sell or transfer any Shares received on exercise, except to cover tax and in other limited circumstances.

#### Celebration Award Plan

#### Eligibility and operation
All employees of the Company, the Group and associated companies are eligible to receive an award under the Celebration Award Plan. Executive Directors are not eligible to receive an award under the Celebration Award Plan.

The Celebration Award Plan is intended as a one-off award for employees of the Group immediately following the Demerger (or employees who join the Group as a result of other Ice Cream Businesses of Unilever joining the Group at a later stage). Any awards must be granted within three years from Admission.

#### Type of award
The intention is that each participant in the Celebration Award Plan will be granted a one-off award over the same number of Shares (although this may be varied for employees who join the Group as a result of other Ice Cream Businesses of Unilever joining the Group at a later stage, in order to deliver broadly the same award value). The aggregate market value of all awards that may be made under the Celebration Award Plan will not exceed €10 million, as determined on or around the date of the grant.

#### Terms of award
The awards will be on broadly similar terms to a conditional award under the LTIP (as described above) but they will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • normally vest one year after grant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • not be subject to any performance conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • not be subject to a holding period.

#### Common Terms
The following apply to all of the Employee Share Plans:

#### Vesting
The Board may decide that, instead of receiving Shares under an option or conditional award, the participant will receive an equivalent amount in cash.

The Board may determine that awards or options may be satisfied by way of net settlement, whereby on vesting or exercise the participant receives a reduced number of Shares with a value equal to the gross award value less the exercise price (in the case of options), applicable taxes and/or other withholdings.

#### Dividend equivalents
An award may be granted on the basis that the number of Shares received after vesting or exercise will be increased to take account of dividends paid between grant and vesting or exercise on the number of Shares acquired. The exact basis will be determined by the Board for each award and may assume notional re-investment of the dividends from payment of the dividend to vesting or exercise. Options granted under the Foundation Plan will not be eligible to receive dividend equivalents.

#### Limits
In any 10-year period, not more than 10 per cent. of the issued ordinary share capital of the Company may be issued or be issuable under the Employee Share Plans. This limit does not include awards which have lapsed,

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the exchanged Unilever RSU awards or the replacement awards. Treasury shares transferred to satisfy an award will be counted as if new shares had been issued for so long as it is considered best practice to do so.

Awards granted to executive Directors will be subject to any limits set out in the Remuneration Policy prevailing at the time of grant.

#### Malus and clawback
 *The Board can reduce the number of Shares in respect of which an award would otherwise vest and/or claw back Shares or cash received by a participant on vesting or exercise in accordance with the Company's malus and clawback policy from time to time, as summarised in "Item 6—Directors, Senior Management and Employees—Item 6.B. Compensation—Remuneration Policy—Executive Directors—Malus and clawback".* 

#### Leaving employment/service
An award will normally lapse if the participant leaves the Group before it has vested.

However, if the participant leaves for certain reasons set out in the rules (e.g. ill-health, injury, redundancy (unless the award is an option under the Foundation Plan), retirement (unless the award is an option under the Foundation Plan), sale of their employer or in other circumstances if the Board allows), the award will not lapse but continue in effect and vest at the normal time. The number of Shares in respect of which each award vests will be determined in accordance with any performance condition and, except to the extent that the Board decides otherwise, the number of Shares will be reduced to reflect the fact that the participant left early (unless the award is a deferred bonus award or an award under the Celebration Award Plan).

Alternatively, the Board may decide that the award will vest on leaving or on a later date. If it does so and the award is subject to a performance condition, the award will vest to the extent that the Board determines, taking account of the extent to which the condition has been or would have been met. The number of shares will also be reduced, as described above, to reflect the fact that the participant left early.

If the participant dies, awards will normally vest on the date of death, with any performance condition deemed to have been satisfied at target level (unless the Board determines otherwise).

Options which do not lapse on leaving can be exercised for a limited period from the date of leaving (or vesting, if later), after which they lapse.

A vested option or a deferred bonus award will only lapse if the participant leaves employment/service in circumstances in which their employment/service could have been terminated without notice or otherwise due to their misconduct.

The Board can allow awards to vest early if the participant's transfer to another country would cause tax or legal issues. The Board can also determine not to reduce the extent to which an award vests due to leaving early, or reduce it on a different basis.

#### Takeovers and other transactions
Awards may vest and, in the case of options, become exercisable, if the Company is taken over.

If the award is subject to a performance condition, the award will vest to the extent that the Board determines, taking account of the extent to which it has been or would have been met.

Except to the extent the Board decide otherwise, the number of Shares will also be reduced on a pro rata basis to reflect the fact that the award is vesting early (unless the award is a deferred bonus award or an award under the Celebration Award Plan).

Alternatively, the Board may allow or require participants to exchange awards wholly or partly for equivalent awards which relate to shares in the company which has acquired the Company, or a related company.

If another corporate event occurs which, in the opinion of the Board, may affect the current or future value of Shares, the Board can decide that awards will vest early to the extent described above. Examples of such corporate events include a winding-up of the Company, demerger, delisting, or special dividend.

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Options can be exercised, to the extent vested, for a limited period following such an event and will then lapse to the extent not exercised.

#### Amendments
The Board can amend the Employee Share Plans in any way but shareholder approval (by General Meeting) will be required to amend certain provisions to the advantage of participants. These provisions relate to eligibility, individual and plan limits, rights attaching to awards and Shares, the adjustment of awards on a variation in the Company's share capital and the amendment powers.

Minor amendments can be made without shareholder approval to benefit the administration of the Employee Share Plans, to take account of a change in legislation or to obtain or maintain favourable tax, exchange control or regulatory treatment. Performance conditions can also be waived or changed in accordance with their terms or if anything happens which causes the Board reasonably to consider it appropriate to do so (subject to the prevailing Remuneration Policy, where applicable). The Board may also establish further plans based on the Employee Share Plans but modified to take account of local securities laws, exchange controls or tax (but shares made available under such further plans will be treated as counting against any limits on participation as set out in the Employee Share Plans).

#### General
Awards may be satisfied using cash, newly issued Shares, treasury Shares or Shares purchased in the market (e.g. through an employee trust).

Any Shares issued pursuant to awards will rank equally with Shares in issue on the date of allotment except in respect of rights arising by reference to a prior record date.

The number and/or type of shares subject to awards and/or any exercise price may be adjusted in such manner as the Board considers reasonable to take account of any rights issue (or similar transaction), demerger, delisting, special dividend or variation in the share capital of the Company.

Awards are not transferable (other than on death or in exceptional circumstances) and are not pensionable.

#### 6.F. DISCLOSURE OF A REGISTRANT'S ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION
Not applicable.

#### ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

#### 7.A. MAJOR SHAREHOLDERS
The Company was incorporated in anticipation of the Demerger. As at the date of this registration statement, the entire issued share capital of the Company is held by Unilever International Holdings B.V., a wholly-owned subsidiary of Unilever PLC.

As at the Latest Practicable Date and so far as is known to the Company by virtue of the notifications made to Unilever PLC pursuant to the Companies Act 2006 and/or the UK DTRs and to the Netherlands Authority for the Financial Markets (the "**AFM**") by virtue of the Dutch Financial Supervision Act (*Wet op het financieel toezicht*), as a result of the Demerger and an issue of Shares to (a subsidiary of) Unilever, the following will, on Admission, be directly or indirectly interested in 3 per cent. or more of the Company's share capital:

---

| | |
|:---|:---|
| **Name of Shareholder**  | **Percentage of <br> total voting <br> rights**  |
| Unilever PLC  | c. 19.9%  |
| Blackrock, Inc.  | c. 6.8%  |
| Vanguard Group Holdings  | c. 4.3%  |

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The Shareholders listed above do not have different voting rights from any other holders of Shares, save that, in accordance with applicable US federal tax laws and regulations, Unilever has indicated to the Company that it will exercise any votes attaching to the Unilever Retained Stake in proportion to the votes cast by the Company's other Shareholders.

As at the Latest Practicable Date, the Company was not aware of any person or persons who, following Admission, will directly, indirectly, jointly or severally, exercise or could exercise control over the Company nor is it aware of any arrangements the operation of which may, at a subsequent date, result in a change in control of the Company.

#### Material Pension Transfers
The Unilever Group's Ice Cream Business forms a significant proportion of its business in Germany and Turkey. Accordingly, a fair proportion of pension liability obligations have been transferred to Group Companies pursuant to the Reorganisation in each of those territories. The liabilities that have been transferred cover the accrued obligations and all associated employment and ancillary agreements in relation to relevant former Group employees. These transfers occurred in addition to the transfer of similar liabilities by operation of law in Germany in respect of current Group employees.

Following receipt of professional actuarial advice, a proportion of total Unilever Group pension liabilities in each of Germany and Turkey (being a fair representation of the proportion of the Unilever Group's business in those territories that is Ice Cream Business), were transferred to Group Companies pursuant to the Reorganisation.

#### 7.B. RELATED PARTY TRANSACTIONS
Details of related party transactions entered into by members of the Group during the period covered by the Combined Carve-Out Financial Statements are set out in "*Note 20. Related party transactions*" thereto beginning on page F-72. The nature of the related party transactions of the Group has not changed between the period covered by the Combined Carve-Out Financial Statements and the Latest Practicable Date from those described in "*Note 20. Related party transactions*" of the Combined Carve-Out Financial Statements.

In connection with the Reorganisation, the Group will enter into the following arrangements and transactions with the Unilever Group:

#### Global Transitional Services Agreement
 *See "Item 10. Additional Information—10.C. Material Contracts—Global Transitional Services Agreement".* 

#### Demerger Agreement
 *See "Item 10. Additional Information—10.C. Material Contracts—Demerger Agreement".* 

#### Tax Matters Agreement
 *See "Item 10. Additional Information—10.C. Material Contracts—Tax Matters Agreement".* 

#### 7.C. INTERESTS OF EXPERTS AND COUNSEL
Not applicable.

#### ITEM 8. FINANCIAL INFORMATION

#### 8.A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION
See "*Item 18. Financial Statements*" for a list of all financial statements filed as part of this registration statement.

#### Legal Proceedings
Save as described below, there are no governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which the Company is aware) that may have, or have had in the recent past, significant effects on the Company's and/or the Group's financial position or profitability.

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With respect to each of the legal proceedings described below, other than those for which a provision has been made, the Group is unable to make a reliable estimate of the expected financial effect at this stage. In particular, the Group does not believe that information about the amount sought by plaintiffs, if that is known, would be meaningful with respect to those legal proceedings. This is due to several factors, including, but not limited to, the stage of proceedings, the entitlement of parties to appeal a decision and clarity as to theories of liability, damages and governing law.

The ultimate liability for legal claims may vary from the amounts provided and is dependent upon the outcome of litigation proceedings, investigations and possible settlement negotiations. The Group's position could change over time and, therefore, there can be no assurance that any losses that result from the outcome of any legal proceedings will not exceed by a material amount the amount of the provisions reported in the Group's financial accounts. If this were to happen, it could have a material adverse impact on the results of operation of the Group in the reporting period in which the judgments are incurred or the settlements entered into.

#### Italian Competition Authority (Autorità Garante della Concorrenza e del Mercato, the "AGCM")
In December 2017, the AGCM fined Unilever Italia MKT Operations S.R.L (the Ice Cream Business of which now forms part of the Group) €60.7 million for alleged imposition of exclusivity and abuse of dominant position. The Italian Council of State (*Consiglio di Stato*) upheld the fine. The fine was paid in 2018 and an appeal to the Italian Cassation Court (Corte di Cassazione) is ongoing. A decision is expected in 2025 or 2026.

#### Brazilian Labour Public Prosecution Office (Ministério Público do Trabalho, the "MPT")
In September 2023, the MPT filed a class action against Unilever Brasil Ltda. to formalise the employment arrangements for ice cream logistics operators' sales workers involved in the mobile sales operation (which involves the sale of ice cream from mobile carts). The Labor Public Attorney also made an alternative claim that the Group should have implemented a process of identifying hazards and assessing occupational risks, taken preventative measures to control the identified risks and monitored the workers' occupational health (including analysing work-related accidents and illnesses). The court dismissed the case on the basis that no direct employment relationship existed. In May 2024, the MPT appealed, and the case is pending a second instance decision. Approximately 200 ice cream logistics operators' sales workers were involved in the original class action, but if the MPT's appeal were to succeed there could be implications for the Group's relationship with all 1,400 of the logistic operators' sales workers involved in the "mobile operation". If the MPT's appeal were to succeed, the Group believes that its likely financial exposure would be approximately €50 million (largely comprising additional payments that would need to be made to the relevant workers).

#### Brazilian Tax Assessments
The Group is involved in a number of separate, ongoing tax assessments in Brazil, in respect of which a contingent liability of €98 million for FY2024 has been disclosed in the Combined Carve-Out Financial Statements (see page F-70 of this Registration Statement).

€77.7 million of the contingent liability referred to above relates to litigation arising out of an indirect tax claim connected to a former Group manufacturing facility in Brazil. It concerns the alleged non-payment of indirect tax due to the purported improper use of tax incentives. The relevant tax authorities have opened three cases relating to the period from November 2014 to December 2018. Each of these cases are pending judgment, two of which are pending a decision on appeal in the Administrative Tribunal for State Taxes.

The Brazilian tax assessments giving rise to the remaining €21.1 million of the €98.8 million contingent liability relate to unconnected, individual assessments, none of which the Group believes will have a significant effect on its financial position or profitability.

#### Turkish Competition Authority (Rekabet Kurumu, the "RK")
In March 2021, the RK fined Unilever Sanayi ve Ticaret Türk A.Ş. (the Ice Cream Business of which now forms part of the Group) TRY 360 million for allegedly establishing exclusivity obligations and offering allegedly abusive rebates. The RK also imposed a "Cooler Rule Obligation" whereby outlets with an indoor commercial surface of less than or equal to 100m² with no non-Unilever freezer cabinet available to consumers

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can decide to leave 30 per cent. of the Unilever freezer cabinet space available for competitor products. Unilever Sanayi ve Ticaret Türk A.Ş. lost an initial appeal in April 2023 but won a second appeal in July 2024, remitting the case to the lower court. In November 2024, the lower court upheld its original decision, and Unilever Sanayi ve Ticaret Türk A.Ş. filed a further appeal petition before the Regional Administrative Court on 26 December 2024. A decision is expected in 2025 or 2026.

#### BRR Logistics Limited ("BRRL") Litigation
In November 2022, BRRL, a former distributor of the Group in Canada, issued a claim against Unilever Canada Inc. (the Ice Cream Business of which now forms part of the Group) alleging that Unilever Canada Inc., Vice N Berg Cold Storage Inc. (a new distributor for the Group), related corporate entities and shareholders of the new distributor and former employees of BRRL stole confidential information and conspired to harm BRRL's economic interests. Unilever Canada Inc. defended the claim and issued a counterclaim alleging BRRL breached its contract and obligation to act in good faith. Since this claim was issued, BRRL has been declared bankrupt and therefore it is likely the claim will be dismissed (either proactively by a motion to dismiss by the Group, or by the court, due to administrative delay by BRRL to advance the case), as the bankruptcy trustee or creditors of BRRL are unlikely to pursue the claim and BRRL will be dissolved as a legal entity. No provisions have been made for this claim.

#### Ben & Jerry's Litigation
Unilever and its wholly owned indirect subsidiary Conopco, Inc. ("**Conopco**") are currently defending a lawsuit in the US District Court for the Southern District of New York brought by the independent directors of the defined purpose board of Ben & Jerry's Homemade (the "**Ben & Jerry's Board**") and on behalf of Ben & Jerry's Homemade (together "Plaintiffs"). Ben & Jerry's Homemade is a wholly owned subsidiary of Ben & Jerry's Holdco, LLC ("**Ben & Jerry's HoldCo**"), a Group Company.

The Ben & Jerry's Board filed its initial complaint in the name of Ben & Jerry's Homemade on 14 November 2024, and has twice since amended its complaint, including to add itself as a plaintiff. The Ben & Jerry's Board alleges (on behalf of the Ben & Jerry's Board and Ben & Jerry's Homemade itself) that Conopco and Unilever breached the terms of a merger agreement that the parties entered into in 2000 (the "**Merger Agreement**") when Conopco acquired Ben & Jerry's Homemade, breached a settlement agreement entered into by the parties in 2022 to resolve an earlier lawsuit the Ben & Jerry's Board brought against Conopco and Unilever, and breached a 2023 amendment to that same settlement agreement. The Ben & Jerry's Board alleges Conopco and Unilever: (i) failed to "[r]espect and acknowledge the Ben & Jerry's Independent Board's primary responsibility over Ben & Jerry's Social Mission and Essential Brand Integrity" and "work in good faith" with the Ben & Jerry's Board on that mission by allegedly refusing to approve the release of certain statements the Ben & Jerry's Board wished to make in 2023 and 2024 related to the conflict in the Middle East; (ii) "unreasonably withheld" their consent to make donations in 2024 to two organisations — Jewish Voice for Peace and the Council on American-Islamic Relations — selected by the Ben & Jerry's Board; and (iii) failed to purchase Palestinian almonds and erected extracontractual hurdles regarding the purchase of those almonds, in breach of their obligations under the Merger and Settlement Agreements. The Ben & Jerry's Board further seeks a declaration that Unilever and Conopco: (a) impermissibly terminated the former CEO of Ben & Jerry's Homemade; and (b) may not diminish the Ben & Jerry's Board's rights in the separation of the Ice Cream Business.

The defendants do not believe that the Ben & Jerry's Board has standing to bring claims on behalf of Ben & Jerry's Homemade, or that the Ben & Jerry's Board itself has standing to sue under the Merger Agreement or the Shareholders Agreement as they are not party to either agreement. On 25 April 2025, Unilever and Conopco moved to dismiss the action challenging, among other things, the Ben & Jerry's Board's standing to bring claims on behalf of Ben & Jerry's Homemade. On 2 May 2025, Plaintiffs filed an opposition to the motion. Unilever's and Conopco's motion is now fully briefed and awaiting the judge's decision. Discovery is stayed while the parties wait for a ruling. Prior to the Demerger, the Company, Unilever, Conopco and Ben & Jerry's HoldCo have entered into agreements pursuant to which (amongst other things): (i) all liabilities incurred by the Unilever Group in connection with; and (ii) conduct in respect of, the litigation described above (together with other litigation that may be brought by the Ben & Jerry's Board in the future) will be assumed by the Company and Ben & Jerry's HoldCo. While the Group expects to incur costs and expend

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management time and resource in defending or settling the current case, it does not believe this case will have a significant effect on the Company or the Group's financial position or profitability. If the Company is unsuccessful in defending any element of the case, however, this could encourage the independent members of the Ben & Jerry's Board to bring similar claims in the future, which could cause reputational damage to the Group and serve as an on-going distraction to the Group's management team.

The Group has taken a pro-active approach to finding common ground with the Ben & Jerry's Board and its members to avoid future conflicts of the type that have arisen in the past. However, following investigations commissioned by the Group and conducted by external advisers, in the opinion of the Group the current chair of the Ben & Jerry's Board no longer meets the criteria to serve as a member of the Ben & Jerry's Board. The Group has informed the Ben & Jerry's Board about the results of the internal investigations. The Group will consider its options depending on the response it receives from the Ben & Jerry's Board.

While these matters are not expected to have a material impact on the operations of Ben & Jerry's or the Group, they may result in the types of reputational damage, consumer boycotts of products, investor claims or adverse shifts in consumer behaviour that are mentioned above. They may also give rise to further legal claims being brought against the Group (and/or its employees and officers) instigated by the Ben & Jerry's Board or its individual members. There also remains an ongoing risk that the statements and actions of the Ben & Jerry's Board or its members could adversely impact the Group's reputation, business, financial condition, and results of operations.

#### Philippines Joint Venture
In the Philippines, the Group's business is predominantly conducted through Magnum RFM Ice Cream, Inc., which is a joint venture between a Group Company and RFM Corporation (the "**Philippines Joint Venture**").

Under the terms of the Philippines JV Agreement, each year, within one month of 31 December, RFM has the right to require the relevant Group Company to purchase all or a proportion of RFM's shares in the Philippines Joint Venture companies pursuant to a put option, at a price to be calculated in accordance with the "formula" set out in the Philippines JV Agreement. This formula takes into account various financial performance metrics of the Philippines Joint Venture. This put option has been exercisable on an annual basis since the Philippines Joint Venture was established, but has never been exercised by RFM. For more information on the Philippines Joint Venture, see "*Note 13B. Financial Liabilities*" of the Combined Carve-Out Financial Statements.

**Dividend Policy**<sup>56</sup>

Following the Demerger, the Company will adopt a dividend policy reflecting the Group's long-term earnings potential, while maintaining sufficient financial flexibility in line with its capital allocation priorities. The dividend is expected to be in the range of 40 to 60 per cent. of net income after adjusting items and paid annually, subject to approval by the Board. The Company expects to pay its first dividend to Shareholders in relation to the full year of 2026 in the first six months of 2027, subject to Board approval.

#### Historical dividends
The Company was incorporated in 2025 in anticipation of the Demerger to act as the holding company for the Group. It has not, prior to the date of this registration statement, declared or paid any dividends to its Shareholders.

#### 8.B. SIGNIFICANT CHANGES
Other than as disclosed in "Note 7. Events After the Balance Sheet Date" of the Condensed Combined Carve-Out Financial Statements and the entry into: (i) the Term Loan Facilities Agreement and the Revolving Credit Facility Agreement on 28 August 2025 detailed in "*Item 5. Operating and Financial Review and Prospects—5.B.* 

 *<sup>56</sup>* 

 *For the purposes of describing the Company's dividend policy, "dividends" may refer to dividends or other payments the Company may make to Shareholders in lieu of regular dividends, please see Part IX: "Taxation—Dutch Taxation—Dutch Dividend Withholding Tax".* 

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*Liquidity and Capital Resources—Capital Resources and Indebtedness*"; and (ii) the Portugal SPA on 18 October 2025 detailed in "*Reorganisation and Demerger—Reorganisation—Portugal*", no significant change has occurred since 30 June 2025.

#### ITEM 9. THE OFFER AND LISTING

#### 9.A. OFFER AND LISTING DETAILS
There is currently no public market for the Shares. The Company intends to list the Shares on Euronext Amsterdam under the symbol "MICC", the Main Market of the London Stock Exchange under the ticker symbol "MICC" and the New York Stock Exchange under the ticker symbol "MICC".

#### 9.B. PLAN OF DISTRIBUTION
Not applicable.

#### 9.C. MARKETS
The Company intends to apply to list the Shares on Euronext Amsterdam under the symbol "MICC", the Main Market of the London Stock Exchange under the ticker symbol "MICC" and the New York Stock Exchange under the ticker symbol "MICC". The Company makes no representation that such applications will be approved or that the Shares will trade on such markets either now or at any time in the future.

#### 9.D. SELLING SHAREHOLDERS
Not applicable.

#### 9.E. DILUTION
Not applicable.

#### 9.F. EXPENSES OF THE ISSUE
Not applicable.

#### ITEM 10. ADDITIONAL INFORMATION

#### 10.A. SHARE CAPITAL
The following descriptions of share capital are summaries and are qualified by reference to the Articles of Association, a copy of which has been filed with the SEC as an exhibit to this registration statement.

As of the date of this registration statement, the issued share capital of the Company comprises 50,000 shares with a nominal value of €1.00 each. As the Company is a company incorporated and currently existing as a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) under the laws of the Netherlands, the Company is not required to have, and does not have, an authorised share capital at the date of this registration statement.

Other than the shares issued upon its incorporation on 15 April 2025, which are held by Unilever International Holdings B.V., a wholly-owned subsidiary of Unilever PLC, the Company has not issued any shares prior to the date of this registration statement.

As at Admission, it is expected that the Company's authorised share capital will amount to €7,875,000,000.00 divided into 2,250,000,000 Shares with a nominal value of €3.50 each. The Shares have been created under, and are subject to, Dutch law. As at Admission, it is expected that the Company's issued share capital will comprise 612,259,739 Shares with a nominal value of €3.50 each.

The Shares will be registered with ISIN number NL0015002MS2 and the following SEDOL numbers: (i) Euronext Amsterdam: BSNMGT9; (ii) LSE: BVZG4R4; and (iii) NYSE: BT7JRZ6.

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On the date of Admission, all of the issued Shares will be fully paid up, there will be no convertible securities, exchangeable securities or securities with warrants in the Company and no Shares will be held by the Group. There are no acquisition rights and/or obligations over unissued share capital of the Company or any undertaking to increase the share capital of the Company. No share or loan capital of any member of the Group is under option or agreed, conditionally or unconditionally, to be put under option. Other than as set out under "—*Reduction of Share Capital*", the Articles of Association do not contain any redemption or conversion provisions.

Other than in respect of outstanding options under certain Group share incentive schemes, the Company is not party to any contract or arrangement (or proposed contract or arrangement) whereby any option or preferential right of any kind is (or is proposed to be) given to any person to subscribe for any securities in the Company.

No Shareholder will have any voting rights different from any other Shareholder.

#### Fractional entitlements
Unilever Shareholders and Unilever ADS Holders will be eligible to receive one Share for every five Unilever Shares or Unilever ADSs (as applicable) held at the Record Time. As a consequence of the above ratio, it is likely that entitlements to fractions of Shares will arise. For example, if a Unilever Shareholder holds 101 Unilever Shares at the Record Time, they will receive 20 Shares plus an entitlement to a <sup>1</sup>∕5 fraction of a Share.

Where individual fractional entitlements to Shares arise on the Demerger, the number of Shares to be received will be rounded down to the nearest whole number. Any fractional entitlements to Shares will be aggregated with those from other Unilever Shareholders and Unilever ADS Holders and sold on the open market as soon as practicable and the relevant Unilever Shareholders and Unilever ADS Holders will be entitled to receive the net proceeds (subject to applicable law and following the deduction of any sale or currency exchange costs or commissions) pro rata to their fractional entitlement. If any such payment would or may infringe applicable laws with respect to economic sanctions or require compliance with any other registration, filing or other formality with which Unilever or the Company is unable to comply or compliance with which Unilever or the Company regards as unduly onerous, such proceeds will be held on behalf of the relevant Unilever Shareholders and Unilever ADS Holders and paid to them as soon as practicable once such payment would not cause such infringement or require such compliance.

#### 10.B. ARTICLES OF ASSOCIATION
Set out below is a summary of the material information concerning the Company's share capital and of material provisions of Dutch law and the Articles of Association. It is based on relevant provisions of Dutch law in effect on the date of this registration statement and the Articles of Association. This summary does not purport to give a complete overview and should be read in conjunction with, and is qualified in its entirety by reference to, the relevant provisions of Dutch law and the Articles of Association. The full text of the Articles of Association (in Dutch, and an unofficial English translation) will be available free of charge on the Company's website (www.corporate.magnumicecream.com). See also "*Item 6. Directors, Senior Management and Employees*" for a summary of the material provisions of the Articles of Association, the Board Terms of Reference and Dutch law relating to the Board.

There are no restrictions under the Articles of Association or under Dutch law that limit the right of persons to hold Shares. The transfer of Shares to persons who are located or resident in, citizens of, or have a registered address in jurisdictions other than the Netherlands may, however, be subject to specific regulations or restrictions according to their securities laws.

#### Objects
Pursuant to the Articles of Association, the objects of the Company are to:

• research and develop, to produce, to manufacture, to package, to pack, to store, to market, to trade in, to distribute and to sell consumer goods, such as ice cream products and products related thereto;

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

• franchise operations related to the marketing, distribution and sale of consumer goods, such as ice cream products and products related thereto;

• own, to maintain, to sell, to distribute, to lend and to lease ice cream cabinets;

• incorporate, to participate in any way whatsoever in, to manage and supervise and to finance subsidiaries, group companies and third parties;

• borrow, to lend and to raise funds, including the issue of bonds, debt instruments or other securities or evidence of indebtedness and to enter into agreements in connection with the aforementioned activities;

• render advice and services;

• grant guarantees, to bind the Company and to pledge or otherwise encumber its assets for its own obligations and for obligations of subsidiaries, group companies and third parties;

• acquire, alienate, encumber, manage and exploit registered property and items of property in general;

• trade in currencies, securities and items of property in general;

• exploit and trade in patents, trademarks, licences, knowhow, copyrights, database rights and other intellectual property rights; and

• perform any and all activities of an industrial, financial or commercial nature,

and to do all that is connected therewith or may be conducive thereto, the interpretation of which is to be in the broadest sense. In pursuing its objects, the Company shall also take into account the interests of the legal entities and companies with which it forms a group.

#### Meetings of Shareholders and Voting Rights

#### General Meetings
According to the Articles of Association, General Meetings can be held in the Netherlands in Amsterdam, Amstelveen, The Hague, Hoofddorp, Haarlem, Lelystad, Rotterdam, Utrecht or Haarlemmermeer (including Schiphol Airport), at the choice of those who call the meeting. The Board may also determine that a General Meeting is only accessible via electronic means of communication.

The annual General Meeting must be held within six months after the end of each financial year. An extraordinary General Meeting may be held as often as the Board deems necessary and must be held within three months after the Board has considered it to be likely that the Company's equity has decreased to an amount equal to or lower than one-half of its paid-up and called-up share capital, in order to discuss any requisite measures.

In addition, Shareholders representing alone or in aggregate at least one-tenth of the issued share capital of the Company may, pursuant to the Dutch Civil Code, request that a General Meeting be convened. If the Board has not taken such measures that the General Meeting can be held within eight weeks of Shareholders making such request, the Shareholders making such request may, upon their request, be authorised by the Amsterdam district court in summary proceedings to convene a General Meeting.

Notice of the General Meeting must be given by at least such number of days prior to the day of the meeting as required by Dutch law, which, at the date of this registration statement, is 42 calendar days. The notice convening the General Meeting will be given by way of an announcement on the website of the Company and/or through other means of electronic public announcement.

The notice convening the General Meeting shall specify the business to be discussed, the venue and time of the General Meeting, the requirements for admittance to the General Meeting, the address of the Company's website, and such other information as may be required by Dutch law. The agenda for the annual General Meeting must contain specific subjects including, among other things, the adoption of the annual accounts, the discussion of any substantial change in the corporate governance structure of the Company and the allocation of profits, insofar as these are at the disposal of the General Meeting. In addition, the agenda must include such items as have been included in it by the Board or the Shareholders (with due observance of Dutch

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law as described below). If the agenda of the General Meeting contains an item granting discharge to the Directors concerning the performance of their duties, the discharge must be mentioned on the agenda as separate items for the executive and non-executive Directors.

Shareholders holding at least 3 per cent. of the Company's issued and outstanding share capital may request, by a motivated request, that an item is added to the agenda. Such requests must be made in writing, must either be substantiated or include a proposal for a resolution, and must be received by the Company at least 60 days before the day of the General Meeting.

No resolutions may be adopted on items other than those that have been included in the agenda (unless the resolution would be adopted unanimously during a meeting where the entire issued capital of the Company is present or represented).

Shareholders who, individually or with other Shareholders, hold Shares that represent at least 1 per cent. of the Company's issued share capital or a market value of at least €250,000 may if certain conditions are met request the Company to disseminate information that is prepared by them in connection with an agenda item for a General Meeting. The Company can only refuse dissemination of such information if received less than seven business days prior to the day of the General Meeting, if the information gives or could give an incorrect or misleading signal or if, in light of the nature of the information, the Company cannot reasonably be required to disseminate it.

The General Meeting is presided over by the Chair or, in the Chair's absence, the vice-chair of the Board (who shall also fulfil the role of Senior Independent Director). In such vice-chair's absence, the non-executive Directors present at the meeting shall appoint a chair from among them. If no such appointment is made, the chair of the meeting shall be appointed by the General Meeting. The chair of the General Meeting will have all powers necessary to ensure the proper and orderly functioning of the General Meeting. Directors may always attend a General Meeting. In these General Meetings, they have an advisory vote. The external auditors of the Company are also authorised to attend the annual General Meeting. The chair of the General Meeting may decide at its discretion to admit other persons to the General Meeting.

Each Shareholder (as well as other persons with voting rights or meeting rights) may attend the General Meeting, address the General Meeting and, insofar as it has such right, exercise voting rights in accordance with the terms of the relevant Shares, either in person or by proxy.

The Board may decide that persons entitled to attend and vote at General Meetings may cast their vote electronically or by mail in a manner to be decided by the Board. Votes validly cast electronically or by mail have the same status as votes validly cast at the General Meeting.

#### Voting rights
At General Meetings, each Share carries one vote.

In the General Meeting, no voting rights may be exercised for Shares held by the Company or its subsidiaries, or for Shares for which the Company or its subsidiaries hold the depositary receipts. However, usufructuaries and pledgees of Shares owned by the Company or its subsidiaries are under certain circumstances able to exercise voting rights. See "—*Acquisition of Own Shares*".

The record date in order to establish which Shareholders are entitled to attend and vote at the General Meeting shall be the 28th calendar day falling prior to the day of the General Meeting. The record date and the manner in which Shareholders can register and exercise their rights will be set out in the notice of the meeting.

Decisions of the General Meeting are taken by a majority of the votes cast without any quorum being required, except where Dutch law or the Articles of Association provide for a qualified majority and/or a quorum. For each resolution passed at a General Meeting, the voting results must be posted on the Company's website within 15 calendar days after the meeting. The information posted will include the numbers of votes cast in favour, cast against and the abstentions, the total number of Shares validly voted, the total number of valid votes cast and the percentage of the Company's issued and outstanding share capital represented by the total number of Shares validly voted. The voting results must be kept accessible on the Company's website for a period of at least one year.

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The voting rights attached to the Shares may only be amended by amendment to the Articles of Association.

#### Dividends and other Distributions

#### General
The Company may only make distributions, whether a distribution of profits or of freely distributable reserves, to its Shareholders if its shareholders' equity exceeds the amount of the paid-up and called-up part of the issued capital plus any reserves as required to be maintained by the Articles of Association or by Dutch law. The distribution payout can be summarised as set out below.

#### Annual profit distribution
A distribution of profits other than an interim distribution is only allowed after the adoption of the Company's annual accounts, and the information in the annual accounts will determine whether the distribution of profits is legally permitted for the relevant financial year.

#### Right to reserve
The Board may decide that the profits realised during a financial year, if any, are to be fully or partially reserved. Any profits remaining after allocation to the reserves shall be put at the disposal of the General Meeting. Furthermore, the Board may decide that distributions to the Shareholders shall be at the expense of reserves.

#### Interim distribution
Subject to Dutch law and the Articles of Association, the Board may resolve to make an interim distribution of profits or distributions from reserves, provided that it appears from an interim statement of assets and liabilities signed by the Board that the Company's equity does not fall below the sum of paid-up and called-up part of the issued capital plus the reserves as required to be maintained by the Articles of Association (if any) or by Dutch law.

#### Distribution in kind
The Board may decide that a distribution is made in kind, such as a payment in Shares or other securities, or decide that Shareholders shall have the option to receive a distribution as a cash payment and/or as a payment in Shares or other securities, provided that the Board is designated by the General Meeting as the competent corporate body to resolve to issue Shares.

#### Profit ranking of the Shares
The Shares will rank *pari passu* with each other and holders of Shares will be entitled to dividends and other distributions declared and paid on them.

#### Payment
Payment of any distribution on Shares to Shareholders will, in principle, be made in euro, Pounds Sterling or US dollars. The Company will, however, have the authority to make distributions in currencies other than euro, Pounds Sterling and US dollars.

Any distributions on Shares that are paid to Shareholders through DTC will be automatically credited to the cash account of the relevant Shareholders' DTC participant in US dollars, including holders of book-entry interests in the Shares holding through intermediaries who are direct participants in Euroclear Bank SA/NV ("**Euroclear Bank**") (except for Nederlands Centraal Instituut voor Giraal Effectenverkeer B.V. ("**Euroclear Nederland**") and its participant entities), while dividends on Shares that are paid to Shareholders through Euroclear Nederland are expected to be credited in euro to the cash account of the relevant Euroclear Nederland participant and dividends on Shares that are paid to Shareholders through Euroclear UK & International Limited ("**Euroclear UK**") are expected to be credited in pounds sterling to the relevant CREST

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account. Payments to Shareholders holding their shares via the Direct Registration System ("**DRS**") ("**DRS Shareholders**") will be paid by the US Transfer Agent in US dollars, either by cheque or through bank transfer. Shareholders may consult their intermediary or professional adviser in relation to the currency in which their dividends will be paid. There are no restrictions in relation to the payment of dividends under Dutch law in respect of holders of Shares who are non-residents of the Netherlands. However, see "*Item 10. Additional Information—10.E. Taxation*" for a discussion of certain aspects of taxation of dividends and refund procedures for non-tax residents of the Netherlands. Payments of profit and other payments are announced in a notice by the Company. A Shareholder's claim to payments of profits and other payments lapses five years and one day after the day on which the claim became payable. Any profit or other payments that are not claimed within this period will be considered to have been forfeited to the Company and will be carried to the reserves of the Company.

Any proposal for distributions on Shares and any resolution to make distributions on Shares are announced in a notice by the Company. Distributions on Shares are made payable in the manner and at such date, and notice thereof shall be given as the Board, or the General Meeting at the proposal of the Board, shall determine. A Shareholder's claim to payments of distributions lapses five years after the day on which the claim became payable. Any distributions not collected within this period revert to the Company.

#### Form of Shares and Shareholders' Register
All Shares are in registered form (*op naam*). Pursuant to Dutch law and the Articles of Association, the Company must keep a shareholders' register. A copy of the Company's shareholders' register (the "**Shareholders' Register**") will be kept by the Board at the offices of the Company in the Netherlands. The register may consist of various parts, and each part may be kept in different places, including outside the Netherlands, and in more than one copy, in order to comply with foreign requirements or regulations or the applicable provision set by a foreign stock exchange, as determined by the Board. In the Shareholders' Register, the names and addresses of all other persons holding meeting rights (being the right to be invited to and attend General Meetings and to speak at such meetings and the other rights the Dutch Civil Code grants to persons holding Shares or depositary receipts for Shares issued with the co-operation of the Company) must also be recorded, as well as the names and addresses of all holders of a right of usufruct (*vruchtgebruik*) or pledge (*pandrecht*) in respect of Shares and whether they have meeting rights.

If requested, the Board will provide a Shareholder or usufructuary or pledgee of Shares with an extract from the Shareholders' Register relating to its title or right to a Share free of charge. If the Shares are encumbered with a right of usufruct, the extract will state who has such rights. The Company may allow inspection of the register by, or provide information included in the register to, any competent supervisory or other authority in order to comply with requirements or regulations or the applicable provisions set by a stock exchange.

#### Issue of Shares
Resolutions to issue Shares are adopted by the General Meeting or by the Board if and during the fixed period the Board has been designated for that purpose by the General Meeting, but only upon a proposal of the Board. A resolution of the General Meeting to issue Shares, or to designate the Board as the competent corporate body to issue Shares, can only be adopted by a majority of the votes cast. The foregoing also applies to the granting of rights to subscribe for Shares, such as options, but does not apply to the issue of Shares to a person exercising a previously granted right to subscribe for Shares. An authorisation by the General Meeting to issue Shares must state the term for which it is valid, which term may not be longer than five years. The General Meeting is not authorised to resolve on the issuance of Shares or the granting of rights to subscribe for Shares to the extent it has authorised the Board as the competent body for such purpose. The resolution granting such authority to the Board must specify the number of Shares which may be issued (which may be expressed as a percentage of the issued capital). The authorisation may be renewed in each case for another maximum period of five years. Unless provided otherwise in the authorisation, it may not be withdrawn, other than upon a proposal thereto of the Board. The Company may not subscribe for its own Shares on issue.

The Board is expected to be designated by the General Meeting prior to Admission, for a period expiring on the earlier of: (i) the date falling six months following the conclusion of the Company's 2026 Annual General Meeting and (ii) the date of renewal of this authorisation, to issue Shares, to grant rights to subscribe for Shares and to limit or exclude statutory pre-emptive rights in relation to such issuances or grants. Such

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authorisation of the Board is expected to be limited to 10 per cent. of the Shares issued on Admission for any purposes, including for issuances/grants in connection with Employee Share Plans (as defined herein).

#### Pre-emptive Rights
Upon the issue of Shares or granting of rights to subscribe for Shares, each holder of Shares shall have a pre-emptive right in respect of the Shares to be issued, in proportion to the aggregate nominal value of the Shares already held by it. Exceptions to these pre-emptive rights include: (i) the issue of Shares against a contribution in kind; (ii) the issue of Shares to the employees of the Company or of a group company (*groepsmaatschappij*) pursuant to an employee share scheme or as an employee benefit; and (iii) the issue of Shares to persons exercising a previously granted right to subscribe for Shares.

Pursuant to the Articles of Association, the pre-emptive right may be restricted or excluded pursuant to a resolution of the General Meeting, or by the Board if and during the fixed period the Board has been designated for that purpose by the General Meeting at the proposal of the Board. The General Meeting is not authorised to resolve on the restriction or exclusion of pre-emptive rights to the extent it has authorised the Board as the competent body for such purpose. The proposal to this effect must explain the reasons for the designation and the intended issue price. The designation of the Board as the competent corporate body to restrict or exclude the pre-emptive rights may be for a period of up to five years. Unless provided otherwise in the authorisation, it may not be withdrawn, other than upon a proposal thereto of the Board. A resolution of the General Meeting to restrict or exclude pre-emptive rights, or to designate the Board to restrict or exclude pre-emptive rights, requires a majority of at least two-thirds of the votes cast if less than 50 per cent. of the issued share capital is represented at the General Meeting.

The Board is expected to be designated by the General Meeting prior to Admission, for a period expiring on the earlier of: (i) the date falling six months following the conclusion of the Company's 2026 Annual General Meeting; and (ii) the date of renewal of this authorisation, to limit or exclude the pre-emptive rights pertaining to such Shares and rights. This authorisation of the Board is expected to be limited to up to a maximum of 10 per cent. of the Shares issued and outstanding on Admission.

#### Acquisition of Own Shares
Subject to statutory conditions having been met, the Board will be authorised to acquire fully paid-up Shares either gratuitously (*om niet*), under universal succession of title, or if and to the extent: (i) the Company's equity, less the payment required to make the acquisition, does not fall below the sum of called-up and paid-up share capital and any statutory reserves; (ii) the aggregate nominal value of the Shares which the Company obtains, holds or holds as pledgee or which are held by a subsidiary does not exceed 50 per cent. of the issued share capital; and (iii) the Board has been authorised by the General Meeting to repurchase Shares. The Company may, without authorisation by the General Meeting, acquire its own Shares for the purpose of transferring such Shares to its employees under a scheme applicable to such employees, provided such Shares are quoted on the price list of a stock exchange.

The General Meeting's authorisation may be valid for a maximum of 18 months. As part of the authorisation, the General Meeting must determine the number of Shares that may be acquired, the manner in which the Shares may be acquired and the limits within which the price must be set.

The Board is expected to be designated by the General Meeting prior to Admission, for a period on the earlier of: (i) the date falling six months following the conclusion of the Company's 2026 Annual General Meeting; and (ii) the date of renewal of this authorisation, to allow the Company to acquire its own Shares up to a maximum of 10 per cent. of the aggregate number of Shares issued immediately following Admission, provided the Company will hold no more Shares in treasury than 10 per cent. of its issued share capital, either through purchase on a stock exchange or otherwise, at a price, excluding expenses, not lower than the nominal value of the Shares and not higher than the opening market price of the Shares on Euronext Amsterdam on the day of the repurchase plus 10 per cent.

The Company may not cast votes on Shares held by it or by its subsidiaries and such Shares will not be counted for the purpose of calculating a voting quorum. Votes may, however, be cast on Shares held by the Company if such Shares are encumbered with a right of usufruct or a right of pledge that benefits a party

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other than the Company or a subsidiary of the Company, the voting right attached to those Shares accrues to the other party and the right of usufruct or right of pledge was created prior to the Company or its subsidiary obtaining the Shares.

No dividend or other distribution shall be paid or made on the Shares held by the Company in its own capital, unless such Shares are subject to a right of usufruct or pledge and the authority to collect distributions or the right to receive distributions accrues to the usufructuary or the pledgee, respectively. For the purpose of determining the dividend or other distribution on Shares, the Shares held by the Company in its own capital shall be disregarded. The Board is authorised to dispose of the Company's own Shares held by it. For as long as Shares are admitted to trading on the ESCC category of the FCA's Official List, the procedures set out under "*—Articles of Association—Pre-emptive rights*" shall apply to the disposal of the Company's own Shares held by it.

#### Reduction of Share Capital
Subject to the provisions of Dutch law and the Articles of Association, the General Meeting may, but only if proposed by the Board, pass resolutions to reduce the issued share capital by: (i) cancelling Shares; or (ii) reducing the nominal value of the Shares by amendment of the Articles of Association. A resolution to cancel Shares may only relate to Shares held by the Company or of which it holds the depositary receipts. A reduction of the nominal value of the Shares, whether without redemption or against partial repayment on the Shares or upon release from the obligation to pay up the nominal value of the Shares, must be made *pro rata* on all Shares. This pro rata requirement may be waived if all Shareholders concerned so agree. A resolution of the General Meeting to reduce the share capital requires a majority of at least two-thirds of the votes cast if less than 50 per cent. of the issued share capital is represented at the General Meeting. If 50 per cent. or more of the issued share capital is represented at the General Meeting, then the resolution of the General Meeting requires a majority of the votes cast.

In addition, Dutch law contains detailed provisions regarding the reduction of capital. A resolution to reduce the issued share capital shall not take effect as long as creditors have legal recourse against the resolution.

 *Material aspects of taxation relating to a reduction of share capital are described in "Item 10. Additional Information—10.E. Taxation—Dutch Taxation—Dutch Dividend Withholding a Tax".* 

#### Transfer of Shares
The Articles of Association provide that, for as long as Shares are listed on a regulated stock exchange outside of the Netherlands, the Board may resolve that the property law aspects (*het goederenrechtelijke regime*) applying to Shares that are registered in the part of the shareholders' register which is kept outside the Netherlands, shall be governed by the laws of the state of establishment of such foreign stock exchange. The Board has resolved that, as of and subject to the Shares being admitted to listing and trading on the NYSE, the laws of the State of New York, United States of America, will apply to the property law aspects of the Shares that are registered in the part of the shareholders' register of the Company maintained by Computershare Trust Company, N.A., being all Shares. Such resolution will be made public in accordance with the applicable provisions of Dutch law. Accordingly, as of and subject to such admission occurring, a transfer of a Share (not being, for the avoidance of doubt, a beneficial entitlement to a Share held through the systems of DTC, Euroclear Bank, Euroclear Nederland or Euroclear UK) or of a restricted right (*beperkt recht*) will be governed by the laws of the State of New York, United States of America. Any change of such designation must also be made public in accordance with the applicable provisions of Dutch law.

Shares that have been entered into DTC's book-entry system will be registered in the name of Cede & Co. as nominee for DTC and transfers of beneficial ownership of shares held through DTC will be effected by electronic transfer made by DTC participants. Any Shares held by Unilever Shareholders who hold their Unilever Shares in certificated form but are not Eligible Certificated Shareholders ("**Excluded Certificated Shareholders**") and Unilever ADS Holders who hold their Unilever ADSs in registered or certificated form ("**Registered ADS Holders**" and together with Excluded Certificated Shareholders, "**DRS Shareholders**") will be held in the name of such DRS Shareholder in registered form through DRS. Any Shares held by any Shareholders who qualify as "affiliates", as defined in Rule 144 under the US Securities Act ("**Affiliate Holders**") will be held in the name of such Affiliate Holder in restricted book-entry form. Therefore, each

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DRS Shareholder and each Affiliate Holder will be registered as the owner of the relevant number of Shares on the Company's shareholder register.

Shares accepted for inclusion by Euroclear Nederland (as the central institute under the Dutch Securities Giro Transactions Act) or an intermediary in the giro depot or collective depot, respectively, can only be delivered from a collective depot or giro depot with due observance of the related provisions of the Dutch Securities Giro Transactions Act. The transfer by a depot shareholder of its book-entry rights representing such Shares shall be effected in accordance with the provisions of the Dutch Securities Giro Transactions Act. The same applies to the establishment of a right of pledge and the establishment or transfer of a usufruct on these book-entry rights.

Transfers of depository interests ("**DIs**") may be effected by means of a relevant system (i.e. CREST) unless the CREST Regulations provide otherwise.

#### Amendment of Articles of Association
The General Meeting may pass a resolution to amend the Articles of Association, but only on a proposal of the Board.

A proposal to amend the Articles of Association must be included in the notice of the General Meeting. A copy of such proposal containing the verbatim text of the proposed amendment must be deposited at the Company's office, for inspection by Shareholders and other persons holding meeting rights, until the end of the meeting. Furthermore, a copy of the proposal must be made available free of charge to Shareholders and other persons holding meeting rights from the day it was deposited until the day of the meeting.

#### Dissolution and Liquidation
The General Meeting may pass a resolution to dissolve the Company, but only on a proposal of the Board. When a proposal to dissolve the Company is to be made to the General Meeting, such proposal must be stated in the notice convening the General Meeting. In the event of the dissolution of the Company by resolution of the General Meeting, the Directors will be charged with effecting the liquidation of the Company's affairs, unless the General Meeting resolves to appoint one or more other persons as liquidators, without prejudice to the ability of the district court to replace a liquidator. During liquidation, the provisions of the Articles of Association will remain in force to the extent possible.

 *The balance of the Company's assets remaining after all liabilities have been paid shall be transferred to the holders of Shares in proportion to the number of Shares held by each Shareholder. Any transfer to a Shareholder will be subject to the rights of any Shareholders to whom Shares have been issued on special conditions, and subject further to the right of the Company to apply set-off in respect of the liability, if any, of Shareholders for unpaid capital or share premium. Once the liquidation has been completed, the books, records and other data carriers of the dissolved company will be held by the person or legal person appointed for that purpose by the General Meeting for the period prescribed by law (which as at the date of this registration statement is seven years). Material tax aspects of liquidation proceeds are described in "Item 10. Additional Information—10.E. Taxation—Dutch Taxation—Holding and Disposal of Shares—Dividend withholding tax—Withholding requirement".* 

#### 10.C. MATERIAL CONTRACTS
The contracts listed below have been entered into by the Company or a member of the Group outside of the ordinary course of business within the two years immediately preceding the date of this registration statement and are material to the Company or any member of the Group.

#### Global Transitional Services Agreement

#### Overview
To ensure business continuity following 1 July 2025 (being the principal date for completion of the Reorganisation), certain members of the Group and Unilever Group entered into the GTSA. Under the

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GTSA, Unilever will provide, or procure the provision of, certain services on a transitional basis for the Transitional Period, at which point the Group anticipates that it will be able to fully operate on a stand-alone basis.

For the duration of the Transitional Period, the Group will operate in accordance with an "interim operating model" pursuant to the GTSA and a set of Local OMAs which operationalise the GTSA in particular markets, as described in "*Reorganisation and Demerger—Reorganisation—TSAs and interim operating models*". This "interim operating model" authorises Unilever to perform certain business operations on behalf of the Group until the end of the Transitional Period, when the Group has its own systems in place which are sufficient to allow it to transact independently.

#### Services
Services provided by Unilever under the GTSA are required to be provided to the same standard as those or equivalent services are provided, on average, to Unilever and/or any of its entities. The services to be provided under the GTSA include, among others, certain IT infrastructure and support services, financial services and support, operations management services, distribution services, the use of offices and facilities, logistics and supply-chain management.

#### Duration
Each service provided under the GTSA is subject to specific service terms ranging from six to 30 months, including a three-month ramp down period.

Under the terms of the GTSA, the Group is required to exit GTSA arrangements as soon as practicable, pursuant to applicable early termination rights. There is no automatic right to extend the duration of services; extensions may be granted at the sole discretion of Unilever. The GTSA will automatically terminate when the last service provided in accordance with the agreement is terminated.

At Admission, provision of certain intercompany services under the GTSA will terminate. This includes intercompany legal services, internal audit, external audit, financial consolidation services, hedging services, tax advisory and consultancy services, treasury and funding services, consultancy services, statutory reporting and tax submission, insurance services, facilities (hosting of non-business as usual (i.e. project) staff); and IT fit out of new facilities and processing of non-business as usual transactions (i.e. project costs).

Following the Transitional Period, the Group will be required to provide these services internally or obtain these services from a third-party provider. If the Group does not effectively develop and implement these capabilities, or it is unable to source further arrangements from third-party providers, its business, results of operations, financial condition and prospects could be materially and adversely affected. For further details on the risks to the Group associated with the GTSA, please see relevant sections of "*Item 3. Key Information—3.D. Risk Factors*" above.

#### Liability
The Group and Unilever's maximum annual liability arising out of or in connection with the GTSA, subject to certain enumerated exceptions and applicable law, is capped at amounts that the Group believes are customary for contracts of this nature.

#### Governance
The GTSA provides for the appointment of relationship managers which meet regularly and will be the principal point of contact to resolve operational and commercial issues arising under the agreement. If a dispute arises, the matter must be escalated first to the respective relationship managers of each party and, if it cannot be resolved following this procedure, the parties may refer the dispute to the respective chief financial officers of the Group and Unilever. The GTSA is governed by English law.

#### Demerger Agreement
The Company, Magnum Holdco and Unilever entered into a demerger agreement on 1 October 2025 (the "**Demerger Agreement**") to effect the Demerger and to govern aspects of the relationship between the Group

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and the Unilever Group following completion of the Demerger, including in respect of, among other things, undertakings to proceed with the steps required to give effect to the Demerger, allocation of risk and responsibility for certain liabilities between the Unilever Group and the Group and dealing with separation issues between the Group and the Unilever Group.

#### Conditions to completion of the Demerger
Completion of the Demerger is conditional on the satisfaction of conditions precedent contained in the Demerger Agreement. As at the date of this registration statement, the only material conditions that remain outstanding are:

• the approval of the Demerger Dividend and associated corporate steps by the Unilever Board (and such approval not having been revoked);

• the Sponsors' Agreement and the Demerger Agreement not having been terminated in accordance with their terms;

• the receipt of regulatory approvals in relation to Admission, admission to listing and trading on Euronext Amsterdam, a regulated market operated by Euronext Amsterdam N.V. ("**Euronext Amsterdam**"), and admission of the Shares to listing on the Equity Shares (Commercial Companies) Category of the Official List of the UK Financial Conduct Authority (the "**FCA**") and to trading on the London Stock Exchange's (the "**LSE**") main market for listed securities (the "**Main Market**");

• the approval of a prospectus by the Dutch Authority for the Financial Markets for the purpose of the admission of the Shares to listing and trading on Euronext Amsterdam;

• the approval of a prospectus by the FCA for the purpose of the admission of the Shares to listing on the Equity Shares (Commercial Companies) Category of the Official List of the FCA and to trading on the LSE's Main Market; and

• this registration statement becoming effective and the approval of the admission of the Shares to listing and trading on the NYSE.

None of these conditions is capable of being waived unilaterally by any party to the Demerger Agreement.

#### Allocation of liabilities
The Demerger Agreement establishes a regime which governs the allocation of claims, losses and liabilities relating to the Ice Cream Business and the Unilever Group. Following the Demerger and subject to certain exceptions:

• any claim, loss or liability incurred in relation to or in connection with the Ice Cream Business (whenever arising) shall be allocated to the Group; and

• any claim, loss or liability principally relating to the retained businesses of the Unilever Group (whenever arising) shall be allocated to the Unilever Group.

The Demerger Agreement contains indemnities, cross-indemnities and releases (and undertakings to provide the same) which give effect to the liability allocation regime described above.

#### Other matters
The Demerger Agreement also includes provisions relating to: (i) arrangements made for employees transferring from the Unilever Group to the Group; (ii) the non-solicit undertakings the Unilever Group will provide to the Group (and vice versa); (iii) the non-compete undertakings that the Unilever Group will provide to the Group; (iv) the insurance arrangements between Unilever and the Group; (v) the conduct of certain third-party claims commenced against members of the Group or the Unilever Group; and (vi) the sharing of information to permit the Unilever Group and the Group to comply with their respective financial or tax reporting obligations.

#### Tax Matters Agreement
The Company and Unilever entered into a tax matters agreement on 1 October 2025 (the "**Tax Matters Agreement**") to govern how certain tax matters related to the Demerger and Reorganisation should be dealt

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with as between the Group and the Unilever Group following completion of the Demerger. The Tax Matters Agreement includes provisions in respect of, amongst other things: (i) the allocation of certain tax liabilities between the Unilever Group and the Group; (ii) ensuring that the expected tax treatment of the Demerger and certain US steps involved in the Reorganisation is maintained; and (iii) other more administrative tax matters (such as tax filings, the maintenance of tax records and the conduct of tax claims).

#### Allocation of tax liabilities
Subject to limited exceptions, the Tax Matters Agreement allocates tax liabilities between the Group and the Unilever Group in line with how those tax liabilities are provided for in the Combined Carve-Out Financial Statements and Condensed Combined Carve-Out Financial Statements; tax liabilities are generally allocated to the Group to the extent they are provided for in the Combined Carve-Out Financial Statements.

Under the Tax Matters Agreement, tax liabilities which are unexpected (i.e., broadly, they are not provided for in the Combined Carve-Out Financial Statements and Condensed Combined Carve-Out Financial Statements or in the Unilever Group accounts), are allocated to the Group if they arise in relation to or in connection with the Ice Cream Business.

The Tax Matters Agreement includes cross-indemnities between the Company and Unilever in respect of tax liabilities to ensure that the allocation set out above is achieved.

#### Restrictions on the Company and indemnity obligations
Certain aspects of the United Kingdom tax treatment of the Demerger (as set out in "*Item 10. Additional Information—10.E. Taxation—United Kingdom Taxation*"), may cease to apply if a chargeable payment (as defined in Sections 1088 and 1089 of the Corporation Tax Act 2010) is made by a member of the Unilever Group or the Group within five years of the Demerger. The Tax Matters Agreement contains: (i) undertakings from Unilever and the Company to ensure that their respective groups do not make such chargeable payments; and (ii) an indemnity in favour of each of Unilever and the Company for any loss arising to their group as a result of the other party failing to comply with the aforementioned undertaking.

Similarly, in the Tax Matters Agreement, the Company has agreed not to take certain actions that could cause the Demerger or certain US steps of the Reorganisation to fail to qualify for tax-free treatment for US federal income tax purposes. Under the Tax Matters Agreement, the Company is restricted from engaging in certain acquisition, merger, liquidation, sale, and stock redemption transactions during the two-year period following the completion of the Demerger, unless (i) the Company obtains a tax opinion from a qualified adviser (or a ruling from the IRS) that such action will not affect the tax-free treatment of the Demerger or the internal restructuring or (ii) the Company and Unilever agree otherwise. Moreover, the Company has generally agreed under the Tax Matters Agreement to indemnify Unilever for taxes and related losses it suffers as a result of the Demerger or certain US steps of the Reorganisation failing to qualify as tax-free transactions for US federal income tax purposes if the taxes and related losses are attributable to actions taken (or the failure to take certain actions) by the Group that would (a) be inconsistent with or cause to be untrue any statement, information, covenant, or representation in the IRS ruling request, the Tax Opinion and any other related materials, or (b) result in the direct or indirect acquisitions of shares or assets of the Group (including, for example, a takeover of the Company) (regardless of whether the Company consents to such acquisitions).

#### Term Loan Facilities Agreement
 *See "Item 5. Operating and Financial Review—5.B. Liquidity and Capital Resources—Capital Resources and Indebtedness—Term loan facilities".* 

#### Revolving Credit Facility Agreement
 *See "Item 5. Operating and Financial Review—5.B. Liquidity and Capital Resources—Capital Resources and Indebtedness—Revolving credit facility".* 

#### 10.D. EXCHANGE CONTROLS
Other than certain economic sanctions, which may be in force from time to time, there are currently no applicable laws, decrees or regulations in force restricting the import or export of capital or restricting the

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remittance of dividends or other payments to holders of the Company's shares who are non-residents of the Netherlands. Similarly, other than certain economic sanctions which may be in force from time to time, there are no limitations relating only to non-residents of the Netherlands under Dutch law or the Articles of Association on the right to be a holder of, and to vote in respect of, the Shares.

#### 10.E. TAXATION
The following is a summary of certain Dutch, United Kingdom and United States tax consequences of the receipt of the Demerger Dividend and the holding and disposal of Shares. This summary does not constitute tax advice, is intended as general information only and does not provide an exhaustive overview of all Dutch, United Kingdom and United States tax consequences that may be relevant for Shareholders.

This summary is based on tax legislation, published case law, treaties, regulations and published policy, in each case as in force as at the Latest Practicable Date, and it does not take into account any developments or amendments thereof after that date whether or not such developments or amendments have retroactive effect.

 **THE TAX LEGISLATION OF THE COUNTRY OF CITIZENSHIP, DOMICILE OR RESIDENCY OF A SHAREHOLDER MAY ALSO IMPACT THE TAX CONSEQUENCES OF THE RECEIPT OF THE DEMERGER DIVIDEND AND THE HOLDING AND DISPOSAL OF SHARES. SHAREHOLDERS WHO ARE IN ANY DOUBT AS TO THEIR TAX POSITION OR WHO MAY BE SUBJECT TO TAX IN A JURISDICTION OTHER THAN THE NETHERLANDS, THE UNITED KINGDOM OR THE UNITED STATES ARE STRONGLY RECOMMENDED TO CONSULT THEIR OWN PROFESSIONAL ADVISERS.** 

 *References in this section to "Shareholders" are to be read as, in respect of Unilever Shares, references to Unilever Shareholders and, in respect of Shares, references to Shareholders of the Company. References to Unilever Shares in this section refer also to Unilever ADSs and references to Shareholders are to be read as in respect of Unilever ADSs, references to Unilever ADS Holders.* 

#### Dutch Taxation

#### Dutch Dividend Withholding Tax
Subject to any available reduction or exemption, the Company will be required to withhold Dutch dividend withholding tax at a rate of 15 per cent. ("**DWT**") in respect of dividends paid on the Shares.

However, the Dutch tax authorities have confirmed that the Company has the ability to make payments to Shareholders in lieu of regular dividends that will not be subject to DWT by making repayments of fiscally recognised paid-up capital following a reduction in the nominal value per Share and certain other steps ("**In Lieu Payments**"). This would require a resolution of the General Meeting of the Company, the reflection of the reduction in nominal value of the Shares in the Articles of Association and a two-month creditor opposition period to pass without opposition.

The aggregate amount of In Lieu Payments that the Company could make free of DWT in this way will be determined principally by the steps to implement the Demerger. The Demerger is expected to result in sufficient fiscally recognised paid-up capital for DWT purposes at the level of the Company for at least five years of In Lieu Payments. For further information on the Company's dividend policy, see "*Item 8. Financial Information—8.A. Consolidated Statements and Other Financial Information—Dividends*". If all of the fiscally recognised paid-up capital is used to make In Lieu Payments then no further In Lieu Payments could be made.

The continued availability and suitability of such In Lieu Payments that are not subject to DWT cannot be guaranteed.

 ***The treatment of any such In Lieu Payments for certain categories of United Kingdom Shareholders will depend on the precise Dutch corporate law mechanics used to pay them, which may change from time to time. See further "—United Kingdom Taxation—Holding and Disposal of Shares—Taxation of dividends and In Lieu Payments for UK Shareholders" below.***

For the purposes of Dutch tax law, a Shareholder may include an individual or entity who does not have the legal title of these Unilever Shares or Shares, but to whom nevertheless the Unilever Shares or Shares or the

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income thereof is attributed based on specific statutory provisions or on the basis of such individual or entity having an interest in the Unilever Shares or Shares or the income thereof.

This summary does not address the Dutch tax consequences for:

(i) investment institutions (*fiscale beleggingsinstellingen*);

(ii) pension funds, exempt investment institutions (*vrijgestelde beleggingsinstellingen*) or other Dutch tax resident entities that are not subject to or exempt from Dutch corporate income tax;

(iii) corporate Shareholders that qualify for the participation exemption (*deelnemingsvrijstelling*) or would qualify for the participation exemption had the corporate Shareholders been resident in the Netherlands or that qualify for participation credit (*deelnemingsverrekening*). Generally speaking, a shareholding is considered to qualify as a participation for the participation exemption or participation credit if it represents an interest of 5 per cent. or more of the nominal paid-up share capital;

(iv) Shareholders holding a substantial interest (*aanmerkelijk belang*) or deemed substantial interest (*fictief aanmerkelijk belang*) in Unilever or the Company and Shareholders of whom a certain related person holds a substantial interest in Unilever or the Company. Generally speaking, a substantial interest in Unilever or the Company arises if a person, alone or, where such person is an individual, together with their partner (statutorily defined term), directly or indirectly, holds or is deemed to hold: (a) an interest of 5 per cent. or more of the total issued and outstanding capital of Unilever or the Company or 5 per cent. or more of the issued and outstanding capital of a certain class of shares of Unilever or the Company; (b) rights to acquire, directly or indirectly, such interest; or (c) certain profit-sharing rights in Unilever or the Company;

(v) a recipient of proceeds from the Unilever Shares or Shares that is related (*gelieerd*) to Unilever or the Company, within the meaning of the Dutch Withholding Tax Act 2021 (Wet bronbelasting 2021);

(vi) persons to whom the Unilever Shares or the Shares and the income from the Unilever Shares or the Shares are attributed based on the separated private assets (*afgezonderd particulier vermogen*) provisions of the Dutch Income Tax Act 2001 (*Wet inkomstenbelasting 2001*);

(vii) entities which are a resident of Aruba, Curaçao or Sint Maarten that have an enterprise which is carried on through a permanent establishment or a permanent representative on Bonaire, Sint Eustatius or Saba and the Unilever Shares or the Shares are attributable to such permanent establishment or permanent representative;

(viii) Shareholders which are not considered the beneficial owner (*uiteindelijk gerechtigde*) of these Unilever Shares or Shares or the benefits derived from or realised in respect of these Unilever Shares or Shares; and

(ix) individuals to whom the Unilever Shares or the Shares or the income therefrom are attributable to employment activities which are taxed as employment income in the Netherlands.

Where this summary refers to the Netherlands, such reference is restricted to the part of the Kingdom of the Netherlands that is situated in Europe and the legislation applicable in that part of the Kingdom.

Any reference hereafter made to a treaty for the avoidance of double taxation concluded by the Netherlands includes the Tax Regulation for the Kingdom of the Netherlands (*Belastingregeling voor het Koninkrijk*), the Tax Regulation for the Netherlands and Sint Maarten (*Belastingregeling Nederland Sint Maarten*), the Tax Regulation for the Netherlands and Curaçao (*Belastingregeling Nederland Curaçao*), the Tax Regulation for the Country of the Netherlands (*Belastingregeling voor het land Nederland*) and the Agreement between the Taipei Representative Office in the Netherlands and the Netherlands Trade and Investment Office in Taipei for the Avoidance of Double Taxation.

#### Demerger Dividend

#### Dividend withholding tax
The Demerger Dividend is considered for Dutch tax purposes to be a dividend distribution by Unilever to its Shareholders. Since Unilever is a United Kingdom tax resident entity, no DWT will have to be withheld.

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#### Corporate and individual income tax
 *Corporate Shareholder residents of the Netherlands* 

If a Shareholder is an entity and is a resident of the Netherlands or deemed to be a resident of the Netherlands for Dutch corporate income tax purposes and is fully subject to Dutch corporate income tax or is only subject to Dutch corporate income tax in respect of an enterprise to which the Unilever Shares are attributable, the Demerger Dividend is generally taxable in the Netherlands (at up to a maximum rate of 25.8 per cent.).

In addition, such Shareholder is also taxable in the Netherlands (at up to a maximum rate of 25.8 per cent.) with respect to the net proceeds received pro rata to their fractional entitlement to Shares (such net proceeds being referred to below as "Fractional Entitlement Proceeds"), but only to the extent such net proceeds are the result of an increase in value of the Shares since the Demerger Effective Time.

 *Individual Shareholder residents of the Netherlands* 

If a Shareholder is an individual and is a resident of the Netherlands or deemed to be a resident of the Netherlands for Dutch individual income tax purposes, the Demerger Dividend is taxable at progressive rates (up to a maximum rate of 49.50 per cent.) under the Dutch Income Tax Act 2001, if:

(i) the individual is an entrepreneur (*ondernemer*) and has an enterprise to which the Unilever Shares are attributable or the individual has, other than as a Shareholder, a co-entitlement to the net worth of an enterprise (*medegerechtigde*), to which enterprise the Unilever Shares are attributable; or

(ii) such income or gains qualify as income from miscellaneous activities (*resultaat uit overige werkzaamheden*), which includes activities with respect to the Unilever Shares that exceed regular, active portfolio management (*normaal, actief vermogensbeheer*).

In addition, such Shareholder is also taxable in the Netherlands (at up to a maximum rate of 49.5 per cent.) with respect to any Fractional Entitlement Proceeds, but only to the extent such net proceeds are the result of an increase in value of the Shares since the Demerger Effective Time.

If neither situation (i) nor situation (ii) above applies to the Shareholder, then the Shareholder, must record the Unilever Shares as assets that are held in box 3 for Dutch individual income tax purposes. Taxable income is then determined on the basis of a certain deemed return (*rendement*) on the Shareholder's yield basis (*rendementsgrondslag*) at the beginning of the calendar year insofar as the yield basis exceeds a certain threshold (€57,684 for an individual taxpayer and €115,368 in case of a "qualifying partner" (statutory defined term)) (*heffingvrij vermogen*), rather than on the basis of income actually received or gains actually realised. Such yield basis is determined as the fair market value of certain qualifying savings and investments held by the Shareholder, less the fair market value of certain qualifying debts at the beginning of the calendar year. The deemed return is determined on separate deemed return percentages for bank savings, other investments and liabilities. For the calendar year 2025, the deemed return percentage for other investments (including the Unilever Shares) is 5.88 per cent. Subject to certain anti-abuse provisions, the product of an amount equal to (a) the total deemed return divided by the yield basis and (b) the yield basis minus the threshold (*heffingvrij vermogen*), forms the individual's taxable income from savings and investments. The taxable income from savings and investments so computed is taxed at the prevailing statutory rate of 36 per cent. The Demerger Dividend and Fractional Entitlement Proceeds, to the extent such net proceeds are the result of an increase in value of the Shares since the Demerger Effective Time, are then as such not taxed.

The Dutch Supreme Court has ruled that box 3 taxation as outlined above is in violation of article 1 of the first protocol to the European Convention on Human Rights (right to property) and of article 14 of the European Convention on Human Rights (prohibition of discrimination), where the deemed return is higher than the actual nominal return on the assets and liabilities, including unrealised changes in value of such assets and liabilities. In these cases, the Dutch Supreme Court has ruled that legal redress should be provided to the party concerned. The Dutch legislator has introduced new legislation to take away the violations. Shareholders that are taxed in box 3 for Dutch individual income tax purposes with respect to their Unilever Shares are recommended to consult a professional tax adviser.

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 *Non-residents of the Netherlands* 

If a person is neither a resident of the Netherlands nor is deemed to be a resident of the Netherlands for Dutch corporate income tax or Dutch individual income tax purposes, such person is not liable for Dutch income tax in respect of the Demerger Dividend and Fractional Entitlement Proceeds, unless:

(i) the person is not an individual and such person: (a) has an enterprise that is, in whole or in part, carried on through a permanent establishment or a permanent representative in the Netherlands to which permanent establishment or a permanent representative the Unilever Shares are attributable; or (b) is, other than by way of securities, entitled to a share in the profits of an enterprise or a co-entitlement to the net worth of an enterprise, which is effectively managed in the Netherlands and to which enterprise the Unilever Shares are attributable.

Such income and gains in respect of the Demerger Dividend and Fractional Entitlement Proceeds, to the extent such net proceeds are the result of an increase in value of the Shares since the Demerger Effective Time, are subject to Dutch corporate income tax up to a maximum rate of 25.8 per cent.; or

(ii) the person is an individual and such individual: (a) has an enterprise or an interest in an enterprise that is, in whole or in part, carried on through a permanent establishment or a permanent representative in the Netherlands to which permanent establishment or permanent representative the Unilever Shares are attributable; or (b) realises income or gains with respect to the Unilever Shares that qualify as income from miscellaneous activities in the Netherlands which include activities with respect to the Unilever Shares that exceed regular, active portfolio management; or (c) is, other than by way of securities, entitled to a share in the profits of an enterprise that is effectively managed in the Netherlands and to which enterprise the Unilever Shares are attributable.

Such income and gains in respect of the Demerger Dividend and Fractional Entitlement Proceeds, to the extent such net proceeds are the result of an increase in value of the Shares since the Demerger Effective Time, as specified under (a) and (b) by an individual are subject to individual income tax at progressive rates up to a maximum rate of 49.50 per cent. Such income and gains as specified under (c) that is not already included under (a) or (b) will be taxed on the basis of a deemed return on income from savings and investments (as described above under "*—Demerger Dividend—Corporate and individual income tax—Individual Shareholder residents of the Netherlands*").

#### Value added tax
No value added tax will arise in respect of the Demerger Dividend or Fractional Entitlement Proceeds.

#### Other taxes and duties
No registration tax, customs duty, transfer tax, stamp duty, capital tax or any other similar documentary tax or duty will be payable in the Netherlands by a Shareholder in respect of the Demerger Dividend or Fractional Entitlement Proceeds.

#### Residence
A Shareholder will not become or be deemed to become a resident of the Netherlands solely by reason of the Demerger Dividend or Fractional Entitlement Proceeds.

#### Holding and Disposal of Shares

#### Dividend withholding tax
 *Withholding requirement* 

As referred to in "—*Dutch Dividend Withholding Tax*" above, subject to any available reduction or exemption and subject to the availability of measures to enable In Lieu Payments to be made free of DWT**,** the Company will be required to withhold 15 per cent. DWT in respect of dividends paid on the Shares.

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Generally, any DWT will not be borne by the Company, but will be withheld from the gross dividends paid on the Shares. In the Dutch Dividend Withholding Tax Act 1965 (*Wet op de dividendbelasting 1965*), dividends are defined as the proceeds from shares, which include:

(i) direct or indirect distributions of profit, regardless of their name or form;

(ii) liquidation proceeds, proceeds on redemption of the Shares and, as a rule, the consideration for the repurchase of the Shares by the Company, in each case in excess of its average paid-up capital recognised for DWT purposes, unless a statutory exemption applies;

(iii) the nominal value of Shares issued to a Shareholder or an increase of the nominal value of the Shares, insofar as the (increase in the) nominal value of the Shares is not funded out of the Company's paid-up capital recognised for DWT purposes; and

(iv) partial repayments of paid-up capital recognised for DWT purposes, if and to the extent that there are qualifying profits (*zuivere winst*), unless the General Meeting has resolved in advance to make such repayment and provided that the nominal value of the Shares concerned has been reduced by an equal amount by way of an amendment of the Articles of Association. The term "qualifying profits" includes anticipated profits that have yet to be realised.

 *Corporate Shareholder residents of the Netherlands* 

If a Shareholder is a resident or deemed to be a resident of the Netherlands for Dutch corporate income tax purposes, DWT which is withheld with respect to proceeds from the Shares, will generally be creditable for Dutch corporate income tax purposes. However, the credit of DWT per annum is limited to the amount of the Dutch corporate income tax due in that year. Any uncredited DWT will be carried forward without time restrictions.

 *Individual Shareholder residents of the Netherlands* 

If a Shareholder is a resident or deemed to be a resident of the Netherlands for Dutch individual income tax purposes, DWT which is withheld with respect to proceeds from the Shares will generally be creditable for Dutch individual income tax purposes or, if the DWT withheld exceeds the Dutch individual income tax due, such Shareholder is generally entitled to a refund for the excess.

 *Non-residents of the Netherlands* 

If a Shareholder is a resident of a country other than the Netherlands and if a treaty for the avoidance of double taxation with respect to taxes on income is in effect between the Netherlands and that country, and such Shareholder is a resident for the purposes of such treaty, such Shareholder may, depending on the terms of that particular treaty, qualify for full or partial relief at source or for a refund in whole or in part of the DWT.

A refund of the DWT is available to entities resident in another Member State of the European Union, Norway, Iceland, or Liechtenstein provided: (i) these entities are not subject to corporate income tax there; (ii) these entities would not be subject to Dutch corporate income tax, if these entities would be tax resident in the Netherlands for corporate income tax purposes; and (iii) these entities do not have a similar function as an investment institution (*fiscale beleggingsinstelling*) or exempt investment institution (*vrijgestelde beleggingsinstelling*). Furthermore, a similar refund of DWT may be available to entities resident in other countries, under the additional conditions that: (i) the Shares are considered portfolio investments for the purposes of Article 63 (taking into account Article 64) of the Treaty on the Functioning of the European Union; and (ii) the Netherlands can exchange information with this other country in line with the international standards for the exchange of information. Alternative to a refund of the DWT, subject to further conditions an exemption at source may be available for such entities described in this subparagraph.

A (partial) refund of DWT is available to a Shareholder resident in another Member State of the European Union, Norway, Iceland or Liechtenstein provided: (i) this Shareholder is not subject to Dutch individual income tax or Dutch corporate income tax with respect to the income from the Shares; (ii) such DWT is higher than the Dutch individual income tax or Dutch corporate income tax would have been had this

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Shareholder been tax resident in the Netherlands, after taking into account a possible refund based on the Dutch Dividend Withholding Tax Act 1965 or a refund based on a treaty for the avoidance of double taxation with respect to taxes on income; (iii) no credit based on a treaty for the avoidance of double taxation with respect to taxes on income is granted in the state in which the Shareholder is tax resident, for the full amount of DWT withheld; and (iv) this Shareholder does not have a similar function as an investment institution or exempt investment institution. Furthermore, a similar refund of DWT may be available to a Shareholder resident in another country, under the additional conditions that: (i) the Shares are considered portfolio investments for purposes of Article 63 (taking into account Article 64) of the Treaty on the Functioning of the European Union; and (ii) the Netherlands can exchange information with this other country in line with the international standards for the exchange of information.

 *UK residents* 

A Shareholder who is resident in the United Kingdom and is entitled to the benefits of the UK-NL Treaty will be entitled to an exemption of the DWT under Article 10, paragraph 2, sub-paragraph b under (ii) or (iii) if the Shareholder is a pension scheme as described in Article III of the UK-NL Protocol, or an exempt organisation as described in Article 4, paragraph 2, sub-paragraph b of the UK-NL Treaty, and meets the criteria set out therein.

 *US residents* 

A Shareholder who is resident in the United States and is entitled to the benefits of the US-NL Treaty will be entitled to an exemption or refund of the DWT if the Shareholder is an exempt pension trust as described in Article 35 of the US-NL Treaty, or an exempt organisation as described in Article 36 of the US-NL Treaty and meets the criteria set out therein.

 *Beneficial owner* 

A recipient of proceeds from the Shares will not be entitled to any exemption, reduction, refund or credit of DWT if such recipient is not considered to be the beneficial owner of such proceeds. The recipient will not be considered the beneficial owner of these proceeds, if, in connection with such proceeds, the recipient has paid a consideration as part of a series of transactions in respect of which it is likely:

(i) that the proceeds have in whole or in part accumulated, directly or indirectly, to an individual or legal entity that would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

as opposed to the recipient paying the consideration, not be entitled to an exemption from dividend withholding tax; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

in comparison to the recipient paying the consideration, to a lesser extent be entitled to a reduction, refund or credit of dividend withholding tax; and

(ii) that such individual or legal entity has, directly or indirectly, retained or acquired an interest in Shares, profit-sharing certificates or loans as described in article 10, paragraph 1, subparagraph d of the Dutch Corporate Income Tax Act 1969 (*Wet op de vennootschapsbelasting 1969*), comparable to the interest it had in similar instruments prior to the series of transactions being initiated.

#### Corporate and individual income tax
 *Corporate Shareholder residents of the Netherlands* 

If a Shareholder is a resident of the Netherlands or deemed to be a resident of the Netherlands for Dutch corporate income tax purposes and is fully subject to Dutch corporate income tax or is only subject to Dutch corporate income tax in respect of an enterprise to which the Shares are attributable, income, including In Lieu Payments, derived from the Shares and gains realised upon the disposal of the Shares are generally taxable in the Netherlands (at up to a maximum rate of 25.8 per cent.).

 *Individual Shareholder residents of the Netherlands* 

If a Shareholder is an individual and is a resident of the Netherlands or deemed to be a resident of the Netherlands for Dutch individual income tax purposes, income, including In Lieu Payments, derived from the

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Shares and gains realised upon the disposal of the Shares are taxable at progressive rates (up to a maximum rate of 49.50 per cent.) under the Dutch Income Tax Act 2001, if:

(i) the individual is an entrepreneur and has an enterprise to which the Shares are attributable or the individual has, other than as a Shareholder, a co-entitlement to the net worth of an enterprise, to which enterprise the Shares are attributable; or

(ii) such income, including In Lieu Payments, or gains qualify as income from miscellaneous activities, which includes activities with respect to the Shares that exceed regular, active portfolio management.

If neither situation (i) nor situation (ii) applies to the Shareholder, then the Shareholder, must record the Shares as assets that are held in box 3 for Dutch individual income tax purposes. Taxable income with regard to the Shares is then determined on the basis of a certain deemed return on the Shareholder's yield basis at the beginning of the calendar year insofar as the yield basis exceeds a certain threshold (€57,684 for an individual taxpayer and €115,368 in case of a "qualifying partner" (statutory defined term)), rather than on the basis of income, including In Lieu Payments, actually received or gains actually realised. Such yield basis is determined as the fair market value of certain qualifying savings and investments held by the Shareholder, less the fair market value of certain qualifying debts at the beginning of the calendar year. The deemed return is determined on separate deemed return percentages for bank savings, other investments and liabilities. For the calendar year 2025, the deemed return percentage for other investments (including the Shares) is 5.88 per cent. Subject to certain anti-abuse provisions, the product of an amount equal to (a) the total deemed return divided by the yield basis and (b) the yield basis minus the threshold, forms the individual's taxable income from savings and investments. The taxable income from savings and investments so computed is taxed at the prevailing statutory rate of 36 per cent.

The Dutch Supreme Court has ruled that box 3 taxation as outlined above is in violation of article 1 of the first protocol to the European Convention on Human Rights (right to property) and of article 14 of the European Convention on Human Rights (prohibition of discrimination), where the deemed return is higher than the actual nominal return on the assets and liabilities, including unrealised changes in value of such assets and liabilities. In these cases, the Dutch Supreme Court has ruled that legal redress should be provided to the party concerned. The Dutch legislator has introduced new legislation to take away the violations. Shareholders that are taxed in box 3 for Dutch individual income tax purposes with respect to their Shares are recommended to consult a professional tax adviser.

 *Non-residents of the Netherlands* 

If a person is neither a resident of the Netherlands nor is deemed to be a resident of the Netherlands for Dutch corporate income tax or Dutch individual income tax purposes, such person is not liable for Dutch income tax in respect of income derived from the Shares and gains realised upon the disposal of the Shares, unless:

(i) the person is not an individual and such person: (a) has an enterprise that is, in whole or in part, carried on through a permanent establishment or a permanent representative in the Netherlands to which permanent establishment or a permanent representative the Shares are attributable; or (b) is, other than by way of securities, entitled to a share in the profits of an enterprise or a co-entitlement to the net worth of an enterprise, which is effectively managed in the Netherlands and to which enterprise the Shares are attributable.

Such income, including In Lieu Payments, and gains are subject to Dutch corporate income tax up to a maximum rate of 25.8 per cent.; or

(ii) the person is an individual and such individual: (a) has an enterprise or an interest in an enterprise that is, in whole or in part, carried on through a permanent establishment or a permanent representative in the Netherlands to which permanent establishment or permanent representative the Shares are attributable; or (b) realises income, including In Lieu Payments, or gains with respect to the Shares that qualify as income from miscellaneous activities in the Netherlands which include activities with respect to the Shares that exceed regular, active portfolio management; or (c) is, other than by way of securities, entitled to a share in the profits of an enterprise that is effectively managed in the Netherlands and to which enterprise the Shares are attributable.

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Such income, including In Lieu Payments, and gains as specified under (a) and (b) by an individual are subject to individual income tax at progressive rates up to a maximum rate of 49.50 per cent. Such income, including In Lieu Payments, and gains as specified under (c) that is not already included under (a) or (b) will be taxed on the basis of a deemed return on income from savings and investments (as described under "—*Holding and Disposal of Shares—Corporate and individual income tax—Individual Shareholder residents of the Netherlands*").

#### Gift and inheritance tax
Dutch gift or inheritance taxes will not be levied on the occasion of the transfer of the Shares by way of gift by, or on the death of, a Shareholder, unless:

(i) the Shareholder is, or is deemed to be, resident in the Netherlands for the purpose of the relevant provisions; or

(ii) the transfer is construed as an inheritance or gift made by, or on behalf of, a person who, at the time of the gift or death, is or is deemed to be resident in the Netherlands for the purpose of the relevant provisions.

#### Value added tax
No value added tax will arise in respect of a cash payment made under the Shares, or in respect of a transfer of Shares.

#### Other taxes and duties
No registration tax, customs duty, transfer tax, stamp duty, capital tax or any other similar documentary tax or duty will be payable in the Netherlands by a Shareholder in respect of or in connection with the transfer of the Shares.

#### Residence
A Shareholder will not become or be deemed to become a resident of the Netherlands solely by reason of holding these Shares.

#### United Kingdom Taxation
The comments set out below are based on current United Kingdom tax law as applied in England and Wales and His Majesty's Revenue and Customs ("**HMRC**") practice (which may not be binding on HMRC), in each case as in force as at the Latest Practicable Date, and both of which are subject to change, possibly with retrospective effect. They are intended as a general guide and apply (except where stated otherwise) only to Shareholders: (i) resident for tax purposes in the United Kingdom (and, in the case of individuals, only to those Shareholders who are not eligible for and claiming relief from the United Kingdom taxation of foreign income and gains under the rules introduced by Chapter 1, Part 2 of the Finance Act 2025 and to whom "split year" treatment does not apply); (ii) who hold their Shares and Unilever Shares as an investment (other than in an individual savings account or pension arrangement) and (iii) who are, or are treated as, the absolute beneficial owners of both their Unilever Shares and their Shares and any dividends paid on them ("**UK Shareholders**"). The discussion further assumes that a Unilever ADS Holder is the absolute beneficial owner of the underlying Unilever Shares.

The Directors intend to conduct the affairs of the Company so that it is resident in the Netherlands and not in the United Kingdom for tax purposes. The remainder of this Section is written on the basis that the Company is and remains so resident in the Netherlands.

The discussion does not address all possible tax consequences relating to an investment in the Shares. Certain categories of Shareholders, including those carrying on certain financial activities, those subject to specific tax regimes or benefiting from certain reliefs or exemptions, those connected with Unilever, the Company or their respective groups and those for whom the Shares or the Unilever Shares are employment-related securities, may be subject to special rules and this summary does not apply to such Shareholders.

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#### Demerger Dividend

#### Tax on income
Unilever has received clearance from HMRC under Section 1091 of the Corporation Tax Act 2010 confirming that the Demerger Dividend will qualify as an "exempt distribution" for the purposes of Section 1075 of the Corporation Tax Act 2010.

As a result, a UK Shareholder should not incur any liability to income tax or corporation tax on income (as applicable) in respect of the receipt of their Shares under the Demerger.

#### Chargeable gains
UK Shareholders who do not hold (either alone or together with persons connected to them) more than 5 per cent. of, or of any class of, the Unilever Shares should not be treated, by virtue of the receipt of Shares under the Demerger, as making a disposal or part disposal of their Unilever Shares for the purposes of the taxation of chargeable gains.

The Shares distributed to UK Shareholders pursuant to the Demerger should be treated as the same asset, and having been acquired at the same time, as the Unilever Shares already held by the UK Shareholders. The aggregate base cost of the Unilever Shares and the Shares immediately after the Demerger should be the same as the base cost of the Unilever Shares immediately before the Demerger. Such base cost should be apportioned between the Unilever Shares and the Shares by reference to their respective market values on the first day on which the market values or prices are quoted or published for such shares.

Any UK Shareholder who holds (either alone or together with persons connected to them) more than 5 per cent. of, or of any class of, the Unilever Shares will only be eligible for the treatment described in the preceding paragraph if the Demerger is effected for *bona fide* commercial reasons and does not form part of a scheme or arrangements of which the main purpose, or one of the main purposes, is the avoidance of liability to capital gains tax or corporation tax. Such UK Shareholders are advised that clearance has been obtained from HMRC under Section 138 of the Taxation of Chargeable Gains Act 1992 in respect of the Demerger that HMRC are satisfied that the Demerger will be effected for *bona fide* commercial reasons and will not form part of such a scheme or arrangements. As a result, any such UK Shareholder should be treated in the manner described in the preceding paragraph.

To the extent that a UK Shareholder receives cash under the Demerger by virtue of a sale of any Shares to which the UK Shareholder has a fractional entitlement, the amount of any cash proceeds should not exceed the value of a single Share. Although the position is not free from doubt, it is expected that in practice the UK Shareholder should not normally be treated as making a part disposal of their holding of Unilever Shares (or Shares) and the proceeds should instead be deducted from the base cost of the UK Shareholder's new holdings (comprising their Unilever Shares and any Shares). Alternatively, or if the proceeds exceed that base cost, it is expected that the UK Shareholder will be treated as disposing of their fractional entitlement and may be subject to tax in respect of any chargeable gain thereby realised.

#### Stamp duty and stamp duty reserve tax ("SDRT")
 *The following statement about United Kingdom stamp duty and SDRT applies regardless of whether or not a Shareholder is resident in the United Kingdom, or elsewhere, and is intended as a guide only to the general United Kingdom stamp duty and SDRT position.* 

No United Kingdom stamp duty or SDRT should be payable by Shareholders in respect of the distribution of the Shares to them pursuant to the Demerger Dividend.

#### Holding and Disposal of Shares

#### United Kingdom dividend withholding tax
The Company will not be required to withhold amounts on account of United Kingdom tax at source when paying a dividend or an In Lieu Payment (whether the payment is made to a UK Shareholder, or a non-United Kingdom resident Shareholder).

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#### Taxation of dividends and In Lieu Payments for UK Shareholders
 **The treatment of In Lieu Payments for UK Shareholders, and in particular whether they are treated as income distributions or capital distributions, will depend on the precise corporate legal mechanics used to pay them which may change from time to time.** 

 *Individual UK Shareholders — dividend payments and In Lieu Payments treated as income distributions* 

The first £500 (the "**Dividend Allowance**") of the total amount of dividend income (including any dividends and In Lieu Payments treated as income distributions received from the Company) received by an individual UK Shareholder in tax year 2025 – 2026 will be taxed at a nil rate (and so no United Kingdom income tax will be payable in respect of such amounts). The amount of the Dividend Allowance may vary in future years.

If an individual UK Shareholder's total dividend income for a tax year exceeds the Dividend Allowance (such excess being referred to as the "**Taxable Excess**"), then the Taxable Excess will be subject to United Kingdom income tax depending on the tax rate band or bands within which it falls. This United Kingdom tax treatment also applies to any individual UK Shareholder treated as a Scottish taxpayer (on the basis that Scottish income tax, and the corresponding tax rates and bands in Scotland, are only applicable to non-savings income and non-dividend income).

The relevant United Kingdom income tax rate band is determined by reference to the individual UK Shareholder's total income charged to either United Kingdom or Scottish income tax (including the dividend income charged at a nil rate by virtue of the Dividend Allowance) less any relevant reliefs and allowances (which may include the UK Shareholder's personal allowance). The Taxable Excess is, in effect, treated as the top slice of any resulting taxable income and for the 2025 – 2026 tax year:

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

to the extent that the Taxable Excess falls at or below the basic rate limit, the UK Shareholder will be subject to United Kingdom income tax on it at the dividend basic rate of 8.75 per cent.

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

to the extent that the Taxable Excess falls above the basic rate limit but at or below the higher rate limit, the UK Shareholder will be subject to United Kingdom income tax on it at the dividend upper rate of 33.75 per cent.; and

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

to the extent that the Taxable Excess falls above the higher rate limit, the UK Shareholder will be subject to United Kingdom income tax on it at the dividend additional rate of 39.35 per cent.

Provided that the necessary conditions are met (and required administrative procedures are completed), the rate of DWT applicable to dividends paid by the Company to individual UK Shareholders may be reduced from 15 per cent. to 10 per cent. under the UK-NL Treaty. Whether or not the UK-NL Treaty will apply will depend on the individual circumstances of each UK Shareholder and each UK Shareholder should seek their own advice before relying on the UK-NL Treaty. DWT withheld from the payment of a dividend may, depending on the circumstances, be available as a credit against the income tax payable by an individual UK Shareholder in respect of the dividends. As referred to above in "—*Dutch Taxation—Dutch Dividend Withholding Tax*", there is not expected to be any DWT on In Lieu Payments.

 *Individual UK Shareholders — In Lieu Payments treated as capital distributions* 

Subject to the paragraph below, a distribution that constitutes a capital distribution will result in an individual UK Shareholder being treated as making a part disposal of their holding of the Shares in consideration for the capital distribution, being the value of the cash received. This may, depending on the relevant UK Shareholder's individual circumstances (including the availability of exemptions, reliefs or allowable losses), give rise to a liability to United Kingdom capital gains tax.

Capital distributions received by an individual UK Shareholder from the Company should not, however, be considered to involve a part disposal of their holding of the Shares if (i) the amount of any such distribution received is "small" in comparison to the value of the relevant UK Shareholder's Shares and (ii) the relevant Shareholder's base cost in their holding of the Shares is not less than the value of the distribution received. Instead, the amount of the distribution received should be deducted from the base cost in the UK Shareholder's Shares. Whether or not a distribution is "small" is a question of fact and degree, however, under

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current HMRC practice, where the distribution received is £3,000 or less or (if greater) 5 per cent. or less of the market value of a UK Shareholder's holding of the Shares at the date of the distribution, such value will generally be treated as "small" for these purposes.

In the case of an individual UK Shareholder whose base cost in their holding of the Shares is less than the value of the distribution received (or is nil), the distribution will be a part disposal of the relevant UK Shareholder's holding of the Shares. In calculating any chargeable gain (or allowable loss), the relevant Shareholder may elect for the amount of the capital distribution to be reduced by the amount of their base cost (if any) in their holding of the Shares, in which case none of the base cost would be allowable as a deduction in calculating the chargeable gain (or allowable loss) on the capital distribution or on any subsequent occasion.

 *Corporate UK Shareholders — dividend payments and In Lieu Payments treated as income distributions* 

It would normally be expected that dividends or In Lieu Payments treated as income distributions paid by the Company to corporate UK Shareholders would generally fall within an exempt class of distribution, although each UK Shareholder's position will depend on its own individual circumstances. If the dividends or In Lieu Payments paid by the Company do fall within an exempt class and certain other conditions are met, (subject to special rules for Shareholders that are small companies), UK Shareholders who are within the charge to United Kingdom corporation tax will not be subject to corporation tax on the receipt of such dividends or In Lieu Payments from the Company. Otherwise, UK Shareholders who are within the charge to United Kingdom corporation tax in respect of shares in the Company will be subject to corporation tax on the gross amount of any dividends or In Lieu Payments treated as income distributions paid by the Company, subject to any applicable credit for DWT.

Provided that the necessary conditions are met (and required administrative procedures are completed), the rate of DWT applicable to dividends paid by the Company to corporate UK Shareholders may be reduced from 15 per cent. to 10 per cent. under the UK-NL Treaty. Whether or not the UK-NL Treaty will apply, will depend on the individual circumstances of each UK Shareholder and each UK Shareholder should take their own advice before relying on the UK-NL Treaty. DWT withheld from the payment of a dividend may be available as a credit against the corporation tax payable by a corporate UK Shareholder in respect of the dividends. As referred to above in "—*Dutch Taxation—Dutch Dividend Withholding Tax*", there is not expected to be any DWT on In Lieu Payments.

 *Corporate UK Shareholders — In Lieu Payments treated as capital distributions* 

Except as described below in relation to "small" distributions, a distribution that constitutes a capital distribution will generally result in the UK Shareholders who are within the charge to United Kingdom corporation tax being treated as making a part disposal of their holding of the Shares in consideration for the capital distribution, being the value of the cash received. This may, depending on the relevant UK Shareholder's circumstances (including the availability of exemptions, reliefs or allowable losses), give rise to a liability to United Kingdom corporation tax on chargeable gains.

Capital distributions received by a corporate UK Shareholder from the Company should not, however, be considered to involve a part disposal of their holding of the Shares if (i) the amount of any such distribution received is "small" in comparison to the value of the relevant UK Shareholder's Shares and (ii) the relevant UK Shareholder's base cost in their holding of the Shares is not less than the value of the distribution received. Instead, the amount of the distribution received should be deducted from the base cost in the UK Shareholder's Shares. Whether or not a distribution is "small" is a question of fact and degree, however, under current HMRC practice, where the distribution received is £3,000 or less or (if greater) 5 per cent. or less of the market value of a UK Shareholder's holding of the Shares at the date of the distribution, such value will generally be treated as "small" for these purposes.

In the case of a corporate UK Shareholder whose base cost in their holding of the Shares is less than the value of the distribution received (or is nil), the distribution will be a part disposal of the relevant UK Shareholder's holding of the Shares. In calculating any chargeable gain (or allowable loss), the relevant UK Shareholder may elect for the amount of the capital distribution to be reduced by the amount of their base cost (if any) in their

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holding of the Shares, in which case none of the base cost would be allowable as a deduction in calculating the chargeable gain (or allowable loss) on the capital distribution or on any subsequent occasion.

#### Chargeable Payments Legislation
As referred to above in "*—Demerger Dividend—Tax on income*", Unilever has received clearance from HMRC under Section 1091 of the Corporation Tax Act 2010 confirming that the Demerger Dividend will qualify as an "exempt distribution" for the purposes of Section 1075 of the Corporation Tax Act 2010. Where, within a period of five years after a demerger which qualifies as an "exempt distribution", a company involved in the demerger (which would include the Company) makes a payment which constitutes a "chargeable payment" within the meaning of Section 1088 of the Corporation Tax Act 2010, special rules would apply to that payment. A "chargeable payment" would include a payment by the Company to its Shareholders which is not a dividend or other income distribution or an exempt distribution in circumstances where the payment is not made for genuine commercial reasons or forms part of a scheme to avoid United Kingdom tax. The consequences of a payment being a chargeable payment include that it would be taxable as income in the hands of UK Shareholders and the Company would in certain circumstances have an obligation to withhold amounts on account of United Kingdom income tax at source when making the payment.

Clearance has been received from HMRC under Section 1092 of the Corporation Tax Act 2010 confirming that they are satisfied that any In Lieu Payments will be made for genuine commercial reasons and will not form part of a scheme to avoid United Kingdom tax, even if those payments would otherwise be treated in the hands of UK Shareholders as capital distributions and not as income distributions (as described above). This clearance was obtained on the basis of various expected facts and circumstances, assumptions and statements contained in the clearance application, including the expected Dutch company law mechanics of the payments. In the event of any relevant change in facts and circumstances prior to the making of an In Lieu Payment, the Company intends to seek a further clearance if it considers it appropriate.

#### Taxation of chargeable gains on future disposals of Shares
A disposal of the Shares by a UK Shareholder may, depending on their circumstances (including the availability of exemptions or reliefs), give rise to a chargeable gain (or allowable loss).

 *Individual UK Shareholders* 

For individual UK Shareholders who make a chargeable gain, capital gains tax is charged at a rate of 18 per cent. or 24 per cent. in the tax year 2025 – 26 depending on the individual UK Shareholder's total taxable gains and income in a given year. However, each individual has an annual exemption (£3,000 for the tax year 2025 – 2026) such that capital gains tax is only chargeable on gains arising from all sources during the tax year in excess of that figure.

 *Corporate UK Shareholders* 

For UK Shareholders within the charge to United Kingdom corporation tax who make a chargeable gain, corporation tax is charged on chargeable gains at the rate of corporation tax applicable to that UK Shareholder (the main rate of corporation tax for the tax year 2025 – 2026 is 25 per cent.).

#### Stamp duty and stamp duty reserve tax on future dealings in Shares and DIs
 *The following statements about United Kingdom stamp duty and SDRT apply regardless of whether or not a Shareholder is resident in the United Kingdom, or elsewhere, and are intended as a guide only to the general United Kingdom stamp duty and SDRT position.* 

No United Kingdom stamp duty should be required to be paid on the transfer of Shares held in certificated form provided that any instrument of transfer is not executed in the United Kingdom and is retained outside the United Kingdom and provided that such transfer does not relate to any property situated, or to any matter or thing done or to be done, in the United Kingdom.

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No United Kingdom SDRT should be payable on an agreement to transfer Shares (excluding for these purposes DIs) provided certain conditions are met, in particular, the Shares must not be registered in any register kept in the United Kingdom.

No United Kingdom SDRT should be payable on a transfer of DIs held in CREST provided certain conditions are met which, as at the Latest Practicable Date, the Company considers to be the case.

#### Gift and inheritance tax
 *The statements below address the position both for Shareholders who are long-term UK residents as defined in sections 6A and 6B of the Inheritance Tax Act 1984 ("**Long-Term United Kingdom Residents**") and who are not Long-Term United Kingdom Residents.* 

Shares (not including the DIs) will be assets situated outside the United Kingdom for the purposes of United Kingdom inheritance tax provided that such Shares are not registered in any register kept in the United Kingdom. Where an individual Shareholder is not a Long-Term United Kingdom Resident, neither a gift of such assets by such Shareholder nor the death of such Shareholder will give rise to a liability to United Kingdom inheritance tax. A gift of such assets by, or the death of, an individual Shareholder holding such assets who is a Long-Term United Kingdom Resident may (subject to certain exemptions and reliefs) give rise to a liability to United Kingdom inheritance tax.

HMRC may argue that DIs which are registered on a register in the United Kingdom but which relate to Shares which are registered on a register outside the United Kingdom are assets situated in the United Kingdom for the purposes of United Kingdom inheritance tax. Holders to whom this may be relevant should consult an appropriate professional adviser.

If the DIs are situated in the United Kingdom, a gift of such DIs by, or the death of, an individual holder of such assets may (subject to certain exemptions and reliefs) give rise to a liability to United Kingdom inheritance tax, even if the holder is not a Long-Term United Kingdom Resident.

Generally, United Kingdom inheritance tax is not chargeable on gifts to individuals if the transfer is made more than seven complete years prior to the death of the donor. For inheritance tax purposes, a transfer of assets at less than full market value may be treated as a gift and particular rules apply to gifts where the donor reserves or retains some benefit. Special rules also apply to close companies and to trustees of settlements who hold Shares or DIs which may bring them within the charge to inheritance tax. Shareholders should consult an appropriate professional adviser if they make a gift of any kind or intend to hold any Shares or DIs through such a company or trust arrangement. The comments in this section are subject to the effects of any relevant estate tax treaty and Shareholders should also seek professional advice in a situation where there is potential for a double charge to United Kingdom inheritance tax and an equivalent tax in another country or if they are in any doubt about their United Kingdom inheritance tax position.

#### Certain US Federal Income Tax Considerations
The following is a summary of certain US federal income tax consequences of the receipt of Shares pursuant to the Demerger, as well as the ownership and disposition of Shares by a US Shareholder (as defined below). This summary deals only with US Shareholders that hold Unilever Shares and will hold the Shares as capital assets. The discussion does not cover all aspects of US federal income taxation that may be relevant to, or the actual tax effect that any of the matters described herein will have on, the receipt, ownership or disposition of Shares by particular investors (including consequences under the alternative minimum tax or net investment income tax), and does not address state, local, non-US or other tax laws (such as estate or gift tax laws). This summary also does not address tax considerations applicable to investors that own (directly, indirectly or by attribution) 10 per cent. or more of the equity interests of Unilever or the Company by vote or value, nor does this summary discuss all of the tax considerations that may be relevant to certain types of investors subject to special treatment under US federal income tax laws (such as financial institutions, insurance companies, individual retirement accounts and other tax-deferred accounts, tax-exempt organisations, dealers in securities or currencies, investors holding Unilever Shares or that will hold the Shares as part of straddles, hedging transactions or conversion transactions for US federal income tax purposes, persons that have ceased to be US citizens or lawful permanent residents of the United States, investors holding the Shares in connection

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with a trade or business conducted outside the United States, US citizens or lawful permanent residents living abroad or investors whose functional currency is not the US dollar).

For US federal income tax purposes, US holders of Unilever ADSs will generally be treated as the owner of the Unilever Shares that are represented by the Unilever ADSs, and references herein to Unilever Shares also refer to Unilever ADSs representing Unilever Shares.

As used herein, the term "**US Shareholder**" means a beneficial owner of Unilever Shares or Shares that is, for US federal income tax purposes: (i) an individual citizen or resident of the United States; (ii) a corporation created or organised under the laws of the United States, or any state thereof or the District of Columbia; (iii) an estate the income of which is subject to US federal income tax without regard to its source; or (iv) a trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more US persons have the authority to control all substantial decisions of the trust, or the trust has validly elected to be treated as a domestic trust for US federal income tax purposes.

The US federal income tax treatment of a partner in an entity or arrangement treated as a partnership for US federal income tax purposes that holds Unilever Shares or Shares will depend on the status of the partner and the activities of the partnership. Entities or arrangements treated as partnerships for US federal income tax purposes should consult their tax advisers concerning the US federal income tax consequences to them and their partners of participating in the Demerger and the receipt, ownership and disposition of Shares by the partnership.

The Company does not expect to be a passive foreign investment company (a "**PFIC**") for its current taxable year or in the foreseeable future. However, the Company's possible status as a PFIC must be determined annually following the close of each taxable year and therefore may be subject to change. If the Company were to be treated as a PFIC, US Shareholders would be required: (i) to pay a special US addition to tax on certain distributions and gains on sale; and (ii) to pay tax on any gain from the sale of Shares at ordinary income (rather than capital gains) rates in addition to paying the special addition to tax on this gain. Additionally, dividends paid by the Company would not be eligible for the reduced rate of tax described below under "— *Holding and Disposal of Shares—Distributions*" and additional reporting requirements could apply. The remainder of this discussion assumes that the Company is not a PFIC for US federal income tax purposes. Prospective purchasers should consult their own tax advisers regarding the potential application of the PFIC regime.

This summary is based on the tax laws of the United States, including the United States Internal Revenue Code of 1986, as amended (the "**Code**"), its legislative history, existing and proposed US Treasury regulations thereunder, published rulings and court decisions, all as of the date hereof and all subject to change at any time, possibly with retroactive effect. Other than as described below, no rulings have been requested from the IRS and there can be no guarantee that the IRS would not challenge, possibly successfully, the treatment described below.

#### Demerger
Unilever has received a private letter ruling from the IRS and an opinion from its tax adviser, Linklaters LLP, to the effect that, among other things, the Demerger (including the retention of less than 20 per cent. of the Shares) will qualify as a transaction that is tax-free for US federal income tax purposes under Sections 355 and 368(a)(1)(D) of the Code. The private letter ruling and the opinion of Linklaters LLP (the "**Tax Opinion**") are based upon and rely on, among other things, various facts and assumptions, as well as certain representations, statements and undertakings of Unilever and the Company (including those relating to the past and future conduct of Unilever and the Company). If any of these representations, statements or undertakings is, or becomes, inaccurate or incomplete, or if Unilever or the Company breach any of their respective representations or covenants contained in any of the Demerger-related agreements and documents or in any documents relating to the private letter ruling and/or the Tax Opinion, such private letter ruling and/or the Tax Opinion may be invalid and the conclusions reached therein could be jeopardised. The Tax Opinion will rely on the private letter ruling as to matters covered by the ruling.

If the Demerger qualifies as a transaction that is tax-free for US federal income tax purposes under Sections 355 and 368(a)(1)(D) of the Code, as the Company expects, for US federal income tax purposes:

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

• no gain or loss will be recognised by, or be includible in the income of, a US Shareholder upon the receipt of Shares as a result of the Demerger (except with respect to any cash received in respect of fractional entitlements to Shares);

• the aggregate tax basis of the Unilever Shares and the Shares held by each US Shareholder immediately after the Demerger (including any fractional entitlement to Shares to which US Shareholders may be entitled) will be the same as the aggregate tax basis of the Unilever Shares held by the US Shareholder immediately before the Demerger, allocated between the Unilever Shares and the Shares in proportion to their relative fair market values on the date of the Demerger; and

• the holding period of the Shares received by each US Shareholder will include the holding period of their Unilever Shares.

US Shareholders that have acquired different blocks of Unilever Shares at different times or at different prices are urged to consult their tax advisers regarding the allocation of their aggregate adjusted tax basis among, and the holding period of, the Shares distributed with respect to such blocks of Unilever Shares.

A US Shareholder that receives cash in respect of a fractional entitlement to a Share as a result of the Demerger will be treated as if the US Shareholder first received a distribution of the fractional entitlement to the Share in the Demerger and then sold it for the amount of cash actually received. Such US Shareholder will generally recognise capital gain or loss equal to the difference between the US dollar value of the amount received for the fractional entitlement and the US Shareholder's tax basis in the fractional entitlement, as determined above. Any gain or loss generally should be treated as arising from US sources. The gain or loss will be long-term capital gain or loss if the US Shareholder's holding period in the Unilever Shares exceeds one year. Long-term capital gains of non-corporate US Shareholders are subject to preferential tax rates. Deductions for capital loss are subject to significant limitations.

Notwithstanding Unilever's receipt of the IRS private letter ruling and the Tax Opinion, the IRS could determine that the Demerger should be treated as a taxable transaction for US federal income tax purposes if it determines that any of the representations, assumptions, or undertakings upon which the IRS private letter ruling or the Tax Opinion was based are inaccurate or have not been complied with. In addition, the IRS private letter ruling does not address all of the issues that are relevant in determining whether the Demerger qualifies as a transaction that is generally tax-free for US federal income tax purposes. The Tax Opinion will not be binding on the IRS or any court and the IRS or a court may disagree with the conclusions in the Tax Opinion. Accordingly, notwithstanding Unilever's receipt of the IRS private letter ruling and the Tax Opinion, there can be no assurance that the IRS will not assert that the Demerger does not qualify for tax-free treatment for US federal income tax purposes, or that a court would not sustain such a challenge.

If the Demerger were determined not to qualify for tax-free treatment, the US tax consequences described above would not apply and each US Shareholder who receives Shares (and any cash received in respect of fractional entitlements to Shares) in the Demerger would generally be treated as receiving a distribution in an amount equal to the fair market value of the Shares received (including any fractional entitlements to Shares). Such distribution would be taxable to a US Shareholder as ordinary dividend income to the extent of the current and accumulated earnings and profits of Unilever as determined for US federal income tax purposes. To the extent the amount of the aggregate distribution exceeds the current and accumulated earnings and profits of Unilever, the distribution would be treated as a non-taxable return of capital, reducing the US Shareholder's adjusted tax basis in its Unilever Shares. To the extent the distribution in excess of earnings and profits exceeds the US Shareholder's adjusted tax basis in its Unilever Shares, the excess would be taxed as capital gain. Unilever does not maintain calculations of its earnings and profits in accordance with US federal income tax accounting principles, and a US Shareholder should therefore assume that any taxable distribution in respect of Unilever Shares would constitute ordinary income. In addition, the US Shareholder's tax basis in the Shares would equal the fair market value of such Shares on the date of receipt, and the US Shareholder's holding period for the Shares would begin on the day after the date of receipt.

#### Holding and Disposal of Shares

#### Distributions
Distributions (including In Lieu Payments) paid by the Company out of current or accumulated earnings and profits (as determined for US federal income tax purposes), before reduction for any DWT paid by the

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Company with respect thereto, generally will be taxable to a US Shareholder as non-US source dividend income. Distributions in excess of current and accumulated earnings and profits will be treated as a non-taxable return of capital to the extent of the US Shareholder's basis in the Shares and thereafter as capital gain. However, the Company does not maintain calculations of its earnings and profits in accordance with US federal income tax accounting principles. US Shareholders should therefore assume that any distribution by the Company with respect to Shares will be treated as ordinary dividend income. Such dividend income will not be eligible for the dividends received deduction allowed to corporations. US Shareholders should consult their own tax advisers with respect to the appropriate US federal income tax treatment of any distribution received from the Company.

Dividends paid by the Company generally will be taxable to a non-corporate US Shareholder at the special reduced rate normally applicable to long-term capital gains, provided the Company qualifies for the benefits of the US-NL Treaty, which the Company believes to be the case, and certain holding period and other requirements are met. Prospective purchasers should consult their tax advisers regarding the qualified dividend income rules.

Dividends paid in euro will be included in income in a US dollar amount calculated by reference to the exchange rate in effect on the day the dividends are received by the US Shareholder, regardless of whether the euro are converted into US dollars at that time. If dividends received in euro are converted into US dollars at the spot rate applicable on the day they are received, the US Shareholder generally will not be required to recognise foreign currency gain or loss in respect of the dividend income.

#### Effect of Dutch withholding taxes
A US Shareholder may generally be entitled, subject to certain limitations, to a credit against its US federal income tax liability, or a deduction in computing its US federal taxable income, for DWT by the Company on payments of dividends (at a rate not exceeding any applicable treaty rate). Dividends generally will constitute "passive category income" for purposes of the foreign tax credit. The rules governing foreign tax credits are complex, and US Treasury regulations (the "**Final FTC Regulations**") have imposed additional requirements that must be met for a foreign tax to be creditable. The Company does not intend to determine whether such requirements will be met in case Dutch taxes are withheld (if any). However, the IRS has issued notices indicating that the US Treasury and the IRS are considering proposing amendments to the Final FTC Regulations and allow taxpayers, subject to certain conditions, to defer the application of many aspects of the Final FTC Regulations until the date when a notice or other guidance withdrawing or modifying this temporary relief is issued (or any later date specified in such notice or other guidance). The rules governing foreign tax credits are complex. US Shareholders should consult their tax advisers concerning the applicability of the foreign tax credit, deductibility and source of income rules to any DWT, including the impact of an applicable income tax treaty.

#### Sale or other taxable disposition
Upon a sale or other taxable disposition of Shares, a US Shareholder generally will recognise capital gain or loss for US federal income tax purposes equal to the difference, if any, between the amount realised on the sale or other taxable disposition and the US Shareholder's adjusted tax basis in the Shares, in each case as determined in US dollars. This capital gain or loss will be long-term capital gain or loss if the US Shareholder's holding period in the Shares exceeds one year. Non-corporate US Shareholders are subject to tax on long-term capital gain at reduced rates. The deductibility of capital losses is subject to significant limitations. US Shareholders should consult their own tax advisers about how to account for proceeds received on the sale or other taxable disposition of Shares that are not paid in US dollars.

Any gain or loss recognised by a US Shareholder on the sale or other taxable disposition of Shares generally will be US source.

#### Backup withholding and information reporting
Payments of dividends on, and proceeds from the sale or other taxable disposition of, Shares by a US paying agent or other US intermediary will be reported to the IRS and to the US Shareholder as may be required under applicable regulations. Backup withholding may apply to these payments if the US Shareholder fails to

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provide an accurate taxpayer identification number or certification of exempt status or fails to comply with applicable certification requirements. Certain US Shareholders are not subject to backup withholding. US Shareholders should consult their tax advisers about these rules and any other reporting obligations that may apply to the ownership or disposition of Shares, including reporting obligations related to the holding of certain "specified foreign financial assets".

#### 10.F. DIVIDENDS AND PAYING AGENTS
The dividend paying agent for the Company's shareholders is expected to be Computershare, Inc. See "— *Dividend Policy*".

#### 10.G. STATEMENTS BY EXPERTS
The Combined Carve-Out Financial Statements of the Ice Cream Business of Unilever PLC as of 31 December 2024, 2023, 2022 and 1 January 2022, and for each of the years in the three-year period ended 31 December 2024, have been included herein in reliance upon the report of KPMG LLP, independent registered public accounting firm, appearing elsewhere herein, and upon the authority of said firm as experts in accounting and auditing.

#### 10.H. DOCUMENTS ON DISPLAY
Upon effectiveness of this registration statement, the Company will be subject to the periodic reporting and other informational requirements of the US Exchange Act. Under the US Exchange Act, the Company is required to file reports and other information with the SEC. Specifically, the Company is required to file annually a Form 20-F within 120 days of each fiscal year. Copies of reports and other information, when so filed, may be inspected without charge and may be obtained at prescribed rates at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. You can request copies of these documents upon payment of a duplicating fee, by writing to the SEC. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference rooms. The SEC also maintains a website at www.sec.gov from which certain filings may be accessed.

As a foreign private issuer, the Company is exempt from the rules under the US Exchange Act prescribing the furnishing and content of quarterly reports and proxy statements, and officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the US Exchange Act.

The Company also maintains a website at www.corporate.magnumicecream.com. The information contained on its website or available through its website is not incorporated by reference into and should not be considered a part of this registration statement on Form 20-F, and the reference to the Company's website in this registration statement on Form 20-F is an inactive textual reference only.

#### 10.I. SUBSIDIARY INFORMATION
Not applicable.

#### 10.J. ANNUAL REPORT TO SECURITY HOLDERS
Not applicable.

#### ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

#### 11.A. QUANTITATIVE INFORMATION ABOUT MARKET RISK
The information set forth in "*Note 14. Treasury Risk Management*" of the Combined Carve-Out Financial Statements beginning on page F-61 is incorporated herein by reference.

#### 11.B. QUALITATIVE INFORMATION ABOUT MARKET RISK
The information set forth in "*Note 14. Treasury Risk Management*" to the Combined Carve-Out Financial Statements beginning on page F-61 is incorporated herein by reference.

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#### ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

#### 12.A. DEBT SECURITIES
Not applicable.

#### 12.B. WARRANTS AND RIGHTS
Not applicable.

#### 12.C. OTHER SECURITIES
Not applicable.

#### 12.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]

#### 16.A. AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable.

#### 16.B. CODE OF ETHICS
Not applicable.

#### 16.C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable.

#### 16.D. EXEMPTION FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not applicable.

#### 16.E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
Not applicable.

#### 16.F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
Not applicable.

#### 16.G. CORPORATE GOVERNANCE
Not applicable.

#### 16.H. MINE SAFETY DISCLOSURE
Not applicable.

#### 16.I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.

#### 16.J. INSIDER TRADING POLICIES
Not applicable.

#### 16.K. CYBERSECURITY
Not applicable.

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#### Part III

#### ITEM 17. FINANCIAL STATEMENTS
The Company has responded to Item 18 in lieu of responding to this item.

#### ITEM 18. FINANCIAL STATEMENTS
See the Combined Carve-Out Financial Statements beginning on page F-2.

#### ITEM 19. EXHIBITS
The following documents have been filed as exhibits to this registration statement.

---

| | |
|:---|:---|
| **Exhibit No.**  | **Description**  |
| &nbsp;&nbsp; 1.1 | [English translation of Form of Articles of Association](tm2515841d11_ex1-1.htm)  |
| &nbsp;&nbsp; 1.2 | [English translation of Form of Deed of Conversion and Amendment to Articles of Association of the Registrant to be effective prior to the effectiveness of this registration statement](tm2515841d11_ex1-2.htm) |
| &nbsp;&nbsp; 4.1 | [Global Transitional Services Agreement between Magnum ICC Global Services B.V. and Unilever Europe Business Center B.V., dated 15 August 2025](tm2515841d11_ex4-1.htm)  |
| &nbsp;&nbsp; 4.2 | [Demerger Agreement between the Company, Magnum Holdco and Unilever, dated 1 October 2025](tm2515841d11_ex4-2.htm)  |
| &nbsp;&nbsp; 4.3 | [Tax Matters Agreement between the Company and Unilever, dated 1 October 2025](tm2515841d11_ex4-3.htm)  |
| &nbsp;&nbsp; 4.4 | [Term Loan Facilities Agreement between Magnum ICC Finance B.V., The Magnum Ice Cream Company HoldCo Netherlands B.V. and the Arrangers, dated 28 August 2025](tm2515841d11_ex4-4.htm)  |
| &nbsp;&nbsp; 4.5 | [Revolving Credit Facility Agreement between Magnum ICC Finance B.V., The Magnum Ice Cream Company HoldCo Netherlands B.V. and the Arrangers, dated 28 August 2025](tm2515841d11_ex4-5.htm) |
| &nbsp;&nbsp; 4.6 | [Registration Rights Agreement by and between the Company and Unilever PLC, dated 1 October 2025](tm2515841d11_ex4-6.htm) |
| &nbsp;&nbsp; 8.1 | [List of Subsidiaries](tm2515841d11_ex8-1.htm)  |
| 15.1 | [Consent of KPMG LLP, independent registered public accounting firm](tm2515841d11_ex15-1.htm)  |

---

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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 authorised the undersigned to sign this registration statement on its behalf.

By:

/s/ Vanessa Vilar

Name: Vanessa Vilar

Title: Chief Legal Officer

Date: 4 November 2025

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#### INDEX TO FINANCIAL STATEMENTS

---

| | |
|:---|:---|
| **Condensed Combined Carve-Out Financial Statements (Unaudited)** | |
| [Condensed Combined Carve-Out Income Statement for the half year ended 30 June 2025](#bCCCI)  | [F-2](#bCCCI) |
|  [Condensed Combined Carve-Out Statement of Comprehensive Income for the half year ended 30 June 2025](#bCCCS)  | [F-3](#bCCCS) |
| [Condensed Combined Carve-Out of Changes in Net Parent Investment as of 30 June 2025](#bCCCS1)  | [F-4](#bCCCS1) |
| [Condensed Combined Carve-Out Balance Sheet as of 30 June 2025](#bCCCB)  | [F-5](#bCCCB) |
| [Condensed Combined Carve-Out Cash Flow Statement for the half year ended 30 June 2025](#bCCCC)  | [F-6](#bCCCC) |
|  [Notes to the Condensed Combined Carve-Out Financial Statements for the half year ended 30 June <br> 2025](#b1OPA)  | [F-7](#b1OPA) |
| **Combined Carve-Out Financial Statements** |  |
| [Report of Independent Registered Public Accounting Firm (PCAOB ID number: 1118)](#tRRPC1)  | [F-14](#tRRPC1) |
|  [Combined Carve-Out Income Statement for the Financial Years ended 31 December 2024, 31 December 2023 and 31 December 2022](#tIIIS1)  | [F-16](#tIIIS1) |
|  [Combined Carve-Out Statement of Comprehensive Income for the Financial Years ended 31 December 2024, 31 December 2023 and 31 December 2022](#tCCCI1)  | [F-17](#tCCCI1) |
|  [Combined Carve-Out of Changes in Net Parent Investment as of 31 December 2024, 31 December 2023 and 31 December 2022, and as of 1 January 2022](#tCNPI1)  | [F-18](#tCNPI1) |
|  [Combined Carve-Out Balance Sheet as of 31 December 2024, 31 December 2023 and 31 December 2022, and as of 1 January 2022](#tCBS1)  | [F-19](#tCBS1) |
|  [Combined Carve-Out Cash Flow Statement for the Financial Years ended 31 December 2024, 31 December 2023 and 31 December 2022](#tCCFSS1)  | [F-20](#tCCFSS1) |
|  [Notes to the Combined Carve-Out Financial Statements for the Financial Years ended 31 December 2024, 31 December 2023 and 31 December 2022](#tCCFSF1)  | [F-21](#tCCFSF1) |

---

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#### Condensed Combined Carve-Out Financial Statements of the Ice Cream Business of Unilever PLC for the First Half ended 30 June 2025

#### Condensed Combined Carve-Out Income Statement

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **First Half**  | **First Half**  |
| | **Notes**  | **Notes**  | **2025**  | **2024**  |
|  |  |  | *(€ million) <br> **(unaudited)***  | *(€ million) <br> **(unaudited)***  |
| **Revenue** |  |  | **4503** | **4394** |
| **Operating Profit**  |  |  | **569** | **608** |
| Net finance costs  |  |  | (10) | (10) |
| &nbsp;&nbsp;&nbsp; Pensions and similar obligations  |  |  | (5) | (6) |
| &nbsp;&nbsp;&nbsp; Finance income  |  |  | 3 | 1 |
| &nbsp;&nbsp;&nbsp; Finance costs  |  |  | (8) | (5) |
| Net monetary gain arising from hyperinflationary economies  |  |  | 27 | 16 |
| **Profit before taxation**  |  |  | **586** | **614** |
| **Taxation**  |  | 3 | **(122)** | **(152)** |
| **Net profit**  |  |  | **464** | **462** |
| **Attributable to:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Non-controlling interests  |  |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp; Parent investment  |  |  | 454 | 452 |

---

Operating profit includes certain indirect centrally incurred costs and general corporate expenses that have been allocated to the Ice Cream Business on the basis that it operated as part of the wider Unilever Group. These allocations have been determined on a basis that both Unilever and the Ice Cream Business consider to be a reasonable reflection of the utilisation of services provided to, or the benefit received by, the Ice Cream Business during the periods presented. The reasonable reflection is primarily based on revenues generated by the Ice Cream Business as compared to the wider Unilever Group. Had the Ice Cream Business operated independently during the periods presented, the level of costs incurred would have been different and would have been influenced by a number of factors including the chosen organization structure, the functions that are outsourced as opposed to performed by employees, and by other strategic decisions made in areas such as information technology and infrastructure.

The tax charge has been determined using an effective tax rate that is appropriate to circumstances in each individual country. The tax charges recorded in the income statement may not necessarily be representative of the charges that may arise in the future. See Note 3 — Taxation for additional detail on the tax charge computation.

The accompanying notes are an integral part of these combined carve-out financial statements.

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#### Condensed Combined Carve-Out Statement of Comprehensive Income

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **First Half**  | **First Half**  |
| | **Notes**  | **Notes**  | **2025**  | **2024**  |
|  |  |  | *(€ million) <br> **(unaudited)***  | *(€ million) <br> **(unaudited)***  |
| **Net profit**  |  |  | 464 | 462 |
| **Other comprehensive income** |  |  |  |  |
| Items that will not be reclassified to profit or loss, net of tax: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Remeasurement of defined benefit pension plans  |  | 3 | 22 | 41 |
| Items that may be reclassified subsequently to profit or loss, net of tax: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; (Losses)/gains on cash flow hedges  |  | 3 | (48) | 3 |
| &nbsp;&nbsp;&nbsp; Currency retranslation (losses)/gains  |  | 3 | (236) | 71 |
| **Total comprehensive income**  |  |  | **202** | **577** |
| **Attributable to:** |  |  |  |  |
| Non-controlling interests  |  |  | 7 | 9 |
| Parent investment  |  |  | 195 | 568 |

---

The accompanying notes are an integral part of these condensed combined carve-out financial statements.

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#### Condensed Combined Carve-Out Statement of Changes in Net Parent Investment

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Other <br> reserves**  | **Invested <br> capital**  | **Net parent <br> investment**  | **Non-controlling <br> interests**  | **Total <br> equity**  |
|  | *(€ million) <br> **(unaudited)***  | *(€ million) <br> **(unaudited)***  | *(€ million) <br> **(unaudited)***  | *(€ million) <br> **(unaudited)***  | *(€ million) <br> **(unaudited)***  |
| **First half – 2025** |  |  |  |  |  |
| **1 January 2025**  | **393** | **2385** | **2778** | **23** | **2801** |
| Profit for the period  |  | 454 | 454 | 10 | 464 |
| Other comprehensive income, net of tax: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Remeasurement of defined benefit pension plans  | 22 |  | 22 |  | 22 |
| &nbsp;&nbsp;&nbsp; Cash flow hedges losses  | (48) |  | (48) |  | (48) |
| &nbsp;&nbsp;&nbsp; Currency retranslation losses<sup>(a)</sup>  | (233) |  | (233) | (3) | (236) |
| Total comprehensive income  | (259) | 454 | 195 | 7 | 202 |
| Dividends paid to Unilever  |  | (10) | (10) |  | (10) |
| Share-based payment credit<sup>(b)</sup>  |  | 19 | 19 |  | 19 |
| Dividends declared to non-controlling interests  |  |  |  | (6) | (6) |
| Hedging gain transferred to non-financial assets  | (36) |  | (36) |  | (36) |
| Other transactions with Unilever<sup>(c)</sup>  |  | (111) | (111) |  | (111) |
|  Transactions with owners of the non-controlling interests  |  |  |  | 3 | 3 |
| **30 June 2025**  | **98** | **2737** | **2835** | **27** | **2862** |
| **First half – 2024** |  |  |  |  |  |
| **1 January 2024**  | **131** | **2379** | **2510** | **25** | **2535** |
| Profit for the period  |  | 452 | 452 | 10 | 462 |
| Other comprehensive income, net of tax: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Remeasurement of defined benefit pension plans  | 41 |  | 41 |  | 41 |
| &nbsp;&nbsp;&nbsp; Cash flow hedges gains  | 3 |  | 3 |  | 3 |
| &nbsp;&nbsp;&nbsp; Currency retranslation gains/(losses)<sup>(a)</sup>  | 72 |  | 72 | (1) | 71 |
| Total comprehensive income  | 116 | 452 | 568 | 9 | 577 |
| Share-based payment credit<sup>(b)</sup>  |  | 19 | 19 |  | 19 |
| Other transactions with Unilever<sup>(c)</sup>  |  | (188) | (188) |  | (188) |
|  Transactions with owners of the non-controlling interests  |  |  |  | (8) | (8) |
| **30 June 2024**  | **247** | **2662** | **2909** | **26** | **2935** |

---

(a) Includes a hyperinflation adjustment in relation to Turkey for the first half of 2025 and the first half of 2024.

(b) The share-based payment credit relates to the non-cash charge recorded against operating profit in respect of the fair value of Unilever share options and awards allocated to the Ice Cream Business.

(c) Other transactions with Unilever reflect the fact that the Ice Cream Business does not retain cash generated from operating activities and represent the cash outflow associated with repatriating such cash to Unilever, net of any movements in working capital, financing and investing activities.

The accompanying notes are an integral part of these condensed combined carve-out financial statements.

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#### Condensed Combined Carve-Out Balance Sheet

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Notes**  | **As at <br> 30 June <br> 2025**  | **As at <br> 31 December <br> 2024**  | **As at <br> 30 June <br> 2024**  |
|  |  | *(€ million) <br> **(unaudited)***  | *(€ million) <br> **(unaudited)***  | *(€ million) <br> **(unaudited)***  |
| **Non-current assets** |  |  |  |  |
| Goodwill  |  | 531 | 585 | 573 |
| Intangible assets  |  | 716 | 793 | 777 |
| Property, plant and equipment  |  | 2258 | 2355 | 2258 |
| Pension asset for funded schemes in surplus  |  | 40 |  |  |
| Deferred tax assets  |  | 126 | 130 | 140 |
| Other non-current assets  |  | 29 | 29 | 30 |
|  |  | **3700** | **3892** | **3778** |
| **Current assets** |  |  |  |  |
| Inventories  |  | 1054 | 920 | 1050 |
| Trade and other current receivables  |  | 1388 | 635 | 1394 |
| Current tax assets  |  | 8 | 4 | 4 |
| Cash and cash equivalents  | 4 | 49 | 70 | 39 |
| Assets held for sale  |  | 3 |  |  |
|  |  | **2502** | **1629** | **2487** |
| **Total assets**  |  | **6202** | **5521** | **6265** |
| **Current liabilities** |  |  |  |  |
| Financial liabilities  | 4 | 89 | 85 | 104 |
| Trade payables and other current liabilities  |  | 2535 | 1818 | 2478 |
| Current tax liabilities  |  | 20 | 24 | 16 |
| Provisions  |  | 35 | 102 | 39 |
| Liabilities held for sale  |  | 1 |  |  |
|  |  | **2680** | **2029** | **2637** |
| **Non-current liabilities** |  |  |  |  |
| Financial liabilities  | 4 | 260 | 248 | 257 |
| Pensions and post-retirement healthcare liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Funded schemes in deficit  |  | 1 | 6 | 12 |
| &nbsp;&nbsp;&nbsp; Unfunded schemes  |  | 87 | 92 | 94 |
| Provisions  |  | 40 | 39 | 51 |
| Deferred tax liabilities  |  | 262 | 298 | 267 |
| Other non-current liabilities  |  | 10 | 8 | 12 |
|  |  | **660** | **691** | **693** |
| **Total liabilities**  |  | **3340** | **2720** | **3330** |
| **Equity** |  |  |  |  |
| Net parent investment  |  | 2835 | 2778 | 2909 |
| Non-controlling interests  |  | 27 | 23 | 26 |
| **Total equity**  |  | **2862** | **2801** | **2935** |
| **Total liabilities and equity**  |  | **6202** | **5521** | **6265** |

---

The accompanying notes are an integral part of these condensed combined carve-out financial statements.

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#### Condensed Combined Carve-Out Cash Flow Statement

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **First Half**  | **First Half**  |
| | **Notes**  | **Notes**  | **2025**  | **2024**  |
|  |  |  | *(€ million) <br> **(unaudited)***  | *(€ million) <br> **(unaudited)***  |
| Net profit  |  |  | 464 | 462 |
| Taxation  |  |  | 122 | 152 |
| Net monetary gain arising from hyperinflationary economies  |  |  | (27) | (16) |
| Net finance costs  |  |  | 10 | 10 |
| **Operating profit**  |  |  | **569** | **608** |
| Depreciation, amortisation and impairment (direct and allocated)<sup>(a)</sup>  |  |  | 187 | 194 |
| Changes in working capital:  |  |  | (304) | (248) |
| &nbsp;&nbsp;&nbsp; Inventories  |  |  | (198) | (130) |
| &nbsp;&nbsp;&nbsp; Trade and other receivables  |  |  | (956) | (834) |
| &nbsp;&nbsp;&nbsp; Trade payables and other liabilities  |  |  | 850 | 716 |
| Pensions and similar obligations less payments  |  |  | (16) | (18) |
| Provisions less payments  |  |  | (64) | (11) |
| Elimination of losses on disposals  |  |  | 8 |  |
| Non-cash charge for share-based compensation  |  |  | 19 | 19 |
| Other adjustments  |  |  | (1) | (5) |
| **Cash flow from operating activities**  |  |  | **398** | **539** |
| Income tax paid  |  |  | (122) | (160) |
| **Net cash flow from operating activities**  |  |  | **276** | **379** |
| Interest received<sup>(b)</sup>  |  |  | 3 | 1 |
| Purchase of property, plant and equipment  |  |  | (150) | (128) |
| Disposal of property, plant and equipment  |  |  | 17 | 15 |
| Acquisition of businesses  |  |  |  | (61) |
| Disposal of other non-current investments  |  |  | 1 | (1) |
| **Net cash flow used in investing activities**  |  |  | **(129)** | **(174)** |
| Dividends paid  |  |  | (10) |  |
| Interest paid<sup>(b)</sup>  |  |  | (8) | (5) |
| Additional financial liabilities  |  |  | 6 | 4 |
| Capital element of lease payments  |  |  | (30) | (23) |
| Additional related party loans with Unilever<sup>(b)</sup>  |  |  |  | 11 |
| Other transactions with Unilever and owners of non-controlling interests<sup>(b)</sup>  |  |  | (122) | (210) |
| **Net cash flow used in financing activities**  |  |  | **(164)** | **(223)** |
| **Net decrease in cash and cash equivalents**  |  |  | **(17)** | **(18)** |
| **Cash and cash equivalents at the beginning of the period**  |  |  | 67 | 50 |
| Effect of foreign exchange rate changes  |  |  | (5) | (1) |
| **Cash and cash equivalents at the end of the period**  |  | 4 | **45** | **31** |

---

(a) Depreciation, amortisation and impairment (direct and allocated) reflects amortisation and depreciation charges relating to intangible assets, property, plant and equipment, and leased assets and liabilities included in the combined carve-out balance sheet and an allocation of amortisation and depreciation charges for those software and land and buildings used by the Ice Cream Business but not transferring as part of the Transaction.

(b) As Unilever uses a centralised approach to cash management and financing its operations, transactions between Unilever and the Ice Cream Business are accounted for through net parent investment. Accordingly, none of the cash, cash equivalents, debt or related interest income and expense at the corporate level have been assigned to the Ice Cream Business. Cash held in newly incorporated holding companies for the sole purpose of the restructuring prior to demerger has also been excluded. Only cash, debt and related interest held by entities that only contain Ice Cream related trading activities has been assigned to these carve out accounts. The other transactions with Unilever and non-controlling interests reflect the fact that the Ice Cream Business does not retain cash generated from operating activities and represents the cash outflow associated with repatriating such cash to Unilever, net of any movements in working capital, financing and investing activities. This balance represents Group transactions and cash pooling activities between Unilever and the combined Ice Cream Business.

The accompanying notes are an integral part of these condensed combined carve-out financial statements.

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#### Notes to the Condensed Combined Carve-Out Financial Statements

#### 1

#### Basis of preparation, accounting policies, estimates and judgements

#### Background
On 19 March 2024, Unilever PLC (together with its subsidiaries collectively referred to as "Unilever" or "the Unilever Group") announced its intention to separate its Ice Cream Business in certain jurisdictions (the "Ice Cream Business") into an independent group. On 13 February 2025, Unilever announced that such separation would take place by way of a demerger, and that the Ice Cream Business would seek listings on Euronext Amsterdam, the London Stock Exchange and the New York Stock Exchange. The Ice Cream Business includes brands such as Magnum, Wall's and Ben & Jerry's. These condensed combined carve-out financial statements include every territory in which Unilever operates an Ice Cream Business, with the exception of Unilever's Ice Cream Business in Russia and India and Unilever's investments in associates and joint ventures.

To effect the separation, Unilever reorganised the Ice Cream Business into a standalone corporate group. This standalone corporate group will remain within the Unilever Group between 1 July 2025 and the demerger date. For more information on this reorganisation, see Note 7 — Events after the balance sheet date.

The demerger will be implemented by way of an interim *in specie* dividend declared by Unilever, whereby the entire issued share capital of The Magnum Ice Cream Company HoldCo Netherlands B.V. will be transferred from Unilever to The Magnum Ice Cream Company N.V. ("TMICC"). In exchange, TMICC will issue ordinary shares to holders of Unilever's ordinary shares and American Depositary Shares. Following this issuance, all assets, liabilities, and legal entities comprising the Ice Cream Business will be owned, directly or indirectly, by TMICC (save in respect of certain exceptions where transfer of assets and liabilities of the Ice Cream Business has been deferred until after demerger). The proposed demerger of TMICC from Unilever is referred to as the "Transaction" throughout the condensed combined carve-out financial statements.

#### Basis of preparation
These condensed combined carve-out financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting', as adopted by the EU and as issued by the International Accounting Standards Board ("IASB").

These condensed combined carve-out financial statements should be read in conjunction with the Ice Cream Business' last annual combined carve out financial statements, including the Basis of Preparation, as at and for the three years ended 31 December 2024 ('last annual financial statements'). They do not include all of the information required for a complete set of financial statements prepared in accordance with IFRS Accounting Standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Ice Cream Business' financial position and performance since the last annual financial statements.

The condensed combined carve-out financial statements have been derived from the consolidated condensed financial statements and accounting records of Unilever, including the historical cost basis of assets and liabilities comprising the Ice Cream Business, as well as the historical revenues, direct costs, and allocations of indirect costs attributable to the operations of the Ice Cream Business, using the historical accounting policies applied by Unilever. The condensed combined carve-out financial statements do not necessarily reflect the Ice Cream Business' financial position, results of operations or cash flows had the Ice Cream Business been a separate entity, or the future results of the Ice Cream Business as it will exist upon completion of the Transaction, given it was not an independently operating business.

The condensed combined carve-out income statement, the condensed combined carve-out statement of comprehensive income, the condensed combined carve-out statement of changes in equity and the condensed combined carve-out cash flow statement are translated at exchange rates current in each period. The condensed combined carve-out balance sheet is translated at period-end rates of exchange.

The operations of the Ice Cream Business are subject to seasonal fluctuations that affect financial performance. Historically, revenue and adjusted EBITDA are higher in the first half of the financial year driven by strong activity in the most seasonally affected markets.

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In accordance with IAS 34, the condensed combined carve-out financial statements reflect the financial performance for the six-month period ended 30 June 2025, and comparative figures for the corresponding period in the prior year.

No adjustments have been made to defer or anticipate revenues or costs that are seasonal, cyclical, or occasional in nature.

#### Accounting policies
These condensed combined carve-out financial statements have been prepared applying the accounting policies and presentation that were applied in the preparation of the last annual combined carve-out financial statements. In preparing these condensed combined carve-out financial statements, judgements and estimates that affect the application of accounting policies used by management have remained consistent with those applied in the last annual combined carve-out financial statements.

#### Going concern
These condensed combined carve-out financial statements have been prepared on a going concern basis. The Directors of The Magnum Ice Cream Company B.V., (the "**Directors**") have considered both:

The period in which it will continue to operate under Unilever PLC:

• Up to completion of the Transaction, the Ice Cream Business will operate as a standalone corporate group within the Unilever Group, benefiting from shared resources, centralised treasury functions, and financial support. Unilever has considerable financial resources and has indicated its intention to continue to support the Ice Cream Business whilst it remains part of the Unilever Group.

• As with any company placing reliance on other group entities for financial support, the Directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

The period following the Transaction:

• On 28 August 2025 the Ice Cream Business entered into financing facilities with major banks, comprising a €4bn term loan facilities agreement and a €1bn syndicated revolving credit facility agreement with unaffiliated third-party lenders (see Note 4 — Financial instruments). Prior to agreeing these facilities, the performance, cash flow requirements and projected forecasts of the Ice Cream Business were assessed to ensure that the aforementioned agreed facilities are appropriate and sufficient.

Based on the assessment under both ownership scenarios, the Directors have prepared cash flow forecasts and performed a going concern assessment which indicates that, in both the base case and applying reasonably possible downsides the Ice Cream Business will be able to meet its liabilities as they fall due for the going concern period.

Consequently, the Directors are confident that the Ice Cream Business will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

#### Recent accounting developments adopted by the Ice Cream Business
All standards or amendments to the standards that have been issued by the IASB and were effective 1 January 2025 were not applicable or material to the Ice Cream Business.

#### New standards, amendments and interpretations of existing standards that are not yet effective and have not been early adopted by the Ice Cream Business
Upcoming amendments to IFRS 9 and IFRS 7 'The Classification and Measurement of Financial Instruments' effective 1 January 2026 and IFRS 18 'Presentation and Disclosure in Financial Statements' effective 1 January 2027 have been released, but these have not yet been adopted by the Ice Cream Business. The Ice Cream Business is currently assessing their impact on the financial results and position of the Ice Cream Business.

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All other new standards or amendments to standards that are not yet effective that have been issued by the IASB are not applicable or material to the Ice Cream Business.

These condensed combined carve-out financial statement were authorised by the Directors of the Ice Cream Business and available for issuance on 6 October 2025.

#### 2

#### Segment information
The Ice Cream Business operating segment information is provided based on three geographical areas: Europe and ANZ, Americas and Rest of the World.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **First Half**  | **Europe and <br> ANZ**  | **Americas**  | **Rest of World**  | **Total**  |
|  | **(unaudited)**  | **(unaudited)**  | **(unaudited)**  | **(unaudited)**  |
|  ***Revenue (€ million)<sup>(a)</sup>*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2025  | 1861 | 1479 | 1163 | 4503 |
| &nbsp;&nbsp;&nbsp; 2024  | 1756 | 1518 | 1120 | 4394 |
| Change (*%*)  | 6.0 | (2.6) | 3.7 | 2.5 |
|  ***Operating profit (€ million)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2025  | 226 | 126 | 217 | 569 |
| &nbsp;&nbsp;&nbsp; 2024  | 241 | 131 | 236 | 608 |
|  ***Depreciation and amortisation (€ million)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2025  | 67 | 59 | 61 | 187 |
| &nbsp;&nbsp;&nbsp; 2024  | 66 | 72 | 56 | 194 |
|  ***Adjusting items (€ million)<sup>(b)(c)</sup>*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2025  | 27 | 44 | 26 | 97 |
| &nbsp;&nbsp;&nbsp; 2024  | 17 | 18 | 12 | 47 |
|  ***Adjusted EBITDA (€ million)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2025  | 320 | 229 | 304 | 853 |
| &nbsp;&nbsp;&nbsp; 2024  | 324 | 221 | 304 | 849 |

---

(a) Revenue change (%) is made up of distinct individual change components namely underlying sales, currency impact, acquisitions and disposals. Revenue change (%) is arrived at by multiplying these individual components on a compounded basis as there is a currency impact on each of the other components. Accordingly, revenue change (%) is more than just the sum of the individual components.

(b) Adjusting items include acquisition and disposal related costs of €121m (€10m in the first half of 2024), restructuring credit of €26m (cost of €37m in the first half of 2024), and impairment and other one-off items of €2m (€nil in the first half of 2024), classified separately due to their nature and/or frequency of occurrence. Net monetary gain/loss arising from hyperinflationary economies is also an adjusting item due to its nature and size, however it is not included in operating profit therefore not included within adjusting items above.

(c) In the first half of 2025, there was a net release of €43m related to the restructuring provision, which is partially offset by charges of €17m related to supply chain projects and other corporate initiatives. The release was driven by a significantly higher redeployment of employees in the first half of 2025 that were due to exit as at 31 December 2024.

Adjusted EBITDA is the primary measure by which we evaluate segment profit or loss and make resource-allocation and performance-assessment decisions.

#### 3

#### Taxation
The effective tax rate for the first half is 20.7%, compared with 24.7% in 2024. The tax rate is calculated by dividing the tax charge by the pre-tax profit. The primary drivers for the decrease compared to the June 2024 effective tax rate are the impact of the non-taxable monetary gain related to Turkey and audit settlements.

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#### 4

#### Financial instruments
The Ice Cream Business aims to protect the value of financial investments, while maximizing returns. The fair value of financial assets is the same as the carrying amount for 30 June 2025, 31 December 2024, and 30 June 2024. The Ice Cream Business's cash resources are shown below.

---

| | | | |
|:---|:---|:---|:---|
| **Financial assets<sup>(a)</sup>**  | **30 June <br> 2025**  | **31 December <br> 2024**  | **30 June <br> 2024**  |
|  | **(€ million)**  | **(€ million)**  | **(€ million)**  |
|  | **(unaudited)**  | **(unaudited)**  | **(unaudited)**  |
| **Cash and cash equivalents** |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash at bank and in hand  | 35 | 53 | 30 |
| &nbsp;&nbsp;&nbsp; Short-term deposits with maturity of less than three months  | 14 | 17 | 9 |
|  | **49** | **70** | **39** |

---

(a) Financial assets exclude trade and other current receivables. All financial assets are classified as current.

The Ice Cream Business's financial liabilities are shown below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **30 June 2025**  | **30 June 2025**  | **30 June 2025**  | **31 December 2024**  | **31 December 2024**  | **31 December 2024**  | **30 June 2024**  | **30 June 2024**  | **30 June 2024**  |
| | **Current**  | **Non-current**  | **Total**  | **Current**  | **Non-current**  | **Total**  | **Current**  | **Non-current**  | **Total**  |
|  | **(unaudited)**  | **(unaudited)**  | **(unaudited)**  | **(unaudited)**  | **(unaudited)**  | **(unaudited)**  | **(unaudited)**  | **(unaudited)**  | **(unaudited)**  |
| **Financial liabilities**<sup>(a)</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank loans and overdrafts<sup>(b)</sup>  | (39) | **—** | (39) | (35) | **—** | (35) | (41) | **—** | (41) |
| &nbsp;&nbsp;&nbsp; Lease liabilities  | (49) | (115) | (164) | (41) | (103) | (144) | (43) | (106) | (149) |
| &nbsp;&nbsp;&nbsp; Related party loans with Unilever<sup>(c)</sup>  | (1) | **—** | (1) | (9) | **—** | (9) | (20) | **—** | (20) |
| &nbsp;&nbsp;&nbsp; Other financial liabilities<sup>(d)</sup>  | **—** | (145) | (145) | **—** | (145) | (145) | **—** | (151) | (151) |
| **Total financial liabilities**  | (89) | (260) | (349) | (85) | (248) | (333) | (104) | (257) | (361) |

---

(a) Financial liabilities exclude trade payables and other liabilities.

(b) Bank loans and overdrafts do not include any secured liabilities.

(c) Related party loans with Unilever at 31 December 2024 reflects a €9 million intercompany loan, which was issued in February 2020 by Unilever Finance International AG ("UFI") to Unilever Ice Cream Bulgaria EOOD. On 30 June 2025, UFI waived €8 million of this loan. The waiver was recognised as a capital contribution from the parent and effective immediately. The liability was derecognised and the corresponding credit was recognised directly in Net Parent Investment.

(d) Other financial liabilities includes an option to acquire non-controlling interests from RFM Corporation, the Philippines Joint Venture (the "Philippines Put Option"). The Ice Cream Business owns 50%+1 share and, under the terms of the shareholder agreement dating back to March 1999, each year within one month of 31 December, RFM Corporation has the right to require The Ice Cream Business to purchase all or a proportion of RFM's shares in the joint venture at a price defined in the shareholder agreement.

There have been no material changes in the classification of the fair value of financial assets and financial liabilities since 31 December 2024. Additionally, there have been no significant movements between the fair value hierarchy classifications during this period.

#### Calculation of fair values
The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values are consistent with those used in the year ended 31 December 2024.

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#### Assets and liabilities carried at fair value
Derivatives of €3m (31 December 2024: €105m and 30 June 2024: €2m) and other cash equivalents are valued using valuation techniques with market observable inputs (Level 2). There are no derivatives and other cash equivalents valued at quoted prices for identical instruments (level 1) or not based on observable market data (Level 3). The models incorporate various inputs including the credit quality of counter-parties, foreign exchange spot and forward rates, interest rate curves and forward rate curves of the underlying commodities.

The Philippines Put Option is valued annually at the redemption value with subsequent changes in finance costs (Level 3). The redemption value is derived from a formula defined in the shareholder agreement which uses historical financial information, multipliers, and CPI adjustments. The impact in the income statement for the first half of 2025 due to the Philippines Put Option is €nil (first half of 2024: €nil).

#### Other financial assets and liabilities
Cash and short-term deposits, trade and other current receivables, overdrafts, trade payables and other current liabilities have fair values that approximate to their carrying amounts due to their short-term nature.

Related party loans with Unilever, lease liabilities and non-current receivables and payables have a fair value considered to be materially equal to the carrying value based on the net present value of the anticipated future cash flows associated with these instruments using rates currently available for debt on similar terms, credit risk and remaining maturities.

#### Facility Agreements
On 28 August 2025, Magnum ICC Finance B.V. (as borrower) and The Magnum Ice Cream Company HoldCo Netherlands B.V. (as guarantor) entered into a term loan facilities agreement (the facilities to be provided thereunder being the "Term Loan Facilities") and a syndicated revolving credit facility agreement (the revolving credit facility provided thereunder being the "Revolving Credit Facility") with unaffiliated third-party lenders.

The Term Loan Facilities comprise:

• a bridge term loan facility denominated in euro, with a commitment of €3,000 million available for the repayment of financial indebtedness owed by Group Companies to the Unilever Group, and for the payment of the consideration for the transfer of Unilever's Ice Cream Business in Indonesia;

• a working capital term loan facility denominated in Euro (with optional currencies of US dollars and Pounds Sterling), with a commitment of €700 million available for general corporate purposes and with a maturity date of three years from the date of the Term Loan Facilities Agreement; and

• a term loan facility denominated in Euro, with a commitment of €300 million available for the payment of the consideration for the transfer of the Unilever Group's shares in Kwality Wall's India.

The Revolving Credit Facility comprises:

• a multicurrency facility denominated in euro (with optional currencies of US dollars and Pounds Sterling), and a commitment of €1,000 million available for general corporate purposes with an initial maturity date of five years from the date of the Revolving Credit Facility Agreement, subject to two extension options of one year each which can be requested by the Company and which each lender can its sole discretion, agree to or not; and

• a €500 million Swingline Facility and a US$500 million Swingline Facility each operating as a sublimit within the Revolving Credit Facility with the purpose of refinancing euro or US dollar commercial paper programmes, respectively, that the Group plans to establish.

#### 5

#### Acquisitions and disposals

#### Acquisition of Unilever PLC's Indian Ice Cream Business
On 25 June 2025, Unilever PLC signed an agreement to sell its Ice Cream Business in India, Kwality Wall's India, to TMICC on or after 1 April 2026. This sale will be for a price equal to Unilever PLC's shareholding in

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that entity at the time of the sale (expected to be 61.9%) multiplied by the agreed fair market value of that entity of €450 million. The sale will be funded by a term loan facility and is subject to Hindustan Unilever completing a successful demerger and listing of its Ice Cream business and TMICC completing a mandatory tender offer to the minority shareholders of the new listed India Ice Cream Company for at least an additional 26% of that entity.

The demerger is expected to become effective by January 2026 and Kwality Wall's India is expected to start trading on the Bombay Stock Exchange and National Stock Exchange of India by April 2026.

HUL's Ice Cream Business reported revenue of €185 million and operating profit of €9 million for the 12-month period ended 31 December 2024. Until the sale completes, its full results will continue to be reported within the Unilever Group.

#### Disposal of Venezuelan Ice Cream Business
On 6 June 2025, the Ice Cream Business signed an agreement to sell its Venezuela business (revenue of €12 million for the 12-month period ended 31 December 2024) to a third party and the sale completed on 3 July 2025. The assets and liabilities of the Venezuela business are classified as held for sale and presented as current on the balance sheet as at 30 June 2025. Prior periods are not adjusted to present the related assets and liabilities as held-for-sale.

#### 6

#### Dividends
The legal entities within the Ice Cream Business paid dividends to Unilever of €10 million in the six month period ended 30 June 2025, compared to €nil for the six month period ended 30 June 2024. The Ice Cream Business declared dividends to non-controlling interests of €6 million, which were declared but not paid as at 30 June 2025, compared to €nil declared for the first half of 2024.

#### 7

#### Events after the balance sheet date
Post balance sheet events have been considered to the date of signing these condensed combined carve-out financial statements.

Subsequent to the balance sheet date, on 1 July 2025, Unilever completed the internal reorganisation necessary to separate its Ice Cream Business into a distinct legal structure in preparation for the planned demerger. Except for the US Ice Cream Business, (which remains under the existing US Unilever group structure) and certain other territories, most notably Indonesia, the Ice Cream Business is now held by a newly established holding structure within the Unilever Group. The parent company of the Ice Cream Business is currently The Magnum Ice Cream Company HoldCo Netherlands B.V., incorporated in the Netherlands, which will remain wholly owned by the Unilever Group until the demerger is completed. Upon completion of the demerger steps, the parent company of the Ice Cream Business will be The Magnum Ice Cream Company N.V., also incorporated in the Netherlands.

Total consideration transferred for the separation of the Ice Cream business between 1 July 2025 and 6 October 2025 was €9.3 billion. For most transfers, the consideration for the transfer was determined based on an independent fair market valuation. The transfers were funded by an intercompany loan which was provided by Unilever. A portion of the outstanding intercompany balance at the time just prior to the demerger will be capitalised through issuances of shares, including an issuance of shares by The Magnum Ice Cream Company HoldCo Netherlands B.V. to Unilever PLC, and the remainder will be repaid. Following the 1 July 2025 reorganisation, the Ice Cream Business expects a net deferred tax asset of approximately €0.3 billion to arise on transfers of assets and liabilities. This includes the impact of tax base adjustments and is subject to completion of the purchase price allocation exercise in certain jurisdictions. This estimate excludes deferred tax from transfers occurring after 1 July 2025, which will be reflected once those calculations are complete.

A Global Transitional Service Agreement is in place, effective 1 July 2025, in order to preserve continuity of both businesses.

On 23 September 2025, The Magnum Ice Cream Company B.V. appointed Peter Frank ter Kulve as executive director and CEO, Abhijit Bhattacharya as executive director and CFO and Jean Francois van Boxmeer, as

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non- executive director and Chair. On 26 September 2025, The Magnum Ice Cream Company B.V. appointed additional non-executive directors as follows: Vice Chair Stacey Cartwright and members Duco Reinout Hooft Graafland, Melissa Bethell, Stefan Andreas Bomhard, Anja Lilian Maria Mutsaers and Reginaldo Ecclissato. On 26 September 2025, Josh Frank was also approved for appointment as a non-executive director of The Magnum Ice Cream Company B.V. with effect from a future date (expected to be 1 March 2026 or such earlier date as The Magnum Ice Cream Company B.V. and Mr. Frank may agree).

The Magnum Ice Cream Company B.V., The Magnum Ice Cream Company HoldCo Netherlands B.V. and Unilever entered into a demerger agreement on 1 October 2025 to effect the Demerger and to govern aspects of the relationship between the Group and the Unilever Group following completion of the Demerger, including in respect of, among other things, undertakings to proceed with the steps required to give effect to the Demerger, allocation of risk and responsibility for certain liabilities between the Unilever Group and the Group and dealing with separation issues between the Group and the Unilever Group.

The Ice Cream Business has evaluated transactions and events occurring subsequent to the balance sheet date, 30 June 2025, through to 6 October 2025, the date these condensed combined carve-out financial statements were authorised for issue by the Directors of the Ice Cream Business. Other than those disclosed in Note 4 and Note 5 in these condensed combined carve-out financial statements, no other material events have occurred that require disclosure.

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#### Report of Independent Registered Public Accounting Firm
To the Board of Directors

The Magnum Ice Cream Company B.V.

#### Opinion on the Combined Carve-out Financial Statements
We have audited the accompanying combined carve-out balance sheets of Unilever PLC's Ice Cream business in certain jurisdictions (the "Ice Cream Business") as of 31 December 2024, 2023 and 2022 and 1 January 2022, the related combined carve-out income statements, the combined carve-out statements of comprehensive income, the combined carve-out statement of changes in net parent investment, and the combined carve-out cash flow statements for each of the years in the three year period ended 31 December 2024, and the related notes (collectively, the combined carve-out financial statements). In our opinion, the combined carve-out financial statements present fairly, in all material respects, the financial position of the Ice Cream Business as of 31 December 2024, 2023 and 2022 and 1 January 2022, and the results of its operations and its cash flows for each of the years in the three year period ended 31 December 2024, in conformity with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

#### Basis for Opinion
These combined carve-out financial statements are the responsibility of the Ice Cream Business's management. Our responsibility is to express an opinion on these combined carve-out 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 Ice Cream Business in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the combined carve-out 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 combined carve-out 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 combined carve-out 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 combined carve-out financial statements. We believe that our audits provide a reasonable basis for our opinion.

#### Critical Audit Matter
The critical audit matter communicated below is a matter arising from the audit of the combined carve-out financial statements, relating to the period ended 31 December 2023, that was communicated or required to be communicated to those charged with governance and that: (1) relates to accounts or disclosures that are material to the combined carve-out financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the combined carve-out 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.

 *Fair value of brand intangible asset* 

As discussed in Note 19 to the combined carve-out financial statements, the Ice Cream Business completed an acquisition of Yasso Holdings, Inc. during 2023. The Ice Cream Business accounted for this acquisition as a business combination. As a result of the transaction, the Ice Cream Business recognised a brand intangible asset. The acquisition-date fair value of the brand intangible asset was €389 million.

We identified the evaluation of the acquisition-date fair value of the brand intangible asset as a critical audit matter. A high degree of subjective auditor judgment was required to evaluate key assumptions used in the income approach methodology, specifically the revenue growth rates, royalty rate, and discount rate. The

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assumptions were sensitive to variation, such that a minor change in these assumptions could cause significant changes to the fair value. Additionally, for the royalty rate and revenue growth rates, there was limited observable market information.

The following are the primary procedures we performed to address this critical audit matter:

• We performed sensitivity analyses over the key assumptions used to determine the fair value of the brand intangible assets to assess the impact of changes in those assumptions on the Ice Cream Business's determination of the fair value.

• We evaluated the reasonableness of revenue growth rates by comparing the forecast revenues to historic performance of the acquired business and industry growth expectations.

• We involved valuation professionals with specialized skills and knowledge, who assisted in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ evaluating the Ice Cream Business's discount rate by comparing it to an independently developed range of discount rates based on publicly available market data for comparable companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ evaluating the Ice Cream Business's royalty rate by comparing it to publicly available market data for similar transactions.

/s/ KPMG LLP

We have served as the Ice Cream Business's auditor since 2014.

London, United Kingdom

6 August 2025

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#### ICE CREAM BUSINESS

#### COMBINED CARVE-OUT FINANCIAL STATEMENTS

#### Combined Carve-Out Income Statement

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  | | **For the year ended 31 December**  | **For the year ended 31 December**  | **For the year ended 31 December**  |
| | **Note**  | **Note**  | **2024**  | **2023**  | **2022**  |
|  |  |  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **Revenue**  |  | 3 | 7947 | 7618 | 7506 |
| **Operating profit**  |  | 3 | 764 | 742 | 737 |
| Net finance costs  |  | 5 | (17) | (20) | (35) |
| &nbsp;&nbsp;&nbsp; Pensions and similar obligations  |  |  | (12) | (11) | (7) |
| &nbsp;&nbsp;&nbsp; Finance income  |  |  | 2 | 1 | 1 |
| &nbsp;&nbsp;&nbsp; Finance costs  |  |  | (7) | (10) | (29) |
| Net monetary loss arising from hyperinflationary economies  |  | 1 |  | (10) | (2) |
| **Profit before taxation**  |  |  | 747 | 712 | 700 |
| **Taxation**  |  | 6 | (152) | (203) | (173) |
| **Net profit**  |  |  | 595 | 509 | 527 |
| Attributable to: |  |  |  |  |  |
| Non-controlling interests  |  |  | 16 | 17 | 18 |
| Parent investment  |  |  | 579 | 492 | 509 |

---

Operating profit includes certain indirect centrally incurred costs and general corporate expenses (note 3) that have been allocated to the Ice Cream Business on the basis that it operated as part of the Unilever Group. These allocations have been determined on a basis that both Unilever and the Ice Cream Business consider to be a reasonable reflection of the utilisation of services provided to, or the benefit received by, the Ice Cream Business during the periods presented. The reasonable reflection is primarily based on revenues generated by the Ice Cream Business as compared to the Unilever Group. Had the Ice Cream Business operated independently during the periods presented, the level of costs incurred would have been different and would have been influenced by a number of factors including the chosen organization structure, the functions that are outsourced as opposed to performed by employees, and by other strategic decisions made in areas such as information technology and infrastructure.

The tax charge has been determined using an effective tax rate that is appropriate to circumstances in each individual country. The tax charges recorded in the income statement may not necessarily be representative of the charges that may arise in the future. See note 1 for additional detail on the tax charge computation.

The accompanying notes are an integral part of these combined carve-out financial statements.

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#### Combined Carve-Out Statement of Comprehensive Income

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **For the year <br> ended 31 December**  | **For the year <br> ended 31 December**  | **For the year <br> ended 31 December**  |
| | **Notes**  | **2024**  | **2023**  | **2022**  |
|  |  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Net profit  |  | 595 | 509 | 527 |
| **Other comprehensive income**  | 6C |  |  |  |
| Items that will not be reclassified to profit or loss, net of tax: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Remeasurement of defined benefit pension plans  |  | 38 |  | 32 |
| Items that may be reclassified subsequently to profit or loss, net of tax: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gains/(losses) on cash flow hedges  |  | 88 | 2 | (9) |
| &nbsp;&nbsp;&nbsp; Currency retranslation gain/(loss)  |  | 137 | (50) | 153 |
| **Total comprehensive income**  |  | 858 | 461 | 703 |
| Attributable to: |  |  |  |  |
| Non-controlling interests  |  | 17 | 16 | 16 |
| Parent investment  |  | 841 | 445 | 687 |

---

The accompanying notes are an integral part of these combined carve-out financial statements.

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#### Combined Carve-Out Statement of Changes in Net Parent Investment

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Other <br> reserves**  | **Invested <br> capital**  | **Net parent <br> investment**  | **Non-controlling <br> interests**  | **Total <br> equity**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| 1 January 2022  |  | 1597 | 1597 | 28 | 1625 |
| Profit or loss for the period  |  | 509 | 509 | 18 | 527 |
| Other comprehensive income, net of tax: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash flow hedges losses  | (9) |  | (9) |  | (9) |
| Remeasurement of defined benefit pension plans  | 32 |  | 32 |  | 32 |
| Currency retranslation gains/(losses)<sup>(a)</sup>  | 155 |  | 155 | (2) | 153 |
| Total comprehensive income  | 178 | 509 | 687 | 16 | 703 |
| Share-based payment credit<sup>(b)</sup>  |  | 18 | 18 |  | 18 |
| Other transactions with Unilever<sup>(c)</sup>  |  | (349) | (349) |  | (349) |
| Transactions with owners of the non-controlling interests<sup>(c)</sup>  |  |  |  | (19) | (19) |
| **31 December 2022**  | 178 | 1775 | 1953 | 25 | 1978 |
| Profit or loss for the period  |  | 492 | 492 | 17 | 509 |
| Other comprehensive income, net of tax: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash flow hedges gains  | 2 |  | 2 |  | 2 |
| Remeasurement of defined benefit pension plans  |  |  |  |  |  |
| Currency retranslation losses<sup>(a)</sup>  | (49) |  | (49) | (1) | (50) |
| Total comprehensive income/(loss)  | (47) | 492 | 445 | 16 | 461 |
| Share-based payment credit<sup>(b)</sup>  |  | 20 | 20 |  | 20 |
| Other transactions with Unilever<sup>(c)</sup>  |  | 92 | 92 |  | 92 |
| Transactions with owners of the non-controlling interests<sup>(c)</sup>  |  |  |  | (16) | (16) |
| **31 December 2023**  | 131 | 2379 | 2510 | 25 | 2535 |
| Profit or loss for the period  |  | 579 | 579 | 16 | 595 |
| Other comprehensive income, net of tax: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash flow hedges gains/(losses)  | 88 |  | 88 |  | 88 |
| Remeasurement of defined benefit pension plans  | 38 |  | 38 |  | 38 |
| Currency retranslation gains/(losses)<sup>(a)</sup>  | 136 |  | 136 | 1 | 137 |
| Total comprehensive income/(loss)  | 262 | 579 | 841 | 17 | 858 |
| Share-based payment credit<sup>(b)</sup>  |  | 32 | 32 |  | 32 |
| Dividends paid to non-controlling interests  |  | (11) | (11) |  | (11) |
| Other transactions with Unilever<sup>(c)</sup>  |  | (594) | (594) |  | (594) |
| Transactions with owners of the non-controlling interests<sup>(c)</sup>  |  |  |  | (19) | (19) |
| **31 December 2024**  | 393 | 2385 | 2778 | 23 | 2801 |

---

(a) Includes a hyperinflation adjustment in relation to Turkey for the years ended 31 December 2022, 2023, and 2024.

(b) The share-based payment credit relates to the non-cash charge recorded against operating profit in respect of the fair value of Unilever share options and awards allocated to the Ice Cream Business.

(c) Other transactions with Unilever reflect the fact that the Ice Cream Business does not retain cash generated from operating activities and represent the cash outflow associated with repatriating such cash to Unilever, net of any movements in working capital, financing and investing activities. The components of Net parent investment are presented in note 13A on page F-58.

The accompanying notes are an integral part of these combined carve-out financial statements.

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#### Combined Carve-Out Balance Sheet

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **As at 31 December**  | **As at 31 December**  | **As at 31 December**  | **As at 1 Jan**  |
| | **Notes**  | **2024**  | **2023**  | **2022**  | **2022**  |
|  |  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **Assets** |  |  |  |  |  |
| **Non-current assets** |  |  |  |  |  |
| Goodwill  | 7 | 585 | 558 | 272 | 264 |
| Intangible assets  | 7 | 793 | 754 | 381 | 366 |
| Property, plant and equipment  | 8 | 2355 | 2234 | 2246 | 2138 |
| Pension asset for funded schemes in surplus  | 4B |  |  |  | 1 |
| Deferred tax assets  | 6B | 130 | 151 | 150 | 212 |
| Other non-current assets  | 9 | 29 | 63 | 71 | 42 |
|  |  | 3892 | 3760 | 3120 | 3023 |
| **Current assets** |  |  |  |  |  |
| Inventories  | 10 | 920 | 915 | 991 | 751 |
| Trade and other current receivables  | 11 | 635 | 540 | 587 | 425 |
| Current tax assets  |  | 4 | 6 | 3 | 2 |
| Cash and cash equivalents  | 15 | 70 | 52 | 44 | 51 |
|  |  | 1629 | 1513 | 1625 | 1229 |
| **Total assets**  |  | **5521** | **5273** | **4745** | **4252** |
| **Liabilities** |  |  |  |  |  |
| **Current liabilities** |  |  |  |  |  |
| Financial liabilities  | 13B | 85 | 73 | 73 | 62 |
| Trade payables and other current liabilities  | 12 | 1818 | 1826 | 1864 | 1690 |
| Current tax liabilities  |  | 24 | 26 | 15 | 23 |
| Provisions  | 17 | 102 | 31 | 43 | 29 |
|  |  | 2029 | 1956 | 1995 | 1804 |
| **Non-current liabilities** |  |  |  |  |  |
| Financial liabilities  | 13B | 248 | 275 | 266 | 251 |
| Pensions and post-retirement healthcare liabilities:  | 4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Funded schemes in deficit  |  | 6 | 76 | 99 | 227 |
| &nbsp;&nbsp;&nbsp; Unfunded schemes  |  | 92 | 93 | 112 | 83 |
| Provisions  | 17 | 39 | 72 | 69 | 66 |
| Deferred tax liabilities  | 6B | 298 | 257 | 217 | 187 |
| Other non-current liabilities  | 12 | 8 | 9 | 9 | 9 |
|  |  | 691 | 782 | 772 | 823 |
| **Total liabilities**  |  | **2720** | **2738** | **2767** | **2627** |
| **Equity** |  |  |  |  |  |
| Net parent investment  |  | 2778 | 2510 | 1953 | 1597 |
| Non-controlling interests  |  | 23 | 25 | 25 | 28 |
| **Total equity**  |  | 2801 | 2535 | 1978 | 1625 |
| **Total liabilities and equity**  |  | **5521** | **5273** | **4745** | **4252** |

---

The accompanying notes are an integral part of these combined carve-out financial statements.

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#### Combined Carve-Out Cash Flow Statement

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  | | **For the year ended 31 December**  | **For the year ended 31 December**  | **For the year ended 31 December**  |
| | **Notes**  | **Notes**  | **2024**  | **2023**  | **2022**  |
|  |  |  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Net profit  |  |  | 595 | 509 | 527 |
| Taxation  |  | 6 | 152 | 203 | 173 |
| Net monetary loss arising from hyperinflationary economies  |  | 1 |  | 10 | 2 |
| Net finance costs  |  | 5 | 17 | 20 | 35 |
| Operating profit  |  |  | 764 | 742 | 737 |
| Depreciation, amortisation and impairment (direct and allocated)<sup>(b)</sup>  |  |  | 376 | 357 | 372 |
| Changes in working capital:  |  |  | 70 | 56 | (273) |
| &nbsp;&nbsp;&nbsp; Inventories  |  |  | 3 | 54 | (228) |
| &nbsp;&nbsp;&nbsp; Trade and other receivables<sup>(c)</sup>  |  |  | 41 | 30 | (196) |
| &nbsp;&nbsp;&nbsp; Trade payables and other liabilities<sup>(c)</sup>  |  |  | 26 | (28) | 151 |
| Pensions and similar obligations less payments  |  |  | (34) | (30) | (25) |
| Provisions less payments  |  |  | 41 | (14) | 8 |
| Elimination of loss on disposals  |  |  |  | 7 | 6 |
| Non-cash charge for share-based compensation  |  |  | 32 | 20 | 18 |
| Other adjustments  |  |  | 4 | 6 |  |
| Cash flow from operating activities  |  |  | 1253 | 1144 | 843 |
| Income tax paid  |  |  | (140) | (230) | (122) |
| **Net cash flow from operating activities**  |  |  | 1113 | 914 | 721 |
| Interest received<sup>(a)</sup>  |  |  | 2 | 1 | 1 |
| Purchase of intangible assets  |  |  |  | (2) | (2) |
| Purchase of property, plant and equipment  |  |  | (321) | (278) | (293) |
| Disposal of property, plant and equipment  |  |  | 22 | 27 | 37 |
| Acquisition of businesses  |  |  | (61) | (604) |  |
| Acquisition of other non-current investments  |  |  |  |  | (1) |
| Disposal of other non-current investments  |  |  | (1) | 2 |  |
| **Net cash flow used in investing activities**  |  |  | (359) | (854) | (258) |
| Dividends paid  |  |  | (11) |  |  |
| Interest paid  |  |  | (13) | (10) | (7) |
| Additional financial liabilities  |  |  | 2 |  | 14 |
| Repayment of financial liabilities  |  |  |  | (3) |  |
| Capital element of lease payments  |  |  | (39) | (45) | (49) |
| Additional related party loans with Unilever<sup>(a)</sup>  |  |  |  |  | 9 |
| Other transactions with Unilever and owners of non-controlling interests<sup>(a)</sup>  |  |  | (676) | 7 | (437) |
| **Net cash flow used in financing activities**  |  |  | (737) | (51) | (470) |
| **Net increase/(decrease) in cash and cash equivalents**  |  |  | 17 | 9 | (7) |
| **Cash and cash equivalents at the beginning of the year**  |  |  | 50 | 43 | 51 |
| Effect of foreign exchange rate changes  |  |  |  | (2) | (1) |
| **Cash and cash equivalents at the end of the year**  |  | 15 | 67 | 50 | 43 |

---

(a) As Unilever uses a centralised approach to cash management and financing its operations, transactions between Unilever and the Ice Cream Business are accounted for through Net parent investment. Accordingly, none of the cash, cash equivalents, debt or related interest income and expense at the corporate level have been assigned to the Ice Cream Business, with the exception of cash, debt and related interest held by entities that only contain ice cream related activities. These are listed in note 21. The other transactions with Unilever and non-controlling interests reflect the fact that the Ice Cream Business does not retain cash generated from operating activities and represents the cash outflow associated with repatriating such cash to Unilever, net of any movements in working capital, financing and investing activities. This balance represents the Unilever Group transactions and cash pooling activities between Unilever and the combined Ice Cream business.

(b) Depreciation, amortisation and impairment (direct and allocated) reflects amortisation and depreciation charges relating to intangible assets, property, plant and equipment, and leased assets and liabilities included in the combined carve-out balance sheet and an allocation of amortisation and depreciation charges for those software and land and buildings used by the Ice Cream Business but not transferring as part of the Transaction.

(c) These combined carve-out financial statements have been revised to correct an error in our financial statements submitted to the SEC on 10 June 2025. Specifically, changes in trade and other receivables and changes in trade payables and other liabilities for the year ended 31 December 2024 and previously reported as €(64) million and €131 million respectively have been revised to reclassify €105 million related to non-cash commodity hedge movements between these line items. This correction is not considered material to the previously issued financial statements.

The accompanying notes are an integral part of these combined carve-out financial statements.

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#### 1 Basis of preparation, accounting policies, estimates and judgements

#### Background

#### Description of the Ice Cream Business
On 19 March 2024, Unilever PLC (together with its subsidiaries collectively referred to as "**Unilever**" or "**the Unilever Group**") announced its intention to separate its ice cream business in certain jurisdictions (the "**Ice Cream Business**") into an independent group. On 13 February 2025, Unilever announced that such separation would take place by way of a demerger, and that the Ice Cream Business would seek listings on Euronext Amsterdam, the London Stock Exchange and the New York Stock Exchange. The Ice Cream Business includes brands such as Magnum, Wall's and Ben & Jerry's. These combined carve-out financial statements include every territory in which Unilever operates an ice cream business, with the exception of Unilever's ice cream business in Russia and India and Unilever's investments in associates and joint ventures.

To effect the separation, Unilever intends to reorganise the Ice Cream Business into a standalone corporate group, initially existing within the Unilever Group. The separation will be implemented by way of an interim *in specie* dividend declared by Unilever, whereby the entire issued share capital of The Magnum Ice Cream Company HoldCo Netherlands B.V. ("**Magnum HoldCo**") will be transferred from Unilever to The Magnum Ice Cream Company N.V. In exchange, The Magnum Ice Cream Company N.V. will issue ordinary shares to holders of Unilever's ordinary shares and American Depositary Shares. Following this issuance, all assets, liabilities, and legal entities comprising the Ice Cream Business will be owned, directly or indirectly, by The Magnum Ice Cream Company N.V. (save in respect of certain exceptions where transfer of assets and liabilities of the Ice Cream Business has been deferred until after completion of the separation). The proposed demerger of The Magnum Ice Cream Company N.V. from Unilever is referred to as the "Transaction" throughout the combined carve-out financial statements.

#### Basis of preparation
These financial statements have been prepared on a combined carve-out basis from Unilever's consolidated financial statements on a going concern basis for the three years ended 31 December 2024 representing the financial position, results of operations and cash flow of the Ice Cream Business on a stand-alone basis, for inclusion in the prospectus and registration statement on Form 20-F of The Magnum Ice Cream Company N.V. on the basis of the accounting policies set out below. The combined carve-out financial statements have been prepared in accordance with International Financial Reporting Standards ("**IFRS**") as adopted by the EU and as issued by the International Accounting Standards Board ("**IASB**").

The Ice Cream Business has not previously prepared stand-alone financial statements. Therefore, these combined carve-out financial statements are the first IFRS financial statements of the Ice Cream Business and IFRS 1 (First-time Adoption of IFRS) has been applied. IFRS 1 sets out the procedures that an entity must follow when it adopts IFRS for the first time as the basis for preparing its financial statements which includes the exemption under IFRS 1.D13(a) where cumulative foreign exchange differences are deemed to be zero on 1 January 2022 (the date of transition). The combined carve-out financial statements have been prepared according to IFRS 1.D16(b). The accounting policies applied are consistent with accounting policies applied in the consolidated financial statements of Unilever and the policies expected to be adopted by the Ice Cream Business upon separation. The Ice Cream Business also elected, as permitted by IFRS 1.C1, not to apply IFRS 3 retrospectively to business combinations that occurred before Unilever's date of transition to IFRS (2005).

The majority of trading, assets and liabilities of the Ice Cream Business are within Unilever legal entities that have ice cream and non-ice cream operations. Such trading, assets and liabilities will be transferred to new ice cream-dedicated legal entities that are directly or indirectly held wholly-owned subsidiaries of The Magnum Ice Cream Company B.V. between 1 July 2025 and the date of the Transaction.

There are also certain ice-cream dedicated legal entities that will transfer to the Ice Cream Business in the same period. Legal entities that are transferring with the Ice Cream Business are listed in note 21.

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Certain legal entities will transfer to The Magnum Ice Cream Company N.V. that have historically held non-ice cream businesses. Non-ice cream businesses have been excluded from the combined carve-out financial statements, as they do not form part of the Ice Cream Business.

The combined carve-out financial statements have been derived from the consolidated financial statements and accounting records of Unilever, including the historical cost basis of assets and liabilities of the Ice Cream Business, as well as the historical revenue, direct costs, and allocations of indirect costs attributable to the operations of the Ice Cream Business. The combined carve-out financial statements do not necessarily reflect the Ice Cream Business' financial position, results of operations or cash flows had the Ice Cream Business been a separate entity, or the future results of the Ice Cream Business as it will exist upon completion of the Transaction, given it was not an independently operating business.

The combined statements of cash flow have been prepared using the indirect method, whereby profit or loss is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments, and items of income or expense associated with investing or financing cash flows. Further detail on the preparation is included in the footnote of the cash flow statements.

The information on earnings per share for the Ice Cream Business pursuant to IAS 33 has not been presented, as the combined entities have not formed a statutory group and, as such, The Magnum Ice Cream Company N.V. has no historical capital structure.

The following paragraphs include a description of the Basis of Preparation principles and how estimates, judgements, and assumptions have been applied for the purpose of preparing the combined carve-out financial statements. These estimates, judgements, and assumptions are separate from the critical accounting estimates and judgements, which relate to the transactions recorded in the books and records. See "Critical accounting estimates and judgements" below for additional information.

#### Balance sheet items:
• The Ice Cream Business's combined carve-out balance sheets include Unilever assets and liabilities that are specifically identifiable or otherwise attributable to the Ice Cream Business.

• Property, plant and equipment ("owned assets") and right of use assets ("leased assets") were dedicated historically and have been directly attributable to the Ice Cream Business. Shared central property, plant and equipment such as head offices, regional offices and associated equipment have been excluded from these combined carve-out financial statements.

• Goodwill has been derived by aggregating the goodwill balances from historic acquisitions of Ice Cream brands since the Unilever Group's IFRS implementation in 2005. This differs from the approach used by the Unilever Group, where existing goodwill was allocated to the Food and Refreshment division and subsequently allocated to the Ice Cream segment based on a relative value approach, following the Unilever Compass reorganisation on 1 July 2022.

• Trade and other current receivables were specifically assigned to the Ice Cream Business where identifiable or were allocated to the Ice Cream Business based on the relative percentage of Ice Cream Business revenue by customer, which approximates allocation on an item-by-item basis.

• Trade payables and other liabilities were specifically assigned to the Ice Cream Business where identifiable or were allocated to the Ice Cream Business based on the relative percentage of either Ice Cream purchases or cost of sales, which approximates allocation on an item-by-item basis. Payroll accruals were specifically assigned or were allocated to the Ice Cream Business based on a proportion of revenue.

• Provisions are specifically assigned to the Ice Cream Business where directly identifiable or based on the relative percentage of either Ice Cream revenue or cost of sales, depending upon the nature of the provision. Contingent liabilities are assigned on a consistent basis to provisions.

• Deferred tax is calculated using three different approaches depending on the nature of the underlying item:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

for items with no associated tax base, the related amounts are tax effected using the applicable local tax rate of the relevant legal entity;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

for Brands, the amounts included reflect the deferred tax directly attributable to the specific brands included in intangible assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

for property, plant and equipment, deferred tax has been determined by applying a proportional approach based on the share of the underlying asset's pre-tax value that is included in the combined carve-out financial statements.

• Unilever hedges commodity exposures using derivatives for the whole Unilever business. Where Unilever applies cash flow hedge accounting to these derivatives, hedge accounting has been applied to the derivatives attributable to the Ice Cream Business in the combined carve-out financial statements.

• The Ice Cream Business has not in the past constituted a separate legal group and therefore it is not meaningful to show share capital or an analysis of reserves for the Ice Cream Business. The net assets of the Ice Cream Business are represented by the cumulative investment of the Unilever Group in the Ice Cream Business (shown as "Net parent investment").

• Intercompany receivables from, and payables to, and funding from Unilever within dedicated Ice Cream legal entities have been presented as part of related party receivables, payables and loans, respectively.

• As Unilever uses a centralised approach to cash management and financing its operations, transactions between Unilever and the Ice Cream Business are accounted for through Net parent investment. Accordingly, none of the cash, cash equivalents, debt or related interest income and expense at the corporate level have been assigned to the Ice Cream Business, with the exception of cash, debt and related interest held by entities that only contain Ice Cream related activities. These are listed in note 21. Cash transfers to and from the cash management accounts of Unilever are reflected in the combined carve-out cash flow statements as "Other transactions with Unilever and owners of non-controlling interests".

• For defined benefit plans for which the Ice Cream Business has a liability or when the legal liability is linked to and follows the relevant Ice Cream employee, balance sheet surplus or deficit comprises the total of the estimated market value of plan assets less the present value of the defined benefit liabilities. For defined benefit plans for which the Ice Cream Business has no liability, or where the number of Ice Cream employees is so low that any defined benefit exposure is not expected to be material, no assets or liabilities are recognised on the combined carve-out balance sheet.

#### Income statement items:
• The combined carve-out income statement includes general corporate expenses and shared expenses of Unilever that were historically incurred by, or charged to, the Ice Cream Business for certain support functions that are provided centrally. This includes indirect central costs (primarily related to the sales force and general marketing) and general corporate expenses (primarily related to finance, legal, information technology, human resources, communications, and audit). These management charges are recharged by Unilever based on direct usage when identifiable, or based on a proportion of revenue or other applicable measures, adjusted on a line-by-line basis to reflect specific local circumstances. These recharged costs and expenses are deemed to have been cash settled by the Ice Cream Business to Unilever in the period in which these costs were accrued.

• Operating costs include amortisation and depreciation charges relating to intangible assets, property, plant and equipment, and leased assets and liabilities included in the combined carve-out balance sheet (see balance sheet items above), and an allocation of amortisation and depreciation charges for the software and land and buildings utilised by the Ice Cream Business, but not transferring as part of the Transaction (and therefore not included in the combined carve-out balance sheet). These costs are deemed to have been settled through Net parent investment.

• Certain employees of the Ice Cream Business participated in the Unilever performance share plans and other share awards. Costs related to participating employees are allocated to the Ice Cream Business based on a proportion of revenue. In addition, the Ice Cream Business also received an allocation of share-based compensation charges with respect to corporate employees of Unilever.

• Pension costs recorded in the combined carve-out income statements includes pension charges for dedicated Ice Cream employees and an allocation based on revenue for other employees.

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

• Net finance costs recorded in the combined carve-out income statements do not include any allocation of interest incurred by Unilever or interest on funding provided as part of the owner's Net parent investment.

• The total tax charge is computed on a territory-by-territory basis using the relevant country's effective tax rate or, where more appropriate, its statutory tax rate. Where effective tax rates are used, these are adjusted for any specific inclusions or exclusions to ensure that they are specific to the Ice Cream Business. The tax rates have then been applied to countries' carved-out profit before tax, as adjusted for transfer pricing impacts, to calculate the total tax charge attributable to Ice Cream. The deferred tax balances and movements have then been calculated as set out above, with the deferred tax movement being deducted from the total tax movement to arrive at the current tax charge.

#### Accounting policies
Accounting policies are included in the relevant notes to the combined carve-out financial statements. These are presented as text highlighted in grey throughout these combined carve-out financial statements. The accounting policies stated below have been applied throughout these combined carve-out financial statements.

These combined carve-out financial statements combine the results, assets and liabilities, and cash flows of the Ice Cream Business by applying the principles underlying the consolidation procedures relating to the elimination of intercompany transactions under IFRS 10 'Consolidated Financial Statements'.

#### Going concern
These combined carve-out financial statements have been prepared on a going concern basis. The Directors of The Magnum Ice Cream Company B.V., (the "Directors") have considered both:

The period in which it will continue to operate under Unilever PLC:

• Up to the date of the Transaction, the Ice Cream Business will continue to operate as an integral part of Unilever, benefiting from shared resources, centralised treasury functions, and financial support. Unilever has considerable financial resources and has indicated its intention to continue to support the Ice Cream business whilst it remains part of the Unilever Group and that it will support the putting in place of appropriate financing in order for the demerger to happen.

• As with any company placing reliance on other group entities for financial support, the Directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

The period following the Transaction:

• The Ice Cream Business is currently in the process of agreeing financing facilities with major banks. The Directors are confident that appropriate facilities will be agreed but will not proceed with the Transaction unless such facilities are in place and sufficient to support the standalone business for at least 12 months from the date of approval of these financial statements (the "going concern period"). In agreeing these facilities, the performance, cash flow requirements and projected forecasts of the Ice Cream Business are being considered to ensure that the agreed facilities are appropriate and sufficient.

Based on the assessment under both ownership scenarios, the Directors have prepared cash flow forecasts and performed a going concern assessment which indicates that, in both the base case and reasonably possible downsides (and with the knowledge the Transaction will not go ahead without appropriate financing being in place) the Ice Cream Business will be able to meet its liabilities as they fall due for the going concern period.

Consequently, the Directors are confident that the Ice Cream Business will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

#### Foreign currencies
These combined carve-out financial statements are presented in Euros ('€'). Items included in the combined carve-out financial statements of individual Ice Cream Business group companies or operations are recorded in their respective functional currency, which is the currency of the primary economic environment in which each entity operates.

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Foreign currency transactions in individual Ice Cream Business companies or operations are translated into functional currency using exchange rates at the date of the transaction. Foreign exchange gains and losses from settlement of these transactions, and from translation of monetary assets and liabilities at year-end exchange rates, are recognised in the income statement.

Unilever hedges foreign currency exposures using derivatives on the net FX exposure of the Unilever Group. However, given that the derivatives are held at the Unilever level, they cannot be accounted for in the combined carve-out financial statements as the Ice Cream Business is not party to the contracts. While there is no recognition of FX derivatives entered into by Unilever in the combined carve-out financial statements, a proportional allocation of the realised gains/ or losses on FX derivatives has been recognised in the income statement.

In preparing these combined carve-out financial statements the balances in individual Ice Cream Business group companies or operations are translated from their functional currency into euros. Apart from the financial statements of Ice Cream Business group companies in hyperinflationary economies (see below), the income statement, the cash flow statement and all other movements in assets and liabilities are translated at average rates of exchange as a proxy for the transaction rate, or at the transaction rate itself if more appropriate. Assets and liabilities are translated at year-end exchange rates.

The financial statements of Ice Cream Business group companies whose functional currency is the currency of a hyperinflationary economy are adjusted for inflation and then translated into euros using the balance sheet exchange rate. Amounts shown for prior years for comparative purposes are not modified. To determine the existence of hyperinflation, the Ice Cream Business assesses the qualitative and quantitative characteristics of the economic environment of the country, such as the cumulative inflation rate over the previous three years.

The effect of exchange rate changes during the year on the net assets of foreign operations is recorded in the combined carve-out statement of comprehensive income.

#### Hyperinflationary economies
The Turkey economy was designated as hyperinflationary from 1 July 2022. As a result, application of IAS 29 'Financial Reporting in Hyperinflationary Economies' has been applied to all Ice Cream business units whose functional currency is the Turkish lira. The application of IAS 29 includes:

• adjustment of historical cost non-monetary assets and liabilities for the change in purchasing power caused by inflation from the date of initial recognition to the balance sheet date;

• adjustment of the income statement for inflation during the reporting period;

• translation of income statement at the period-end foreign exchange rate instead of an average rate; and

• adjustment of the income statement to reflect the impact of inflation and exchange rate movement on holding monetary assets and liabilities in local currency.

The main effects on the combined carve-out financial statements for Turkey are:

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| | | | |
|:---|:---|:---|:---|
| | **2024**  | **2023**  | **2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Total assets increase  | 42 | 8 | 88 |
| Revenue increase  | 79 | 20 | 13 |
| Operating profit increase/(reduction)  | 7 | 1 | (2) |
| Net monetary loss  |  | (10) | (2) |

---

#### Climate change
To determine if there is a material impact on the financial reporting judgements and estimates as of the reporting period, the Ice Cream Business has reviewed each balance sheet line item and identified those line items that have the potential to be significantly impacted by climate-related risks and the Ice Cream Business's

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plans to mitigate against these risks. Those line items that have the potential to be significantly impacted have then been reviewed in detail to confirm:

• that the growth rates and projected cash flows used in assessing whether goodwill and indefinite-life intangibles are impaired, are consistent with the Ice Cream Business's climate-related risk assumptions and the actions being taken to mitigate against those risks; and

• that the useful lives of the Ice Cream Business's property, plant and equipment are appropriate given the potential physical and obsolescence risks associated with climate change and the actions being taken to mitigate against those risks.

In addition, it should be noted that climate-related risks could affect the financial position of the Ice Cream Business's defined benefit pension plan assets. The Trustees operate diversified investment strategies and are continuously assessing investment risks. The Trustees consider climate risk as one of the key investment risks and are continually evolving their investments to lower the overall climate risk.

Based on these reviews, the Ice Cream Business does not believe that there is a material impact on the financial reporting judgements and estimates arising from its considerations and, as a result, the valuations of the assets or liabilities have not been significantly impacted by these risks for the three years ended 31 December 2024. The Ice Cream Business has not identified any significant impact from climate-related risks on the going concern assessment.

#### Critical accounting estimates and judgements
The preparation of financial statements requires management to make estimates and judgements in the application of accounting policies that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and judgements are continuously evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future period affected.

The following estimates are those that management believe have the most significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year:

• Measurement of defined benefit obligations — The valuations of the defined benefit pension plan obligations are dependent on a number of assumptions. These include discount rates, inflation, and life expectancy of scheme members — see note 4B.

• Measurement of discounts due to customers — accruals are raised on the balance sheet to reflect variable consideration with customers at each period end (see note 11 and 12). These include estimation, as either in-market promotional performance is dependent on a future event such as volume sold on discount, or actual sales data is not yet available. The majority of settlements with customers are made within 12 months, such that unresolved uncertainty does not materially span multiple period ends. The number of agreements with customers means that it is impracticable to provide a meaningful sensitivity analysis of assumptions subject to estimation uncertainty. The income statement impact of subsequent adjustments is not material year-on-year, see note 2 for further information.

• Measurement of consideration and assets and liabilities acquired as part of business combinations — estimates of future performance are required to calculate the obligations at the time of the acquisition and at each subsequent reporting date. Additionally, estimates are required to value the assets and liabilities acquired in business combinations. Intangible assets such as goodwill and brands are commonly a core part of an acquired business as they allow us to obtain more value than would otherwise be possible. In August 2023, Unilever completed the acquisition of Yasso. External professionals were involved to advise on the valuation techniques and key assumptions in the valuation. This input, combined with the Ice Cream Business's internal knowledge and expertise on the relevant market growth opportunities, resulted in the determination of the appropriate brand valuation. Estimates of future performance are required to calculate the obligations at the time of acquisition and at each subsequent reporting date. See note 19 for further information.

• Management are required to make certain estimates to achieve a reasonable allocation to the Ice Cream Business of costs incurred centrally by Unilever, as described in the Basis of Preparation above.

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The following judgements are those that management believe have the most significant effect on the amounts recognised in the Ice Cream Business combined carve-out financial statements:

• Utilisation of tax losses and recognition of other deferred tax assets — The business operates in many countries and is subject to taxes in numerous jurisdictions. Management uses judgement to assess the recoverability of tax assets such as whether there will be sufficient future taxable profits to utilise losses — see note 6B.

• Likelihood of occurrence of contingent liabilities — Events can occur where there is uncertainty over future obligations. Judgement is required to determine if an outflow of economic resources is probable, or possible but not probable. Where it is probable, a liability is recognised, and further judgement is used to determine the level of the provision. Where it is possible but not probable, further judgement is used to determine if the likelihood is remote, in which case no disclosures are provided; if the likelihood is not remote then judgement is used to determine the contingent liability disclosed. The business does not have provisions and contingent liabilities for the same matters. External advice is obtained for any material cases. See notes 17 and 18.

#### Recent accounting developments adopted by the Ice Cream Business
The Ice Cream Business applied for the first-time amendments to the following standards from 1 January 2022.

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| | | |
|:---|:---|:---|
| **Applicable standard**  | **Key requirements for changes in accounting policy**  | **Resulting impact**  |
| Amendments to IAS 7 and IFRS 7 — 'Supplier Financing Arrangements' | The amendments introduce additional disclosure requirements for companies that enter into supplier financing arrangements. The amendments require qualitative and quantitative information to be disclosed about those arrangements. | The Ice Cream Business reviewed the supplier financing arrangements to ensure appropriate disclosures which are disclosed in note 12. |
| IFRS 17 'Insurance Contracts' | The standard introduces a new model for accounting for insurance contracts. | The Ice Cream Business reviewed existing arrangements and concluded that IFRS 17 has no impact to the combined carve-out financial statements. |
| IAS 12 'Income Taxes' | As of 23 May 2023, amendments to IAS 12 came into effect relating to International Tax Reform — Pillar Two Model Rules, whereby an entity shall disclose qualitative and quantitative information about its exposure to Pillar Two income taxes at the end of the reporting period. The amendments also provide a temporary mandatory exemption from deferred tax accounting for the top-up tax, which is effective immediately. | As of 31 December 2023, the Ice Cream Business has applied the exemption to not recognise any deferred tax relating to top-up tax arising from the Pillar Two legislation. <br> The Ice Cream Business's potential exposure to Pillar Two legislation is disclosed in note 6.  |

---

All other standards or amendments to standards that have been issued by the IASB and were effective by 1 January 2022 were not applicable or material to the Ice Cream Business.

#### New standards, amendments and interpretations of existing standards that are not yet effective and have not been early adopted by the Ice Cream Business.
The following standards have been released but are not yet adopted by the Ice Cream Business, no early adoptions will be made by the Ice Cream Business.

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| | |
|:---|:---|
| **Applicable standard**  | **Key requirements or changes in accounting policy**  |
| Amendments to IAS 21 'The Effects of Changes in Foreign Exchange Rates' Effective from 1 January 2025 | In August 2023, the International Accounting Standards Board (IASB) amended IAS 21 to clarify whether a currency is exchangeable, and how to determine a spot rate if it is not. |
| Amendments to IFRS 9 and IFRS 7 'The Classification and Measurement of Financial instruments' Effective from the year ended 1 January 2026 | In May 2024, International Accounting Standards Board (IASB) amended IFRS 7 and IFRS 9 which includes clarifications on recognition and derecognition dates of certain financial assets and liabilities, including exceptions for liabilities settled through electronic cash transfer systems. |
| IFRS 18 Presentation and Disclosure in Financial Statements Effective 1 January 2027 | IFRS 18 will replace IAS 1 Presentation of Financial Statements. The amendment impacts presentation and disclosure of the combined carve-out income statement with new defined categories being operation, investing and financing to provide a consistent structure. Disclosures about Management-defined Performance Measures (MPMs) (i.e. certain non-GAAP measures) will have to be disclosed in the financial statement with reconciliations to GAAP measures. The new standard will also provide guidance on grouping of information (aggregation/ disaggregation) |

---

All other new standards or amendments to standards that are not yet effective that have been issued by the IASB are not applicable or material to the Ice Cream Business.

The financial statements were authorised by the Directors of the Ice Cream Business and available for issuance on 6 August 2025.

#### 2 Segment information

#### Segmental information
The Ice Cream Business organises its business into four geographic regions: (i) Europe and ANZ, (ii) Americas, (iii) Asia and (iv) Middle East, Turkey, South Asia and Africa (METSA). For the purpose of financial reporting, such regions are aggregated into three reportable segments of Europe and ANZ, Americas and Rest of the World.

• Europe and ANZ: representing Europe (which includes the United Kingdom and Ireland), Australia and New Zealand.

• Americas: representing North America and South America; and

• Rest of the World: representing Africa, Asia and the Middle East (which includes Turkey).

The operating segments, METSA and Asia, are combined into the Rest of World reportable segment due to their economic similarities and shared key business characteristics.

#### Revenue
Revenue comprises sales of goods after the deduction of discounts, sales taxes and estimated returns. It does not include intercompany sales. Discounts given by the Ice Cream Business include rebates, price reductions and incentives given to customers, promotional couponing and trade communication costs and are based on the contractual arrangements with each customer. Discounts can either be immediately deducted from the sales value on the invoice or off-invoice and settled later through credit notes when the precise amounts are known. Amounts provided for discounts at the end of the period require estimation; historical data and accumulated experience is used to assess the provision using the most likely amount method and in most

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instances, the discount can be recognised using known facts. Any differences between actual amounts settled and the amounts provided are recognised in the subsequent reporting period and the impact on the income statement is not material year-on-year.

Customer contracts generally contain a single performance obligation and revenue is recognised when control of products being sold has transferred to the Ice Cream Business's customer as there are no longer any unfulfilled obligations to the customer. This is generally on delivery to the customer but depending on individual customer terms, this can be at the time of dispatch, delivery or upon formal customer acceptance. This is considered the appropriate point where the performance obligations in the Ice Cream Business's contracts are satisfied as the Ice Cream Business no longer has control over the inventory.

Customers have the contractual right to return goods only when authorised by the Ice Cream Business. If material, an estimate has been made of goods that will be returned, and a liability has been recognised for this amount. An asset is then recorded for the corresponding inventory that is estimated to return to the Ice Cream Business using a best estimate based on accumulated experience. The Ice Cream Business's customers are distributors who may be able to return unsold goods in consignment arrangements.

#### Adjusted EBITDA
Adjusted EBITDA means operating profit before the impact of depreciation, amortisation and adjusting items within operating profit. Adjusted EBITDA represents the Ice Cream Business's measure of segment profit or loss. Items are classified as adjusting due to their nature and/or frequency of occurrence.

The Ice Cream Business operating segment information is provided based on three geographical areas: Europe and ANZ, Americas and Rest of the World.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Notes**  | **Europe <br> and ANZ**  | **Americas**  | **Rest of <br> World**  | **Total**  |
|  |  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **2024** |  |  |  |  |  |
| Revenue  |  | 3109 | 2887 | 1951 | 7947 |
| Operating profit  | 3 | 228 | 228 | 308 | 764 |
| Depreciation and amortisation  |  | 137 | 129 | 110 | 376 |
| Adjusting items<sup>(a)</sup>  |  | 89 | 68 | 43 | 200 |
| Adjusted EBITDA  |  | 454 | 425 | 461 | 1340 |
| Significant non-cash charges: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Within adjusted EBITDA:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation and other non-cash charges<sup>(b)</sup>  |  | 21 | 20 | 2 | 43 |
| &nbsp;&nbsp;&nbsp; Within adjusting items:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring provisions and other non-cash charges<sup>(c)</sup>  |  | 59 | 12 | 4 | 75 |
| **2023** |  |  |  |  |  |
| Revenue  |  | 3019 | 2750 | 1849 | 7618 |
| Operating profit  | 3 | 278 | 165 | 299 | 742 |
| Depreciation and amortisation  |  | 134 | 124 | 99 | 357 |
| Adjusting items<sup>(a)</sup>  |  | 19 | 79 | 14 | 112 |
| Adjusted EBITDA  |  | 431 | 368 | 412 | 1211 |
| Significant non-cash charges: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Within adjusted EBITDA:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation and other non-cash charges<sup>(b)</sup>  |  | 14 | 28 | 2 | 44 |
| &nbsp;&nbsp;&nbsp; Within adjusting items:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring provisions and other non-cash charges<sup>(c)</sup>  |  | (1) | 1 | 1 | 1 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Notes**  | **Europe <br> and ANZ**  | **Americas**  | **Rest of <br> World**  | **Total**  |
|  |  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **2022** |  |  |  |  |  |
| Revenue  |  | 3028 | 2647 | 1831 | 7506 |
| Operating profit  | 3 | 262 | 165 | 310 | 737 |
| Depreciation and amortisation  |  | 137 | 129 | 106 | 372 |
| Adjusting items<sup>(a)</sup>  |  | 78 | 39 | 19 | 136 |
| Adjusted EBITDA  |  | 477 | 333 | 435 | 1245 |
| Significant non-cash charges: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Within adjusted EBITDA:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation and other non-cash charges<sup>(b)</sup>  |  | 6 | 17 | 2 | 25 |
| &nbsp;&nbsp;&nbsp; Within adjusting items:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring provisions and other non-cash charges<sup>(c)</sup>  |  | 25 | 2 | 6 | 33 |

---

(a) Adjusting items include impairment, restructuring costs, acquisition and disposal related costs and other one-off items classified separately due to their nature and/or frequency of occurrence. Refer to note 3. Net Monetary gain/loss arising from hyperinflationary economies is also an adjusting item due to its nature and size, however it is not included in operating profit therefore not included within adjusting items above.

(b) Other non-cash charges within adjusted EBITDA include movements in provisions, excluding movements arising from adjusting activities.

(c) Other non-cash charges within adjusting items mainly includes movements in restructuring provisions.

The Ice Cream Business is not reliant on revenue from transactions with any single customer and does not receive 10% or more of its revenue from transactions with any single customer.

Segment assets and liabilities are not provided because they are not reported to or reviewed by the Ice Cream Business's chief operating decision-maker, which is the Ice Cream Executive Team.

Revenue and non-current assets for the country of domicile and the United States (being the largest country outside the home country) and for all other countries are:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Netherlands**  | **United <br> States**  | **Other**  | **Total**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **2024** |  |  |  |  |
| Revenue  | 159 | 2119 | 5669 | 7947 |
| Non-current assets<sup>(a)</sup>  | 51 | 1732 | 1979 | 3762 |
| **2023** |  |  |  |  |
| Revenue  | 154 | 1951 | 5513 | 7618 |
| Non-current assets<sup>(a)</sup>  | 60 | 1662 | 1887 | 3609 |
| **2022** |  |  |  |  |
| Revenue  | 157 | 1922 | 5427 | 7506 |
| Non-current assets<sup>(a)</sup>  | 58 | 1032 | 1880 | 2970 |

---

(a) For the purpose of this table, non-current assets include goodwill, intangible assets, property, plant and equipment and other non-current assets as shown on the combined carve-out balance sheet. Goodwill is attributed to countries where acquired businesses operated at the time of acquisition; all other assets are attributed to the countries where they were acquired.

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No other country had revenue or non-current assets (as shown above) greater than 10% of the Ice Cream Business total.

#### 3 Operating costs

#### Operating costs
Operating costs include cost of sales, selling, general and administrative expenses and other items including gains and losses on business disposals, acquisition and disposal-related costs, restructuring costs, impairments and other items within operating profit recognised separately due to their nature and/or frequency.

(i) **Cost of sales** 

Cost of sales includes the cost of inventories sold during the period and distribution costs. The cost of inventories are raw and packaging materials and related production costs. Distribution costs are charged to the income statement as incurred.

(ii) **Selling, general and administrative expenses** 

Selling, general and administrative expenses comprise advertising and promotion and overheads. Advertising and promotion spend includes costs incurred for the purpose of building and maintaining brand equity and awareness. Overheads includes staff costs associated with sales activities and central functions, and research and development costs which are staff costs, material costs, depreciation and other costs directly attributable to research and development activities.

(iii) **Restructuring costs** 

Restructuring costs are costs that are directly attributable to a restructuring project. Management defines a restructuring project as a strategic, major incentive that delivers cost savings and materially change either the scope of the business or the manner in which business is conducted.

(iv) **Acquisition and disposal-related costs** 

Acquisition and disposal-related costs are costs that are directly attributable to a business acquisition or disposal project.

(v) **Impairment of assets** 

Impairment of assets including goodwill, intangible assets and property, plant and equipment.

(vi) **Gains or losses from the disposal of group companies** 

Gains or losses from the disposal of group companies which arise from business disposal projects.

(vii) **Others** 

Others approved one-off items are those additional matters considered by management to be significant and outside the course of normal operations.

---

| | | | |
|:---|:---|:---|:---|
| | **2024**  | **2023**  | **2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Revenue  | 7947 | 7618 | 7506 |
| Cost of sales  | (5173) | (5022) | (4940) |
| &nbsp;&nbsp;&nbsp; of which:  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution costs  | (784) | (796) | (811) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production costs  | (986) | (972) | (933) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raw and packaging materials and goods purchased for resale  | (3127) | (2977) | (2949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other  | (276) | (277) | (247) |
| Gross profit  | 2774 | 2596 | 2566 |

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| | | | |
|:---|:---|:---|:---|
| | **2024**  | **2023**  | **2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Selling, general and administrative expenses  | (1810) | (1742) | (1693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of which: Research and development  | (92) | (92) | (95) |
| Acquisition and disposal related costs<sup>(a)</sup>  | (64) | (50) | (14) |
| Restructuring costs<sup>(b)</sup>  | (137) | (74) | (108) |
| Other  | 1 | 12 | (14) |
| **Operating profit**  | 764 | 742 | 737 |

---

(a) 2024 includes the charge relating to the Ice Cream separation. 2023 included a charge of €38 million related to the revaluation of the earnout liability of Yasso.

(b) 2024 includes restructuring costs of €54 million relating to the Ice Cream separation, and a cost of €16 million (2023: €18 million, 2022: €nil) for supply chain optimisation projects. 2022 restructuring costs consist of various strategic organisational change programmes, such as Compass reorganisation.

Exchange gains and losses within operating costs in 2024 are €3 million gain (2023: €13 million loss; 2022: €16 million loss).

#### 4 Employees

#### 4A. Staff and management costs

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Notes**  | **2024**  | **2023**  | **2022**  |
|  |  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **Staff costs** |  |  |  |  |
| Wages and salaries  |  | 638 | 655 | 626 |
| Social security costs  |  | 77 | 80 | 78 |
| Other pension costs  | 4B | 42 | 44 | 40 |
| Share-based compensation costs  | 4C | 32 | 20 | 18 |
|  |  | 789 | 799 | 762 |

---

---

| | | |
|:---|:---|:---|
| | **2024**  | **2023**  |
| **Average number of employees during the year** |  |  |
| The Americas  | 5031 | 5019 |
| Europe and ANZ  | 4758 | 4614 |
| Rest of World  | 4093 | 4050 |
|  | 13882 | 13683 |

---

In addition to the dedicated Ice Cream employees above, approximately 4,700 FTE equivalent in 2024 (2023: 4,300) were allocated to Ice Cream from Unilever. On a go forward basis, these employees will be replaced by a combination of TSA services from Unilever or recruitment of new staff to the Ice Cream Business.

The Ice Cream Business was not a separate business group within Unilever prior to the Project Compass reorganisation on 1 July 2022 and therefore average employee numbers have not been disclosed for this year.

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Key management are defined as the members of the Ice Cream Executive Team.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Notes**  | **2024**  | **2023**  | **2022**  |
|  |  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **Key management compensation**<sup>(a)</sup> |  |  |  |  |
| Salaries and short-term employee benefits  |  | 16 | 9 | 5 |
| Share-based benefits  |  | 4 | 1 |  |
|  |  | 20 | 10 | 5 |

---

(a) Key compensation in 2022 relates to compensation subsequent to 1 July, 2022 after the formation of the Ice Cream Business Leadership Team.

#### 4B. Pensions and similar obligations
For defined benefit plans, operating and finance costs are recognised separately in the income statement. The amount charged to operating cost in the income statement is the cost of accruing benefits promised to employees over the year for defined benefit plans or contributions paid for defined contribution plans. In addition, there are also plan administration costs and costs and/or credits arising from one-off events such as past service benefit changes, settlements and curtailments. These one-off events are fully recognised as they occur in operating cost. The amount charged or credited to finance costs is broadly calculated by applying the liability interest rate to the defined benefit deficit or surplus at the prior year end. Any differences between the expected interest on assets and the actual return achieved by the pension fund, and any changes in the liabilities over the year due to changes in financial and demographic assumptions or experience within the plans, are recognised immediately in the combined carve-out statement of comprehensive income at the end of the year.

Charges to the income statement which are shown in these accounts are split between (i) defined benefit plans which are specific to the Ice Cream Business or where the liability is linked to Ice Cream employees expected to transfer with DB obligations, both of which are recorded on the combined carve-out balance sheet, and (ii) defined contribution and other defined benefit plans (i.e. plans which are not recorded on the combined carve-out balance sheet). The income statement charge includes pension charges for dedicated Ice Cream employees and an allocation based on revenue for other employees. The finance cost shown in the income statement is only for the defined benefit plans for which the Ice Cream Business has a liability.

For defined benefit plans for which the Ice Cream Business has a liability or when the legal liability is linked to and follows the Ice Cream employee, balance sheet surplus or deficit comprises the total of the estimated market value of plan assets less the present value of the defined benefit liabilities. Liabilities relating to the Ice Cream Business are calculated using a discount rate based on high-quality corporate bonds, or government bonds where there is no active corporate bond market, adjusted for irrecoverable surpluses.

For defined benefit plans for which the Ice Cream Business has no liability, no assets or liabilities are recognised on the balance sheet.

All defined benefit plans are subject to regular actuarial review using the projected unit method by external consultants.

For defined contribution plans, the charges to the income statement are the Ice Cream Business's contributions payable in accordance with the plan rules in each country. The Ice Cream Business's obligation is limited to the contributions paid into the plans.

#### Description of plans
Unilever operates defined contribution plans. The assets are held in external funds and do not impact Unilever's balance sheet. Unilever's obligation in respect of these plans is limited to the amount that it is required to contribute to the fund for employees in accordance with the plan rules in each country. Employees then receive the accumulated balance of these contributions or an equivalent benefit when they retire. Some of the employees of the Ice Cream Business are members of such defined contribution schemes. These plans have been set up according to the relevant requirements of each country.

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In certain countries, Unilever operates defined benefit pension plans together with other post-employment benefits. The pension payable at retirement is typically based on employee pensionable remuneration and length of service. Benefits are determined by the plan rules and are linked to inflation in some countries. Some defined benefit plans for which the Ice Cream Business has a liability are unfunded and include jubilee awards, long term service awards, retirement bonus plans, gratuity plans, and retirement indemnities. There are also several funded pension plans. The country for which the Ice Cream business has the most significant defined benefit liabilities held on the combined carve-out balance sheet is Germany. No assets or liabilities are recognised in these combined carve-out financial statements for defined benefit plans for which the Ice Cream Business is expected to have no liability going forward.

The combined carve-out financial statements have been prepared based on the defined benefit plan assets and liabilities that are currently expected to transfer.

In Germany, employees who joined Unilever prior to 2009 have historically been provided with pension benefits on a defined benefit basis, referred to as pre-transition plans. Future accrual of benefits in these plans ended in 2013, and a defined contribution replacement has been provided, but with a minimum return guarantee, referred to as Unilever Pensions System. Benefits for post-2009 joiners are also provided via Unilever Pensions System. Pension plans are funded through a combination of Pensionskasse Berolina VVaG, an insurance vehicle regulated by the BaFin, and a trust, known as the Unilever Pensions Treuhand e.V. (CTA arrangement). There is a legal requirement for Pensionskasse Berolina VVaG to always be fully funded. Up to certain tax limits, benefits are funded via Pensionskasse Berolina VVaG, while benefits above tax limits are funded via the CTA. There is an agreement with works council in place that Unilever Pensions System benefits above tax limits and the Unilever Zusatz Rente (UZR) benefits need to be fully funded via the CTA. Total liability for Germany is split as 10% actives, 18% deferred and 72% retirees and surviving dependents.

#### Assumptions
Assumptions under IAS 19 are set by reference to market conditions at the valuation date with the objective of presenting the assets and liabilities of the pensions and other post-employment benefit plans at their fair value on the balance sheet. The actuarial assumptions used to calculate the benefit liabilities vary according to the country in which the plan is situated. For the purposes of the combined carve-out financial statements, assumptions are set in line with those used at the Unilever Group reporting level.

The following table shows the assumptions, weighted by liabilities, used to value the defined benefit pension liabilities and other post-employment benefit liabilities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **31 December**  | **31 December**  | **31 December**  | **31 December**  |
| | **2024**  | **2024**  | **2023**  | **2023**  |
| | **Defined <br> benefit <br> pension <br> plans**  | **Other post- <br> employment <br> benefit <br> plans**  | **Defined <br> benefit <br> pension <br> plans**  | **Other post- <br> employment <br> benefit <br> plans**  |
| Discount rate  | 4.2% | 5.4% | 4.1% | 5.3% |
| Inflation  | 2.7% | n/a | 3.0% | n/a |
| Rate of increase in salaries  | 3.6% | 4.5% | 3.7% | 3.8% |
| Rate of increase for pensions in payment (where provided)  | 2.7% | n/a | 2.9% | n/a |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **31 December 2022**  | **31 December 2022**  | **1 January 2022**  | **1 January 2022**  |
| | **Defined <br> benefit <br> pension <br> plans**  | **Other post- <br> employment <br> benefit <br> plans**  | **Defined <br> benefit <br> pension <br> plans**  | **Other post- <br> employment <br> benefit <br> plans**  |
| Discount rate  | 4.3% | 4.9% | 1.4% | 3.0% |
| Inflation  | 2.9% | n/a | 2.1% | n/a |
| Rate of increase in salaries  | 3.6% | 3.7% | 3.0% | 3.3% |
| Rate of increase for pensions in payment (where provided)  | 2.8% | n/a | 2.0% | n/a |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Germany defined <br> benefit pension plans**  | **Germany defined <br> benefit pension plans**  | **Germany defined <br> benefit pension plans**  | **Germany defined <br> benefit pension plans**  |
| | **31 December**  | **31 December**  | **31 December**  | **1 January**  |
| | **2024**  | **2023**  | **2022**  | **2022**  |
| Discount rate  | 3.4% | 3.2% | 3.7% | 1.1% |
| Inflation  | 2.0% | 2.1% | 2.2% | 1.9% |
| Rate of increase in salaries  | 2.8% | 2.8% | 2.8% | 2.8% |
| Rate of increase for pensions in payment (where provided)  | 2.0% | 2.1% | 2.2% | 1.9% |
| Number of years a current pensioner is expected to live beyond age 65: |  |  |  |  |
| Men  | 21.6 | 21.6 | 21.6 | 21.6 |
| Women  | 23.9 | 23.9 | 23.9 | 23.9 |
|  Number of years a future pensioner currently aged 45 is expected to live <br> beyond age 65:  |  |  |  |  |
| Men  | 21.6 | 21.6 | 21.6 | 21.6 |
| Women  | 23.9 | 23.9 | 23.9 | 23.9 |

---

Demographic assumptions, such as mortality rates, are set having regard to the latest trends in life expectancy (including expectations of future improvements), plan experience and other relevant data. These assumptions are reviewed and updated as necessary as part of the periodic actuarial valuation of the pension plans. For Germany, the years of life expectancy have been translated from the non-generational Berolina 2021 table.

#### Income statement

---

| | | | |
|:---|:---|:---|:---|
| | **2024**  | **2023**  | **2022**  |
|  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  |
| **The charge to the income statement comprises:** |  |  |  |
| **Charged to operating profit: (including regular and special events)** |  |  |  |
| Defined benefit pension and other benefit plans which will transfer  | 9 | 8 | 9 |
|  Defined benefit plans and other benefit plans which will not transfer and defined contribution  | 33 | 36 | 31 |
| **Total operating cost**  | 42 | 44 | 40 |
| Finance cost for defined benefit plans for which the Ice Cream Business has a liability  | 12 | 11 | 7 |
| **Net impact on the income statement (before tax)**  | 54 | 55 | 47 |

---

#### Statement of comprehensive income
Amounts recognised in the statement of comprehensive income on the re-measurement of the net defined benefit liability relating to defined benefit plans for which the Ice Cream Business has a liability.

---

| | | | |
|:---|:---|:---|:---|
| | **2024**  | **2023**  | **2022**  |
|  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  |
| Return on plan assets excluding amounts included in net finance income/(cost)  | 52 | 44 | (81) |
| Actuarial gain/(loss) arising from changes in demographic assumptions  | 3 |  |  |
| Actuarial gain/(loss) arising from changes in financial assumptions  | 23 | (8) | 187 |
| Experience loss arising on pension plan and other benefit plan liabilities  | (30) | (30) | (33) |
| Actuarial loss due to change in irrecoverable surplus  | (1) | (1) | (1) |
| **Total of defined benefit gain recognised in other comprehensive income**  | 47 | 5 | 72 |

---

#### Balance sheet
The assets, liabilities and surplus/(deficit) position of the pension and other post-employment benefit plans at the balance sheet date in relation to defined benefit plans for which the Ice Cream Business has a liability were:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2024**  | **2024**  | **2024**  | **2023**  | **2023**  | **2023**  |
| | **Defined <br> benefit <br> pension <br> plans**  | **Other post- <br> employment <br> benefit <br> plans**  | **Total**  | **Defined <br> benefit <br> pension <br> plans**  | **Other post- <br> employment <br> benefit <br> plans**  | **Total**  |
|  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  |
| Fair value of assets  | 725 |  | 725 | 655 |  | 655 |
| Present value of liabilities  | (803) | (17) | (820) | (806) | (16) | (822) |
| Surplus restriction<sup>(b)</sup>  | (3) |  | (3) | (2) |  | (2) |
| Net pension liabilities  | (81) | (17) | (98) | (153) | (16) | (169) |
| Pension liability net of assets |  |  |  |  |  |  |
| Of which in respect of: |  |  |  |  |  |  |
| Funded plans in surplus: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Liabilities  | (8) |  | (8) | (4) |  | (4) |
| &nbsp;&nbsp;&nbsp; Assets  | 11 |  | 11 | 6 |  | 6 |
| &nbsp;&nbsp;&nbsp; Surplus restriction  | (3) |  | (3) | (2) |  | (2) |
| &nbsp;&nbsp;&nbsp; Aggregate surplus  |  |  |  |  |  |  |
| Funded plans in deficit: |  |  |  |  |  |  |
| Liabilities  | (720) |  | (720) | (725) |  | (725) |
| Assets  | 714 |  | 714 | 649 |  | 649 |
| Aggregate deficit  | (6) |  | (6) | (76) |  | (76) |
| Unfunded plans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Pension liability  | (75) | (17) | (92) | (77) | (16) | (93) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2022**  | **2022**  | **2022**  | **1 January 2022**  | **1 January 2022**  | **1 January 2022**  |
| | **Defined <br> benefit <br> pension <br> plans**  | **Other post- <br> employment <br> benefit <br> plans**  | **Total**  | **Defined <br> benefit <br> pension <br> plans**  | **Other post- <br> employment <br> benefit <br> plans**  | **Total**  |
|  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  |
| Fair value of assets<sup>(a)</sup>  | 595 |  | 595 | 674 |  | 674 |
| Present value of liabilities  | (790) | (16) | (806) | (964) | (19) | (983) |
| Surplus restriction<sup>(b)</sup>  | (1) |  | (1) |  |  |  |
| Net pension liabilities  | (196) | (16) | (212) | (290) | (19) | (309) |
| Pension liability net of assets |  |  |  |  |  |  |
| Of which in respect of: |  |  |  |  |  |  |
| Funded plans in surplus: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Liabilities  | (4) |  | (4) | (3) |  | (3) |
| &nbsp;&nbsp;&nbsp; Assets  | 5 |  | 5 | 4 |  | 4 |
| &nbsp;&nbsp;&nbsp; Surplus restriction  | (1) |  | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp; Aggregate surplus  |  |  |  | 1 |  | 1 |
| Funded plans in deficit: |  |  |  |  |  |  |
| Liabilities  | (690) |  | (690) | (897) |  | (897) |
| Assets  | 591 |  | 591 | 670 |  | 670 |
| Aggregate deficit  | (99) |  | (99) | (227) |  | (227) |
| Unfunded plans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Pension liability  | (96) | (16) | (112) | (64) | (19) | (83) |

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(a) At 31 December 2022, there is €1m difference between the total fair value of assets and the sum of the subtotals. This difference is due to rounding. This €1m rounding difference also impacts the net pension liabilities.

(b) A surplus is deemed recoverable to the extent that the Unilever Group is able to benefit economically from the surplus. The Ice Cream Business assesses the maximum economic benefit available through a combination of refunds and reductions in future contributions in accordance with local legislation and individual financing arrangements with each of the funded defined benefit plans.

#### Reconciliation of liabilities
Movements in liabilities over the year:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2024**  | **2024**  | **2024**  | **2024**  | **2023**  | **2023**  | **2023**  | **2023**  |
| | **Germany <br> defined <br> benefit <br> pension <br> plans**  | **Other <br> defined <br> benefit <br> pension <br> plans**  | **Other post- <br> employment <br> benefit <br> plans**  | **Total**  | **Germany <br> defined <br> benefit <br> pension <br> plans**  | **Other <br> defined <br> benefit <br> pension <br> plans**  | **Other post- <br> employment <br> benefit <br> plans**  | **Total**  |
|  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  |
| Beginning of reporting period  | (721) | (85) | (16) | (822) | (686) | (104) | (16) | (806) |
| Current service cost  | (4) | (4) | (1) | (9) | (4) | (4) | (1) | (9) |
| Administration expenses  | (1) |  |  | (1) |  |  |  |  |
| Interest cost  | (27) | (10) | (1) | (38) | (24) | (7) | (1) | (32) |
|  Actuarial gain arising from changes in demographic assumptions  |  | 3 |  | 3 |  |  |  |  |
|  Actuarial gain/(loss) arising from changes <br> in financial assumptions  | 14 | 9 |  | 23 | (18) | 10 |  | (8) |
|  Actuarial loss arising from experience adjustments  | (18) | (12) |  | (30) | (26) | (3) | (1) | (30) |
| Benefit payments<sup>(a)</sup>  | 41 | 9 | 1 | 51 | 37 | 5 | 3 | 45 |
| Currency retranslation  |  | 3 |  | 3 |  | 18 |  | 18 |
| End of reporting period  | (716) | (87) | (17) | (820) | (721) | (85) | (16) | (822) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2022**  | **2022**  | **2022**  | **2022**  |
| | **Germany <br> defined <br> benefit <br> pension <br> plans**  | **Other <br> defined <br> benefit <br> pension <br> plans**  | **Other post- <br> employment <br> benefit <br> plans**  | **Total**  |
|  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  |
| Beginning of reporting period  | (891) | (73) | (19) | (983) |
| Current service cost  | (6) | (4) | (1) | (11) |
| Past service costs including gain on curtailments  |  | 1 |  | 1 |
| Interest cost  | (10) | (4) | (1) | (15) |
| Actuarial gain/(loss) arising from changes in financial assumptions  | 203 | (19) | 3 | 187 |
| Actuarial gain/(loss) arising from experience adjustments  | (17) | (17) | 1 | (33) |
| Benefit payments<sup>(a)</sup>  | 35 | 5 | 1 | 41 |
| Currency retranslation  |  | 7 |  | 7 |
| End of reporting period  | (686) | (104) | (16) | (806) |

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(a) Benefits payments disclosed are higher in the reconciliation of liabilities compared with the reconciliation of assets. The difference represents €10m (€8m and €5m) of cash payments in FY24 (FY23 and FY22) made by the Ice Cream Business to unfunded defined benefit pension and other post-employment benefit plans.

#### Reconciliation of assets
Movements in assets over the year:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2024**  | **2024**  | **2024**  | **2024**  | **2023**  | **2023**  | **2023**  | **2023**  |
| | **Germany <br> defined <br> benefit <br> pension <br> plans**  | **Other <br> defined <br> benefit <br> pension <br> plans**  | **Other post- <br> employment <br> benefit <br> plans**  | **Total**  | **Germany <br> defined <br> benefit <br> pension <br> plans**  | **Other <br> defined <br> benefit <br> pension <br> plans**  | **Other post- <br> employment <br> benefit <br> plans**  | **Total**  |
|  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  |
| Beginning of reporting period  | 646 | 9 |  | 655 | 587 | 8 |  | 595 |
| Employee contributions  | 1 |  |  | 1 | 1 |  |  | 1 |
|  Actual loss on plan assets (excluding net finance income/charge)  | 47 | 5 |  | 52 | 43 | 1 |  | 44 |
| Interest income  | 26 |  |  | 26 | 21 |  |  | 21 |
| Employer contributions  | 32 |  |  | 32 | 31 |  |  | 31 |
| Benefit payments<sup>(a)</sup>  | (41) |  |  | (41) | (37) |  |  | (37) |
| End of reporting period  | 711 | 14 |  | 725 | 646 | 9 |  | 655 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2022**  | **2022**  | **2022**  | **2022**  |
| | **Germany <br> defined <br> benefit <br> pension <br> plans**  | **Other <br> defined <br> benefit <br> pension <br> plans**  | **Other post- <br> employment <br> benefit <br> plans**  | **Total**  |
|  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  |
| Beginning of reporting period  | 666 | 8 |  | 674 |
| Employee contributions  | 1 |  |  | 1 |
| Actual loss on plan assets (excluding net finance income/charge)  | (81) |  |  | (81) |
| Interest income  | 8 |  |  | 8 |
| Employer contributions  | 28 | 1 |  | 29 |
| Benefit payments<sup>(a)</sup>  | (35) | (1) |  | (36) |
| End of reporting period  | 587 | 8 |  | 595 |

---

(a) Benefits payments disclosed are higher in the reconciliation of liabilities compared with the reconciliation of assets. The difference represents €10m (€8m and €5m) of cash payments in FY24 (FY23 and FY22) made by the Ice Cream Business to unfunded defined benefit pension and other post-employment benefit plans.

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#### Reconciliation of (deficit)/surplus
Movements in (deficit)/surplus during the year:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2024**  | **2024**  | **2024**  | **2024**  | **2023**  | **2023**  | **2023**  | **2023**  |
| | **Germany <br> defined <br> benefit <br> pension <br> plans**  | **Other <br> defined <br> benefit <br> pension <br> plans**  | **Other post- <br> employment <br> benefit <br> plans**  | **Total**  | **Germany <br> defined <br> benefit <br> pension <br> plans**  | **Other <br> defined <br> benefit <br> pension <br> plans**  | **Other post- <br> employment <br> benefit <br> plans**  | **Total**  |
|  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  |
| Beginning of reporting period  | (75) | (78) | (16) | (169) | (99) | (97) | (16) | (212) |
| Current service cost  | (4) | (4) | (1) | (9) | (4) | (4) | (1) | (9) |
| Administration expenses  | (1) |  |  | (1) |  |  |  |  |
| Employee contributions  | 1 |  |  | 1 | 1 |  |  | 1 |
|  Actual gain on plan assets (excluding net finance income/charge)  | 47 | 5 |  | 52 | 43 | 1 |  | 44 |
| Change in irrecoverable surplus  |  | (1) |  | (1) |  | (1) |  | (1) |
| Interest cost  | (27) | (10) | (1) | (38) | (24) | (7) | (1) | (32) |
| Interest income  | 26 |  |  | 26 | 21 |  |  | 21 |
|  Actuarial gain arising from changes in demographic assumptions  |  | 3 |  | 3 |  |  |  |  |
|  Actuarial gain/(loss) arising from changes in financial assumptions  | 14 | 9 |  | 23 | (18) | 10 |  | (8) |
|  Actuarial gain/(loss) arising from experience adjustments  | (18) | (12) |  | (30) | (26) | (3) | (1) | (30) |
| Employer contributions  | 32 |  |  | 32 | 31 |  |  | 31 |
| Benefit payments  |  | 9 | 1 | 10 |  | 5 | 3 | 8 |
| Currency retranslation  |  | 3 |  | 3 |  | 18 |  | 18 |
| End of reporting period  | (5) | (76) | (17) | (98) | (75) | (78) | (16) | (169) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2022**  | **2022**  | **2022**  | **2022**  |
| | **Germany <br> defined <br> benefit <br> pension <br> plans**  | **Other <br> defined <br> benefit <br> pension <br> plans**  | **Other post- <br> employment <br> benefit <br> plans**  | **Total**  |
|  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  |
| Beginning of reporting period  | (225) | (65) | (19) | (309) |
| Current service cost  | (6) | (4) | (1) | (11) |
| Employee contributions  | 1 |  |  | 1 |
| Past service costs including gain on curtailments  |  | 1 |  | 1 |
| Actual loss on plan assets (excluding net finance income/charge)  | (81) |  |  | (81) |
| Change in irrecoverable surplus  |  | (1) |  | (1) |
| Interest cost  | (10) | (4) | (1) | (15) |
| Interest income  | 8 |  |  | 8 |
| Actuarial gain/(loss) arising from changes in financial assumptions  | 203 | (19) | 3 | 187 |
| Actuarial gain/(loss) arising from experience adjustments  | (17) | (17) | 1 | (33) |
| Employer contributions  | 28 | 1 |  | 29 |
| Benefit payments  |  | 4 | 1 | 5 |
| Currency retranslation  |  | 7 |  | 7 |
| End of reporting period  | (99) | (97) | (16) | (212) |

---

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#### Reconciliation of irrecoverable surplus
Movements in irrecoverable surplus during the year relate to Switzerland:

---

| | | | |
|:---|:---|:---|:---|
| | **2024**  | **2023**  | **2022**  |
| | **Defined <br> benefit <br> pension <br> plans**  | **Defined <br> benefit <br> pension <br> plans**  | **Defined <br> benefit <br> pension <br> plans**  |
|  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  |
| Irrecoverable surplus at Beginning of reporting period  | (2) | (1) |  |
| Change in irrecoverable surplus  | (1) | (1) | (1) |
| Irrecoverable surplus at End of reporting period  | (3) | (2) | (1) |

---

#### Sensitivities
The sensitivity of the overall pension liabilities to changes in the weighted key assumptions are:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Change in liabilities**  | **Change in liabilities**  | **Change in liabilities**  | **Change in liabilities**  | **Change in liabilities**  | **Change in liabilities**  |
| | | **2024**  | **2024**  | **2023**  | **2023**  | **2022**  | **2022**  |
| | **Change in assumption**  | **Germany**  | **Total**  | **Germany**  | **Total**  | **Germany**  | **Total**  |
| Discount rate  | Increase by 0.5%  | (4.8)% | (4.6)% | (4.7)% | (4.6)% | (4.9)% | (4.8)% |
| Inflation  | Increase by 0.5%  | 4.4% | 4.1% | 4.3% | 4.2% | 4.3% | 4.3% |
| Life expectancy  | Increase by 1 year  | 4.3% | 4.2% | 4.2% | 4.1% | 4.2% | 4.1% |

---

A decrease in each assumption would have a comparable and opposite impact on liabilities. The sensitivity analyses above have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period and may not be representative of the actual change. It is based on a change in the key assumption while holding all other assumptions constant. When calculating the sensitivity to the assumption, the same method used to calculate the liability recognised in the balance sheet has been applied.

#### Cash flow
The Ice Cream Business cash flow in respect of defined benefit pension plans and other post-employment benefits comprise of contributions paid into funded plans and benefits paid in respect of unfunded plans. The table below sets out these amounts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025 <br> Estimate**  | **2024**  | **2023**  | **2022**  |
|  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  | *(€ millions)*  |
| **Company contributions to funded plans:** |  |  |  |  |
| Defined benefit pension plans  | 33 | 32 | 31 | 29 |
| **Benefits paid by the company in respect of unfunded plans:** |  |  |  |  |
| Defined benefit pension plans  | 9 | 9 | 5 | 4 |
| Other post-employment benefit plans  | 1 | 1 | 3 | 1 |
| **Total cash payments (excluding defined contribution and non-transferring plans)**  | **43** | **42** | **39** | **34** |

---

The Ice Cream Business' funding policy is to periodically review the contributions made to the plans while taking account of local legislation.

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#### Plan assets — Germany
Plan assets in Germany represent 98% of total pension assets. The group of plans with assets excluded from the tables below are not material.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **31 December**  | **31 December**  | **31 December**  | **1 January**  |
| | **2024**  | **2023**  | **2022**  | **2022**  |
| Total Pension Plan Assets  | 100% | 100% | 100% | 100% |
| Equities Total  | 25% | 42% | 39% | 42% |
| &nbsp;&nbsp;&nbsp; Europe  | 11% | 16% | 16% | 17% |
| &nbsp;&nbsp;&nbsp; North America  | 12% | 17% | 15% | 16% |
| &nbsp;&nbsp;&nbsp; Other  | 2% | 9% | 8% | 9% |
| Fixed Income Total  | 59% | 42% | 43% | 44% |
| &nbsp;&nbsp;&nbsp; Government bonds  | 24% | 9% | 10% | 10% |
| &nbsp;&nbsp;&nbsp; Investment grade corporate bonds  | 18% | 16% | 16% | 17% |
| &nbsp;&nbsp;&nbsp; Other fixed income  | 17% | 17% | 17% | 17% |
| Private Equity  | 1% | 1% | 1% | 1% |
| Property and Real Estate  | 12% | 12% | 14% | 11% |
| Other  | 3% | 3% | 3% | 2% |
| **Total Assets**  | 100% | 100% | 100% | 100% |

---

The fair values of the above equity and fixed income instruments are determined based on quoted market prices in active markets. The fair value of private equity and property and real estate are not based on quoted market prices in active markets. Properties are externally and independently appraised on the basis of an open market value per professional market standards. The value of an investment holding in a property fund is typically the net asset value provided to an investor. Assets included in the Other category are infrastructure fund, cash and insurance contracts.

No Unilever securities were held at 31 December 2024, 31 December 2023, 31 December 2022, or 1 January 2022, and no property was occupied by Unilever.

#### 4C. Share-based compensation plans
The fair value of awards at grant date is calculated using observable market price. This value is expensed over their vesting period, with a corresponding credit to Net parent investment. The expense is reviewed and adjusted to reflect changes to the level of awards expected to vest, except where this arises from a failure to meet a market condition. Any cancellations are recognised immediately in the income statement.

As at 31 December 2024, 31 December 2023 and 31 December 2022 Unilever had share-based compensation plans in the form of performance shares and other share awards. The employees of the Ice Cream Business participated in the Unilever performance share plans. Costs related to participating employees are allocated to the Ice Cream Business. In addition, the Ice Cream Business also received an allocation of share-based compensation charges with respect to corporate employees of Unilever.

The charge to income statement related to equity-settled share-based compensation plan is €32 million (2023: €20 million, 2022: €18 million).

#### Performance share plans
Performance share awards are made in respect of Unilever's Performance Share Plan (PSP). Awards for Management Co-Investment Plan (MCIP) were last made in 2020 and vested in 2024. No further MCIP awards will be made. The awards of each plan will vest between 0% and 200% of grant level, subject to the level of satisfaction of performance measures (limits for Executive Directors may vary).

The MCIP allowed Unilever's managers (including Ice Cream Business managers) to invest up to 100% of their annual bonus (a minimum of 33% and maximum of 67% for Executive Directors) in shares in Unilever,

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and to receive a corresponding award of performance-related shares. From 2021, under the PSP, Unilever's managers (including Ice Cream Business managers) receive annual awards of PLC shares. The performance measures for MCIP are underlying sales growth, underlying EPS growth, underlying return on invested capital, sustainability progress index and for PSP are percentage business winning, free cash flow, underlying return on invested capital and sustainability progress index. MCIP awards made vest after 4 years, while PSP awards vest after 3 years. In 2024, the Unilever Group modified the PSP scheme to only eligible employees. The performance measures for PSP awards from 2024 are underlying sales growth, underlying return on invested capital, relative total shareholder return and sustainability progress index.

#### Annual Share Plans (ASP)
From 2024, under the Annual Share Plan (ASP) award, eligible employees receive Unilever PLC shares which will vest after 3 years and are not subject to any performance conditions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Share award value information**  | **2024**  | **2024**  | **2023**  | **2023**  | **2022**  | **2022**  |
|  | *(€)*  | *(€)*  | *(€)*  | *(€)*  | *(€)*  | *(€)*  |
| Fair value per share award during the year  |  | 46 |  | 46 |  | 42 |

---

At the point of the Transaction, Ice Cream employees will cease to build up new entitlements under Unilever performance share plans and other share awards. They will retain Unilever awards on a pro rata basis up to the date of demerger and the Ice Cream Business will make awards under its own share plans from that date onwards. In respect of the retained awards in Unilever performance share plans and other share awards, Ice Cream Business employees will be treated on the same basis as ongoing Unilever employees.

#### 5 Net finance costs
Net finance costs are comprised of finance costs and finance income, including net finance costs in relation to pensions and similar obligations.

Finance income includes income on cash and cash equivalents and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. This includes interest on lease liabilities which represents the unwind of the discount rate applied to lease liabilities.

Borrowing costs are recognised based on the effective interest method.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Note**  | **2024**  | **2023**  | **2022**  |
|  |  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **Net finance costs** |  |  |  |  |
| Finance costs  |  | (7) | (10) | (29) |
| &nbsp;&nbsp;&nbsp; Bank loans and overdrafts  |  | (3) | (2) | (1) |
| &nbsp;&nbsp;&nbsp; Interest on bonds and other loans  |  | (3) | (1) | (1) |
| &nbsp;&nbsp;&nbsp; Interest on lease liabilities  |  | (7) | (7) | (5) |
| &nbsp;&nbsp;&nbsp; Gain/(loss) on remeasurement of put option  | 13B | 6 |  | (22) |
| Pensions and similar obligations  |  | (12) | (11) | (7) |
| Finance income  |  | 2 | 1 | 1 |
|  |  | (17) | (20) | (35) |

---

#### 6 Taxation

#### 6A. Income tax
Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or Net parent investment. See note 1 for further detail on the estimation of the tax charge for the purposes of these financial statements.

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Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustments to tax payable in respect of previous years.

Total tax in the combined carve-out income statement will differ from the income tax paid in the combined carve-out cash flow statement primarily because of deferred tax arising on temporary differences and payment dates for income tax occurring after the balance sheet date.

Both income statement tax movements and balance sheet amounts relating to Ice Cream dedicated entities have been included in the carve out financial statements in line with amounts reported in the full Unilever Group financial statements.

Legal entities with both Ice Cream and non-Ice Cream related operations have been aggregated by jurisdiction for the purposes of calculating tax movements and balances. Amounts included in the income statement have been calculated by applying an Ice Cream adjusted jurisdictional effective tax rate to the carve out pre-tax result for these entities within that jurisdiction. Amounts included on the balance sheet in respect of deferred tax have been calculated either by reference to the proportion of the pre-tax assets or liabilities that give rise to the associated deferred item or applying the appropriate statutory jurisdictional tax rate to the pre-tax asset or liability carrying value. No current tax balances have been included for entities with both Ice Cream and non-Ice Cream operations on the basis that the legal obligation to settle will remain with the existing Unilever Group, unless the legal entity is transferring.

The Ice Cream Business is subject to taxation in the many countries in which it operates. The tax legislation of these countries differs, is often complex and is subject to interpretation by management and the Government authorities. These matters of judgement give rise to the need to create provisions for tax payments that may arise in future years with respect to transactions already undertaken. Provisions take into account the circumstances of each case, including the strength of technical arguments, recent case law decisions or rulings on similar issues and relevant external advice. Provisions are estimated based on one of two methods, the expected value method (the sum of the probability weighted amounts in a range of possible outcomes) or the single most likely amount method, depending on which is expected to better predict the resolution of the uncertainty.

---

| | | | |
|:---|:---|:---|:---|
| | **2024**  | **2023**  | **2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **Tax charge in income statement** |  |  |  |
| **Current tax** |  |  |  |
| Current year  | 168 | 220 | 114 |
| Over/(under) provided in prior years  | (31) | 22 | (7) |
|  | 137 | 242 | 107 |
| **Deferred tax** |  |  |  |
| Origination and reversal of temporary differences  | 15 | (38) | 66 |
| Changes in tax rates  |  | (1) |  |
| Movement on unrecognised deferred tax  |  |  |  |
|  | 152 | 203 | 173 |

---

The reconciliation between the computed weighted average rate of income tax expense, which is generally applicable to Ice Cream Business companies, and the actual rate of taxation charged is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Reconciliation of effective tax rate**  | **2024**  | **2023**  | **2022**  |
|  | *(%)*  | *(%)*  | *(%)*  |
| **Computed rate of tax**<sup>(a)</sup>  | 25.1 | 25.2 | 24.4 |
| Differences between computed rate of tax and effective tax rate due to: |  |  |  |
| &nbsp;&nbsp;&nbsp; Incentive tax credits  | (2.3) | (2.7) | (3.6) |
| &nbsp;&nbsp;&nbsp; Expenses not deductible for tax purposes  | 0.8 | 2.1 | 1.4 |

---

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---

| | | | |
|:---|:---|:---|:---|
| **Reconciliation of effective tax rate**  | **2024**  | **2023**  | **2022**  |
|  | *(%)*  | *(%)*  | *(%)*  |
| &nbsp;&nbsp;&nbsp; Impact of withholding tax  | 1.2 | 1 | (0.2) |
| &nbsp;&nbsp;&nbsp; Income tax reserve adjustments – current and prior year  |  | 1.6 | (2.0) |
| &nbsp;&nbsp;&nbsp; Transfer to/(from) unrecognised deferred tax assets  |  |  | (0.1) |
| &nbsp;&nbsp;&nbsp; Other<sup>(b)</sup>  | (4.5) | 1.2 | 4.7 |
| **Effective tax rate**  | 20.3 | 28.4 | 24.6 |

---

(a) The computed tax rate used is the average of the standard rate of tax applicable in the countries in which the Ice Cream Business operates, weighted by the amount of profit before taxation generated in each of those countries. For this reason, the rate may vary from year to year according to the mix of profit and related tax rates.

(b) Other includes the impact of audit settlements and prior year true-ups, as well as the impact of hyperinflation related to Turkey. In 2024 there are significant favourable settlements and true-ups, compared with adverse impacts in prior periods.

The Ice Cream Business's tax rate is reduced by incentive tax credits, the benefit from preferential tax regimes that have been legislated by the countries and provinces concerned in order to promote economic development and investment. The tax rate is increased by business expenses which are not deductible for tax, such as entertainment costs and some interest expense.

The Ice Cream Business's future tax charge and effective tax rate could be affected by several factors, including changes in tax laws and their interpretation and still to be determined tax reform proposals in the EU, Switzerland and the continuing OECD international tax reform work, as well as the impact of acquisitions, disposals and the future legal structure of the Ice Cream Business.

Pillar Two legislation applies to the Ice Cream Business for 2024. No Pillar Two top-up tax has been accrued within the 2024 tax charge on the basis that the impact is immaterial.

#### 6B. Deferred tax
Deferred tax is recognised using the liability method on taxable temporary differences between the tax base and the accounting base of items included in the balance sheet of the Ice Cream Business. Certain temporary differences are not provided for as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)

goodwill not deductible for tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)

the initial recognition of assets or liabilities that affect neither accounting nor taxable profit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)

differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future.

The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted, or substantively enacted, at the year end.

The Ice Cream Business has applied the exemption to not recognise or disclose any deferred tax related to Pillar Two income taxes.

A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. A deferred tax asset is recognised in respect of tax losses only to the extent that they are directly attributable to dedicated Ice Cream legal entities.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The table below summarises the deferred tax position determined after appropriate jurisdictional offsetting as is presented in the combined carve-out balance sheet at each balance sheet date:

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **31 December**  | **31 December**  | **31 December**  | **1 January**  |
| **Deferred tax**  | **2024**  | **2023**  | **2022**  | **2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Deferred tax asset  | 130 | 151 | 150 | 212 |
| Deferred tax liability  | (298) | (257) | (217) | (187) |
| Net deferred tax asset/(liability)  | (168) | (106) | (67) | 25 |

---

The movements in the deferred tax position are analysed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at <br> 1 January <br> 2024**  | **Income <br> statement**  | **Other**  | **As at <br> 31 December <br> 2024**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **Movements in 2024** |  |  |  |  |
| Pensions and similar obligations  | 66 | (2) | (6) | 58 |
| Provisions and accruals  | 33 |  | (1) | 32 |
| Goodwill and intangible assets  | (175) | (8) | (8) | (191) |
| Accelerated tax depreciation  | (120) | 14 | (5) | (111) |
| Tax losses  | 79 | (18) | (9) | 52 |
| Other  | 8 | (1) | (17) | (10) |
| Lease Liability  | 42 | (5) |  | 37 |
| Right of use asset  | (39) | 5 | (1) | (35) |
|  | (106) | (15) | (47) | (168) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at <br> 1 January <br> 2023**  | **Income <br> statement**  | **Other**  | **As at <br> 31 December <br> 2023**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **Movements in 2023** |  |  |  |  |
| Pensions and similar obligations  | 71 | (3) | (2) | 66 |
| Provisions and accruals  | 40 | (9) | 2 | 33 |
| Goodwill and intangible assets  | (71) | (4) | (100) | (175) |
| Accelerated tax depreciation  | (172) | 54 | (2) | (120) |
| Tax losses  | 58 | (3) | 24 | 79 |
| Other  | 7 | 3 | (2) | 8 |
| Lease Liability  | 37 | 3 | 2 | 42 |
| Right of use asset  | (37) | (2) |  | (39) |
|  | (67) | 39 | (78) | (106) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at <br> 1 January <br> 2022**  | **Income <br> statement**  | **Other**  | **As at <br> 31 December <br> 2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **Movements in 2022** |  |  |  |  |
| Pensions and similar obligations  | 113 | (2) | (40) | 71 |
| Provisions and accruals  | 49 | (9) |  | 40 |
| Goodwill and intangible assets  | (60) | (14) | 3 | (71) |
| Accelerated tax depreciation  | (139) | (40) | 7 | (172) |
| Tax losses  | 53 | 5 |  | 58 |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at <br> 1 January <br> 2022**  | **Income <br> statement**  | **Other**  | **As at <br> 31 December <br> 2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Other  | 10 | (5) | 2 | 7 |
| Lease Liability  | 41 | (4) |  | 37 |
| Right of use asset  | (42) | 3 | 2 | (37) |
|  | 25 | (66) | (26) | (67) |

---

As the Ice Cream Business is not a separate legal group and has not previously prepared standalone financial statements, it is not possible to prepare or disclose an analysis of deferred tax attributable to various components of Net parent investment. The net liabilities of the Ice Cream Business are represented by the cumulative investment of Unilever in the Ice Cream Business and disclosed as Net parent investment. Therefore, there are no deferred tax liabilities recognised in respect of the aggregate amount of temporary differences associated with undistributed Ice Cream Business earnings.

The table below shows the gross deferred tax position determined before jurisdictional netting:

---

| | | | |
|:---|:---|:---|:---|
| | **2024**  | **2024**  | **2024**  |
| **Deferred tax assets and liabilities**  | **Assets**  | **Liabilities**  | **Total**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Pensions and similar obligations  | 59 | (1) | 58 |
| Provisions and accruals  | 32 |  | 32 |
| Goodwill and intangible assets  | 8 | (199) | (191) |
| Accelerated tax depreciation  | 11 | (122) | (111) |
| Tax losses  | 52 |  | 52 |
| Other  | 10 | (20) | (10) |
| Lease Liability  | 37 |  | 37 |
| Right of use asset  |  | (35) | (35) |
|  | 209 | (377) | (168) |
| Of which deferred tax to be recovered/(settled) after more than 12 months  | 158 | (355) | (197) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **2023**  | **2023**  | **2023**  |
| **Deferred tax assets and liabilities**  | **Assets**  | **Liabilities**  | **Total**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Pensions and similar obligations  | 67 | (1) | 66 |
| Provisions and accruals  | 38 | (5) | 33 |
| Goodwill and intangible assets  | 9 | (184) | (175) |
| Accelerated tax depreciation  | 8 | (128) | (120) |
| Tax losses  | 79 |  | 79 |
| Other  | 8 |  | 8 |
| Lease Liability  | 42 |  | 42 |
| Right of use asset  |  | (39) | (39) |
|  | 251 | (357) | (106) |
| Of which deferred tax to be recovered/(settled) after more than 12 months  | 185 | (331) | (146) |

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---

| | | | |
|:---|:---|:---|:---|
| | **2022**  | **2022**  | **2022**  |
| **Deferred tax assets and liabilities**  | **Assets**  | **Liabilities**  | **Total**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Pensions and similar obligations  | 72 | (1) | 71 |
| Provisions and accruals  | 43 | (3) | 40 |
| Goodwill and intangible assets  | 10 | (81) | (71) |
| Accelerated tax depreciation  | 5 | (177) | (172) |
| Tax losses  | 58 |  | 58 |
| Other  | 7 |  | 7 |
| Lease Liability  | 37 |  | 37 |
| Right of use asset  |  | (37) | (37) |
|  | 232 | (299) | (67) |
| Of which deferred tax to be recovered/(settled) after more than 12 months  | 188 | (279) | (90) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **1 January 2022**  | **1 January 2022**  | **1 January 2022**  |
| **Deferred tax assets and liabilities**  | **Assets**  | **Liabilities**  | **Total**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Pensions and similar obligations  | 114 | (1) | 113 |
| Provisions and accruals  | 49 |  | 49 |
| Goodwill and intangible assets  | 11 | (71) | (60) |
| Accelerated tax depreciation  | 7 | (146) | (139) |
| Tax losses  | 53 |  | 53 |
| Other  | 10 |  | 10 |
| Lease Liability  | 41 |  | 41 |
| Right of use asset  |  | (42) | (42) |
|  | 285 | (260) | 25 |
| Of which deferred tax to be recovered/(settled) after more than 12 months  | 235 | (246) | (11) |

---

The Ice Cream Business had unused tax losses in Brazil of €27 million (Brazil and Czech Republic of 2023: €32 million, 2022: €39 million, 1 January 2022: €29 million) available for offset against future taxable profits. Deferred tax assets have not been recognised in respect of these unused tax losses, as it is not probable that there will be future taxable profits within the entity against which the losses can be utilised. There is no expiry date for these losses.

#### 6C. Tax on other comprehensive income
Income tax is recognised in Other comprehensive income for items recognised directly in Net parent investment.

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Tax effects directly recognised in Other comprehensive income were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2024**  | **2024**  | **2024**  | **2023**  | **2023**  | **2023**  | **2022**  | **2022**  | **2022**  |
| | **Before <br> tax**  | **Tax <br> (charge)/<br>credit**  | **After <br> tax**  | **Before <br> tax**  | **Tax <br> (charge)/<br>credit**  | **After <br> tax**  | **Before <br> tax**  | **Tax <br> (charge)/<br>credit**  | **After <br> tax**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Cash flow hedges  | 106 | (18) | 88 | 3 | (1) | 2 | (12) | 3 | (9) |
|  Remeasurements of defined benefit pension plans  | 45 | (7) | 38 | 5 | (5) |  | 72 | (40) | 32 |
|  Currency retranslation gain/(loss)  | 137 |  | 137 | (50) |  | (50) | 153 |  | 153 |
|  | 288 | (25) | 263 | (42) | (6) | (48) | 213 | (37) | 176 |

---

#### 7 Goodwill and intangible assets

#### Goodwill
Goodwill is initially recognised based on the accounting policy for business combinations (see note 19). Goodwill is subsequently measured at cost less amounts provided for impairment. Goodwill acquired in a business combination is assessed to determine whether new cash generating units ("**CGUs**") are created, and if not, is allocated to the Ice Cream Business's CGUs in line with the structure detailed below. These might not always be the same as the CGUs that include the assets and liabilities of the acquired business.

#### Intangible assets
Separately purchased intangible assets are initially measured at cost, being the purchase price as at the date of acquisition. On acquisition of new interests in Ice Cream companies, the Ice Cream Business recognises any specifically identifiable intangible assets separately from goodwill. These intangible assets are initially measured at fair value as at the date of acquisition.

Expenditure to support development of internally produced intangible assets is recognised in profit or loss as incurred.

Indefinite-life intangible assets mainly comprise acquired brands, for which there is no foreseeable limit to the period over which they are expected to generate net cash inflows. These are considered to have an indefinite life, given the strength and durability of the brands and the level of marketing support. These assets are not amortised but are subject to a review for impairment annually, or more frequently if events or circumstances indicate this is necessary. Any impairment is charged to the income statement as it arises.

Finite-life intangible assets mainly comprise software, trademarks, licenses, and technology. These assets are amortised on a straight-line basis in the income statement over the period of their expected useful lives, or the period of legal rights if shorter. None of the amortisation periods exceeds ten years.

#### Cash generating units
The Ice Cream Business's assets are grouped into CGUs which are the smallest identifiable group of assets that generates largely independent cash inflows. These CGUs are aligned with the Ice Cream Business's organisation structure of four Business Units.

#### Impairment review
The impairment test is performed by comparing the carrying value of the CGUs with their recoverable value. The recoverable value is primarily based on value in use but also considers fair value less costs of disposal where relevant. Any impairment is charged to the income statement as it arises.

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[**TABLE OF CONTENTS**](#TOC4)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Goodwill**  | **Indefinite-life <br> intangibles<sup>(a)</sup>**  | **Finite-life <br> intangible <br> assets**  | **Finite-life <br> intangible <br> assets**  | **Total**  |
| **Movements during 2024**  | **Goodwill**  | **Indefinite-life <br> intangibles<sup>(a)</sup>**  | **Software**  | **Other**  | **Total**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **Cost** |  |  |  |  |  |
| 1 January 2024  | 558 | 743 | 14 | 19 | 1334 |
| Currency retranslation  | 27 | 41 |  |  | 68 |
| 31 December 2024  | 585 | 784 | 14 | 19 | 1402 |
| **Accumulated amortisation and Impairment** |  |  |  |  |  |
| 1 January 2024  |  |  | (14) | (8) | (22) |
| Amortisation/impairment for the year  |  |  |  | (2) | (2) |
| 31 December 2024  |  |  | (14) | (10) | (24) |
| Net book value 31 December 2024  | 585 | 784 |  | 9 | 1378 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Goodwill**  | **Indefinite-life <br> intangibles<sup>(a)</sup>**  | **Finite-life <br> intangible <br> assets**  | **Finite-life <br> intangible <br> assets**  | **Total**  |
| **Movements during 2023**  | **Goodwill**  | **Indefinite-life <br> intangibles<sup>(a)</sup>**  | **Software**  | **Other**  | **Total**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **Cost** |  |  |  |  |  |
| 1 January 2023  | 272 | 369 | 14 | 19 | 674 |
| Additions through business combinations<sup>(b)</sup>  | 299 | 389 |  |  | 688 |
| Additions  |  |  |  | 2 | 2 |
| Disposals and other movements  |  |  |  | (2) | (2) |
| Currency retranslation  | (13) | (15) |  |  | (28) |
| 31 December 2023  | 558 | 743 | 14 | 19 | 1334 |
| **Accumulated amortisation and Impairment** |  |  |  |  |  |
| 1 January 2023  |  |  | (14) | (7) | (21) |
| Amortisation/impairment for the year  |  |  |  | (2) | (2) |
| Disposals and other movements  |  |  |  | 1 | 1 |
| 31 December 2023  |  |  | (14) | (8) | (22) |
| Net book value 31 December 2023  | 558 | 743 |  | 11 | 1312 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Goodwill**  | **Indefinite-life <br> intangibles<sup>(a)</sup>**  | **Finite-life <br> intangible <br> assets**  | **Finite-life <br> intangible <br> assets**  | **Total**  |
| **Movements during 2022**  | **Goodwill**  | **Indefinite-life <br> intangibles<sup>(a)</sup>**  | **Software**  | **Other**  | **Total**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **Cost** |  |  |  |  |  |
| 1 January 2022  | 264 | 352 | 15 | 18 | 649 |
| Additions  |  |  |  | 2 | 2 |
| Disposals and other movements  |  |  | (1) | (1) | (2) |
| Currency retranslation  | 8 | 17 |  |  | 25 |
| 31 December 2022  | 272 | 369 | 14 | 19 | 674 |
| **Accumulated amortisation and Impairment** |  |  |  |  |  |
| 1 January 2022  |  |  | (14) | (5) | (19) |
| Amortisation/impairment for the year  |  |  |  | (2) | (2) |
| 31 December 2022  |  |  | (14) | (7) | (21) |
| Net book value 31 December 2022  | 272 | 369 |  | 12 | 653 |

---

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[**TABLE OF CONTENTS**](#TOC4)

(a) Within indefinite-life intangible assets there are three existing brands that have a significant carrying value: Yasso €408 million (2023: €384 million 2022: nil, 1 January 2022: nil), Talenti €144 million (2023: €135 million, 2022: €141 million, 1 January 2022: €132 million) and Ben & Jerry's €125 million (2023: €117 million, 2022: €122 million, 1 January 2022: €115 million).

(b) The fair value of goodwill and intangibles for acquisitions made in 2023. See note 19 for further details.

The goodwill and indefinite-life assets held in the CGUs shown below are considered significant within the total carrying amounts of goodwill and indefinite-life intangible:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2024 CGUs**  | **2023 CGUs**  | **2022 CGUs**  | **1 Jan 2022 <br> CGUs**  |
| | **Goodwill**  | **Goodwill**  | **Goodwill**  | **Goodwill**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Europe and ANZ  | 136 | 136 | 138 | 138 |
| Americas  | 449 | 422 | 134 | 126 |
| **Total CGUs**  | 585 | 558 | 272 | 264 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2024 CGUs**  | **2023 CGUs**  | **2022 CGUs**  | **1 Jan 2022 <br> CGUs**  |
| | **Indefinite-life <br> intangible <br> assets**  | **Indefinite-life <br> intangible <br> assets**  | **Indefinite-life <br> intangible <br> assets**  | **Indefinite-life <br> intangible <br> assets**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Europe and ANZ  | 147 | 144 | 146 | 142 |
| Americas  | 631 | 595 | 219 | 204 |
| Total Significant CGUs  | 778 | 739 | 365 | 346 |
| Others<sup>(a)</sup> | 6 | 4 | 4 | 6 |
| **Total CGUs**  | 784 | 743 | 369 | 352 |

---

(a) Included within Others are individually insignificant amounts of indefinite-life intangible assets.

#### Key assumptions
In performing the annual impairment testing, the recoverable amount of each CGU has been calculated based on its value in use, estimated as the present value of projected future cash flows.

Projected cash flows include specific estimates for a period of five years. The growth rates and operating margins used to estimate cash flows for the five years are based on past performance and on the Ice Cream Business's three-year strategic plan, de-risked to ensure reasonability and extended to years four and five. The growth rates used in this exercise for significant CGUs are set out below:

---

| | | |
|:---|:---|:---|
| | **For the year 2024**  | **For the year 2024**  |
| **Significant CGUs**  | **Europe and <br> ANZ**  | **Americas**  |
| Longer-term sustainable growth rates  | 1.3% | 2.0% |
| Average near-term nominal growth rates  | 2.5% | 3.0% |
| Discount rate  | 9.6% | 9.8% |

---

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| | | |
|:---|:---|:---|
| | **For the year 2023**  | **For the year 2023**  |
| **Significant CGUs**  | **Europe and <br> ANZ**  | **Americas**  |
| Longer-term sustainable growth rates  | 1.1% | 1.6% |
| Average near-term nominal growth rates  | 1.1% | 3.2% |
| Discount rate  | 9.1% | 9.3% |

---

---

| | | |
|:---|:---|:---|
| | **For the year 2022**  | **For the year 2022**  |
| **Significant CGUs**  | **Europe and <br> ANZ**  | **Americas**  |
| Longer-term sustainable growth rates  | 2.4% | 2.2% |
| Average near-term nominal growth rates  | 1.3% | 3.5% |
| Discount rate  | 7.8% | 8.0% |

---

The estimated cash flows after year five are extrapolated using a longer-term sustainable growth rate, which is determined as the lower of the Ice Cream Business's own three-year average growth projection and external forecasts for the relevant market.

In 2024, the projected cash flows are discounted using pre-tax discount rates. The discount rates are specific to each CGU and are determined based on the weighted average cost of capital, including a market and country risk premium.

There are no reasonably possible changes in key assumptions that would cause the carrying amount of any CGU to exceed its recoverable amount.

#### 8 Property, plant and equipment
The Ice Cream Business's property, plant and equipment is comprised of owned assets (note 8A) and leased assets (note 8B). Property, plant and equipment is measured at cost less depreciation and accumulated impairment losses.

Property, plant and equipment includes:

• land and buildings related to factories and sites that were historically dedicated to the Ice Cream Business, including factories and sites that were sold or closed during the periods presented;

• plant and machinery that is directly attributable to the Ice Cream Business on the factories and sites; and

• cabinets that refrigerate Ice Cream.

Property, plant and equipment is subject to review for impairment if triggering events or circumstances indicate that this is necessary. If an indication of impairment exists, the asset's recoverable amount is estimated and any impairment loss is charged to the income statement as it arises.

#### Owned assets
Owned assets are initially measured at historical cost. Depreciation is provided on a straight-line basis over the expected average useful lives of the assets. Residual values and useful lives are reviewed at least annually. The review of residual values and useful lives have has taken into consideration the impacts of climate change and the actions the Ice Cream Business undertakes to mitigate and adapt against these climate-related risks and there is no material impact on the income statement for this year. Estimated useful lives by major class of assets are as follows:

• Leasehold land and buildings 40 years (or life of lease if less) <br> • Plant and equipment 2 – 20 years <br> • Freehold buildings (no depreciation on freehold land) 40 years

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

#### Leased assets
The cost of a leased asset is measured as the lease liability at inception of the lease contract and other direct costs less any incentives granted by the lessor. The Ice Cream Business has not capitalised leases which are less than 12 months or leases with low value assets. These mainly relate to IT equipment, office equipment, furniture and fittings and other peripheral items. When a lease liability is remeasured, the related lease asset is adjusted by the same amount.

Depreciation is provided on a straight-line basis from the commencement date of the lease to the end of the lease term.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **31 December**  | **31 December**  | **31 December**  | **1 January**  |
| **Property, plant and equipment**  | **2024**  | **2023**  | **2022**  | **2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Owned assets  | 2223 | 2087 | 2106 | 1974 |
| Leased assets  | 132 | 147 | 140 | 164 |
| **Total**  | 2355 | 2234 | 2246 | 2138 |

---

#### 8A. Owned assets

---

| | | | |
|:---|:---|:---|:---|
| **Movements during 2024**  | **Land and <br> buildings**  | **Plant and <br> equipment**  | **Total**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **Cost** |  |  |  |
| 1 January 2024  | 982 | 3840 | 4822 |
| Additions  | 24 | 297 | 321 |
| Disposals and other movements  | (6) | (201) | (207) |
| Hyperinflationary adjustment  | 5 | 123 | 128 |
| Currency retranslation  | 19 | 38 | 57 |
| 31 December 2024  | 1024 | 4097 | 5121 |
| **Accumulated depreciation** |  |  |  |
| 1 January 2024  | (384) | (2351) | (2735) |
| Depreciation charge for the year  | (22) | (242) | (264) |
| Disposal and other movements  | 3 | 188 | 191 |
| Hyperinflationary adjustment  | (6) | (52) | (58) |
| Currency retranslation  | (8) | (24) | (32) |
| 31 December 2024  | (417) | (2481) | (2898) |
| Net book value 31 December 2024<sup>(a)</sup>  | 607 | 1616 | 2223 |
| Includes capital expenditures for assets under construction  | 10 | 26 | 36 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Movements during 2023**  | **Land and <br> buildings**  | **Plant and <br> equipment**  | **Total**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **Cost** |  |  |  |
| 1 January 2023  | 954 | 3842 | 4796 |
| Additions through business combinations  |  | 1 | 1 |
| Additions  | 47 | 231 | 278 |
| Disposals and other movements  | (4) | (175) | (179) |
| Hyperinflationary adjustment  | 9 | 25 | 34 |
| Currency retranslation  | (24) | (84) | (108) |
| 31 December 2023  | 982 | 3840 | 4822 |
| **Accumulated depreciation** |  |  |  |
| 1 January 2023  | (371) | (2319) | (2690) |
| Depreciation charge for the year  | (21) | (225) | (246) |
| Disposal and other movements  | 2 | 158 | 160 |
| Hyperinflationary adjustment  | (1) | (8) | (9) |
| Currency retranslation  | 7 | 43 | 50 |
| 31 December 2023  | (384) | (2351) | (2735) |
| Net book value 31 December 2023<sup>(a)</sup>  | 598 | 1489 | 2087 |
| Includes capital expenditures for assets under construction  | 8 | 21 | 29 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Movements during 2022**  | **Land and <br> buildings**  | **Plant and <br> equipment**  | **Total**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **Cost** |  |  |  |
| 1 January 2022  | 834 | 3632 | 4466 |
| Additions  | 65 | 228 | 293 |
| Disposals and other movements  | (7) | (235) | (242) |
| Hyperinflationary adjustment  | 49 | 217 | 266 |
| Currency retranslation  | 13 |  | 13 |
| 31 December 2022  | 954 | 3842 | 4796 |
| **Accumulated depreciation** |  |  |  |
| 1 January 2022  | (334) | (2158) | (2492) |
| Depreciation charge for the year  | (21) | (230) | (251) |
| Disposal and other movements  | 6 | 205 | 211 |
| Hyperinflationary adjustment  | (17) | (135) | (152) |
| Currency retranslation  | (5) | (1) | (6) |
| 31 December 2022  | (371) | (2319) | (2690) |
| Net book value 31 December 2022<sup>(a)</sup>  | 583 | 1523 | 2106 |
| Includes capital expenditures for assets under construction  | 6 | 16 | 22 |

---

(a) Includes €32 million (2023: €28 million, 2022: €31 million, 1 January 2022: €33 million) of freehold land.

The Ice Cream Business has commitments to purchase property, plant and equipment of €43 million (2023: €53 million, 2022: €45 million, 1 January 2022: €54 million).

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

#### 8B. Leased assets

---

| | | | |
|:---|:---|:---|:---|
| **Movements during 2024**  | **Land and <br> buildings**  | **Plant and <br> equipment**  | **Total**  |
|  | *(€million)*  | *(€million)*  | *(€million)*  |
| **Cost** |  |  |  |
| 1 January 2024  | 317 | 60 | 377 |
| Additions  | 23 | 17 | 40 |
| Disposals and other movements  | (30) | (24) | (54) |
| Hyperinflationary adjustment  |  | (1) | (1) |
| Currency retranslation  | 5 | (3) | 2 |
| 31 December 2024  | **315** | **49** | **364** |
| **Accumulated depreciation** |  |  |  |
| 1 January 2024  | (195) | (35) | (230) |
| Depreciation charge for the year  | (34) | (13) | (47) |
| Disposal and other movements  | 25 | 23 | 48 |
| Currency retranslation  | (3) |  | (3) |
| 31 December 2024  | **(207)** | **(25)** | **(232)** |
| Net book value 31 December 2024  | **108** | **24** | **132** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Movements during 2023**  | **Land and <br> buildings**  | **Plant and <br> equipment**  | **Total**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **Cost** |  |  |  |
| 1 January 2023  | 332 | 59 | 391 |
| Additions through business combinations  | 2 |  | 2 |
| Additions  | 56 | 15 | 71 |
| Disposals and other movements  | (69) | (14) | (83) |
| Hyperinflationary adjustment  |  | 2 | 2 |
| Currency retranslation  | (4) | (2) | (6) |
| 31 December 2023  | 317 | 60 | 377 |
| **Accumulated depreciation** |  |  |  |
| 1 January 2023  | (215) | (36) | (251) |
| Depreciation charge for the year  | (39) | (11) | (50) |
| Disposal and other movements  | 57 | 12 | 69 |
| Hyperinflationary adjustment  |  | (1) | (1) |
| Currency retranslation  | 2 | 1 | 3 |
| 31 December 2023  | (195) | (35) | (230) |
| Net book value 31 December 2023  | 122 | 25 | 147 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Movements during 2022**  | **Land and <br> buildings**  | **Plant and <br> equipment**  | **Total**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **Cost** |  |  |  |
| 1 January 2022  | 344 | 57 | 401 |
| Additions  | 25 | 10 | 35 |
| Disposals and other movements  | (41) | (9) | (50) |
| Hyperinflationary adjustment  |  | 1 | 1 |

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| | | | |
|:---|:---|:---|:---|
| **Movements during 2022**  | **Land and <br> buildings**  | **Plant and <br> equipment**  | **Total**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Currency retranslation  | 4 |  | 4 |
| 31 December 2022  | 332 | 59 | 391 |
| **Accumulated depreciation** |  |  |  |
| 1 January 2022  | (205) | (32) | (237) |
| Depreciation charge for the year  | (40) | (12) | (52) |
| Disposal and other movements  | 32 | 8 | 40 |
| Currency retranslation  | (2) |  | (2) |
| 31 December 2022  | (215) | (36) | (251) |
| Net book value 31 December 2022  | 117 | 23 | 140 |

---

The Ice Cream Business's leases mainly comprise land and buildings and plant and equipment. The Ice Cream Business leases land and buildings for manufacturing, warehouse facilities and office space and also subleases some of the properties under operating leases. The Ice Cream Business has leases for vehicles and equipment.

The Ice Cream Business has recognised in the income statement an expense of €9 million (2023: €12 million, 2022: €11 million) for short term leases.

During the year, the Ice Cream Business recognised income of €nil million (2023: €1 million, 2022: €1 million) from sublet properties.

The total cash outflow for leases were €46 million (2023: €52 million, 2022: €54 million).

Lease liabilities are shown in note 13.

#### 9 Other non-current assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **31 December**  | **31 December**  | **31 December**  | **1 January**  |
| | **2024**  | **2023**  | **2022**  | **2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Long-term trade and other receivables<sup>(a)</sup>  | 26 | 60 | 67 | 39 |
| Other non-current assets<sup>(b)</sup>  | 3 | 3 | 4 | 3 |
|  | 29 | 63 | 71 | 42 |

---

(a) Including indirect tax receivable where the Ice Cream Business does not have the contractual right to receive payment within 12 months.

(b) Includes financial assets.

#### 10 Inventories
Inventories are valued at the lower of weighted average cost and net realisable value. Cost comprises direct costs and, where appropriate, a proportion of attributable production overheads. Net realisable value is the estimated selling price less the estimated costs necessary to make the sale.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **31 December**  | **31 December**  | **31 December**  | **1 January**  |
| **Inventories**  | **2024**  | **2023**  | **2022**  | **2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Raw materials and consumables  | 242 | 221 | 243 | 182 |
| Finished goods and goods for resale  | 726 | 750 | 802 | 607 |
| Total inventories  | 968 | 971 | 1045 | 789 |
| Provision for inventories  | (48) | (56) | (54) | (38) |
|  | 920 | 915 | 991 | 751 |

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| | | | |
|:---|:---|:---|:---|
| **Provision for inventories**  | **2024**  | **2023**  | **2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| 1 January  | 56 | 54 | 38 |
| Charge to income statement  | 16 | 23 | 32 |
| Reduction/releases  | (23) | (14) | (14) |
| Currency retranslation  | (1) | (7) | (2) |
| 31 December  | 48 | 56 | 54 |

---

Inventories with a value of €28 million (2023: €30 million, 2022: €18 million,1 January 2022: €16 million) are carried at net realisable value, this being lower than cost. During 2024, €32 million (2023: €53 million, 2022: €46 million) was charged to the income statement for damaged and lost inventories.

#### 11 Trade and other current receivables
Trade and other current receivables are initially recognised at fair value plus any directly attributable transaction costs. Subsequently, these assets are held at amortised cost, using the effective interest method and net of any impairment losses. Discounts payable to customers are shown as a reduction in trade receivables when there is a legal right and intent to settle them on a net basis.

The Ice Cream Business does not consider the fair values of trade and other receivables to be significantly different from their carrying values. Concentrations of credit risk with respect to trade receivables are limited due to the Ice Cream Business's customer base being large and diverse. The Ice Cream Business's historical experience of collecting receivables, supported by the level of default, is that credit risk is low across territories and so trade receivables are considered to be a single class of financial assets. Impairment for trade receivables is calculated for specific receivables with known or anticipated issues affecting the likelihood of recovery and for balances past due with a probability of default based on historical data as well as relevant forward-looking information.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **31 December**  | **31 December**  | **31 December**  | **1 January**  |
| **Trade and other current receivables**  | **2024**  | **2023**  | **2022**  | **2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **Due within one year** |  |  |  |  |
| Trade receivables  | 391 | 391 | 343 | 306 |
| Prepayments and accrued income  | 22 | 36 | 90 | 4 |
| Other receivables  | 222 | 110 | 141 | 100 |
| Trading and other receivables due from Unilever  |  | 3 | 13 | 15 |
|  | 635 | 540 | 587 | 425 |

---

Included within trade receivables are discounts due to the Ice Cream Business's customers of €360 million (2023: €352 million, 2022: €321 million, 1 January 2022: €286 million). Other receivables comprises financial assets of €109 million (2023: €7 million, 2022: €9 million, 1 January 2022: €13 million) and non-financial assets of €113 million (2023: €103 million, 2022: €132 million,1 January 2022: €87 million). Financial assets include derivatives, royalty receivables, and employee advances. Non-financial assets mainly related to reclaimable sales tax of €95 million (2023: €83 million, 2022: €108 million, 1 January 2022: €66 million).

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **31 December**  | **31 December**  | **31 December**  | **1 January**  |
| **Ageing of trade receivables**  | **2024**  | **2023**  | **2022**  | **2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Not overdue  | 355 | 364 | 301 | 276 |
| Past due less than three months  | 30 | 29 | 43 | 33 |
| Past due more than three months but less than six months  | 11 | 6 | 8 | 7 |
| Past due more than six months but less than one year  | 3 | 4 | 1 | 4 |

---

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **31 December**  | **31 December**  | **31 December**  | **1 January**  |
| **Ageing of trade receivables**  | **2024**  | **2023**  | **2022**  | **2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Past due more than one year  | 16 | 19 | 20 | 15 |
| **Total trade receivables**  | 415 | 422 | 373 | 335 |
| Impairment provision for trade receivables  | (24) | (31) | (30) | (29) |
|  | 391 | 391 | 343 | 306 |

---

The total impairment provision includes €24 million (2023: €31 million, 2022: €30 million, 1 January 2022: €29 million) for current trade receivables, €1 million (2023: €1 million, 2022: €1 million,1 January 2022: €1 million) for other current receivables and €2 million (2023: €4 million, 2022: €1 million, 1 January 2022: €1 million) for non-current trade and other receivables.

---

| | | | |
|:---|:---|:---|:---|
| **Impairment provision for trade and other receivables**  | **2024**  | **2023**  | **2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| 1 January  | 36 | 32 | 30 |
| Charge to income statement  | 5 | 9 | 10 |
| Reduction/releases  | (11) | (7) | (8) |
| Currency retranslations  | (3) | 2 |  |
| 31 December  | 27 | 36 | 32 |

---

#### 12 Trade payables and other liabilities

#### Trade payables
Trade payables are initially recognised at fair value less any directly attributable transaction costs. Trade payables are subsequently measured at amortised cost, using the effective interest method.

Other liabilities

Other liabilities are initially recognised at fair value less any directly attributable transaction costs. Subsequent measurement depends on the type of liability:

• Accruals are subsequently measured at amortised cost, using the effective interest method.

• Social security and sundry taxes are subsequently measured at amortised cost, using the effective interest method.

• Deferred consideration is subsequently measured at fair value with changes in the income statement as explained below; and

• Others are subsequently measured either at amortised cost, using the effective interest method or at fair value, with changes being recognised in the income statement.

#### Deferred consideration
Deferred consideration represents any payments to the sellers of a business that occur after the acquisition date. These typically comprise contingent consideration and fixed deferred consideration:

• Fixed deferred consideration is a payment with a due date after acquisition that is not dependent on future conditions; and

• Contingent consideration is a payment which is dependent on certain conditions being met in the future and is often variable.

All deferred consideration is initially recognised at fair value as at the acquisition date, which includes a present value discount. Subsequently, deferred consideration is measured to reflect the unwinding of discount on the liability, with changes recognised in finance cost within the income statement. In the balance sheet, it is

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remeasured to reflect the latest estimate of the achievement of the conditions on which the consideration is based; changes in value other than the discount unwind are recognised as acquisition and disposal-related costs in the income statement.

The Ice Cream Business does not consider the fair values of trade payables and other liabilities to be significantly different from their carrying values.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **31 December**  | **31 December**  | **31 December**  | **1 January**  |
| **Trade payables and other liabilities**  | **2024**  | **2023**  | **2022**  | **2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **Current: due within one year** |  |  |  |  |
| Trade payables  | 1182 | 1155 | 1211 | 1078 |
| Accruals  | 471 | 469 | 497 | 468 |
| Social security and sundry taxes  | 43 | 47 | 51 | 38 |
| Deferred consideration  |  | 59 |  |  |
| Others  | 124 | 95 | 104 | 99 |
| Trade and other payables balances due to Unilever  | (2) | 1 | 1 | 7 |
|  | 1818 | 1826 | 1864 | 1690 |
| **Non-current: due after more than one year** |  |  |  |  |
| Accruals  | 3 | 3 | 6 | 6 |
| Others  | 5 | 6 | 3 | 3 |
| Total trade payables and other liabilities  | 8 | 9 | 9 | 9 |
|  | 1826 | 1835 | 1873 | 1699 |

---

Included within trade payables and other liabilities are discounts due to customers of €319 million (2023: €354 million, 2022: €327 million, 1 January 2022: €284 million).

Included within others are IT, consulting services and VAT tax payable.

At 31 December 2023, the total balance of deferred consideration was €59 million, relating to contingent consideration from the Yasso acquisition, this was subsequently settled in 2024 at the same value in U.S. dollars. This contingent consideration payment was dependent on acquired businesses achieving contractually agreed financial targets (mainly relates to cumulative increases in revenue and adjusted profit measures) until 2023, with a maximum contractual amount of €90 million.

#### Supplier financing arrangements for trade payables
A number of suppliers elect to factor a portion of the receivables balance from the Ice Cream Business with financial institutions. In some instances, the Ice Cream Business provides suppliers and/or banks with visibility of invoices approved for payment, which helps suppliers receive cash from the bank before the invoice due date, if they choose to do so. Payment dates and terms for Unilever do not vary based on whether the supplier chooses to factor their receivable.

If a receivable is purchased by a third-party bank, that third-party bank does not benefit from additional security when compared to the security originally enjoyed by the supplier.

The Ice Cream Business evaluates these arrangements to assess if the payable holds the characteristics of a trade payable or should be classified as a financial liability. At 31 December 2024 and 31 December 2023, all such liabilities were classified as trade payables.

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---

| | |
|:---|:---|
| | **2024**  |
| **Carrying amount of trade payables** |  |
| Presented in trade and other payables (€ million)  | 254  |
| &nbsp;&nbsp;&nbsp; of which suppliers have received payment from finance provider (€ million)  | 222  |
| **Range of payments due dates** |  |
| &nbsp;&nbsp;&nbsp; Liabilities that are part of the arrangements (days)  | 180 days  |
| &nbsp;&nbsp;&nbsp; Comparable trade payables that are not part of the arrangement (days)  | 180 days  |

---

In its liquidity assessment, the Ice Cream Business does not consider any supplier financing arrangements as these arrangements are non-recourse to the Ice Cream Business and supplier payment dates and terms for the Ice Cream Business do not vary based on whether the supplier chooses to use such financing arrangements.

#### 13 Capital and funding

#### Net parent investment
As the Ice Cream Business is not a separate legal group and has not previously prepared standalone financial statements, it is not meaningful to disclose share capital or an analysis of reserves. The net assets of the Ice Cream Business are represented by the cumulative investment of Unilever in the Ice Cream Business and disclosed as Net parent investment.

#### Other reserves
Other reserves include the foreign currency translation reserve, the cash flow hedge reserve, and the remeasurement of defined benefit pension plans.

#### Share-based compensation
Unilever operates a number of share-based compensation plans involving options and awards of ordinary shares of Unilever PLC. The Ice Cream Business received an allocation of shared based compensation charges with respect to corporate employees of Unilever (note 4C).

#### Derivative financial instruments
The Ice Cream Business's use of, and accounting for, derivative instruments is explained in note 14.

#### Dividends
The legal entities within the Ice Cream Business paid dividends to Unilever of €11 million in 2024 (2023: €nil and 2022: €nil).

#### Lease liabilities
Lease liabilities are initially measured at the present value of the lease payments that are not yet paid at the start of the lease term. This is discounted using an appropriate borrowing rate determined by the Ice Cream Business, where none is readily available in the lease contract. The lease liability is subsequently reduced by cash payments and increased by interest costs. The lease liability is remeasured when the Ice Cream Business assesses that there will be a change in the amount expected to be paid during the lease term.

#### 13A. Net parent investment

#### Basis of consolidation
The Magnum Ice Cream Company N.V. will become the majority shareholder of all transferring legal entities and will have control in all cases. Information in relation to these legal entities is provided in note 21 on page F-74.

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#### Non-controlling interests
The Ice Cream Business includes a number of legal entities in which non-controlling interests exist. The share of third parties' ownership interests in the Ice Cream Business combined carve-out balance sheet and combined carve-out income statement for these legal entities has been recognised and separately included. The most significant non-controlling interests are held in Indonesia and the Philippines.

#### Net parent investment
Transactions with Unilever are included within Net parent investment from the combined carve-out statements of changes in Net parent investment and within financing activities in the combined carve-out cash flow statement and represent the net effect of transactions between the Ice Cream Business and Unilever. The components of Net parent investment are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **2024**  | **2023**  | **2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
|  Transactions with Unilever as reflected in the combined carve-out cash flow <br> statement  | (676) | 7 | (437) |
| Net monetary loss arising from hyperinflationary economies  |  | 10 | 2 |
| Non-cash allocated depreciation and amortisation  | 63 | 59 | 67 |
| Transactions with owners of the non-controlling interests  | 19 | 16 | 19 |
|  Transactions with Unilever as reflected in the combined carve-out statement of changes in Net parent investment  | (594) | 92 | (349) |

---

#### Other reserves
Other reserves include the cash flow hedge reserve, net of tax of €81 million (2023: €(7) million, 2022: €(9) million, 1 January 2022: nil million), the remeasurement of defined benefit pension plans of €70 million (2023: €32 million, 2022: €32 million, 1 January 2022: nil million), and the foreign currency translation reserve of €242 million (2023: €106 million, 2022: €155 million, 1 January 2022: nil million).

#### 13B. Financial Liabilities

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Financial liabilities<sup>(a)</sup>**  | **Current <br> 2024**  | **Non-current <br> 2024**  | **Total <br> 2024**  | **Current <br> 2023**  | **Non-current <br> 2023**  | **Total <br> 2023**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Bank loans and overdrafts<sup>(b)</sup>  | 35 |  | 35 | 32 |  | 32 |
| Lease liabilities  | 41 | 103 | 144 | 41 | 115 | 156 |
| Related party loans with Unilever  | 9 |  | 9 |  | 9 | 9 |
| Other financial liabilities<sup>(c)</sup>  |  | 145 | 145 |  | 151 | 151 |
| **Total**  | 85 | 248 | 333 | 73 | 275 | 348 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Financial liabilities<sup>(a)</sup>**  | **Current <br> 2022**  | **Non-current <br> 2022**  | **Total <br> 2022**  | **Current <br> 1 January <br> 2022**  | **Non-current <br> 1 January <br> 2022**  | **Total <br> 1 January <br> 2022**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Bank loans and overdrafts<sup>(b)</sup>  | 35 |  | 35 | 21 |  | 21 |
| Lease liabilities  | 38 | 106 | 144 | 41 | 122 | 163 |
| Related party loans with Unilever  |  | 9 | 9 |  |  |  |
| Other financial liabilities<sup>(c)</sup>  |  | 151 | 151 |  | 129 | 129 |
| **Total**  | 73 | 266 | 339 | 62 | 251 | 313 |

---

(a) Financial liabilities exclude trade payables and other liabilities which are covered in note 12.

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

(b) Bank loans and overdrafts do not include any secured liabilities.

(c) Other financial liabilities includes an option to acquire non-controlling interests from RFM Corporation, the Philippines Joint Venture. The Ice Cream Business owns 50%+1 share and, under the terms of the shareholder agreement dating back to March 1999, each year within one month of 31 December, RFM Corporation has the right to require The Ice Cream Business to purchase all or a proportion of RFM's shares in the joint venture at a price defined in the shareholder agreement.

#### Reconciliation of liabilities arising from financing activities:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Non-cash movement**  | **Non-cash movement**  | **Non-cash movement**  | **Non-cash movement**  | |
| **Movements in 2024**  | **Opening <br> balance as <br> at 1 January**  | **Cash <br> movement**  | **Business <br> acquisitions/<br>disposals**  | **Fair value <br> changes**  | **Other <br> non-cash <br> movements**  | **Foreign <br> exchange <br> changes**  | **Closing <br> balance at <br> 31 December**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Bank loans and overdrafts<sup>(a)</sup>  | (32) | (3) |  |  |  |  | (35) |
| Lease liabilities<sup>(b)</sup>  | (156) | 39 |  |  | (26) | (1) | (144) |
| Related party loans with Unilever  | (9) |  |  |  |  |  | (9) |
| **Total**<sup>(c)</sup> | (197) | 36 |  |  | (26) | (1) | (188) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Non-cash movement**  | **Non-cash movement**  | **Non-cash movement**  | **Non-cash movement**  | |
| **Movements in 2023**  | **Opening <br> balance as <br> at 1 January**  | **Cash <br> movement**  | **Business <br> acquisitions/<br>disposals**  | **Fair value <br> changes**  | **Other <br> non-cash <br> movements**  | **Foreign <br> exchange <br> changes**  | **Closing <br> balance at <br> 31 December**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Bank loans and overdrafts<sup>(a)</sup>  | (35) | 2 |  |  |  | 1 | (32) |
| Lease liabilities<sup>(b)</sup>  | (144) | 45 | (2) |  | (59) | 4 | (156) |
| Related party loans with Unilever  | (9) |  |  |  |  |  | (9) |
| **Total**<sup>(c)</sup> | (188) | 47 | (2) |  | (59) | 5 | (197) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | |  | | **Non-cash movement**  | **Non-cash movement**  | **Non-cash movement**  | **Non-cash movement**  | |
| **Movements in 2022**  | **Opening <br> balance as <br> at 1 January**  | **Cash <br> movement**  | **Cash <br> movement**  | **Business <br> acquisitions/<br>disposals**  | **Fair value <br> changes**  | **Other <br> non-cash <br> movements**  | **Foreign <br> exchange <br> changes**  | **Closing <br> balance at <br> 31 December**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| Bank loans and overdrafts<sup>(a)</sup>  | (21) |  | (15) |  |  |  | 1 | (35) |
| Lease liabilities<sup>(b)</sup>  | (163) |  | 49 |  |  | (29) | (1) | (144) |
| Related party loans with Unilever  |  |  | (9) |  |  |  |  | (9) |
| **Total**<sup>(c)</sup> | (184) |  | 25 |  |  | (29) |  | (188) |

---

(a) These cash movements are included within the following lines in the combined cash flow statement: net change in short-term borrowings, additional financial liabilities and repayment of financial liabilities. The difference of €3 million (2023: €2 million, and 2022: €1 million) represents cash movements in overdrafts that are not included in financing cash flows.

(b) Lease liabilities cash movement is included within capital element of lease payments in the combined carve-out cash flow statement.

(c) The reconciliation of liabilities arising from financing activities excludes the put option of €145m in 2024 (2023: €151m, 2022: €151m and 1 January 2022: €129m) as this arises from an option to acquire non-controlling interests (as detailed above) which if exercised would classify as arising from investing activity.

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#### 14 Treasury Risk Management

#### Derivatives and Hedge accounting
Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on their use as explained below.

(i) #### Cash flow hedges <sup>(a)</sup>
Certain derivatives are held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in Net parent investment. Cost of hedging, where material and opted for, is recorded within Net parent investment. Any ineffective elements of the hedge are recognised in the income statement. If the hedged cash flow relates to a non-financial asset, the amount accumulated in Net parent investment is subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in Net parent investment are taken to the Income Statement at the same time as the related cash flow.

When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in Net parent investment until the related cash flow occurs. When the cash flow takes place, the cumulative gain or loss is taken to the Income Statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is taken to the income statement immediately.

(ii) #### Derivatives for which hedge accounting is not applied
Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these derivatives, which are carried at fair value with changes being recognised in the Income Statement.

Unilever's Treasury provides central deposit taking, funding and foreign exchange management services for the Unilever's operations, including those of the Ice Cream Business. The department is governed by standards and processes which are approved by the Unilever Leadership Executive ("**ULE**"). In addition to guidelines and exposure limits, a system of authorities and extensive independent reporting covers all major areas of activity. Performance of Unilever treasury department is monitored closely by senior management and reviews are undertaken periodically by corporate audit.

Unilever's Treasury activities in relation to the Ice Cream Business are designed to:

• protect the Ice Cream Business's financial results and position from the financial risks mentioned below;

• maintain market risks within acceptable parameters, while optimising returns (see note 14B); and

• provide adequate and sufficient funding to the Ice Cream Business.

Unilever's Treasury maintains a list of approved financial instruments. The use of any new instrument must be approved by the Unilever Chief Financial Officer. The use of leveraged instruments is not permitted.

Unilever's central Commodity Risk Management (CRM) team provide commodity risk services for the Unilever's operations, including those of the Ice Cream Business. Commodity hedging is undertaken by the CRM team who monitor commodity exposures for the whole Unilever business. The primary objective of the CRM policy is to delay the (gross) margin impact of commodity market volatility and allow time to take corrective pricing action.

The Ice Cream Business's capital requirements have been centrally managed by Unilever, who has provided funding to safeguard the Ice Cream Business's ability to continue as a going concern and to optimise returns to Unilever. The Ice Cream Business is not subject to financial covenants in any of its significant financing agreements.

<sup>(a)</sup>

Applying hedge accounting has not led to material ineffectiveness being recognised in the income statement for 2024, 2023 and 2022.

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The Ice Cream Business does not have its own credit rating.

The Ice Cream Business is exposed to the following financial risks that arise from its use of financial instruments, the management of which is described in the following sections:

• liquidity risk (see note 14A);

• market risk (see note 14B); and

• credit risk (see note 15B).

#### 14A. Management of liquidity risk
Liquidity risk is the risk that the Ice Cream Business will face in meeting its obligations associated with its financial liabilities. In conjunction with Unilever Treasury, the Ice Cream Business's approach to managing liquidity is to ensure that it has sufficient funds to meet its liabilities when due without incurring unacceptable losses. The Ice Cream Business is reliant on Unilever Treasury to meet its obligations associated with its financial liabilities in both normal and stressed conditions.

The financial liabilities of the Ice Cream Business at the balance sheet date are mainly lease liabilities and other financial liabilities (note 13) and trade payables (note 12) which are mostly short term in nature. The financial assets of the Ice Cream Business at the balance sheet date are mainly trade receivables (note 11) from reputable customers which are short term in nature.

The Ice Cream Business has maintained a positive cash balance throughout 2022, 2023 and 2024. This was the result of cash delivery from the business, coupled with the proceeds from loans provided by the Unilever Group.

The following table shows contractually based undiscounted cash flows, including expected interest payments, which are payable under financial liabilities at the balance sheet date:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Undiscounted cash flows**  | **Due <br> within <br> 1 year**  | **Due <br> between <br> 1 and <br> 2 years**  | **Due <br> between <br> 2 and <br> 3 years**  | **Due <br> between <br> 3 and <br> 4 years**  | **Due <br> between <br> 4 and <br> 5 years**  | **Due after <br> 5 years**  | **Total**  | **Net <br> carrying <br> amount <br> as shown <br> in balance <br> sheet**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **31 December 2024** |  |  |  |  |  |  |  |  |
| **Non-derivative Financial liabilities:** |  |  |  |  |  |  |  |  |
| Bank loans and overdrafts  | (35) |  |  |  |  |  | (35) | (35) |
| Related party loans with Unilever  | (9) |  |  |  |  |  | (9) | (9) |
| Lease liabilities  | (57) | (35) | (26) | (18) | (34) | (32) | (202) | (144) |
| Other financial liabilities  |  | (145) |  |  |  |  | (145) | (145) |
|  Trade payables excluding social security and sundry taxes  | (1775) | (8) |  |  |  |  | (1783) | (1783) |
|  | (1876) | (188) | (26) | (18) | (34) | (32) | (2174) | (2116) |
| **Derivative Financial liabilities:** |  |  |  |  |  |  |  |  |
| Commodity derivatives: |  |  |  |  |  |  |  |  |
| Derivative contracts – receipts  | 105 |  |  |  |  |  | 105 | 105 |
|  | (1771) | (188) | (26) | (18) | (34) | (32) | (2069) | (2011) |

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Undiscounted cash flows**  | **Due <br> within <br> 1 year**  | **Due <br> between <br> 1 and <br> 2 years**  | **Due <br> between <br> 2 and <br> 3 years**  | **Due <br> between <br> 3 and <br> 4 years**  | **Due <br> between <br> 4 and <br> 5 years**  | **Due after <br> 5 years**  | **Total**  | **Net <br> carrying <br> amount <br> as shown <br> in balance <br> sheet**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **31 December 2023** |  |  |  |  |  |  |  |  |
| **Non-derivative Financial liabilities:** |  |  |  |  |  |  |  |  |
| Bank loans and overdrafts  | (32) |  |  |  |  |  | (32) | (32) |
| Related party loans with Unilever  |  | (9) |  |  |  |  | (9) | (9) |
| Lease liabilities  | (63) | (49) | (30) | (21) | (30) | (42) | (235) | (156) |
| Other financial liabilities  |  | (151) |  |  |  |  | (151) | (151) |
|  Trade payables excluding social security and sundry taxes  | (1779) | (9) |  |  |  |  | (1788) | (1788) |
|  | (1874) | (218) | (30) | (21) | (30) | (42) | (2215) | (2136) |
| **Derivative Financial liabilities:** |  |  |  |  |  |  |  |  |
| Commodity derivatives: |  |  |  |  |  |  |  |  |
| Derivative contracts – payments  | (1) |  |  |  |  |  | (1) | (1) |
|  | (1875) | (218) | (30) | (21) | (30) | (42) | (2216) | (2137) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Undiscounted cash flows**  | **Due <br> within <br> 1 year**  | **Due <br> between <br> 1 and <br> 2 years**  | **Due <br> between <br> 2 and <br> 3 years**  | **Due <br> between <br> 3 and <br> 4 years**  | **Due <br> between <br> 4 and <br> 5 years**  | **Due after <br> 5 years**  | **Total**  | **Net <br> carrying <br> amount <br> as shown <br> in balance <br> sheet**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **31 December 2022** |  |  |  |  |  |  |  |  |
| **Non-derivative Financial liabilities:** |  |  |  |  |  |  |  |  |
| Bank loans and overdrafts  | (35) |  |  |  |  |  | (35) | (35) |
| Related party loans with Unilever  |  |  | (9) |  |  |  | (9) | (9) |
| Lease liabilities  | (45) | (41) | (30) | (19) | (27) | (33) | (195) | (144) |
| Other financial liabilities  |  | (151) |  |  |  |  | (151) | (151) |
|  Trade payables excluding social security and sundry taxes  | (1813) | (9) |  |  |  |  | (1822) | (1822) |
|  | (1893) | (201) | (39) | (19) | (27) | (33) | (2212) | (2161) |
| **Derivative Financial liabilities:** |  |  |  |  |  |  |  |  |
| Commodity derivatives: |  |  |  |  |  |  |  |  |
| Derivative contracts – payments  | (4) |  |  |  |  |  | (4) | (4) |
|  | (1897) | (201) | (39) | (19) | (27) | (33) | (2216) | (2165) |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Undiscounted cash flows**  | **Due <br> within <br> 1 year**  | **Due <br> between <br> 1 and <br> 2 years**  | **Due <br> between <br> 2 and <br> 3 years**  | **Due <br> between <br> 3 and <br> 4 years**  | **Due <br> between <br> 4 and <br> 5 years**  | **Due after <br> 5 years**  | **Total**  | **Net <br> carrying <br> amount <br> as shown <br> in balance <br> sheet**  |
|  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  | *(€ million)*  |
| **1 January 2022** |  |  |  |  |  |  |  |  |
| **Non-derivative Financial liabilities:** |  |  |  |  |  |  |  |  |
| Bank loans and overdrafts  | (21) |  |  |  |  |  | (21) | (21) |
| Lease liabilities  | (49) | (41) | (31) | (25) | (28) | (38) | (212) | (163) |
| Other financial liabilities  |  | (129) |  |  |  |  | (129) | (129) |
|  Trade payables excluding social security and sundry taxes  | (1652) | (9) |  |  |  |  | (1661) | (1661) |
|  | (1722) | (179) | (31) | (25) | (28) | (38) | (2023) | (1974) |
| **Derivative Financial liabilities:** |  |  |  |  |  |  |  |  |
| Commodity derivatives: |  |  |  |  |  |  |  |  |
| Derivative contracts – receipts  | 8 |  |  |  |  |  | 8 | 8 |
|  | (1714) | (179) | (31) | (25) | (28) | (38) | (2015) | (1966) |

---

These contractually agreed undiscounted cash flows reflect the portion of total Unilever cash flows relevant to the Ice Cream Business.

#### 14B. Management of market risk
The Ice Cream Business's size and operations result in it being exposed to the following market risks that arise from its use of financial instruments:

(g) **Currency risk (see table below)** 

The Ice Cream Business is exposed to movements in the underlying currency of the Ice Cream Business's sales and purchases as well as transacted commodity prices that are mainly denominated in USD.

(h) **Commodity price risk (see table below)** 

The key commodities used by the Ice Cream Business are sugar, dairy, cocoa. Management aims to minimise the impact of commodity market volatility on (gross) margin and allow time to take corrective pricing action ('pricing horizons'). Commodity hedging is undertaken based on 100% of the volume exposure around the pricing horizon, although hedging can be undertaken up to 52 weeks with approval and within limits.

(i) **Interest rate risk (see table below)** 

The above risks may affect the Ice Cream Business's income and expenses, or the value of its financial instruments. The Ice Cream Business's objective in managing market risk is to maintain it within acceptable parameters, while optimising returns. Generally, the Ice Cream Business applies hedge accounting, of which is managed by Unilever, to mitigate the volatility in profit and loss arising from market risks (including the Ice Cream Business's exposures to market risks).

The Ice Cream Business's exposure to, and management of, these risks is explained below.

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---

| | | |
|:---|:---|:---|
| **Potential impact of risk**  | **Management policy and hedging strategy**  | **Sensitivity to the risk**  |
| **(i) Commodity Price Risk** <br> The Ice Cream Business is exposed to the risk of changes in commodity prices in relation to its purchase of certain raw materials. <br> At 31 December 2024, the Ice Cream Business had hedged its exposure to future commodity purchases with commodity derivatives valued at €296 million (2023: €83 million, 2022: €83 million, 1 January 2022: €116 million).  | The Ice Cream Business uses commodity forwards, futures, swaps and option contracts to hedge against this risk. All commodity forward contracts hedge future purchases of raw materials and the contracts are settled either in cash or by physical delivery. <br> The Ice Cream Business also hedges risk components of commodities where it is not possible to hedge the commodity in full. This is done with reference to the contract to purchase the hedged commodity. <br> Commodity derivatives are generally designated as hedging instruments in cash flow hedge accounting relations. All commodity derivative contracts were done in line with approvals from the Global Commodity Executive which is chaired by the Unilever Chief Business Operations Officer (CBOO) or the Global Commodity Operating Team which is chaired by the Chief Procurement Officer.  | A 10% increase in commodity prices as at 31 December 2024 would have led to a €42 million gain on the commodity derivatives in Net Parent Investment (2023: €9 million gain, 2022: €8 million gain in Net Parent Investment). A decrease of 10% in commodity prices on a full-year basis would have the equal but opposite effect. <br> In 2024, the pricing of cocoa experienced unprecedented fluctuations which resulted in the significant increase in the fair value which used to be immaterial in prior years. A 20% (30%) increase in cocoa prices as at 31 December 2024 would have led to a €58 million (€86 million) gain on the commodity derivatives in Net Parent Investment. A decrease of 20% (30%) in cocoa prices on a full-year basis would have the equal but opposite effect.  |
| **(ii) Currency Risk** <br> Because of the Ice Cream Business's global reach, it is subject to the risk that changes in foreign currency rate impact the Ice Cream Business's sales and purchases. The Ice Cream Business is also exposed to movements in the underlying currency of transacted commodity prices that are mainly denominated in USD. <br> The exposure to the Ice Cream Business from companies holding financial assets and liabilities other than their functional currency is not significant.  | Unilever treasury manages currency exposures in the Ice Cream Business within prescribed limits, mainly through the use of forward foreign currency exchange contracts. <br> Operating companies manage foreign exchange exposures within prescribed limits. <br> The aim of the approach to management of currency risk is to leave the Ice Cream Business with no material residual risk. This aim has been achieved in all years presented. <br> Forward contracts are used and executed by Unilever but are not brought into the carve-out financial statements.  | The foreign exchange risk impact on the Income Statement and Net parent investment with respect to financial instruments is not significant. |

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---

| | | |
|:---|:---|:---|
| **Potential impact of risk**  | **Management policy and hedging strategy**  | **Sensitivity to the risk**  |
| **(iii) Interest Rate Risk** <br> The Ice Cream Business is exposed to market interest rate fluctuations on its floating rate debt. Increases in benchmark interest rates could increase the interest cost of the floating-rate debt and increase the cost of future borrowings. At 31 December 2024, interest rates were fixed on 72.58% of the expected financial liabilities (excluding lease liabilities), 71.90% at December 2023, 76.72% at December 2022 and 99.69% at 1 January 2022. | The Ice Cream Business's interest rate management approach aims for an optimal balance between fixed and floating-rate interest rate exposures on expected net debt. The objective of this approach is to minimise annual interest costs after tax. No derivatives were used to hedge the interest rate on the debt of the Ice Cream Business. | The interest rate risk impact on the income statement is not significant. |

---

#### 14C. Derivatives and hedging
The Ice Cream Business does not use derivative financial instruments for speculative purposes. The uses of derivatives and the related values of derivatives are summarised in the following table. Derivatives used to hedge:

---

| | | | |
|:---|:---|:---|:---|
| | **Trade and <br> other <br> receivables**  | **Trade <br> payables and <br> other <br> liabilities**  | **Total**  |
|  | *€ million*  | *€ million*  | *€ million*  |
| **31 December 2024** |  |  |  |
| **Commodity contracts** |  |  |  |
| Cash flow hedges<sup>(a)</sup>  | 105 |  | 105 |
| Total assets  | 105 |  | 105 |
| **31 December 2023** |  |  |  |
| Commodity contracts |  |  |  |
| Cash flow hedges  |  | (1) | (1) |
| Total liabilities  |  | (1) | (1) |
| **31 December 2022** |  |  |  |
| Commodity contracts |  |  |  |
| Cash flow hedges  |  | (4) | (4) |
| Total liabilities  |  | (4) | (4) |
| **1 January 2022** |  |  |  |
| Commodity contracts |  |  |  |
| Cash flow hedges  | 8 |  | 8 |
| Total assets  | 8 |  | 8 |

---

(a) Ice Cream Business makes use of cocoa futures and options to hedge their forward physical purchases of cocoa and other chocolate products. At 31 December 2024, the Ice Cream Business had hedged its exposure to future cocoa purchases with notional amount at 26,290 metric tons and contract price at €6,451 per metric tonne. Cash flow hedge accounting is applied to these derivatives with the fair value gain/loss being recognised in the hedge reserve and then being released in line with the underlying physical

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purchases. At 31 December 2024, the Ice Cream Business had a €115 million gain in cash flow hedge reserve, including a €10 million gain on settlement associated with the underlying physical purchases within 12 months.

The derivatives in the cash flow hedging relationships are expected to have an impact on the profit and loss within 12 months. A €2 million debit (2023: €4 million debit; 2022: €8 million credit) was recycled from the Net parent investment to the income statement during the year.

#### 15

#### Investment and return

#### Cash and cash equivalents
Cash and cash equivalents in the combined carve-out balance sheet include deposits and short-term deposits. To be classified as cash and cash equivalents, an asset must:

• be readily convertible into cash;

• have an insignificant risk of changes in value; and

• have a maturity period of three months or less at acquisition.

Cash and cash equivalents in the cash flow statement also include bank overdrafts and are recorded at amortised cost.

#### 15A. Financial assets
The Ice Cream Business aims to protect the value of financial investments while maximising returns. The fair value of financial assets is the same as the carrying amount for 31 December 2024, 31 December 2023, 31 December 2022, 1 January 2022. The Ice Cream Business's cash resources are shown below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial assets<sup>(a)</sup>**  | **31 December**  | **31 December**  | **31 December**  | **1 January**  |
| **Financial assets<sup>(a)</sup>**  | **2024**  | **2023**  | **2022**  | **2022**  |
|  | *€ million*  | *€ million*  | *€ million*  | *€ million*  |
| **Cash and cash equivalents** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash at bank and in hand  | 53 | 47 | 40 | 49 |
| &nbsp;&nbsp;&nbsp; Short-term deposits with maturity of less than three months  | 17 | 5 | 4 | 2 |
|  | 70 | 52 | 44 | 51 |

---

(a) For the purposes of note 15A, financial assets exclude trade and other current receivables which are covered in note 11.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Cash and cash equivalents reconciliation to the cash flow**  | **31 December**  | **31 December**  | **31 December**  | **1 January**  |
| **Cash and cash equivalents reconciliation to the cash flow**  | **2024**  | **2023**  | **2022**  | **2022**  |
|  | *€ million*  | *€ million*  | *€ million*  | *€ million*  |
| Cash and cash equivalents per balance sheet  | 70 | 52 | 44 | 51 |
| Less: bank overdrafts  | (3) | (2) | (1) |  |
| **Cash and cash equivalents per cash flow statement**  | 67 | 50 | 43 | 51 |

---

#### 15B. Credit Risk
Credit risk is the risk of financial loss to the Ice Cream Business if a customer or counterparty fails to meet its contractual obligations. The Ice Cream Business's trade receivables are short term in nature and largely comprise amounts receivable from reputable customers. Additional information in relation to credit risk on trade receivables is given in note 11. Credit risk related to the use of treasury instruments is managed on a total Unilever basis. This risk arises from transactions with financial institutions involving cash and cash equivalents and deposits. The maximum exposure to credit risk at the reporting date is the carrying value of each class of

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financial assets. To reduce this risk, Unilever has concentrated its main activities with a limited number of counterparties which have secure credit ratings. Individual risk limits are set for each counterparty based on financial position, credit rating and past experience. Credit limits and concentration of exposures are actively monitored by Unilever's treasury department. Netting agreements are also put in place by Unilever with Unilever's principal counterparties. In the case of a default, these arrangements would allow Unilever to net assets and liabilities across transactions with that counterparty. However, these netting agreements are not relevant to the Ice Cream Business.

Further details in relation to the Ice Cream Business's exposure to credit risk are shown in notes 11 and 15A.

#### 16

#### Financial instruments fair value risk

#### Assets and liabilities carried at fair value
Derivatives and other cash equivalents are valued using valuation techniques with market observable inputs (level 2). There are no derivatives and other cash equivalents valued at quoted prices for identical instruments (level 1) or not based on observable market data (level 3). The models incorporate various inputs including the credit quality of counter-parties, foreign exchange spot and forward rates, interest rate curves and forward rate curves of the underlying commodities.

The Put option has been valued at the redemption value with subsequent changes in finance costs (level 3). The redemption value is derived from a formula defined in the shareholder agreement which uses historical financial information, multipliers, and CPI adjustments. The impact in 2024 income statement due to the Put option is a gain of €6 million (2023: €0 million, 2022: loss of €(22) million).

#### Other financial assets and liabilities
Cash and short-term deposits, trade and other current receivables, overdrafts, trade payables and other current liabilities have fair values that approximate to their carrying amounts due to their short-term nature.

Related party loans with Unilever, lease liabilities and non-current receivables and payables have a fair value considered to be materially equal to the carrying value based on the net present value of the anticipated future cash flows associated with these instruments using rates currently available for debt on similar terms, credit risk and remaining maturities.

#### 17

#### Provisions
Provisions are recognised where a legal or constructive obligation exists at the balance sheet date, as a result of a past event, where the amount of the obligation can be reliably estimated and where the outflow of economic benefit is probable.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **31 December**  | **31 December**  | **31 December**  | **1 January**  |
| **Provisions**  | **2024**  | **2023**  | **2022**  | **2022**  |
|  | *€ million*  | *€ million*  | *€ million*  | *€ million*  |
| Due within one year  | 102 | 31 | 43 | 29 |
| Due after one year  | 39 | 72 | 69 | 66 |
| Total provisions  | 141 | 103 | 112 | 95 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Movements during 2024**  | **Restructuring**  | **Legal**  | **Brazil <br> indirect <br> taxes**  | **Other**  | **Total**  |
|  | *€ million*  | *€ million*  | *€ million*  | *€ million*  | *€ million*  |
| 1 January 2024  | 18 | 30 | 30 | 25 | 103 |
| Income Statement: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Charges  | 75 | 7 | 2 | 10 | 94 |
| &nbsp;&nbsp;&nbsp; Releases  | (1) | (4) |  | (4) | (9) |

---

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Movements during 2024**  | **Restructuring**  | **Legal**  | **Brazil <br> indirect <br> taxes**  | **Other**  | **Total**  |
|  | *€ million*  | *€ million*  | *€ million*  | *€ million*  | *€ million*  |
| Utilisation  | (9) | (6) | (22) | (7) | (44) |
| Currency retranslation  | 2 | (1) | (4) |  | (3) |
| 31 December 2024  | 85 | 26 | 6 | 24 | 141 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Movements during 2023**  | **Restructuring**  | **Legal**  | **Brazil <br> indirect <br> taxes**  | **Other**  | **Total**  |
|  | *€ million*  | *€ million*  | *€ million*  | *€ million*  | *€ million*  |
| 1 January 2023  | 36 | 21 | 27 | 28 | 112 |
| Income Statement: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Charges  | 4 | 18 | 2 | 11 | 35 |
| &nbsp;&nbsp;&nbsp; Releases  | (4) | (1) |  | (6) | (11) |
| Utilisation  | (20) | (8) |  | (10) | (38) |
| Currency retranslation  | 2 |  | 1 | 2 | 5 |
| 31 December 2023  | 18 | 30 | 30 | 25 | 103 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Movements during 2022**  | **Restructuring**  | **Legal**  | **Brazil <br> indirect <br> taxes**  | **Other**  | **Total**  |
|  | *€ million*  | *€ million*  | *€ million*  | *€ million*  | *€ million*  |
| 1 January 2022  | 21 | 15 | 24 | 35 | 95 |
| Income Statement: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Charges  | 31 | 10 | 2 | 4 | 47 |
| &nbsp;&nbsp;&nbsp; Releases  | (3) | (3) | (1) | (5) | (12) |
| Utilisation  | (16) | (3) | (2) | (6) | (27) |
| Currency retranslation  | 3 | 2 | 4 |  | 9 |
| 31 December 2022  | 36 | 21 | 27 | 28 | 112 |

---

Restructuring provisions primarily include people costs such as redundancy costs and the cost of compensation where manufacturing, distribution, service or selling agreements are to be terminated. The Ice Cream Business expects these provisions to be substantially utilised within the next few years.

The Ice Cream Business is involved from time to time in legal and arbitration proceedings arising in the ordinary course of business. These proceedings and investigations are at various stages and concern a variety of product markets. Where specific issues arise, provisions are made to the extent appropriate. Due to the nature of the legal cases, the timing of utilisation of these provisions is uncertain.

Provisions for Brazil indirect taxes are separate from the matters listed as contingent liabilities in note 18. The Ice Cream Business does not have provisions and contingent liabilities for the same matters. Due to the nature of disputed indirect taxes, the timing of utilisation of these provisions is uncertain.

Other includes provisions for indirect taxes in countries other than Brazil, interest on tax provisions and provisions for various other matters. The timing of utilisation of these provisions is uncertain.

Subject to the final separation agreements, the Ice Cream Business expects to indemnify Unilever for the outflow of resources against the above provisions in situations where they cannot be legally transferred to the Ice Cream Business.

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#### 18

#### Commitments and contingent liabilities

#### Commitments
Lease commitments are the future cash out flows from the lease contracts which are not recorded in the measurement of lease liabilities. These include potential future payments related to leases of low value assets, leases which are less than twelve months, variable leases, extension and termination options and leases not yet commenced but which the Ice Cream Business has committed to.

Other commitments principally comprise commitments under contracts to purchase materials and services. They do not include commitments to purchase property, plant and equipment, which are reported in note 8.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **31 December**  | **31 December**  | **31 December**  | **31 December**  | **31 December**  | **31 December**  | **1 January**  | **1 January**  |
| | **2024**  | **2024**  | **2023**  | **2023**  | **2022**  | **2022**  | **2022**  | **2022**  |
| **Other commitments fall due as follows:**  | **Leases**  | **Other <br> commitments**  | **Leases**  | **Other <br> commitments**  | **Leases**  | **Other <br> commitments**  | **Leases**  | **Other <br> commitments**  |
|  | *€ million*  | *€ million*  | *€ million*  | *€ million*  | *€ million*  | *€ million*  | *€ million*  | *€ million*  |
| Within 1 year  | 7 | 13 | 6 | 11 | 5 | 14 | 2 | 16 |
|  Later than 1 year but not later than 5 years  | 15 | 5 | 11 | 6 | 10 | 14 | 3 | 9 |
| Later than 5 years  | 1 | 2 | 3 |  | 2 |  |  |  |
|  | 23 | 20 | 20 | 17 | 17 | 28 | 5 | 25 |

---

#### Contingent liabilities
Contingent liabilities are either possible obligations that will probably not require a transfer of economic benefits, or present obligations that may, but probably will not, require a transfer of economic benefits. It is not appropriate to make provisions for contingent liabilities, but there is a chance that they will result in an obligation in the future. Assessing the amount of liabilities that are not probable is highly judgemental, so contingent liabilities are disclosed on the basis of the known maximum exposure.

Contingent liabilities arise in respect of litigation against Ice Cream Business companies, investigations by competition, regulatory and fiscal authorities and obligations arising under environmental legislation. In many markets, there is a high degree of complexity involved in the local tax regimes. The majority of contingent liabilities are in respect of fiscal matters in Brazil, with no other contingent liability being individually material. The Company is involved in processes for which management, based on the evaluation of its legal advisors, both internal and external, judged the risk of loss as possible. The obligations arising from these processes are considered contingent liabilities, as it is not more likely than not an outflow of resources embodying economic benefits will be required to settle the obligation.

In the case of fiscal matters, the known maximum exposure is the amount included in a tax assessment.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Summary of contingent liabilities**  | **31 December**  | **31 December**  | **31 December**  | **1 January**  |
| **Summary of contingent liabilities**  | **2024**  | **2023**  | **2022**  | **2022**  |
|  | *€ million*  | *€ million*  | *€ million*  | *€ million*  |
| Brazil tax assessments  | 98 | 117 | 100 | 79 |
| Other contingent liabilities  | 5 | 5 | 10 | 10 |
| **Total contingent liabilities**  | 103 | 122 | 110 | 89 |

---

The contingent liabilities reported for indirect taxes relating to disputes with the Brazilian authorities are separate from the provisions listed in note 17. The Ice Cream Business does not hold provisions and contingent liabilities for the same matters. Subject to the final separation agreements, the Ice Cream Business expects to indemnify Unilever for the above mentioned contingent liabilities.

#### 19

#### Acquisitions and disposals
Business combinations are accounted for using the acquisition accounting method as at the acquisition date, which is the date at which control is transferred to the Ice Cream Business.

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Goodwill is measured at the acquisition date as the fair value of consideration transferred, plus non-controlling interests and the fair value of any previously held equity interests less the net recognised amount (which is generally fair value) of the identifiable assets and liabilities assumed. Goodwill is subject to an annual review for impairment (or more frequently if necessary) in accordance with the accounting policies of the Ice Cream Business. Any impairment is charged to the income statement as it arises. Detailed information relating to goodwill is provided in note 7.

Transaction costs are expensed as incurred.

In 2023, the Ice Cream Business completed the Yasso acquisition listed below. The net consideration for the Yasso acquisition in 2023 is €645 million. The fair value of net assets recognised on the balance sheet is €346 million. The main asset acquired was the brand intangible valued (€389m) using an income approach model by estimating future cash flows generated by the brand and discounting them to present value using rates in line with a market participant expectation. The key assumptions in the brand valuation are revenue growth, discount rates and royalty rate which sensitivity is as follows:

---

| | | |
|:---|:---|:---|
| | **Change**  | **Change**  |
| | **1%**  | **-1%**  |
| Revenue growth  | +€27m  | -€26m  |
| Royalty rate  | +€28m  | -€29m  |
| Discount rate  | -€48m  | +€40m  |

---

A net deferred tax liability primarily related to the brand intangibles estimated at €78 million was also recognised.

As part of the acquisition, goodwill of €299 million has been recognised and is not deductible for tax purposes. Since the acquisition date and as of the end of 2023, the goodwill balance has decreased by €2 million as a result of foreign exchange. More information related to the 2023 acquisitions is provided below.

---

| | |
|:---|:---|
| **Deal completion date**  | **Acquired/disposed business**  |
| 1 August 2023 | Acquired 100% of Yasso Holdings, Inc. ('Yasso'), a premium frozen Greek yogurt brand in the United States offering a high-quality range of low-calorie yet indulgent products. The acquisition is aligned to the premiumisation strategy of the Ice Cream Business. |

---

There were no acquisitions for the years ended 2024 and 2022.

#### Effect on combined carve-out income statement
The acquisition deal completed in 2023 has contributed €72 million to the Ice Cream Business revenue and €23 million to the Ice Cream Business operating profit since the date of acquisition until 31 December 2023. If the acquisition deal completed in 2023 had all taken place at the beginning of the year, the Ice Cream Business revenue would have been €7,723 million, and the Ice Cream Business operating profit would have been €764 million.

#### Effect on combined carve-out balance sheet

#### Acquisitions
The following table sets out the overall impact of the Yasso acquisition in 2023 on the combined balance sheet.

---

| | |
|:---|:---|
| | **31 December <br> 2023**  |
|  | *€ million*  |
| Net assets acquired  | 346 |
| Goodwill  | 299 |
| **Total consideration**  | 645 |

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#### In 2023, the fair value of net assets acquired and total payment for acquisitions consists of:

---

| | |
|:---|:---|
| | **2023**  |
|  | *€ million*  |
| Intangible assets  | 389 |
| Other non-current assets  | 2 |
| Trade and other receivables  | 22 |
| Other current assets<sup>(a)</sup>  | 33 |
| Non-current liabilities<sup>(b)</sup>  | (81) |
| Current liabilities  | (19) |
| Net assets acquired  | 346 |
| Goodwill  | 299 |
| Total consideration  | 645 |
| Of which: |  |
| &nbsp;&nbsp;&nbsp; Cash consideration paid  | 622 |
| &nbsp;&nbsp;&nbsp; Deferred consideration  | 23 |
| Total consideration  | 645 |

---

(a) Other current assets include inventories of €16 million and cash and cash equivalents of €18 million.

(b) Non-current liabilities include net of deferred tax of €78 million.

Goodwill represents the future value that the Ice Cream Business believes it will obtain through operational synergies and the application of acquired company ideas to existing Unilever channels and businesses. Detailed information relating to goodwill is provided in note 7.

#### Disposals
There were no disposals during the years ended 2024, 2023 and 2022.

#### 20

#### Related party transactions
Transactions and balances between the Ice Cream Business and the rest of the Unilever Group represent third-party transactions and are considered to be related parties from the perspective of the Ice Cream Business. Related party transactions are made on terms equivalent to those that prevail in arm's length transactions.

The ultimate controlling party of the Ice Cream Business is Unilever PLC. Related party transactions are defined as transactions with Unilever Group, which includes Unilever's Ice Cream business in Russia, India and Unilever's investments in associates and joint ventures of Unilever Group that include Ice Cream activity (Unilever FIMA LDA, Al Gurg Unilever (LLC), Thani Murshid Unilever LLC and Unilever Bahrain W.L.L.).

There are a number of indirect central costs that have been allocated to these combined carve-out financial statements to reflect the fact that the Ice Cream Business operated as part of the wider Unilever Group. These costs primarily relate to general marketing and corporate expenses including finance, legal, information technology, human resources, communications, and audit. These expenses have been allocated to the Ice Cream Business on the basis of direct usage where identifiable, or by using allocation drivers based on the nature of the expense and are recorded in Cost of Sales and Selling & administrative expenses. On a go forward basis, this will be replaced by a combination of TSA charges or recruitment of new staff, with certain TSA costs being subject to a 5% margin.

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Transactions with Unilever can be summarised as follows:

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| | | | |
|:---|:---|:---|:---|
| **Transactions with related parties**  | **2024**  | **2023**  | **2022**  |
|  | *€ million*  | *€ million*  | *€ million*  |
| Ice Cream sales to Unilever  | 42 | 56 | 58 |
| Ice Cream purchases from Unilever  | 27 | 24 | 21 |
| Indirect and general corporate expenses – allocations from Unilever  | 191 | 177 | 192 |
| Allocated depreciation and amortisation  | 63 | 59 | 67 |
| Royalty and service fees from Unilever  | 27 | 27 | 18 |

---

Interest expense on related party loans is considered to be immaterial and therefore not presented in the related party transactions above.

The following related party balances existed between the Ice Cream Business and Unilever Group:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **31 December**  | **31 December**  | **31 December**  | **1 January**  |
| **Period end balances with Unilever**  | **2024**  | **2023**  | **2022**  | **2022**  |
|  | *€ million*  | *€ million*  | *€ million*  | *€ million*  |
| Loan balances payable to Unilever  | 9 | 9 | 9 |  |
| Trading and other receivables balances due from Unilever  | 12 | 9 | 17 | 20 |
| Trading and other payables balances due to Unilever  | 7 | 6 | 11 | 15 |

---

Certain transactions with the Ice Cream Business are deemed to be settled directly through the Net parent investment line — please see the disclosure underneath the combined carve-out statement of changes in Net parent investment on page F-58.

#### Loan balances payable to Unilever
Loan balances payable to Unilever consist of loans between Ice Cream legal entities and Unilever. These loans are unsecured, repayable within 2 years and are interest bearing with rates as set out below.

Loan balances as at 31 December 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Borrowing entity**  | **Currency**  | **Maturity date**  | **Interest <br> rate %**  | **31 December <br> 2024**  |
|  |  |  |  | *€ million*  |
| Unilever Ice Cream Bulgaria EOOD  | BGN | 09/05/25 | EURIBOR 6M <br> + 4.188%, <br> floored at 0%  | 9 |
| Total  |  |  |  | 9 |

---

Loan balances as at 31 December 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrowing entity**  | **Currency**  | **Maturity date**  | **Interest <br> rate %**  | **31 December <br> 2024**  |
|  |  |  |  | *€ million*  |
| Unilever Ice Cream Bulgaria EOOD  | BGN | 09/05/25 | EURIBOR 6M <br> + 4.188%, <br> floored at 0%  | 9 |
| Total  |  |  |  | 9 |

---

------

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

Loan balances as at 31 December 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrowing entity**  | **Currency**  | **Maturity date**  | **Interest rate <br> %**  | **31 December <br> 2024**  |
|  |  |  |  | *€ million*  |
| Unilever Ice Cream Bulgaria EOOD  | BGN | 09/05/25 | EURIBOR 6M <br> + 4.188%, <br> floored at 0%  | 9 |
| Total  |  |  |  | 9 |

---

No loan balances were outstanding as at 1 January 2022.

#### 21

#### Legal entities
The Ice Cream Business is not operated on a worldwide basis from within separate legal entity structures. As such these combined carve-out financial statements include balances from Unilever legal entities to the extent that they are attributable to the Ice Cream Business, as set out in the Basis of Preparation. The percentage of share capital shown below represents the aggregate percentage of equity capital directly or indirectly held by Unilever PLC in the Ice Cream Business. The companies are incorporated and principally operated in the countries under which they are shown except where stated otherwise.

The following legal entities are transferring to the Ice Cream Business:

---

| | | |
|:---|:---|:---|
| **Country of Incorporation**  | **Name of Undertaking**  | **Shareholding %**  |
| Australia  | Ben & Jerry's Franchising Australia Limited | 100% |
| Austria  | Delico Handels GmbH | 100% |
| Brazil  | Unilever Brasil Gelados Ltda | 100% |
| Bulgaria  | Unilever Ice Cream Bulgaria EOOD | 100% |
| China  | Wall`s (China) Co. Limited | 100% |
| France  | Cogesal-Miko S.A.S. | 100% |
| France  | Unilever Retail Operations France SAS (UROF)  | 100% |
| Israel  | Glidat Strauss Ltd. | 100% |
| Italy  | GROMART S.r.l. | 100% |
| Lithuania  | UAB Unilever Lietuva ledu gamyba | 100% |
| Netherlands  | Ben en Jerry's Hellendoorn B.V. | 100% |
| New Zealand  | Ben & Jerry's Franchising New Zealand Ltd | 100% |
| Philippines  | Magnum RFM Ice Cream, Inc. | 50% + 1 share  |
| Philippines  | Selecta Walls Land Corp Inc. | 50% |
| Philippines  | WS Holdings Inc. | 40% |
| Romania  | Betty Ice SRL | 100% |
| Romania  | Betty Ice Distributie SRL\* | 100% |
| Sweden  | Unilever Produktion AB | 100% |
| United States of America  | Ben & Jerry's Franchising, Inc\* | 100% |
| United States of America  | Yasso, Inc | 100% |
| United States of America  | Ben and Jerry's Gift Card LLC\* | 100% |
| United States of America  | Yasso Holdings, Inc., a Delaware corporation\* | 100% |
| United States of America  | Ben & Jerry's Homemade, Inc.\* | 100% |
| Venezuela  | Unilever Andina Venezuela, S.A. | 100% |

---

\*

Legal entities that are owned by Ice Cream dedicated entities.

------

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

#### 22

#### Events after the balance sheet date
Where events occurring after the balance sheet date provide evidence of conditions that existed at the end of the reporting period, the impact of these events is adjusted within the financial statements. Otherwise, events after the balance sheet date of a material size or nature are disclosed below.

#### Incorporation of The Magnum Ice Cream Company
Subsequent to the balance sheet date, on 15 April 2025, The Magnum Ice Cream Company B.V. was incorporated as a private limited company (*Besloten Vennootschap met beperkte aansprakelijkheid*) under the laws of the Netherlands with its corporate seat in Amsterdam. The entity is intended to act as the future holding company of the Ice Cream Business in connection with the proposed Transaction. Shortly prior to the Transaction the entity will become The Magnum Ice Cream Company N.V., a public company with limited liability (Naamloze Vennootschap).

#### Signing of SPA for the acquisition of the HUL Ice Cream business
Subsequent to the balance sheet date, on 25 June 2025, Unilever PLC and various other Unilever Group subsidiaries signed an agreement to sell their future shareholding (expected to be 61.9%) in the entity which will own Unilever's Ice Cream business in India to The Magnum Ice Cream Company on or after 1 April 2026. This sale will be for a price equal to Unilever's shareholding in that entity at the time of the sale multiplied by the agreed fair market value of that entity of €450 million. The sale will be funded by a term loan facility and is subject to Hindustan Unilever completing a demerger and listing of its Ice Cream business and The Magnum Ice Cream Company completing a mandatory tender offer to the minority shareholders of the new listed India Ice Cream Company for at least an additional 26% of that entity.

#### Day 0 separation
Subsequent to the balance sheet date, on 1 July 2025, Unilever completed the internal reorganisation necessary to separate its Ice Cream Business into a distinct legal structure in preparation for the planned demerger. Except for the US Ice Cream business, (which remains under the existing US Unilever group structure) and certain other territories, most notably Indonesia, the Ice Cream Business is now held by a newly established holding structure within the Unilever Group. The parent company of the Ice Cream Business is currently Magnum HoldCo, incorporated in the Netherlands, which will remain wholly owned by the Unilever Group until the demerger is completed. Upon completion of the demerger steps, the parent company of the Ice Cream Business will be The Magnum Ice Cream Company N.V., also incorporated in the Netherlands.

Total consideration transferred on 1 July 2025 was €8.7 billion. For most transfers, the consideration for the transfer was determined based on an independent fair market valuation. The transfers were funded by an intercompany loan which was provided by Unilever. The outstanding intercompany balance at the time just prior to the demerger, following any repayment, will be capitalised by Magnum HoldCo by issuing shares to Unilever PLC.

A Global Transitional Service Agreement will be in place, effective from 1 July 2025, in order to preserve continuity of both businesses.

#### Venezuela sale
Subsequent to the balance sheet date, on 3 July 2025, the Magnum Ice Cream Company sold its Venezuela local ice cream business (2024 Revenue: €12 million) to a third party.

For the year ended 31 December 2023 and 2022, the Ice Cream Business has evaluated the subsequent events up to the date of signing Unilever PLC's accounts on 7 March 2024 and 1 March 2023 respectively. For the year ended 31 December 2024, the Ice Cream Business has evaluated the subsequent events through 6 August 2025, the date these financial statements were available for issuance. The Ice Cream Business has concluded that there are no other material events other than those noted above after the balance sheet dates which require disclosure as part of these financial statements. The Transaction is expected to conclude by the end of 2025.

------

## Exhibit 1.1

**Exhibit 1.1**

![](tm2515841d9_ex1-1img01.jpg)

ARTICLES OF ASSOCIATION <br>The Magnum Ice Cream Company N.V.

**NOTE ABOUT TRANSLATION:**

**This document is an English translation of a document prepared in Dutch. In preparing this document, an attempt has been made to translate as literally as possible without jeopardising the overall continuity of the text. Inevitably, however, differences may occur in translation and if they do, the Dutch text will govern by law. The definitions in article 1.1 of this document are listed in the English alphabetical order which may differ from the Dutch alphabetical order.**

**In this translation, Dutch legal concepts are expressed in English terms and not in their original Dutch terms. The concepts concerned may not be identical to concepts described by the English terms as such terms may be understood under the laws of other jurisdictions.**

**Articles of association:**

---

| | |
|:---|:---|
| **1** | **Definitions and interpretation** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** In these articles of association, the following terms shall have the following meanings:

"**Board**" means the board of directors of the Company.

"**CEO**" means the Executive Director who has been designated the title of chief executive officer.

"**Chair**" means the chair of the Board.

"**Company**" means the company the internal organisation of which is governed by these articles of association.

"**Company Secretary**" means the company secretary of the Company.

"**Director**" means a member of the Board. Unless the contrary is apparent, this shall include each Executive Director and each Non-Executive Director.

"**Distributable Equity**" means the part of the Company's equity which exceeds the aggregate of the paid-up and called-up part of the capital and the reserves which must be maintained pursuant to the laws of the Netherlands.

"**Executive Director**" means an executive director of the Company.

"**General Meeting**" means the body of the Company consisting of the persons to whom, as a Shareholder or otherwise, voting rights attached to Shares accrue, or (as the case may be) a meeting of such persons (or their proxies) and other Persons with Meeting Rights.

"**Group Company**" means a group company of the Company within the meaning of Section 2:24b of the Dutch Civil Code.

"**Inability**" means the inability of a Director to perform the duties within the meaning of Section 2:134, subsection 4, of the Dutch Civil Code, including the event that the relevant Director claims inability to perform such Director's duties for a certain period of time in writing.

"**in writing**" means transmitted by letter or e-mail, or any other electronic means of communication, provided the relevant message is legible and reproducible.

"**Meeting Rights**" means the rights conferred by the laws of the Netherlands upon holders of depositary receipts issued with a company's cooperation for shares in its capital.

"**Non-Executive Director**" means a non-executive director of the Company.

"**Person with Meeting Rights**" means a person to whom the Meeting Rights accrue.

"**Share**" means a share in the capital of the Company.

"**Shareholder**" means a holder of one or more Shares.

"**Subsidiary**" means a subsidiary of the Company within the meaning of Section 2:24a of the Dutch Civil Code.

"**Vice-Chair**" means the vice-chair of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** References to "articles" refer to articles that are part of these articles of association,
except where expressly indicated otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** References to the singular include the plural and vice versa.

---

| | |
|:---|:---|
| **2** | **Name and** **official seat** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** The Company's name is:

**The Magnum Ice Cream Company** **N.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** The Company has its official seat in Amsterdam, the Netherlands.

---

| | |
|:---|:---|
| **3** | **Objects** |

---

The objects of the Company are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to research and develop, to produce, to manufacture, to package, to pack, to store, to market, to trade
in, to distribute and to sell consumer products, such as ice cream products and products related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to franchise operations related to the marketing, distribution and sale of consumer products, such as
ice cream products and products related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to own, to maintain, to sell, to distribute, to lend and to lease any devices or machines, such as ice
cream cabinets, or any other products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to incorporate, to participate in any way whatsoever in, to manage and supervise and to finance Subsidiaries,
Group Companies and third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to borrow, to lend, to finance and to raise funds, including the issue of bonds, debt instruments or other
securities or evidence of indebtedness and to enter into agreements in connection with the aforementioned activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to render advice and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to grant guarantees, to bind the Company and to pledge or otherwise encumber assets of the Company for
its own obligations and for obligations of Subsidiaries, Group Companies and third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to acquire, alienate, encumber, manage and exploit registered property and items of property in general;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to trade in currencies, securities and items of property in general;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to exploit and trade in patents, trademarks, licenses, knowhow, copyrights, data base rights and other
intellectual property rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to perform any and all activities of an industrial, financial or commercial nature,

and to do all that is connected therewith or may be conducive thereto, all to be interpreted in the broadest sense.

---

| | |
|:---|:---|
| **4** | **Authorised capital** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** The authorised capital of the Company is seven billion eight hundred
and seventy-five million euro (EUR 7,875,000,000.00). The authorised capital of the Company is divided into two billion two hundred and
fifty million (2,250,000,000) Shares, with a nominal value of three euro and fifty eurocent (EUR 3.50) each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** All Shares shall be registered. No share certificates shall be issued.

---

| | |
|:---|:---|
| **5** | **Register** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** The Board shall keep a register in which the names and addresses of all Shareholders are recorded. The
names and addresses of pledgees and usufructuaries of Shares shall also be entered in the register. The register will contain such information
as prescribed by the laws of the Netherlands and as the Board considers necessary. The register will regularly be updated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** Shareholders and pledgees and usufructuaries of Shares are obliged to provide their details as referred
to in article 5.1 to the Company in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** The register may consist of various parts, and each part may be kept in different places, including outside
of the Netherlands, and in more than one copy, in order to comply with foreign requirements or regulations or the applicable provisions
set by a foreign stock exchange, as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** The Company may allow inspection of the register by, or provide information included in the register to,
any competent supervisory or other authority in order to comply with requirements or regulations or the applicable provisions set by a
stock exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5** Section 2:85 of the Dutch Civil Code applies to the register.

---

| | |
|:---|:---|
| **6** | **Issuance of Shares** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** Shares may be issued pursuant to a resolution of (i) the General Meeting at the proposal of the Board,
or (ii) the Board (if and during the fixed period the Board has been designated for that purpose by the General Meeting at the proposal
of the Board). The General Meeting shall, for as long as such designation of the Board is in force, no longer have authority to resolve
upon the issuance of Shares. Any designation must state the number of Shares which may be issued. Unless the designation provides otherwise,
it may not be withdrawn, other than upon a proposal thereto of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** A resolution to issue Shares shall stipulate the price and the other conditions of the issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** Articles 6.1 and 6.2 shall apply by analogy to the granting of rights to subscribe for Shares, but do
not apply to the issuance of Shares to a person exercising a right to subscribe for Shares previously granted.

---

| | |
|:---|:---|
| **7** | **Rights of pre-emption** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** Upon issuance of Shares, each Shareholder shall have a right of pre-emption in proportion to the aggregate
nominal value of such Shareholder's Shares, subject to the limitations prescribed by the laws of the Netherlands and article 7.2.
The right of pre-emption does not apply to Shares issued to employees of the Company or of a Group Company and Shares issued against contribution
other than in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** Prior to each single issuance of Shares, the right of pre-emption may be limited or excluded pursuant
to a resolution of (i) the General Meeting or (ii) the Board (if and during the fixed period the
Board has been designated for that purpose by the General Meeting at the proposal of the Board). The General Meeting shall, for as long
as such designation of the Board is in force, no longer have authority to resolve upon limiting or excluding the right of pre-emption.
Unless the designation provides otherwise, it may not be withdrawn, other than upon a proposal
thereto of the Board. A resolution of the General Meeting to limit or exclude the right of pre-emption or to designate the Board for that
purpose requires a majority of at least two-thirds of the votes cast, if less than one-half of the Company's issued capital is represented
at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** Articles 7.1 and 7.2 shall apply by analogy to the granting of rights to subscribe for Shares, but do
not apply to the issuance of Shares to a person exercising a right to subscribe for Shares previously granted.

---

| | |
|:---|:---|
| **8** | **Payment for Shares** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** The nominal value of each Share must be paid upon subscription and, in addition, if such Share is subscribed
for at a higher amount, the difference between such amounts must be paid, without prejudice to the provisions of Section 2:80, subsection
2, of the Dutch Civil Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** Payment for a Share must be made in cash insofar as no non-cash contribution has been agreed upon. Payment
in a currency other than euro may only be made with the consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3** The Board shall be authorised to perform legal acts relating to non-cash contributions on Shares and other
legal acts as referred to in Section 2:94 of the Dutch Civil Code, without the prior approval of the General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4** Upon resolving to issue Shares or to grant rights to subscribe for Shares, the corporate body adopting
such resolution may determine that the Shares are to be paid up in full out of the Company's distributable reserves or a reserve
as referred to in Sections 2:389 or 2:390 of the Dutch Civil Code.

---

| | |
|:---|:---|
| **9** | **Own Shares** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** The Company and its Subsidiaries may acquire fully paid-up Shares or depositary receipts thereof, with
due observance of the limitations prescribed by the laws of the Netherlands. An acquisition of Shares by the Company for a consideration
can only be effected if the General Meeting, upon a proposal thereto by the Board, has authorised the Board for such purpose for a fixed
period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** The Board shall be authorised to resolve upon the disposal of Shares acquired by the Company. For as long
as Shares or depositary receipts thereof are admitted to trading on the Equity Shares (Commercial Companies) Category of the FCA Official
List, article 7 applies equally to a disposal of Shares acquired by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3** The Company may, without authorisation by the General Meeting, acquire own Shares which are quoted on
the price list of a stock exchange for the purpose of transferring such Shares to employees of the Company or of a Group Company under
a scheme applicable to such employees.

---

| | |
|:---|:---|
| **10** | **Reduction of the issued capital** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** The General Meeting may resolve to reduce the Company's issued capital at the proposal of the Board.
A resolution of the General Meeting to reduce the Company's issued capital requires a majority of at least two-thirds of the votes
cast, if less than one-half of the Company's issued capital is represented at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** A reduction of the Company's issued capital may be effected:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by cancellation of Shares held by the Company or for which the Company holds the depositary receipts;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by reducing the nominal value of Shares, to be effected by an amendment of these articles of association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3** A resolution to reduce the Company's issued capital must designate the Shares involved and include
provisions for the implementation of such resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4** Without the consent of all Shareholders, a reduction of the nominal value of Shares with or without repayment
must be effected in proportion to all Shares.

---

| | |
|:---|:---|
| **11** | **Transfer of Shares** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1** The transferability of Shares is not restricted within the meaning of Section 2:87 of the Dutch Civil
Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2** For as long as Shares or depositary receipts thereof are admitted to listing and/or trading on a regulated
stock exchange or multilateral trading facility as referred to in Section 2:86c of the Dutch Civil Code, the transfer of a Share
shall require a private deed to that effect and, unless the Company itself is a party to such legal act, acknowledgement in writing by
the Company of the transfer. Service on the Company of the transfer deed or a certified notarial copy or extract thereof is considered
to be an acknowledgement. This article 11.2 shall also apply if at the time of the transfer of a Share it can be expected on valid grounds
that Shares or depositary receipts thereof will be admitted to such listing and/or trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3** For as long as Shares are listed on a regulated foreign stock exchange, the Board may resolve, with due
observance of the applicable statutory provisions, that article 11.2 does not apply to Shares that are registered in the part of the shareholders'
register which is kept outside the Netherlands by a registrar appointed by the Board for the purpose of the listing on such foreign stock
exchange, and that the property law aspects of such Shares shall be governed by the law of the state of establishment of such stock exchange
or by the law of the state in which with the consent of such stock exchange transfers and other legal acts under property law relating
to such Shares can or must be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4** The property law regime relating to book-entry transferable Shares referred to in Section 10:140
of the Dutch Civil Code is governed by the law of the state in whose territory the account in which the securities are administered is
held in accordance with Chapter 5 of Title 10 of Book 10 of the Dutch Civil Code.

---

| | |
|:---|:---|
| **12** | **Pledging of Shares and usufruct on Shares** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1** Article 11 shall apply by analogy to the pledging of Shares and to the creation or transfer of a
usufruct on Shares, provided that a right of pledge may also be created without acknowledgement by or service on the Company, with due
observance of Section 2:86c, subsection 4, of the Dutch Civil Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2** Upon the creation of a right of pledge on a Share, the voting rights attached to such Share may be assigned
to the pledgee, with due observance of Section 2:89 of the Dutch Civil Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3** Upon the creation or transfer of a usufruct on a Share, the voting rights attached to such Share may be
assigned to the usufructuary, with due observance of Section 2:88 of the Dutch Civil Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4** Each of (i) the Shareholder without voting rights, (ii) the pledgee with voting rights and (iii) the
usufructuary with voting rights shall have Meeting Rights. The pledgee or the usufructuary without voting rights shall not have Meeting
Rights.

---

| | |
|:---|:---|
| **13** | **Depositary receipts for Shares** |

---

The Company may cooperate with the issuance of depositary receipts for Shares, but only pursuant to a resolution to that effect of the Board. Each holder of depositary receipts for Shares issued with the Company's cooperation shall have Meeting Rights.

---

| | |
|:---|:---|
| **14** | **Composition of Board and appointment of Directors** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1** The Board shall consist of a maximum of two Executive Directors and a minimum of
 five and a maximum of ten Non-Executive Directors. The Board shall determine the number of Executive Directors and Non-Executive
 Directors, with due observance of this article 14.1. Only individuals can be Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2** Directors may only be appointed by the General Meeting on a binding nomination by the Board. The binding nomination of the Board shall
include whether a person is nominated for appointment as Executive Director or Non-Executive Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3** The General Meeting may at all times overrule a binding nomination
for the appointment of a Director by more than half of the votes cast, representing at least one third of the Company's issued capital.
If the nomination comprises one candidate for a vacancy, a resolution concerning the nomination shall result in the appointment of the
candidate, unless the nomination is overruled with the required majority. If a binding nomination for the appointment of a Director is
overruled by more than half of the votes cast, but this majority does not represent at least one third of the Company's issued capital,
a second General Meeting may be held at which the binding nomination can be overruled by more than half of the votes cast. If a binding
nomination is overruled by the General Meeting with the required majority, the Board may make a new binding nomination in accordance with
this article 14.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4** The notice of the General Meeting at which the appointment of the relevant Director shall be brought up
for discussion shall include the proposal referred to above in this article 14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.5** The Board may grant titles to Directors. A Director can have more than one title.

---

| | |
|:---|:---|
| **15** | **Annual retirement, suspension and dismissal of Directors** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1** Directors shall be appointed for a term that ultimately ends at the end of the
 annual General Meeting held in the financial year following the calendar year of such Director's appointment, unless the Board
 decides to make a binding nomination for a longer term. For as long as Shares or depositary receipts thereof are admitted to trading
 on the Equity Shares (Commercial Companies) Category of the FCA Official List, Directors shall only be appointed for a term that
 ultimately ends at the end of the annual General Meeting held in the financial year following the calendar year of such
 Director's appointment. Directors are eligible for immediate reappointment, subject to the previous sentence and the
 provisions of article 14 and provided that no Non-Executive Director can be reappointed for a term that would continue after the end
 of the first annual General Meeting held after nine (9) years from the date of their first appointment have lapsed. In no instance
 shall the term of appointment of a Director end for as long as that would result in no Directors being in office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2** The Board may propose to the General Meeting to suspend or dismiss a Director. An Executive Director may
also be suspended by the Board. A suspension by the Board may be discontinued at any time by the General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3** If a suspension or dismissal of a Director
is proposed to the General Meeting by the Board, the resolution of the General Meeting shall be adopted by more than half of the
votes cast, representing at least one third of the issued capital. In all other cases, the resolution of the General Meeting to suspend
or dismiss a Director shall be adopted by at least two-thirds of the votes cast, representing more than half of the Company's issued
capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4** A suspension may be extended one or more times, but the total duration of the suspension may not exceed
three months. If at the end of that period, no decision has been taken on termination of the suspension or on dismissal, the suspension
ends.

---

| | |
|:---|:---|
| **16** | **Duties and powers of the Board** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1** The Board shall be entrusted with the management of the Company, which includes in any event determining
the Company's policy and strategy. In performing their duties, the Directors shall act in accordance with the interests of the Company
and the business connected with it. Each Director is responsible for the general course of affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2** The Executive Directors are charged with the daily management of the business
 connected with the Company. The Non-Executive Directors are charged with the supervision of the performance of duties by the
 Executive Directors and the general course of affairs of the Company and the business connected with it. The Directors will also be
 charged with the duties assigned to them pursuant to these articles of association, the rules referred to in article 18.1, or a
 resolution of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.3** In addition to article 16.2, the Board may assign duties and powers to individual Directors. This may
also include a delegation of decision-making power, provided this is laid down in writing. A Director to whom powers of the Board are
delegated must comply with the rules set in relation thereto by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.4** The Board may establish such committees as it deems necessary. The Board (i) appoints the members
of each committee, (ii) determines the tasks of each committee and (iii) may establish rules regarding the working methods
and decision-making process of each committee. Such rules shall be put in writing. The Board may, at any time, change the composition
and tasks of each committee as well as the rules referred to in this article 16.4.

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| | |
|:---|:---|
| **17** | **Chair of the Board** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1** The Board may designate a Chair and a Vice-Chair from amongst the Non-Executive Directors for such period
as the Board may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2** If the Chair is absent, the Vice-Chair shall be entrusted with the duties entrusted to the Chair by these
articles of association or otherwise.

---

| | |
|:---|:---|
| **18** | **Meetings and decision-making process of the Board** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.1** The Board may establish rules regarding the working methods and decision-making process of the Board,
with due observance of these articles of association. Such rules shall be put in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.2** A Director shall not take part in the discussions and decision-making of the Board if such Director has
a direct or indirect personal interest therein that conflicts with the interests of the Company or the business connected with it. If
all Directors have such conflict of interest, the resolution shall nevertheless be adopted by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.3** The Board shall adopt resolutions by more than half of the votes cast, unless applicable law, these articles
of association or the rules referred to in article 18.1 provide otherwise. If there is a tie in voting, the proposal is rejected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.4** Third parties may rely on a written statement by the Chair or the Company Secretary regarding resolutions
adopted by the Board or a committee of the Board. In the latter case, third parties may further rely on a written statement by the chair
of such committee.

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| | |
|:---|:---|
| **19** | **Representation** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1** The Company shall be represented by the Board or by two Executive Directors acting jointly. The CEO, acting
individually, shall also be authorised to represent the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2** The Board may appoint officers with general or limited power to represent the Company. Each officer shall
be competent to represent the Company, subject to the restrictions imposed upon or after appointment by the Board. The Board shall determine
each officer's title.

---

| | |
|:---|:---|
| **20** | **Remuneration** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.1** The Company has a policy on the remuneration of the Board. The policy shall be adopted by the General
Meeting at the proposal of the Board. The Executive Directors shall not take part in the discussions and decision-making of the Board
on this. A resolution to adopt the policy shall be adopted by the General Meeting by more than half of the votes cast.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.2** With due observance of the policy referred to in article 20.1, the authority to establish the remuneration
and other terms of service for Executive Directors is vested in the Board. The Executive Directors shall not take part in the discussions
and decision-making of the Board on this.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.3** With due observance of the policy referred to in article 20.1, the authority to establish the remuneration
for Non-Executive Directors is vested in the General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.4** Proposals concerning remuneration of Directors in the form of Shares or rights to subscribe for Shares
shall be submitted by the Board to the General Meeting for approval. Such proposals must, at a minimum, state the number of Shares or
rights to subscribe for Shares that may be granted and the criteria that apply to the granting of such Shares or rights to subscribe for
Shares and the amendment of such arrangements.

---

| | |
|:---|:---|
| **21** | **Indemnification** |

---

Unless Dutch law provides otherwise, the following shall be reimbursed to current and former Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the reasonable costs
of conducting a defence against claims (also including claims by the Company) based on acts or failures to act in the exercise of their
duties or any other duties currently or previously performed by them at the Company's request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any financial losses or damages
payable by them as a result of an act or failure to act as referred to under (a); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the reasonable costs of appearing
in other legal proceedings in which they are involved as current or former Directors, with the exception of proceedings primarily
aimed at pursuing a claim on their own behalf.

There shall be no entitlement to reimbursement, as referred to above, if and to the extent that (i) a Dutch court has established, in a final and conclusive decision, that the act or failure to act of the person concerned may be characterised as wilful, intentionally reckless or seriously culpable conduct, unless Dutch law provides otherwise or this would, in view of the circumstances of the case, be unacceptable according to standards of reasonableness and fairness, or (ii) the costs or financial loss of the person concerned are covered by an insurance and the insurer has paid out the costs or financial loss. If and to the extent that it has been established by a Dutch court, in a final and conclusive decision, that the person concerned is not entitled to reimbursement as referred to above, the person concerned shall immediately repay the amount reimbursed by the Company. The Company may request that the person concerned provides security for such person's repayment obligation. The Company may take out liability insurance for the benefit of the persons concerned. The Board may by agreement or otherwise further implement the above.

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| | |
|:---|:---|
| **22** | **Approval of resolutions** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.1** Resolutions of the Board entailing a significant change in the identity or character of the Company or
its business are subject to the approval of the General Meeting, including in any case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the transfer of (almost) the entire business of the Company to a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the entry into or termination of long-term co-operations of the Company or a Subsidiary with another legal
entity or company or as a fully liable partner in a limited partnership or general partnership, if this co-operation or termination is
of major significance for the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the acquisition or disposal by the Company or a Subsidiary of participating interests in the capital of
a company, with a value equal to at least one-third of the sum of the assets of the Company as shown on its balance sheet with explanatory
notes or, if the Company prepares a consolidated balance sheet, its consolidated balance sheet with explanatory notes according to the
last adopted annual accounts of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.2** The absence of approval by the General Meeting of a resolution as referred to in this article 22 shall
not affect the authority of the Board or the Directors to represent the Company.

---

| | |
|:---|:---|
| **23** | **Vacancy or Inability** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.1** If a seat of an Executive Director is vacant or upon the Inability of an Executive
 Director, the remaining Executive Directors or Executive Director shall be temporarily entrusted with the management of the Company,
 provided that the Board may designate a temporary replacement. If, due to vacant seats or Inability no Executive Directors are in
 office and able to perform their duties, one or more persons to be designated for that purpose by the Non-Executive Directors shall
 be temporarily entrusted with the management of the Company. A temporary replacement shall serve until the earlier of (a) the moment
 on which the seat in the Board for which that person serves as temporary replacement is again occupied by an Executive Director able
 to act and (b) the end of the first annual General Meeting following their designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.2** If a seat of a Non-Executive Director is vacant or upon the Inability of a
 Non-Executive Director, the remaining Non-Executive Directors or Non-Executive Director shall be temporarily entrusted with the
 performance of the duties and the exercise of the authorities of that Non-Executive Director, provided that the Board may designate
 a temporary replacement. If, due to vacant seats or Inability no Non-Executive Directors are in office and able to perform their
 duties, one or more persons to be designated for that purpose by the General Meeting shall be temporarily entrusted with the
 performance of the duties and the exercise of the authorities of the Non-Executive Directors. A temporary replacement shall serve
 until the earlier of (a) the moment on which the seat in the Board for which that person serves as temporary replacement is again
 occupied by a Non-Executive Director able to act and (b) the end of the first annual General Meeting following their
 designation.

---

| | |
|:---|:---|
| **24** | **Financial year and annual accounts** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1** The Company's financial year shall be the calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2** Annually, within the period as prescribed by the laws of the Netherlands, the Board shall prepare annual
accounts and the management report and shall deposit the same at the Company's office, for inspection by the Shareholders and the
other Persons with Meeting Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3** The annual accounts shall consist of a balance sheet, a profit and loss account and explanatory notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.4** The annual accounts shall be signed by the Directors. If the signature of one or more of them is missing,
this shall be stated and the reasons for this omission shall be given.

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| | |
|:---|:---|
| **25** | **Auditor** |

---

The General Meeting or, if it fails to do so, the Board, shall instruct an auditor to audit the annual accounts prepared by the Board in accordance with Section 2:393, subsection 3, of the Dutch Civil Code. The Executive Directors shall not take part in the discussions and decision-making of the Board on this. The auditor shall report on the audit to the Board and present the result of such audit in an opinion.

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| | |
|:---|:---|
| **26** | **Adoption of the annual accounts and release from liability** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.1** The General Meeting shall adopt the annual accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.2** At the General Meeting at which it is resolved to adopt the annual accounts, the proposal to release the
Executive Directors from liability for the management pursued and the Non-Executive Directors for the performance of their duties, insofar
as the exercise of such management and duties is reflected in the annual accounts or otherwise disclosed to the General Meeting prior
to the adoption of the annual accounts, may be put on the agenda as a separate item.

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| | |
|:---|:---|
| **27** | **Profits and distributions** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.1** Distribution of profits shall be made after adoption of the annual accounts from which such distribution
appears to be permitted under the laws of the Netherlands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.2** The Board may resolve that profits accrued in a financial year shall be fully or partially added to the
reserves and may also resolve how losses are allocated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.3** The allocation of any profits remaining after application of article 27.2 shall be determined by the General
Meeting. A proposal to make a distribution of profits shall be dealt with as a separate agenda item at the
General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.4** Any distribution shall be made to the Shareholders in proportion to the number of Shares held by each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.5** Distributions on Shares may be made only up to an amount which does not exceed the amount of the Distributable
Equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.6** The Board may resolve that a distribution on Shares shall be made in kind. The Board may further resolve
that a distribution on Shares shall take place as a payment in Shares, or resolve that Shareholders shall have the option to receive a
distribution as a cash payment and/or as a payment in Shares, out of the profit and/or at the expense of any reserve of the Company and
subject to such conditions as determined by the Board, provided that, if the distribution or part thereof consists of newly issued Shares,
the Board is designated by the General Meeting pursuant to article 6.1 as the body of the Company authorised to issue Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.7** No distributions shall be made on Shares held by the Company in its own capital, unless these Shares have
been pledged or a usufruct has been created in these Shares and the authority to collect distributions or the right to receive distributions,
respectively, accrues to the pledgee or the usufructuary, respectively. For the computation of distributions, the Shares on which no distributions
shall be made pursuant to this article 27.7, shall not be taken into account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.8** The Board shall determine how a shortfall that is determined by the adoption of the annual accounts shall
be accounted for. A loss may be set off against the reserves to be maintained by law only to the extent permitted by applicable law.

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| | |
|:---|:---|
| **28** | **Interim distributions** |

---

The Board may resolve to make interim distributions of profits or distributions from reserves, provided that the requirement of article 27.5 has been met, which must be evidenced by an interim statement of assets and liabilities as referred to in Section 2:105, subsection 4, of the Dutch Civil Code.

---

| | |
|:---|:---|
| **29** | **Notices and payment of distributions** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.1** Distributions on Shares shall be made payable in the manner and at such date, and notice thereof shall
be given as the Board, or the General Meeting at the proposal of the Board, shall determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2** The Board may determine that distributions on Shares will be made payable either in euro, British pound
sterling, United States Dollar or in another currency. The Board shall determine the method in which a currency conversion in respect
of distributions, if any, is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3** If a distribution is made in a form other than in cash, the Board shall determine which value the Company
will allocate to such distribution for accounting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.4** A claim by a Shareholder for payment of a distribution on Shares shall be barred after five years have
elapsed. Any such distributions will be forfeited to the Company and will be added to the reserves.

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| | |
|:---|:---|
| **30** | **General Meetings** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.1** The annual General Meeting shall be held within six months after the end of the financial year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.2** Other General Meetings will be held as often as the Board deems necessary, without prejudice to the provisions
of Sections 2:108a, 2:110, 2:111 and 2:112 of the Dutch Civil Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.3** One or more Persons with Meeting Rights, alone or jointly representing at least the percentage of the
Company's issued capital as required by law, may request the Board in writing to convene a General Meeting. The request must clearly
state the items to be discussed. If the Board fails to take the measures necessary to allow the General Meeting to be held within the
statutory term after the request, the requesting Persons with Meeting Rights may, subject to applicable law, seek authorisation by a court
in preliminary relief proceedings to convene a General Meeting.

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| | |
|:---|:---|
| **31** | **Notice of General Meetings** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.1** Notice of General Meetings shall be given by or on behalf of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.2** Notice of the meeting shall be given with due regard to the notice period prescribed by the laws of the
Netherlands. The notice convening the meeting will be given by way of an announcement on the website of the Company and/or through other
means of electronic public announcement and shall be in accordance with the requirements of the laws of the Netherlands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.3** The notice convening the meeting shall include the agenda.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.4** Items, for which a written request has been filed to discuss them, by one or more Shareholders and/or
other Persons with Meeting Rights, alone or jointly representing at least the percentage of the Company's issued capital as required
by law, shall be included in the notice or announced in the same manner, provided that the Company received the substantiated request
or a proposal for a resolution no later than on the day prescribed by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.5** With due observance of article 31.2, Shareholders and other Persons with Meeting Rights may also be given
notice in writing. The providing of an electronic mail address by a Shareholder or other Person with Meeting Rights to the Company will
constitute evidence of that person's consent to receiving notices electronically, unless the contrary is proven.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.6** This article 31 shall apply by analogy to other announcements, notices and notifications to Shareholders
and other Persons with Meeting Rights.

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| | |
|:---|:---|
| **32** | **Venue of General Meetings** |

---

General Meetings are held in the municipality in which, according to these articles of association, the Company has its official seat, in Amstelveen, The Hague, Hoofddorp, Haarlem, Lelystad, Rotterdam, Utrecht or at Schiphol airport (municipality of Haarlemmermeer), notwithstanding article 33.5.

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| | |
|:---|:---|
| **33** | **Admittance to General Meetings, Meeting Rights and voting rights** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.1** The Meeting Rights accrue to each Shareholder and each other Person with Meeting Rights. Each Shareholder,
and each pledgee and usufructuary to whom the voting rights accrue shall be entitled to exercise voting rights in the General Meeting.
Shareholders and other Persons with Meeting Rights may be represented in a meeting by a proxy authorised in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.2** For each General Meeting a statutory record date will be applied to determine which persons shall have
Meeting Rights and/or voting rights. The record date and the manner in which Shareholders and other Persons with Meeting Rights can register
and exercise their rights will be set out in the notice convening the General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.3** Each Shareholder and other Person with Meeting Rights, or any such person's proxy authorised in
writing, will only be admitted to the meeting after having notified the Company of their intention to attend the meeting in writing at
the address and by the date specified in the notice convening the General Meeting. Each proxy shall be required to produce evidence in
writing of its mandate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.4** The Board may determine that the Meeting Rights and the voting rights may be exercised by electronic means
of communication, either in person or by a proxy authorised in writing. In order to do so, a Person with Meeting Rights, or any such person's
proxy authorised in writing, must, through the electronic means of communication, be identifiable, be able to directly observe the proceedings
at the meeting and, if the voting rights accrue to such person, be able to exercise the voting rights. The Board may also resolve that
Persons with Meeting Rights can participate in the discussion via electronic means of communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.5** In deviation from article 32 and to the extent permitted by applicable law, the Board may determine that
a General Meeting is only accessible via electronic means of communication. Article 33.4 shall apply to the use of electronic means
of communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.6** The Board may attach further conditions to the use of electronic means of communication as referred to
in articles 33.4 and 33.5, subject to applicable law. Such further conditions will be set out in the notice convening the General Meeting.
Any non- or malfunctioning of the means of electronic communication used is at the risk of the Shareholder, other Person with Meeting
Rights or any such person's proxy authorised in writing using the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.7** The Board may determine that votes cast by electronic means of communication or by mail prior to the General
Meeting shall be treated equally to votes cast during the meeting. Such votes may not be cast before the statutory record date referred
to in article 33.2. Without prejudice to this article 33, the notice convening the General Meeting must state how persons entitled to
vote may exercise their rights prior to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.8** The Company Secretary will arrange for the keeping of an attendance list in respect of each General Meeting.
The attendance list will contain in respect of each person with voting rights present or represented: such person's name, the number
of votes that can be exercised by such person and, if applicable, the name of any such person's representative. The attendance list
will furthermore contain the aforementioned information in respect of persons with voting rights who participate in the meeting in accordance
with article 33.4 or who have cast their votes in the manner referred to in article 33.7. The chair of the meeting may decide that the
name and other information about other persons present will be recorded in the attendance list. The Board is authorised to apply such
verification procedures as it reasonably deems necessary to establish the identity of the Persons with Meeting Rights and, where applicable,
the identity and authority of proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.9** The Directors shall have the right to attend the General Meeting in person and to address the meeting.
The Directors will further have the right to cast an advisory vote in the General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.10** The chair of the meeting shall decide on the admittance to the meeting of persons other than those aforementioned
in this article 33.

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| | |
|:---|:---|
| **34** | **Chair and secretary of General Meetings; order of the meeting** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.1** The General Meetings shall be presided over by the Chair or, in the Chair's absence, the Vice-Chair.
In the Vice-Chair's absence, the Non-Executive Directors present at the meeting shall appoint a chair from amongst themselves. If
no Non-Executive Directors are present or no such appointment is made, the chair of the meeting shall be appointed by the General Meeting,
on the understanding that as long as such appointment has not been made, an Executive Director shall be chair, designated for this purpose
by the other Executive Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.2** The chair of the meeting shall appoint a secretary for the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.3** With due observance of the agenda of the meeting, the chair of the meeting may determine the order of
proceedings at a meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.4** The chair of the meeting may further, in the interest of the meeting being conducted in an orderly fashion,
restrict the time for which Shareholders and other Persons with Meeting Rights may speak, and/or take other measures that the chair considers
desirable for the efficient and orderly conduct of the business of the meeting.

---

| | |
|:---|:---|
| **35** | **Resolutions in General Meetings** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.1** Each Share confers the right to cast one vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.2** In the General Meeting, no voting rights may be exercised for Shares held by the Company or a Subsidiary,
nor for Shares for which the Company or a Subsidiary holds the depositary receipts. However, pledgees and usufructuaries of Shares owned
by the Company or a Subsidiary are not excluded from exercising voting rights if the right of pledge or usufruct, respectively, was created
before the Share was owned by the Company or such Subsidiary. The Company or a Subsidiary may not exercise voting rights for a Share in
which it holds a right of pledge or a usufruct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.3** To the extent that the laws of the Netherlands or these articles of association do not provide otherwise,
all resolutions of the General Meeting shall be adopted by more than half of the votes cast, without a quorum being required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.4** If there is a tie in voting, the proposal is rejected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.5** The chair of the meeting will decide whether and to what extent votes are taken orally, in writing, electronically
or by acclamation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.6** Blank votes, invalid votes and abstentions shall not be counted as votes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.7** The secretary of a General Meeting shall keep minutes of the proceedings at the meeting. The minutes shall
be adopted by the chair and the secretary of the meeting and as evidence thereof shall be signed by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.8** The Board shall keep a record of all resolutions adopted by the General Meeting. If the Board is not represented
at a meeting, the chair of the meeting shall ensure that the Board is provided with a transcript of the resolutions adopted, as soon as
possible after the meeting. The records shall be deposited at the Company's office for inspection by the Shareholders and the other
Persons with Meeting Rights. On application, each of them shall be provided with a copy of or an extract from the records, at not more
than cost price.

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| | |
|:---|:---|
| **36** | **Amendment of articles of association** |

---

The General Meeting may resolve to amend these articles of association at the proposal of the Board. When a proposal to amend these articles of association is to be made to the General Meeting, the notice convening the General Meeting must state so and a copy of the proposal, including the verbatim text thereof, shall be deposited and kept available at the Company's office for inspection by the Shareholders and other Persons with Meeting Rights, until the conclusion of the meeting.

---

| | |
|:---|:---|
| **37** | **Statutory merger and statutory demerger** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37.1** The Company may enter into a statutory merger with one or more other legal entities. The resolution to
effect a merger shall be adopted by the General Meeting at the proposal of the Board. The resolution to effect a merger may be adopted
by the Board if the Company is the acquiring company in the merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37.2** The Company may be a party to a statutory demerger. The resolution to effect a demerger shall be adopted
by the General Meeting at a proposal of the Board. The resolution to effect a demerger may be adopted by the Board if (i) the Company
is an acquiring company in the demerger, or (ii) the Company is the demerging company provided that all of the acquiring companies
are incorporated pursuant to the demerger and the Company will become the sole shareholder thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37.3** A resolution of the General Meeting to effect a statutory merger or statutory demerger requires a majority
of at least two-thirds of the votes cast if less than one-half of the Company's issued capital is represented at the meeting.

---

| | |
|:---|:---|
| **38** | **Dissolution and liquidation** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.1** The Company may be dissolved pursuant to a resolution to that effect by the General Meeting at the proposal
of the Board. When a proposal to dissolve the Company is to be made to the General Meeting, this must be stated in the notice convening
the General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.2** If the Company is dissolved pursuant to a resolution of the General Meeting, the Executive Directors shall
become liquidators of the dissolved Company's assets and the Non-Executive Directors shall be charged with the supervision of the
liquidation. The General Meeting may resolve to appoint one or more other persons as liquidators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.3** During liquidation, the provisions of these articles of association shall remain in force to the extent
possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.4** The balance remaining after payment of the debts of the dissolved Company shall be transferred to the
Shareholders in proportion to the number of Shares held by each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.5** After the end of the liquidation, the books, records and other data carriers of the dissolved Company
shall remain in the custody of the person designated for that purpose by the General Meeting, and in the absence thereof the person designated
for that purpose by the liquidators, for a period as prescribed by the laws of the Netherlands.

\* \* \*

## Exhibit 1.2

**Exhibit 1.2**

**NOTE ABOUT TRANSLATION:**

**This document is an English translation of a document prepared in Dutch. In preparing this document, an attempt has been made to translate as literally as possible without jeopardising the overall continuity of the text. Inevitably, however, differences may occur in translation and if they do, the Dutch text will govern by law. The definitions in article 1.1 of this document are listed in the English alphabetical order which may differ from the Dutch alphabetical order.**

**In this translation, Dutch legal concepts are expressed in English terms and not in their original Dutch terms. The concepts concerned may not be identical to concepts described by the English terms as such terms may be understood under the laws of other jurisdictions.**

**deed of CONVERSION AND amendment of articles of association**

*(The Magnum Ice Cream Company B.V.)<br> (new name: The Magnum Ice Cream Company N.V.)*

This [***day***] day of [***month***] two thousand and twenty-five, there appeared before me, Guido Marcel Portier, civil law notary in Amsterdam, the Netherlands:

[***Employee of Linklaters LLP, Amsterdam***].

The person appearing declared the following:

The general meeting of **The Magnum Ice Cream Company B.V.**, a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) under the laws of the Netherlands, having its official seat (*statutaire zetel*) in Amsterdam, the Netherlands, and its office at Reguliersdwarsstraat 63, 1017 BK Amsterdam, the Netherlands, registered with the Dutch Trade Register under number 97035467 (the "**Company**"), resolved on the [***day***] day of [***month***] two thousand and twenty-five to convert the Company into a public company (*naamloze vennootschap*) and to amend and completely readopt the articles of association of the Company, as well as to authorise the person appearing to have this deed executed. The adoption of such resolution is evidenced by a written shareholder's resolution, (a copy of) which has been attached to this deed (<u>Annex</u>).

The articles of association of the Company were last amended by a deed, executed on the twenty-third day of September two thousand and twenty-five before G.M. Portier, civil law notary in Amsterdam, the Netherlands.

Linklaters LLP

In implementing the aforementioned resolutions, the Company is hereby converted into a public company and the articles of association of the Company are amended and completely readopted as follows.

**Articles of association:**

[***Articles of association***]

**Finally, the person appearing has declared:**

**Combining of shares**

Upon the abovementioned amendment of the articles of association taking effect, the shares in the capital of the Company in issue immediately prior thereto, being forty-nine thousand nine hundred and ninety-four (49,994) shares, with a nominal value of one euro (EUR 1.00) each, shall be combined into fourteen thousand two hundred and eighty-four (14,284) shares, with a nominal value of three euro and fifty euro cents (EUR 3.50) each.

**Issued and paid-up capital**

Upon the abovementioned amendment of the articles of association taking effect, the issued and paid-up capital of the Company amounts to forty-nine thousand nine hundred and ninety-four euro (EUR 49,994.00), divided into fourteen thousand two hundred and eighty-four (14,284) shares, with a nominal value of three euro and fifty euro cents (EUR 3.50) each, numbered 1 through 14,284.

**Auditor's statement**

(A copy of) the auditor's statement as referred to in Section 2:72, subsection 1, of the Dutch Civil Code, prepared by a qualified auditor, has been attached to this deed (<u>Annex</u>).

**Close**

The person appearing is known to me, civil law notary.

This deed was executed in Amsterdam, the Netherlands, on the date first above written. Before reading out, a concise summary and an explanation of the contents of this deed were given to the person appearing. The person appearing then declared to have taken note of and to agree to the contents of this deed and not to want the deed to be read out in full. Thereupon, after limited reading, this deed was signed by the person appearing and by me, civil law notary.

Linklaters LLP

## Exhibit 4.1

**Exhibit 4.1**

![](tm2515841d9_ex4-1sp1img01.jpg)

Global Transitional Services Agreement<br>relating to the services to be provided following the intra-group re-organisation and separation of the companies and businesses comprising the ice cream business of Unilever PLC

Dated 15 August 2025

UNILEVER EUROPE BUSINESS CENTER B.V.

and

MAGNUM ICC GLOBAL SERVICES B.V. ****

Ref: L-343449

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **Contents** | **Contents** | **Page** |
| 1 | Definitions and Interpretation | 1 |
| 2 | Performance of Services | 10 |
| 3 | Third Party Suppliers | 12 |
| 4 | Service Charges and Payment | 13 |
| 5 | Warranties and Obligations | 16 |
| 6 | IC Contracts | 18 |
| 7 | Term and Termination | 20 |
| 8 | Migration | 22 |
| 9 | Liability | 24 |
| 10 | Indemnity | 25 |
| 11 | Inventory Working Capital Subsidy | 26 |
| 12 | Non-Inventory Working Capital Subsidy | 26 |
| 13 | Contract Management | 26 |
| 14 | Dispute Resolution | 27 |
| 15 | Intellectual Property Rights | 27 |
| 16 | Network Access | 29 |
| 17 | Temporary Shutdown of IT Systems | 30 |
| 18 | Data Protection | 30 |
| 19 | Confidentiality | 33 |
| 20 | Force Majeure | 34 |
| 21 | Employees | 34 |
| 22 | Other Provisions | 34 |

---

i

---

| | |
|:---|:---|
| Schedule 1 Services and Service Charges | 42 |
| Schedule 2 Employees | 130 |
| Schedule 3 Financial Processes | 132 |
| Schedule 4 Inventory Working Capital Subsidy | 139 |
| Schedule 5 Non-Inventory Working Capital Subsidy | 143 |
| Schedule 6 Transfer Plan | 147 |
| Schedule 7 Template Novation Agreement | 155 |

---

ii

**This Agreement** (the "**Agreement**") is made on 15 August 2025 **between**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **UNILEVER EUROPE BUSINESS CENTER B.V.**, a private limited company incorporated under the laws of the Netherlands, with registered number 29005626 and
whose registered office is at Weena 455, 3013 AL Rotterdam, the Netherlands (the "**Supplier** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **MAGNUM ICC GLOBAL SERVICES B.V.**, a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) under the laws of the Netherlands, having its official seat in Amsterdam, with registered number 96506040
and whose registered office is at Reguliersdwarsstraat 63, 1017 BK Amsterdam, the Netherlands (the "**Customer** ").

**Background**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Unilever Group (as defined below) is undertaking a re-organisation and separation of its global ice
cream business (the "**IC Business**") with effect from 1 July 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) In the context of the re-organisation and separation of the IC Business, the Customer wishes the Supplier
to provide, or procure the provision of, the Services to the Customer and the Additional Service Recipients on a transitional basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Subject to the terms of this Agreement, the Supplier agrees to provide, or procure the provision of, the
Services to the Customer and the Additional Service Recipients on a transitional basis, and the Customer agrees to accept and pay for
the Services.

**Now it is agreed** as follows:

---

| | |
|:---|:---|
| **1** | **Definitions and Interpretation** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **Definitions** 

The following terms and expressions shall have the meanings set out below.

"**Additional Service Recipients**" means: (a) each member of the TMICC Group that received the Service immediately prior to the Commencement Date; (b) any other member of the TMICC Group that acquires assets of the IC Business under a local transfer agreement or share purchase agreement and requires a Service in relation to such assets; and (c) such other members of the TMICC Group as may be agreed by the Parties from time to time as requiring receipt of one or more Services;

"**Affected Party"** has the meaning given in Clause 20.2 (*Force Majeure*);

"**Affiliate**" means, in respect of the Supplier, any member of the Unilever Group and, in respect of the Customer, any member of the TMICC Group;

"**Annual Liability Period**" means each period of 12 months, or part thereof, each such period to commence on the Commencement Date and each anniversary thereof;

"**Applicable Law**" means any laws, regulations, decisions, regulatory constraints, obligations or rules (including binding codes of conduct and binding statements of principle incorporated and contained in such rules) wherever in the world that are applicable to the existence or operation of this Agreement or the provision of, and payment for, the Services from time to time;

"**Business Day**" means a day which is not a Saturday, a Sunday or a public holiday in the the Netherlands;

"**Change of Control**" means, other than on an IPO, where a person who did not previously exercise Control over TMICC TopCo acquires or otherwise becomes able to exercise such Control or where a person who was previously able to exercise Control over TMICC TopCo ceases to be in a position to do so;

"**Commencement Date**" means 1 July 2025;

"**Control**" means, in relation to TMICC TopCo, where a person has direct or indirect control: (a) of the affairs of TMICC TopCo; (b) over more than 50 per cent of the total voting rights conferred by all the issued shares in the capital of TMICC TopCo which are ordinarily exercisable in a general meeting; or (c) of a majority of the board of directors of TMICC TopCo, (in each case whether pursuant to relevant constitutional documents, contract or otherwise) and "**Controlled**" shall be construed accordingly;

"**Core Transactional Services**" means those services identified as being core transactional services in the column titled 'Exit Plan Type' in the table at Part A of Schedule 1 (*Services and Service Charges*);

"**Customer Data**" means data and information relating to the Customer's or an Additional Service Recipient's business that is processed by the Unilever Group as part of the Services;

"**Customer Group Data**" means data and information relating to the IC Business that is processed by the Unilever Group as part of the Transitional Services;

"**Customer IPR**" has the meaning given to that term in Clause 15.2.1 (*Customer IPR Ownership and Licence*);

"**Customer Service**" means the service set out in items D28, D29 and F3 of the table in Parts D and F of Schedule 1 (*Services and Service Charges*);

"**Data Protection Legislation**" means the following legislation to the extent applicable from time to time: (i) national laws implementing the Directive on Privacy and Electronic Communications (2002/58/EC); (ii) the General Data Protection Regulation (2016/679) and any national law issued under that Regulation; (iii) the retained EU law version of the General Data Protection Regulation, the Data Protection Act 2018 and the Privacy and Electronic Communications (EC Directive) Regulations 2003; and (iv) any other similar national privacy law;

"**Day Zero Transferred Contracts**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the rights under IP Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Warehouse Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dedicated Indirect Contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Finance Leases,

in each case which have transferred to the relevant member of the TMICC Group on or around the Commencement Date pursuant to a Local Transfer Agreement;

"**Deliverable Local Currency**" means the currency in which payments are available to be made for the purpose of offshore payments from a Territory;

"**Dedicated Indirect Contract**" means any contract, undertaking, arrangement or agreement, or any part thereof, defined as a "Dedicated Indirect Contract" by a Local Transfer Agreement;

"**Dependent Service Element**" has the meaning given to that term in Clause 3.2.1 (*Dependence on Third Parties*);

"**Dispute**" has the meaning given to that term in Clause 14 (*Dispute Resolution*);

"**Distributor Countries Service**" means the service set out in items D1, D4 and D32 of the table in Part D of Schedule 1 (Services and Service Charges);

"**€STR**" means the euro short-term rate administered by the European Central Bank (or any other person which takes over the administration of that rate) for the relevant period displayed (before any correction, recalculation or republication by the administrator) on the website of the European Central Bank (or any replacement website which displays that rate);

"**Excess Amount"** has the meaning given in Clause 6.2.6 (*IC Contract Transfers*)**;**

"**Excess Amount Notice"** has the meaning given in Clause 6.2.6 (*IC Contract Transfers*);

"**Excluded Services**" means: (a) any service that will be provided or procured by the Unilever Group under another agreement entered into in connection with the re-organisation and separation of the IC Business (including under any Transitional Agreement); (b) any service the Supplier, or the Unilever Group, is unable to provide, or procure the provision of, because the resources necessary to provide that service have been transferred to the TMICC Group; (c) any service the Supplier, or the Unilever Group, is unable to provide under Applicable Law; and (d) following any Change of Control of TMICC TopCo, the Intercompany Services, and "**Excluded Service**" means any one of them;

"**Existing Agreements**" means all agreements that: (a) are between the Unilever Group and the TMICC Group; and (b) are for services that are materially the same as the Services;

"**External Separation**" means the separation of the TMICC Group from the Unilever Group by way of demerger or disposal of the TMICC Group;

"**Finance Leases**" means any contract, undertaking, arrangement or agreement defined as a "Finance Lease" by a Local Transfer Agreement;

"**Financial Processes Schedule**" means the schedule to a Transitional Agreement titled "Financial Processes and Reporting";

"**Financial Queries**" means any queries from the Customer to the Supplier regarding the reconciliation of financial statements or associated invoices as set out in Schedule 3 (*Financial Processes*) to this Agreement, and "**Financial Query**" means any one of them;

"**Food Solutions Products**" means food and drink products produced, manufactured or sold on the basis that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sales are made to customers for the purpose of those customers using, consuming or incorporating the products
in the course of providing their own business activities rather than for the purpose of those customers re-selling products to end consumers;
and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the pack size is such that it will predominantly be bought by businesses rather than individual consumers
or that the pack or product is generally aimed at professional chefs or caterers;

"**Force Majeure Event"** has the meaning given in Clause 20.1 (*Force Majeure*);

"**Global**" means all the Territories where services are provided to the Customer;

"**Governmental Body**" means any governmental or regulatory agency, entity or authority;

"**IC Business**" has the meaning given to that term in Background (A);

"**IC Contract Consents**" means all permissions, consents, authorisations, agreements or waivers required from third parties for the assignment, novation or transfer to the relevant member of the TMICC Group of any of the IC Contracts, and "**IC Contract Consent**" means any one of them;

"**IC Contract Consents Report**" has the meaning given in Clause 6.2.4 (*IC Contract Transfers*);

"**IC Contract Dependent Service Element**" has the meaning given in Clause 6.2.10 (*IC Contract Transfers*);

"**IC Contracts**" means all contracts, undertakings, arrangements and agreements entered into by or on behalf of the Supplier or any other member of the Unilever Group (including any New IC Contracts), in each case exclusively in relation to the IC Business, to the extent that at the date of IT Go-Live the same remain to be completed or performed or remain in force but excluding any Day Zero Transferred Contracts, and "**IC Contract**" means any one of them;

"**IC Contract Transferee**" has the meaning given in Clause 6.2.1 (*IC Contract Transfers*);

"**Intellectual Property Rights**" means patents, utility models, rights in inventions, trade marks, service marks, rights in trade names, business names, logos, get-up and trade dress, rights in domain names and URLs, copyrights, design rights, database rights, rights in trade secrets and in Know-how, rights in technology and all other similar rights in any part of the world, including, where such rights are obtained or enhanced by registration, any registration of such rights and applications and rights to apply for such registrations;

"**Intercompany Services**" means the Services set out in Part B of Schedule 1 (*Services and Service Charges*);

"**IP Contracts**" means any contract, undertaking, arrangement or agreement, or any part thereof, defined as an "IP Contract" by a Local Transfer Agreement;

"**IPO**" means the admission of all or any part of the ordinary share capital or depository receipts (or equivalent) representing ordinary shares, of TMICC TopCo (or a new company established as the parent undertaking of TMICC TopCo for the purposes of admission) to a major internationally recognised stock exchange;

"**IT Go-Live**" means the date on which new supply chain and customer transactions in relation to the IC Business are processed in the Customer's IT systems and no longer in the Supplier's Systems, which date may differ as between jurisdictions;

"**IT Services**" means the Service set out in item A15 of the table set out in Part A of Schedule 1 (*Services and Service Charges*);

"**IT System**" means any computer systems, communication systems, or any other information technology infrastructure (including any hardware, software, networks and data);

"**Know-how**" means industrial and commercial information and techniques, in each case, in any form and not in the public domain, including manufacturing processes, recipes, drawings, formulae, testing procedures and test results, reports, instruction and training manuals, tables of operating conditions, market forecasts, business plans, policies and lists and particulars of customers and suppliers;

"**Local Agreement**" means a local transitional services agreement under which the Unilever Group provides services on an intercompany basis to the TMICC Group;

"**Local Service**" means any service or activity provided under a Local Agreement or a Local OMA and specified in Part C of Schedule 1 (*Services and Service Charges*);

"**Local OMA**" means an undisclosed agency agreement, strategic management agreement, strategic consultancy agreement or product sales agreement under which the Unilever Group provides services on an intercompany basis to the TMICC Group;

"**Local Transfer Agreement**" means an agreement entered into between a member of the Unilever Group and a member of the TMICC Group to transfer assets from the Unilever Group to the TMICC Group in connection with the re-organisation and separation of the IC Business;

"**Losses**" means all losses, liabilities, costs (including legal costs and experts' and consultants' fees), charges (excluding the Service Charges), expenses, actions, proceedings, claims and demands;

"**Management Meeting**" has the meaning given to that term in Clause 13.2 (*Meetings*);

"**New IC Contracts**" has the meaning given to that term in Clause 6.1 (*IC Contracts*);

"**Notice**" has the meaning given to that term in Clause 22.11 (*Notices*);

"**Omitted Service**" has the meaning given to that term in Clause 2.3.1 (*Omitted Services*);

"**Personal Data**" means all Customer Data and Customer Group Data constituting personal data (as defined under Data Protection Legislation) which is processed by the Supplier or any member of the Unilever Group in connection with the Services from time to time;

"**Procurement Services**" means the Services set out in A7 of Schedule 1 (*Services and Service Charges*);

"**Relationship Manager**" means Carsten Juergens in relation to the Supplier, and Tunay Simsek in relation to the Customer;

"**Relevant Inventory**" means the packaging materials, raw materials and work-in-progress inventories, including any spare parts or supplies used in the servicing or replacement of plant or equipment used to manufacture the Relevant Products, which are used in the manufacture of Relevant Products and the finished goods inventories of Relevant Products;

"**Relevant Products**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all frozen or semi-frozen dairy or non-dairy ice cream products (including products typically positioned
or denominated as water ice, ice block, sorbet, frozen yoghurt, gelato, or soft serve, or which use such terms in the brand name or product
description) in any size and in any format (including half-gallons, pints, cakes, sundaes, shakes, sticks, bars, cones, sandwiches, lollies,
lollipops, pops, tubs or novelties), including any such products which are Food Solutions Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any frozen, semi-frozen or non-frozen food or drink products not falling within limb (i) above which,
as at the Commencement Date, are marketed or sold under any Customer brand, but excluding any such products which are Food Solutions Products
sold under the "Carte d'Or" or "Carte d'Or Professional" brands; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all frozen food products not falling within limbs (i) or (ii) above (including bakery products,
desserts, vegetables, meats or ready meals), but excluding: (i) any such products which are sold under the "Knorr", "The
Vegetarian Butcher", "Buavita", "Equilibra", "Klik", "Partzufim", "Eurolayer
Foods", "La Dulceria" or "Sir Kensington" brands; and (ii) any such products which are Food Solutions
Products;

"**Region**" means that regional grouping of Territories as defined in Paragraph 41 of Appendix A to Schedule 1 (*Services and Service Charges*);

"**Representatives**" means, in relation to a Party or its Affiliates, the current and former respective directors, officers, employees and agents;

"**Right**" has the meaning given to that term in Clause 22.10 (*Waiver*);

"**Service**" means a service specified in Part A of Schedule 1 (*Services and Service Charges*), including any Omitted Service and "**Services**" means all of them;

"**Service Charge**" means the charges payable for each Service as set out in Part A of Schedule 1 (*Services and Service Charges*);

"**Service Description**" means the description for a Service as set out in A of Schedule 1 (*Services and Service Charges*);

"**Service Migration Requirements**" means the specific steps necessary to migrate to a Successor Operator: (a) a Service; and (b) a Local Service, each as identified in the Transfer Plan;

"**Service Term**" means the term of a Service as set out in Part A of Schedule 1 (*Services and Service Charges*), which, unless otherwise specified, shall commence on the Commencement Date;

"**Service Term Extension Request**" has the meaning given to that term in Clause 2.4 (*Extension of the Service Term*);

"**Shared Services**" or "**Finance Shared Services**" means the service set out in item A4 of the table in Part A of Schedule 1 (*Services and Service Charges*);

"**Successor Operator**" means the entity or entities (which may include the Customer or any member of the TMICC Group) succeeding the Supplier in the provision or operation of services similar to or part of the Services;

"**Supplier IPR**" has the meaning given to that term in Clause 15.1.1 (*Supplier IPR Ownership and Licence*);

"**Supplier's Systems**" means an IT System which is owned or used by any member of the Unilever Group;

"**Taxation**" or "**Tax**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all forms of taxation (other than any accounting provision for deferred tax) and statutory, governmental,
state, provincial, local governmental or municipal impositions, duties, contributions (including social security contributions and any
similar taxes) and levies, whether levied by reference to income, profits, gains, net wealth, asset values, turnover, added value or otherwise
(but not including business rates or their equivalent in any relevant jurisdictions) and shall further include payments to a Tax Authority
on account of taxation (but not, for the avoidance of doubt, payments to a court or tribunal on account of taxation) and payments made
in respect of taxation, in each case wherever and whenever imposed and whether chargeable directly or primarily against or attributable
directly or primarily to a company or any other person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all penalties, surcharges, fines and/or interest relating to any matter within (i) above;

"**Tax Authority**" means any taxing or other authority competent to impose any liability in respect of Taxation or responsible for the administration and/or collection of Taxation or enforcement of any law in relation to Taxation, acting in its capacity as such;

"**Temporary Shutdown of IT Systems**" means the temporary shutdown, for the purposes of planned and scheduled maintenance, of any of Supplier's Systems or any IT Systems of any other person, in each case, which are used for the provision, receipt or support of any Service (or any part of any Service);

"**Term**" has the meaning given to that term in Clause 7.1 (*Term*);

"**Terminating Services**" has the meaning given to that term in Clause 8.2.1 (*Execution of the Transfer Plan and Transfer of the Services*) and "**Terminated Services**" shall be construed accordingly;

"**Territory**" means a territory in which the Unilever Group sells Relevant Products under a Local OMA (as such territory is defined in that Local OMA);

"**Third Party Agreement**" means any agreement between the Supplier, or any member of the Unilever Group, and a third party for the provision of goods, a service, lease or licence relating to, or necessary for, the provision of a Service and whether entered into before or after the date of this Agreement;

"**Third Party Consent**" means any consent, licence, approval, permit, authorisation or waiver required from a third party, whether under a Third Party Agreement or otherwise, for the provision of any Service by or on behalf of the Supplier, or their receipt by the Customer or the Additional Service Recipients;

"**Third Party Supplier**" means any third party providing goods, a service, lease or licence under a Third Party Agreement;

"**TMICC Group**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) TMICC TopCo and any company in which it from time to time directly or indirectly owns or controls the
voting rights attached to more than 50 per cent. of the issued ordinary share capital, or controls, directly or indirectly, the appointment
of a majority of the board of directors (or the equivalent management body); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) until such time as such companies meet the requirements within (i) above, each of the following companies
and any company in which it from time to time directly or indirectly owns or controls the voting rights attached to more than 50 per cent.
of the issued ordinary share capital, or controls, directly or indirectly, the appointment of a majority of the board of directors (or
the equivalent management body):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Magnum ICC US, LLC, a limited liability company organised under the laws of the State of Delaware whose
registered office is at 1209 Orange Street, Wilmington, Delaware 19801, United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Magnum ICC US Holdco, LLC, a limited liability company organised under the laws of the State of Delaware
whose registered office is at 1209 Orange Street, Wilmington, Delaware 19801, United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Magnum ICC US SpinCo, LLC, a limited liability company organised under the laws of the State of Delaware
whose registered office is at 1209 Orange Street, Wilmington, Delaware 19801, United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Ben & Jerry's Holdco, LLC, a limited liability company organised under the laws of the
State of Delaware whose registered office is at 1209 Orange Street, Wilmington, Delaware 19801, United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Yasso Holdings Inc., a Delaware corporation whose registered office is at 1209 Orange Street, Wilmington,
Delaware 19801, United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Ben & Jerry's Homemade Inc, a Vermont corporation whose registered office is at c/o CT
Corporation System, 148 College Street, Burlington, Vermont, United States;

"**TMICC TopCo**" means The Magnum Ice Cream Company HoldCo Netherlands B.V., a company organised under the laws of the Netherlands whose registered office is at Reguliersdwarsstraat 63, 1017 BK, Amsterdam the Netherlands or, on and from External Separation, any company which is the sole shareholder of such company;

"**Transfer Plan**" has the meaning given to that term in Clause 8.1.3 (*Transfer Plan*);

"**Transitional Agreements**" means the Local Agreements and Local OMAs and "**Transitional Agreement**" means any one of them;

"**Transitional Services**" means the Local Services and any services provided under a Transitional Agreement and "**Transitional Service**" means any one of them;

"**Unauthorised Use**" means any use of the Services or the Supplier's Systems to gain unauthorised access to: (a) any part of the Supplier's Systems; or (b) any information relating to any member of the Unilever Group;

"**Unilever Group**" means Unilever PLC and any company in which it from time to time directly or indirectly owns or controls the voting rights attached to more than 50 per cent. of the issued ordinary share capital, or controls, directly or indirectly, the appointment of a majority of the board of directors (or the equivalent management body), but excluding the TMICC Group;

"**Unilever Policies**" means the Unilever Responsible Sourcing Policy available at http://www.unilever.com/responsible-sourcing-policy/, the Code of Business Principles available at https://assets.unilever.com/files/92ui5egz/production/3658b4c9c7a33bd719b8dd98d0f7621446e7fa6d.pdf/2021-CODE-OF-BUSINESS-PRINCIPLES-ENGLISH.pdf and the Responsible Business Partner Policy available at https://assets.unilever.com/files/92ui5egz/production/11890389dc4286366d5957aa3589511db488a402.pdf/responsible-business-partner-policy-may-2017.pdf, as such policies are updated from time to time, and such other policies as notified to the Customer or any other member of the TMICC Group from time to time;

"**User**" means the Customer and each Additional Service Recipient that: (a) receives the benefit of the IT Services (or any part of the IT Services) pursuant to this Agreement; or (b) has access to any of the Supplier's Systems in connection with this Agreement;

"**VAT**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) within the UK, any value added tax imposed by the Value Added Tax Act 1994;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) within the European Union, such taxation as may be levied in accordance with (but subject to derogations
from) the Council Directive 2006/112/EC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) outside the UK or the European Union, any similar taxation levied by reference to added value or sales,
any goods and services tax, or any equivalent point of sales tax; and

"**Warehouse Contract**" means any contract (including lease), undertaking, arrangement or agreement, or any part thereof, defined as a "Warehouse Contract" by a Local Transfer Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Singular, Plural, Gender** 

References to one gender include all genders and references to the singular include the plural and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** **References to Persons and Companies** 

References to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.1** a person shall include any company, partnership or unincorporated association (whether or not having separate
legal personality); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.2** a company shall include any company, corporation or any body corporate, wherever incorporated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** **References to Subsidiaries and Holding Companies** 

A company is a "**subsidiary**" of another company (its "**holding company**") if that other company, directly or indirectly, through one or more subsidiaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.1** holds a majority of the voting rights in it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.2** is a member or shareholder of it and has the right to appoint or remove a majority of its board of directors
or equivalent managing body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.3** is a member or shareholder of it and controls alone, or pursuant to an agreement with other shareholders
or members, a majority of the voting rights in it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.4** has the right to exercise a dominant influence over it, for example by having the right to give directions
with respect to its operating and financial policies, with which directions its directors are obliged to comply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** **Schedules etc.** 

References to this Agreement shall include the Background and any Schedules to it and references to Clauses and Schedules are to Clauses of, and Schedules to, this Agreement. References to paragraphs and Parts are to paragraphs and Parts of the Schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** **Headings** 

Headings shall be ignored in interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7** **References to documents** 

References to any document (including this Agreement), or to a provision in a document, shall be construed as a reference to such document or provision as amended, supplemented, modified, restated or novated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8** **Information** 

References to books, records or other information mean books, records or other information in any form including paper, electronically stored data, magnetic media, film and microfilm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9** **Modification etc. of Statutes** 

References to a statute or statutory provision include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9.1** that statute or provision as from time to time modified, re-enacted or consolidated whether before or
after the date of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9.2** any subordinate legislation made from time to time under that statute or statutory provision which is
in force at the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10** **Legal Terms** 

References to any English legal term shall, in respect of any jurisdiction other than England, be construed as references to the term or concept which most nearly corresponds to it in that jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11** **Non-limiting Effect of Words** 

The words "including", "include", "in particular" and words of similar effect shall not be deemed to limit the general effect of the words that precede them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12** **Parties** 

References to the "**Parties**" mean the Customer and the Supplier and their respective successors and permitted assigns. References to "**third parties**" shall not include members of the Unilever Group or the TMICC Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.13** **Precedence** 

If there is any conflict, apparent conflict or ambiguity in or between any of the sections of this Agreement set out below, the sections will be applied in the following order of precedence with the sections higher in the order of precedence prevailing over the Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.13.1** the Clauses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.13.2** the Schedules; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.13.3** any other document referred to in this Agreement.

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| | |
|:---|:---|
| **2** | **Performance of Services** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Provision of Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.1** Subject to the other provisions of this Agreement, the Supplier shall provide, or procure the provision
of, each Service to the Customer and the Additional Service Recipients for the relevant Service Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.2** The Customer shall use its reasonable endeavours to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) establish systems, enter into agreements with third parties, and take such other steps as are required
to enable it to engage a Successor Operator to perform services similar to the Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) remove the need for the Supplier to provide, or procure the provision of, the Services to the Customer
and the Additional Service Recipients,

as soon as reasonably possible after the Commencement Date and, in any event, by the end of the relevant Service Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Standard of Service** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.1** The Supplier shall provide each Service to the Customer and the Additional Service Recipients at the standard
which it (or any equivalent service) is on average provided by the Supplier or any other member of the Unilever Group to the Unilever
Group, and in line with Unilever's policies and procedures as may be updated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.2** In the context of the IT Services, the Parties will monitor the performance of the IT Services with reference
to the policies and frameworks customarily applied by the Supplier or any other member of the Unilever Group in its provision of the IT
Services to the Unilever Group, including the Supplier's:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Code and Standards Framework;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Global Incident Management process and policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) IT Service Criticality Control Statement v1.2 dated 21 November 2024,

in each case, as such policies and frameworks are updated from time to time. If the Customer has concerns regarding the performance of the IT Services with reference to these policies and targets, and such concerns have not been satisfactorily addressed through the Customer's usual channels of communication with the Supplier regarding the IT Services, the Customer may escalate the matter via its Relationship Manager at a Management Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.3** Any change in the scope or volumes in which the Services are provided or requested shall be dealt with
in accordance with the change control process set out in Clause 13.3 (*Changes*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.4** The Supplier shall use its reasonable endeavours to respond to any Financial Queries in accordance with
Clause 5.2.5 (*Mutual Obligations*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Omitted Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.1** The Parties acknowledge that, after the Commencement Date, the Customer may identify a service which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is not included in the Services or the Transitional Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) was provided by a member of the Unilever Group to the IC Business in the six months prior to the Commencement
Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is not an Excluded Service,

(the "**Omitted Service**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.2** If the Customer submits a written request to the Supplier for an Omitted Service within six months of
the Commencement Date, Unilever shall use reasonable endeavours to provide, or procure the provision of, such Omitted Service, and the
Parties shall, in good faith, discuss:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the terms (including as to Service Charge and Service Term) that should apply to the provision of such
Omitted Service, acknowledging that the Service Term shall be the minimum period necessary for the Customer to transition away from the
Omitted Service and, in any event, not longer than the longest Service Term for any other Service; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) whether such Omitted Service shall be provided to the Customer under this Agreement or a member of the
TMICC Group under a Transitional Agreement,

and the Transitional Agreement or Schedule 1 (*Services and Service Charges*) of this Agreement shall be updated to include the relevant details of that Omitted Service (as appropriate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **Extension of the Service Term** 

Any request by the Customer to extend the Service Term of a Service (a "**Service Term Extension Request**") shall be subject to prior written approval by the Supplier at its sole discretion. If the Supplier chooses to approve a Service Term Extension Request, without prejudice to any other conditions that the Supplier may impose in respect of such extension, the Service Charges payable by the Customer for the period of any such extension shall be agreed between the Parties, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) when the Parties agree the percentage increase(s) to the Service Charges applicable to such extension,
in addition to the 2% increase applicable pursuant to Section 3.1 of Schedule 1 (*Services and Service Charges*), a further
percentage increase of at least 15% shall apply to any extension beyond 1 January 2028; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Service Term Extension Request may extend beyond 30 June 2028.

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| | |
|:---|:---|
| **3** | **Third Party Suppliers** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Third Party Consents** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.1** The Supplier shall use its reasonable endeavours to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obtain all necessary Third Party Consents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain all such Third Party Consents during the relevant Service Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.2** The Customer shall, and shall procure the Additional Service Recipients shall, provide the Supplier with
such assistance as the Supplier may reasonably require to obtain the Third Party Consents, including assistance with negotiating the terms
of consents with Third Party Suppliers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.3** Any fees, costs or charges imposed by a Third Party Supplier for the provision of any Third Party Consent
shall be borne by the Customer (for and on behalf of itself and the relevant Additional Service Recipients).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Dependence on Third Parties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.1** Where a Third Party Consent or Third Party Agreement is required in order for the Supplier to provide,
or procure the provision of, any element of the Services (a "**Dependent Service Element**") and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that Third Party Consent either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has not been obtained; 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;(b) has expired or been terminated or been revoked; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that Third Party Agreement terminates or expires,

the Supplier shall notify the Customer of that fact as soon as reasonably practicable, and shall not be obliged to provide the Dependent Service Element. In such event, the Customer shall be relieved from paying that portion of the Service Charges which is commensurate with or attributable to the Dependent Service Element, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.2** If the Supplier is excused from providing a Dependent Service Element pursuant to Clause 3.2.1 (*Dependence on Third Parties*), the Customer may request the Supplier to use reasonable endeavours to assist the Customer to make alternative arrangements
for the receipt of that element of the Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.3** The cost of putting such alternative arrangements in place under Clause 3.2.2 (*Dependence on Third Parties*) shall be borne by the Customer (for and on behalf of itself and the Additional Service Recipients).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Compliance with Third Party Agreements** 

The Customer shall, and shall ensure that the Additional Service Recipients shall, comply with the terms of the Third Party Agreements and Third Party Consents to the extent they are relevant to the receipt of the Service, and provided that the Customer has received prior written notification of the requirements imposed by the Third Party Agreements (provided always that the Customer shall be deemed to have notice of any Third Party Agreements and Third Party Consents which were:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) notified to the IC Business prior to the Commencement Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) which the Customer otherwise ought to have been aware of in the ordinary course of carrying out the IC
Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Relationship with Third Party Suppliers** 

The Supplier shall manage exclusively its relationship with the Third Party Suppliers and the Customer shall not, and shall procure the Additional Service Recipients shall not, discuss with any Third Party Supplier the provision of the Services, except (i) to the extent required to do so by Applicable Law or (ii) as otherwise agreed between the Parties.

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| | |
|:---|:---|
| **4** | **Service Charges and Payment** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Service Charges** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.1** The Customer shall pay (for and on behalf of itself and the relevant Additional Service Recipients) to
the Supplier (or such member of the Unilever Group as is set out in the relevant invoice), the Service Charge in respect of the provision
of each Service. If a Service terminates part way through an invoicing period, notwithstanding this the Customer shall be liable for the
amount of the Service Charge that would have applied had the Service terminated at the end of that invoicing period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.2** Subject to Clause 4.1.1, the Service Charge for a Service shall only become payable once that Service
commences, and the Service Charge for a Service shall cease to be payable if that Service is terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Invoicing Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.1** The
 charges referred to in Clause 4.1 (*Service Charges*) shall, subject to Clause 4.2.3,
 be invoiced by the Supplier monthly in arrears for all Services performed during the previous
 calendar month in accordance with Schedule 3 (*Financial Processes*). The Supplier shall
 also comply with, and shall raise invoices for other costs to be passed through under this
 Agreement in accordance with Schedule 3 (*Financial Processes*). Schedule 3 (*Financial Processes*) also sets out key financial principles which apply to the Transitional Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.2** The Supplier shall ensure that all invoices for Service Charges or other amounts payable under this Agreement
shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) specify that the terms that apply to the invoice are the terms set out in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) be sent to the address specified in Clause 22.11 (Notices); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) unless specified otherwise in
Part A of Schedule 1 (Services and Service Charges) or otherwise agreed between the Parties, be in Euros (€).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.3** The Supplier may require and procure that invoice(s) for one or more portions of the charges referred
to in Clause 4.1 (*Service Charges*), or any other amounts payable under this Agreement, are invoiced by a member of the Unilever
Group (other than the Supplier) to the Customer. The Customer shall execute such documents and perform such acts and things as the Supplier
or other member of the Unilever Group may reasonably require to give full effect to the provisions of this Clause 4.2.3 (*Invoicing Procedures*) and the invoicing arrangements contemplated by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.4** Without prejudice to Clause 4.2.2(i), the Parties acknowledge and agree that any invoices issued by a
member of the Unilever Group (other than the Supplier) in accordance with Clause 4.2.3, and the Services to which any such invoices relate,
shall be subject to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **Payment Terms** 

All invoices for Service Charges submitted by the Supplier or a member of the Unilever Group in accordance with this Agreement shall be paid (for and on behalf of the Customer and the relevant Additional Service Recipients) by the Customer or another member of the TMICC Group within 20 days of the end of the month in which the invoice was issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** **Value Added Tax** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.1** All amounts payable to the Supplier (or its assignee) under or provided for under this Agreement shall
be exclusive of VAT. If any payment to the Supplier (or its assignee) under this Agreement constitutes the consideration for a taxable
supply for VAT purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Supplier shall provide to the recipient of the supply a valid VAT invoice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except where the reverse charge procedure applies and except to the extent that the VAT is collected via
VAT withholding, and subject to the provision of a valid VAT invoice in accordance with Clause 4.4.1(i) (*Value Added Tax*),
in addition to that payment the person liable for making payment to the Supplier (or its assignee) shall pay (for and on behalf of itself
and the relevant Additional Service Recipients) any VAT;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if a withholding VAT applies, then the amount of withholding VAT shall be deducted by the person liable
for making payment from the payment of the charges set out on the relevant VAT invoice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the person liable for making payment to the Supplier (or its assignee) is required by Applicable Law
to deduct or withhold any VAT at source from the payment, on provision of an appropriate invoice for the gross amount including an equivalent
amount for VAT, that person shall be required to pay such additional amount to the Supplier (or its assignee) as shall ensure that, after
the relevant deduction or withholding has been made, the Supplier (or its assignee) receives the amount it would have received in the
absence of such requirement to deduct or withhold VAT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.2** The provisions of Clause 4.4.1 (*Value Added Tax*) shall apply to any amounts payable to the Customer
under or provided for under this Agreement, replacing references to "the Supplier" with references to "the
Customer", and vice versa, and making any other necessary changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.3** Where under the terms of this Agreement, one person is liable to indemnify or reimburse another person
in respect of any costs, charges or expenses, the payment shall include an amount equal to any VAT thereon not otherwise recoverable by
the other person or the representative member of any VAT group of which it forms part, subject to that person or representative member
using reasonable endeavours to recover such amount of VAT as may be practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** **No Withholding and Gross-up** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.1** All sums payable under this Agreement shall be paid free and clear of all deductions, withholdings, set-offs
or counterclaims whatsoever, save only as may be required by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.2** Save in respect of VAT withholding which is dealt with in Clause 4.4.1(iv) (*Value Added Tax*),
if any deductions or withholdings are required by law, the payer shall account to the relevant Tax Authority for the amount so required
to be deducted or withheld and the payer shall (except in the case of a payment of interest due under Clause 4.7 (*Interest*)) be
obliged to pay to the recipient such additional amounts as will ensure that the recipient receives, in total, an amount which (after such
deduction or withholding has been made), is no more and no less than it would have been entitled to receive in the absence of any such
requirement to make a deduction or withholding, provided that if a party shall have transferred (for the avoidance of doubt, by whatever
means, including by way of a declaration of trust or anything that amounts in substance to a transfer) the benefit in whole or in part
of this Agreement or shall have changed its Tax residence or the permanent establishment to which the rights under this Agreement are
allocated then the liability of the other Party under this Clause 4.5.2 shall be limited to that (if any) which it would have been had
no such transfer or change taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.3** Each Party shall take all such measures as are reasonable to enable there to be claimed from the appropriate
Tax Authority any exemption, rate reduction, refund, credit or similar benefit (including pursuant to any relevant double tax treaty)
which may be available in respect of any such deduction or withholding and, for such purposes shall, within any applicable time limits,
submit any claims, notices, returns or applications as may be required and send a copy of them to the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6** **Gross Up** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6.1** Where any payment is made or to be made under this Agreement pursuant to an indemnity, compensation or
reimbursement provision, the sum payable shall be adjusted to such sum as will ensure that after payment of any Taxation charged on such
sum in the hands of the recipient (including any Taxation which would have been charged in the absence of any Tax reliefs), the recipient
is left with a sum equal to the sum that it would have received in the absence of such a charge to Taxation after giving credit for any
Tax relief that is or will be available to the recipient in respect of the matter giving rise to the payment, provided that if a Party
shall have transferred (for the avoidance of doubt, by whatever means, including by way of a declaration of trust or anything that amounts
in substance to a transfer) the benefit in whole or in part of this Agreement or shall have changed its Tax residence or the permanent
establishment to which the rights under this Agreement are allocated then the liability of the other Party under this Clause 4.6.1 shall
be limited to that (if any) which it would have been had no such transfer or change taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6.2** Clause 4.6.1 shall not apply if and to the extent that the amount of the indemnity, compensation or reimbursement
payment has already been adjusted to take account of the Taxation that is or will be charged on receipt or relief that is or will be available
in respect of the matter giving rise to the payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7** **Interest** 

If either Party has not paid any sums payable by their due date, all sums will accrue interest at a rate equal to the interest rate of 2 per cent. above the daily compounding €STR rate (floored to 0) from the date when such sums are due until the date of actual payment (as well as before

judgment). Such interest shall accrue from day to day, and the payment of such interest shall constitute a substantial remedy for late payment.

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| | |
|:---|:---|
| **5** | **Warranties and Obligations** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Mutual Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.1** Each Party warrants to the other that, as at the date of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is duly constituted, organised and validly existing under the laws of the country of its incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it has the legal right and full power and authority to execute and deliver, and to exercise its rights
and perform its obligations under, this Agreement and all the documents which are to be executed by it as envisaged by this Agreement;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) nothing contained in this Agreement will result in a breach of any provision of its constitutional documents
or result in a breach of any agreement, licence or other instrument, order, judgment or decree of any court or Governmental Body to which
it is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.2** The Supplier shall not be liable for any breach of Clauses 5.1.1(ii) or 5.1.1(iii) (*Mutual Warranties*) to the extent that the breach arises from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a lack of, or failure to obtain, any Third Party Consent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the loss of any Third Party Consent where that loss is caused by, or is a result of, the failure by the
Customer or an Additional Service Recipient to comply with its obligations at Clause 3.3 (*Compliance with Third Party Agreements*)
of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** **Mutual Obligations** 

The Supplier shall, and the Customer shall (and shall ensure the Additional Service Recipients shall):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.1** provide, on a timely basis, such information, decisions and data as the Supplier may reasonably require
for the purposes of the provision of the Services or the Customer may reasonably require for the purposes of the receipt of the Services,
as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.2** participate in discussions regarding the provision of the Services to the extent reasonably required by
the other Party in order to facilitate decision making in relation to the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.3** in the case of the Customer or an Additional Service Recipient, notify the Supplier, on a timely basis,
of any failures or deficiencies in the provision of the Services under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.4** subject to Clause 5.2.5, use reasonable endeavours to provide, on a timely basis, such information, decisions
and data as reasonably required by the other Party (i) for the purposes of complying with any reporting or filing obligations, accounting
or regulatory matters; or (ii) in order to negotiate, refute, settle, compromise or otherwise deal with any claim, investigation,
audit or enquiry by a Governmental Body regarding the TMICC Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.5** use reasonable endeavours to respond to the following types of requests and Financial Queries related
to the Services within the timeframes specified in this Clause 5.2.5 (in each case, from the date on which the Supplier acknowledges receipt
of such request or Financial Query to the Customer):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Financial Queries which relate
to one or more amount(s) totalling €3 million or greater, within two (2) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Financial Queries which relate
to one or more amount(s) totalling less than €3 million, within ten (10) Business Days; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any information, decisions and data reasonably required by the Customer in order to deal with any financial
audit regarding the TMICC Group by any auditor appointed by the TMICC Group or a Governmental Body within five (5) Business Days.

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| | |
|:---|:---|
| **6** | **IC Contracts** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **New IC Contracts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.1** During the Term of this Agreement the Customer may request that the Supplier or a member of the Unilever
Group enters into new contracts with third parties exclusively relating to the IC Business ()"**New IC Contracts**") on
the Customer's or a member of the TMICC Group's behalf (a "**New IC Contracts Request** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.2** Acceptance by the Supplier of a New IC Contracts Request from the Customer under Clause 6.1.1 shall be
at the Supplier's reasonable discretion, and shall always be subject to the Supplier or the relevant member of the Unilever Group
agreeing to the terms of any New IC Contract. For the avoidance of doubt, the Supplier will not agree to it or any member of the Unilever
Group entering into a New IC Contract that would not comply with Unilever Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.3** Without prejudice to Clause 6.1.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Customer shall ensure that any New IC Contract contains a right to novate or otherwise transfer the
rights and obligations under such contract from the relevant member of the Unilever Group to a member of the TMICC Group without requiring
third party consent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Supplier accepts a New IC Contracts Request from the Customer, the Customer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&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) indemnify and keep indemnified the Supplier and each other member of the Unilever Group against any Losses
incurred by the Supplier or any member of the Unilever Group (and their Representatives) (as applicable) arising out of or in connection
with: (I) the Supplier or relevant member of the Unilever Group entering into the New IC Contract on the Customer's or a member
of the TMICC Group's behalf; and (II) performance of that New IC Contract; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) grant, or procure that the relevant member of the TMICC Group grants, the relevant member of the Unilever
Group any necessary licences to Customer Data and other Customer IPR or other members of the TMICC Group which are required by the Unilever
Group to perform the New IC Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **IC Contract Transfers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.1** Subject to Clauses 6.2.3 to 6.2.9, the Supplier shall, or shall procure that the relevant member of the
Unilever Group shall, transfer to the Customer (or such other member of the TMICC Group as may be nominated by the Customer) (the "**IC Contract Transferee**") the IC Contracts effective on the date of IT Go-Live applicable to the jurisdiction in which the IC Contract
Transferee is located. The Customer shall, or shall procure that the relevant member of the TMICC Group shall, accept such transfer of
the IC Contracts from the Unilever Group. The Customer shall provide the Supplier with such information and assistance as the Supplier
considers reasonably necessary to transfer the IC Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.2** Subject to Clauses 6.2.3 to 6.2.9, the Parties shall procure that each IC Contract is transferred pursuant
to a novation agreement in the form set out in Schedule 7 (*Template Novation Agreement*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.3** If any IC Contract cannot be novated or transferred to the relevant member of the TMICC Group in accordance
with Clause 6.2.1 without an IC Contract Consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this Agreement shall not be construed as a novation or transfer or an attempted novation or transfer of
such IC Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Supplier shall, and shall procure the relevant members of the Unilever Group shall, use reasonable
endeavours before the date of IT Go-Live to identify and obtain all IC Contract Consents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Supplier shall deliver to the Customer any IC Contract Consent received by the Supplier or the Unilever
Group by the date of IT Go-Live.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.4** In order to meet its obligations at Clauses 6.2.3(ii) and 6.2.3(iii), the Supplier shall, on the
date falling six (6) months following the Commencement Date, provide to the Customer a report setting out a list of all identified
IC Contract Consents as at that date (the "**IC Contract Consents Report** "). The Supplier shall subsequently update and
deliver to the Customer the IC Contract Consents Report every six (6) months following the date of its initial delivery to the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.5** Any fees, costs or charges demanded by a third party as consideration for giving the IC Contract Consent
shall be borne by the Customer. The Supplier shall include the anticipated cost (as at the date of the relevant IC Contract Consents Report)
of obtaining each IC Contract Consent in each iteration of the IC Contract Consents Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.6** If the cost of obtaining any IC Contract Consent exceeds €25,000 (the "**Excess Amount** "),
the Supplier shall, prior to incurring any such costs, notify the Customer in writing of such Excess Amount. Such notification shall include
reasonable details of the amount of, and reasons for, the Excess Amount (the "**Excess Amount Notice** "). After issuing
the Excess Amount Notice, the Supplier shall, on request, allow the Customer to engage directly with any relevant third parties in relation
to the negotiation of such costs on the condition that any such negotiation must be completed by the applicable date of IT Go-Live.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.7** Subject to Clause 6.2.8, the Customer shall, from the date of IT Go-Live, assume, carry out, perform and
discharge the Supplier's (or relevant member of the Unilever Group's) obligations under the IC Contracts and shall indemnify
and keep indemnified the Supplier and each other member of the Unilever Group against all Losses incurred by the Supplier or any other
member of the Unilever Group (and their Representatives) (as applicable) arising from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the failure of the Customer or the relevant member of the TMICC Group to assume, carry out, perform or
discharge such obligations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Supplier or any member of the Unilever Group taking any reasonable action to avoid, resist or defend
any liability referred to in this Clause 6.2.7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.8** If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an IC Contract Consent has not been obtained (either by the Supplier or by the Customer if the Customer
has elected to engage directly with relevant third parties pursuant to Clause 6.2.6); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an IC Contract has otherwise not been novated or transferred to a member of the TMICC Group,

by the date of IT Go-Live, then the Supplier, or the relevant member of the Unilever Group, shall be entitled to terminate the IC Contract and the obligations of the Parties in relation to such IC Contract shall cease forthwith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.9** Where an IC Contract is terminated pursuant to Clause 6.2.8, the Customer shall indemnify and keep indemnified
the Supplier and each other member of the Unilever Group (and their Representatives) against all Losses incurred by the Supplier or any
other member of the Unilever Group (and their Representatives) (as applicable) arising out of or in connection with the termination of
such IC Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.10** Where an IC Contract is required in order for the Supplier or relevant member of the Unilever Group to
provide, or procure the provision of, any element of the Services or Local Services (the "**IC Contract Dependent Service Element** "),
the Supplier or relevant member of the Unilever Group shall not be obliged to provide, or procure the provision of, the IC Contract Dependent
Service Element following the date of IT Go-Live and shall notify the Customer of that fact. In such
event, the Customer shall be relieved from paying that portion of the Service Charges which is commensurate with or attributable to the
IC Contract Dependent Service Element, as the case may be.

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| | |
|:---|:---|
| **7** | **Term and Termination** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Term** 

This Agreement shall commence on the Commencement Date and, unless terminated earlier in accordance with the terms of this Agreement, shall terminate when the last Service is terminated (the "**Term**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Service Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.1** Each Service will terminate at the end of the relevant Service Term, unless terminated earlier in accordance
with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.2** Subject to Clause 7.2.3 (*Service Termination*), the Customer may terminate any Service before the
end of the relevant Service Term in accordance with the early termination rights (if any) for the relevant Service specified in Part A
of Schedule 1 (*Services and Service Charges*). The Customer must notify the Supplier of any such termination in writing, such notice
to be given in accordance with the termination notice period set out in Part A of Schedule 1 (*Services and Service Charges*)
for the relevant Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.3** If any Service is identified as being interdependent with one or more Services in Part A of Schedule
1 (*Services and Service Charges*), the termination of any such Service shall also terminate any interdependent Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.4** If any Local Service is identified as being interdependent with one or more Services in Part A of
Schedule 1 (*Services and Service Charges*), on the termination of any such Service:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Supplier shall procure that the relevant member of the Unilever Group shall terminate any interdependent
Local Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Customer shall procure that the relevant member of the TMICC Group consent to the termination of any
interdependent Local Service (irrespective of any notice or other rights that the member of the TMICC Group may have under a Transitional
Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** **Change of control** 

Provision of any Intercompany Service shall terminate immediately on (i) an IPO or (ii) a Change of Control of TMICC TopCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4** **Termination for Insolvency** 

Either Party may terminate this Agreement immediately by written notice to the other Party if that other Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.1** becomes unable to pay its debts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.2** enters into liquidation (except for the purposes of a solvent amalgamation or reconstruction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.3** makes an arrangement with its creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.4** has a receiver, administrator or administrative receiver appointed over all or any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.5** ceases or threatens to cease trading or is dissolved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.6** takes or suffers to be taken any similar action in consequence of a debt; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.7** is subject to any procedure equivalent to any of the preceding matters in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5** **Termination for Breach** 

A Party may terminate this Agreement immediately by written notice to the other Party if that other Party commits a material breach of any of its obligations under this Agreement and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5.1** where the breach is capable of being remedied, that breach has not been remedied within 30 days after
receipt of written notice giving full particulars of the breach and requiring the other Party to remedy it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5.2** where the breach is not capable of being remedied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the terminating Party has first referred the matter to the Chief Financial Officer of the Customer and
the Chief Financial Officer of the Supplier; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) those individuals have not resolved the matter after a period of five (5) Business Days following
the date on which such matter is referred to them in accordance with Clause 7.5.2(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6** **Non-Payment of the Service Charges** 

If any Service Charges remain unpaid after the due date for payment, the Supplier may take either or both of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6.1** give the Customer 30 days' notice that it intends to suspend one or more of the Services in respect
of which there are outstanding Service Charges. If the Customer has not paid all the unpaid Service Charges, including any interest due
on such sums pursuant to Clause 4.7 (*Interest*), by the end of this period, the Supplier may immediately suspend the relevant Services
until all outstanding Service Charges, including any interest due on such sums pursuant to Clause 4.7 (*Interest*), are paid in full;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6.2** treat the failure to pay the Service Charges as a remediable material breach by the Customer for the purposes
of Clause 7.5 (*Termination for Breach*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7** **Survival of Rights on Termination or Expiry** 

Termination or expiry of this Agreement shall not affect any rights or obligations which may have accrued prior to termination or expiry. The obligations of each Party set out in any Clause intended to survive such termination or expiry, including this Clause 7.7 (*Survival of Rights on Termination or Expiry*) and Clauses 1 (*Definitions and Interpretation*), 4 (*Service Charges and Payment*), 5 (*Warranties and Obligations*), 8 (*Migration*), 9 (*Liability*), 10 (*Indemnity*), 11 (*Inventory Working Capital Subsidy*), 12 (*Non-Inventory Working Capital Subsidy*), 14 (*Dispute Resolution*), 15 (*Intellectual Property Rights*), 19 (*Confidentiality*), 21 (*Employees*) and 22 (*Other Provisions*) and Schedule 3 (*Financial Processes*), shall continue in full force and effect notwithstanding termination or expiry of this Agreement.

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| | |
|:---|:---|
| **8** | **Migration** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **Transfer Plan** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.1** The Customer shall prepare a draft transfer plan, which shall address the matters stated in Schedule 6
(*Transfer Plan*) and shall set out the steps the Parties intend to take to enable each of the Services, and any Local Services,
to be transferred to a Successor Operator. The draft transfer plan shall include the Service Migration Requirements for each Service and
Local Service. If any Services, or Local Services, are likely to terminate on different dates, the draft transfer plan will also identify
any dependencies between those services. The Supplier shall provide the Customer with any assistance and information reasonably required
by the Customer to produce the draft transfer plan, including providing reasonable information about the Services and Local Services (and
planning assumptions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.2** The Customer shall deliver the draft transfer plan to the Supplier within:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 30 days of the Commencement Date for (a) services in Schedule 1 (*Services and Service Charges*)
with a Service Term of 6 months or less and (b) Intercompany Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 90 days of the Commencement Date for (a) any services in Schedule 1 (*Services and Service Charges*)
with a Service Term greater than 6 months and (b) any other matters to be addressed in the transfer plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.3** The Supplier shall review the draft transfer plan and provide comments within 20 Business Days of receipt.
The Parties shall then discuss and agree the final transfer plan and, once agreed, the Customer shall issue a final transfer plan to the
Supplier (the "**Transfer Plan**") within 10 days of the date it was agreed reflecting any reasonable comments made by
the Supplier on the draft transfer plan. Once the Transfer Plan has been agreed between the Parties, they shall both sign and date a copy
of such Transfer Plan so that it is clear which version of the Transfer Plan was agreed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.4** The Customer shall issue an updated copy of the Transfer Plan whenever there is a material change to the
Services (as agreed between the Parties) and, in any event, at least once every six months. Following any such update, the Customer shall
provide an updated draft of the Transfer Plan to the Supplier for its review, and shall amend it in accordance with any comments made
by the Supplier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.5** The Parties acknowledge it is of critical importance to the Customer that any transfer of the Services
to a Successor Operator is carried out in an orderly fashion with the minimum disruption to the IC Business. Accordingly, the Supplier
shall provide such assistance as the Customer reasonably requires to test the Transfer Plan and otherwise test the process to transfer
part or all of the Services to the Successor Operator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.6** Any disagreement over the content of the Transfer Plan shall be treated as a<br>
Dispute and resolved in accordance with Clause 14 (*Dispute Resolution*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **Execution of the Transfer Plan and Transfer of the Services and Local Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.1** The Customer shall, and shall procure that the Additional Service Recipients shall, and the Supplier shall,
and shall procure that any relevant member of the Unilever Group shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) carry out their obligations under the Transfer Plan in relation to each terminating Service and terminating
Local Service (together the "**Terminating Services** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) meet the Transfer Plan Milestones set out in Appendix 1 of Schedule 6 (*Transfer Plan*) that fall
due prior to the Parties agreeing the Transfer Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.2** Without prejudice to its obligation to carry out the Transfer Plan, in relation to each Terminating Service,
the Supplier shall, and shall procure that any relevant member of the Unilever Group shall, use its reasonable endeavours to extract Customer
Data and Customer Group Data from the Supplier's Systems and provide it to the Successor Operator. Once the Supplier and the Unilever
Group have provided Customer Data and Customer Group Data to the Successor Operator, the Supplier shall, and shall procure that any relevant
member of the Unilever Group shall, delete or destroy its copy of such data in all live production IT systems, unless required to maintain
a copy by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.3** Where any ongoing Service or Local Service is dependent on a Terminating Service, the Supplier shall,
and shall procure that the Unilever Group shall, use its reasonable endeavours to mitigate the effect of the dependency, but shall not
otherwise be liable for any failure in the ongoing Service and/or Local Service resulting from that dependency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.4** The Customer shall pay the Supplier's and the Unilever Group's costs and expenses incurred
in carrying out the Transfer Plan and its other obligations under this Clause 8.2 (*Execution of the Transfer Plan and Transfer of the Services*), unless otherwise agreed in the Transfer Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.5** Nothing in this Clause 8 (*Migration*) shall require the Supplier or any member of the Unilever Group
to delete Customer Data or Customer Group Data from archives, backup tapes or systems or offline storage facilities. Where Customer Data
or Customer Group Data remains in such archives, backup tapes or systems or offline storage facilities, the Supplier shall, and shall
procure that any other relevant member of the Unilever Group shall, not use such Customer Data or Customer Group Data (as applicable)
other than: (i) as required to by Applicable
Law; and/or (ii) in accordance with the Supplier's data retention policies.

---

| | |
|:---|:---|
| **9** | **Liability** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Exclusions** 

Subject to Clause 9.3 (*Exceptions*) but otherwise notwithstanding any other provision of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.1** neither the Supplier nor any other member of the Unilever Group shall be liable to the Customer, the Additional
Service Recipients or to any third party, whether in contract (including under any indemnity), in tort (including negligence), under statute
or otherwise, under or in connection with this Agreement or the provision of the Services for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Losses to the extent that such Losses are caused by, or are a result of, the failure by the Customer
or any other member of the TMICC Group (including the Additional Service Recipients) to perform any of their obligations under this Agreement
or any other agreement between a member of the TMICC Group and the Unilever Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Losses to the extent that such Losses are caused by, or are a result of, any failure by a Third Party
Supplier to comply with the relevant Third Party Agreement or any deficiency in the performance by a Third Party Supplier, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in cases where such Losses are Material, the Customer may request that the Supplier or the relevant member
of the Unilever Group pursue a Third Party Supplier for any such Material Losses incurred (at the Customer's cost) in which case
the Supplier or the relevant member of the Unilever Group shall, in good faith, consider the Customer's request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the Supplier or another member of the Unilever Group pursues such claim and recovers any Losses
from the relevant Third Party Supplier, the Supplier's or the relevant member of the Unilever Group's liability shall not
be excluded, but shall be limited to such sums that are recovered by the Supplier or the relevant member of the Unilever Group from the
Relevant Third Party Supplier and are attributable to those Losses suffered by the Customer or the relevant Additional Service Recipient;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.2** neither (i) the Supplier or any other member of the Unilever Group, or (ii) the Customer shall
be liable to the other Party, the Additional Service Recipients or to any third party, whether in contract (including under any indemnity
(subject to Clause 16.5 (*Network Access*))), in tort (including negligence), under statute or otherwise, under or in connection
with this Agreement or the provision of the Services for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any loss of production, loss of profit, loss of revenue, loss of contract, loss or corruption of data,
loss of goodwill, business interruption or loss of claim; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any indirect or consequential Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.3** For the purposes of Clause 9.1.1(ii) (*Exclusions*), the term "Material" shall mean
any Losses equal to or greater than €100,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** **Fiscal Limits - Contract Year** 

Subject to Clause 9.3 (*Exceptions*) and to the maximum extent permitted by Applicable Law, each of (i) the Supplier's and any other member of the Unilever Group's and (ii) the Customer's aggregate liability, whether in contract (including under any indemnity), in tort (including negligence), under statute or otherwise under or in connection with this Agreement or the provision of the Services shall in respect of all liabilities that arise in an Annual Liability Period be limited to an amount equal to 50 per cent. of the total Service Charges paid and payable to the Supplier or any other member of the Unilever Group pursuant to this Agreement in such Annual Liability Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3** **Exceptions** 

The limits on liability set out in this Clause 9 (*Liability*) shall not apply in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.1** any liability for death or personal injury resulting from a Party's negligence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.2** any liability for fraud or fraudulent misrepresentation by a Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.3** the obligation on the Customer to pay the Service Charges and other charges under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.4** any breach of any obligations implied by the Supply of Goods and Services Act 1982;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.5** any liability arising under Clause 10 (*Indemnity*) or Clause 16.5 (*Network Access*) or Schedule
2 (*Employees*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.6** any liability of the Customer arising under or in connection with the indemnities under Clause 6 (*IC Contracts*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.7** the obligations under or liability for breach of Clause 19 (*Confidentiality*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.8** any other liability to the extent to which it cannot be lawfully excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4** **Mitigation of Losses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4.1** Each Party's liability to the other Party for Losses under, in terms of, or pursuant to this Agreement
shall be reduced to the extent that the other Party's negligence or wilful misconduct, wrongful act or omission or any breach of
this Agreement by the other Party contributes to such Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4.2** Each Party shall use its reasonable endeavours to mitigate its Losses arising out of or in any way related
to this Agreement.

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| | |
|:---|:---|
| **10** | **Indemnity** |

---

The Customer shall indemnify and keep indemnified the Supplier and each other member of the Unilever Group (and their Representatives) against all Losses incurred by the Supplier or any other member of the Unilever Group (and their Representatives) (as applicable) in respect of the Customer's or any Additional Service Recipient's breach of the terms of this Agreement or the Customer's or an Additional Service Recipient's negligence or wilful misconduct.

---

| | |
|:---|:---|
| **11** | **Inventory Working Capital Subsidy** |

---

Schedule 4 (*Inventory Working Capital Subsidy*) shall apply in respect of any inventory working capital subsidy.

---

| | |
|:---|:---|
| **12** | **Non-Inventory Working Capital Subsidy** |

---

Schedule 5 (*Non-Inventory Working Capital Subsidy*) shall apply in respect of any non-inventory working capital subsidy.

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| | |
|:---|:---|
| **13** | **Contract Management** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1** **Relationship Managers** 

The principal point of contact between the Customer and the Supplier in relation to issues arising out of this Agreement, escalated in connection with a Transitional Agreement or the performance of the Services, will be the Relationship Managers. Either Party may change the identity of its Relationship Manager at any time by written notice to the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2** **Meetings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2.1** Every two weeks during the Term of this Agreement (or at such other frequency as the Parties may agree),
the Parties shall procure that their respective Relationship Managers meet (each such meeting a "**Management Meeting** ")
for the purposes of considering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any issues arising out of the performance of the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other issues arising under or in connection with this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any issues escalated to the Relationship Managers in connection with a Transitional Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2.2** In order to facilitate each Management Meeting, each Relationship Manager shall procure that the other
Relationship Manager is supplied with any necessary data or information which is proposed to be discussed at the relevant Management Meeting
prior to such meeting (unless otherwise agreed between the Parties).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3** **Changes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3.1** If any member of the Unilever Group (or any part of it) shall amend or develop the scope or standard of
any service it provides to its own business or to any other member of the Unilever Group (or any part of it) which is of a similar nature
to any Service (or any part of any Service), the Supplier may make similar amendments or developments to the scope and standard of such
Service (or any part of such Service), provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Supplier gives the Customer reasonable advance notice of the relevant amendment or development; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the scope and standard of such Service (or any part of such Service) is in all material respects no lower
than the scope and standard at which such Service (or any equivalent service) is provided by the Supplier or any other member of the Unilever
Group to a material proportion of the Unilever Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3.2** Subject to Clause 2.4 (*Extension of the Service Term*), if the Customer requests a change to any
Service(s), the Supplier shall, in good faith, consider the proposed change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3.3** If the Parties agree to any change to the Service Term, scope or Service Charge for any Service in the
Transfer Plan, Schedule 1 (*Services and Service Charges*) shall be updated to reflect any such changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3.4** Any changes to the Transfer Plan shall be in writing and subject to the prior written approval of the
Supplier.

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| | |
|:---|:---|
| **14** | **Dispute Resolution** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1** The Parties shall attempt to resolve any dispute in relation to any aspect of, or failure to agree any
matter arising in relation to, this Agreement or any document agreed or contemplated as being agreed pursuant to this Agreement (a "**Dispute** ")
informally through discussion between themselves brought about through the following disputes procedure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1.1** any Dispute shall in the first instance be referred to the Relationship Managers of each Party who shall
discuss and attempt to resolve the Dispute within 15 Business Days of the Dispute having been referred to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1.2** if the Dispute cannot be resolved by the Relationship Managers of each party within 15 Business Days,
either Party may refer the Dispute to the Chief Financial Officer of the Customer and the Chief Financial Officer of the Supplier who
shall discuss and attempt to resolve the Dispute within 15 Business Days of the Dispute having been referred to them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1.3** if no agreement is reached by the persons referred to in Clause 14.1.2 (*Dispute Resolution*) within
15 Business Days, the dispute resolution process shall be deemed to have been exhausted in respect of the Dispute, and each Party shall
be free to pursue the rights granted to it by this Agreement in respect of such Dispute without further reference to this disputes procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2** The provisions of this Clause 14 (*Dispute Resolution*) shall not prevent either Party from applying
for interim relief whilst the Parties attempt to resolve a Dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3** For the purpose of resolving any Dispute, each Party shall give the other Party reasonable access at reasonable
times to books and records relating to the relevant Dispute which are in its possession or control, save that
any documents, communications or other materials that are subject to legal professional privilege shall not be provided.

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| | |
|:---|:---|
| **15** | **Intellectual Property Rights** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1** **Supplier IPR Ownership and Licence** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1.1** The Customer agrees that if the Supplier, in the performance of its obligations under this Agreement,
makes available to the Customer or any Additional Service Recipients any Intellectual Property Rights owned by, or licensed by a third
party to, the Supplier or another member of the Unilever Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) those Intellectual Property Rights will remain the sole property of the Supplier or the relevant member
of the Unilever Group, or their licensors (as appropriate); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Supplier or the relevant member of the Unilever Group, or their licensors (as appropriate) owning
such Intellectual Property Rights, shall own all Intellectual Property Rights subsisting in any and all adaptations of, modifications
and enhancements to and works derived from such Intellectual Property Rights,

all such Intellectual Property Rights being "**Supplier IPR**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1.2** Subject to obtaining the relevant Third Party Consents, the Supplier hereby grants, or shall procure the
grant of, a non-exclusive, non-sublicensable (except as set out in Clause 15.1.3 (*Supplier IPR Ownership and Licence*)), non-transferable
licence to the Customer and the Additional Service Recipients to use the Supplier IPR for the relevant Service Term solely to the extent
necessary for the receipt of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1.3** The Customer and the Additional Service Recipients may sub-license the rights granted to them pursuant
to Clause 15.1.2 (*Supplier IPR Ownership and Licence*) only to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any other member of the TMICC Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any third party suppliers of the TMICC Group,

in each case solely to the extent necessary for the receipt of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2** **Customer IPR Ownership and Licence** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2.1** The Supplier agrees that if the Customer, any Additional Service Recipients or any third parties acting
on the Customer's or any Additional Service Recipient's behalf, makes available to the Supplier, another member of the Unilever
Group or a Third Party Supplier any Intellectual Property Rights owned by, or licensed by a third party to, the Customer, an Additional
Service Recipient or another member of the TMICC Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Intellectual Property Rights will remain the sole property of the Customer, the relevant Additional
Service Recipient or the relevant member of the TMICC Group, or their licensors (as appropriate); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Customer, the relevant Additional Service Recipient or the relevant member of the TMICC Group, or
their licensors (as appropriate) owning such Intellectual Property Rights, shall own all Intellectual Property Rights subsisting in any
and all adaptations of, modifications and enhancements to and works derived from such Intellectual Property Rights,

all such Intellectual Property Rights being "**Customer IPR**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2.2** Subject to obtaining the relevant Third Party Consents, the Customer hereby grants, or shall procure the
grant of, a non-exclusive, non-sublicensable (except as set out in Clause 15.2.3 (*Customer IPR Ownership and Licence*)), non-transferable
licence to the Supplier to use the Customer IPR for the relevant Service Term solely to the extent necessary for the provision of the
Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2.3** The Supplier may sub-license the rights granted to it pursuant to Clause 15.2.2 (*Customer IPR Ownership and Licence*) only to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any other member of the Unilever Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Third Party Suppliers,

in each case, solely to the extent necessary for the provision of the Services.

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| | |
|:---|:---|
| **16** | **Network Access** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1** The Customer shall comply, and shall procure that each User complies, with the information security procedures
of the Unilever Group, as such procedures are notified to the Customer from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2** IC shall not, and shall procure that each User does not, at any time commit or allow its representatives
to commit any act of Unauthorised Use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.3** In the event of any breach of Clause 16.2 (*Network Access*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.3.1** the Supplier shall be entitled to immediately suspend:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the provision of any affected Service; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) access to any affected Supplier's System,

until the Supplier is reasonably satisfied that the Unauthorised Use has ceased and will not recur; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.3.2** the Supplier shall have no liability under this Agreement in connection with the suspension of the provision
of any Services or access to any Supplier's System pursuant to Clause 16.3.1 (*Network Access*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.4** The Customer shall, and shall procure that each User shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.4.1** at all times maintain appropriate and proportionate measures (including appropriate and proportionate
cybersecurity protection, maintenance of an appropriate data life cycle, encryption of data and monitoring of the security of networks)
to ensure the security of its systems and to protect the Supplier's Systems and the data of any member of the Unilever Group from
third parties, including from any cyber-attack, virus, worm or other computer software code which could:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) permit access or use of the Supplier's Systems by a third party other than as expressly authorised;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) disable, damage or erase or disrupt or impair the normal operation of the Supplier's Systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.4.2** not attempt to obtain access, use or interfere with the Supplier's Systems or the data of any member
of the Unilever Group, except to the extent required to do so to receive the Services or as otherwise permitted under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.4.3** only authorise its directors, officers, employees, agents and contractors to access the Supplier's
Systems and the data of any member of the Unilever Group to the extent necessary for the receipt of the Services by the Customer or an
Additional Service Recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.4.4** maintain a written record of all persons who are authorised to access the Supplier's Systems and
the data of any member of the Unilever Group, and provide a current copy of such record to the Supplier promptly on request by the Supplier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.4.5** advise all of its directors, officers, employees, agents and contractors and any other party that it allows
to access the Supplier's Systems that all users of the Supplier's Systems are subject to having all of their activities on
the Supplier's Systems monitored by the Supplier (or any other member of the Unilever Group);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.4.6** promptly notify the Supplier, in writing, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any actual or suspected attempts by its or an Additional Service Recipients' employees, agents,
contractors or any other person with access to the Supplier's Systems to improperly or without authorisation access the Supplier's
Systems or the data of any member of the Unilever Group, and develop and implement a plan to limit the damage caused by such incidents
and prevent and remedy similar incidents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any breach of this Clause 16 (*Network Access*) or any other event relating to it that is likely
to materially affect the security of the Supplier's Systems or data, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.4.7** permit the Supplier to inspect and audit its procedures related to its compliance with this Clause 16.4
(*Network Access*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.5** In the event of any breach of Clause 16.2 (*Network Access*) or 16.4.1 (*Network Access*), the
Customer shall indemnify and hold harmless the Supplier and each other member of the Unilever Group against all Losses incurred by the
Supplier or any other member of the Unilever Group (as applicable) as a result of any such breach. The exclusion on loss or corruption
of data set out in Clause 9.1.2(i) (*Exclusions*) shall not apply to this indemnity.

---

| | |
|:---|:---|
| **17** | **Temporary Shutdown of IT Systems** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1** The Supplier shall, acting reasonably, have the right to temporarily suspend the provision of the Services
(or any part of the Services) as a result of a Temporary Shutdown of IT Systems, provided that the Supplier:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1.1** gives the Customer reasonable notice of such suspension;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1.2** informs the Customer of the likely duration of the relevant Temporary Shutdown of IT Systems, and when
the provision of the Services is likely to resume; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1.3** uses its reasonable endeavours to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) minimise interruptions to the provision of the Services (or any part of the Services); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) mitigate the consequences for the Customer of any interruptions arising from any Temporary Shutdown of
IT Systems,

including, to the extent reasonably practicable, by implementing workaround solutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2** Subject to the Supplier having complied with the provisions of Clause 17.1, the Supplier shall not have
any liability to the Customer and Additional Service Recipients in connection with any failure to provide the Services (or any part of
the Services) during any Temporary Shutdown of IT Systems.

---

| | |
|:---|:---|
| **18** | **Data Protection** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.1** **General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.1.1** Each Party shall comply with Data Protection Legislation in relation to the matters set out in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.1.2** As between the Customer and the Supplier, the Customer shall provide instructions and otherwise act on
behalf of each Additional Service Recipient in connection with the exercise of any rights or obligations set out in this Clause 18 (*Data Protection*) and the Supplier shall be entitled to rely on the instructions of the Customer as if they were the instructions of the
relevant Additional Service Recipient that is the data controller of the relevant processing of Personal Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.1.3** The scope of the processing carried out by the Supplier under this Agreement is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) scope, nature and purpose of processing: As set out in Schedule 1 (*Services and Service Charges*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) duration: for the term of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) types of Personal Data and categories of data subjects: Personal Data (if any) in respect of employees,
customers, consumers and suppliers processed by the Supplier in providing the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.2** **Processing of Personal Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.2.1** The Supplier confirms that it acts as a data processor of the Customer when processing Customer Data in
the course of providing the Services. As a result, the Supplier shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) only process Personal Data on the documented instructions of the Customer (which shall include the terms
of this Agreement), unless required to process that Personal Data for other purposes by English law, European Union law or the law of
any state that is a Member State of the European Union. Where such a requirement is placed on the Supplier it shall provide prior notice
to the Customer unless the relevant law prohibits the giving of notice on important grounds of public interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) inform the Customer if, in its opinion, the Customer's instructions would be in breach of Data Protection
Legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide reasonable assistance to the Customer to allow it to conduct privacy impact assessments (and any
related consultations) where required under Data Protection Legislation and to respond to requests from individuals exercising their rights
under Data Protection Legislation. The Customer shall pay the Supplier for any reasonable costs incurred by the Supplier or any of its
sub-contractors (as applicable) in providing that assistance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.2.2** At the request of the Customer and only in relation to such processing as the Supplier conducts as a data
processor for the Customer, the Supplier shall provide evidence of, and allow the Customer (or an auditor nominated by the Customer) to
audit, its compliance with this Clause 18 (*Data Protection*). Subject to Clause 18.2.3, the Customer (or an auditor nominated by
the Customer) shall only be permitted to audit the Supplier a maximum of once every 12 months, on providing a minimum of 30 days'
written notice, and the Customer shall pay the Supplier for any reasonable costs incurred in facilitating such audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.2.3** Notwithstanding Clause 18.2.2, the Customer (or an auditor nominated by the Customer) shall be entitled
to conduct additional audits of the Supplier's compliance with this Clause 18 (*Data Protection*) within a 12 month period
if and when required by instruction of a competent data protection authority. Where such an audit is required, the Customer shall provide
as much notice as it reasonably can to the Supplier in advance of the audit. The Customer shall pay the Supplier for any reasonable costs
incurred in facilitating such audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.3** **Data Security** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.3.1** The Supplier shall take appropriate technical and organisational measures to protect Personal Data against
accidental or unlawful destruction or accidental loss, alteration, unauthorised disclosure or access and against all other unlawful forms
of processing. Those measures shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ensuring any of its employees or agents or other persons to whom it provides access to Personal Data are
obliged to keep it confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the use of pseudonymisation and encryption of Personal Data, where appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) measures to ensure the ongoing confidentiality, integrity, availability and resilience of the Supplier's
Systems and services, where appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the ability to restore the availability and access to Personal Data in a timely manner in the event of
a physical or technical incident, where appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a process for regularly testing, assessing and evaluating the effectiveness of technical and organisational
measures for ensuring the security of the processing of Personal Data, where appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.3.2** The Supplier shall provide reasonable assistance to the Customer to comply with its own data security
obligations under Data Protection Legislation to the extent those security obligations relate to the Supplier's activities as data
processor for the Customer. The Customer shall pay the Supplier for any reasonable costs incurred in providing that assistance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.3.3** The Supplier shall notify the Customer without undue delay should it become aware of a security breach
affecting Personal Data. At the request of the Customer, the Supplier shall provide reasonable and timely assistance to the Customer in
connection with such security breach and take such measures as are necessary to address the security breach, mitigate its effects and
prevent further breaches. The Customer shall pay the Supplier for any reasonable costs incurred in providing such assistance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.4** **International Transfers of Personal Data** 

At the Customer's request and where necessary for compliance with Data Protection Legislation, the Supplier shall enter into UK and/or EU model contracts (as appropriate) with the Customer (or such other person as the Customer may reasonably specify).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.5** **Defined Terms** 

For the purposes of this Clause 18 (*Data Protection*), terms and expressions not defined in this Agreement shall have the meaning, if any, assigned to them by Data Protection Legislation.

---

| | |
|:---|:---|
| **19** | **Confidentiality** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1** **Duty of Confidentiality** 

Subject to Clause 19.2 (*Exceptions*), each of the Parties shall, and shall cause their Additional Service Recipients (in relation to the Customer), and their Representatives to, treat as strictly confidential and not disclose or use any information received or obtained as a result of entering into this Agreement (or any agreement entered into pursuant to this Agreement) which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1.1** the existence and provisions of this Agreement and of any agreement entered into pursuant to this Agreement;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1.2** the negotiations relating to this Agreement (and any such other agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2** **Exceptions** 

The provisions of Clause 19.1 (*Duty of Confidentiality*) shall not prohibit disclosure or use if and to the extent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2.1** the disclosure is made by either Party to its Representative, provided that such Representative is bound
by an obligation of confidentiality in respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2.2** the disclosure or use is required by Applicable Law, any regulatory body or any stock exchange on which
the shares of any Party (or its holding company) are listed (including where this is required as part of, or is otherwise in connection
with, its financial or shareholder reporting and any actual or potential offering, placing and/or sale of securities of any member of
the Unilever Group or the TMICC Group);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2.3** the disclosure or use is required to vest the full benefit of this Agreement in either Party or for the
provision or receipt of the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2.4** the disclosure or use is required for the purpose of any arbitral or judicial proceedings arising out
of this Agreement or any other agreement entered into under or pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2.5** the disclosure is made to a Tax Authority in connection with the Tax affairs of the disclosing Party or
any member of the Unilever Group, in relation to the Supplier, or the TMICC Group, in relation to the Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2.6** the disclosure is made to professional advisers or actual or potential financiers of either Party, provided
that such professional advisers or financiers undertake to comply with confidentiality obligations broadly equivalent to those set out
in this Clause 19 (*Confidentiality*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2.7** the disclosure is made by the Customer to a provider of debt or equity funding to the Customer (or a member
of the TMICC Group) in connection with the transactions contemplated by this Agreement or to the professional advisers of any such funding
sources, provided that such funding sources or advisers are bound by an obligation of confidentiality in respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2.8** the disclosure is made by or on behalf of the Customer to any rating agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2.9** the information is or becomes publicly available (other than by breach of this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2.10** the other Party has given prior written approval to the disclosure or use; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2.11** it can be demonstrated by documentation or other competent evidence that the information has been independently
developed after the Commencement Date without reference to the other Party's confidential information,

provided that prior to disclosure or use of any information pursuant to Clauses 19.2.2 or 19.2.4 (*Exceptions*), the Party concerned shall, where not prohibited by Applicable Law, promptly notify the other Party of such requirement with a view to providing that other Party with the opportunity to contest such disclosure or use or otherwise to agree the timing and content of such disclosure or use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.3** **Parties** 

References to "**Party**" in this Clause 19 (*Confidentiality*) include members of the Unilever Group and the TMICC Group, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.3.1** the Supplier shall procure that the members of the Unilever Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.3.2** the Customer shall procure that the members of the TMICC Group,

comply with this Clause 19 (*Confidentiality*).

---

| | |
|:---|:---|
| **20** | **Force Majeure** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.1** Neither Party shall be liable to the other Party for any failure to fulfil its duties hereunder if and
to the extent that such failure results from any circumstances beyond the reasonable control of that Party, which shall include any act
of God, epidemic, pandemic, any act of war or civil or public disorder or any industrial action (other than industrial action by employees
of either Party) (a "**Force Majeure Event** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.2** The Party which is unable to comply with this Agreement due to a Force Majeure Event (the "**Affected Party**") shall give written notice to the other Party as soon as reasonably practicable upon becoming aware of the Force Majeure
Event, such notice to contain details of the Force Majeure Event, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.2.1** details of the date from which the event hindered the Affected Party in the performance of its duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.2.2** details of the affected duties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.2.3** an estimate of the date upon which performance of the affected duties can be resumed.

---

| | |
|:---|:---|
| **21** | **Employees** |

---

Schedule 2 (*Employees*) shall apply in respect of employees.

---

| | |
|:---|:---|
| **22** | **Other Provisions** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.1** **Sub-Contractors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.1.1** The Supplier may sub-contract any of its rights and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.1.2** If the sub-contract involves the processing of Personal Data on behalf of the Customer, the Supplier shall
ensure there is a written contract with the sub-contractors containing obligations equivalent to those set out in Clause 18 (*Data Protection*)
and the Supplier shall ensure the sub-contractors comply with those obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.1.3** The Customer provides a general authorisation to the Supplier to engage further processors (including
other members of the Unilever Group) to process Personal Data. On request of the Customer, the Supplier shall provide the Customer with
a list of those further processors as at the Commencement Date. The Supplier shall give the Customer prior notice of the addition or replacement
of any further processors following the Commencement Date. If the Customer reasonably objects to that change within 30 days of notification
by the Supplier, the Supplier shall take steps to resolve any reasonable concerns raised by the Customer and will inform the Customer
of those steps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.2** **Whole Agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.2.1** This Agreement constitutes the entire agreement between the Parties with respect to the subject matter
of this Agreement and (to the extent permissible by Applicable Law) supersedes all prior representations or oral or written agreements
between the Parties with respect to that subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.2.2** Each Party agrees and acknowledges that it has not been induced to enter into this Agreement by any representation,
warranty or undertaking not expressly incorporated into it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.2.3** To the maximum extent permitted by Applicable Law, all terms, conditions and warranties, other than those
expressly set out in this Agreement, are excluded including all implied and statutory terms, warranties and conditions relating to satisfactory
quality or fitness for purpose. If any legislation implies into this Agreement any term, condition or warranty which cannot be lawfully
excluded then that term, condition or warranty shall be included in this Agreement to the extent required by the relevant legislation
but each Party's liability in respect of any breach thereof shall be limited to the maximum extent (if any) permitted by that legislation.
Further, each Party agrees and acknowledges that its only right and remedy in relation to any representation, warranty or undertaking
made or given in connection with this Agreement shall be for breach of the terms of this Agreement to the exclusion of all other rights
and remedies (including those in tort or arising under statute).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.2.4** In this Clause 22.2 (*Whole Agreement*), references to "**this Agreement**" include
all documents entered into pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.3** **Termination of Existing Agreements** 

On the Commencement Date, the Supplier and Customer shall, and shall procure their Group members shall, agree which of the Existing Agreements require termination and terminate them, and ensure that no party to those terminated Existing Agreements shall have any liability as a result of such termination provided always this shall not affect any rights or obligations under the Existing Agreements which may have accrued prior to termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.4** **Publicity and Public Announcements** 

A Party must not make any public announcement or issue any circular relating to this Agreement without the prior written approval of the other Party. This does not affect any announcement or circular contemplated by Clause 19.2.2 (*Confidentiality*), but the Party making an announcement or issuing a circular shall provide prior written notice to the other Party so far as is reasonably practicable and to the extent permitted by Applicable Law before making such announcement or issuing such circular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.5** **Further Assurances** 

Each Party shall from time to time execute such documents and perform such acts and things as the other Party may reasonably require in order to give full effect to the provisions of this Agreement and the transactions contemplated by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6** **Reasonableness** 

Each Party to this Agreement confirms it has received independent legal advice relating to all the matters provided for in this Agreement, including the provisions of Clauses 9 (*Liability*) and 22.2 (*Whole Agreement*), and agrees, having considered the terms of such Clauses and this Agreement as a whole, that the provisions of such Clauses and this Agreement are fair and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.7** **Assignment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.7.1** This Agreement shall be binding on and inure to the benefit of the Parties and their successors and permitted
assigns. Subject to Clause 22.7.2 (*Assignment*), the Parties may not assign or novate all or any part of their rights or obligations
under this Agreement nor any benefit arising under or out of this Agreement without the prior written consent of the other Party (not
to be unreasonably withheld or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.7.2** The Supplier shall be entitled to assign or novate this Agreement to any member of the Unilever Group
at its discretion and the Customer shall enter into such documents as are reasonably necessary for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.7.3** This Agreement is a contract within the meaning of Regulation 4(i) of The Business Contract Terms
(Assignment of Receivables) Regulations 2018 and, accordingly, Regulation 2 of those Regulations does not apply to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.8** **Third Party Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.8.1** A person who is not a Party to this Agreement has no right under the Contracts (Rights of Third Parties)
Act 1999 to enforce any term of, or enjoy any benefit under, this Agreement, except to the extent set out in Clauses 22.8.2, 22.8.3 and
22.8.4 (*Third Party Rights*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.8.2** The members of the Unilever Group may enforce and rely on this Agreement to the same extent as if each
such member was a Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.8.3** The Additional Service Recipients may enforce and rely on this Agreement to the same extent as if each
were a Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.8.4** The Successor Operator may enforce and rely on Schedule 2 (*Employees*) of this Agreement to the
same extent as if it were a Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.8.5** This Agreement may be terminated and any term may be amended or waived without the consent of any person
described in Clauses 22.8.2, 22.8.3 and 22.8.4 (*Third Party Rights*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.9** **Variation** 

No variation of this Agreement shall be valid unless it is in writing and signed by or on behalf of each of the Parties to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.10** **Waiver** 

No failure of either Party to exercise, and no delay by it in exercising, any right, power or remedy in connection with this Agreement (each, a "**Right**") shall operate as a waiver of that Right, nor shall any single or partial exercise of any Right preclude any other or further exercise of that Right or the exercise of any other Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.11** **Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.11.1** Any notice or other communication in connection with this Agreement (each, a "**Notice** ")
shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in writing in English; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) delivered by hand, e-mail, recorded delivery or by courier using an internationally recognised courier
company.

---

| | |
|:---|:---|
| **22.11.2** | A Notice to the Supplier shall be sent to the following address, or such other person or address as the Supplier may notify to the Customer from time to time: |
|  | Unilever Europe Business Center B.V. |
|  | Weena 455, 3013 AL Rotterdam, the Netherlands |

---

E-mail: Thomas.Potter@unilever.com <br> <br> Attention: Thomas Potter

---

| | |
|:---|:---|
| **22.11.3** | A Notice to the Customer shall be sent to the following address, or such other person or address as the Customer may notify to the Supplier from time to time: |
|  | Magnum ICC Global Services B.V. |

---

E-mail: Tunay.Simsek@unilever.com <br> <br> Attention: Tunay Simsek

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.11.4** A Notice shall be effective upon receipt and shall be deemed to have been received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the time recorded by the delivery company, in the case of recorded delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the time of delivery, if delivered by hand or courier; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at the time of sending if sent by e-mail, provided that receipt shall not occur if the sender receives
an automated message that the e-mail has not been delivered to the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.11.5** A Notice that is deemed by Clause 22.11.4 to be received after 5.00 p.m. on any Business Day, or
on a Saturday, Sunday or public holiday in the place of receipt, shall be deemed to be received at 9.00 a.m. on the next day that
is not a Saturday, Sunday or public holiday in the place of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.11.6** For the purposes of this Clause 22.11, all references to time are to local time in the place of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.11.7** E-mail is not permitted for any Notice which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) terminates, gives notice to terminate or purports to terminate this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notifies or purports to initiate legal proceedings or notifies an actual or potential claim for breach
of or under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.12** **Invalidity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.12.1** If any provision in this Agreement shall be held to be illegal, invalid or unenforceable, in whole or
in part, the provision shall apply with whatever deletion or modification is necessary so that the provision is legal, valid and enforceable
and gives effect to the commercial intention of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.12.2** To the extent it is not possible to delete or modify the provision, in whole or in part, under Clause
22.12.1 (*Invalidity*) then such provision or part of it shall, to the extent that it is illegal, invalid or unenforceable, be deemed
not to form part of this Agreement and the legality, validity and enforceability of the remainder of this Agreement shall, subject to
any deletion or modification made under Clause 22.12.1 (*Invalidity*), not be affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.13** **Counterparts** 

This Agreement may be entered into in any number of counterparts all of which taken together shall constitute one and the same instrument. Any Party may enter into this Agreement by executing any such counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.14** **Independent Contractor** 

This Agreement does not set up or create an employer/employee relationship, a partnership of any kind, an association or trust between the Parties, each Party being individually responsible only for its obligations as set out in this Agreement and, in addition, the Parties agree that their relationship is one of independent contractors. Save to the extent to which a Party is specifically authorised pursuant to this Agreement or otherwise in writing in advance by the other Party, neither Party is authorised or empowered to act as agent for the other for any purpose and neither Party must on behalf of the other enter into any contract, warranty or representation as to any matter. Neither Party shall be bound by the acts or conduct of the other, save for acts or conduct which the first Party specifically authorises pursuant to this Agreement or otherwise in writing in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.15** **Appointment of Process Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.15.1** The Supplier irrevocably appoints Unilever PLC now of 100 Victoria Embankment, London EC4Y 0DY as its
agent to accept service of process in England in any legal action or proceedings arising out of this Agreement, service upon whom shall
be deemed completed whether or not forwarded to or received by the Supplier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.15.2** The Supplier agrees to inform the Customer in writing of any change of address of such process agent within
28 days of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.15.3** If such process agent ceases to be able to act as such or to have an address in England, the Supplier
irrevocably agrees to appoint a new process agent in England acceptable to the Customer and to deliver to the Customer within 14 days
a copy of a written acceptance of appointment by the process agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.15.4** The Customer irrevocably appoints The Magnum Ice Cream Company Limited now of Port Sunlight, Wirral, Merseyside,
United Kingdom, CH62 4ZD as its agent to accept service of process in England in any legal action or proceedings arising out of this Agreement,
service upon whom shall be deemed completed whether or not forwarded to or received by the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.15.5** The Customer agrees to inform the Supplier in writing of any change of address of such process agent within
28 days of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.15.6** If such process agent ceases to be able to act as such or to have an address in England, the Customer
irrevocably agrees to appoint a new process agent in England acceptable to the Supplier and to deliver to the Supplier within 14 days
a copy of a written acceptance of appointment by the process agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.15.7** Nothing in this Agreement shall affect the right to serve process in any other manner permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.16** **Governing Law and Submission to Jurisdiction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.16.1** This Agreement and any non-contractual obligations arising out of or in connection with it shall be governed
by English law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.16.2** The Parties irrevocably agree that the courts of England are to have exclusive jurisdiction to settle
any disputes which may arise out of or in connection with this Agreement and that accordingly any proceedings arising out of or in connection
with this Agreement shall be brought in such courts. Subject to the disputes procedure set out in Clause 14 (*Dispute Resolution*),
each of the Parties irrevocably submits to the jurisdiction of such courts and waives any objection to proceedings in any such court on
the ground of venue or on the ground that proceedings have been brought in an inconvenient forum.

**In witness** whereof this Agreement has been duly executed.

**UNILEVER EUROPE BUSINESS CENTER B.V.**

---

| |
|:---|
| /s/ Sebastiaan Pieter de Buck |
| Signed by |
| Sebastiaan Pieter de Buck<br> as attorney for Unilever Europe Business Center B.V. |

---

*SIGNATURE PAGE – GLOBAL TRANSITIONAL SERVICES AGREEMENT - UNILEVER*

---

| | | |
|:---|:---|:---|
| **Magnum ICC Global Services B.V.** |  |  |
| **SIGNED** | SIGNATURE: | /s/ Vanessa Paula Vilar Conte Doratioto |
| for and on behalf of |  |  |
| **MAGNUM ICC GLOBAL SERVICES B.V** | NAME: | Vanessa Paula Vilar Conte Doratioto |
|  | TITLE: | Attorney-in-fact |

---

*SIGNATURE PAGE – GLOBAL TRANSITIONAL SERVICES AGREEMENT - TMICC*

**Schedule 1<br> Services and Service Charges**

---

| | |
|:---|:---|
| **1** | **Definitions** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** In this Schedule 1, the following definitions shall apply:

"**Primary Service Term**" means the period between the commencement of the Service Term for a Service and the occurrence of IT Go Live for a Territory;

"**Ramp Down Term**" means, where applicable, the period immediately following the Primary Service Term and the occurrence of IT Go Live for a Territory;

**"Deferred Market"** means a Territory in relation to which the IC Business relating to that Territory transfers to the TMICC Group on a date which occurs after the Commencement Date;

**"Distribution Function Services"** are those Services provided by the Supplier relating to the distribution of IC Products;

"**Flexible Support Services**" means the Service set out in item G1 of the table set out in Part G of Schedule 1 (*Services and Services Charges*); and

"**FTEs**" means the individuals providing the Flexible Support Services;

"**OECD Transfer Pricing Guidelines**" means the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations 2022, as updated from time to time; and

"**Turkish Inflator**" means an exchange rate adjusted annual inflation rate based on the average annual salary increase of the Suppliers' employees in Turkey.

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| | |
|:---|:---|
| **2** | **Flexible Support Services** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** The Parties acknowledge that in respect of the Flexible Support Services, the Customer shall be responsible
for the way in which the FTEs provide the Flexible Support Services including as to their quality and sufficiency. The Customer shall
obtain and maintain in full force for the duration of the Service Term, adequate insurance cover with a reputable insurance company for
any loss, injury and damage caused by or to the FTEs during the Service Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** The Customer acknowledges that neither the Supplier nor any other member of the Unilever Group is responsible
for the way in which the FTEs provide the Flexible Support Services and waives all and any claims that it may have against the Supplier
and each member of the Unilever Group arising out of any act or omission of the FTEs in carrying out the Flexible Support Services.

---

| | |
|:---|:---|
| **3** | **Services Charges** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** The Service Charges detailed in this Schedule 1 (*Services and Service Charges*) are annualised charges
and the applicable monthly Service Charges will be calculated as 1/12 of the annual charge. At the end of each calendar year the Service
Charges will increase globally by a 2% inflator except for Service Charges for Services delivered in Turkey, where the Service Charges
will be inflated by the Turkish Inflator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** Services provided by the Supplier under this Schedule 1 (*Services and Service Charges*) shall be
remunerated in accordance with the arm's length principle, in line with the OECD Transfer Pricing Guidelines. Considering the
functions, assets and risks undertaken by Unilever in relation to the Services set out below, Unilever will be remunerated on a cost-plus
basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** During the Primary Service Term, the full Service Charges apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** During the Ramp Down Term, the Service Charges are reduced to 25% of the Services Charges that applied
during the Primary Service Term.

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| | |
|:---|:---|
| **4** | **Types of Services** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** The services in this agreement are divided into specific sections:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.1** **Global TSA (Part A)**: These are Services that are billed globally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.2** **Intercompany Services (Part B)**: These are Services that terminate on (i) a Change of
Control or (ii) an IPO, of TMICC TopCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.3** **Local TSA (Part C)**: Services that are invoiced locally under a Local Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.4** **Distribution Function Activities (Part D)**: Activities that are charged under a Local OMA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.5** **Mexico Services (Part E)**: Local Services that are delivered in Mexico;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.6** **Deferred Market Global Services (Part F)**: Global Services for Deferred Markets where the Territories
are material;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.7** **Flexible Support Services (Part G)**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.8** **Approach to Advance Funding of Services (Part H)**.

**Part A: Global TSA**

This Part A sets out the Services which are provided pursuant to this Agreement. Services billed globally for Deferred Markets are detailed in Part F of Schedule 1 (*Services and Service Charges*).

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> Down<br> Term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>1</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
| **A1** | **Sustainability Finance - Non financial reporting** | Provision of non-financial reporting data and systems in line with European Sustainability Reporting Standard (ESRS) reporting requirements, including: -<br>a) Allocation method to identify the Customer's specific data for 2025 with each metric team and prepare one the Customer's Basis of Preparation ("**BOP**") setting out each allocation method.<br>b) Provide the Customer's specific data for Jan-Dec 2025 or at 31 Dec 2025 for the Supplier's reported non-financial metrics.<br>c) Provide briefing on the Customer's disclosure requirements for 2025<br>d) Review of metric data in readiness for 2025 reporting.<br>e) Liaison with external auditors to validate the Customer's data separation for 2025 as part of the Supplier's global audit.<br>| 9 months Until 31/03/2026 | N/A | Global fixed monthly charge equating to €100.3k per annum | Yes - Global | 3 months' prior written notice | Dependent on IT Services | ESG | Global | Globally invoiced under this Agreement |
| **A2** | **Sustainability Reporting GBS - Non financial reporting** | Provision of collection, reporting and tagging services for non-financial metrics by GBS, including: -<br>a) ESRS formats for reporting each IC data point in the Supplier's ELMA System or the equivalent tool selected by the Supplier's;<br>b) Collection of data from metric owners to support the Customer's metric reporting through ELMA or the equivalent tool selected by the Supplier's;<br>| 9 months Until 31/03/2026 | N/A | Global fixed monthly charge equating to €78k per annum | Yes - Global | 3 months' prior written notice | Dependent on IT Services | ESG | Global | Globally invoiced under this Agreement |

---

<sup>1</sup>The Interdependent services are those that are required to be in place to support the delivery of the service. Termination of a Service/Function does not terminate the Interdependent services. For example, terminating Marketing Services would not terminate the IT Services however terminating the IT Services would terminate the Marketing Services.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> Down<br> Term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>1</sup>** | **Exit Plan<br> Type** | **Charging<br> Approach** |
|  |  | c) Collection of metric performance narrative per metric (where relevant) through EMLA or the equivalent tool selected by the Supplier;<br>d) Merge metric data into the Customer's specific reporting tool (e.g.: Workiva);<br>e) Provide CSRD tagging process in reporting tool of each disclosure requirement to the Customer's reporting team.<br>|  |  |  |  |  |  |  |  |
| **A3** | **Finance Excellence Team (Europe)** | Provision of accounting and internal reporting support services in Europe; including but not limited to: - <br>**Record to Report activities:**<br>a) Month End Close ("**MEC**") coordination;<br>b) COGS reconciliations;<br>c) Daily sales reconciliations;<br>d) Non-SAP entity P&L reporting;<br>e) Gross Profit Variance analysis ("**GPVA**") hygiene;<br>f) Controlling Profitability analysis ("**COPA**") design governance & maintenance;<br>g) Weekly / Monthly P&L Sales Flash;<br>h) Review of Daily Sales Reconciliation ("**DSR**")<br>**Controls & Reconciliations activities including:**<br>a) Financial Profitability Analysis ("**FIPA**") reconciliation and resolution<br>b) Coordinate MR sign off process<br>**S&OP (cash-up) tooling activities including:**<br>a) Process governance and forecast submission tooling<br>b) Trouble shooting support<br>**Overheads and Brand Marketing Investments ("BMI"):**<br>a) Overhead and BMIs and accruals, workforce plan and people cost forecast tooling, Cost control dashboard provision<br>| 27 months Until 30/09/2027 | 3 months immediately following the end of Primary Service Term | Global fixed monthly charge equating to €706.7k per annum<br>| Yes – by Region | 3 months' prior written notice | Dependent on IT Services Finance | Core Transactional | Globally invoiced under this Agreement |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> Down<br> Term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>1</sup>** | **Exit Plan<br> Type** | **Charging<br> Approach** |
| **A4** | **Finance Shared Services** | Provision of services related to Bill To Cash ("**B2C**"), Purchase to pay ("**P2P**"), Record to Report ("**R2R**"), Insight and Analytics ("**I&A**"), Supply Chain Finance ("**SCFS**"), Master Data Management ("**MDM**") transactional activities and Day 1 Operating Model ("**D1OP**") execution as delivered by the Supplier's Shared Services organisation for both transactions through suppliers and customers entities. Key activities include:  | 27 months Refer to paragraph 1 of Appendix A for term by Territory<br>| 3 months immediately following the end of Primary Service Term | Fixed monthly charge by Region (as set out in paragraph 1 of Appendix A) | Yes – by Region as a complete service only | 3 months' prior written notice | Dependent on IT Services Finance | Core Transactional | Globally invoiced under this Agreement |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) B2C transactional processing and reporting, invoicing, accounts receivable, deductions management, credit, and debt management (Order capture and Customer Service is covered in items A33, D28 and F3 of this Schedule 1 (*Services and Service Schedules*)).<br>b) P2P - Transaction processing and disbursements including non-inventory procurement and expense management. Including: -:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· conversion of purchase requisitions to purchase orders;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· placing of purchase orders with approved third-party suppliers;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accounts payable services and query management;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· disbursements from the Customer's bank accounts that are managed by the Supplier;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· processing of employee expense disbursements;<br>c) R2R transactional support - recording of financial transactional data and MEC process, being<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Record all financial data within the Enterprise Resource Planning ("**ERP**") systems and maintain accurate ledgers;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Provide management and financial reporting information based on the Unilever Group's internal reporting calendar, accounting policies, and operating framework and existing business practices.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Perform general accounting –process journal entries, allocations, and period end adjustments, analyse and reconcile general ledger accounts, prepare, and post management adjustments as it relates to the TMICC Group.<br>|  |  |  |  |  |  |  |  |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> Down<br> Term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>1</sup>** | **Exit Plan<br> Type** | **Charging<br> Approach** |
|  |  | d) D1OP - Execution of D1OP reports and transactions, compilation, and provision of information to Customer to support their reporting. As defined in the Financial Processes Schedules of the Local Agreements.<br>e) Supply Chain finance services – Supply Chain costing and forecasting, materials controlling, manufacturing and freight costing, performance management.<br>f) MDM - Execute and manage MDM, for the Customer's vendors, materials, and dependent data, using the Unilever Group's standard policies and procedures, making changes on request from the Customer. I&A - management reports and build data reporting packs and templates.<br>g) i-Finance submission for Customer's legal entities represented in the Supplier's systems.<br>The above services do not apply to all Territories and are dependent on the D1OP in effect in the Territory (as per the applicable Local Agreement).<br>|  |  |  |  |  |  |  |  |
| **A5** | **Tax (FOT)** | Provision of transactional tax information from the Supplier's Systems.<br>Excluding: -:<br>a) Data provisioning for extensive non-standard tax audits or tax controversy which require additional resourcing<br>b) Transactions between members of the Unilever Group or between members of the TMICC Group.<br>c) Non-SAP Entities<br>d) Transactions in Israel and Pakistan<br>| 12 months Refer to paragraph 2 of Appendix A for term by Territory<br>| N/A | Fixed monthly charge by Region (as set out in paragraph 2 of Appendix A) | Yes – by Region | 3 months' prior written notice | Dependent on IT Services Finance | Core Transactional | Globally invoiced under this Agreement |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> Down<br> Term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>1</sup>** | **Exit Plan<br> Type** | **Charging<br> Approach**<br>|
| **A6** | **Global Performance Management** | Provision of Procurement finance Global Performance Management ("**GPM**") services for Supply Chain finance transactions. Key activities include: <br>**Provision of Capex services including:** | 27 months Refer to paragraph 3 of Appendix A for term by Territory | 3 months immediately following the end of Primary Service Term | Fixed monthly charge by Region (as set out in paragraph 3 of Appendix A) | Yes – by Region | 3 months' prior written notice | Dependent on IT Services Finance | Core Transaction al | Globally invoiced under this Agreement |
|  |  | <br>a) Recording of shared Capex in the Customer's specific cost centre in SAP, through allocation charges<br>b) Consistency checks and maintenance within the Marlin system (schedule of authority, project database and project approvals for changes)<br>c) Monthly reporting<br>**Provision of Cash Services for Procurement including**:<br>a) Maintain monthly reports and scorecards for Procurement including analytics at BU and BG level<br>b) Performance Management activities including monthly calls preparation<br>c) Coordination of supplier financing between Procurement, Buyers and Treasury<br>d) Monitoring and coordination of payment terms vs country legislation/requirements (supported by country controller teams)<br>**Provision of Overhead (under SCOVH) services including**<br>a) Maintain monthly Analytics on overall Supply Chain Overhead ("**SCOVH**").<br>b) Maintenance of procurement / supply chain cost centre structure<br>c) Month-end activities including sustainability (SuSo), out of price JVs, cross charges and reclasses between procurement related cost centres<br>d) Performance Management activities support including monthly calls with procurement/D&A/IT; review of actuals vs forecast and procurement OVH forecast<br>**Provision of Logistics services including:**<br>a) Report on actual costs.<br>**Provision of Procurement performance Management including:**<br>a) Monthly performance management support<br>|  |  |  |  |  |  |  |  |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> Down<br> Term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>1</sup>** | **Exit Plan<br> Type** | **Charging<br> Approach** |
| | | **Provision of Procurement Finance excellence team ("FET") and Commodity Finance Excellence Team ("CFET") including:**<br>a) Calendar creation for forecast cycle.<br>b) Reporting to support the material price forecast including volume collection; consolidation of NMCI impacts; actualisation and system loads (including system maintenance) and commentary and post cycle governance<br>c) Review and issue forecast accuracy and bias reporting<br>d) Required Overlays (CRM/SuSo/corrections as required including any other overlays) postings adjustment and allocation<br>| | | | | | | | |
| **A7** | **Procurement Finance** | Provision of Procurement Finance activities, including:<br>Maintenance and provision of actual spend and volume data from the B2S system<br>Provision of BPC/FACT forecast information (all materials)<br>Contract and prices management for shared materials/materials purchased by Supplier's Procurement teams<br>Purchasing forecast information for shared materials/materials purchased by Supplier's Procurement teams<br>Savings tracking for shared materials/materials purchased by Supplier's Procurement teams<br>Shared materials forecast (provided 'as-is')<br>Network and market review, including Supplier's Leadership sign off for forecasts of shared materials/materials still being purchased by the Supplier's Procurement teams<br>| 27 months Refer to paragraph 4 of Appendix A for term by Territory<br>| 3 months immediately following the end of Primary Service Term | Fixed monthly charge by Region (as set out in paragraph 4 of Appendix A) | Yes – by Region | 3 months' prior written notice | Dependent on IT Services Finance | Core Transactional | Globally invoiced under this Agreement |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> Down<br> Term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>1</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
|  |  | Execute non-judgemental validations and operational activities (PFET, Performance management and CG) and provide information to support the Customer's judgemental validations.<br>Providing key procurement reporting post-cycle (Dashboards, PPTs etc.) e.g., on NMCI, NMI, FX Savings<br>|  |  |  |  |  |  |  |  |  |
| **A8** | **HR Learning** | Provision of support for the Learning platform (WD Learning) used for mandatory training and learning content. Key activities include:<br>Digital license content<br>· Hosting fees were used for courses or learning weeks<br>Instructor-led training costs<br>Headcount fee for learning finance<br>Headcount fee for NIIT Overheads<br>| 12 months Until 30/06/2026 | N/A | Global fixed monthly charge equating to €1,297.8k per annum | Yes – Global | 3 months' prior written notice | N/A | HR | Global | Globally invoiced under this Agreement |
| **A9** | **Workday HRIT & Data Excellence Support** | Provision to Transactional HR services in the Supplier's WorkDay and comparable local HR systems to process changes in the Customer's HR data.<br>Provision of central SME/technical advice on the WorkDay system, including core employee master data changes<br>| 24 months Until 30/06/2027<br>| N/A | Global fixed monthly charge equating to €108.2k per annum<br>| Yes – Global | 3 months' prior written notice | N/A | HR | Global | Globally invoiced under this Agreement |
| **A10** | **Global Mobility** | Provision of Global Mobility services for transferring employees including continued end-to-end mobility management of the current international assignees already on active assignments<br>| 4 months Until 31/10/2025 | N/A | Fixed global monthly charge equating to €229.3k per annum | Yes – Global | 1 months' prior written notice | N/A | HR | Global | Globally invoiced under this Agreement |
| **A11** | **Recruitment** | Provision of recruitment support to help fill the remaining post Day 0 high volume of vacancies | 4 months Until 31/10/2025 | N/A | Fixed global monthly charge equating to €724.6k per annum<br>| Yes – Global | 2 months' prior written notice | N/A | Hr | Global | Globally invoiced under this Agreement |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> Down<br> Term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>1</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
| **A12** | **HR Hub** | Provision of support HRIT, HR services and workforce admin. Key activities include:<br>a) WorkDay Data and HRIS transactions including joiners, movers, exits, promotions, data changes<br>b) Contract production<br>c) Absence, pensions and benefits administration including registration with / notification of local authorities, provision of data to internal teams (in existing Territories where applicable)<br>d) Workforce administration processes related to joiners, onboarding (including reference requests, background checks etc), movers, exits, promotions, data changes<br>e) WorkDay data management (inc. bonus and plan and merit updates, supervisory org creation and tagging, EIB uploads for mass data changes, workday support for payroll, annual pay review data management, data hygiene audits, create and maintain employee records on WorkDay)<br>f) Interfaces support between WorkDay, payroll and benefits (e.g. flagging errors)<br>Data reporting (e.g. FTE reports)<br>| 4 months Until 31/10/2025 | N/A | Fixed global monthly charge equating to €1,425k per annum | Yes – Global | 3 months' prior written notice | N/A | HR | Global | Globally invoiced under this Agreement |
| **A13** | **Contingent Worker Management** | Provision of Contingent Worker Management service including associated technology and supporting contract globally or locally in country | 4 months Until 31/10/2025 | N/A<br>| Fixed global monthly charge equating to €110.3k per annum<br>| Yes – Global | 2 months' prior written notice | N/A | HR | Global | Globally invoiced under this Agreement |
| **A14** | **Global M&OH** | Provision of access to Global Medical & Occupational Health expertise & capability, services & resources | 4 months Until 31/10/2025<br>| N/A | Fixed global monthly charge equating to €216.3k per annum<br>| Yes – Global | 3 months' prior written notice | N/A | HR | Global | Globally invoiced under this agreement |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> Down<br> Term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>1</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
| **A15** | **IT Services** | Global and functional application and infrastructure provision and licencing, support and maintenance, Cyber, end user devices ("**EuD**"), e-mail and collaboration services, network connectivity services, hosting services required for the Customer's operations. Key activities include:<br>a) Provision and support of existing global, regional and functional core enterprise applications, middleware and systems and supporting underlying infrastructure (primary and DR).<br>b) Provision and support of existing global, regional and functional D&A capabilities.<br>c) Provision and support for access management, End User Devices (e.g. computing, printers, mobile devices) and network connectivity (within scope of business operations supporting Customer's activity on the Supplier's systems).<br>d) Provision and support of existing cybersecurity services and capabilities to protect digital assets and ensuring compliance with relevant the Supplier's cyber and regulatory standards.<br>e) Provision, support and maintenance of local servers, data centres, telephony and infrastructure to support any local current and/or transferring applications or systems, that has been supported by the Supplier's IT, Cyber and/or D&A teams.<br>f) Provision of existing Service Management processes relating to the Supplier's IT (for services covered under TSA). E.g. helpdesk for logging and addressing issues relating to the Supplier's IT, tracking and reporting on L1-L3 help desk incidents.<br>g) Provision of email and collaboration tools.<br>h) External Website Management (and hosting where applicable).<br>| 27 months Refer to paragraph 5 of Appendix A for term by Territory Subject to Clause 8.1 of the Agreement (*Transfer Plan*), both parties will collaborate to develop a phased exit approach<br>| 3 months immediately following the end of Primary Service Term | Fixed monthly charge by Region (as set out in paragraph 5 of Appendix A) | Yes – by Region | 3 months' prior written notice |  | IT | IT | Globally invoiced under this Agreement |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> Down<br> Term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>1</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusions</u><br>This Service excludes any support: -<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· for the fit out or support for the Customer's new facilities<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Project Resource support<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Customer's new applications<br>|  |  |  |  |  |  |  |  |  |
| **A16** | **Project IT Services** | Provision of the Supplier's end user computing including equipment, applications, and services to the additional external members of the Customer's Project Teams<br><u>Exclusions</u><br>Any individual extension request must be supported by an approved change request prior to service termination.<br>| 27 months Until 31/12/2027 | N/A | Variable monthly charge of €238 per device/user | Yes – by individual/ by region | 3 months' prior written notice | Dependent on IT Services | IT | IT | Globally invoiced under this Agreement |
| **A17** | **Project IT BYOD** | Provision of IT Accounts and Services (O365 tooling/security/network/service desk) to Ice Cream Resources and those supporting Ice Cream, that were not costed within the IT Services TSA<br>| 27 months Until 31/12/2027 | N/A | Variable monthly charge of €84 per user | Yes – by individual/by region | 3 months' prior written notice | Dependent on IT Services | IT | IT | Globally invoiced under this Agreement |
| **A18** | **AdPro** | Provision of AdPro services handling the review of scope & costs of asset production activities, including: -<br>a) Asset production support and advice including Creative Agency Management in collaboration with the Customer. Management of Fulfilment process e.g. delivery of material to channels<br>b) Pre-production support including input into production costs negotiations alongside the Customer's creative agency and intellectual property rights assignment.<br>c) Input into global production supplier strategy and roster management. Supporting the engagement with potential production houses/agencies. Procurement support on agency fee model and asset descriptions. Asset volume and spend reporting.<br>d) Support Talent, Music, VO contracting including the broadest useability of assets.<br>| 6 months Refer to paragraph 6 of Appendix A for term by Territory<br>| N/A | Fixed monthly charge by Region (as set out in paragraph 6 of Appendix A) | Yes – by Region as a complete service only | 3 months' prior written notice | N/A | Marketing | Functional | Globally invoiced under this Agreement |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> Down<br> Term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>1</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
|  |  | e) Contribute into the Customer's production Innovation, education and implementation as part of future fit production strategies e.g. s super shoots and digital twins, Ai Animatics etc.<br>f) Management of: (1) AdManager, (2) U-Quote, (3) UGAPR, (4) PurmSec<br>g) Share global production industry & regulatory information on film industry unions, government importation laws e.g. SAG, Ancine, SADAIC, MIC, Equity.<br>h) Production Innovation, education and implementation enabling future fit production strategies such as super shoots and digital twins, Ai Animatics etc.<br>i) Support Access Services including; - supplier, process, and input into commercial negotiations.<br>j) Support supplier and process management of rights management of performing artists via PurmSec tool.<br>k) Access to the Supplier's global adaptation model including process and supplier management, supporting brand roadmap scoping and servicing of adaptation briefs in collaboration with UniAdapt suppliers. Reporting and provision of adaptation workflow process.<br>l) Support for commercial negotiations for: (1) Fulfilment suppliers, (2) Music procurement supplier, (3) Talent procurement suppliers, (4) Access Services suppliers, (5) UGAPR tool Developer supplier.<br>|  |  |  |  |  |  |  |  |  |
| **A19** | **Artwork System** | Provision of access to Artwork Workflow Systems & Management of PMA relationships, including: -<br>a) Access to artwork Workflow systems access (Blue), provision of technical support and KPI reporting.<br>b) Managing and liaising with PMAs<br>| 6 months Refer to paragraph 7 of Appendix A for term by Territory<br>| N/A | Fixed monthly charge by Region (as set out in paragraph 7 of Appendix A<br>| Yes – Global as a complete service only | 3 months' prior written notice | N/A | Marketing | Functional | Globally invoiced under this Agreement |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> Down<br> Term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>1</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
|  |  | <u>Exclusions</u><br>· Data migration costs <br> · Monotype Font costs <br> · Third party mechanical artwork or pack images costs  |  |  |  |  |  |  |  |  |  |
| **A20** | **DDM Tech & Tools** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision of Data Driven Marketing ("**DDM**") tools including management of third party relationships. Key activities include:<br>a) Provision of first party data stores using existing "rules of engagement"<br>b) Email distribution<br>c) Access to: -<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Dataiku and ACT tools to create media segments <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Campaign Wizard to orchestrate the setup of sign-up forms to enable consumer insight through first party data enrichment.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Qualifio platform <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Promotigo platform<br><u>Exclusions</u><br>· Cost of campaigns<br>| 24 months Until 20/06/2027<br>| N/A | Global fixed monthly charge equating to €1,680k per annum until 31/12/2025 €1,189.7k per annum from 01/01/2026<br>| Yes – Global | 3 months' prior written notice | N/A | Marketing | Functional | Globally invoiced under this Agreement |
| **A21** | **Marketing Research Method & Tools** | Beneficial access to the Supplier's proprietary market research tools and methods<br>| 18 months Until 31/12/2026<br>| N/A | No Charge | Yes – Global | 3 months' prior written notice | N/A | Marketing | Functional | Globally invoiced under this Agreement |
| **A22** | **Media Buying** | Access to the Supplier's media buying global contracts, provision of contract management, purchase order processing and management. Key activities include:<br>a) Management of current Third Party Suppliers' rate card (media contracts / agency contracts/ ad tech contracts).<br>b) Access and management of all relevant dashboards (e.g.: IO), data sources, visualisation, analytical tools (e.g.: BSMART), as well as the infrastructure/ad tech ecosystems<br>| 6 months<br>| N/A | Global fixed monthly charge equating to €545k per annum<br>| Yes – Global | 3 months' prior written notice | N/A | Marketing | Functional | Globally invoiced under this Agreement |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> Down<br> Term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>1</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
|  |  | c) Management of media process activities and providers, including media tagging, media supply chain health.<br>|  |  |  |  |  |  |  |  |  |
| **A23** | **Social and Business analytics (SBA)** | Provision of SBA activities, including: -<br>a) Management of data, tools and third-party resourcing providers.<br>b) Access to dashboards, data sources, visualisation and analytical tools.<br>| 12 months Until 30/06/2026<br>| N/A | Global fixed monthly charge equating to €273k per annum<br>| Yes – Global | 2 months' prior written notice | N/A | Marketing | Functional | Globally invoiced under this Agreement |
| **A24** | **The Asset Bank (TAB)** | Provision of operational support for the digital asset management platform, The Asset Bank ("**TAB**"). Key activities include:<br>a) User training, account creation, asset quality assurance ("**QA**"), metadata support, user support and reporting.<br>b) Support on QA for the Customer's digital assets.<br>| 24 months Until 30/06/2027<br>| N/A | Global fixed monthly charge equating to €682.5k per annum<br>| Yes – Global | 3 months' prior written notice | N/A | Marketing | Functional | Globally invoiced under this Agreement |
| **A25** | **Web Infrastructure & Tools** | Provision of Web Infrastructure & Tools services supporting the run operations for the Customer's Digital Web Estate (114 Brand domains) with the current level of support.<br>Management of data, tools and third-party resourcing providers on an as-is basis.<br>Provision of access to relevant performance management & Consumer Experience Excellence dashboards, data sources, visualization and analytical tools, as well as the infrastructure/digital ecosystem<br><u>Exclusion</u><br>The Service Charges for this Service do not include any costs and/or expenses related to migration. Such costs and expenses shall be charged in accordance with the terms of this Agreement.<br>| 24 months Refer to paragraph 8 of Appendix A for term by Territory<br>| N/A | Fixed monthly charge by Region (as set out in paragraph 8 of Appendix A) | Yes – by Region as a complete service only | 6 months' prior written notice | N/A | Marketing | Functional | Globally invoiced under this Agreement |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> Down<br> Term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>1</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
| **A26** | **Artwork Excellence** | Provision of Artwork Excellence ("**AWE**") support from the Supplier's Global Marketing Services ("**GMS**") to support the Customer's pack artwork processes including Technical & executional support on 2D pack artwork creation, management & storage across the Customer's portfolio channels (Retail, Food Solutions, E-Commerce) & brands.<br><u>Exclusion</u><br>· Scope does not include GMS Ad Production or support for rebranding. <br> · Europe<br>| 4 months Refer to paragraph 9 of Appendix A for term by Territory<br>| N/A | Fixed monthly charge by Region (as set out in paragraph 9 of Appendix A) | Yes – by Region as a complete service only | 3 months' prior written notice | N/A | Marketing | Functional | Globally invoiced under this Agreement |
| **A27** | **CLM4RD Admin support** | Provision of administration support for CLM4RD Application, including: -<br>a) Preparation of agreement drafts to the partner on e-mail<br>b) Liaise with legal teams, requestors, external partners, cyber teams, to review. Facilitate signing of agreements.<br>c) Maintain and update the Contract Lifecycle Management ("**CLM**") tool, user accounts, approvers table and list of authorised signatories.<br>d) Provide training / guides on using contracting tool.<br>e) Raise purchase requisitions in Coupa where payment involved (once agreement is signed)<br>f) Assist in onboarding new partners onto payment systems (Velocity/Coupa)<br>g) Support the partner and R&D with invoicing and queries<br>| 27 months Until 30/09/2027<br>| N/A | Global fixed monthly charge equating to €40.1k per annum<br>| Yes – Global | 2 months' prior written notice | Dependent on IT Services | R&D | Functional | Globally invoiced under this Agreement |
| **A28** | **R&D Digital & Partnerships** | Provision of support and maintenance of core R&D systems and tools services provided by global Digital R&D and Divisional R&D Digital Team, including model and application support for handover of toolbox project<br>| 27 months Until 30/09/2027<br>| N/A | Global fixed monthly charge equating to €3,341.8k per annum<br>| Yes – Global | 3 months' prior written notice | Dependent on IT Services | R&D | IT | Globally invoiced under this Agreement |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> Down<br> Term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>1</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
| **A29** | **Flavour Capability** | Provide support to establish ways of working and transfer capability for flavour analytics and sensory, including: -<br>a) Coordination with internal and external (University of Nottingham ("**UoN**") Consultancy) flavour expertise to establish flavour equipment, knowledge ownership & expertise to support the flavour capability<br>b) Transition of sensory work, provide support to link sensory to flavour and facilitate consultancy with UoN.<br>c) Set up and manage project work with UoN for innovation pillars, Aroma, Enhancing Chocolate Flavour, Real-time in mouth experiences.<br>| 6 months Until 31/12/2025<br>| N/A | Global fixed monthly charge equating to €50.1k per annum<br>| Yes – Global | 3 months' prior written notice | N/A | R&D | Functional | Globally invoiced under this Agreement |
| **A30** | **Regulatory Affairs** | Provision of Regulatory information. Key activities include:<br>Provision of global compliance information related to raw material compliance, artwork review and registrations.<br>Collaboration with outsourced partners, including compliance and regulatory service providers.<br>| 18 months Until 31/12 2026 | N/A | Global fixed monthly charge equating to €221.7k per annum<br>| Yes – Global | 2 months' prior written notice | N/A | R&D | Functional | Globally invoiced under this Agreement |
| **A31** | **SEAC Safety and Sustainability** | Provision of support related to product and process safety and environmental sustainability, including: -<br>a) Provide advice, training and support relating to Safety and Sustainability.<br>b) Support safety (product and process) incident investigations, advise on classification of safety incidents and provide formal risk assessments.<br>c) Provide food safety support and information (chemical safety / toxicology / microbiology / food allergy / physical hazards), including assessments for new ingredients, new food contact materials and contaminants<br>d) Support and deliver exposure-based risk assessments to project teams<br>| 12 months<br>| N/A | Global fixed monthly charge equating to €1,030.4k per annum<br>| Yes – Global | 2 months' prior written notice | N/A | R&D | Functional | Globally invoiced under this Agreement |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> Down<br> Term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>1</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
|  |  | e) Provide support on microbiology escalations and exceptions<br>f) Provide process safety support, including for out of home systems, new equipment and processes and hazard design and relationships with third parties<br>g) Provide sustainability support including contribution to the Customer's sustainability strategy, processes and monitoring approaches, relationships with third parties and the scientific methods, assessments and studies which underpin the tools and reporting approaches.<br>h) Support the Customer in establishing relationships with external bodies (trade associations, authorities etc.), external scientific groups and conferences and industry meetings<br>|  |  |  |  |  |  |  |  |  |
| **A32** | **Ambient Logistics in Europe** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision of in-market logistics management activities for the Customer's ambient finished goods, including: -<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Primary Transport,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Primary & Secondary Warehousing,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Secondary Transport<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pallet management<br>| 24 months Refer to paragraph 10 of Appendix A for term by Territory<br>| N/A | Global fixed monthly charge equating to €45.1k per annum (Cost per territory set out in paragraph 10 of Appendix A) | Yes – by Territory | 3 months' prior written notice | N/A | Supply Chain | Functional | Globally invoiced under this Agreement |
| **A33** | **Customer Services and Supply Chain (Hubs/3PSP)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision of Central Supply Chain and Order to Cash activities as per the Supplier's policies, practices and procedures, including: -<br>a) Customer Services: Single point of contact for customers relating to daily operational activities (customer facing if executed through the Hubs) in the Order to Cash process, including exception management, product phase changes and promotions, customer queries, and managing availability issues and cancellations <br>| 27 months Until 30/09/2027<br>| 3 months immediately following the end of Primary Service Term | Global fixed monthly charge equating to €5,198.2k per annum for RoW<br>| Yes – by Region as a complete service only | 3 months' prior written notice | N/A | Supply Chain | Core Transactional | Globally invoiced under this Agreement |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> Down<br> Term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>1</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Order to Deliver:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Customer Order Capture and Management<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Order fulfilment<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Customer facing & collaboration<br>c) Bill to Cash:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Customer billing<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Customer credit management, claims & deduction management<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cash applications & collections management<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Company policies, controls and reporting<br>d) Master data management (In Supplier's Systems):<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Creation and maintenance of customer master data and pricing master data in scope for Customer Service teams and including controls.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Creation and maintenance of product master and transport lanes<br>e) Planning, Logistics and warehousing: -<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Outbound Finished Goods Logistics Planning and execution management- Inbound RMPM Logistics Planning and execution management<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supply Chain Planning - Demand planning, supply planning, DRP, reconciliation and S&OP Support<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Primary and secondary transport planning activities and provision of associated reporting;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Continuation of existing execution of supply planning activities (SU, CM's, conversion of demand plan into supply plan for the Territories)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Demand supply reconciliation- System-based creation and approval of purchase orders on instruction from Recipient, either directly or via approved plan;<br>|  |  |  |  |  |  |  |  |  |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> Down<br> Term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>1</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Provision of reports outlining capacity utilization of dedicated production lines; Provision of business waste reporting;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Generation of non-judgemental statistical baseline inputs to Recipient's demand planning process;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Demand disaggregation activities based on Recipient's demand plan; management of third party contract manufacturers- T2 MRP planning<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Continuation of service hubs management (though PDN team)<br>|  |  |  |  |  |  |  |  |  |
| **A34** | **Inbound Materials Management** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision of inbound logistics management and customs services for packaging materials, which are not delivered with Incoterms DDU or DDP, inbound to the following sourcing units:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Minto (Australia)<br> &nbsp;&nbsp;&nbsp;&nbsp;· Antártida (Ecuador)<br> &nbsp;&nbsp;&nbsp;&nbsp;· Heppenheim (Germany)<br> &nbsp;&nbsp;&nbsp;&nbsp;· Cikarang (Indonesia)<br> &nbsp;&nbsp;&nbsp;&nbsp;· Suceava (Romania)<br> &nbsp;&nbsp;&nbsp;&nbsp;· Minriri (Thailand)<br> &nbsp;&nbsp;&nbsp;&nbsp;· Guacara (Venezuela)<br> &nbsp;&nbsp;&nbsp;&nbsp;· Lahore (Pakistan)<br> &nbsp;&nbsp;&nbsp;&nbsp;· Konya & Corlu (Turkey)<br> &nbsp;&nbsp;&nbsp;&nbsp;· Pasig (Philippines)<br>This will cover international & domestic transportation and any customs and other duties<br>Provision of warehouse and transport services for the Customer's RMPM stored in shared off-site RMPM warehouses<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· This to include receipt into and storage of RMPM at the off-site Ingleburn RMPM warehouse, and transport of RMPM from Ingleburn WH to the Minto factory<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Includes receipt into and storage of RMPM at KTF and LDC warehouses in Pakistan<br>The Parties expect that this Service will terminate and cease to be provided for a Region when all Relevant Inventory in the Region has transferred to the Customer in accordance with the terms of this Agreement.<br>| 27 months Refer to paragraph 11 of Appendix A for term by Territory<br>| N/A | Global fixed monthly charge equating to €102k per annum (Cost per territory set out in paragraph 11 of Appendix A) | Yes – by Territory | 3 months' prior written notice | Dependent on IT Services | Supply Chain | Core Transactional | Globally invoiced under this Agreement |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> Down<br> Term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>1</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
| **A35** | **Manex Global Support** | Provision of Manex Global support, including provision of global systems and tools maintenance. Including: -<br>a) Regular maintenance and upkeeping of global Manex tools and reports including MDCS(ManEx Data Collection System) , NGTW(Nothing Goes To Waste) , DFOS, BuildApp - monitoring<br>b) Access and coordination of UMS documentation allowing IC to continue with current UMS process<br>c) Access and upkeeping of Manex best practice portal<br>d) Supply chain Academy SU support<br>| 27 months Until 30/09/2027<br>| N/A | Global fixed monthly charge equating to €222.8k per annum<br>| Yes – Global | 3 months' prior written notice | Dependent on IT Services | Supply Chain | Functional | Globally invoiced under this Agreement |
| **A36** | **Ocean & Air Freight Management** | Provision of ocean and air freight management services, including<br>a) International Control Tower ("**ICT**") including ocean carrier booking, Bill of Lading and SPOT (currently contracted with Maersk until November 2026)<br>b) Ocean freight invoice validation<br>c) Ocean demurrage and detention control<br>d) Risk sensing and resilience for ocean freight<br>Provided by global hubs in India and China<br>| 24 months Until 30/06/2027<br>| N/A | Global fixed monthly charge equating to €74.2k per annum<br>| Yes – by Territory | 3 months' prior written notice | N/A | Supply Chain | Functional | Globally invoiced under this Agreement |
| **A37** | **OSHE, Quality & Security Support** | Provision of OSHE and security support, including operational and advisory support to the Customer's Supply Chain function and business teams<br>The Customer has the responsibility for decision making.<br>| 6 months Until 31/12/2025<br>| N/A | Global fixed monthly charge equating to €557k per annum<br>| Yes – Global | 3 months' prior written notice | N/A | Supply Chain | Functional | Globally invoiced under this Agreement |
| **A38** | **Procurement (CRM)** | Provision of hedging Front Office services. Key activities include:<br>a) Performing market analysis and forecast<br>| 4 months Until 31/10/2025 | N/A | Global fixed monthly charge equating to €540.8k per annum<br>| Yes - Global | 3 months' prior written notice | N/A | Supply Chain | Functional | Globally invoiced under this Agreement |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> Down<br> Term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>1</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
|  |  | b) Manage covers/ stock level<br>c) Manage risk position<br>d) Inception of new hedges<br>e) Execute hedges / terminates hedges and complete trade entry in the EKA application<br>|  |  |  |  |  |  |  |  |  |
| **A39** | **Procurement (Direct)** | Provision of contract usage and contract management system support for direct materials, logistics and pallets. | 27 months Refer to paragraph 12 of Appendix A for term by Territory<br>| N/A | &nbsp;&nbsp;Fixed monthly charge by Region (as set out in paragraph 12 of Appendix A)<br>| Yes – by Region | 3 months' prior written notice | Dependent on IT Services | Supply Chain | Functional | Globally invoiced under this Agreement |
| **A40** | **Procurement (Indirect) – MBS (1), Ocean freight** | Provision of contract usage and contract management system support for Marketing and Media, Business Services (HR & Professional Services) and Ocean and Air Freight (including ad-hoc ocean and/or air freight requests) Customer's teams.<br><u>Note</u> Media TSA is for 6 months, however, no cost associated with the Service as the relevant contracts have already been already negotiated prior to the Commencement Date.<br>| 12 months Until 30/06/2025<br>| N/A | Global fixed monthly charge equating to €432.6k per annum<br>| Yes – Global | 3 months' prior written notice | N/A | Supply Chain | Functional | Globally invoiced under this Agreement |
| **A41** | **Procurement (Indirect) – MBS (2), IT, S&I** | Provision of contract usage and contract management system support for Business Services (Outsourcing and Workplace Related Commodities) and IT Customer's procurement teams.<br>Includes provision of services provided by the Strategy and Insights program, and access to responsible business services<br>| 27 months Until 30/09/2027<br>| N/A | Global fixed monthly charge equating to €2,703.8k per annum<br>| Yes – Global | 3 months' prior written notice | Dependent on IT Services | Supply Chain | Functional | Globally invoiced under this Agreement |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> Down<br> Term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>1</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
| **A42** | **Procurement (Indirect) – Travel & Fleet** | Provision of contract usage and contract management system support for the business services (Travel and Fleet) Customer's procurement team | 9 months Until 31/03/2026<br>| N/A | Global fixed monthly charge equating to €10.8k per annum<br>| Yes – Global | 3 months' prior written notice | N/A | Supply Chain | Functional | Globally invoiced under this Agreement |
| **A43** | **FG Import, Export & Customs Management** | Provision of Imports & Exports management, including import & export of finished goods where the current contractual incoterms require the Supplier to do so.<br>Provision of Customs Management, including executing customs management work processes in Territories where finished goods are imported and/ or exported.<br>Excludes Brazil, China, Israel and Venezuela<br>| 27 months Refer to paragraph 13 of Appendix A for term by Territory<br>| N/A | Fixed monthly charge by Region (as set out in paragraph 13 of Appendix A) | Yes – by Region | 3 months' prior written notice | Dependent on IT Services | Supply Chain | Functional | Globally invoiced under this Agreement |
| **A44** | **Workplace & Travel Services - Fleet** | &nbsp;&nbsp;Provision of non-supply chain fleet services, specifically:<br>a) Management of the current fleet (non-supply chain) via the local Workplace service delivery managers and/or fleet managers, the administration of these and similar for any new lease cars to be added in this period (new hires related).<br>b) Liaising with the fleet providers.<br>c) Access to existing fleet contracts.<br>Exclusive fleet contracts will transition to the Customer once it has its umbrella contracts in place to migrate the individual leases until.<br>| 9 months Until 31/03/2026<br>| N/A | Global fixed monthly charge equating to €78.8k per annum<br>| Yes – Global | 2 months' prior written notice | N/A | WTS | Functional | Globally invoiced under this Agreement |
| **A45** | **Workplace & Travel Services - Travel** | Provision of the existing travel booking systems and access to the Supplier's providers and contracts. | 9 months Until 31/03/2026<br>| N/A | Global fixed monthly charge equating to €78.8k per annum<br>| Yes – Global | 2 months' prior written notice | N/A | WTS | Functional | Globally invoiced under this Agreement |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> Down<br> Term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>1</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
| **A46** | **Shared Local Business Applications Support** | Continued provision and support for shared local business managed applications in line with existing policies, practices and procedures until replaced by the Customer's own capability or provision<br>| 27 Months | N/A | Actual or allocated costs | Yes – by region | 3 months' prior written notice | Dependent on IT Services | Global | IT | Globally invoiced under this Agreement |

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**Part B: Intercompany Services**

This Part B sets out the Intercompany Services which are provided pursuant to this Agreement, and which shall terminate immediately on (i) an IPO or (ii) a Change of Control of Magnum ICC TopCo pursuant to Clause 7.3 (*Change of control*).

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Service<br> Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>2</sup>** | **Exit Plan<br> Type** | **Charging<br> Approach** |
| **B1.** | **Group Corporate Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision of Group Corporate Services.<br>a) Provision of Global Treasury services performed for the Unilever Group, including:<br>&nbsp;&nbsp;&nbsp;&nbsp;· intercompany financing management, from the Supplier's Finance International AG to the Customer's FinCo, of loans and facilities as specified in the relevant intercompany financing agreements between the Supplier and Customer.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Pricing in line with the Supplier's transfer pricing policies and rules.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Execute external FX and hedging deals in the name of UFI AG on request from the Customer<br>b) Provision of internal audit services to members of the TMICC Group and functions in scope of the Supplier's Group audit. Key activities include:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Compliance of the Customer's transactions with the Supplier's controls governance framework;<br> &nbsp;&nbsp;&nbsp;&nbsp;· Setting internal controls standards, defining required controls, monitoring internal controls governance process<br> &nbsp;&nbsp;&nbsp;&nbsp;· Report to audit committee, perform regular internal audits, perform issue reporting, compliance with Group SOX controls where applicable.<br>| Until (i) IPO or (ii) Change of Control of TMICC TopCo in accordance with Clause 7.3 of the Agreement (*Change of control*)<br>| Global fixed monthly charge equating to €15,515.2k per annum<br>| No | N/A | N/A Finance | Functional | Globally invoiced under this Agreement |

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<sup>2</sup>The Interdependent services are those that are required to be in place to support the delivery of the service. Termination of a Service/Function does not terminate the Interdependent services. For example, terminating Marketing Services would not terminate the IT Services however terminating the IT Services would terminate the Marketing Services.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Service<br> Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>2</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Provision of Group tax compliance and support including:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Regular monitoring for tax risk and controls of Customer transactions and activities for to ensure the Supplier's oversight in line with the Supplier's tax governance frameworks.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Coordination of engagement with tax authorities where applicable.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Consolidation of employment tax submissions where required, e.g., in The Netherlands certain taxable items (mainly fringe benefits) need to be consolidated & administered outside of payroll processes<br> &nbsp;&nbsp;&nbsp;&nbsp;· Inclusion of members of the Customer entities in the Supplier's Master File, country by country report and the Supplier's Group tax reporting (based on information provided by Customer)<br>d) Provision of Group financial reporting and consolidation including inclusion of Customer's entities and transactions within the Supplier's Group disclosures, inclusion of Customer entities within the Supplier's Group external audit programme and compliance with the Supplier's Group SOX requirements. Key activities include: -<br>&nbsp;&nbsp;&nbsp;&nbsp;· Technical accounting and reporting support for Group requirements,<br> &nbsp;&nbsp;&nbsp;&nbsp;· Financial controls responsibilities throughout the Customer;<br> &nbsp;&nbsp;&nbsp;&nbsp;· Coordination with the stakeholders (local Territories etc.);<br> &nbsp;&nbsp;&nbsp;&nbsp;· SOX documentation and reporting;<br> &nbsp;&nbsp;&nbsp;&nbsp;· Managing Group external reporting process in collaboration with Investor Relations;<br> &nbsp;&nbsp;&nbsp;&nbsp;· Group statutory filings;<br> &nbsp;&nbsp;&nbsp;&nbsp;· Group financial statements and disclosures;<br> &nbsp;&nbsp;&nbsp;&nbsp;· Support Group audits;<br> &nbsp;&nbsp;&nbsp;&nbsp;· Consolidation of MEC submissions; <br> &nbsp;&nbsp;&nbsp;&nbsp;· Ensure intercompany transactions and profits are eliminated, deliver consolidated quarterly and yearly group results etc.<br>|  |  |  |  |  |  |  |  |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Service<br> Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>2</sup>** | **Exit Plan<br> Type** | **Charging<br> Approach** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Access to the Supplier's Group's corporate and local insurance policies<br>f) Provision of non-financial reporting, corporate affairs, communications and sustainability activities. Key activities include:<br>&nbsp;&nbsp;&nbsp;&nbsp;· The activities performed by the Global Sustainability & Corporate Affairs team, the Sustainability Finance Team and the Business Operations Sustainability team per ways of working pre internal separation<br> &nbsp;&nbsp;&nbsp;&nbsp;· The Customer's activities to be covered as part of the Supplier's group reporting scope for non-financial reporting, most significantly in the Supplier's 2026 Annual Reports and Accounts<br>|  |  |  |  |  |  |  |
| **B2.** | **Commodity Risk Management – middle and back office** | Provision of Commodity Risk Management middle and back-office services.<br>a) CRM Middle Office activities including:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Supporting front office with decisions on hedge relationship and hedge strategy<br> &nbsp;&nbsp;&nbsp;&nbsp;· Procurement forecast support (Hedge impact overlays, scenario planning) and actualisation (hedge impacts)<br> &nbsp;&nbsp;&nbsp;&nbsp;· Dollar offset method (hedge effectiveness)<br> &nbsp;&nbsp;&nbsp;&nbsp;· Designation and de-designation of hedges<br> &nbsp;&nbsp;&nbsp;&nbsp;· Daily MtM review and P&L loss monitoring and pricing source review<br> &nbsp;&nbsp;&nbsp;&nbsp;· Testing for proxy hedges, validate hedge relationship<br> &nbsp;&nbsp;&nbsp;&nbsp;· Hedge documentation<br> &nbsp;&nbsp;&nbsp;&nbsp;· Forecast volume collection<br> &nbsp;&nbsp;&nbsp;&nbsp;· Pricing horizon set up and refresh<br> &nbsp;&nbsp;&nbsp;&nbsp;· Ongoing compliance monitoring<br> &nbsp;&nbsp;&nbsp;&nbsp;· EKA data governance<br> &nbsp;&nbsp;&nbsp;&nbsp;· External Position Limits Monitoring (linked to CFTC, CME, etc)<br> &nbsp;&nbsp;&nbsp;&nbsp;· Cover volume and price reporting<br> &nbsp;&nbsp;&nbsp;&nbsp;· Local controls operation per RACM<br>| Until (i) IPO or (ii) Change of Control of TMICC TopCo in accordance with Clause 7.3 of the Agreement (*Change of control*)<br>| Global fixed monthly charge equating to €441.6k per annum<br>| Yes - Global | 3 months' prior written notice | N/A Finance | Functional | Globally invoiced under this Agreement |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Service<br> Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>2</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Procurement forecast – economic assumptions<br> &nbsp;&nbsp;&nbsp;&nbsp;· Local control operators as per RACM<br>b) CRM Back Office – Operations activities including:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Settlement of trades<br> &nbsp;&nbsp;&nbsp;&nbsp;· Trade verification & confirmation<br> &nbsp;&nbsp;&nbsp;&nbsp;· Trade position reconciliations<br> &nbsp;&nbsp;&nbsp;&nbsp;· FX allocation and reporting<br> &nbsp;&nbsp;&nbsp;&nbsp;· Local control operators as per RACM<br>c) CRM Back Office - Record to report activities including:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Financial Reporting: Month end journal posting of closed trades; relocation of gains/losses to UEBV, UNASCC and Mexico<br> &nbsp;&nbsp;&nbsp;&nbsp;· Management reporting: hedge impact posted to SAP at cost centre level for each commodity<br> &nbsp;&nbsp;&nbsp;&nbsp;· Hedge accounting: month end journal posting for open trades<br> &nbsp;&nbsp;&nbsp;&nbsp;· UAPL GL reconciliations<br> &nbsp;&nbsp;&nbsp;&nbsp;· UAPL CRM P and L, Actuals and forecast, including working capital forecast<br> &nbsp;&nbsp;&nbsp;&nbsp;· Local/Statutory financial reporting<br> &nbsp;&nbsp;&nbsp;&nbsp;· Intercompany invoicing (AR/AP) and credit note processing<br> &nbsp;&nbsp;&nbsp;&nbsp;· Local control operators as per RACM<br>|  |  |  |  |  |  |  |  |
| **B3.** | **Scientific Affairs: Regulatory Affairs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision of Regulatory Compliance, Environmental / Sustainability and Safety support for Czech Republic, Slovakia, Israel<br>| Until (i) IPO or (ii) Change of Control of TMICC TopCo in accordance with Clause 7.3 of the Agreement (*Change of control*) | Fixed monthly charge by Territory (as set out in paragraph 14 of Appendix A) | Yes – by Territory | 2 months' prior written notice | N/A | R&D | Functional | Locally invoiced under Local Agreement |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Service<br> Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>2</sup>** | **Exit Plan<br> Type** | **Charging<br> Approach** |
| **B4.** | **Local controlling support –R2R & P2P** | Provision of local controlling support for R2R and P2P activities, specifically: -<br>a) Supporting information provided where required for locally managed Insurance contracts Italy<br>b) Interim support for unit controls execution<br>c) Cash operations and performance management including working capital improvement Philippines<br>| Until (i) IPO or (ii) Change of Control of TMICC TopCo in accordance with Clause 7.3 of the Agreement (*Change of control*) | Cost covered as per TSA C1<br>| Refer to C1 | Refer to C1 | Refer to C1 Finance | Functional | Locally invoiced under Local Agreement |

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**Part C: Local TSA**

This Part C sets out the Local Services which are provided pursuant to Local Agreements (Local TSAs). Appendix A includes the anticipated commencement date for services for a Deferred Market.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Service<br> Term** | **Ramp<br> down term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>3</sup>** | **Exit Plan<br> Type** | **Charging<br> Approach** |
| **C1.** | **Local controlling support (excluding R2R & P2P)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision of Local statutory reporting support, using the Supplier's existing policies, procedures, practices and controls framework, including:<br>a) Data gathering and provision of data extract from the Supplier's SAP (ECC) systems.<br>b) Provide information to support local statutory, local tax compliance, and tax audit queries as required (activities related to tax and audit support relate to providing the necessary data/documentation)<br>Provision of local controlling support for R2R and P2P activities:<br>d) Ad hoc analysis and retrospective review (i.e.TP/TR/Rebates)<br>e) Ad hoc accounting / judgmental journal support<br>f) Provision of information from the Supplier's systems to support the Customer's Audit.<br>g) Local P2P payment activities specific to Shared Pos<br><u>Country Specific Activities</u><br>h) Manual Payments support Australia exit November 2025<br>| 27 months Refer to paragraph 15 of Appendix A for term by Territory<br>| 3 months immediately following the end of Primary Service Term | Fixed monthly charge by Territory (as set out in paragraph 15 of Appendix A) | Yes – by Territory | 3 months' prior written notice period | IT Services Finance | Function | Locally invoiced under Local Agreement |

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<sup>3</sup>The Interdependent services are those that are required to be in place to support the delivery of the service. Termination of a Service/Function does not terminate the Interdependent services. For example, terminating Marketing Services would not terminate the IT Services however terminating the IT Services would terminate the Marketing Services.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Service<br> Term** | **Ramp<br> down term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>3</sup>** | **Exit Plan<br> Type** | **Charging<br> Approach** |
|  |  | i) E-scan/archiving, central help desk Thailand and Indonesia<br>j) Local e-invoicing project set up & support for the Customer's France<br>k) DTC (OOH) Finance support Finland<br>l) Royalty invoicing to 3rd party Spain<br>m) Environmental tax processing (e.g. Green dot) for the Customer's brands transacted through the Supplier's entities in all Territories<br>n) Financial Accounting Services for Delico OOH Austria<br><u>Exclusions</u><br>Provision of data or information from any transferring or new Customer system.<br>|  |  |  |  |  |  |  |  |
| **C2.** | **Germany Local Customer Development Excellence Finance** | Provision of services related to CD Excellence Finance operational activities in Germany. Key activities include:<br>a) Pricing Master maintenance<br>b) Provision of information on TMI overview by Product and customer<br>c) Trade Profit calculation support<br>d) TMI calculation for Financial Cash Up Process<br>e) GSV and TMI Folding Calculation<br>f) Floor Price and Exit Net Management<br>g) Price Increase calculation<br>h) Annual Negotiation calculation support, offer management<br>| 27 months Until 30/09/2027<br>| N/A | Fixed monthly charge by Territory equating to €53.5k per annum<br>| Yes – by Territory | 3 months' prior written notice period | N/A Finance | Function | Locally invoiced under Local Agreement |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Service<br> Term** | **Ramp<br> down term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>3</sup>** | **Exit Plan<br> Type** | **Charging<br> Approach** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Product Performance Calculation<br>&nbsp;&nbsp;&nbsp;&nbsp;· Turnover TMI Matrix<br> &nbsp;&nbsp;&nbsp;&nbsp;· ARO Top-Down Plan<br> &nbsp;&nbsp;&nbsp;&nbsp;· Bottom up<br>|  |  |  |  |  |  |  |  |
| **C3.** | **Local Finance (non-ComEx markets)** | Provision of Finance support, using the Supplier's existing policies, procedures, practices and controls framework, for non-ComEx (Operating Centre ("**OC**")) Territories – Greece, Israel. Key activities include:<br>a) Data gathering and provision of data extract from the Supplier's SAP (ECC) systems.<br>b) Provide information to support local statutory, local tax compliance, and tax audit queries as required (activities related to tax and audit support relate to providing the necessary data/documentation)<br>c) R2R: intercompany reporting, financial accounting, fixed asset & lease accounting, period-end close, provision of data extract for management and Group financial reporting, GFCF controls.<br>d) P2P: transaction processing and disbursements, purchase order & receipt (direct & indirect), invoice processing (direct & indirect), payments & disbursements (direct & indirect), travel & expenses, GFCF controls, reconciliations, vendor account support (payments, clearings etc.), End user support, T&E management.<br>e) MDM: financial master data (R2R), vendor master data (P2P), material master data and relative process & access controls.<br>f) Local Statutory Reporting support including data gathering and provision of data extract from SAP (ECC). Provide information to support local statutory, local tax compliance, and tax audit queries as required (activities related to tax and audit support relate to providing the necessary data/documentation)<br>| 27 months Refer to paragraph 16 of Appendix A for term by Territory<br>| 3 months immediately following the end of Primary Service Term | Fixed monthly charge by Territory (as set out in paragraph 16 of Appendix A) | Yes – by Territory | 3 months' prior written notice period | IT Services Finance | Function | Locally invoiced under Local Agreement |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Service<br> Term** | **Ramp<br> down term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>3</sup>** | **Exit Plan<br> Type** | **Charging<br> Approach** |
|  |  | g) Ad hoc accounting, analysis, and retrospective reviews as agreed between the parties<br>h) Support on Controls services<br>i) Execution of the Local Agreement reports and transactions, compilation and provision of information to the Customer to support their reporting<br>|  |  |  |  |  |  |  |  |
| **C4.** | **Local Finance 3P Consultant Support** | Provision of Local Finance Consultant support in Turkey, including SAP FI support, SAP CO | 27 months Until 30/09/2027<br>| N/A | Fixed monthly charge by Territory equating to €133.8k per annum<br>| Yes – by Territory | 3 months' prior written notice period | IT Services Finance | Function | Locally invoiced under Local Agreement<br>(Turkey) |
| **C5.** | **Local Marketing Finance (USA + Canada)** | Provision of services related to Brand & Marketing Expense and Coupon Balance Sheet management and associated accounting in USA and Canada. Key activities include:<br>a) B/S management and reconciliation of all BMI and Coupon accounts including accuracy of account balances<br>b) Monthly B/S review, PO Reconciliation, Accruals and Reclass<br>c) PO management for national media, retailer marketing, and agency fees (POs, GRs, reclasses)<br>d) Support data extracts for royalty audits<br>| 27 months Until 30/09/2027<br>| N/A | Fixed monthly charge by Territory equating to €55.1k per annum | Yes – by Territory | 3 months' prior written notice period | IT Services Finance | Function | Locally invoiced under Local Agreement<br>(USA) |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Service<br> Term** | **Ramp<br> down term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>3</sup>** | **Exit Plan<br> Type** | **Charging<br> Approach** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision of systems and services for actualisation, forecast processes and system flow, including: -<br>a) Planned budgets for BMI and Coupon spend / Allocadia reporting and calendar MGMT (excels and PowerBI)/ System training (Finance to ABMs)<br>b) Input system for retailer MKT spend (BMI, Coupons)/ System training (Finance to ABMs)<br>c) KFAS (Key Financial Accounting System) for booking accruals and pushing FC to PBCS, maintaining & creating associated master data<br>d) Financial forecasting system: Forecast loads, feeds from BMI and CD finance tools, actual accruals based on PBCS<br>e) Coupon redemption reporting<br>Other activities include:<br>a) Calculate cash flow inputs to MR team for working capital reporting<br>|  |  |  |  |  |  |  |  |
| **C6.** | **Italy Supply Chain Finance** | Provision of Local Supply Chain Finance (SCF) activities in Italy. Key activities include:<br>a) Transfer pricing update<br>b) Management reporting and Month End Close (MEC)<br>c) Supply Chain costing and generation of forecasting information.<br>d) Performance Management reporting.<br>e) Materials controlling;<br>f) Management reporting and Month End Close (MEC)<br>g) Preparation of reports for COGS actuals vs forecast and reviewing with the Customer<br>| 5 months Until 30/11/2025 | N/A | Fixed monthly charge by Territory Equating to €51.9k per annum | Yes – by Territory as a complete service only | 3 months' prior written notice period | N/A Finance | Function | Locally invoiced under Local Agreement<br>(Italy) |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Service<br> Term** | **Ramp<br> down term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>3</sup>** | **Exit Plan<br> Type** | **Charging<br> Approach** |
| **C7.** | **Local Manufacturing Finance** | Provision of Local manufacturing finance support. Key activities include:<br>a) Generation of financial forecast information<br>b) Generation of material forecast information<br>c) Sourcing Unit costing updates<br>| 27 months Refer to paragraph 17 of Appendix A for term by Territory<br>| 3 months immediately following the end of Primary Service Term | Fixed monthly charge by Territory (as set out in paragraph 17 of Appendix A) | Yes – by Region as a complete service only | 3 months' prior written notice period | Finance | Function | Locally invoiced under Local Agreement |
| **C8.** | **Local Procurement Finance** | Provision of local procurement finance support activities, including:<br>a) Material Consolidations and Forecast information<br>b) Buying and PL Savings Tracking (transactional)<br>c) Preparation of reports for actuals vs forecast<br>d) Provision of procurement post-cycle reports and dashboard, including NMCI, NMI, FX Savings.<br>e) Accounting allocation of hedges (Material and FX) in the Supplier's entities (non-judgemental scope)<br>| 27 months Refer to paragraph 18 of Appendix A for term by Territory<br>| 3 months immediately following the end of Primary Service Term | Fixed monthly charge by Territory (as set out in paragraph 18 of Appendix A) | Yes – by Region as a complete service only | 3 months' prior written notice period | Finance | Function | Locally invoiced under Local Agreement |
| **C9.** | **Additional Local SCF for markets with partial SCFS support** | Provision of additional Local Supply Chain Finance (SCF) activities. Key activities include:<br>a) Product costing, transfer pricing, supply chain costing and preparation of forecast information (including pre cash up), performance management support, material cost controlling, make cost controlling, logistics cost (including net productivity dashboard), SCI (Supply chain overheads and business waste) cost controlling, MEC support (including MOCK results)<br>b) Preparation of reports for COGS actuals vs forecast and Business waste analysis, Innovation & New product development, Capex & Project accounting, Local, Trade working capital FC and actuals, accruals for make, logistics, materials and others, support on journal entries, sundry invoicing, reporting, cost reviews, sales reconciliation, 3rd party pricing<br>| 27 months Refer to paragraph 19 of Appendix A for term by Territory<br>| 3 months immediately following the end of Primary Service Term | Fixed monthly charge by Territory (as set out in paragraph 19 of Appendix A) | Yes – by Region as a complete service only | 3 months' prior written notice period | Finance | Function | Locally invoiced under Local Agreement |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Service<br> Term** | **Ramp<br> down term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>3</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
|  |  | c) Provision of information to support the Customer's Tax & Audit activities<br>d) R&D cross charging, Costing & Finance Master data requests<br>e) Consolidate and Calculate SCC Rates for S&OP forecasting process. Including SCI, SCO forecasting bottoms-up<br>f) Volume classification (SU, Local, Export, Channel, demand, production)<br>g) SCF FPNA support (Brazil, Ecuador)<br>|  |  |  |  |  |  |  |  |  |
| **C10.** | **Payroll** | Provision of payroll services for Customer's using existing in house or outsourced arrangements. Key activities include:<br>a) Management and maintenance of payroll systems, including coordinating inputs, data changes (including adding new hires), outputs<br>b) Pay slip production, review, checking; production of payroll and payment of salaries<br>c) Declaration and payment of social contributions; declaration and payments to third parties, e.g., insurances/pension funds contributions; benefit providers; employee unions<br>d) Transmission of payroll accounting and social contributions items into accounting/ GL systems (see Finance Shared Services R2R Service A4c)<br>| Up to 4 months Refer to paragraph 20 of Appendix A for term by Territory<br>| N/A | Fixed monthly charge by Territory (as set out in paragraph 20 of Appendix A) | Yes – by Territory as a complete service only | 2 months' prior written notice period | Dependent on Finance Shared Services.<br>| HR | Payroll | Locally invoiced under Local Agreement |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Service<br> Term** | **Ramp<br> down term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>3</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
|  |  | e) Responding to payroll queries handed off from the Customer's HR team.<br>f) Payroll performance reporting as currently executed.<br>During this service the Customer has access to relevant Time and Attendance data from the Suppliers T&A systems. This access terminates with this service.<br>Includes Benefits, Contracts and Administration services for all Territories set out in paragraph C11, except China, Spain, Switzerland, Germany and USA.<br>|  |  |  |  |  |  |  |  |  |
| **C11.** | **Benefits contracts and administration** | Provision of services related to administration of pension and benefit services, in Territories where Customer's employees will remain on the Supplier's pension and benefit plans at Day 0. Key activities include:<br>Administration support of employee benefit and pension plans, where Customer's employees remain on the Supplier's pension and benefit plans.<br>Specific activities vary by Territory but may include benefit and pension vendor management, addressing employee queries on benefit and pensions, coordinating enrolment to benefit plans, and providing data on pension and benefit deductions for payroll.<br>Types of plans may vary by Territory but may include pension plans, employee insurances, company car benefit, public transport contracts, employee assistance program, company doctor facilities and shares schemes. | Up to 4 months Refer to paragraph 21 of Appendix A for term by Territory<br>| N/A | Fixed monthly charge by Territory (as set out in paragraph 21 of Appendix A) | Yes – by Territory as a complete service only | 2 months' prior written notice period | N/A | HR | Payroll | Locally invoiced under Local Agreement |
| **C12.** | **Digital Hub China** | Provision of the Supplier's China Digital Hub applications to support the Customer's PII, UniDam, DSET, Search Database, Content Cockpit activities including management of 3P relationships. Key activities include:<br>(a) Management of data, tools and third-party resourcing providers<br>| 24 months Until 30/06/2027 | N/A | Fixed monthly charge by Territory equating to €486.2k per annum | Yes – by Territory as a complete service only | 3 months' prior written notice period | N/A | Marketing | Function | Locally invoiced under Local Agreement<br>(China)<br>|

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Service<br> Term** | **Ramp<br> down term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>3</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
|  |  | Provision access to relevant dashboards, data sources, visualisation and analytical tools.<br><u>Exclusions</u><br>Social & Business Analytics (SBA) is excluded, except for use of the 3P platform (Social Master).<br>|  |  |  |  |  |  |  |  |  |
| **C13.** | **USA Local DDM Tech & Tools** | Provision of Supplier's USA Data Driven Marketing tools as per the Supplier's existing policies, practices and procedures; including: -<br>Epsilon (1st party data tech stack)<br>(b) Access 2 Insight: Interfaces with DMP and provides audience modelling (a2i modelling tech and modelling dashboards), PRM (operations support, strategy and execution, acquisition, measurement)<br>(c) Harmony PRM Email Service Provider<br>(d) ADM (analytics data mart) and LiveRamp<br>(e) Campaign Wizard to orchestrates the setup of sign-up forms to enable consumer insight through 1P data enrichment<br>(f) Revtrax (coupon vendor)<br>(g) Scout (PRA's)<br>| 12 months Until 30/06/2026 | N/A | Fixed monthly charge by Territory equating to €2,000k per annum | Yes – by Territory as a complete service only | 3 months' prior written notice period | N/A | Marketing | Function | Locally invoiced under Local Agreement<br>(USA)<br>|
| **C14.** | **UL France Studio Lab Team & Digital Lab Tool** | Provision of the Suppliers France Studio Lab to facilitate the management of the Customer's France creative assets production | 18 months Until 31/12/2026<br>| N/A | Fixed monthly charge by Territory equating to €31.5k per annum | Yes – by Territory as a complete service only | 3 months' prior written notice period | N/A | Marketing | Function | Locally invoiced under Local Agreement<br>(France)<br>|

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Service<br> Term** | **Ramp<br> down term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>3</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
| **C15.** | **China East Shanghai Campus R&D** | Provision of R&D Pilot Plant and Lab space in U66 and associated site services. Key activities include:<br>Provision and maintenance of ice cream laboratory and associated infrastructure.<br>(h) Access to shuttle bus, canteen, parking, express and working spaces.<br>(i) Provision of services for the CTI sensory laboratory and ice cream pilot plant including production water, cooling water, hot water, steam, compressed air, air condition, wastage water treatment and solid wastage treatment. | 24 months Until 30/06/2027<br>| N/A | Fixed monthly charge by Territory equating to €735.2k per annum | Yes – by Territory | 3 months' prior written notice period | N/A | R&D | Function | Locally invoiced under Local Agreement<br>(China)<br>|
| **C16.** | **Englewood Cliffs R&D** | Provision of R&D space and associated site services in Englewood Cliffs USA; services include: -<br>Operational services for the laboratory and pilot plant.<br>(j) Pilot plan packaging operations<br>(k) Pilot plant calibration, data and cleaning services<br>(l) Laboratory cleaning services<br>(m) Contracted R&D operations support<br>| 24 months Until 30/06/2027<br>| N/A | Fixed monthly charge by Territory equating to €255.1k per annum | Yes – by Territory | 3 months' prior written notice period | N/A | R&D | Function | Locally invoiced under Local Agreement<br>(USA)<br>|
| **C17.** | **Champion user for SAP and EWM system** | Provision of champion user support for SAP and EWM system in DACH, to support the alignment of logistics, IT systems, and operational execution for product transition from warehouse to customer. Activities include: -<br>Supporting SAP, warehouse management systems (LVS), and logistics interfaces.<br>(n) Support technical troubleshooting, and knowledge transfer, acting as a first-to-third level support for SAP logistics users.<br>| 6 months Until 31/12/2025<br>| N/A | Fixed monthly charge by Territory equating to €74.6k per annum | Yes – by Territory | 2 months' prior written notice period | N/A | Supply Chain | Function | Locally invoiced under Local Agreement<br>(Germany) |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Service<br> Term** | **Ramp<br> down term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>3</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
|  |  | (o) Manages and validates critical inventory controls, including reconciliation and physical stock accuracy.<br>(p) Support technical adaptations required by changes in logistics partners or customer relationships<br>(q) Support continuous improvement, identifying recurring system and process issues and leading cross-functional efforts to implement sustainable solutions.<br>(r) Supports strategic transformation projects<br>|  |  |  |  |  |  |  |  |  |
| **C18.** | **Logistics (Italy)** | Provision of local Italy Customer's logistics contracts management. Examples include warehouse, transportation, cabinet management and CSI contracts. Activities include: -<br>Preparation of draft contracts<br>(s) Approval workflow management<br>(t) Tracking of contract expiration dates and early termination rights.<br>(u) Updates for contract cost indexation.<br>| 27 months Until 30/09/2027<br>| N/A | Fixed monthly charge by Territory equating to €41.1k per annum | Yes – by Territory as a complete service only | 3 months' prior written notice period | Dependent on IT services | Supply Chain | Function | Locally invoiced under Local Agreement<br>(Italy) |
| **C19.** | **Workplace & Travel Services - Offices** | Provision of office space and associated facility services for the Customer's staff and new recruits in the Territory. Key activities include: -<br>Access to existing nominated office facilities and services.<br>Maintenance of office facilities.<br>Maintenance of existing access control to Customer's dedicated areas, security, visitor management and cleaning services<br>| Up to 24 months Refer to paragraph 22 of Appendix A for in scope Territories | N/A | Fixed monthly charge by Territory (as set out in paragraph 22 of Appendix A) | Yes – by Territory | 3 months' prior written notice period, with exception of Slovakia which is 1 months' prior written notice | N/A | WTS | Function | Locally invoiced under Local Agreement |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Service<br> Term** | **Ramp<br> down term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>3</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
|  |  | Telephony, switchboard, and reception (security reception at site entrance)<br>Incoming and outgoing post services<br>Car parking spaces (non-dedicated) and use of shuttle services.<br>Meeting rooms and use of other common amenities, such as canteen, where applicable.<br><u>Exclusions</u><br>Provision of space or service to the Customer's project resources<br>|  |  |  |  |  |  |  |  |  |
| **C20.** | **Warehouse Management (Switzerland)** | Provision of warehousing storage and logistics packaging services for promotional materials by Unilever Sourcing Unit Switzerland | 24 months Until 30/06/2027<br>| N/A | Local actual or allocated costs for the Unilever Logistics Thayngen team plus 5% mark-up | Yes – by Territory | 6 months' prior written notice period | N/A | GtM | Function | Locally invoiced under Local Agreement<br>(Switzerland) |
| **C21.** | **Singapore Scoop Shop** | Provision of access and use of the Singapore Scoop Shop | 4 months until 31/10/2025 | N/A | passthrough without mark up | Yes- by Territory | 1 months' prior written notice period | N/A | GtM | Function | Locally invoiced under Local Agreement<br>(Singapore) |
| **C22.** | **Mexico Facilities Services and Support** | Provision of facility and utilities services for the Customer's staff and new recruits in the Territory on the Tultitlan Site. Key activities include: -<br>a) Access to existing nominated office facilities and services.<br>b) Maintenance of office and R&D facilities and equipment.<br>c) Provision of utilities and waste disposal.<br>| 24 months | N/A | Actual or allocated costs + 5% mark up | Yes – by Territory | 3 months' prior written notice period | N/A | Supply Chain | Function | Locally invoiced under Local Agreement |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Service<br> Term** | **Ramp<br> down term** | **Service Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependent<br> Services<sup>3</sup>** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
|  |  | d) Maintenance of existing access control to Customer's dedicated areas Security, visitor management and cleaning services<br>e) Telephony, switchboard, and reception (security reception at site entrance)<br>f) Incoming and outgoing post services<br>g) Car parking spaces (non-dedicated)<br>Exclusions<br>Provision of space or service to the Customer's project resources<br>|  |  |  |  |  |  |  |  |  |
| **C23.** | **Local Bill to Cash Customer Service (Sweden)** | Collaboration and reciprocal provision of Order to Cash services in market for Nordics. Key activities include:<br>a) Customer credit management (e.g., risk assessment, order release)<br>b) Claims management incl. processing of customer invoices (e.g. escalations)<br>c) Accruals & Rebates management (e.g. rebate monitor)<br>d) Cash applications<br>e) Collections and overdue management<br>f) Company policies, controls and as is reporting<br>g) Customer master data management<br>| 27 months until 30/09/2027<br>| N/A | No charge | Yes – by Cluster as a complete service only | 3 months' prior written | Dependant on IT Services, Finance Services and Customer Services | Supply Chian | Function | N/A |
| **C24.** | **Field Sales - Austria** | Collaboration and reciprocal provision of Field Force services, systems and processes in Austria. Key activities include:<br>a) Orders management<br>b) Sales management<br>c) Shelf and planogram management<br>d) Cabinet management<br>| 6 months until 31/12/2025 | N/A | No charge | Yes – by Cluster as a complete service only | 2 months' prior written | Dependant on IT Services and Customer Services | GtM | Function | N/A |

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**Part** **D: Distribution Services**

All of the services in this table are charged through Local Agreements for each Territory. Appendix A includes the anticipated commencement date for services for a Deferred Market.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> down term** | **Service<br> Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependencies** | **Service<br> Owner** | **Exit Plan<br> Type** |
| **D1.** | **Unilever Operating as a Distributor** | Provision of local sales, marketing, finance, supply chain and logistics operational management activities in countries moving from Supplier's Direct Sales model to the Customers' Distributor model.<br>Key activities for Full scope include:<br>a) Key Account Management (KAM): Provide day-to-day management of key customer accounts at headquarters level;<br>b) Existing distributor Management: Provide sales management for in-country distributor(s);<br>c) Key customer facing activities including account management, trade promotions, merchandising and consumer insight;<br>d) Customer and trade marketing activities: Provide customer pricing services, adaptation of promotional plans and in-market customer / trade activities with agreed guidelines;<br>e) In-market marketing activities including In-market brand activations; brand activity planning; promotional activities, market research, media & media planning within agreed guidelines;<br>f) Input into demand planning and forecasting and input into the S&OP process;<br>g) Sales reporting against agreed targets including in country customer development ("**CD**") finance business partnering;<br>h) Managing trade terms within agreed guidelines;<br>i) Cabinet management;<br>j) In-country supply chain management activities, including logistics and quality assurance.<br>| 12 months<br>Refer to paragraph 23 of Appendix A for in scope Territories | N/A | Fixed monthly charge by Territory<br> Refer to paragraph 23 of Appendix A for a breakdown of these Service Charges by Territory | Yes – by Territory as a complete service only | 3 months' prior written notice | Dependent on IT Services, Finance Shared Services, Customer Services | GtM | Distribution Services |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> down term** | **Service<br> Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependencies** | **Service<br> Owner** | **Exit Plan<br> Type** |
| **D2.** | **UI Hub Services** | Provision of sales, marketing, customer services, supply chain and logistics operational management in the UI hubs supporting countries moving to the Customer's export model, including the outsourced (2 tier) model. Key activities include:<br>a) Provide key customer facing activities and day-to-day management of distributors<br>b) Provide in country sales management<br>c) Product sales to existing and new customers through regular customer calls and correspondence.<br>d) Support distributors with in-market marketing activities, including brand activation, new product introduction, in-market customer / trade activities with agreed guidelines<br>e) Input into demand planning and forecasting and input into the S&OP process<br>f) Performance monitoring of gross margin, monthly sales &profit and results analysis (Full P&L)<br>g) Country sales reporting against agreed targets including<br>h) Product pricing within approved guidelines<br>i) Management of freight forwarding, export/customs documentation and shipping.<br>j) Artwork and Careline activities currently provided to UAPL Direct Territories<br>k) Cabinet Management<br>| 12 months<br>Refer to paragraph 24 of Appendix A for in scope Territories | N/A | Fixed monthly charge by Territory<br> Refer to paragraph 24 of Appendix A for a breakdown of these Service Charges by Territory | Yes – by Territory as a complete service only | 3 months' prior written notice | Dependent on IT Services, Finance Shared Services | GtM | Distribution Services |
| **D3.** | **UAE Export Market Management** | Provision of local operations including sales, marketing and logistics management for Distributors in Jordan from UAE. Key activities include: -<br>a) Sales, marketing, finance, supply chain operational management for distributor in Jordan<br>b) Provide key customer facing activities and day-to-day management of distributor at headquarters<br>| Anticipated to start on 01/10/2025 until 30/06/2026<br>(9 months)<br>| N/A | Fixed monthly charge by Territory equating to €30.3k per annum | Yes – by Territory as a complete service only | 3 months' prior written notice | IT Services and Customer Services | GtM | Distribution Services<br>(UAE) |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> down term** | **Service<br> Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependencies** | **Service<br> Owner** | **Exit Plan<br> Type** |
|  |  | c) Provide marketing support to the Customer<br>d) Input into demand planning and forecasting and input into the S&OP process<br>e) Performance monitoring of Gross Margin, Monthly Sales/profit and results analysis for the Customer's brands<br>f) Sales reporting against agreed targets including in country CD finance business partnering<br>g) Cabinets management<br>|  |  |  |  |  |  |  |  |
| **D4.** | **Distributor Manager** | Provision of market dedicated CD and Marketing support for Vietnam and Croatia where the Customer has already appointed a distributor. Key activities include: -<br>a) Provide key customer facing activities and day-to-day management of distributor at headquarters<br>b) Provide current levels of marketing support to the Customer<br>c) Input into demand planning and forecasting and input into the S&OP process<br>d) Facilities<br><u>Note:</u> Croatia is invoiced through Hungary.<br>| 24 months<br>Refer to paragraph 25 of Appendix A for in scope Territories | N/A | Fixed monthly charge by Territory<br> Refer to paragraph 25 of Appendix A for a breakdown of these Service Charges by Territory | Yes – by Territory as a complete service only | 3 months' prior written notice | IT Services and Customer Services | GtM | Distribution Services |
| **D5.** | **Field Sales (Switzerland)** | Provision of Field Force activities and systems for the Customer's Brands in Switzerland. Key activities include:<br>a) Field Force Steering & Planning<br>b) Planning Management<br>c) In-store Execution<br>d) Order Management<br>e) Monitoring & Reporting<br>f) Small Customer Management<br>| 12 months<br> Until 30/06/2026<br>| N/A | Fixed monthly charge by Territory equating to €389.3k per annum | Yes – by Territory as a complete service only | 2 months' prior written notice | N/A | GtM | Distribution Services<br>(Switzerland) |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> down term** | **Service<br> Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependencies** | **Service<br> Owner** | **Exit Plan<br> Type** |
| **D6.** | **Field Sales Retail (France)** | Provision of Field Force activities and systems for the Customer's retail brands in France. Key activities include:<br>a) OSA Management<br>b) Promotion Management<br>c) In-store execution<br>d) Monitoring & Reporting<br>| 6 months<br> Until<br> 21/12/2025<br>| N/A | Fixed monthly charge by Territory equating to €20.6k per annum | Yes – by Territory as a complete service only | 2 months' prior written notice | N/A | GtM | Distribution Services<br>(France) |
| **D7.** | **Field Sales Retail (Poland)** | Management of third-party Retail Field Sales and Merchandiser activities for the Customer's Brands in Poland. Key activities include:<br>a) Management of Field force and merchandiser activities provided by third party for Modern Trade<br>b) Field force planning and steering<br>c) Merchandiser management<br>| 6 months<br> Until<br> 21/12/2025<br>| N/A | Fixed monthly charge by Territory equating to €21.6k per annum | Yes – by Territory as a complete service only | 2 months' prior written notice | N/A | GtM | Distribution Services<br>(Poland) |
| **D8.** | **Field Sales Retail (NZ)** | Provision of Field Force activities and systems for the Customer's Retail Brands in New Zealand. Key activities include: -<br>a) Business Development and Territory management<br>b) Promotion, stock and order management<br>c) In-store execution<br>d) Monitoring & reporting<br>e) Novelty Ice Cream management<br>| 6 months<br> Until<br> 21/12/2025<br>| N/A | Fixed monthly charge by Territory equating to €182.6k per annum | Yes – by Territory as a complete service only | 2 months' prior written notice | N/A | GtM | Distribution Services<br>(New Zealand) |
| **D9.** | **Field Sales IH (NL)** | Provision of Field Force and Merchandiser activities for the Customer's in-home Brands in Netherlands. Key activities include: -<br>a) Field force activities<br>b) In-store execution<br>c) Merchandiser activities<br>d) Promotion management<br>| 18 months<br> Until<br> 31/12/2026<br>| N/A | Fixed monthly charge by Territory equating to €805.7k per annum | Yes – by Territory as a complete service only | 6 months' prior written notice prior to the new Calendar year | N/A | GtM | Distribution Services<br>(Netherlands) |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> down term** | **Service<br> Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependencies** | **Service<br> Owner** | **Exit Plan<br> Type** |
| **D10.** | **Field Sales OOH (NL)** | Provision of Field Force and Merchandiser activities for the Customer's out-of-home Brands in Netherlands. Key activities include: -<br>a) Field force activities<br>b) Order management<br>c) Monitoring & reporting<br>d) Small customer management<br>e) Merchandiser activities<br>f) Promotion management<br>| 18 months<br> Until<br> 31/12/2026<br>| N/A | Fixed monthly charge by Territory equating to €1,534.6k per annum | Yes – by Territory as a complete service only | 3 months' prior written notice | N/A | GtM | Distribution Services<br>(Netherlands) |
| **D11.** | **Field Sales IH (Belgium)** | Provision of Field Force and Merchandiser activities for the Customer's in-home Brands in Belgium. Key activities include: -<br>a) Sales representatives and merchandiser field force activities<br>b) Instore execution<br>c) Order management<br>d) Monitoring and reporting<br>| 18 months<br> Until<br> 31/12/2026<br>| N/A | Fixed monthly charge by Territory equating to €803.3k per annum | Yes – by Territory as a complete service only | 6 months' prior written notice prior to the new Calendar year | N/A | GtM | Distribution Services<br>(Belgium) |
| **D12.** | **Field Sales OOH (Belgium)** | Provision of Field Force and Merchandiser activities for the Customer's out-of-home Brands in Belgium. Key activities include: -<br>a) Field force and merchandiser activities | 18 months<br> Until<br> 31/12/2026<br>| N/A | Fixed monthly charge by Territory equating to €816.9k per annum | Yes – by Territory as a complete service only | 6 months' prior written notice prior to the new Calendar year | N/A | GtM | Distribution Services<br>(Belgium) |
| **D13.** | **OOH Services by JV France** | Provision of Out-of-home concessionaires support in France from JV Relais d'Or. Key activities include: -<br>a) Provide support services to concessionaires: Finance (e.g., reporting), HR, purchasing / procurement support (to remain SOX compliant) | 24 months<br> Until<br> 30/06/2027<br>| N/A | Fixed monthly charge by Territory equating to €79k per annum plus actual costs of Support and Governance plus 5% | Yes – by Territory as a complete service only | 3 months' prior written notice | IT Services and Finance Services | GtM | Distribution Services<br>(France) |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> down term** | **Service<br> Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependencies** | **Service<br> Owner** | **Exit Plan<br> Type** |
|  |  | b) Payroll execution for the JV: prepared in WD, upload in SAP, HR/finance validation, reconciliation, balance sheet provisions (holidays)<br>c) Reporting of operating result for reinvoicing, journal entries by accounting teams for rebates<br>d) Procurement support<br>e) Statutory Reporting support, accounts clearing, journal entries, preparation of FR GAAP financial statement, preparation of CIT return, support on KPMG audit<br>f) Tax support: VAT declaration, liasse fiscale with IS payments, ad hoc tax audits, accounting entries for tax audit, VAT audit, local taxes<br>g) JV Management e.g. annual board meeting, accounts publication<br>h) Insurance<br>i) JV Support and Governance<br>|  |  |  |  |  |  |  |  |
| **D14.** | **CD Operations (Italy)** | Provision of Local IT support for D&A Activities and Sales CD Local Tools Management in Italy. Key activities include:<br>a) IT Tool used in CD/Salesforce Area and interface support<br>b) Support and customisation of reporting using CD/Salesforce Tools<br>| 27 months<br> Until<br> 30/09/2027 | N/A | Fixed monthly charge by Territory equating to €86.5k per annum | Yes – by Territory as a complete service only | 3 months' prior written notice | IT Services | GtM | Distribution Services |
| **D15.** | **CD Operations (Benelux)** | Provision of monitoring and support services for the Visualfabriq tool in Belgium and Netherlands, including support team services to address errors or incidents (e.g., performance problems, bugs, or downtimes) | 6 months<br>Refer to paragraph 26 of Appendix A for a breakdown of these Service Charges by Territory | N/A | Fixed monthly charge by Territory<br> Refer to paragraph 26 of Appendix A for a breakdown of these Service Charges by Territory | Yes – by Territory as a complete service only | 2 months' prior written notice | N/A | GtM | Distribution Services |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> down term** | **Service<br> Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependencies** | **Service<br> Owner** | **Exit Plan<br> Type** |
| **D16.** | **Cabinets Warehousing (Ecuador)** | Provision of warehouse space and WPS services for the storage of the Customer's Cabinets in Ecuador. Key activities include:<br>a) Storage of the Customer's owned cabinets in the designated space on the ground floor of the Supplier's warehouse at Oasis offices.<br>b) WPS services related to the building, including maintenance, the CCTV system, alarms, fire extinguisher recharges, and cleaning of the area.<br>| 24 months<br> Until<br> 30/06/2027<br>| N/A | Fixed monthly charge by Territory equating to €71.5k per annum | Yes – by Territory | 3 months' prior written notice | IT Services | GtM | Distribution Services<br>(Ecuador) |
| **D17.** | **CBD OOH: Customer Master data & Sales Controlling (Switzerland)** | Provision of support for CD Excellence and master data management for the Customer's out-of-home brands in Switzerland. Key activities include; -<br>a) Maintenance of customer master date, (FuzzIT process)<br>b) Trade partner & operator master data management<br>c) Trade conditions & investments reporting and data management<br>d) Monthly customer data reporting<br>e) Refund & mutation process<br>f) Managing trade condition and investments system<br>| 6 months<br> Until<br> 31/12/2025 | N/A | Fixed monthly charge by Territory equating to €60k per annum | Yes – by Territory as a complete service only | 2 months' prior written notice | IT Services | GtM | Distribution Services<br>(Switzerland) |
| **D18.** | **CBD OOH: Data & Systems (DACH)** | Provision of DACH Data Insights & Analyst services for the Customer's out-of-home Brands. Key activities include: -<br>a) Sell in/Sell out Reporting & Analytics<br>b) Report provision (sell-in, sell-out, asset-based) to the Customer<br>c) Provision of information to concessionaires<br>d) Ad hoc reporting and evaluations<br>| 5 months<br> Until<br> 30/11/2025<br>| N/A | Fixed monthly charge by Territory equating to €99.5k per annum | Yes – by Territory as a complete service only | 2 months' prior written notice | IT Services | GtM | Distribution Services<br>(Germany) |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> down term** | **Service<br> Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependencies** | **Service<br> Owner** | **Exit Plan<br> Type** |
| **D19.** | **CBD OOH: Field Sales Support & Data & Systems (Germany & Switzerland)** | Provision of CRM services to support the Customer's out-of-home CD team in Germany and Switzerland; Key activities include: -<br>a) Updates to CRM<br>b) Data extraction and reporting.<br>c) Support implementation sales drives<br>d) Technical support<br>e) Project management for technical changes<br>f) Data cleansing<br>| 4 months<br> Until<br> 31/10/2025<br>| N/A | Fixed monthly charge by Territory equating to €56.2k per annum | Yes – by Territory as a complete service only | 2 months' prior written notice | IT Services | GtM | Distribution Services<br>(Germany) |
| **D20.** | **Greece Cabinets Warehouse Management** | Provision of warehousing and customer service support for cabinets and promotional materials in Logistics Greece. Key activities include:<br>a) Primary warehousing;<br>b) Secondary warehousing management;<br>c) Logistics Customer service support;<br>d) Facilities for Local R&M workshop;<br>e) Waste Management & Disposal services of hazardous materials.<br>| 27 months<br> Until<br> 30/09/2027 | N/A | Fixed monthly charge by Territory equating to €292k per annum | Yes – by Territory as a complete service only | 3 months' prior written notice | IT Services, Customer Services and Finance Services | GtM | Distribution Services<br>(Greece) |
| **D21.** | **Customer Interaction and innovation Centre (CiiC)** | Provision of design and implementation services for the Customer's immersive VR experiences in the Netherlands that allow customers to interact with the company's products, services, or brand.<br>| 18 months<br> Until<br>31/12/2026 | N/A | Fixed monthly charge by Territory equating to €36.8k per annum | Yes – by Territory as a complete service only | 3 months' prior written notice | N/A | GtM | Distribution Services<br>(Netherlands) |
| **D22.** | **In Market Bill to Cash** | Provision of in market Bill to Cash support. Key activities include:<br>a) Customer billing<br>b) Customer credit management (e.g., risk assessment, order release)<br>c) Claims management (e.g. escalations)<br>| 27 months<br>Refer to paragraph 27 of Appendix A for term by Territory<br>| 3 months immediately following the end of Primary Service Term | Fixed monthly charge by Territory<br> Refer to paragraph 27 of Appendix A for a breakdown of these Service Charges by Territory | Yes – by Region as a complete service only | 3 months' prior written notice | IT Services, Customer Services and Finance Services | Finance | Distribution Services |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> down term** | **Service<br> Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependencies** | **Exit Plan<br> Type** |
|  |  | d) Accruals & Rebates management (e.g. rebate monitor)<br>e) Cash application<br>f) Collections and overdue management<br>g) Controls and reporting<br>h) Customer master data management<br>|  |  |  |  |  |  |  |
| **D23.** | **Local Bill to Cash (ANZ)** | Provision of support to execute Bill to Cash activities in Australia and New Zealand. Key activities include:<br>a) Claims management (e.g. escalations)<br>b) Collections and overdue management<br>| 4 months<br> Until<br> 31/10/2025 | N/A | Fixed monthly charge by Territory equating to €108.2k per annum | Yes – by Territory | 3 months' prior written notice | IT Services, Customer Services and Finance Services Finance | Distribution Services<br>(Australia) |
| **D24.** | **Local Customer Development Finance** | Provision of Local CD Operations finance activities in Brazil, Ecuador, South Africa, UAE and USA. Key activities include:<br>a) B/S support and reconciliation of trade accounts (i.e. bookups, releases) including B/S Review, Risk and Opps process, Monthly accruals and reclass submission to Blackline<br>b) Push rates into PBCS & Evergreen from Pigment, actuals accruals based on PBCS.<br>c) Input target rates by customer<br>d) Support monthly TMT (trade management tool) review/meeting alignment, and process forecast updates<br>e) Provision of customer mix files (sourced from Pigment/SSAS)<br>f) DRT/Retailer Trade Spend management (BMI)<br>g) Support Manual Corrections to Price<br>h) V220 Submission to iFinance (Deflated TO, Customer Actuals Reporting, Price Reporting). V800 Trade Rebate Inputs<br>i) Input into P&L Reporting<br>| 27 months<br>Refer to paragraph 28 of Appendix A for term by Territory<br>| N/A | Fixed monthly charge by Territory<br> Refer to paragraph 28 of Appendix A for a breakdown of these Service Charges by Territory | Yes – by Region | 3 months' prior written notice | IT Services, and Finance Services Finance | Distribution Services |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> down term** | **Service<br> Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependencies** | **Exit Plan<br> Type** |
|  |  | j) Running Price Calculations for Actuals in PBCS, AFO, and iFinance<br>k) Monitoring trade marketing investments (TMI) - UAE<br>l) Input into trade rates by customer<br>m) Extract Pigment Data and Push Customer rates into EG, tracking forecasted spend, reconciliation with invoice/actuals spend<br>n) Reporting from Evergreen<br>o) Support financial forecasting - Forecast loads, feeds from BMI and CD finance tools, actual accruals based on PBCS<br>p) Calculate cash flow inputs to MR team for working capital reporting<br>|  |  |  |  |  |  |  |
| **D25.** | **Local FP&A and cash-up** | Provision of services related to Financial Planning & Analysis (FP&A) including cash up process. Activities include:<br>a) Execution of the cash up process using the cash up tool, with appropriate and timely inputs from the Customer on volumes and promotional terms and output reviewed by the Customer;<br>b) Generation of segregated forecast output file for the Customer, split between channels, for review and approval;<br>c) Support Month End Closing including actuals and forecast submissions (automated or DIT)<br>d) Generation of management reporting such as TO Flash, V200, V220, V540 for decision support<br>e) Country specific support such as Brand and Cluster Booklets (China), Publish SC dashboard (China), Market Share Report (USA), 3 Origamis (Venezuela)<br>f) BMI and OVHs operation, reconciliation and reporting including IO creation/modification; MEC auto posting post check; IO review, CC Master Data Checks.<br>| 27 months, except for Italy which will exit after 5 months<br> Refer to paragraph 29 of Appendix A for term by Territory<br>| 3 months immediately following the end of the Primary Service Term (excluding Italy) | Fixed monthly charge by Territory<br> Refer to paragraph 29 of Appendix A for a breakdown of these Service Charges by Territory | Yes – by Region | 3 months' prior written notice | IT Services, Customer Services and Finance Services Finance | Distribution Services |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> down term** | **Service<br> Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependencies** | **Service<br> Owner** | **Exit Plan<br> Type** |
| **D26.** | **Local Master Data Management Support** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision of MDM support in local Territories related to:<br>a) Creation and maintenance of:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Customers;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Vendors;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· items/products;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Finance (GL) master data<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· and associated dependent data (e.g., prices and material costs)<br>b) Maintenance and reconciliations of key system interfaces<br>c) Credit checking for new customers<br>d) Relationship management of existing 3PSPs<br>e) Provision of information to support external audit management<br>| 27 months,<br> Refer to paragraph 30 of Appendix A for term by Territory<br>| N/A | Fixed monthly charge by Territory<br> Refer to paragraph 30 of Appendix A for a breakdown of these Service Charges by Territory | Yes – by Territory | 3 months' prior written notice | IT Services, Customer Services and Finance Services | Finance | Distribution Services |
| **D27.** | **Consumer Careline** | Provision of activities for management of consumer concerns, enquiries and complaints via existing telephone, webforms and email in accordance with existing practices (Consumer Careline), including:<br>a) Handling social media enquiries (i.e., websites and Facebook);<br>b) providing existing monthly reports summarising all claims and inquiries to the Customer;<br>c) Management and cost of consumer reimbursement.<br>d) Managing consumer complaints Alignment with Customer Development for those Market changing RTM; and<br>e) Management of consumer GDPR requests made through Careline (e.g. requests for access to personal data, marketing consent withdrawals/complaints, rights to be forgotten)<br><u>Exclusions</u><br>· Any changes or alignment activities with IT or other function to incorporate Marketing led changes to Careline information on websites or with rebranding or relabelling activities are not in scope of this service<br>· Any customer or cabinet management enquires<br>| 24 months,<br> Refer to paragraph 31 of Appendix A for term by Territory<br>| N/A | Fixed monthly charge by Territory<br> Refer to paragraph 31 of Appendix A for a breakdown of these Service Charges by Territory | Yes – by Region as a complete service only | 3 months' prior written notice | N/A | Marketing | Distribution Services |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> down term** | **Service<br> Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependencies** | **Service<br> Owner** | **Exit Plan<br> Type** |
| **D28.** | **Customer Services and Supply Chain (Hubs/3PSP)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision of Customer Experience Services (hub/third party service provider ("**3PSP**")), including:<br>Order to Cash (3PSP, centralised) including the following services and related company policies, controls and reporting:<br>a) Customer Services:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Single point of contact for customers relating to daily operational activities (customer facing if executed through the Hubs) in the Order to Cash process, including exception management, product phase changes and promotions, customer queries, and managing availability issues and cancellations<br>b) Order to Deliver:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Customer Order Capture and Management<br> &nbsp;&nbsp;&nbsp;&nbsp;· Order fulfilment<br> &nbsp;&nbsp;&nbsp;&nbsp;· Customer facing & collaboration<br>c) Bill to Cash:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Customer billing<br> &nbsp;&nbsp;&nbsp;&nbsp;· Customer credit management, claims & deduction management<br> &nbsp;&nbsp;&nbsp;&nbsp;· Cash applications & collections management<br> &nbsp;&nbsp;&nbsp;&nbsp;· Company policies, controls and reporting<br>d) Master data management:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Creation and maintenance of customer master data and pricing master data in scope for Customer Service teams and including controls<br>e) Other activities include<br>&nbsp;&nbsp;&nbsp;&nbsp;· Outbound FG Logistics Planning and execution management- Inbound RMPM Logistics Planning and execution management<br>| 27 months,<br> Refer to paragraph 32 of Appendix A for term by Territory<br>| 3 months immediately following the end of Primary Service Term | Fixed monthly charge by Territory<br> Refer to paragraph 32 of Appendix A for a breakdown of these Service Charges by Territory | Yes – by Region as a complete service only | 12 months' prior written notice | IT Services and Finance Services | Supply Chain | Distribution Services |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> down term** | **Service<br> Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependencies** | **Service<br> Owner** | **Exit Plan<br> Type** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supply Chain Planning - Demand planning, supply planning, DRP, reconciliation and S&OP Support<br> &nbsp;&nbsp;&nbsp;&nbsp;· Master Data Management - 'Creation and maintenance of product, pricing, customer master, transport lanes<br> &nbsp;&nbsp;&nbsp;&nbsp;· Primary and secondary transport planning activities and provision of associated reporting;<br> &nbsp;&nbsp;&nbsp;&nbsp;· Continuation of existing execution of supply planning activities (SU, CM's, conversion of demand plan into supply plan for the Territories)<br> &nbsp;&nbsp;&nbsp;&nbsp;· Demand supply reconciliation- System-based creation and approval of purchase orders on instruction from Recipient, either directly or via approved plan;<br> &nbsp;&nbsp;&nbsp;&nbsp;· Provision of reports outlining capacity utilization of dedicated production lines;<br> &nbsp;&nbsp;&nbsp;&nbsp;· Provision of business waste reporting;<br> &nbsp;&nbsp;&nbsp;&nbsp;· Generation of non-judgemental statistical baseline inputs to Recipient's demand planning process;<br> &nbsp;&nbsp;&nbsp;&nbsp;· Demand disaggregation activities based on Recipient's demand plan; management of third party contract manufacturer operations- T2 MRP planning<br> &nbsp;&nbsp;&nbsp;&nbsp;· Continuation of service hubs management (though PDN team)<br>|  |  |  |  |  |  |  |  |
| **D29.** | **Customer Services and Supply Chain Local** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision of local Customer Experience Services; including:<br>a) Order to Cash Customer Services if executed locally:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Single point of contact for customers relating to daily operational activities (customer facing if executed through the Hubs) in the Order to Cash process, including exception management, product phase changes and promotions, customer queries, and managing availability issues and cancellations<br>b) Order to Deliver:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Customer Order Capture and Management<br> &nbsp;&nbsp;&nbsp;&nbsp;· Order fulfilment<br> &nbsp;&nbsp;&nbsp;&nbsp;· Customer facing & collaboration<br>| 27 months,<br> Refer to paragraph 33 of Appendix A for term by Territory<br>| 3 months immediately following the end of Primary Service Term | Fixed monthly charge by Territory<br> Refer to paragraph 33 of Appendix A for a breakdown of these Service Charges by Territory | Yes – by Region as a complete service only | 12 months' prior written notice | IT Services, Customer Services and Finance Services | Supply Chain | Distribution Services |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> down term** | **Service<br> Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependencies** | **Service<br> Owner** | **Exit Plan<br> Type** |
|  |  | c) Bill to Cash:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Customer billing<br> &nbsp;&nbsp;&nbsp;&nbsp; · Customer credit management, claims & deduction management<br> &nbsp;&nbsp;&nbsp;&nbsp;· Cash applications & collections management<br> &nbsp;&nbsp;&nbsp;&nbsp;· Company policies, controls and reporting<br>d) Master data management:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Creation and maintenance of customer master data and pricing master data in scope for Customer Service teams and including controls<br> &nbsp;&nbsp;&nbsp;&nbsp;· Provision of local SC Go to Market reports<br> &nbsp;&nbsp;&nbsp;&nbsp;· Local elements of outbound Logistics Planning and execution management<br> &nbsp;&nbsp;&nbsp;&nbsp;· Local Master Data Management - (not covered in Finance service)<br> &nbsp;&nbsp;&nbsp;&nbsp;· Primary and secondary transport planning activities and provision of associated reporting;<br>|  |  |  |  |  |  |  |  |
| **D30.** | **Local Logistics Finance (SCF)** | Provision of Logistics Finance support including:<br>a) Budgeting and costing - Update rates and costing matrices, and creation of Budget/Costing documentation for shared logistics elements or elements remaining under the control of the Supplier.<br>b) Forecasting and actuals - Make adjustment and update actuals forecasts based on inputs from Logistic teams for shared logistics elements or elements remaining under the control of the Supplier.<br>| 27 months,<br> Refer to paragraph 34 of Appendix A for term by Territory<br>| 3 months immediately following the end of Primary Service Term | Fixed monthly charge by Territory<br> Refer to paragraph 34 of Appendix A for a breakdown of these Service Charges by Territory | Yes – by Region as a complete service only | 3 months' prior written notice | Dependant on IT Services, Finance Services and Customer Services | Supply Chain | Distribution Services |
| **D31.** | **Ocean & Air Freight Management** | Provision of ocean and air freight management services, including<br>e) International Control Tower (ICT) including ocean carrier booking, Bill of Lading and SPOT (currently contracted with Maersk until November 2026)<br>f) Ocean freight invoice validation<br>g) Ocean demurrage and detention control<br>h) Risk sensing and resilience for ocean freight<br>Provided by global hubs in China, local services delivered in Australia, France, Malaysia, Spain, UAE | 24 months<br> Refer to paragraph 35 of Appendix A for term by Territory | N/A | Fixed monthly charge by Territory<br> Refer to paragraph 35 of Appendix A for a breakdown of these Service Charges by Territory | Yes – by Territory | 3 months' prior written notice | N/A | Supply Chain | Distribution Services |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> down term** | **Service<br> Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependencies** | **Service<br> Owner** | **Exit Plan<br> Type** |
| **D32.** | **Unilever Operating as a Distributor Lite** | Under the Unilever Operating as a Distributor Lite TSA the Supplier's will continue to provide a reduced service including local finance, supply chain and logistics operational management in countries where Ice Cream has appointed and are managing the Ice Cream Distributor, but transactions are continuing locally.<br>Key activities for Lite scope include: -<br>a) Data updates for CD activities (e.g. pricing updates, trade term management)<br>b) Finance activities: Record to Report, Controls and Reconciliation, cash up, SCF, FP&A, FBP, Month End Close, Budget Control.<br>In country supply chain management activities, including, importing, logistics and quality assurance.<br>This service is a continuation of a subset of the services of Unilever as Distributor (Full) D1 and therefore cannot run in parallel for a Territory<br>| 27 months<br> Refer to paragraph 36 of Appendix A for term by territory | N/A | Fixed monthly charge by Territory<br> Refer to paragraph 36 of Appendix A for a breakdown of these Service Charges by Territory | Yes – by Territory as a complete service only | 3 months' prior written notice | Dependent on IT Services, Finance Shared Services, Customer Services | GtM | Distribution Services |
| **D33.** | **Nordic RTM Logistic Support** | Provision of Nordic RTM logistics support. Activities include: -<br>Support implementation of the Customer's logistic master plan 2025-2026 and key components of 5Y Nordic strategy.<br>For the avoidance of doubt this Service is dependent on the availability of a specific Supplier resource in Norway. | 27 months<br> Until<br> 30/09/2027<br>| N/A | Fixed monthly charge by Territory equating to €107.1k per annum | Yes – by Territory as a complete service only | 6 months' prior written notice period | Dependent on IT Services | Supply Chain | Function<br>(Norway) |

---

**Part** **E: Mexico Services**

The table below details the Distribution Function Services that apply locally in the Territory of Mexico only and are charged through the Local OMAs.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> down term** | **Service<br> Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependencies** | **Service<br> Owner** | **Exit Plan<br> Type** |
| **E1.** | **Mexico Operational Sales and Distribution Management** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuation of Commercial, Operational and supporting Distribution Management activities for Mexico IC Business, key activities continued include:<br>a) Key Account Management ("**KAM**"): Provide day-to-day management of key customer accounts at headquarters level;<br>b) Key customer facing activities including account management, trade promotions, merchandising and consumer insight;<br>c) Field Sales and Merchandising including cabinet management.<br>d) Customer and trade marketing activities: Provide customer pricing services, adaptation of promotional plans and in-market customer / trade activities with agreed guidelines;<br>e) In-market marketing activities including In-market brand activations; brand activity planning; promotional activities, market research, media and media planning within agreed guidelines;<br>f) Input into demand planning and forecasting and input into the S&OP process;<br>g) Sales reporting against agreed targets including in country customer development ("**CD**") finance business partnering;<br>h) Managing trade terms within agreed guidelines;<br>i) In-country supply chain management activities, including: -<br>&nbsp;&nbsp;&nbsp;&nbsp;· Planning<br> &nbsp;&nbsp;&nbsp;&nbsp;· Customer Services and Supply Chain<br> &nbsp;&nbsp;&nbsp;&nbsp;· Inbound materials Management<br> &nbsp;&nbsp;&nbsp;&nbsp;· Logistics and Warehousing – including SC Hubs<br> &nbsp;&nbsp;&nbsp;&nbsp;· Repacking<br> &nbsp;&nbsp;&nbsp;&nbsp;· Quality assurance;<br>j) Commercial / CD Finance;<br>k) Local FP&A and controlling activities;<br>| 27 months | 3 months | Local actual or allocated costs for the Territory plus 5% mark up | Yes | 3-month prior written notice | Dependent on IT Services, Finance Shared Services, Customer Services | GtM | Distribution Services |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Ramp<br> down term** | **Service<br> Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependencies** | **Service<br> Owner** | **Exit Plan<br> Type** |
| | | l) Bill to Cash execution;<br>m) Supply Chain finance services, Logistics Finance, Procurement Finance activities;<br>n) HR & Payroll & Benefits and contracts administration;<br>o) Facilities provision and support;<br>p) Fleet management; and<br>q) Travel and expenses management.<br>| | | | | | | | |

---

**Part F:** **Deferred Market Global Services**

For a material Territory that is Deferred, the global Services below will only commence when the Territory transfers to the Customer, as agreed through the governance process for the Agreement, the Services will exit in line with the Region as detailed in Part A of Schedule 1 (*Services and Service Charges*).

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service /<br> Function** | **Service Description** | **Ramp<br> Down<br> Period** | **Service<br> Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependencies** | **Service<br> Owner** | **Exit Plan<br> Type** | **Charging<br> Approach** |
| **F1.** | **Finance Shared Services** | As per item A4 of the table set out in Part A of Schedule 1 (*Services and Service Charges*) Up to 30<sup>th</sup> September 2027<br> Refer to paragraph 37 of Appendix A for Term by Territory<br>| 3 months immediately following the end of Primary Service Term | &nbsp;&nbsp;&nbsp;Fixed monthly charge by Region<br>(as set out in paragraph 37 of Appendix A) | Yes – by Region as a complete service only | 3 months' prior written notice | Dependent on IT Services | Finance | Core Transactional | Globally invoiced under this Agreement |
| **F2.** | **IT** | As per item A15 of the table set out in Part A of Schedule 1 (*Services and Service Charges*) Up to 30<sup>th</sup> September 2027<br> Refer to paragraph 38 of Appendix A for Term by Territory<br>| 3 months immediately following the end of Primary Service Term | &nbsp;&nbsp;&nbsp;Fixed monthly charge by Region<br>(as set out in paragraph 38 of Appendix A) | Yes – by Region as a complete service only | 3 months' prior written notice | N/A | IT | IT | Globally invoiced under this Agreement |
| **F3.** | **Customer Service Hubs** | As per item D28 set out in Part D of Schedule 1 (*Services and Service Charges*) Up to 30<sup>th</sup> September 2027<br> Refer to paragraph 39 of Appendix A for Term by Territory<br>| 3 months immediately following the end of Primary Service Term | &nbsp;&nbsp;&nbsp;Fixed monthly charge by Region<br>(as set out in paragraph 39 of Appendix A) | Yes – by Region as a complete service only | 3 months' prior written notice | Dependent on IT Services | Finance | Core Transactional | Globally invoiced under this Agreement |

---

**Part G:** **Flexible Support Services**

The table below details the Flexible Support Services.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Service / Function** | **Service Description** | **Primary<br> Service<br> Term** | **Service<br> Charges<br> Basis** | **Early<br> Termination<br> Right** | **Termination<br> Notice<br> Period** | **Interdependencies** | **Service<br> Owner** | **Exit Plan<br> Type** |
| **G1.** | **Flexible Support** | Provision of minor or short-term business activities by the Supplier, under direction of the Customer, to cover resource or process gap.<br>Requirements to be reviewed and agreed between the Parties monthly.<br>Specific service provisions are in detailed below | 18 months | Services charges based on monthly agreed fully loaded resource costs by WL by country | Yes - globally | 2 weeks'' prior written notice | IT, Shared Services | Design Authority | N/A |

---

---

| | |
|:---|:---|
| **1** | **Part a: Governance Process for Flexible Support Services** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** With
 Reference to the Flexible Support Services, this schedule details the processes that will
 be used to manage and govern the request, costing and termination of the Flexible Support
 Services (Part a) including those requested to cover recruitment gaps for the 3 months
 from the Commencement Date (Part b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** On
 a monthly basis before the 15<sup>th</sup> calendar day of the month, as part of the overall
 governance process set out in the Agreement, both Parties will agree the Flexible Support
 Services required for the following month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** The
 agreed service summary will be maintained outside this document. The table above is indicative
 of the services that may be delivered under the Flexible Support Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** Flexible
 Support Services will be invoiced as per other Services provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** The
 charges for the Flexible Support Services shall be based on the number of FTE required to
 deliver the monthly service, by work level, multiplied by the agreed Customer's Employment
 Costs for that work level and country plus a 5% mark up/fee (as further provided for by this
 Schedule 1 (*Services and Service Charges*)). For the avoidance of doubt, any expenses
 paid or payable to the employees are to be excluded from the Employment Costs before the
 fee is calculated. The Supplier will reimburse the employees for all reasonable and proper
 expenses and disbursements exclusively and necessarily incurred by the employees in connection
 with providing the Flexible Support Services and will reimburse the employees directly for
 these in accordance with the relevant member of the Supplier Group's expenses policy.
 The Customer will be responsible for reimbursing the Supplier for such expenses paid to the
 employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** For
 the purposes of this paragraph Part a, "**Employment Costs**" means amounts
 payable to or in respect of the employees who are providing the Flexible Support Services
 under their employment terms (including the employees' salaries, all tax and national
 insurance contributions, employer's pension contributions, bonuses, health insurance
 and/or private medical insurance premia, car allowance and overtime payments but, for the
 avoidance of doubt excluding any expenses.

---

| | |
|:---|:---|
| **2** | **Part b: Short Term Recruitment Coverage** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** The
 Customer has a number of envisaged recruitment vacancies as of the Commencement Date ("Vacant
 Roles"). The Parties shall maintain a list of the Vacant Roles, which may be updated
 from time to time with the agreement of both Parties. The Supplier has agreed to perform
 the activities (in such way and using such resources as it shall determine) that individuals
 in the Vacant Roles would have performed (had they been in place) for a period of no more
 than 3 months from the Commencement Date.

---

| | |
|:---|:---|
| **3** | **Governance Process for Recruitment Coverage** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** On
 a monthly basis before the 15th calendar day of the month, as part of the overall governance
 process set out in this Agreement, both Parties will agree the Supplier activities required
 to cover the Customer's recruitments for the following month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** The
 agreed list of roles' activities will be maintained outside this document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** Flexible
 Support Services will be invoiced as per other Services provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** The
 charge for the recruitment coverage services shall be based on the number of FTE required
 to deliver the monthly service, by work level, multiplied by the agreed Customer's
 fully loaded costs for that work level and country.

**Part H: Advance funding of payment services**

Where a Service involves the Supplier making a payment on behalf of the Customer (such as the provision of payroll), the Supplier:

· may,
 at its discretion, provide the Customer with advance notice of the amount of required to
 make that payment; and

· shall
 not be obliged to make that payment unless and until it has received cleared funds from the
 Customer in respect of that payment.

**Appendix A<br> Service charges and service terms by Territory/Region**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **A4 – Finance Shared Services** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual<br> €k)** | **Service Term** | **Anticipated start date<br> if not commencement<br> date** | **Primary Service Exit<br> date** |
| Americas | 4980.9 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Europe | 6291.0 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| RoW | 5338.1 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Deferred Markets (Thailand / Indonesia) | 715.4 | See paragraph 37 of Appendix A | See paragraph 37 of Appendix A | See paragraph 37 of Appendix A |
| **Total** | **17325.4** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **A5 – Tax (FOT)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual<br> €k)** | **Service Term** | **Anticipated start date<br> if not commencement<br> date** | **Exit date** |
| Americas | 75.9 | 12 months |  | 30/06/2026 |
| Europe | 95.9 | 12 months |  | 30/06/2026 |
| RoW | 98.6 | 12 months |  | 30/06/2026 |
| **Total** | **270.4** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **A6 – Global Performance Management** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date<br> if not commencement<br> date** | **Primary Service Exit<br> date** |
| Americas | 81.1 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Europe | 102.4 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| RoW | 105.2 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| **Total** | **288.7** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **A7 – Procurement Finance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual<br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement<br> date** | **Primary Service Exit<br> date** |
| Americas | 72.8 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Europe | 91.9 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| RoW | 94.4 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| **Total** | **259.1** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **A15 – IT Services** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date<br> if not commencement<br> date** | **Exit date** |
| Americas | 40120.3 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Europe | 50672.1 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| RoW | 42997.2 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Deferred Markets (Thailand/Indonesia) | 5762.5 | See paragraph 38 of Appendix A | See paragraph 38 of Appendix A | See paragraph 38 of Appendix A |
| **Total** | **139552.1** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **A18 - AdPro** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date<br> if not commencement<br> date** | **Exit date** |
| Americas | 153.6 | 6 months |  | 31/12/2025 |
| Europe | 194.0 | 6 months |  | 31/12/2025 |
| RoW | 199.4 | 6 months |  | 31/12/2025 |
| **Total** | **547.0** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **A19 – Artwork System** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual<br> €k)** | **Service Term** | **Anticipated start date<br> if not commencement<br> date** | **Exit date** |
| Americas | 129.7 | 12 months |  | 30/06/2026 |
| Europe | 163.9 | 12 months |  | 30/06/2026 |
| RoW | 168.4 | 12 months |  | 30/06/2026 |
| **Total** | **462.0** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **A25 – Web Infrastructure & Tools** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual<br> €k)** | **Service Term** | **Anticipated start date<br> if not commencement<br> date** | **Exit date** |
| Americas | 766.7 | 24 months |  | 30/06/2027 |
| Europe | 968.3 | 24 months |  | 30/06/2027 |
| RoW | 995.0 | 24 months |  | 30/06/2027 |
| **Total** | **2730.0** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **A26 – Artwork Excellence** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date<br> if not commencement<br> date** | **Exit date** |
| Americas | 1051.0 | 4 months |  | 31/10/2025 |
| RoW | 1364.0 | 4 months |  | 31/10/2025 |
| **Total** | **2415.0** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **A32 – Ambient Logistics in Europe** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date<br> if not commencement<br> date** | **Exit date** |
| Denmark | 6.0 | 24 months |  | 30/06/2027 |
| Finland | 4.8 | 24 months |  | 30/06/2027 |
| France | 6.7 | 24 months |  | 30/06/2027 |
| Germany | 2.6 | 24 months |  | 30/06/2027 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual<br> €k)** | **Service Term** | **Anticipated start date<br> if not commencement<br> date** | **Exit date** |
| Ireland | 5.4 | 24 months |  | 30/06/2027 |
| Poland | 4.5 | 24 months |  | 30/06/2027 |
| Spain | 4.9 | 24 months |  | 30/06/2027 |
| Sweden | 5.2 | 24 months |  | 30/06/2027 |
| United Kingdom | 5.0 | 24 months |  | 30/06/2027 |
| **Total** | **45.1** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **A34 – Inbound Materials Management** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date<br> if not commencement<br> date** | **Primary Service Exit <br> date** |
| Australia | 10.8 | 27 months |  | 30/09/2027 |
| Ecuador | 28.4 | 27 months |  | 30/09/2027 |
| Germany | 13.4 | 27 months |  | 30/09/2027 |
| Indonesia | 11.0 | 23 months | 08/11/2025 | 30/09/2027 |
| Pakistan | 9.5 | 27 months |  | 30/09/2027 |
| Philippines | 4.2 | 27 months |  | 30/09/2027 |
| Romania | 4.7 | 27 months |  | 30/09/2027 |
| Thailand | 5.5 | 24 months | 01/10/2025 | 30/09/2027 |
| Turkey | 29.9 | 27 months |  | 30/09/2027 |
| Venezuela | 1.1 | 27 months |  | 30/09/2027 |
| **Total** | **118.5** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **A39 – Procurement (Direct)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual<br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement<br> date** | **Primary Service Exit <br> date** |
| Americas | 30.4 | 27 months |  | 30/09/2027 |
| Europe | 38.4 | 27 months |  | 30/09/2027 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual<br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement<br> date** | **Primary Service Exit<br> date** |
| RoW | 39.4 | 27 months |  | 30/09/2027 |
| **Total** | **108.2** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **A43 – FG Import, Export & Customs Management** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement<br> date** | **Primary Service Exit <br> date** |
| Americas | 256.5 | 27 months |  | 30/09/2027 |
| Europe | 324.0 | 27 months |  | 30/09/2027 |
| RoW | 332.9 | 27 months |  | 30/09/2027 |
| **Total** | **913.4** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **B3 - Scientific Affairs: Regulatory Affairs** 

---

| | | |
|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual<br> €k)** | **Service Term** |
| Czechia | 13.9 | Until (i) IPO or (ii) Change of Control in accordance with Clause 7.3 of the Agreement (*Change of control*) |
| Slovakia | 13.9 | Until (i) IPO or (ii) Change of Control in accordance with Clause 7.3 of the Agreement (*Change of control*) |
| Israel | 27.8 | Until (i) IPO or (ii) Change of Control in accordance with Clause 7.3 of the Agreement (*Change of control*) |
| **Total** | **55.6** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **C1 - Local Controlling Support (excluding R2R & P2P)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date<br> if not commencement <br> date** | **Primary Service Exit<br> date** |
| Australia | 60.3 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Austria | 30.3 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Belgium | 130.6 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Brazil | 59.5 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Czechia | 3.2 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Denmark | 12.7 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Ecuador | 41.6 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Finland | 35.9 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| France | 136.0 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Germany | 97.3 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Hungary | 4.3 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Indonesia | 72.2 | 23 months (+3 months ramp down) | 08/11/2025 | 30/09/2027 |
| Ireland | 7.7 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Italy | 60.9 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Malaysia | 46.2 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Netherlands | 144.9 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Netherlands UEBV | 147.3 | 27 months (+3 months ramp down) |  | 30/09/2027 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual<br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement<br> date** | **Primary Service Exit <br> date** |
| Pakistan | 43.9 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Philippines | 30.3 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Poland | 38.6 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Romania | 2.7 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Spain | 34.6 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Sweden | 26.0 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Switzerland | 36.3 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Thailand | 77.9 | 24 months (+3 months ramp down) | 01/10/2025 | 30/09/2027 |
| United Arab Emirates | 14.0 | 24 months (+3 months ramp down) | 01/10/2025 | 30/09/2027 |
| United Kingdom | 57.8 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| United States of America | 61.3 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| **Total** | **1514.3** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **C3 - Local Finance (non-ComEx Territories)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement <br> date** | **Primary Service Exit <br> date** |
| Greece | 131.1 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Israel | 256.7 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| **Total** | **387.8** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**17.** **C7- Local Manufacturing Finance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual<br> €k)** | **Service Term** | **Anticipated start date<br> if not commencement <br> date** | **Primary Service Exit <br> date** |
| Brazil | 11.8 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Ecuador | 120.7 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Pakistan | 5.2 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| South Africa | 70.7 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| **Total** | **208.4** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**18.** **C8 - Local Procurement finance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual<br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement<br> date** | **Primary Service Exit <br> date** |
| Brazil | 29.1 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Ecuador | 31.5 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| United States of America | 10.6 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| **Total** | **71.2** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**19.** **C9 - Additional Local SCF for Territories with Partial SCFS Support** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual<br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement <br> date** | **Primary Service Exit <br> date** |
| Brazil | 18.1 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Ecuador | 45.7 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Israel | 40.3 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Malaysia | 7.6 | 27 months (+3 months ramp down) |  | 30/09/2027 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| South Africa | 40.8 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Thailand | 36.8 | 24 months (+3 months ramp down) | 01/10/2025 | 30/09/2027 |
| Turkey | 63.5 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| United Arab Emirates | 11.1 | 24 months (+3 months ramp down) | 01/10/2025 | 30/09/2027 |
| United States of America | 203.2 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| **Total** | **467.1** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**20.** **C10 – Payroll** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual<br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement<br> date** | **Exit date** |
| Australia | 21.4 | 2 months |  | 31/08/2025 |
| Austria | 29.6 | 2 months |  | 31/08/2025 |
| Brazil | 143.9 | 3 months |  | 30/09/2025 |
| Canada | 63.2 | 2 months |  | 31/08/2025 |
| China | 80.2 | 3 months |  | 30/09/2025 |
| Czechia | 11.8 | 2 months |  | 31/08/2025 |
| Ecuador | 5.7 | 2 months |  | 31/08/2025 |
| Finland | 10.0 | 1 months |  | 31/07/2025 |
| France | 252.5 | 4 months |  | 31/10/2025 |
| Germany | 704.2 | 4 months |  | 31/10/2025 |
| Greece | 10.9 | 3 months |  | 30/09/2025 |
| Hungary | 18.2 | 3 months |  | 30/09/2025 |
| Israel | 181.0 | 4 months |  | 31/10/2025 |
| Italy | 160.5 | 3 months |  | 30/09/2025 |
| Netherlands | 95.6 | 4 months |  | 31/10/2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement<br> date** | **Exit date** |
| New Zealand | 4.1 | 2 months |  | 31/08/2025 |
| Pakistan | 1.2 | 1 months |  | 31/07/2025 |
| Philippines | 55.6 | 1 months |  | 31/07/2025 |
| Poland | 53.6 | 3 months |  | 30/09/2025 |
| Singapore | 41.7 | 1 months |  | 31/07/2025 |
| South Africa | 18.3 | 2 months |  | 31/08/2025 |
| Spain | 143.7 | 3 months |  | 30/09/2025 |
| Sweden | 95.9 | 1 months |  | 31/07/2025 |
| Turkey | 87.8 | 3 months |  | 30/09/2025 |
| Lithuania | 6.3 | 2 months |  | 31/08/2025 |
| Ireland | 1.8 | 1 months |  | 31/07/2025 |
| Romania | 11.6 | 3 months |  | 30/09/2025 |
| Slovakia | 0.5 | 2 months |  | 31/08/2025 |
| Belgium | 15.5 | 1 months |  | 31/07/2025 |
| Switzerland | 25.7 | 4 months |  | 31/10/2025 |
| United Kingdom | 358.6 | 4 months |  | 31/10/2025 |
| United States of America | 718.1 | 2 months |  | 31/08/2025 |
| **Total** | **3428.8** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**21.** **C11 -** **Benefits Contracts and Administration** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual<br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement <br> date** | **Exit date** |
| China | 19.9 | 4 months |  | 31/07/2025 |
| Germany | 31.2 | 4 months |  | 31/10/2025 |
| Spain | 10.5 | 3 months |  | 31/07/2025 |
| Switzerland | 26.8 | 4 months |  | 31/10/2025 |
| United States of America | 53.9 | 4 months |  | 31/08/2025 |
| **Total** | **142.3** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**22.** **C19 –** **Workplace & Travel Services – Offices** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement<br> date** | **Exit date** |
| Australia (Sydney) | 178.2 | 8 months |  | 28/02/2026 |
| Austria (Vienna) | 426.1 | 24 months |  | 30/06/2027 |
| Brazil (Sao Paulo) | 324.5 | 12 months |  | 30/06/2026 |
| Bulgaria (Sofia) | 54.1 | 12 months |  | 30/06/2026 |
| Canada (Toronto) | 548.3 | 24 months |  | 30/06/2027 |
| China (Shanghai) | 1189.7 | 18 months |  | 31/12/2026 |
| Czechia (Prague) | 279.0 | 16 months |  | 31/10/2026 |
| Denmark (Copenhagen) | 159.0 | 6 months |  | 31/12/2025 |
| Finland (Helsinki) | 267.1 | 6 months |  | 31/12/2025 |
| France (Paris) | 757.1 | 24 months |  | 30/06/2027 |
| Greece (Athens) | 182.8 | 16 months |  | 31/12/2025 |
| Hungary (Budapest) | 308.2 | 18 months |  | 31/12/2026 |
| Ireland (Dublin (IE-L)) | 143.8 | 17 months |  | 30/11/2026 |
| Italy (Rome) | 882.5 | 8 months |  | 31/12/2025 |
| Lithuania (Vilnius) | 49.7 | 12 months |  | 30/06/2026 |
| Malaysia (Kuala Lumpur) | 174.6 | 7 months |  | 31/01/2026 |
| New Zealand (Auckland) | 78.3 | 12 months |  | 30/06/2026 |
| Poland (Warszawa) | 302.8 | 24 months |  | 30/06/2027 |
| Poland (Katowice) | 21.6 | 24 months |  | 30/06/2027 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date<br> if not commencement<br> date** | **Exit date** |
| Romania (Bucharest) | 138.4 | 24 months |  | 30/06/2027 |
| Slovakia (Bratislava) | 141.7 | 1 months |  | 31/08/2025 |
| South Africa (Johannesburg) | 64.9 | 12 months |  | 30/06/2026 |
| Spain (Barcelona) | 643.5 | 6 months |  | 31/12/2025 |
| Sweden (Solna) | 411.0 | 6 months |  | 31/12/2025 |
| Switzerland (Schaffhausen) | 139.5 | 12 months |  | 30/06/2026 |
| United Kingdom (London) | 460.7 | 10 months |  | 30/04/2026 |
| United States of America (New Jersey) | 5806.5 | 24 months |  | 30/06/2027 |
| United States of America (Arkansas) | 139.5 | 24 months |  | 30/06/2027 |
| **Total** | **15134.2** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**23.** **D1 -** **Unilever Operating as a Distributor** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement <br> date** | **Exit date** |
| Cambodia | 963.3 | 9 months | 01/10/2025 | 30/06/2026 |
| Cyprus | 781.5 | 12 months |  | 30/06/2026 |
| Dominican Republic | 337.4 | 12 months |  | 30/06/2026 |
| Estonia | 846.0 | 12 months |  | 30/06/2026 |
| Korea, Republic of | 337.1 | 9 months | 01/10/2025 | 30/06/2026 |
| Laos | 201.6 | 9 months | 01/10/2025 | 30/06/2026 |
| Latvia | 1304.2 | 12 months |  | 30/06/2026 |
| Norway | 1207.9 | 12 months |  | 30/06/2026 |
| Puerto Rico | 333.8 | 12 months |  | 30/06/2026 |
| Trinidad and Tobago | 37.1 | 12 months |  | 30/06/2026 |
| **Total** | **6349.9** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**24.** **D2 – UI** **Hub Services** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual<br> €k)** | **Service Term** | **Anticipated start date<br> if not commencement <br> date** | **Exit date** |
| France (UL France) | 454.2 | 12 months |  | 30/06/2026 |
| Italy (UL Italy) | 64.9 | 12 months |  | 30/06/2026 |
| Netherlands (UL NL) | 10.8 | 12 months |  | 30/06/2026 |
| Singapore (UAPL Singapore) | 811.1 | 12 months |  | 30/06/2026 |
| United Kingdom (UL UK) | 43.3 | 12 months |  | 30/06/2026 |
| United States of America (Conopco) | 465.0 | 12 months |  | 30/06/2026 |
| **Total** | **1849.3** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**25.** **D4 -** **Distributor Manager** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual<br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement<br> date** | **Exit date** |
| Hungary | 229.9 | 24 months |  | 30/06/2027 |
| Vietnam | 739.6 | 21 months | 01/10/2025 | 30/06/2027 |
| **Total** | **969.5** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**26.** **D15 – CD** **Operations (Benelux)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual<br> €k)** | **Service Term** | **Anticipated start date<br> if not commencement <br> date** | **Exit date** |
| Belgium | 9.2 | 6 months |  | 31/12/2025 |
| Netherlands | 27.6 | 6 months |  | 31/12/2025 |
| **Total** | **36.8** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**27.** **D22 – In** **Market Bill to Cash** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement <br> date** | **Primary Service Exit <br> date** |
| Austria | 36.7 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Belgium | 321.7 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Brazil | 23.3 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Czechia | 3.9 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Denmark | 5.9 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Ecuador | 51.1 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Finland | 5.7 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| France | 53.6 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Germany | 115.1 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Greece | 68.1 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Hungary | 41.2 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Indonesia | 137.7 | 23 months (+3 months ramp down) | 08/11/2025 | 30/09/2027 |
| Ireland | 16.8 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Malaysia | 77.1 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Netherlands | 403.8 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Pakistan | 17.7 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Poland | 30.4 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Slovakia | 3.9 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| South Africa | 37.2 | 27 months (+3 months ramp down) |  | 30/09/2027 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement <br> date** | **Primary Service Exit <br> date** |
| Sweden | 12.2 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Switzerland | 105.2 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Thailand | 0.5 | 24 months (+3 months ramp down) | 01/10/2025 | 30/09/2027 |
| Turkey | 280.1 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| United Arab Emirates | 7.5 | 24 months (+3 months ramp down) | 01/10/2025 | 30/09/2027 |
| United Kingdom | 192.2 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| **Total** | **2048.6** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**28.** **D24 – Local** **Customer Development Finance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement <br> date** | **Exit date** |
| Brazil | 149.6 | 27 months |  | 30/09/2027 |
| Ecuador | 43.0 | 27 months |  | 30/09/2027 |
| South Africa | 179.5 | 27 months |  | 30/09/2027 |
| United Arab Emirates | 5.8 | 24 months | 01/10/2025 | 30/09/2027 |
| United States of America | 287.7 | 27 months |  | 30/09/2027 |
| **Total** | **665.6** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**29.** **D25 – Local FP&A and Cash-up** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date<br> if not commencement<br> date** | **Primary Service Exit<br> date** |
| Brazil | 119.5 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| China | 14.1 | 27 months (+3 months ramp down) |  | 30/09/2027 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement<br> date** | **Primary Service Exit<br> date** |
| Ecuador | 77.1 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Indonesia | 10.8 | 23 months (+3 months ramp down) | 08/11/2025 | 30/09/2027 |
| Israel | 40.3 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Italy | 5.4 | 5 months |  | 30/11/2025 |
| Malaysia | 55.2 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Pakistan | 20.3 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Singapore | 7.6 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| South Africa | 43.9 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Thailand | 21.6 | 24 months (+3 months ramp down) | 01/10/2025 | 30/09/2027 |
| Turkey | 92.8 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| United Arab Emirates | 19.6 | 24 months (+3 months ramp down) | 01/10/2025 | 30/09/2027 |
| United States of America | 366.7 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| **Total** | **894.9** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**30.** **D26 – Local Master Data Management Support** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date<br> if not commencement<br> date** | **Exit date** |
| Belgium | 4.5 | 27 months |  | 30/09/2027 |
| Czechia | 0.1 | 27 months |  | 30/09/2027 |
| Indonesia | 18.5 | 23 months | 08/11/2025 | 30/09/2027 |
| Malaysia | 8.6 | 27 months |  | 30/09/2027 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement <br> date** | **Exit date** |
| Netherlands | 5 | 27 months |  | 30/09/2027 |
| Pakistan | 11.4 | 27 months |  | 30/09/2027 |
| Romania | 22 | 27 months |  | 30/09/2027 |
| South Africa | 62.5 | 27 months |  | 30/09/2027 |
| Spain | 6.5 | 27 months |  | 30/09/2027 |
| United Arab Emirates | 0.1 | 24 months | 01/10/2025 | 30/09/2027 |
| United Kingdom | 1 | 27 months |  | 30/09/2027 |
| United States of America | 37.8 | 27 months |  | 30/09/2027 |
| **Total** | **178.0** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**31.** **D27 –** **Consumer Careline** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement<br> date** | **Exit date** |
| Australia | 122.4 | 24 months |  | 30/06/2027 |
| Austria | 57.0 | 24 months |  | 30/06/2027 |
| Belgium | 29.5 | 24 months |  | 30/06/2027 |
| Brazil | 99.8 | 24 months |  | 30/06/2027 |
| Canada | 66.4 | 24 months |  | 30/06/2027 |
| China | 174.8 | 24 months |  | 30/06/2027 |
| Czechia | 23.1 | 24 months |  | 30/06/2027 |
| Denmark | 35.9 | 24 months |  | 30/06/2027 |
| Ecuador | 35.2 | 24 months |  | 30/06/2027 |
| Finland | 31.0 | 24 months |  | 30/06/2027 |
| France | 156.0 | 24 months |  | 30/06/2027 |
| Germany | 272.4 | 24 months |  | 30/06/2027 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement <br> date** | **Exit date** |
| Greece | 27.8 | 24 months |  | 30/06/2027 |
| Hungary | 29.0 | 24 months |  | 30/06/2027 |
| Indonesia | 107.2 | 20 months | 08/11/2025 | 30/06/2027 |
| Ireland | 25.3 | 24 months |  | 30/06/2027 |
| Israel | 71.0 | 24 months |  | 30/06/2027 |
| Italy | 196.6 | 24 months |  | 30/06/2027 |
| Malaysia | 38.0 | 24 months |  | 30/06/2027 |
| Netherlands | 88.1 | 24 months |  | 30/06/2027 |
| New Zealand | 18.4 | 24 months |  | 30/06/2027 |
| Pakistan | 43.9 | 24 months |  | 30/06/2027 |
| Philippines | 124.6 | 24 months |  | 30/06/2027 |
| Poland | 59.8 | 24 months |  | 30/06/2027 |
| Romania | 38.7 | 24 months |  | 30/06/2027 |
| Singapore | 15.6 | 24 months |  | 30/06/2027 |
| Slovakia | 12.0 | 24 months |  | 30/06/2027 |
| South Africa | 25.5 | 24 months |  | 30/06/2027 |
| Spain | 105.1 | 24 months |  | 30/06/2027 |
| Sweden | 73.4 | 24 months |  | 30/06/2027 |
| Switzerland | 27.2 | 24 months |  | 30/06/2027 |
| Thailand | 70.2 | 21 months | 01/10/2025 | 30/06/2027 |
| Turkey | 302.9 | 24 months |  | 30/06/2027 |
| United Arab Emirates | 6.5 | 21 months | 01/10/2025 | 30/06/2027 |
| United Kingdom | 245.7 | 24 months |  | 30/06/2027 |
| United States of America | 1168.2 | 24 months |  | 30/06/2027 |
| Venezuela | 5.4 | 24 months |  | 30/06/2027 |
| **Total** | **4029.6** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**32.** **D28 –** **Customer Services and Supply Chain (Hubs/3PSP)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual<br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement<br> date** | **Primary Service Exit<br> date** |
| Austria | 227.8 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Belgium | 117.9 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Canada | 260.8 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Czechia | 92.2 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Denmark | 143.2 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Finland | 123.9 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| France | 623.1 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Germany | 1088.0 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Greece | 111.2 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Hungary | 116.0 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Ireland | 101.2 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Italy | 785.1 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Indonesia | See paragraph 39 of Appendix A | See paragraph 39 of Appendix A | See paragraph 39 of Appendix A | See paragraph 39 of Appendix A |
| Netherlands | 351.8 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Poland | 238.7 | 27 months (+3 months ramp down) |  | 30/09/2027 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual<br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement<br> date** | **Primary Service Exit<br> date** |
| Romania | 154.5 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Slovakia | 48.1 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Spain | 419.9 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Sweden | 293.4 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Switzerland | 108.7 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Thailand | See paragraph 39 of Appendix A | See paragraph 39 of Appendix A | See paragraph 39 of Appendix A | See paragraph 39 of Appendix A |
| United Kingdom | 981.3 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| United States of America | 4589.5 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| **Total** | **10976.3** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**33.** **D29 –** **Customer Services and Supply Chain Local** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual<br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement <br> date** | **Primary Service Exit<br> date** |
| Australia | 32.4 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Brazil | 21.6 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| China | 54.1 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| France | 162.2 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Greece | 129.8 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Indonesia | 43.3 | 23 months (+3 months ramp down) | 08/11/2025 | 30/09/2027 |
| Israel | 86.5 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Italy | 43.3 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Malaysia | 75.7 | 27 months (+3 months ramp down) |  | 30/09/2027 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date<br> if not commencement<br> date** | **Primary Service Exit <br> date** |
| Netherlands | 465.0 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Philippines | 10.8 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Poland | 119.0 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| South Africa | 162.2 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Spain | 529.9 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Sweden | 190.3 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Thailand | 140.6 | 24 months (+3 months ramp down) | 01/10/2025 | 30/09/2027 |
| Turkey | 194.7 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| United Kingdom | 86.5 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| United States of America | 1427.6 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| **Total** | **3975.5** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**34.** **D30 –** **Local Logistics Finance (SCF)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date<br> if not commencement <br> date** | **Primary Service Exit <br> date** |
| Brazil | 3.8 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| China | 22.0 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Ecuador | 38.5 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Indonesia | 18.4 | 23 months (+3 months ramp down) | 08/11/2025 | 30/09/2027 |
| Israel | 40.3 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| Malaysia | 10.8 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| South Africa | 40.8 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| United Arab Emirates | 4.3 | 24 months (+3 months ramp down) | 01/10/2025 | 30/09/2027 |
| United States of America | 166.5 | 27 months (+3 months ramp down) |  | 30/09/2027 |
| **Total** | **345.4** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**35.** **D31 –** **Ocean & Air Freight Management** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual<br> €k)** | **Service Term** | **Anticipated start date<br> if not commencement<br> date** | **Exit date** |
| Australia | 10.8 | 24 months | 01/07/2025 | 30/06/2026 |
| France | 10.3 | 24 months | 01/07/2025 | 30/06/2026 |
| Malaysia | 6.3 | 24 months | 01/07/2025 | 30/06/2026 |
| Spain | 8.9 | 24 months | 01/07/2025 | 30/06/2026 |
| United Arab Emirates | 37.5 | 21 months | 01/10/2025 | 30/06/2026 |
| **Total** | **73.8** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**36.** **D32 Unilever Operating as a Distributor Lite** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Territories** | **Service Charges (annual <br> €k)** | **Service Term** | **Anticipated start date <br> if not commencement <br> date** | **Exit date** |
| Kazakhstan | 797.2 | 24 months | 01/10/2025 | 30/09/2027 |
| Lithuania | 246.2 | 27 months | 01/07/2025 | 30/09/2027 |
| Morocco | 182.0 | 24 months | 01/10/2025 | 30/09/2027 |
| Paraguay | 30.0 | 27 months | 01/07/2025 | 30/09/2027 |
| Vietnam | 96.2 | 24 months | 01/10/2025 | 30/09/2027 |
| **Total** | **1351.6** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**37.** **H1 –** **Finance Shared Services** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Relevant Territories** | &nbsp;&nbsp;**Service Charges (annual €k)** | &nbsp;&nbsp;**Service Term** | &nbsp;&nbsp;**Anticipated start date if not commencement date** | &nbsp;&nbsp;**Primary Service Exit date** |
| &nbsp;&nbsp;Indonesia | &nbsp;&nbsp;432.4 | &nbsp;&nbsp;23 months (+3 months ramp down) | &nbsp;&nbsp;08/11/2025 | &nbsp;&nbsp;30/09/2027 |
| &nbsp;&nbsp;Thailand | &nbsp;&nbsp;283.0 | &nbsp;&nbsp;24 months (+3 months ramp down) | &nbsp;&nbsp;01/10/2025 | &nbsp;&nbsp;30/09/2027 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**715.4** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**38.** **H2 –** **IT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Relevant Territories** | &nbsp;&nbsp;**Service Charges (annual €k)** | &nbsp;&nbsp;**Service Term** | &nbsp;&nbsp;**Anticipated start date if not commencement date** | &nbsp;&nbsp;**Primary Service Exit date** |
| &nbsp;&nbsp;Indonesia | &nbsp;&nbsp;3482.7 | &nbsp;&nbsp;23 months (+3 months ramp down) | &nbsp;&nbsp;08/11/2025 | &nbsp;&nbsp;30/09/2027 |
| &nbsp;&nbsp;Thailand | &nbsp;&nbsp;2279.8 | &nbsp;&nbsp;24 months (+3 months ramp down) | &nbsp;&nbsp;01/10/2025 | &nbsp;&nbsp;30/09/2027 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**5762.5** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**39.** **H3 –** **Customer Service Hubs** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Relevant Territories** | &nbsp;&nbsp;**Service Charges (annual €k)** | &nbsp;&nbsp;**Service Term** | &nbsp;&nbsp;**Anticipated start date if not commencement date** | &nbsp;&nbsp;**Primary Service Exit date** |
| &nbsp;&nbsp;Indonesia | &nbsp;&nbsp;421.0 | &nbsp;&nbsp;23 months (+3 months ramp down) | &nbsp;&nbsp;08/11/2025 | &nbsp;&nbsp;30/09/2027 |
| &nbsp;&nbsp;Thailand | &nbsp;&nbsp;275.6 | &nbsp;&nbsp;24 months (+3 months ramp down) | &nbsp;&nbsp;01/10/2025 | &nbsp;&nbsp;30/09/2027 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**696.6** |  |  |  |

---

**Mapping of Territories to Region**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Region** | &nbsp;&nbsp;**Territory** |
| &nbsp;&nbsp;Americas | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;Americas | &nbsp;&nbsp;United States of America |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Albania |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Austria |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Belgium |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Bosnia |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Bulgaria |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Croatia |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Cyprus |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Czech Republic |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Denmark |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Estonia |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Finland |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;France |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Germany |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Greece |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Hungary |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Ireland |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Italy |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Luxembourg |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Kosovo |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Latvia |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Lithuania |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Moldova |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Montenegro |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Netherlands |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;North Macedonia |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Norway |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Poland |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Romania |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Serbia |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Slovakia |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Slovenia |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Spain |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Sweden |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Switzerland |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;Ukraine |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;United Kingdom |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Australia |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Bahrain |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Brazil |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Cambodia |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Chile |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;China |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Cote d Ivoire |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Dominican Republic |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Ecuador |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Egypt |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Ghana |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Hong Kong |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;India |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Indonesia |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Israel |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Japan |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Jordan |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Kazakhstan |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Korea, Republic of |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Kuwait |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Laos |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Lebanon |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Malaysia |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Mexico |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Morocco |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;New Zealand |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Nigeria |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Oman |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Pakistan |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Paraguay |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Peru |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Philippines |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Puerto Rico |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Qatar |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Singapore |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;South Africa |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Taiwan |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Thailand |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Trinidad and Tobago |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Turkey |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Turkmenistan |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;United Arab Emirates |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Uruguay |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Venezuela |
| &nbsp;&nbsp;RoW | &nbsp;&nbsp;Vietnam |

---

**Schedule 2<br> Employees**

---

| | |
|:---|:---|
| **1** | **Definitions** |

---

In this Schedule 2 (*Employees*) the following definitions shall apply:

"**Liabilities**" includes any award, compensation, damages, fine, loss, order, penalty, payment made by way of settlement and costs and expenses reasonably incurred in connection with a claim or investigation (including any investigation by any enforcement, regulatory or supervisory body and costs of implementing any requirements which may arise from any such investigation); and

"**Transfer Regulations**" means the Acquired Rights Directive (EC 23/2001), any legislation implementing the Acquired Rights Directive and any other legislation under the laws of any jurisdiction having the effect of automatically transferring employment on the transfer of a business or undertaking.

---

| | |
|:---|:---|
| **2** | **No Transfer of Employees** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** The
 Parties intend and agree that the termination of the provision of the Services (or any of
 them) pursuant to this Agreement shall not, unless otherwise expressly agreed between the
 Parties, be a "relevant transfer" for the purposes of the Transfer Regulations
 and that accordingly no person's employment shall transfer from the Unilever Group
 to the TMICC Group or a Successor Operator as a result of the termination of the provision
 of the Services, however and whenever such termination takes effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** If,
 notwithstanding the intention and agreement of the Parties stated in paragraph 2.1, the contract
 of employment of any person (save for any person whose employment the Parties have expressly
 agreed shall transfer) (an "**Exit Employee**") transfers from the Unilever
 Group to the TMICC Group (or, as the case may be, Successor Operator) pursuant to the Transfer
 Regulations, or claims that their employment should have so transferred, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.1** the
 Customer will, or will procure that the relevant member of the TMICC Group or Successor Operator
 will, within 14 days of becoming aware of that fact, give notice in writing to the Supplier,
 the date of giving such notice being the "**Notice Date** ";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.2** the
 Supplier will, or will procure that a member of the Unilever Group will, offer employment
 to the Exit Employee within 14 days of the Notice Date and shall notify the Customer that
 it has done so, the date such offer is made being the "**Offer Date** ";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.3** if
 such offer of employment is accepted within 14 days of the Offer Date, the Customer shall
 (or shall procure that the relevant member of the TMICC Group or Successor Operator shall)
 immediately release the Exit Employee from their employment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.4** If
 either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no offer of employment has been made
 by a member of the Unilever Group to the Exit Employee and notified to the Customer within
 14 days of the Notice Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an offer of employment has been made
 by a member of the Unilever Group but not accepted by the Exit Employee within 14 days of
 the Offer Date,

then the Customer, or the relevant member of the TMICC Group or Successor Operator, may give notice to terminate the employment of the Exit Employee, provided always that such notice is given to the Exit Employee within 28 days of the Notice Date in respect of paragraph 2.2.4(i) or the Offer Date in respect of paragraph 2.2.4(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** Provided
 that the Customer and any relevant member of the TMICC Group or Successor Operator has acted
 in accordance with the provisions of paragraph 2.2 above, the Supplier will indemnify the
 Customer, each relevant member of the TMICC Group and any Successor Operator against all
 Liabilities arising out of the termination of employment of the Exit Employee or otherwise
 arising out of or related to the employment of the Exit Employee before the termination of
 the employment of the Exit Employee, including without limitation any and all direct employment
 costs, whether incurred or arising before, on, or after the date on which this Agreement
 or any Service terminates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** If
 the Exit Employee is not dismissed by the Customer, or as the case may be the member of the
 TMICC Group or Successor Operator, in accordance with the provisions of paragraph 2.2, the
 Exit Employee will be treated as having transferred to the TMICC Group or the Successor Operator
 in accordance with the Transfer Regulations and the TMICC Group or Successor Operator shall
 be responsible for all Liabilities arising in respect of the employment of the Exit Employee
 and shall indemnify the Supplier accordingly.

**Schedule 3<br> Financial Processes**

---

| | |
|:---|:---|
| **1** | **Definitions** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** In
 this Schedule 3, the following definitions shall apply:

"**2023 Carve-Out Accounts**" are the financial models developed using the 2023 IC Business carve-out accounts as a baseline;

"**COGS**" means cost of goods sold as defined and routinely calculated using then-current Unilever Group policies, procedures and methods;

"**Consumed**" means those component items used in the manufacture of the Relevant Products that were sold in the Financial Period in the Territory;

"**Current Policies**" has the meaning given to that term in paragraph 2.3 (*Key Principles of Financial Information Reporting and Invoicing*);

"**Customer Services and Order to Cash (O2C) Service**" means the service set out in Part A33 of Schedule 1 (*Services and Service Charges*);

"**Direct Items**" means those items held in inventory that are directly used in the manufacture of Relevant Products;

"**Financial Information**" has the meaning given to that term in paragraph 3.1 (*Financial Information*);

"**Financial Period**" means the monthly accounting and reporting period as per the Supplier's accounting policies or another reporting time period agreed between the Parties from time to time;

"**Fully Represented**" means when the company code, representing an TMICC Group legal entity, has been configured in transaction processing systems of the Supplier's Systems for execution of invoicing, purchasing, disbursements and, where required, asset and payroll accounting for that TMICC Group legal entity;

"**HR Payroll Services**" has the meaning given to that term in Part C10 of Schedule 1 (*Services and Service Charges*);

"**Minimum Threshold**" has the meaning given to that term in paragraph 4.5 (*Invoicing and Disputes*);

"**New Operable Entity**" means in the context of a new TMICC Group legal entity and bank account represented in the Supplier's Systems, when the company code representing an TMICC Group legal entity or bank account has been Fully Represented, tested and activated in the Supplier's Systems with the required transactional functionality to enable a Local OMA;

"**Operable TMICC Group Entity**" means either a New Operable Entity or a Transferring Operable Entity;

"**Purchase to Pay (P2P) Services**" has the meaning given to that term in Part A7 of Schedule 1 (*Services and Service Charges*);

"**Production Item**" means a direct material purchased and Consumed as part of the production process and cost is part of COGS;

"**Record to Report** (**R2R) Services**" has the meaning given to that term in Part A7 of Schedule 1 (*Services and Service Charges*);

"**Relevant Fixed Assets**" means those assets related to the IC Business that have been transferred to the Customer's company codes in the Supplier's Systems on the Commencement Date; and

"**Transferring Operable Entity**" means those current operable entities which transfer to the TMICC Group on or around the Commencement Date, which are established as fully transactional entities in the Supplier's Systems prior to the Commencement Date.

---

| | |
|:---|:---|
| **2** | **Key Principles of Financial Information Reporting and Invoicing** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** This
 paragraph sets out the key principles on which the Supplier and other members of the Unilever
 Group shall provide Services to the Customer and the Additional Service Recipients and transact
 in relation to the Relevant Products under the Transitional Agreements on behalf of the TMICC
 Group. Each Party shall comply with the principles set out in this paragraph 2 and shall
 procure that their Affiliates comply with such principles in relation to their obligations
 under the Transitional Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** The
 Customer shall establish and communicate to the Supplier a delegation of authorities (which
 sets out which Customer Representatives may approve differing levels of financial transaction),
 for all TMICC Group legal entities that are Fully Represented, including any authority delegated
 to the Supplier. Such delegation of authority must be consistent with the delegation of authority
 framework in the Supplier's Systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** The
 Supplier's financial, customer service, procurement and Shared Services processes and
 policies, effective as at the Commencement Date (as updated from time to time) ()"**Current Policies**") will be used to deliver the Shared Services. Any change to the Current
 Policies during the Term will be communicated to the Customer. The Customer shall be responsible
 for making strategic business decisions and for approving financial transactions which members
 of the Unilever Group make on its behalf, within the defined delegation of authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** In
 respect of New Operable Entities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.1** In
 relation to the O2C Service, which is part of the Shared Services, the Supplier shall process
 for the Customer the Customer's external customer orders for Relevant Products and
 invoice those transactions in the name of the Supplier or other member of the Unilever Group.
 This shall include applying any applicable promotional discounts, collecting payments for
 external customer orders and managing credit lines with such external customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.2** In
 relation to the P2P Services for Direct Items, which shall be provided as part of the Shared
 Services, the Supplier shall process for the Customer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Customer's Production Item
 purchase orders and remittances in the name of the Supplier and disbursements from the Supplier's
 bank accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the logistics invoices in the name of
 the Supplier or member of the Unilever Group, for the services associated with the supply
 of the Relevant Products, and remittances in the name of the Supplier or member of the Unilever
 Group and disbursements from the Supplier's bank accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.3** In
 relation to the P2P Services for indirect items and services, which shall be provided as
 part of the Shared Services, the Supplier shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where there is an Operable TMICC Group
 Entity and bank account, process for the Customer the Customer's external indirect
 purchase orders (including capital expenditure) and remittances in the name of the Customer
 and disbursements from the Customer's bank accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where there is no Operable TMICC Group
 Entity or bank account, process for the Customer the Customer's external indirect purchase
 orders (including capital expenditure) and remittances in the name of the Supplier and disbursements
 from the Supplier's bank accounts. These indirect procurement costs shall be recharged
 to a member of the TMICC Group as part of the end of month processes defined the financial
 processes schedules of the Transitional Agreements, or in paragraph 3 (*Financial Information*)
 of this Agreement (as applicable). Some of these costs shall be on an allocation basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for the avoidance of doubt, the P2P
 Services exclude the processing of any Customer financing, or separation related costs or
 expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) where costs are allocated to the Customer,
 the basis of the allocation will be on the basis used in the financial year 2023 Carve-Out
 Accounts and the Current Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.4** In
 relation to the P2P Services, which shall be provided as part of the Shared Services and
 the HR Payroll Services, the Supplier shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where there is an Operable TMICC Group
 Entity, process for the Customer the Customer's staff payroll, and make payments and
 remittances in the name of the Customer and disbursements from the Customer's bank
 accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where there is no Operable TMICC Group
 Entity, process for the Customer the Customer's staff payroll, and make payments and
 remittances in the name of the Supplier and disbursements from the Supplier's bank
 accounts. These payroll costs shall be recharged to a member of the TMICC Group as part of
 the end of month processes defined in the financial processes schedules of the Transitional
 Agreements, or in paragraph 3 (*Financial Information*) of this Agreement (as applicable) *.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.5** The
 Supplier shall use its own bank accounts in the execution of transactions for the Customer,
 as detailed in paragraphs 2.1 to 2.4.4 (*Key Principles of Financial Information Reporting and Invoicing*), such transactions being processed as part of the Shared Services, including
 managing the funding, pooling and sweeping of these accounts. This is a continuation of the
 Supplier's normal business processes in managing the Supplier's own funds and
 does not constitute the provision of a treasury service to the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5** In
 respect of Transferring Operable Entities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5.1** In
 relation to the Customer Services and Order to Cash (O2C) Service, which is part of the Shared
 Services, the Supplier shall process for the Customer, the Customer's external customer
 orders for Relevant Products and invoice those transactions in the name of the Customer.
 This shall include applying any applicable promotional discounts, collecting payments for
 external customer orders and managing credit lines with such external customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5.2** In
 relation to the Purchase to Pay (P2P) Services for Direct Items, which shall be provided
 as part of the Shared Services, the Supplier shall process for the Customer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Customer's Production Item
 purchase orders and remittances in the name of the Customer and disbursements from the Customer's
 bank accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the logistics invoices in the name of
 the Customer for the Services associated with the supply of the Relevant Products, and remittances
 in the name of the Customer and disbursements from the Customer's bank accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5.3** In
 relation to the Purchase to Pay (P2P) Services for indirect items and services, which shall
 be provided as part of the Shared Services, the Supplier shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) process for the Customer the Customer's
 external indirect purchase orders (including capital expenditure) and remittances in the
 name of the Customer and disbursements from the Customer's bank accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for the avoidance of doubt, the Purchase
 to Pay (P2P) Services exclude the processing of any Customer financing, or separation related
 costs or expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) where costs are allocated to the Customer,
 the basis of the allocation will be on the basis used in the financial year 2023 Carve-Out
 Accounts and the Current Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5.4** In
 relation to the Purchase to Pay (P2P) Services, which shall be provided as part of the Shared
 Services and the HR Payroll Services, the Supplier shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) process for the Customer the Customer's
 staff payroll, and make payments and remittances in the name of the Customer and disbursements
 from the Customer's bank accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where there is no Operable TMICC Group
 Entity, process for the Customer the Customer's staff payroll, and make payments and
 remittances in the name of the Supplier and disbursements from the Supplier's bank
 accounts. These payroll costs shall be recharged to the relevant member of the TMICC Group
 as part of the end of month processes defined in the financial processes schedules of the
 Local Agreements, or in paragraph 3 of this Schedule 3 (*Financial Processes*) (as applicable) *.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5.5** The
 Supplier shall use the Customer's bank accounts in the execution of transactions for
 the Customer, as detailed in paragraphs 2.1 to 2.4.4 of this Schedule 3 (*Financial Processes*),
 such transactions being processed as part of the Shared Services, including managing the
 funding, pooling and sweeping of these accounts. This is a continuation of the Supplier's
 normal business processes in managing the Supplier's own funds and does not constitute
 the provision of a treasury service to the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6** In
 relation to the Relevant Inventory, the Supplier shall continue to execute the appropriate
 financial processes (e.g. provisioning, write off), in accordance with the Supplier's
 Current Policies, and pass through those cost impacts to the Customer through the relevant
 Local OMA for the Territory, or in the Transferring Operable Entity as appropriate. The Supplier
 shall maintain the Customer's access to the Relevant Inventory detail through management
 information as part of the R2R Service, which shall be provided as part of the Shared Services,
 to enable the Customer to maintain the appropriate records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7** In
 relation to the Relevant Fixed Assets, the Supplier shall operate for the Customer a bookkeeping
 service by maintaining the details and executing the relevant monthly financial processes
 (e.g. depreciation) as part of the R2R Service, which shall be provided as part of the Shared
 Services, to enable the Customer to maintain the appropriate records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8** Any
 procurement activity and associated invoices in the name of the Customer must be disbursed
 through a Customer bank account. Invoices in the name of the Customer cannot be disbursed
 from a Supplier bank account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9** If
 a disbursement has been made from a Customer bank account, it will not be recharged as part
 of any net cash settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10** The
 capital expenditure and fixed asset policies and procedures, as at the Commencement Date,
 shall be maintained for the transacting of business as usual routine capital expenditure
 in relation to the IC Business. The Supplier will not be obliged to process any of the Customer's
 (or the TMICC Group's) project expenses for the separation of the IC Business from
 the Unilever Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11** Under
 this Agreement, the Customer shall be responsible for management of its own finances, forecasting,
 budgeting, funding of bank accounts, financial controls, decision making and statutory reporting.

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| | |
|:---|:---|
| **3** | **Financial Information** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** For
 each Financial Period during the Term, the Supplier shall, in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.1** each
 New Operable Entity, in relation to which transactions are conducted in the Supplier's
 Systems; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.2** each
 Transferring Operable Entity, in relation to which transactions are conducted in the Supplier's
 Systems; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.3** any
 country where there is no TMICC Group legal entity but there are services delivered by the
 Supplier or a nominated member of the Unilever Group,

that is not otherwise covered under a Transitional Agreement, provide to the Customer, within 4 Business Days after the last Business Day of the prior calendar month, an individual report (the "**Financial Information**") for the Financial Period. The Financial Information shall be determined in accordance with Unilever Group accounting standards and policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** The
 Financial Information and invoicing processes to be prepared by the Supplier for each Territory
 shall include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.1** Costs
 not associated with the Supplier's distribution function

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Other costs**, including:

&nbsp;&nbsp;&nbsp;&nbsp;&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) other indirect spend or fees as incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&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) liabilities of the IC Business in the
 Territory, including third party claims, recall, Taxes (including any withholding or deduction
 on account of Tax and, for the avoidance of doubt, any amounts in respect of VAT) and statutory
 payments incurred by Unilever (as determined in accordance with then-current Unilever Group
 policies) but excluding any claims made under this Agreement against either Party to this
 Agreement or its Affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Transfer
 Plan execution costs in accordance with Clause 8.2.4 (*Execution of the Transfer Plan and Transfer of the Services and Local Services*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** Based
 on the Financial Information to be provided by the Supplier within 4 Business Days after
 the last Business Day of the prior calendar month, or earlier if required by Applicable Law,
 for the prior Financial Period, the Supplier will generate an invoice in Deliverable Local
 Currency from the Supplier (or relevant member of the Unilever Group) to the Customer (for
 and on behalf of itself and the relevant Additional Service Recipients) for the other costs
 incurred by the Supplier (or relevant member of the Unilever Group) pursuant to paragraph
 3.2.1(i) (*Financial Information*). This invoice shall have payment terms of 20
 calendar days from the last day of the month in which the invoice was issued.

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| | |
|:---|:---|
| **4** | **Invoicing and Disputes** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** Invoices
 raised by either Party will be paid on the first available Business Day as and when they
 fall due under the provisions of this Schedule 3 *(Financial Processes*) *.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** Without
 prejudice to any other term of this Agreement, invoices will be raised by the invoicing party,
 in accordance with this Schedule 3 *(Financial Processes*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** Invoices
 will have a posting date within the Financial Period they apply to.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** Invoices
 will state the amount of VAT and any other Taxes payable in accordance with Applicable Law
 by the invoicing Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** Unless
 prohibited by Applicable Law and subject to paragraph 4.6 (*Invoicing and Disputes*),
 monthly invoices will only be issued between the Parties if the aggregate invoice value is
 greater than €10,000 (the "**Minimum Threshold** "). If the Minimum Threshold
 is not met then the amount shall accrue until the following Financial Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6** If
 a monthly invoice relates to a Financial Period immediately prior to the expiry or termination
 of this Agreement, such invoice will be issued between the Parties even if the Minimum Threshold
 is not met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7** In
 the event that the Customer disputes, or has any queries in respect of an amount set out
 in the Financial Information or associated invoices, the Customer shall notify the Supplier
 in writing that it disputes one or more amounts, stating the reason or reasons why it believes
 the relevant amount(s) to be incorrect within five Business Days of receipt of the Financial
 Information or invoice. Subject to paragraph 4.8 (*Invoicing and Disputes*), the Parties
 shall attempt to resolve the Dispute in accordance with Clause 14 (*Dispute Resolution*)
 of this Agreement. Any financial adjustments agreed between the Parties shall be made in
 the subsequent Financial Period(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8** The
 Supplier shall not be obliged to respond to any Dispute or query raised by the Customer where
 such Dispute or query relates to one or more amount(s) totalling less than €20,000,
 unless such Dispute or query relates to the incorrect VAT treatment of an invoice, in which
 case, regardless of the value of the relevant invoice, Dispute or query, both Parties shall
 work together to correct such error. If no query or Dispute is raised by the Customer within
 five (5) Business Days of receipt of the Financial Information or invoice, such Financial
 Information or invoice shall be considered to be accepted by both Parties. Any query or Dispute
 shall be resolved under the dispute process within Clause 14 (Dispute Resolution) of this
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9** If
 currency exchange controls (or any other statutory or regulatory controls in respect of the
 payment of invoices) apply, the Customer will use all reasonable endeavours to adhere to
 the agreed invoice payment terms, however, if the Customer is unable to gain the required
 approvals for currency transfer then Clause 4.7 (Interest) of this Agreement will not apply.
 If the Customer is unable to obtain the required approvals for currency transfer within 30
 calendar days of the due date for payment of the invoice, the Parties shall meet to discuss
 the issue and shall, each acting reasonably and in good faith, seek to agree an alternative
 method of allowing the payment to be made.

**Schedule 4** **<br> Inventory Working Capital Subsidy**

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| | |
|:---|:---|
| **1** | **Definitions** |

---

In this Schedule 4, the following definitions shall apply:

"**Agreed Stock Value**" has the meaning given to that term in paragraph 5.2 (*Inventory and Deferred Assets Valuation*);

"**Deferred Assets**" means, in relation to a Deferred Market, those assets in the fixed asset register for that Deferred Market that are identified as part of the IC Business but that are not transferred to TMICC on the Commencement Date;

**"Deferred Market"** means a Territory in relation to which the IC Business relating to that Territory transfers to the TMICC Group on a date which occurs after the Commencement Date;

"**Funding Agreement**" means the funding agreement dated on or around the date of this Agreement between the Supplier and the Customer;

"**Initial Stock Valuation Statement**" has the meaning given to that term in paragraph 5.1 (*Inventory and Deferred Assets Valuation*);

"**Inventory Transfer Date**" has the meaning given to that term in paragraph 3.1 (*Inventory and Deferred Assets Transfer Scope*);

"**Inventory Working Capital Subsidy**" means, in respect of each Territory, the inventory working capital subsidy amount set out in the Funding Agreement;

"**Inventory Verification Process**" has the meaning given to that term in paragraph 4.1 (*Inventory Verification Process*); and

"**Total Value**" means the aggregate of all Inventory Working Capital Subsidies, as set out in the Funding Agreement.

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| | |
|:---|:---|
| **2** | **Inventory Working Capital Subsidy Payment** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** Within
 five (5) Business Days ofthe Commencement Date, the Customer will pay the Total Value
 less the amounts of the Inventory Working Capital Subsidy attributed to the Deferred Markets
 to the Supplier, or another member of the Unilever Group, as notified by the Supplier to
 the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** Within
 five (5) Business Days of the transfer of a Deferred Market to the TMICC Group, the
 Customer will pay the Inventory Working Capital Subsidy amount attributed to the relevant
 Deferred Market to the Supplier, or another member of the Unilever Group, as notified by
 the Supplier to the Customer.

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| | |
|:---|:---|
| **3** | **Inventory and Deferred Assets Transfer Scope** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** The
 process set out in this paragraph 3 (*Inventory and Deferred Assets Transfer Scope)* to paragraph 8 (*Inventory and Deferred Assets Invoicing and Title Transfer*) sets out
 how Relevant Inventory and Deferred Assets in a Territory will be transferred from the Supplier,
 or another member of the Unilever Group, to the Customer, or another member of the TMICC
 Group (as applicable). Relevant Inventory and any Deferred Assets in a Territory shall transfer
 to the Customer or the TMICC Group on the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.1** in
 a Territory where the Supplier (or another member of the Unilever Group) provides a Distributor
 Countries Service, to the Customer (or an Additional Service Recipient), the date on which
 such Distributor Countries Service terminates or expires; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.2** the
 date of IT Go-Live in that Territory *,* 

(the "**Inventory Transfer Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** Title
 in the Relevant Inventory and Deferred Assets shall remain with the Supplier, or relevant
 member of the Unilever Group, until transferred to either the Customer or another member
 of the TMICC Group, in accordance with paragraph 3.1, or to a third party nominated by the
 Customer in accordance with paragraph 6 (*Transfer to a Third Party*), or as part of
 the flash title transfer for certain Territories. On such transfer to the Customer or the
 TMICC Group, the day-to-day control of and any rights to transact with the Relevant Inventory
 and the Deferred Assets shall be for the Customer or relevant member of the TMICC Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** The
 process set out at paragraphs 4 (*Inventory Verification Process*) to 8 (*Inventory and Deferred Assets Invoicing and Title Transfer)* below shall apply in respect of Relevant
 Inventory and Deferred Assets which transfers on each Inventory Transfer Date.

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| | |
|:---|:---|
| **4** | **Inventory Verification Process** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** A
 minimum of two months before each Inventory Transfer Date, the Supplier shall inform the
 Customer of the scope, timing and format of an exercise to verify the quantity and quality
 of Relevant Inventory and/or Deferred Assets (the "**Inventory Verification Process** ")
 for each physical location where Relevant Inventory or Deferred Assets are stored. The Inventory
 Verification Process shall be based on the Supplier's then-current processes and policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** Subject
 to paragraph 4.3, each of the Supplier and the Customer, or their respective designated Representatives,
 may attend any inspection carried out for the purposes of the Inventory Verification Process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** The
 Customer, or its designated Representatives, shall only be permitted to attend any inspection
 if the Customer provides the Supplier with at least two weeks' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** Each
 Party shall bear their own costs in relation to any Inventory Verification Process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** Any
 Disputes in respect of the outcome of the Inventory Verification Process shall be resolved
 in accordance with the process set out at Clause 14 (*Dispute Resolution*) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6** After
 the completion of the Inventory Verification Process the Supplier shall update the appropriate
 Supplier's System to reflect the results of the Inventory Verification Process.

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| | |
|:---|:---|
| **5** | **Inventory and Deferred Assets Valuation** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** Based
 on the results of the update to the Supplier's System carried out pursuant to paragraph
 4.6 (*Inventory Verification Process*), the Supplier shall provide to the Customer a
 report setting out the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.1** value
 by item type in the Deliverable Local Currency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.2** quality
 status using the Supplier's quality status classifications, of the Relevant Inventory and Deferred
Assets which are due to transfer, each in accordance with the Supplier's then-current processes and policies ()"**Initial Stock Valuation Statement** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** The
 Customer has five Business Days from receipt of the Initial Stock Valuation Statement to
 reject the Initial Stock Valuation Statement acting reasonably, in which case the Customer
 shall provide reasonably detailed reasons for such rejection. If the Customer does not reject
 the Initial Stock Valuation Statement within this period, it shall be deemed to have agreed
 to the Initial Stock Valuation Statement ()"**Agreed Stock Value** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** If
 the Customer rejects the Initial Stock Valuation Statement pursuant to paragraph 5.2, the
 Parties will use reasonable endeavours to agree the stock value before the Inventory Transfer
 Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** If
 the value is not agreed before the Inventory Transfer Date pursuant to paragraph 5.4, the
 Initial Stock Valuation Statement shall be used in the invoicing and settlement process,
 set out in paragraph 8 (*Inventory and Deferred Assets Invoicing and Title Transfer*)
 below. Any Disputes shall be resolved in accordance with the process set out at Clause 14
 (*Dispute Resolution)* of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5** The
 value given to the Relevant Inventory and Deferred Assets in the Initial Stock Valuation
 Statement will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5.1** be
 expressed in the Deliverable Local Currency of the country in which the Relevant Inventory
 and/or the Deferred Assets are located at the time of the Inventory Verification Process
 (other than where the Supplier's then-current processes and policies are to value the
 Relevant Inventory or Deferred Assets differently, such as for Relevant Inventory or Deferred
 Assets located in international waters); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5.2** exclude
 any provisions or accruals made in accordance with the Supplier's then-current processes
 and policies in respect of such Relevant Inventory and Deferred Assets.

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| | |
|:---|:---|
| **6** | **Transfer to a Third Party** |

---

In a Territory where the Unilever Group provides a Distributor Countries Service to the Customer (or an Additional Service Recipient), the Parties may agree to transfer Relevant Inventory and Deferred Assets to the Customer's new distributor or other third party. In such event, the Relevant Inventory and/or Deferred Assets shall not form part of the Inventory Verification Process under this Schedule 4 (*Inventory Working Capital Subsidy*).

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| | |
|:---|:---|
| **7** | **Inventory Write Off** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** On
 receipt of the Initial Stock Valuation Statement, the Customer may request that certain Relevant
 Inventory and/or Deferred Assets be written off and disposed of, as per the Supplier's
 then-current policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** The
 value any Relevant Inventory or Deferred Assets written off pursuant to paragraph 7.1 shall
 be excluded from the Inventory Verification Process. For the avoidance of doubt, the financial
 impact of such write-offs shall be captured through the end of month processes defined in
 the financial processes schedules of the Transitional Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** The
 financial impact of any inventory adjustment in accordance with this paragraph 7 shall be
 borne by the Customer.

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| | |
|:---|:---|
| **8** | **Inventory and Deferred Assets Invoicing and Title Transfer** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** On
 the relevant Inventory Transfer Date (or the first subsequent Business Day), the member of
 the Unilever Group who owns the Relevant Inventory and Deferred Assets shall raise an invoice
 to the relevant member of the TMICC Group acquiring the Relevant Inventory and Deferred Assets,
 in the Deliverable Local Currency, for the Agreed Stock Value for the transferred Relevant
 Inventory or Deferred Assets (or the Initial Stock Valuation Statement where the Agreed Stock
 Value has not yet been agreed) with payment terms of zero calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** The
 member of the Unilever Group who owns the Relevant Inventory and Deferred Assets shall, subject
 to payment of the invoice, do all such things as are reasonably necessary to transfer, or
 procure the transfer of, legal title to the Relevant Inventory and Deferred Assets to the
 relevant member of the TMICC Group acquiring the Relevant Inventory and Deferred Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3** Once
 a member of the Unilever Group has raised an invoice the relevant member of the TMICC Group
 acquiring the Relevant Inventory and Deferred Assets shall have full responsibility for the
 Relevant Inventory and Deferred Assets and all costs associated with it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4** Title
 to the Relevant Inventory and Deferred Assets will transfer to the relevant member of the
 TMICC Group acquiring the Relevant Inventory and Deferred Assets in accordance with the Supplier's
 then-current standard contract terms for similar transactions. The Customer shall, or shall
 procure the relevant member of the TMICC Group shall, do all such things as are reasonably
 necessary to effect the transfer of title to the Relevant Inventory and Deferred Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5** Once
 the member of the Unilever Group who owns the Relevant Inventory and Deferred Assets has
 invoiced the relevant member of the TMICC Group acquiring the Relevant Inventory and Deferred
 Assets for the Relevant Inventory and Deferred Assets for a Territory, and providing there
 are no outstanding or overdue payments from the TMICC Group to the Unilever Group under any
 agreement between those Parties, the Supplier shall, or shall procure that a member of the
 Unilever Group shall, refund the associated Inventory Working Capital Subsidy to the Customer,
 or to such other member of the TMICC Group as the Customer may nominate.

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| | |
|:---|:---|
| **9** | **Interest** |

---

Clause 4.7 (*Interest)* of this Agreement shall apply to all payments due under this Schedule 4.

**Schedule 5<br> Non-Inventory Working Capital Subsidy**

---

| | |
|:---|:---|
| **1** | **Definitions** |

---

In this Schedule 5, the following definitions shall apply:

"**Actual DPO**" means the value of days payable outstanding in respect of the IC Transactions, calculated using the Supplier's standard reports and methodologies for the previous quarter;

"**Actual DSO**" means the value of days sales outstanding in respect of the IC Transactions, calculated using the Supplier's standard reports and methodologies for the previous quarter;

"**Adjusted Working Capital Subsidy**" means the Working Capital Subsidy, as amended from time to time pursuant to the provisions of paragraph 4 (*Performance Adjustment of the Working Capital Subsidy*);

**"Deferred Market"** means a Territory in relation to which the IC Business relating to that Territory transfers to the TMICC Group on a date which occurs after the Commencement Date;

"**IC Transactions**" means the sales and purchases of the Relevant Products by members of the Unilever Group in the Territories, pursuant to the applicable Local OMA;

"**Reference DPO**" means the average value of days payable outstanding in respect of the IC Transactions in the 2024 financial year, or some other reference period agreed between the Parties in writing;

"**Reference DSO**" means the average value of days sales outstanding in respect of the IC Transactions in the 2024 financial year, or some other reference period agreed between the Parties in writing;

"**Repayment Statement**" has the meaning given to that term in paragraph 5.1 (*Repayment of the Working Capital Subsidy*);

"**SMA Territory**" means each of the Territories listed in Appendix A (*Non-Inventory Working Capital Subsidy by Territory*) to this Schedule 5 (*Non-Inventory Working Capital Subsidy*);

"**Tranche One**" has the meaning given to that term in paragraph 3.1 (*Payment of the Working Capital Subsidy*);

"**TSA Service Termination**" means the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in a Territory where the Supplier (or
 another member of the Unilever Group) provides a Distributor Countries Service, to the Customer
 (or an Additional Service Recipient), the date on which such Distributor Countries Service
 terminates or expires; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the date of IT Go-Live in that Territory;

"**UDA Territory**" means a Territory in respect of which the Local OMA is an undisclosed agency agreement;

"**Working Capital Recipient**" has the meaning given to that term in paragraph 3.1 (*Payment of the Working Capital Subsidy*); and

"**Working Capital Subsidy**" means the working capital subsidy, not related to inventory working capital holding, for the SMA Territories and the UDA Territories totalling €265,000,000 million, which is allocated by Territory as set out in Appendix A (*Non-Inventory Working Capital Subsidy by Territory*).

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| | |
|:---|:---|
| **2** | **Scope** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** This
 Schedule 5 defines the process for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.1** the
 payment of the Working Capital Subsidy to the TMICC Group with respect to each Territory,
 from the Commencement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.2** the
 operation of the Working Capital Subsidy during the Term; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.3** the
 repayment of the Adjusted Working Capital Subsidy by the TMICC Group to the Unilever Group,
 following TSA Service Termination for each Territory.

---

| | |
|:---|:---|
| **3** | **Payment of the Working Capital Subsidy** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** Eight
 calendar days after the Commencement Date, the Supplier shall, or shall procure that a member
 of the Unilever Group shall, transfer one third (⅓) ()"**Tranche One** ")
 of the Working Capital Subsidy, less the aggregated amounts applicable to the Deferred Markets
 as set out in Appendix A to this Schedule 5 (*Non-Inventory Working Capital Subsidy by Territory*), to the Customer, or, with the agreement of the Supplier, to such other member
 of the TMICC Group as the Customer may nominate (the "**Working Capital Recipient** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** On
 the eighth calendar day of each of the next two following calendar months, the Supplier shall,
 or shall procure that a member of the Unilever Group shall, transfer a further one third
 (⅓) of the Working Capital Subsidy, less the aggregated amounts applicable to the Deferred
 Markets as set out in Appendix A to this Schedule 5 (*Non-Inventory Working Capital Subsidy by Territory*), to the Working Capital Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** For
 a Deferred Market, as listed in Appendix A to this Schedule 5 (*Non-Inventory Working Capital Subsidy by Territory*), on the eighth calendar day after the IC Business relating to that
 Deferred Market transfers to the TMICC Group, the Supplier shall, or shall procure that a
 member of the Unilever Group shall, transfer the Working Capital Subsidy for the Deferred
 Market, to the Working Capital Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** Where
 any Working Capital Subsidy is due to be paid on a day that is not a Business Day, it shall
 be paid on the next available Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5** In
 respect of any payment of the Working Capital Subsidy, the Supplier may request that the
 relevant Working Capital Recipient invoices, at the option of the Supplier, the (i) Supplier
 or (ii) another member of the Unilever Group in respect of such payment.

---

| | |
|:---|:---|
| **4** | **Performance Adjustment of the Working Capital Subsidy** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** At
 the end of each financial quarter during the Term, the Parties will review the Actual DPO
 and Actual DSO (which represent the actual working capital position of the IC Transactions),
 using the Supplier's existing standard reports against the performance of the IC Transactions
 for the 12 months before the Commencement Date. If the difference between either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.1** the
 Actual DPO and the Reference DPO; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.2** the
 Actual DSO and the Reference DSO,

is greater than +/- 5 days then the Parties shall, in good faith, discuss and seek to agree an adjustment to the Working Capital Subsidy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** The
 Supplier shall maintain an appropriately detailed record of the Adjusted Working Capital
 Subsidies as the record of all payments due under this Schedule 5. This detailed record shall
 include all adjustments made to the Working Capital Subsidy in each Territory and any additional
 payments to be made by the Supplier or another member of the Unilever Group to the Customer.

---

| | |
|:---|:---|
| **5** | **Repayment of the Working Capital Subsidy** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** At
 the end of each financial period, the Supplier will prepare a statement of the amount of
 the Adjusted Working Capital Subsidy repayable by the TMICC Group for the Territories for
 which TSA Service Termination occurred during that financial period ()"**Repayment Statement** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** Within
 five (5) Business Days of the date of the IT Go Live for the last UDA Territory, the
 Supplier shall issue a Repayment Statement for any outstanding Adjusted Working Capital Subsidies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** On
 receipt of the Repayment Statement, the Customer shall, or, with the agreement of the Supplier,
 shall procure that a member of the TMICC Group shall, pay the Supplier, or any other member
 of the Unilever Group as may be directed by the Supplier, in Euro, the relevant Adjusted
 Working Capital Subsidy (as stated in the Repayment Statement) within five (5) Business
 Days, unless the Customer disputes the Repayment Statement pursuant to paragraph 5.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** If
 the Customer disputes either: (i) the inclusion of any particular Territory on the Repayment
 Statement; or (ii) the amounts included on such Repayment Statement with respect to
 any given Territory, it shall notify the Supplier prior to repayment being due. The Parties
 shall work together in good faith to resolve any disputed items within three Business Days
 of the notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5** If
 the Parties are unable to resolve such a dispute within three (3) Business Days pursuant
 to paragraph 5.4:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5.1** the
 Customer shall, or, with the agreement of the Supplier, shall procure that a member of the
 TMICC Group shall pay the amounts as set out in the Repayment Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5.2** the
 provisions of Clause 14 (*Dispute Resolution*) of this Agreement shall apply in respect
 of any disputed amounts.

---

| | |
|:---|:---|
| **6** | **Interest** |

---

Clause 4.7 (*Interest)* of this Agreement shall apply to all payments due under this Schedule 5.

**Appendix A: Non-Inventory Working Capital Subsidy by Territory**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Territory** | &nbsp;&nbsp;**Envisaged Tranche One Payment Date** | &nbsp;&nbsp;**Non-inventory working capital advance allocation<br> (€ '000)** |
| &nbsp;&nbsp;Cyprus | &nbsp;&nbsp;Commencement Date | &nbsp;&nbsp;1127 |
| &nbsp;&nbsp;Estonia | &nbsp;&nbsp;Commencement Date | &nbsp;&nbsp;1106 |
| &nbsp;&nbsp;Latvia | &nbsp;&nbsp;Commencement Date | &nbsp;&nbsp;1454 |
| &nbsp;&nbsp;Lithuania | &nbsp;&nbsp;Commencement Date | &nbsp;&nbsp;1874 |
| &nbsp;&nbsp;Norway | &nbsp;&nbsp;Commencement Date | &nbsp;&nbsp;1560 |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;Commencement Date | &nbsp;&nbsp;15940 |
| &nbsp;&nbsp;Cambodia | &nbsp;&nbsp;Deferred Market – 1 Oct 2025 | &nbsp;&nbsp;1069 |
| &nbsp;&nbsp;Ecuador | &nbsp;&nbsp;Commencement Date | &nbsp;&nbsp;9182 |
| &nbsp;&nbsp;Indonesia | &nbsp;&nbsp;Deferred Market – 9 Nov 2025 | &nbsp;&nbsp;32439 |
| &nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;Deferred Market – 1 Oct 2025 | &nbsp;&nbsp;(4249) |
| &nbsp;&nbsp;Mexico | &nbsp;&nbsp;Commencement Date | &nbsp;&nbsp;77908 |
| &nbsp;&nbsp;Pakistan | &nbsp;&nbsp;Commencement Date | &nbsp;&nbsp;11114 |
| &nbsp;&nbsp;Singapore | &nbsp;&nbsp;Commencement Date | &nbsp;&nbsp;5019 |
| &nbsp;&nbsp;South Africa | &nbsp;&nbsp;Commencement Date | &nbsp;&nbsp;8456 |
| &nbsp;&nbsp;Thailand | &nbsp;&nbsp;Deferred Market – 1 Oct 2025 | &nbsp;&nbsp;28634 |
| &nbsp;&nbsp;Turkey | &nbsp;&nbsp;Commencement Date | &nbsp;&nbsp;(18054) |
| &nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;Deferred Market – 1 Oct 2025 | &nbsp;&nbsp;1390 |
| &nbsp;&nbsp;Vietnam | &nbsp;&nbsp;Deferred Market – 1 Oct 2025 | &nbsp;&nbsp;5692 |
| &nbsp;&nbsp;**Sub Total SMA Markets** | &nbsp;&nbsp;**Sub Total SMA Markets** | &nbsp;&nbsp;**181661** |
| &nbsp;&nbsp;**Sub Total UDA Territories** | &nbsp;&nbsp;**Sub Total UDA Territories** | &nbsp;&nbsp;**83339** |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**265000** |
| &nbsp;&nbsp;**Commencement Date Total** | &nbsp;&nbsp;**Commencement Date Total** | &nbsp;&nbsp;**200,025 equating to three tranches of 66,675** |
| &nbsp;&nbsp;**Deferred Market 1 October 2025 Total** | &nbsp;&nbsp;**Deferred Market 1 October 2025 Total** | &nbsp;&nbsp;**32536** |
| &nbsp;&nbsp;**Deferred Market 9 November 2025 Total** | &nbsp;&nbsp;**Deferred Market 9 November 2025 Total** | &nbsp;&nbsp;**32439** |

---

**Schedule 6<br> Transfer Plan**

---

| | |
|:---|:---|
| **1** | **Definitions** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** In
 this Schedule 6, the following definitions shall apply:

"**Planning Assumptions**" has the meaning given to that term in paragraph 2.1.6 (*Transfer Plan Requirements*); and

"**Service Types**" has the meaning given to that term in paragraph 2.2.2 (*Transfer Plan Requirements*).

---

| | |
|:---|:---|
| **2** | **Transfer Plan Requirements** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** The
 Transfer Plan must describe:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.1** the
 specific steps each Party shall take to transfer each Service and any Local Services to a
 Successor Operator, which shall include details of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any specific requirements of the Supplier
 or other members of the Unilever Group to facilitate the transfer of each Service and any
 Local Services to a Successor Operator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the activities to be undertaken by the
 Customer and Additional Service Recipients to enable each of the Services, and any Local
 Services, to be transferred to a Successor Operator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the activities to be undertaken by
 the Supplier or other members of the Unilever Group to support the transfer of each Service
 and Local Service to a Successor Operator,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.2** the
 reasonable acceptance criteria and testing procedures (if any) to confirm successful transfer
 of Customer Data or Customer Group Data (as applicable) and each Service to a Successor Operator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.3** the
 anticipated costs for the transfer of each Service to a Successor Operator as at the date
 of the Transfer Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.4** the
 timetable for the transfer of each element of the Services and Local Services, including
 identifying key milestones;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.5** dependencies
 between any Services or Local Services that are likely to terminate on different dates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.6** any
 key constraints, lead times and dependencies of the Supplier, which shall be identified as
 "**Planning Assumptions**" and include a lead time for specific deliverables
 in relation to the transfer of each Service and any Local Services to a Successor Operator,
 e.g. data provision and subject matter expert support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** The
 Transfer Plan must set out the milestones for the implementation of the activities in paragraph
 2.2.1 and transfer of each of the categories of activities or Services/Local Services in
 paragraphs 2.2.2-2.2.4 to a Successor Operator:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.1** **Programme Management and Communications** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Joint Governance (see paragraph 1 of
 Appendix 1); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Internal and External Communications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.2** **Categories of Services and Local Services (Service Types)** 

The different service types ("**Service Types**") listed below are mapped to services set out in Schedule 1 (*Services and Service Charges*). The Service Types are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Core Transactional Services (see paragraph
 3 of Appendix 1);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Distribution Services (see paragraph
 4 of Appendix 1);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Payroll (see paragraph 5 of Appendix
 1);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Global (see paragraph 6 of Appendix
 1); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Functional Specific (see paragraph 7
 of Appendix 1);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.3** **Business Transition** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Contract Transfer (see paragraph 8 of
 Appendix 1); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.4** **IT Milestones** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Specific IT Transition Milestones (see
 paragraph 9 of Appendix 1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** Appendix
 1 (*Transfer Plan Milestones*) sets out:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.1** the
 required milestones; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.2** where
 applicable, due dates for each milestone,

for each category of activity listed in paragraph 2.2 (*Transfer Plan Requirements*). Unless otherwise agreed between the Parties, a copy of Appendix 1 (*Transfer Plan Milestones*) shall be included in the Transfer Plan.

**Appendix 1<br> Transfer Plan Milestones**

---

| | |
|:---|:---|
| **1** | **Programme Management and Communications: Joint Governance** |

---

The following delivery items with associated milestone dates shall be included in the Transfer Plan:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Scope** | &nbsp;&nbsp;**Milestone for delivery of:** |
| &nbsp;&nbsp;Global | &nbsp;&nbsp;Programme governance approach |
| &nbsp;&nbsp;Global | &nbsp;&nbsp;Programme governance meetings |
| &nbsp;&nbsp;Global | &nbsp;&nbsp;Programme change request approach |
| &nbsp;&nbsp;Global | &nbsp;&nbsp;Programme change board meetings |
| &nbsp;&nbsp;Global | &nbsp;&nbsp;Programme branding approach |
| &nbsp;&nbsp;Global | &nbsp;&nbsp;Programme branding plan |
| &nbsp;&nbsp;Global | &nbsp;&nbsp;Programme data transfer approach |
| &nbsp;&nbsp;Global | &nbsp;&nbsp;Programme knowledge transfer approach |

---

---

| | |
|:---|:---|
| **2** | **Programme Management and Communications: Internal and External Communications** |

---

The following delivery items with associated milestone dates shall be included in the Transfer Plan:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Scope** | &nbsp;&nbsp;**Milestone for delivery of:** |
| &nbsp;&nbsp;Global | &nbsp;&nbsp;Programme communications approach |
| &nbsp;&nbsp;Global | &nbsp;&nbsp;Programme communications plan |
| &nbsp;&nbsp;Global | &nbsp;&nbsp;Programme stakeholder mapping |

---

---

| | |
|:---|:---|
| **3** | **Core Transactional Services** |

---

The following milestones with dates shall be included in the Transfer Plan:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Scope** | &nbsp;&nbsp;**Milestone** | &nbsp;&nbsp;**Due Date** |
| &nbsp;&nbsp;By Territory/Region | &nbsp;&nbsp;Service start | &nbsp;&nbsp;Commencement Date |
| &nbsp;&nbsp;By Territory/Region | &nbsp;&nbsp;Third party customer engagement and onboarding including electronic data interchange | &nbsp;&nbsp;No later than nine (9) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory/Region | &nbsp;&nbsp;Data requirements defined | &nbsp;&nbsp;No later than six (6) months prior to IT Go-Live |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Scope** | &nbsp;&nbsp;**Milestone** | &nbsp;&nbsp;**Due Date** |
| &nbsp;&nbsp;By Territory/Region | &nbsp;&nbsp;Subject matter expert and knowledge transfer requirements defined | &nbsp;&nbsp;No later than six (6) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory/Region | &nbsp;&nbsp;External awareness communications | &nbsp;&nbsp;No later than six (6) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory/Region | &nbsp;&nbsp;Final data request | &nbsp;&nbsp;No later than three (3) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory/Region | &nbsp;&nbsp;Exit notice<br> "Point of Commitment" | &nbsp;&nbsp;No later than three (3) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory/Region | &nbsp;&nbsp;External get ready communications | &nbsp;&nbsp;No later than three (3) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory/Region | &nbsp;&nbsp;Notice to third parties | &nbsp;&nbsp;No later than three (3) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory/Region | &nbsp;&nbsp;External Go Live communications | &nbsp;&nbsp;No later than one (1) month prior to IT Go-Live |
| &nbsp;&nbsp;By Territory/Region | &nbsp;&nbsp;Go live of Customer and Additional Service Recipients IT and supply chain | &nbsp;&nbsp;IT Go-Live |
| &nbsp;&nbsp;By Territory/Region | &nbsp;&nbsp;Start of ramp down | &nbsp;&nbsp;IT Go-Live |
| &nbsp;&nbsp;By Territory/Region | &nbsp;&nbsp;Post TSA ways of working defined | &nbsp;&nbsp;No later than one (1) month after IT Go-Live |
| &nbsp;&nbsp;By Territory/Region | &nbsp;&nbsp;Service exit / End of ramp down | &nbsp;&nbsp;No later than three (3) months after IT Go-Live |
| &nbsp;&nbsp;By Territory/Region | &nbsp;&nbsp;Start of post TSA exit ways of working | &nbsp;&nbsp;No later than three (3) months after IT Go-Live |

---

---

| | |
|:---|:---|
| **4** | **Distribution Services** |

---

The following milestones with dates shall be included in the Transfer Plan:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Scope** | &nbsp;&nbsp;**Milestone** | &nbsp;&nbsp;**Due Date** |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Service start | &nbsp;&nbsp;Commencement Date |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;External awareness communications | &nbsp;&nbsp;No later than five (5) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Stock build and material transfer plan | &nbsp;&nbsp;No later than five (5) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Third party customer transition plan | &nbsp;&nbsp;No later than five (5) months prior to IT Go-Live |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Scope** | &nbsp;&nbsp;**Milestone** | &nbsp;&nbsp;**Due Date** |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Final data request | &nbsp;&nbsp;No later than three (3) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Exit notice<br> "Point of Commitment" | &nbsp;&nbsp;No later than three (3) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;External get ready communications | &nbsp;&nbsp;No later than three (3) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Notice to third parties | &nbsp;&nbsp;No later than two (2) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;External Go Live communications | &nbsp;&nbsp;No later than fourteen (14) calendar days prior to IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Go live of Customer and Additional Service Recipients distributor | &nbsp;&nbsp;IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Start of ramp down | &nbsp;&nbsp;IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Post TSA ways of working defined | &nbsp;&nbsp;No later than one (1) month after IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Service exit / End of ramp down | &nbsp;&nbsp;No later than three (3) months after IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Start of post TSA exit ways of working | &nbsp;&nbsp;No later than three (3) months after IT Go-Live |

---

---

| | |
|:---|:---|
| **5** | **Payroll Services** |

---

The following milestones with dates shall be included in the Transfer Plan:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Scope** | &nbsp;&nbsp;**Milestone** | &nbsp;&nbsp;**Due Date** |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Service start | &nbsp;&nbsp;Commencement Date |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Data requirements defined | &nbsp;&nbsp;No later than five (5) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Internal awareness communications | &nbsp;&nbsp;No later than four (4) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Final data request | &nbsp;&nbsp;No later than three (3) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Exit notice<br> "Point of Commitment" | &nbsp;&nbsp;No later than two (2) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Internal get ready communications | &nbsp;&nbsp;No later than two (2) months prior to IT Go-Live |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Scope** | &nbsp;&nbsp;**Milestone** | &nbsp;&nbsp;**Due Date** |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Notice to third parties | &nbsp;&nbsp;No later than three (3) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Parallel running for payroll processing | &nbsp;&nbsp;No later than one (1) month prior to IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Go live of Customer and Additional Service Recipient payroll | &nbsp;&nbsp;IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Service exit | &nbsp;&nbsp;IT Go-Live |

---

---

| | |
|:---|:---|
| **6** | **Global Services** |

---

The following milestones with dates shall be included in the Transfer Plan:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Scope** | &nbsp;&nbsp;**Milestone** | &nbsp;&nbsp;**Due Date** |
| &nbsp;&nbsp;Global | &nbsp;&nbsp;Service start | &nbsp;&nbsp;Commencement Date |
| &nbsp;&nbsp;Global | &nbsp;&nbsp;Data requirements defined | &nbsp;&nbsp;No later than five (5) months prior to IT Go-Live |
| &nbsp;&nbsp;Global | &nbsp;&nbsp;Knowledge transfer requirements defined | &nbsp;&nbsp;No later than five (5) months prior to IT Go-Live |
| &nbsp;&nbsp;Global | &nbsp;&nbsp;Awareness communications to third parties | &nbsp;&nbsp;No later than four (4) months prior to IT Go-Live |
| &nbsp;&nbsp;Global | &nbsp;&nbsp;Final data request | &nbsp;&nbsp;No later than three (3) months prior to IT Go-Live |
| &nbsp;&nbsp;Global | &nbsp;&nbsp;Notice to third parties | &nbsp;&nbsp;No later than three (3) months prior to IT Go-Live |
| &nbsp;&nbsp;Global | &nbsp;&nbsp;Exit notice<br> "Point of Commitment" | &nbsp;&nbsp;No later than two (2) months prior to IT Go-Live |
| &nbsp;&nbsp;Global | &nbsp;&nbsp;Get ready communications | &nbsp;&nbsp;No later than two (2) months prior to IT Go-Live |
| &nbsp;&nbsp;Global | &nbsp;&nbsp;Go live of Customer and Additional Service Recipient capability | &nbsp;&nbsp;IT Go-Live |
| &nbsp;&nbsp;Global | &nbsp;&nbsp;Service exit | &nbsp;&nbsp;IT Go-Live |

---

---

| | |
|:---|:---|
| **7** | **Functional Specific Services** |

---

The following milestones with dates shall be included in the Transfer Plan:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Scope** | &nbsp;&nbsp;**Milestone** | &nbsp;&nbsp;**Due Dates** |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Service start | &nbsp;&nbsp;Commencement Date |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Scope** | &nbsp;&nbsp;**Milestone** | &nbsp;&nbsp;**Due Date** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Data requirements defined | &nbsp;&nbsp;No later than five (5) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Knowledge transfer requirements defined | &nbsp;&nbsp;No later than five (5) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Awareness communications to third parties | &nbsp;&nbsp;No later than four (4) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Final data request | &nbsp;&nbsp;No later than three (3) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Notice to third parties | &nbsp;&nbsp;No later than three (3) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Exit notice<br> "Point of Commitment" | &nbsp;&nbsp;No later than two (2) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Get ready communications to third parties | &nbsp;&nbsp;No later than two (2) months prior to IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Go Live of Customer and Additional Service Recipient capability | &nbsp;&nbsp;IT Go-Live |
| &nbsp;&nbsp;By Territory | &nbsp;&nbsp;Service exit | &nbsp;&nbsp;IT Go-Live |

---

---

| | |
|:---|:---|
| **8** | **Business Transition: Contract Transfer** |

---

The following milestones with dates shall be included in the Transfer Plan:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Scope** | &nbsp;&nbsp;**Milestone** | &nbsp;&nbsp;**Due Date** |
| &nbsp;&nbsp;Global | &nbsp;&nbsp;Contract approach, overall planning and tracking, roles and responsibilities | &nbsp;&nbsp;No later than one (1) month from the Commencement Date |
| &nbsp;&nbsp;Global | &nbsp;&nbsp;Contract tracker and agreed list of contracts to transition | &nbsp;&nbsp;No later than two (2) months from the Commencement Date |
| &nbsp;&nbsp;Global | &nbsp;&nbsp;Contract transition plan | &nbsp;&nbsp;No later than two (2) months from the Commencement Date |

---

---

| | |
|:---|:---|
| **9** | **IT Milestones: Specific IT Transition Milestones** |

---

The following milestones with dates and information shall be included in the Transfer Plan for IT specific elements at a Global level:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Definition** | &nbsp;&nbsp;**Definition** | &nbsp;&nbsp;**Due Date** |
| &nbsp;&nbsp;Minimum viable IT product footprint | &nbsp;&nbsp;• | Technology that will go–live with each region or other phasing as agreed between the Parties | &nbsp;&nbsp;No later than two (2) months from the Commencement Date |
| &nbsp;&nbsp;Approach to deployment | &nbsp;&nbsp;• | Wave approach, presumably regional, but may be groupings of countries | &nbsp;&nbsp;No later than two (2) months from the Commencement Date |
| &nbsp;&nbsp;Detail of any workarounds/interim states required from the Supplier | &nbsp;&nbsp;• | Examples of what workarounds/interim states may be needed for:<br> (i) if Workday access is required for exited countries<br> (ii) Europe exits, but a certain number of TMICC Group employees want to retain laptops and access to product lifecycle management to support Asia | &nbsp;&nbsp;No later than two (2) months from the Commencement Date |
| &nbsp;&nbsp;Milestone plan to meet each exit | &nbsp;&nbsp;• | Design/build/test completion milestones | &nbsp;&nbsp;No later than two (2) months from the Commencement Date |
| &nbsp;&nbsp;Milestone plan to meet each exit | &nbsp;&nbsp;• | Network deployed | &nbsp;&nbsp;No later than two (2) months from the Commencement Date |
| &nbsp;&nbsp;Milestone plan to meet each exit | &nbsp;&nbsp;• | End user computing prepared for deployment | &nbsp;&nbsp;No later than two (2) months from the Commencement Date |
| &nbsp;&nbsp;Key activities (and point in time) which require the support of the Supplier | &nbsp;&nbsp;• | Data extraction requests (test master and transactional data, cutover master data, cutover transitional data, email, SharePoint) | &nbsp;&nbsp;No later than two (2) months from the Commencement Date |
| &nbsp;&nbsp;Key activities (and point in time) which require the support of the Supplier | &nbsp;&nbsp;• | Subject matter expert support requests | &nbsp;&nbsp;No later than two (2) months from the Commencement Date |

---

**Schedule 7<br> Template Novation Agreement**

**novation agreement**

**THIS NOVATION AGREEMENT** ("**Agreement**") is made on [●] between:

**[insert name of retiring party]** (Company Registration Number: [ ]), a company existing under the laws of [ ] and with its registered office at [ ] ("**Retiring Party**"); and

**[insert name of substitute party[**, (Company Registration Number: [ ]), a company existing under the laws of [ ] and with its registered office at [ ] ("**Substitute Party**"); and

**[insert Unilever company** (Company Registration No.[ ]), a company existing under the laws of [ ] with its registered office at [ ] ("**Original Party**").

**RECITALS:**

A. The Retiring Party and the Original Party are
 parties to the Principal Agreement (as defined below).

B. The Retiring Party agrees to novate its rights,
 benefits and interests together with its obligations and liabilities in and under the Principal
 Agreement to the Substitute Party on and from the Effective Date (as defined herein) in accordance
 with the terms and conditions of this Agreement, such that with effect from and including
 the Effective Date it shall be released from all of its future obligations and liabilities
 under the Principal Agreement (but shall retain pre-novation obligations and liabilities).

C. The Substitute Party shall assume, as from
 the Effective Date, all the Retiring Party's rights, benefits and interests together
 with its obligations and liabilities in and under the Principal Agreement and the Original
 Party consents to the substitution of the Retiring Party by the Substitute Party under the
 Principal Agreement in accordance with the terms and conditions of this Agreement.

**NOW, THEREFORE,** in consideration of mutual covenants and obligations set forth herein, the sufficiency of which is hereby acknowledged, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Definitions and Interpretation** 

1.1 In
 this Agreement, all words and expressions used in this Agreement shall have the same
 meaning as specified in the Principal Agreement, unless otherwise indicated herein.

1.2 In this Agreement, the following terms shall
 have the following meanings:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;means on [ ] |
| &nbsp;&nbsp;**Obligations** | &nbsp;&nbsp;means any undertaking, covenant, duty, warranty, promise, agreement, debt, liability, claim, demand or other obligation under the Principal Agreement. |
| &nbsp;&nbsp;**Parties** | &nbsp;&nbsp;means collectively, the Retiring Party, the Substitute Party and the Original Party, and "Party" means any one of them as the context may require. |
| &nbsp;&nbsp;**Principal Agreement** | &nbsp;&nbsp;means the [Unilever Purchasing Agreement entered into on [ ] with Contract number [ ]] including all exhibits, schedules, appendices and other associated documents thereto, a copy of which is attached to this Agreement in Schedule 1. |
| &nbsp;&nbsp;**Rights** | &nbsp;&nbsp;means all rights, title, interests, benefits, entitlements, amounts receivable and claims whatsoever in, to and under the Principal Agreement. |

---

1.3 In this Agreement, unless the context otherwise
 requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) recitals,
 headings and underlinings are for convenience only and do not affect the interpretation of
 this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words
 importing the singular include the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an
 expression importing a natural person includes any juristic person or corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 reference to a party includes that party's successors and permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all
 recitals, schedules, attachments and annexures hereto form part of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 reference to a date or time is a reference to [ ] time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
 statute or statutory provision includes a reference to that statute or statutory provision
 as amended, extended or re-enacted and to any regulation, order, instrument or subordinate
 legislation under the relevant statute or statutory provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any
 reference to "writing" includes a reference to electronic communication, facsimile
 transmission or comparable means of communications; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 agreement, notice, consent, approval, disclosure or communication under or pursuant to this
 Agreement shall be in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Novation** 

2.1 On
 and from the Effective Date, subject to compliance with all conditions in this Agreement,
 and in consideration of the mutual covenants and obligations set forth herein (the sufficiency
 of which is hereby acknowledged):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Substitute Party assumes and accepts all Rights and Obligations of the Retiring Party under
 the Principal Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Retiring Party will cease to be entitled to any Rights and be discharged and released from
 all Obligations under the Principal Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Substitute Party shall become (and the Original Party shall be bound to recognize the Substitute
 Party as) entitled to the Rights, and liable to perform, satisfy or discharge the Obligations
 of the Retiring Party under the Principal Agreement,

as if the Substitute Party had been or is an original party to the Principal Agreement with effect from and including the Effective Date in place of the Retiring Party.

2.2 Nothing
 in this Agreement shall affect or prejudice any action, proceeding, claim or demand whatsoever
 under the Principal Agreement in relation to the Rights and Obligations of the Retiring Party
 arising before the Effective Date.

2.3 Save
 for and subject to the provisions of this Agreement, all the provisions and Rights and Obligations
 contained in or subsisting under the Principal Agreement will continue to be applicable and
 remain in full force and effect without variance and in accordance with their respective
 terms. Nothing in this Agreement shall affect, impair, prejudice or limit the Principal Agreement
 or their respective enforceability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Release by Original Party and Retiring Party** 

3.1 Without prejudice to any action, proceeding,
 claim or demand which either the Original Party or Retiring Party may have against each other
 relating to matters arising before and up to the Effective Date, the Original Party and Retiring
 Party mutually release each other from further performance of their respective Obligations
 under or in respect of the Principal Agreement as of the Effective Date.

3.2 The Substitute Party shall perform and observe
 all and every Obligation which is mentioned or contained in the Principal Agreement as of
 the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **General** 

**4.1** **Further assurances** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Party warrants that its signatory of this Agreement is duly authorised, and that it has taken
 all corporate actions required by it to authorise it to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 of the Parties to this Agreement agrees to perform (or procure the performance of) all further
 acts and things and execute and deliver (or procure the execution and delivery of) such further
 documents as may be required by law or as any Party may reasonably require to effect the
 release and discharge of the obligations referred to in Clause 3, the novation referred to
 in Clause 2 and to give any Party the full benefit of this Agreement.

**4.2** **Costs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Clause 4.2(b), each Party shall bear its own legal and other professional costs and expenses,
 including all fees of agents, solicitors and accountants employed by it in or in connection
 with the negotiation, preparation and execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Original Party and the Substitute Party shall equally share costs of any stamp duty (including
 fines and penalties), if any, on this Agreement and on any instruments entered into under
 this Agreement or instruments required for the purposes of novating the Principal Agreement.

**4.3** **Notices** 

Any notice or other communication including, but not limited to, any request, demand, consent or approval, to or by a Party to this Agreement or the Principal Agreement shall be sent to the relevant Party at the above-mentioned address.

**4.4** **Variation** 

No variation of this Agreement shall be effective unless in writing and signed by or on behalf of each of the Parties.

**4.5** **Entire agreement** 

The terms and conditions of this Agreement represent the entire agreement between the Parties relating to the novation of the Principal Agreement.

**4.6** **Unenforceable provision** 

If a provision in this Agreement is wholly or partly invalid or unenforceable, the provision or the part of it that is invalid or unenforceable must, to that extent, be treated as deleted from this Agreement. This does not affect the validity or enforceability of the remaining provisions.

**4.7** **Contracts (Rights of Third Parties) Act 1999** 

A person who is not a Party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of, or enjoy any benefit under, this Agreement.

**4.8** **Survival of provisions** 

A provision of this Agreement that can have effect after completion of the transaction contemplated by this Agreement or expiration or termination of this Agreement shall continue to apply after completion or expiration or termination, as the case may be.

**4.9** **Counterparts** 

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

**4.10** **Governing law** 

This Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by the laws of England and Wales and each Party to this Agreement irrevocably submits to the exclusive jurisdiction of the courts of England and Wales.

**EXECUTION**

**IN WITNESS WHEREOF,** the parties, intending to be legally bound hereby, have executed this Agreement.

---

| | |
|:---|:---|
| **Retiring Party:** | **Substitute Party:** |
| For and on behalf of | For and on behalf of |
| **[Insert name]** | **[Insert name]** |

---

---

| | |
|:---|:---|
| Signature: | Signature: |
| Name: | Name: |
| Position: | Position: |
| Date: | Date: |

---

**Original Party:**

For and on behalf of

**[Insert name]**

---

| |
|:---|
| Signature: |
| Name: |
| Position: |
| Date: |

---

**<u>Schedule 1</u>**

Principal Agreement

## Exhibit 4.2

**Exhibit 4.2**

EXECUTION VERSION

![](tm2515841d9_ex4-2img001.jpg)

Demerger Agreement

relating to the demerger of the Unilever's ice cream business in certain jurisdictions

Dated 1 October 2025

Unilever PLC

and

The Magnum Ice Cream Company B.V.

and

The Magnum Ice Cream Company HoldCo Netherlands B.V.

Ref: L-343449

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **Contents** | **Contents** | **Page** |
| 1 | Interpretation | 2 |
| 2 | Completion | 12 |
| 3 | Termination | 13 |
| 4 | Action Pending Completion | 14 |
| 5 | Prospectuses and Unilever Circular | 14 |
| 6 | Demerger Steps | 15 |
| 7 | Demerger Committee | 19 |
| 8 | Post-Completion Undertakings | 19 |
| 9 | Restrictions | 20 |
| 10 | Non-Disparagement | 24 |
| 11 | Allocation of Liabilities and Third Party Claims | 25 |
| 12 | Intra-Group Balances and Insurance | 25 |
| 13 | Withholdings, Gross-up and VAT | 26 |
| 14 | Announcements and Confidentiality | 27 |
| 15 | Escalation | 29 |
| 16 | Other Provisions | 29 |
|  | Schedule 1 Allocation of Liabilities | 38 |
|  | Schedule 2 Pre-Demerger Steps | 48 |

---

i

**Demerger Agreement**

**This Agreement** is made on 1 October 2025 **between**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Unilever PLC**, a public limited company registered in England and Wales with registered number
 00041424 and whose registered office is at Port Sunlight, Wirral, Merseyside, CH62 4ZD ()"**Unilever** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **The Magnum Ice Cream Company B.V.** a *besloten vennootschap met beperkte aansprakelijkheid* with its official seat in Amsterdam, the Netherlands with registered number 97035467 and
 whose address is at Reguliersdwarsstraat 63, 1017 BK Amsterdam, the Netherlands ()"**TMICC** ");
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **The Magnum Ice Cream Company HoldCo Netherlands B.V.**, a *besloten vennootschap met beperkte aansprakelijkheid* with its official seat in Rotterdam, the Netherlands with registered
 number 95381309 and whose address is at Reguliersdwarsstraat 63, 1017 BK Amsterdam, the Netherlands
 ()"**TMICC HoldCo** "),

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

**Whereas:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) On
 19 March 2024, Unilever announced its intention to separate its ice cream business in
 certain jurisdictions under a new ownership structure. On 13 February 2025, Unilever
 further announced that such separation would take place by way of the reorganisation of Unilever's
 interests in the Demerging Business under a new holding structure and the distribution of
 the Demerging Business to Unilever's Shareholders (as more particularly described in
 the Unilever Circular and the Prospectuses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) On
 1 July 2025, Unilever completed Internal Separation (save in respect of the Demerging
 Business in certain jurisdictions, which were or will be completed subsequent to such date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Unilever
 also intends that, subsequent to the Demerger, TMICC, as the parent company of the Demerging
 Business, shall have its equity securities listed on Euronext Amsterdam, the LSE (on the
 Equity Shares (Commercial Companies) category of the Official List of the FCA) and the NYSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) The
 Parties intend that TMICC and UIH shall enter into the Put/Call Option pursuant to which
 UIH shall have the right to require TMICC to acquire, and TMICC shall have the right to acquire
 from UIH, UIH's interest in The Magnum Ice Cream Company NewCo B.V., in exchange for
 the issuance by TMICC of new TMICC Shares to UIH, in either case after Completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) The
 Parties wish to record certain terms upon which the Demerger is to be effected and certain
 terms on which relations between Unilever and TMICC will be governed following Completion.

**It is agreed** as follows:

---

| | |
|:---|:---|
| **1** | **Interpretation** |

---

In this Agreement, unless the context otherwise requires, the provisions in this Clause 1 apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **Definitions** 

"**Admission**" means the proposed admission of the TMICC Shares to listing and trading on (i) Euronext Amsterdam; (ii) the LSE's main market for listed securities (on the Equity Shares (Commercial Companies) category of the FCA's Official List); and (iii) the New York Stock Exchange;

"**AFM**" means the Dutch Authority for the Financial Markets (*Stichting Autoriteit Financiële Markten*);

"**Agreed Form**" means in relation to any document, such document in the form agreed between the Parties and signed for the purposes of identification by or on behalf of the Parties or identified by the Parties in email correspondence (or their solicitors) with such alterations as may be agreed between the Parties from time to time;

"**Allocated Liability**" has the meaning given to it in paragraph 1 of Part B of Schedule 1;

"**Allocation Principles**" means the principles set out in Part A of Schedule 1;

"**Associate**" means, in relation to a company, the members of its Group and the officers, employees and agents of that company and any member of its Group;

"**Business Day**" means a day on which banks are open for non-automated business in Amsterdam, London or New York (excluding Saturdays, Sundays and public holidays);

"**Cede & Co.**" means Cede & Co., acting as nominee on behalf of DTC;

"**Completion**" means completion of the Demerger;

"**Conditions**" has the meaning given to it in Clause 2.1, and "**Condition**" means any one of them;

"**Conduct Notice**" has the meaning given to it in Part C of Schedule 1;

"**Corporate Sponsored Nominee Service**" means the corporate sponsored nominee service in respect of certain TMICC Shares provided by Computershare Investor Services PLC;

"**CRESTCo**" means Euroclear UK & International Limited;

"**CREST System**" means the settlement system operated by CRESTCo;

"**CSN Terms**" means the terms and conditions of the Corporate Sponsored Nominee Service set out in the Unilever Circular;

"**Demerger**" means the proposed demerger comprising:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 declaration of the Demerger Dividend by Unilever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 transfer by Unilever of the TMICC HoldCo Shares to TMICC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 issue by TMICC of new TMICC Shares to the Qualifying Unilever Shareholders and the Qualifying
 Unilever ADS Holders in satisfaction of each of: (i) TMICC's obligation to issue
 new TMICC Shares as consideration for the transfer of the TMICC HoldCo Shares referred to
 under limb (b) above; and (ii) Unilever's obligation to pay the Demerger
 Dividend as referred to under limb (a) above,

each in accordance with the terms of this Agreement and the Transfer Agreement and as more particularly described in the Unilever Circular and the Prospectuses;

"**Demerger Committee**" has the meaning given to it in Clause 7.1;

"**Demerger Dividend**" means the interim dividend in specie proposed to be approved by the Unilever Board to effect the Demerger;

"**Demerger Reorganisation**" means the reorganisation of the Unilever Group and the TMICC Group in accordance with the Demerger Reorganisation Steps Plan;

"**Demerger Reorganisation Steps Plan**" means the steps paper prepared by Linklaters LLP, dated on or around the date of this Agreement and in the Agreed Form, setting out the steps for the implementation of the Demerger Reorganisation and related transactions (as amended by Unilever from time to time) including with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 completion of certain Internal Separation steps;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 settlement of intra-group balances between any Unilever Post Demerger Group Company and any
 TMICC Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 transfer by Unilever of TMICC HoldCo to TMICC pursuant to the Transfer Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 transfer by UIH of its interest in The Magnum Ice Cream Company NewCo B.V. to TMICC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 issuance by TMICC of new TMICC Shares to UIH;

"**Demerging Business**" means the Ice Cream Business operated by the Unilever Group prior to Completion in certain jurisdictions and which is to be transferred to the TMICC Group prior to or (in respect of the Ice Cream Business in certain jurisdictions including Indonesia) after Completion;

"**DIs**" means depositary interests representing interests in TMICC Shares that are eligible for trading and clearing in CREST, issued on the basis of one DI per TMICC Share;

"**Dispute Notice**" has the meaning given to it in paragraph 5 of Part B of Schedule 1;

"**DRS**" means the Direct Registration System, being an arrangement for recording the direct legal title to TMICC Shares in a non-certificated, registered form, provided by DTC;

"**DTC**" means The Depository Trust Company;

"**Eligible CSN Shareholders**" means Unilever Certificated Shareholders who have a registered address in Argentina, Botswana, Brazil, Chile, Gibraltar, Guernsey, Guinea, Hong Kong, Indonesia, Isle of Man, Jersey, Mexico, Namibia, Paraguay, Peru, South Africa, South Korea, Switzerland, Taiwan or the United Kingdom;

"**Entitlements**" means the entitlements of Qualifying Unilever Shareholders and Qualifying Unilever ADS Holders to interests in TMICC Shares on the basis of one TMICC Share for every five Unilever Shares or Unilever ADSs held by such Qualifying Unilever Shareholder or Qualifying Unilever ADS Holder (respectively), in each case as at the Record Time as more particularly described in the Unilever Circular and the Prospectuses;

"**Equivalent Provision**" means any indemnity, hold harmless, compensation provision or provision with equivalent effect in an Internal Separation Document pursuant to which a member of the Unilever Post Demerger Group is obliged to make a payment to a member of the TMICC Group in respect of any Liability or matter in circumstances where, if that payment had not been made, a member of the Unilever Post Demerger Group would have had an obligation to make a payment to a member of the TMICC Group pursuant to Part B or Part D of Schedule 1 to this Agreement or Clause 6 of the Tax Matters Agreement or any other indemnity, hold harmless, compensation payment or provision with equivalent effect in any other Transaction Document (or vice versa);

"**ESMA**" means the European Securities and Markets Authority;

"**EU Prospectus**" means the prospectus to be published by TMICC in connection with the listing and admission to trading of TMICC Shares on Euronext Amsterdam;

"**EU Prospectus Regulation**" means Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC, as amended, and includes any relevant delegated regulations and ESMA guidelines and recommendations and the ESMA questions and answers on the EU Prospectus Regulation;

"**Euronext Amsterdam**" means Euronext Amsterdam, the regulated market operated by Euronext Amsterdam N.V.;

"**FCA**" means the UK Financial Conduct Authority or its successor from time to time;

"**Food Solutions Business**" means the business carried on by the Unilever Post Demerger Group in respect of Food Solutions Products under the trading name "Unilever Food Solutions" (or any translation or derivative thereof);

"**Food Solutions Products**" means food and drink products produced, manufactured or sold on the basis that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sales
 are made to customers for the purpose of those customers using, consuming or incorporating
 the products in the course of providing their own business activities rather than for the
 purpose of those customers re-selling products to end consumers; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 pack size is such that it will predominantly be bought
 by businesses rather than individual consumers or that the pack or product is generally aimed
 at professional chefs or caterers;

"**Form 20-F**" means the SEC registration form containing the disclosure requirements applicable to the Registration Statement;

"**FSMA**" means the Financial Services and Markets Act 2000, as amended;

"**Group**" means the TMICC Group or the Unilever Post Demerger Group (as the context may require);

"**GTSA**" means the global transitional services agreement between Unilever and TMICC entered into on 15 August 2025 with effect from 1 July 2025;

"**Ice Cream Brands**" means the brands which Unilever and TMICC HoldCo and/or their respective subsidiary undertakings have agreed are "IC Brands" under the Internal Separation Documents;

"**Ice Cream Business**" means the business of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 researching and developing of Ice Cream Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 franchising of operations related to the marketing, distribution and sale of Ice Cream Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 marketing, distributing and selling of Ice Cream Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 ownership, maintenance, sale, distribution, lending and/or leasing of ice cream freezer cabinets;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 manufacturing, procuring, producing, packaging, packing and storage of Ice Cream Products;

"**Ice Cream Business Data**" means data, files and information which are: (a) maintained or controlled by or on behalf of the Unilever Group for use solely in connection with the Demerging Business; (b) as at 1 July 2025, in the possession, custody or control of the Unilever Group; and (c) less than seven (7) years old as at 1 July 2025;

"**Ice Cream Products**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 frozen or semi-frozen dairy or non-dairy ice cream products (including products typically
 positioned or denominated as water ice, ice block, sorbet, frozen yoghurt, gelato, or soft
 serve, or which use such terms in the brand name or
 product description) in any size and in any format (including half-gallons, pints, cakes,
 sundaes, shakes, sticks, bars, cones, sandwiches, lollies, lollipops, pops, tubs or novelties),
 including any such products which are Food Solutions Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 frozen, semi-frozen or non-frozen food or drink products not falling within limb (a) above
 which, as at the relevant date of completion of Internal Separation, are marketed or sold
 exclusively under any Ice Cream Brand, but excluding any such products which are Food Solutions
 Products sold under the "Carte d'Or" or "Carte d'Or Professional"
 brands; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 frozen food products not falling within limbs (a) or (b) above (including bakery
 products, desserts, vegetables, meats or ready meals), but excluding: (i) any such products
 which are sold under the "Knorr", "The Vegetarian Butcher", "Buavita",
 "Equilibra", "Klik", "Partzufim", "Eurolayer Foods",
 "La Dulceria", or "Sir Kensington" brands; and (ii) any such
 products which are Food Solutions Products;

"**Indemnified Party**" has the meaning given to it in paragraph 1 of Part B of Schedule 1;

"**Indemnifying Party**" has the meaning given to it in paragraph 1 of Part B of Schedule 1;

"**Internal Separation**" means, together:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 reorganisation of the Demerging Business and the Unilever Group to establish the majority
 of the Demerging Business as a standalone corporate group on 1 July 2025 within the
 Unilever Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 transfer of the Ice Cream Business (and certain assets and liabilities related thereto) operated
 by the Unilever Group in certain jurisdictions to the TMICC Group after 1 July 2025
 (including in some jurisdictions following Completion) (being the remainder of the Demerging
 Business not captured by paragraph (a));

"**Internal Separation Documents**" means any agreement entered into between members of the Unilever Group and the TMICC Group to give effect to the Internal Separation, including the GTSA, the Local IOMAs, the Local TSAs, and any business transfer agreements, share transfer agreements, demerger agreements, schemes of arrangement, licences of intellectual property, transitional services agreements and manufacturing agreements entered into in connection with Internal Separation;

"**Investor Materials**" means the presentation materials used by TMICC in connection with: (i) the "early look" presentation held on 24 June 2025; (ii) its capital markets day presentation held on 9 September 2025; or (iii) any presentation given by TMICC or its advisers to investors prior to Completion in connection with the Demerger and Admission;

"**Issuance**" means the issuance of TMICC Shares by TMICC to the Qualifying Unilever Shareholders and the Qualifying Unilever ADS Holders pursuant to the Demerger as consideration for the Transfer;

"**Joint Sponsors**" means J.P. Morgan Securities plc (which conducts its UK investment banking activities as J.P. Morgan Cazenove) and Morgan Stanley & Co. International plc;

"**Liabilities**" means all liabilities, loss, damage, demand, fine, penalty, cost, expense, duties and obligations of every description, whether deriving from contract, common law, statute or otherwise, whether present or future, actual or contingent, ascertained or unascertained, recognised or unrecognised or disputed and whether owed or incurred severally or jointly or as principal or surety, and whether relating to the time period prior to or after Completion and "**Liability**" means any one of them;

"**Liability Notice**" has the meaning given to it in paragraph 1 of Part B of Schedule 1;

"**Listing Rules**" means the UK listing rules of the FCA under Section 73A of FSMA;

"**Local IOMAs**" means local interim operating model agreements entered into between a local Unilever Group Company and a local TMICC Group Company pursuant to the GTSA;

"**Local TSAs**" means local transitional services agreements entered into between a local Unilever Group Company and a local TMICC Group Company pursuant to the GTSA;

"**Long Stop Date**" means 31 December 2025 (or such other date as the Parties may agree in writing);

"**Losses**" means all losses, Liabilities, costs and expenses (including legal costs and experts' and consultants' fees), charges, expenses, actions, proceedings, claims and demands;

"**LSE**" means the London Stock Exchange plc;

"**Mexico IOMAs**" has the meaning given to it in Clause 8.3.1;

"**Mexico L&Ps**" has the meaning given to it in Clause 8.3.2;

"**NYSE**" means the New York Stock Exchange LLC;

"**Prospectus Rules**" means the prospectus regulation rules of the FCA under section 73A of FSMA;

"**Prospectuses**" means, together, the EU Prospectus, the UK Prospectus and the Registration Statement and each a "**Prospectus**";

"**Put/Call Option**" means the put/call option agreement to be entered into between UIH and TMICC on or around the date of this Agreement;

"**Qualifying Unilever ADS Holders**" means, together, the Unilever Certificated ADS Holders and the Unilever Uncertificated ADS Holders;

"**Qualifying Unilever Shareholders**" means Unilever Shareholders on the register of members of Unilever as at the Record Time (but excluding (a) Unilever itself in respect of Unilever Shares held in treasury and (b) DB London (Investor Services) Nominees Ltd as nominee for Deutsche Bank Trust Company Americas in its capacity as Depositary Bank under the Unilever ADS Programme);

"**Record Time**" means 10.00pm (London time) on 7 November 2025 (or such other time as the Unilever Board may determine after consulting with and then informing the TMICC Board);

"**Registrar**" means Computershare Investor Services PLC;

"**Registration Rights Agreement**" means the registration rights agreement between Unilever and TMICC dated on or around the date of this Agreement;

"**Registration Statement**" means the registration statement on Form 20-F, which will be filed by TMICC with the SEC and published by TMICC in connection with the registration of the TMICC Shares under the Exchange Act in connection with the listing and admission to trading of TMICC Shares on the New York Stock Exchange;

"**Relevant Member**" has the meaning given to it in paragraph 16 of Part B of Schedule 1;

"**Relief**" has the meaning set out in the Tax Matters Agreement;

"**Sanctions**" means, without limitation, economic, financial or trade sanctions, restrictive measures, executive orders, trade embargoes and/or export control laws, imposed, administered or enforced from time to time by any Sanctions Authority;

"**Sanctions Authority**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Security Council of the United Nations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 European Union or any member state thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 United Kingdom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 respective government and institutions or agencies of any of the foregoing, including, without
 limitation, the Office of Foreign Assets Control of the U.S. Department of Treasury, the
 U.S. Department of Commerce, the U.S. Department of State, any other agency of the U.S. government,
 the Council of the European Union and the Office of Financial Sanctions Implementation of
 His Majesty's Treasury of the United Kingdom; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 other applicable sanctions related governmental authority;

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

"**Specific Indemnified Liability**" means a Loss or Liability against which a Unilever Post Demerger Group Company is indemnified under paragraph 2 of Part D of Schedule 1;

"**Specific Indemnity Claim**" means a claim by any Unilever Post Demerger Group Company under paragraph 2 of Part D of Schedule 1;

"**Specific Indemnity Notice**" has the meaning given to it in paragraph 3 of Part D of Schedule 1;

"**Sponsors' Agreement**" means the sponsors' agreement to be entered into between TMICC and each of the Joint Sponsors;

"**Statement**" means any statement whether oral or written which is made in private or to the public and shall include, without limitation, any statement included in any press release or other public announcement or advertisement and any statement made to any journalist or member of the media (including without limitation, in a television, radio, newspaper or magazine interview) or published via any social media channel or platform, but shall exclude: (i) any statements made by an Associate of Unilever or of a member of the Unilever Post Demerger Group where the audience is limited to another such person; or (ii) any statements made by an Associate of TMICC or a member of the TMICC Group where the audience is limited to another such person;

"**Tax**" or "**Taxation**" has the meaning set out in the Tax Matters Agreement;

"**Tax Authority**" has the meaning set out in the Tax Matters Agreement;

"**Tax Matters Agreement**" means the tax matters agreement to be entered into by Unilever and TMICC in the Agreed Form;

"**Third Party Claim**" has the meaning given to it in Part C of Schedule 1;

"**TMICC Board**" means the board of directors of TMICC;

"**TMICC Group**" means TMICC, TMICC HoldCo and their subsidiary undertakings from time to time and "**TMICC Group Company**" means any one of them;

"**TMICC HoldCo Board**" means the board of directors of TMICC HoldCo;

"**TMICC HoldCo Shares**" means the entire issued and to be issued share capital of TMICC HoldCo;

"**TMICC Shareholder**" means the holders of TMICC Shares in the shareholders' register of TMICC from time to time;

"**TMICC Shares**" means ordinary shares of EUR 3.50 each in the capital of TMICC and each a "**TMICC Share**";

"**Trading Balances**" means balances arising in the ordinary and usual course of business between a Unilever Group Company on the one hand and a TMICC Group Company on the other, including balances arising pursuant to the GTSA, Local TSAs and Local IOMAs and any transactions conducted pursuant to them;

"**Transaction Costs**" has the meaning given to it in Clause 16.3;

"**Transaction Documents**" means each of this Agreement, the Tax Matters Agreement, the Registration Rights Agreement, the Transfer Agreement, the Put/Call Option and any other document that the relevant Parties thereto agree in writing to be a "Transaction Document", and each a "**Transaction Document**";

"**Transfer**" means the transfer, with full title guarantee and free from all security interests, options, claims or encumbrances, of the TMICC HoldCo Shares from Unilever to TMICC;

"**Transfer Agreement**" means the agreement between the Parties on or about the date of this Agreement to carry out the Transfer;

"**UIH**" means Unilever International Holdings B.V.;

"**UK Prospectus**" means the prospectus to be approved by the FCA and published by TMICC in connection with the admission of TMICC Shares to listing on the Official List of the FCA and to trading on the Main Market of the LSE;

"**Unilever ADS Programme**" means the American Depositary Share programme operated by Unilever in respect of certain Unilever Shares from time to time;

"**Unilever ADSs**" means the American Depositary Shares issued pursuant to the Unilever ADS Programme;

"**Unilever Board**" means the board of directors of Unilever;

"**Unilever Certificated ADS Holders**" means those persons who, at the Record Time, hold Unilever ADSs in certificated form;

"**Unilever Certificated Shareholders**" means those persons who, at the Record Time, hold Unilever Shares in certificated form;

"**Unilever Circular**" means the circular to be issued by Unilever to its shareholders and ADS holders;

"**Unilever CREST Shareholders**" means those persons who, at the Record Time, hold Unilever Shares in uncertificated form in the CREST System;

"**Unilever Euroclear Shareholders**" means those persons who, at the Record Time, hold Unilever Shares in uncertificated form in the Euroclear Nederland system;

"**Unilever Group**" means Unilever and its subsidiary undertakings from time to time and "**Unilever Group Company**" means any one of them;

"**Unilever Group Insurance Policies**" means those insurance policies taken out prior to Completion for the benefit of the Unilever Group;

"**Unilever Post Demerger Group**" means Unilever and its subsidiary undertakings from time to time (other than the TMICC Group), and "**Unilever Post Demerger Group Company**" means any one of them;

"**Unilever Shareholders**" means the holders of Unilever Shares on the register of members of Unilever from time to time;

"**Unilever Shares**" means the issued ordinary shares from time to time in the capital of Unilever, and each a "**Unilever Share**";

"**Unilever Uncertificated ADS Holders**" means those persons who, at the Record Time, hold Unilever ADSs in uncertificated form in DTC; and

"**US Tax Materials**" has the meaning given to it in the Tax Matters Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Modification etc. of statutes** 

References to a statute or statutory provision include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.1** that
 statute or provision as from time to time modified, re-enacted or consolidated whether before
 or after the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.2** any
 past statute or statutory provision (as from time to time modified, re-enacted or consolidated)
 which that statute or statutory provision has directly or indirectly replaced; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.3** any
 subordinate legislation made from time to time under that statute or statutory provision
 which is in force at the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** **Singular, plural, gender** 

References to one gender include all genders and references to the singular include the plural and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** **References to persons and companies** 

References to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.1** a
 person include any company, partnership or unincorporated association (whether or not having
 separate legal personality); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.2** a
 company include any company, corporation or body corporate, wherever incorporated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** **References to subsidiary undertakings and parent undertakings** 

An undertaking is a "**subsidiary undertaking**" of another company (its "**parent undertaking**") if that other undertaking, directly or indirectly, through one or more subsidiary undertakings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5.1** holds
 a majority of the voting rights in it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5.2** is
 a member or shareholder of it and has the right to appoint or remove a majority of its board
 of directors or equivalent managing body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5.3** is
 a member or shareholder of it and controls alone, pursuant to an agreement with other shareholders
 or members, a majority of the voting rights in it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5.4** has
 the right to exercise a dominant influence over it, for example by having the right to give
 directions with respect to its operating and financial policies, with which directions its
 directors are obliged to comply; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5.5** is
 managed on a unified basis with the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** **Schedules etc.** 

References to this Agreement shall include any Recitals and Schedules to it and references to Clauses and Schedules are to Clauses of, and Schedules to, this Agreement. References to paragraphs and Parts are to paragraphs and Parts of the Schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7** **Headings** 

Headings shall be ignored in interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8** **Reference to documents** 

References to any document (including this Agreement and any documents in the Agreed Form), or to a provision in a document, shall be construed as a reference to such document or provision as amended, supplemented, modified, restated or novated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9** **Information** 

Any reference to books, records or other information means books, records or other information in any form including paper, electronically stored data, magnetic media, film and microfilm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10** **Non-limiting effect of words** 

The words "including", "include", "in particular" and words of similar effect shall not be deemed to limit the general effect of the words that precede them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11** **Meaning of "to the extent that" and similar expressions** 

In this Agreement, "to the extent that" shall mean "to the extent that" and not solely "if", and similar expressions shall be construed in the same way.

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| | |
|:---|:---|
| **2** | **Completion** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Conditions** 

Completion is conditional upon satisfaction of the following conditions (the "**Conditions**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.1** completion
 of the Demerger Reorganisation (save for those steps which, pursuant to the Demerger Reorganisation
 Steps Plan, are to be completed on or following Completion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.2** the
 approval by or on behalf of the Unilever Board of the Demerger Dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.3** the
 approval by or on behalf of the Unilever Board of the Transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.4** the
 approval of the UK Prospectus by the FCA pursuant to the Prospectus Rules remaining
 in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.5** the
 LSE having acknowledged to TMICC that the TMICC Shares will be admitted to trading on the
 Main Market of the LSE and having not withdrawn such acknowledgement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.6** the
 FCA having approved the application for the admission of the TMICC Shares to the Official
 List and having not withdrawn such approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.7** the
 Sponsors' Agreement having been entered into and not having terminated in accordance
 with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.8** the
 approval of the EU Prospectus by the AFM pursuant to the EU Prospectus Regulation remaining
 in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.9** Euronext
 Amsterdam N.V. having approved the application for the admission of the TMICC Shares to Euronext
 Amsterdam and having not withdrawn such approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.10** the
 Registration Statement having been declared effective by the SEC and no stop order suspending
 its effectiveness being in effect, and no proceedings for such purpose being pending before
 or threatened by the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.11** the
 TMICC Shares having been approved for listing on the NYSE (subject only to official notice
 of issuance) and such approval having not been withdrawn; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.12** this
 Agreement not having been terminated in accordance with Clause 3.1 or Clause 3.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Responsibility for satisfaction of Conditions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.1** Unilever
 shall use reasonable endeavours to procure that the Conditions set out in each of Clause
 2.1.1 to Clause 2.1.3 are satisfied prior to the Long Stop Date, without prejudice to Clause
 3.2.1 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.2** TMICC
 shall use reasonable endeavours to procure that the Conditions set out in each of Clause
 2.1.4 to Clause 2.1.11 are satisfied prior to the Long Stop Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **No waiver** 

None of the Conditions may be waived by any Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **Timing of Completion** 

Subject to satisfaction of the Conditions, Completion shall take place at 6.00 p.m. (London time) on 8 November 2025 or on such other date as may be agreed between the Parties.

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| | |
|:---|:---|
| **3** | **Termination** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Long stop date** 

If any of the Conditions is no longer capable of being satisfied, or Completion does not occur on or before the Long Stop Date this Agreement shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Unilever's right to terminate** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.1** Notwithstanding
 any other provision of this Agreement, the Parties hereby agree and acknowledge that Unilever
 shall have the right in its absolute discretion, and notwithstanding the satisfaction of
 the Conditions, at any time prior to Completion to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) determine that the Demerger no longer continues to be in the best
 interests of Unilever and the Unilever Shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not
 to proceed with the Demerger or any aspect of it, including declaring the Dividend Demerger
 or approving the Transfer,

by providing notice of the same in writing to TMICC at any time prior to declaration by the Unilever Board of the Demerger Dividend and approval by the Unilever Board of the Transfer, and upon Unilever providing such notice this Agreement shall automatically terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.2** Save
 as provided in this Clause, no Party shall have the right to rescind or unilaterally terminate
 this Agreement, whether before or after Completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Effect of termination** 

The Parties hereby agree and acknowledge that, if this Agreement is terminated pursuant to Clause 3.1 or Clause 3.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.1** no
 Party will have any claim against any other Party for compensation, costs, damages or otherwise
 except as otherwise provided in the Transaction Documents or Internal Separation Documents
 and that such termination shall be without prejudice to any accrued rights or obligations
 under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.2** this
 Agreement shall be of no further force or effect save that the provisions of Clauses 1, 14,
 16.12, 16.13 and 16.14 shall remain in full force and effect.

---

| | |
|:---|:---|
| **4** | **Action Pending Completion** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **No frustrating action** 

Without prejudice to Clause 2.2, each Party undertakes that, prior to Completion, except as required by applicable law, rule or regulation or by the AFM, Euronext Amsterdam N.V., the FCA, the LSE, the SEC or the NYSE, it will not take any action which is inconsistent with the provisions of this Agreement or ensuring that Completion occurs in accordance with Clause 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Business to be carried on in the ordinary course** 

Each of Unilever on the one hand and TMICC and TMICC HoldCo on the other hand, shall use reasonable endeavours to procure, insofar as it is able, that between the date of this Agreement and Completion each TMICC Group Company shall carry on the Demerging Business as a going concern in the ordinary and usual course as carried on prior to the date of this Agreement (but subject to the GTSA, the Local IOMAs and the other Internal Separation Documents), save in so far as agreed by the other Party. This Clause 4.2 shall not operate so as to prevent or restrict:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.1** any
 matter reasonably undertaken by any Unilever Group Company or TMICC Group Company in an emergency
 or disaster situation with the intention of minimising any adverse effect of such situation
 in relation to the Unilever Group or the TMICC Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.2** any
 action required to be undertaken to comply with applicable legal or regulatory requirements;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.3** any
 action required to be undertaken to implement this Agreement, the Demerger, the Demerger
 Reorganisation, Internal Separation, the Sponsors' Agreement or any of the Transaction
 Documents,

provided, in each case, that the Party in question shall notify the other Party as soon as reasonably practicable of any action taken or proposed to be taken as described in this Clause 4.2, and shall provide all such information as the other Party may reasonably request and shall use reasonable endeavours to consult with the other Party in respect of any such action.

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| | |
|:---|:---|
| **5** | **Prospectuses and Unilever Circular** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Despatch of documents** 

On or around 5 November 2025 (or such other date as may be agreed by TMICC and Unilever), subject to the prior approval or declaring effective, as applicable, of each of the Prospectuses by the TMICC Board (or any duly authorised committee thereof), the FCA, the AFM and the SEC (as applicable), TMICC shall procure that the Prospectuses shall be published in accordance with all applicable requirements of the Prospectus Rules, the EU Prospectus Regulation and the Securities Exchange Act of 1934 (the "**Exchange Act**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** **New information** 

Without prejudice to the Sponsors' Agreement, each Party undertakes to the other that if at any time before Completion it comes to its notice that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.1** any
 statement contained in a Prospectus or the Unilever Circular has become or been discovered
 to be untrue, incorrect or misleading in any material respect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.2** it
 has been discovered that a statement that, in order to comply with any applicable law or
 the rules, including the rules and regulations of the FCA, the AFM, the SEC or any other
 regulatory authority (as the case may be), should have been or should be contained in a Prospectus
 or the Unilever Circular has been omitted therefrom the omission of which is material; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.3** there
 has been a significant change affecting any matter contained in a Prospectus or the Unilever
 Circular which would have been required to be included had it occurred before the date of
 the relevant Prospectus or the Unilever Circular (as applicable); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.4** a
 significant new matter has arisen, the inclusion of information in respect of which in a
 Prospectus or the Unilever Circular would have been required had it arisen before the date
 of the relevant Prospectus or Unilever Circular (as applicable),

then such Party shall immediately give notice of such fact to the other Party specifying the action which it intends to take in relation to the relevant Prospectus, each Party recognising that no Party shall be inhibited from complying with any of its legal, regulatory or fiduciary obligations by reason of this Clause 5.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** **Responsibility for documents** 

Without prejudice to Schedule 1 and subject to applicable law, the Parties hereby acknowledge and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.1** TMICC
 shall have sole responsibility and liability for the Prospectuses and the Investor Materials
 and Unilever and the members of the Unilever Post Demerger Group shall have no responsibility
 or liability in connection with the Prospectuses or the Investor Materials; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.2** Unilever
 shall have sole responsibility and liability for the Unilever Circular and TMICC and the
 members of the TMICC Group shall have no responsibility or liability in connection with the
 Unilever Circular.

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| | |
|:---|:---|
| **6** | **Demerger Steps** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **Acknowledgment of the Transfer Agreement, corporate approvals and Demerger Reorganisation Steps Plan** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.1** Subject
 to Clause 3, the Parties acknowledge and agree that the Transfer Agreement will only become
 unconditional and the rights and obligations under it will take effect following the satisfaction
 of the Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.2** Prior
 to Completion (but subject thereto), the TMICC HoldCo Board shall meet to approve the transfer
 of the TMICC HoldCo Shares from Unilever to TMICC and to resolve that, as soon as reasonably
 practicable following the Transfer, TMICC will be recorded in the shareholder's register
 of TMICC HoldCo as the holder of the TMICC HoldCo Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.3** Subject
 to Clause 6.1.2 and prior to Completion (but subject thereto), TMICC shall procure that the
 TMICC Board shall meet to approve the Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.4** Prior
 to Completion, Unilever shall procure that TMICC is converted to a *naamloze vennootschap* under Dutch law by execution, before a Dutch civil law notary, of a notarial deed of conversion
 and amendment of the articles of association of TMICC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.5** Prior
 to Completion, Unilever on the one hand and TMICC and TMICC HoldCo on the other hand shall
 and shall procure that (respectively) the Unilever Post Demerger Group and the TMICC Group
 shall complete those steps of the Demerger Reorganisation which, pursuant to the Demerger
 Reorganisation Steps Plan, are to be completed prior to Completion, in accordance with and
 at such time as is set out in the Demerger Reorganisation Steps Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Unilever settlement obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.1** Immediately
 after the Record Time, Unilever shall make available to TMICC or the Registrar, the registered
 names, addresses and holdings of the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unilever
 CREST Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Unilever
 Euroclear Shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Unilever
 Certificated Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.2** Immediately
 after the Record Time, Unilever shall make available to TMICC or the Registrar the registered
 names, addresses and holdings of the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unilever
 Uncertificated ADS Holders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Unilever
 Certificated ADS Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Overseas and sanctioned shareholders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.1** If
 either Unilever or TMICC determines that the allotment and/or issuance of any of the TMICC
 Shares pursuant to the Transfer Agreement to any Qualifying Unilever Shareholder and/ or
 any Qualifying Unilever ADS Holder would or may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) infringe
 any Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) otherwise
 be prohibited or restricted under applicable law; 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;(iii) require
 TMICC or Unilever to comply with any governmental or other consent or any registration, filing
 or other formality with which TMICC or Unilever is unable to comply or compliance with which
 TMICC or Unilever reasonably regards as unduly onerous,

Unilever may determine, and TMICC shall procure, that such TMICC Shares shall not be issued to the relevant Qualifying Unilever Shareholder or Qualifying Unilever ADS Holder as described in Clause 6.4 but shall instead (a) be withheld, frozen or otherwise restricted as may be required under applicable Sanctions; or (b) to the extent permissible under Sanctions and other applicable law, be issued to a person appointed by Unilever to sell the TMICC Shares so issued for the benefit of such holder as soon as practicable following Completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.2** Subject
 to Clause 6.3.4, any sale under Clause 6.3.1 shall be carried out at the best price which
 can reasonably be obtained at the time of sale and Unilever shall procure that the net proceeds
 of such sale (after the deduction of all expenses and commissions incurred in connection
 with such sale, including any value added tax payable on the proceeds of sale) are paid to
 such Qualifying Unilever Shareholder or Qualifying Unilever ADS Holder (as applicable) in
 accordance with Clause 6.3.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.3** The
 person appointed by Unilever to execute a sale of TMICC Shares in accordance with Clause
 6.3.1 shall be authorised to execute and deliver as transferor a form of transfer or other
 instrument or instruction of transfer (whether as a deed or otherwise) and to give such instructions
 and to do all other things which such person may reasonably consider necessary or expedient
 in connection with such sale; provided, however, that the person so appointed shall comply
 with applicable Sanctions and all applicable law in the execution of such sale. In the absence
 of bad faith or wilful default, neither Unilever nor the person so appointed shall have any
 liability for any determination made pursuant to Clause 6.3.1 or for any loss or damage arising
 as a result of the timing or terms of any sale pursuant to Clause 6.3.1, nor shall TMICC
 have any liability for any such determination made by Unilever or any loss or damage arising
 therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.4** If
 either Unilever or TMICC determines that the making of a payment to a Qualifying Unilever
 Shareholder or Qualifying Unilever ADS Holder (as applicable) pursuant to Clause 6.3.2 would
 or may result in a breach of Sanctions or that such payment is otherwise unable to be made,
 then the relevant proceeds shall be held in accordance with Sanctions or other applicable
 law and Unilever's usual practices, policies and procedures relating to the payment
 of dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** **TMICC settlement obligations** 

On Completion and subject to Clause 6.3, TMICC shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.1** subject
 to Unilever complying with Clauses 6.1 and 6.2 and the completion of the actions contemplated
 thereby, register the issuance of the TMICC Shares to Cede & Co. pursuant to the
 Demerger Dividend, the Issuance and the Transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.2** procure
 that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unilever
 CREST Shareholders' Entitlements are credited to the DTC account of Computershare Trust
 Company, N.A. to facilitate the creation and delivery of DIs to accounts of the relevant
 CREST participants and that Unilever CREST Shareholders' DIs are delivered to them
 in the CREST system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Eligible
 CSN Shareholders' Entitlements are credited to the DTC account of Computershare Trust
 Company, N.A. to facilitate the creation and delivery of DIs to the CREST account of the
 Computershare Investor Services PLC on behalf of the Eligible CSN Shareholders and that Eligible
 CSN Shareholders' DIs are held on their behalf in the Corporate Sponsored Nominee Service
 subject to the CSN Terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Unilever
 Euroclear Shareholders' Entitlements are delivered to the DTC account of Euroclear
 Nederland for inclusion in the giro depot and crediting to the Euroclear accounts of the
 relevant Euroclear participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Unilever
 Uncertificated ADS Holders' Entitlements are delivered to the DTC accounts of the relevant
 DTC participants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Entitlements of any Qualifying Unilever Shareholder or Qualifying Unilever ADS Holder not
 referred to in Clause 6.4.2(i)-(iv) above are recorded in the DRS and that a direct
 registration statement is issued to such Qualifying Unilever Shareholder or Qualifying Unilever
 ADS Holder,

provided that if, for any reason outside TMICC's control, it is not able to effect settlement of the Demerger in accordance with the above procedures it may instead settle any Qualifying Unilever Shareholder's or and Qualifying Unilever ADS Holder's Entitlement by recording such Entitlement in the DRS and procuring the issuance of a direct registration statement to such Qualifying Unilever Shareholder or Qualifying Unilever ADS Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5** **Completion deliverables** 

On or prior to Completion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5.1** each
 Party shall deliver or make available to the other Party duly executed copies of each of
 the Transaction Documents to which they are a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5.2** Unilever
 shall deliver or make available to TMICC a copy of the Unilever Circular in the form issued
 to Unilever Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5.3** TMICC
 shall deliver or make available to Unilever copies of the Prospectuses in the form published
 by TMICC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5.4** TMICC
 shall deliver or make available to Unilever a duly executed copy of the Sponsors' Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6** **Fractional entitlements** 

Any fractional entitlements to TMICC Shares that arise as a result of the Demerger shall be sold in the open market as soon as practicable and at the best price reasonably obtainable in accordance with the terms of the Prospectuses and the aggregate amount to which any Qualifying Unilever Shareholders or Qualifying Unilever ADS Holders are entitled (net of any commission, dealing costs, value added tax and administrative expenses, if any) will be paid to each such Qualifying Unilever Shareholders or Qualifying Unilever ADS Holders proportionately to such holder's fractional entitlement as set out in the Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7** **US securities laws** 

Unilever represents and warrants to TMICC that the issuance of the TMICC Shares in the United States to Qualifying Unilever Shareholders and/or Qualifying Unilever ADS Holders in the manner contemplated by this Agreement and the Unilever Circular is not subject to the registration requirements of the United States Securities Act of 1933 (as amended).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8** **Other matters** 

Unilever (in respect of employees of the Unilever Group) and TMICC and TMICC HoldCo (in respect of employees of the TMICC Group) shall procure that, on or before Completion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8.1** employees
 of the Unilever Group (excluding for these purposes such employees who are also employees
 of the TMICC Group) who hold the office of director, secretary or equivalent of a member
 of the TMICC Group shall have resigned from such position and suitable persons employed by
 the TMICC Group or identified as appropriate replacements shall have been appointed in their
 place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8.2** employees
 of the TMICC Group who hold the office of director, secretary or equivalent of a member of
 the Unilever Post Demerger Group shall have resigned from such position and suitable persons
 employed by the Unilever Post Demerger Group or identified as appropriate replacements shall
 have been appointed in their place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8.3** employees
 of the Unilever Group (excluding for these purposes such employees who are also employees
 of the TMICC Group) who are authorised signatories on bank mandates for accounts of members
 of the TMICC Group shall have signed, executed and delivered all such documents as are necessary
 to cancel their status as authorised signatories on such mandates and to ensure that suitable
 persons employed by the TMICC Group have been appointed as authorised signatories in their
 place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8.4** employees
 of the TMICC Group who are authorised signatories on bank mandates for accounts of members
 of the Unilever Post Demerger Group shall have signed, executed and delivered all such documents
 as are necessary to cancel their status as authorised signatories on such mandates and to
 ensure that suitable persons employed by the Unilever Post Demerger Group have been appointed
 as authorised signatories in their place.

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| | |
|:---|:---|
| **7** | **Demerger Committee** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Demerger Committee to be established** 

The Parties shall constitute a committee to assist with the implementation of the Demerger following Completion and to deal with any unforeseen issues that may arise (the "**Demerger Committee**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Membership of Demerger Committee** 

The Demerger Committee shall comprise two representatives to be appointed by TMICC, whose names shall be notified to Unilever in writing as soon as reasonably practicable after the date of this Agreement, and two representatives to be nominated by Unilever, whose names shall be notified to TMICC in writing as soon as reasonably practicable after the date of this Agreement. A representative to the Demerger Committee may be removed at any time by the Party who appointed him or her and such Party shall have the right to appoint a new representative in their place by providing notice in writing to the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** **Terms of reference** 

The Parties shall act in good faith to ensure that the Demerger Committee meets at such times and in such manner as is needed to facilitate the implementation of the Demerger, Internal Separation (other than in relation to any operational matters relating to the Internal Separation Documents which shall be addressed in accordance with the separate governance arrangements established under the Internal Separation Documents), the Parties' ongoing relationship and to address any matters which are referred to it.

---

| | |
|:---|:---|
| **8** | **Post-Completion Undertakings** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **Demerger Reorganisation** 

Following Completion, Unilever and TMICC shall and shall procure that (respectively) the Unilever Post Demerger Group and the TMICC Group shall complete those steps of the Demerger Reorganisation which, pursuant to the Demerger Reorganisation Steps Plan, are to be completed following Completion, in accordance with and at such time as is set out in the Demerger Reorganisation Steps Plan including steps to be taken pursuant to the Put/Call Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **Ongoing assistance** 

Following Completion, TMICC shall provide such assistance to Unilever and any Unilever Post Demerger Group Company as Unilever shall reasonably request in writing and which assistance TMICC is reasonably able to provide to allow Unilever and any other Unilever Post Demerger Group Company to ensure that any voting rights attaching to TMICC Shares exercisable by them (or on their behalf) will be cast in proportion to the votes cast by other TMICC Shareholders on a resolution, provided that Unilever and each other Unilever Post Demerger Group Company have duly and timely submitted the required voting instructions to that effect for their TMICC Shares for the relevant meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3** **Mexico IOMAs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3.1** Following
 Completion and as soon as reasonably practicable prior to expiry of the Local IOMAs applicable
 in Mexico (the "**Mexico IOMAs** "), Unilever and TMICC shall, and shall procure
 that (respectively) the members of the Unilever Post Demerger Group and the TMICC Group,
 acting reasonably and in good faith, negotiate and agree new local interim agreement(s) which
 will replace the Mexico IOMAs with effect from the date on which such Mexico IOMAs expire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3.2** TMICC
 shall use all reasonable endeavours to obtain the licences, permits, consents and permissions
 reasonably necessary for the relevant TMICC Group Companies to operate the Ice Cream Business
 in Mexico in the way that it was operated prior to completion of Internal Separation in Mexico
 (the "**Mexico L&Ps**") as soon as practicable and Unilever undertakes
 to provide such assistance as TMICC may reasonably require for the purposes of obtaining
 the Mexico L&Ps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3.3** Unilever
 and TMICC acknowledge and agree that the replacement interim agreement(s) to be put
 in place in accordance with Clause 8.3.1 above shall be effective for a term which has regard
 to the expected timeframe for obtaining the Mexico L&Ps.

---

| | |
|:---|:---|
| **9** | **Restrictions** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Restrictions on Unilever** 

Unilever undertakes with TMICC (on behalf of itself and each other TMICC Group Company) that it shall not, and shall procure that no Unilever Post Demerger Group Company shall, in any Relevant Capacity during the Restricted Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.1** in
 any Restricted Territory carry on, be engaged in or be economically interested in any Restricted
 Business which is or is likely to be in competition with the business of the TMICC Group
 as now carried on in the Restricted Territories; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.2** induce
 or seek to induce any Restricted Employee to become employed whether as employee, consultant
 or otherwise by any Unilever Post Demerger Group Company, whether or not such Restricted
 Employee would thereby commit a breach of their contract of service. The placing of an advertisement
 of a post available to the public generally and the recruitment of a person through an employment
 agency shall not constitute a breach of this Clause 9.1 provided that no Unilever Post Demerger
 Group Company encourages or advises such agency to approach any Restricted Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** **Restriction on TMICC** 

TMICC undertakes with Unilever (on behalf of itself and each other Unilever Post Demerger Group Company) that it shall not, and shall procure that no TMICC Group Company shall, in any Relevant Capacity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.1** during
 the Restricted Period induce or seek to induce any Restricted Employee to become employed
 whether as employee, consultant or otherwise by any TMICC Group Company, whether or not such
 Restricted Employee would thereby commit a breach of their contract of service. The placing
 of an advertisement of a post available to the public generally and the recruitment of a
 person through an employment agency shall not constitute a breach of this Clause 9.2, provided
 that no TMICC Group Company encourages or advises such agency to approach any Restricted
 Employee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.2** subject
 to prior notification in accordance with Clause 9.5.10, for the relevant Severance Payment
 Period or the period ending 12 months after Completion, if earlier, employ or engage, or
 induce or seek to induce, any Redundant Employee to become employed or engaged, whether as
 employee, consultant or otherwise by any TMICC Group Company, whether or not such Redundant
 Employee would thereby commit a breach of their contract of service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3** **Exceptions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.1** The
 restrictions in Clause 9.1 shall not operate to prohibit any Unilever Post Demerger Group
 Company from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) holding
 or being interested in up to 5 per cent. of the outstanding issued share capital of a company
 listed on any recognised stock exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) holding
 a non-controlling interest in any company, provided that no Unilever Post Demerger Group
 Company exercises a management function or exercises material influence over such company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) fulfilling
 any obligation or taking any action pursuant to this Agreement or any other Global Separation
 Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) carrying
 on, or being engaged or economically interested in any business carried on as at the date
 of the Demerger by: (a) any Unilever Post Demerger Group Company or (b) an entity
 in which a member of the Unilever Post Demerger Group has an interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) carrying
 on, or being engaged or economically interested in the Food Solutions Business and the sale
 by the Unilever Post Demerger Group of Food Solutions Products under the "Carte d'Or
 Professional" mark in accordance with the Carte d'Or Licence Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) acquiring
 the whole or part of any business or the shares in any company, provided that the principal
 purpose of the acquisition is not to acquire a business or company which competes with the
 TMICC Group and that the turnover attributed to that part of the business or company which
 would otherwise cause a breach of Clause 9.1 is less than 20 per cent. of the total turnover
 of the business or company for the last financial year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.2** The
 restriction in Clause 9.2 shall not operate to prohibit any TMICC Group Company from fulfilling
 any obligation or taking any action pursuant to this Agreement or any other Global Separation
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4** **Reasonableness of restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4.1** Unilever
 agrees that the restrictions contained in this Clause 9 are no greater than is reasonable
 and necessary for the protection of the interests of the TMICC Group but if any such restriction
 shall be held to be void but would be valid if deleted in part or reduced in application,
 such restriction shall apply with such deletion or modification as may be necessary to make
 it valid and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4.2** TMICC
 agrees that the restrictions contained in this Clause 9 are no greater than is reasonable
 and necessary for the protection of the interests of the Unilever Post Demerger Group but
 if any such restriction shall be held to be void but would be valid if deleted in part or
 reduced in application, such restriction shall apply with such deletion or modification as
 may be necessary to make it valid and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5** **Interpretation** 

The following terms shall have the following meanings respectively in this Clause 9:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5.1** "**Carte d'Or Licence Agreement**" means the brand licence agreement to be entered into
 between Magnum IP Holdings B.V. and Unilever IP Holdings B.V. with effect from 1 July 2025
 in relation to use of the "Carte d'Or Professional" mark by the Unilever
 Post Demerger Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5.2** "**Global Separation Agreements**" means this Agreement, the Demerger Reorganisation Steps
 Plan, the Internal Separation Documents or any Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5.3** "**Redundant Employee**" means any employee or former employee of Unilever whose employment with
 Unilever has been terminated prior to Completion, or is terminated after Completion, and,
 in each case, has received, or becomes entitled to receive, a severance payment from Unilever
 as a result of such termination of employment following either (i) an objection to the
 automatic transfer of their employment to TMICC; or (ii) a refusal to accept employment
 with TMICC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5.4** "**Relevant Capacity**" means for its own account or for that of any person, firm or company
 (other than TMICC or the TMICC Group, in the case of Unilever, or Unilever or the Unilever
 Post Demerger Group, in the case of TMICC);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5.5** "**Restricted Business**" means the business of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 researching and developing of Restricted Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 franchising of operations related to the marketing, distribution and sale of Restricted Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 marketing, distributing and selling of Restricted Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 ownership, maintenance, sale, distribution, lending and/or leasing of ice cream freezer cabinets;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 manufacturing, procuring, producing, packaging, packing and storage of Restricted Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5.6** "**Restricted Employee**" 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;(i) for
 purposes of the restrictions in Clause 9.1.2, any employee of the TMICC Group who, at the
 time of Completion, is so employed and designated Work Level 3 or higher by reference to
 the Unilever Group's Principles of Work Levels Standard (or TMICC Group equivalent);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for
 the purposes of the restrictions in Clause 9.2, any employee of the Unilever Post Demerger
 Group who, at the time of Completion, is designated Work Level 3 or higher by reference to
 the Unilever Group's Principles of Work Levels Standard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5.7** "**Restricted Period**" 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;(i) for
 the purposes of the restrictions in Clause 9.1.1, 24 months commencing on Completion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for
 the purposes of the restrictions in Clauses 9.1.2 and 9.2, 12 months commencing on Completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5.8** "**Restricted Products**" 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;(i) all
 frozen or semi-frozen dairy or non-dairy ice cream products (including products typically
 positioned or denominated as water ice, ice block, sorbet, frozen yoghurt, gelato, or soft
 serve, or which use such terms in the brand name or product description) in any size and
 in any format (including half-gallons, pints, cakes, sundaes, shakes, sticks, bars, cones,
 sandwiches, lollies, lollipops, pops, tubs or novelties), including any such products which
 are Food Solutions Products; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 frozen, semi-frozen or non-frozen food or drink products not falling within paragraph 9.5.8(i) above
 which, as at the relevant date of completion of Internal Separation, are marketed or sold
 exclusively under any Ice Cream Brand, but excluding any such products which are Food Solutions
 Products sold under the "Carte d'Or" or "Carte d'Or Professional"
 brands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5.9** "**Restricted Territory**" means worldwide, excluding: Belarus, India, Portugal and Russia;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5.10** "**Severance Payment Period**" means in relation to a Redundant Employee, the period of time starting
 on the date on which their employment with Unilever terminates and ending D working days
 later, where:

D = S/FP

"**S**" being the total net amount paid to the relevant Redundant Employee by way of severance (including but not limited to any payment in lieu of notice, statutory or discretionary redundancy or similar severance payment and any ex gratia sum, but excluding accrued holiday pay, 13<sup>th</sup> month pay, any variable elements including compensation for overtime (if any), pro-rata bonus entitlement, the value of any benefits (including outplacement, legal fees or similar benefits paid on the termination of the relevant Redundant Employee's employment, and shares)); and

"**FP**" is the total net fixed pay (meaning salary and any regular contractual allowances, but excluding any variable payments including any overtime, any bonus or share entitlements and the value of any benefits) of the relevant Redundant Employee expressed as a daily rate (based on working days not calendar days), in the case of each relevant Redundant Employee, as notified by Unilever to TMICC in writing, together with the identity of the relevant Redundant Employee and details of how their Severance Payment Period has been calculated, within ten Business Days of Unilever notifying such Redundant Employee of the termination of his or her employment or, where the relevant notification occurred prior to the date of this Agreement, within ten Business Days of the date of this Agreement.

---

| | |
|:---|:---|
| **10** | **Non-Disparagement** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** From
 Completion, TMICC shall, and shall use all reasonable endeavours to procure that each TMICC
 Group Company, and their respective directors and officers shall, refrain from directly or
 indirectly making, or causing to be made, or actively and knowingly assisting, encouraging
 or coordinating with any other person in making any Statement that can reasonably be considered
 to have a material adverse impact on the integrity, reputation, or goodwill of Unilever,
 any Unilever Post Demerger Group Company, or any of its or their respective officers, directors,
 employees or advisers, or any person who (to the reasonable knowledge of the person making
 the Statement) has served as an officer, director or employee of or adviser to Unilever or
 any Unilever Post Demerger Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** From
 Completion, Unilever shall, and shall use all reasonable endeavours to procure that each
 Unilever Post Demerger Group Company, and their respective directors and officers shall,
 refrain from directly or indirectly making, or causing to be made, or actively and knowingly
 assisting, encouraging or coordinating with any other person in making any Statement that
 can reasonably be considered to have a material adverse impact on the integrity, reputation,
 or goodwill of TMICC, any TMICC Group Company, or any of its or their respective officers,
 directors, employees or advisers, or any person who (to the reasonable knowledge of the person
 making the Statement) has served as an officer, director or employee of or adviser to TMICC
 or any TMICC Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3** This
 Clause 10 does not apply for the purposes of any Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.1** as
 required by an order of any court or governmental, regulatory or administrative authority
 of a competent jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.2** as
 required following a request from a Tax Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.3** as
 required by any applicable law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.4** to
 the legal advisers, insurers and auditors of each Unilever Post Demerger Group Company and
 each TMICC Group Company (as the case may be) on terms that preserve confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.5** in
 relation to any information which is already in the public domain without any breach of this
 Agreement or other obligations of confidence by each Unilever Post Demerger Group Company
 and each TMICC Group Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.6** with
 the express prior written consent of Unilever or TMICC (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4** For
 the avoidance of doubt, nothing in this Clause 10 shall preclude Unilever or TMICC from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4.1** making
 a disclosure to a regulator regarding any misconduct, wrongdoing or serious breach of regulatory
 requirements, or reporting a criminal offence to any law enforcement agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4.2** co-operating
 with any law enforcement agency regarding a criminal investigation or prosecution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4.3** making
 a protected disclosure under the Public Interest Disclosure Act 1998 or equivalent legislation
 in any jurisdiction.

---

| | |
|:---|:---|
| **11** | **Allocation of Liabilities and Third Party Claims** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1** The
 allocation of Liabilities from Completion shall be determined in accordance with Schedule

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2** The
 conduct of Third Party Claims from Completion shall be determined in accordance with Part C
 of Schedule 1.

---

| | |
|:---|:---|
| **12** | **Intra-Group Balances and Insurance** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1** **Intra-group balances** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.1** Immediately
 prior to Completion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unilever
 shall procure that all amounts owed by each Unilever Post Demerger Group Company to any TMICC
 Group Company (other than in respect of Trading Balances) shall be paid by the relevant Unilever
 Post Demerger Group Company to the relevant TMICC Group Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) TMICC
 and TMICC HoldCo shall procure that all amounts owed by each TMICC Group Company to any Unilever
 Post Demerger Group Company (other than in respect of Trading Balances) shall be paid by
 the relevant TMICC Group Company to the relevant Unilever Post Demerger Group Company,

in each case in accordance with Schedule 2 and the Demerger Reorganisation Steps Plan where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.2** All
 amounts owed in respect of Trading Balances shall be governed by the terms and conditions
 applying to such arrangements in the ordinary and usual course of business (including, where
 relevant, pursuant to the GTSA, Local TSAs and Local IOMAs) and shall not be affected by
 this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2** **Insurance** 

The Parties acknowledge that in accordance with the terms and conditions of the Unilever Group Insurance Policies, TMICC shall cease to be insured under the Unilever Group Insurance Policies with effect from Completion save that, for the avoidance of doubt and subject to the terms and conditions of the relevant other Unilever Group Insurance Policy, the relevant TMICC Group Companies that were insured under the Unilever Group Insurance Policies in respect of the period prior to Completion shall continue to be insured:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2.1** if
 the relevant Unilever Group Insurance Policy is on a claims-made basis, limited to the extent
 that the relevant claim was notified to the relevant insurer prior to Completion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2.2** if
 the relevant Unilever Group Insurance Policy is 'occurrence based', limited to
 the extent that the relevant loss occurred prior to Completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3** **Conduct of insurance claims** 

If, following Completion, any TMICC Group Company continues to have coverage under the Unilever Group Insurance Policies in respect of periods prior to Completion to the extent set out in Clause 12.2, the relevant TMICC Group Company shall have conduct of any claims. In particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3.1** if
 permitted by the relevant Unilever Group Insurance Policy, TMICC, on behalf of the relevant
 TMICC Group Company, shall inform Unilever before notifying any insurer or third party of
 any claims, or circumstances that may give rise to any claims, unless TMICC reasonably considers
 that such an action could be prejudicial to the relevant company's ability to make
 such claim, in which case the relevant company shall inform Unilever as soon as reasonably
 practicable after notifying any insurer or third party, and shall in each case consult with
 Unilever in respect of the ongoing conduct of such claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3.2** if
 the terms of the relevant Unilever Group Insurance Policy require Unilever to make or join
 any such notification, then Unilever shall do so on request from the relevant TMICC Group
 Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3.3** Unilever
 shall provide to the relevant TMICC Group Company such assistance as may reasonably be requested
 by the relevant TMICC Group Company in connection with such claim, subject to TMICC indemnifying
 Unilever for any reasonable external costs incurred by Unilever in providing such assistance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3.4** subject
 to Clause 12.3.5, Unilever shall pay any monies received after taking into account any deductible
 under the Unilever Group Insurance Policy and less: (a) any Tax suffered on the proceeds
 (or that would have been suffered on the proceeds but for the availability of a Relief);
 and (b) any reasonable out of pocket expenses suffered or incurred by Unilever or any
 Unilever Group Company in connection with the claim, to TMICC or, at TMICC's direction,
 to the relevant company as soon as practicable after receipt; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3.5** neither
 TMICC nor any TMICC Group Company shall be entitled to any proceeds received by Unilever
 under any Unilever Group Insurance Policy, except if and to the extent such proceeds relate
 to a claim made pursuant to Clause 12.2 and Losses for which the relevant company has not
 already been reimbursed, indemnified or otherwise compensated for whether under this Agreement
 or otherwise.

---

| | |
|:---|:---|
| **13** | **Withholdings, Gross-up and VAT** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1** All
 sums payable under this Agreement shall be paid free and clear of all deductions, withholdings,
 set-offs or counterclaims whatsoever save only as may be required by law. If any deductions
 or withholdings are required by law in respect of any payment made under this Agreement pursuant
 to an indemnity (such payment being an "**Indemnity Payment** "), the party
 making the payment shall be obliged to pay to the recipient such additional amounts as will
 ensure that the recipient receives, in total, an amount which (after such deduction or withholding
 has been made) is no more and no less than it would have been entitled to receive in the
 absence of any such requirement to make a deduction or withholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2** The
 recipient or expected recipient of an Indemnity Payment under this Agreement shall take such
 measures as are reasonable to claim from the appropriate Tax Authority any Relief to which
 it is entitled in respect of any deduction or withholding in respect of which a payment has
 been or would otherwise be required to be made pursuant to Clause 13.1 and, for such purposes
 shall, within any applicable time limits, submit any claims, notices, returns or applications
 and send a copy of them to the payer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3** If
 the recipient of an Indemnity Payment made under this Agreement obtains a refund of or obtains
 and utilises a credit for any Tax payable by it or similar benefit by reason of any deduction
 or withholding for or on account of Taxation then it shall reimburse to the payer such part
 of such additional amounts paid to it pursuant to Clause 13.1 above as the recipient of the
 payment certifies to the payer will leave it (after such reimbursement) in no better and
 no worse position than would have arisen if the payer had not been required to make such
 deduction or withholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4** Where
 an Indemnity Payment is made or to be made under this Agreement, then the sum payable shall
 be adjusted to such sum as will ensure that after payment of any Taxation charged on such
 sum in the hands of the recipient (including any Taxation which would have been charged but
 for the use of a Relief) the recipient shall be left with a sum equal to the sum that it
 would have received in the absence of such charge to Taxation (after giving credit for any
 Relief that is or will be available to the recipient in respect of the matter giving rise
 to the payment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.5** The
 obligations (i) to pay any additional amounts under Clause 13.1 in respect of any withholding
 or deduction for or on account of Tax, and (ii) to adjust a sum payable under Clause
 13.4 in respect of any Taxation charged in the hands of the recipient, shall not apply in
 respect of an Indemnity Payment where the sum payable has been calculated or otherwise taken
 into account the relevant withholding or deduction, or Taxation as a measure of damages (or
 otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.6** Where
 under the terms of this Agreement one party is liable to indemnify or reimburse another party
 in respect of costs, charges or expenses, the payment shall include an amount equal to any
 VAT thereon not otherwise recoverable by the other party or the representative member of
 any VAT group of which it forms part, subject to that party or representative member using
 reasonable endeavours to recover such amount of VAT as may be practicable.

---

| | |
|:---|:---|
| **14** | **Announcements and Confidentiality** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1** **Announcements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1.1** Subject
 to Clause 14.1.2, Unilever and TMICC shall consult together as to the terms of, the timetable
 for and the manner of publication of any announcement to shareholders, employees, customers
 or suppliers or to the AFM, Euronext Amsterdam N.V., the FCA, the LSE, the SEC or the NYSE,
 or other authorities or to the media or otherwise which either may desire or be obliged to
 make regarding this Agreement or the Demerger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1.2** Clause
 14.1.1 shall not apply to any announcement or disclosure which is required by law, any governmental
 or regulatory body or any stock exchange on which the shares of any Party or its holding
 company are listed and for which prior consultation is not reasonably practicable, provided
 that prior to disclosure, the Party proposing to make the disclosure shall, where not prohibited
 by law, promptly notify the other Parties of its intention to make the disclosure and the
 source of the relevant legal or regulatory requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2** **Information required to be made public** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2.1** Each
 of the Parties acknowledges that the Transaction Documents shall, or may, be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) summarised
 in the Unilever Circular and the Prospectuses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) filed
 as an exhibit to the Registration Statement to the extent required by Form 20-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) filed
 as an exhibit to the annual reports of each of Unilever and TMICC to the extent required
 by SEC Form 20-F; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) made
 available on the internet by each of the Parties (if and to the extent required by the UK
 Listing Rules, or the Prospectus Rules or the EU Prospectus Regulation, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2.2** Subject
 to Clause 14.1 and Clause 14.2.3, the Parties shall treat as strictly confidential and not
 disclose or use any information of a confidential nature relating to the other Party or its
 subsidiary undertakings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2.3** Clause
 14.2.2 shall not prohibit disclosure or use of any information if and to the extent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such
 information is contained in the Unilever Circular or a Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 disclosure or use is required by law, any governmental or regulatory body or any stock exchange
 on which the shares of any Party or its holding company are listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 disclosure or use is required for the purpose of any judicial or arbitral proceedings arising
 out of this Agreement or any Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 disclosure is reasonably made to a Tax Authority, in relation to the Tax affairs of the disclosing
 Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 disclosure is made on a confidential basis to professional advisers of any Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 information is or becomes publicly available (other than by breach of this Agreement or any
 Transaction Document);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the
 other Party has given prior approval to the disclosure or use; 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;(viii) the
 information is independently developed after Completion,

provided that prior to disclosure or use of any information pursuant to Clause (i) or Clause (iii), the Party concerned shall, where not prohibited by law, consult with the other Party insofar as is reasonably practicable.

---

| | |
|:---|:---|
| **15** | **Escalation** |

---

If the Parties have a dispute as to the interpretation of this Agreement (a "**Dispute**"), then that Dispute shall not be determined in accordance with Clause 16.12 until and unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1.1** a
 Party has, by notice to the other Party, referred the Dispute for resolution to the Demerger
 Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1.2** if
 the Demerger Committee does not resolve the Dispute within 15 Business Days of the Dispute
 being referred to them under Clause 15.1.1, the Dispute shall be referred to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of a Unilever Post Demerger Group Company, Maria Varsellona and Prakash Kakkad;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of a TMICC Group Company, Vanessa Vilar and Abhijit
 Bhattacharya,

or to such other officer as each Party shall nominate and notify to the other Party from time to time (the "**Executives**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1.3** if
 the Executives do not resolve the Dispute within 20 Business Days of the Dispute being referred
 to them under Clause 15.1.2, the Parties may refer that Dispute for resolution in accordance
 with Clause 16.12.

---

| | |
|:---|:---|
| **16** | **Other Provisions** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1** **Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1.1** Any
 notice or other communication in connection with this Agreement (each, a "**Notice** ")
 shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) delivered
 by hand, e-mail, recorded or special delivery or courier using an internationally recognised
 courier company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1.2** A
 Notice to Unilever shall be sent to Unilever at the following address, or to such other person
 or address as Unilever may notify to TMICC from time to time:

---

| | |
|:---|:---|
| Address: | Unilever House, 100 Victoria Embankment, London EC4Y 0DY, United Kingdom |
| Email: | thomas.potter@unilever.com |
| Attention | Thomas Potter |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1.3** A
 Notice to TMICC shall be sent to TMICC at the following address, or to such other person
 or address as TMICC may notify to Unilever from time to time:

---

| | |
|:---|:---|
| Address: | Reguliersdwarsstraat 63, 1017 BK, Amsterdam, The Netherlands |
| Email: | vanessa.vilar@unilever.com |
| Attention | Vanessa Vilar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1.4** Subject
 to Clause 16.1.5, a Notice shall be effective upon receipt and shall be deemed to have been
 received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at
 the time recorded by the delivery company, in the case of recorded or special delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at
 the time of delivery, if delivered by hand or courier; 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;(iii) at
 the time of sending if sent by e-mail, provided that receipt shall not occur if the sender
 receives an automated message that the e-mail has not been delivered to the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1.5** A
 Notice that is deemed by Clause 16.1.4 to be received after 5.00 p.m. on any day, or
 on a Saturday, Sunday or public holiday in the place of receipt, shall be deemed to be received
 at 9.00 a.m. on the next day that is not a Saturday, Sunday or public holiday in the
 place of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1.6** For
 the purposes of this Clause 16.1, all references to time are to local time in the place of
 receipt. For the purposes of Notices by e-mail, the place of receipt is the place in which
 the Party to whom the Notice is sent has its postal address for the purpose of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2** **Further assurances** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2.1** Each
 of Unilever on the one hand and TMICC and TMICC HoldCo on the other hand shall, and shall
 use reasonable endeavours to procure that any necessary third party shall, from time to time
 execute such documents and perform such acts and things as either of them may reasonably
 require to effect the Demerger and to give the other the full benefit of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2.2** Unilever
 shall, and shall procure that the relevant Unilever Post Demerger Group Companies shall,
 retain for the longer of (a) a period of ten (10) years or (b) the period
 stipulated in accordance with its standard record retention policies and procedures from
 Completion any books, records and documents in electronic form which contain or form part
 of the Ice Cream Business Data (but excluding always any books, records, documents and information
 which (or copies of which) have been transferred to TMICC or any TMICC Group Company, including
 pursuant to, or in connection with and Internal Separation Document) and shall, and shall
 procure that the relevant Unilever Post Demerger Group Companies shall, if reasonably requested
 by TMICC or a TMICC Group Company, allow TMICC or the relevant TMICC Group Company (as applicable)
 reasonable access to such books, records and documents, including the right to take copies,
 at TMICC's or the relevant TMICC Group Company's (as applicable) expense, provided
 that where such books, records or documents contain information other than the Ice Cream
 Business Data, Unilever or the relevant Unilever Post Demerger Group Company shall have the
 right to remove or redact any such information prior to providing access to TMICC or the
 relevant TMICC Group Company, (i) for the purposes of complying with any reporting or
 filing obligations relating to Tax, accounting or regulatory matters; (ii) in order
 to negotiate, refute, settle, compromise or otherwise deal with any claim, investigation
 or enquiry by a customer or a regulatory authority regarding the TMICC Group (subject always
 to Part C of Schedule 1 and provided that the TMICC Group or any TMICC Group Company
 will not use or disclose such books, records and documents in the context of any claim, investigation
 or enquiry in which any Unilever Post Demerger Group Company is involved without the prior
 written consent of Unilever); (iii) to enable the TMICC Group to comply with their own
 Tax obligations or facilitate the management or settlement of their own Tax affairs; and
 (iv) to enable TMICC or any TMCC Group Company to discharge its obligations or enforce
 its rights under this Agreement or the Tax Matters Agreement, in each case, providing always
 that the obligations of Unilever and the Unilever Post Demerger Group Companies under this
 Clause 16.2.2 shall not extend to allowing access to information which is reasonably regarded
 as confidential to the activities of Unilever and the Unilever Post Demerger Group. If requested
 by TMICC or a TMICC Group Company, Unilever or the relevant Unilever Post Demerger Group
 Company (as applicable) shall, at TMICC's or the relevant TMICC Group Company's
 (as applicable) expense, use its reasonable endeavours to provide the requested information
 which would otherwise be provided under this Clause 16.2.2 but for the proviso in the preceding
 sentence in a manner which, to Unilever's or the relevant Unilever Post Demerger Group
 Company's satisfaction, sufficiently redacts the information which is reasonably regarded
 as confidential to the activities of Unilever or the Unilever Post Demerger Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2.3** TMICC
 shall, and shall procure that the relevant TMICC Group Companies shall, retain for a period
 of ten (10) years from Completion any books, records and documents of any TMICC Group
 Companies if and to the extent they relate to the period prior to Completion and shall, and
 shall procure that the relevant TMICC Group Companies shall, if reasonably requested by Unilever
 or any Unilever Post Demerger Group Company, allow Unilever or any Unilever Post Demerger
 Group Company (as applicable) reasonable access to such books, records and documents, including
 the right to take copies, at Unilever's or any Unilever Post Demerger Group Company's
 (as applicable) expense, (i) for the purposes of complying with any reporting or filing
 obligations relating to tax, accounting or regulatory matters; (ii) in order to negotiate,
 refute, settle, compromise or otherwise deal with any claim or investigation by a customer
 or a regulatory authority regarding Unilever or any Unilever Post Demerger Group Company;
 (iii) to enable the Unilever Post Demerger Group to comply with its own tax obligations
 or facilitate the management or settlement of its own tax affairs; and (iv) to enable
 Unilever or any Unilever Post Demerger Group Company to discharge its obligations or enforce
 its rights under this Agreement or the Tax Matters Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.3** **Demerger costs** 

The Parties agree that the professional fees, expenses, commissions, costs and other charges incurred or paid or agreed to be paid or payable in connection with the Demerger (the "**Transaction Costs**") shall be borne as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.3.1** the
 Transaction Costs incurred in connection with the services provided by J.P. Morgan Securities
 plc and Morgan Stanley & Co. International plc as joint financial advisors and corporate
 brokers to Unilever shall be borne by Unilever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.3.2** the
 Transaction Costs incurred in connection with the services provided by J.P. Morgan Securities
 plc and Morgan Stanley & Co. International plc as Joint Sponsors shall be borne
 by TMICC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.3.3** the
 Transaction Costs incurred in connection with the services provided by Linklaters LLP as
 legal advisers to Unilever shall be borne by Unilever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.3.4** the
 Transaction Costs incurred in connection with the services provided by PricewaterhouseCoopers
 as separation advisers shall be borne by Unilever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.3.5** the
 Transaction Costs incurred in connection with the services provided by KPMG LLP as carveout
 financial auditor and reporting accountant shall be borne by Unilever,

and, unless otherwise agreed between the Parties in writing, all other Transaction Costs shall be borne by TMICC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.4** **Counterparts** 

This Agreement may be entered into in any number of counterparts, all of which taken together shall constitute one and the same instrument. Each Party may enter into this Agreement by signing any such counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.5** **Whole agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.5.1** This
 Agreement and the Transaction Documents contain the whole agreement between the Parties relating
 to the Demerger to the exclusion of any terms implied by law which may be excluded by contract
 and supersede any previous written or oral agreement between the Parties in relation to the
 Demerger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.5.2** Each
 of the Parties agrees and acknowledges that its only right and remedy in relation to any
 representation, warranty or undertaking made or given in or in connection with this Agreement
 shall be for breach of the terms of this Agreement, and each of the Parties waives all other
 rights and remedies (including those in tort or arising under statute) in relation to any
 such representation, warranty or undertaking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.5.3** Nothing
 in this Clause 16.5 excludes or limits any liability for fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.6** **Waiver** 

No failure of either Party to exercise and no delay by either Party in exercising any right, power or remedy in connection with this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or remedy. Any express waiver of any breach of this Agreement shall not be deemed to be a waiver of any subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.7** **Variation** 

No variation of this Agreement shall be effective unless in writing and signed by or on behalf of each of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.8** **Invalidity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.8.1** If
 any provision in this Agreement shall be held to be illegal, invalid or unenforceable, in
 whole or in part, the provision shall apply with whatever deletion or modification is necessary
 so that the provision is legal, valid and enforceable and gives effect to the commercial
 intention of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.8.2** If
 and to the extent it is not possible to delete or modify the provision, in whole or in part,
 under Clause 16.8.1, then such provision or part of it shall, if and to the extent that it
 is illegal, invalid or unenforceable, be deemed not to form part of this Agreement and the
 legality, validity and enforceability of the remainder of this Agreement shall, subject to
 any deletion or modification made under Clause 16.8.1, not be affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.9** **Third party rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.9.1** Subject
 to Clause 16.9.2, a person who is not a Party has no right under the Contracts (Rights of
 Third Parties) Act 1999 to enforce any term of, or enjoy any benefit under, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.9.2** Subject
 to Clause 16.9.3, each TMICC Group Company and Unilever Group Company (whilst they remain
 in the TMICC Group or the Unilever Group as applicable) may enforce and rely on Clauses 7,
 12.1, 16.2.2 and paragraph 2 of Part D, Schedule 1 to the same extent as if they were
 a Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.9.3** This
 Agreement may be terminated and any term may be amended or waived without the consent of
 the persons named in Clause 16.9.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.10** **Assignment** 

Neither Party may without the prior consent of the other Party, assign, grant any security interest over, hold on trust or otherwise transfer the benefit of the whole or any part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.11** **Double Recovery** 

No member of the Unilever Group or TMICC Group may recover damages or obtain payment, reimbursement, restitution or indemnity under the Transaction Documents, this Agreement or the Tax Matters Agreement, more than once in respect of the same losses suffered or amount for which the party is otherwise entitled to claim (or part of such losses or amount), and no amount (including any Relief) (or part of any amount) shall be taken into account, set off or credited more than once under this Agreement, the Tax Matters Agreement or the Transaction Documents or otherwise, with the intent that there will be no double counting under this Agreement, the Tax Matters Agreement and the Transaction Documents or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.12** **Arbitration** 

Subject to Clause 15, any dispute arising out of or connected with this Agreement, including a dispute as to the validity, existence or termination of this Agreement or this Clause 16.12 or any non-contractual obligation arising out of or in connection with this Agreement, shall be resolved by arbitration in London conducted in English by a single arbitrator pursuant to the London Court of International Arbitration Rules ("**LCIA**"), save that unless the Parties agree otherwise, neither shall be required to give general discovery of documents, but may be required only to produce specific, identified documents which are relevant to the dispute.

The appointing body shall be the LCIA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.13** **Appointment of Process Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.13.1** Each
 of TMICC and TMICC HoldCo hereby irrevocably appoints Magnum ICC UK R&D Ltd of Port Sunlight,
 Wirral, Merseyside, United Kingdom, CH62 4ZD as its agent to accept service of process in
 England in any legal action or proceedings arising out of or in connection with this Agreement,
 service upon whom shall be deemed completed whether or not forwarded to or received by TMICC
 or TMICC HoldCo (as applicable). TMICC or TMICC HoldCo (as applicable) shall inform Unilever
 in writing of any change of address of such process agent within 10 Business Days of such
 change. If such process agent ceases to be able to act as such or to have an address in England,
 TMICC or TMICC HoldCo (as applicable) irrevocably agrees to appoint a new process agent in
 England acceptable to Unilever and to deliver to Unilever within 10 Business Days a copy
 of a written acceptance of appointment by the process agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.13.2** Nothing
 in this Agreement shall affect the right to serve process in any other manner permitted by
 law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.14** **Governing law and submission to jurisdiction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.14.1** This
 Agreement and any non-contractual obligations arising out of or in connection with this Agreement
 shall be governed by English law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.14.2** Each
 of the Parties irrevocably submits to the non-exclusive jurisdiction of the courts of England
 to support and assist the arbitration process pursuant to Clause 16.12, including, if necessary,
 the grant of interlocutory relief pending the outcome of that process.

**In witness** whereof this Agreement has been entered into on the date stated at the beginning.

---

| | | | |
|:---|:---|:---|:---|
| SIGNED by | Srinivas Phatak |  |  |
| on behalf of **Unilever PLC**: | on behalf of **Unilever PLC**: | ![](tm2515841d9_ex4-2img002.jpg) | /s/ Srinivas Phatak |

---

[*Signature page – Demerger Agreement*]

---

| | | | |
|:---|:---|:---|:---|
| SIGNED by | Vanessa Vilar |  |  |
| on behalf of **The Magnum Ice Cream Company B.V.**: | on behalf of **The Magnum Ice Cream Company B.V.**: | ![](tm2515841d9_ex4-2img002.jpg) | /s/ Vanessa Vilar |

---

[*Signature page – Demerger Agreement*]

---

| | | | |
|:---|:---|:---|:---|
| SIGNED by | Vanessa Vilar |  |  |
| on behalf of **The Magnum Ice Cream Company HoldCo Netherlands B.V.**: | on behalf of **The Magnum Ice Cream Company HoldCo Netherlands B.V.**: | ![](tm2515841d9_ex4-2img002.jpg) | /s/ Vanessa Vilar |

---

[*Signature page – Demerger Agreement*]

**Schedule 1<br> Allocation of Liabilities**

**Part A**

**Allocation Principles**

This Part A of Schedule 1 shall apply in determining the allocation of Liabilities for the purposes of Part B of this Schedule 1.

---

| | |
|:---|:---|
| **1** | Subject to paragraph 2 below, from Completion all Liabilities arising in a Unilever Post Demerger Group Company or a TMICC Group Company shall be allocated as follows: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 Liability that arises in a Unilever Post Demerger Group Company shall remain with that company
 unless such Liability was incurred in relation to or in connection with the Demerging Business,
 in which case it shall be allocated to the TMICC Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 Liability that arises in a TMICC Group Company shall remain with that company unless such
 Liability was incurred in relation to or in connection with a business or businesses which
 is not part of the Demerging Business, in which case it shall allocated to the Unilever Post
 Demerger Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 Liability that does not fall within either limb (a) or (b) of this paragraph 1,
 shall remain with the relevant legal entity with which it sits at Completion.

---

| | |
|:---|:---|
| **2** | Paragraph 1 above shall not apply to: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 outstanding or accrued Liabilities in respect of trading activities in the ordinary/usual
 course of business owed by a Unilever Post Demerger Group Company in relation to the Demerging
 Business, which shall remain with the relevant company, but only in circumstances where such
 Liabilities are otherwise allocated or addressed under any existing agreement between a TMICC
 Group Company and a Unilever Post Demerger Group Company (including the GTSA, the Local IOMAs
 and the Local TSAs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 Liability in respect of any monies borrowed, or indebtedness in the nature of borrowings
 incurred by a Unilever Post Demerger Group Company in relation to the Demerging Business,
 which shall remain with the relevant company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 contingent Liability or Liability arising from any leasing arrangement incurred by a Unilever
 Post Demerger Group Company (to the extent that such Liability is not incurred directly in
 relation to or in connection with the Demerging Business), which shall remain with the relevant
 company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 Liability arising from, or which is caused by: (i) the contents of the Prospectuses
 or the Investor Materials (or any omission therefrom); or (ii) third party claims in
 connection with the Prospectuses or the Investor Materials, which in each case shall be allocated
 exclusively to the TMICC Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 Liability arising from, or which is caused by: (i) the contents of the Unilever Circular
 (or any omission therefrom); or (ii) third party claims in connection with the Unilever
 Circular, which in each case shall be allocated exclusively to the Unilever Post Demerger
 Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 arrangements entered into prior to the date of this Agreement in respect of any pension liabilities
 of any Unilever Post Demerger Group Company that have been transferred or otherwise allocated
 to, or guaranteed by, a TMICC Group Company, and instead the existing agreement or arrangement
 shall remain in place on its existing terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
 other arrangements or liabilities which the Parties specifically agree in writing shall not
 be allocated in accordance with paragraph 1 above, and instead such arrangements or liabilities
 shall be allocated as set out in such separate written agreement.

---

| | |
|:---|:---|
| **3** | The principles set out in paragraph 1 and paragraph 2 above are subject to: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Tax Matters Agreement in the case of Tax and matters relating to Tax (and in the case of
 conflict, the Tax Matters Agreement shall take priority); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 GTSA, the Local IOMAs and the Local TSAs in the case of the matters dealt with therein.

---

| | |
|:---|:---|
| **4** | Subject to paragraph 3, the principles set out in paragraph 1 and paragraph 2 above shall prevail, and Unilever on the one hand and TMICC and TMICC HoldCo on the other hand shall procure that they shall prevail in respect of any Internal Separation Documents to which their respective subsidiary undertakings are party, over the provisions of the Internal Separation Documents to the extent of any inconsistency. |

---

**Part B**

**Procedure**

---

| | |
|:---|:---|
| **1** | With effect from Completion, as soon as reasonably practicable after TMICC or Unilever becomes aware of any Liability relating to a member of their respective Groups which should be allocated to the other's Group in accordance with the Allocation Principles (an "**Allocated Liability**"), the Party that has identified such Liability (the "**Indemnified Party**") shall provide written notice (a "**Liability Notice**") of the same to the other (the "**Indemnifying Party**"). |

---

---

| | |
|:---|:---|
| **2** | Subject to Part C of Schedule 1, following receipt by the Indemnifying Party of a Liability Notice or, in the event of a dispute, a determination in accordance with paragraph 9 of this Part B of Schedule 1 or Clauses 15 or 16.12 of this Agreement as to how the Liability should be allocated, the Indemnified Party and the Indemnifying Party agree to cooperate in good faith and use reasonable endeavours to novate, transfer or otherwise release the relevant member of the Indemnified Party's Group from the Allocated Liability. If the Indemnified Party and the Indemnifying Party are unable to novate, transfer or otherwise release such Allocated Liability, the Indemnifying Party hereby covenants and undertakes to: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) indemnify,
 keep indemnified and hold harmless; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procure
 that the Relevant Member of the Indemnifying Party's Group shall indemnify, keep indemnified
 and hold harmless,

the Indemnified Party or Relevant Member of the Indemnified Party's Group in respect of such Allocated Liability in full.

---

| | |
|:---|:---|
| **3** | Any Liability Notice shall specify in reasonable detail to the extent known: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 basis on which it is considered that the relevant Liability should be allocated to the Indemnifying
 Party's Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 members of the Indemnified Party's Group (as applicable) in respect of which the relevant
 Liability is considered to have arisen;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 identity of any third parties involved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) insofar
 as it is reasonably practicable to determine (but without prejudice to the final determination
 of the amount of the Liability), an estimate of the monetary amount of the Liability which
 the Indemnified Party reasonably expects to arise to the relevant member or members of the
 Indemnified Party's Group and it is therefore considered should be allocated to the
 Indemnifying Party's Group,

provided that failure to specify any of the matters set out in this paragraph 3 shall not affect the rights of the Indemnified Party except if and to the extent that the Indemnifying Party is prejudiced by the failure.

---

| | |
|:---|:---|
| **4** | Without prejudice to the provisions of Part D of this Schedule 1 or any Transaction Document or other written agreement between members of the TMICC Group and the Unilever Post Demerger Group, any Liability which is not an Allocated Liability shall remain with the legal entity with which such Liability sits at Completion, and no steps shall be taken by the Parties in respect of the novation, transfer or release of such Liability or any indemnification in respect of that Liability, in each case unless and until such Liability becomes an Allocated Liability for the purposes of this Agreement. |

---

---

| | |
|:---|:---|
| **5** | If an Indemnifying Party disputes the content of a Liability Notice, then the Indemnifying Party may, up to 10 Business Days after receipt of the Liability Notice, give written notice (a "**Dispute Notice**") to the Indemnified Party stating that it disagrees with the Liability Notice including a reasonable description of why it disagrees with such notice. |

---

---

| | |
|:---|:---|
| **6** | If a Dispute Notice is provided to the Indemnified Party under paragraph 5 of this Part B of Schedule 1, the Indemnified Party and the Indemnifying Party agree to cooperate in good faith and use reasonable endeavours to resolve the matter(s) in dispute included in the Dispute Notice. |

---

---

| | |
|:---|:---|
| **7** | If: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 dispute arises between the Indemnified Party and the Indemnifying Party in connection with
 paragraph 5 of this Part B of Schedule 1; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Indemnified Party and the Indemnifying Party fail to reach agreement pursuant to paragraph
 6 of this Part B of Schedule 1 within 15 Business Days after the Dispute Notice is provided
 to the Indemnified Party under paragraph 5 of this Part B of Schedule 1,

a Party may escalate the dispute in accordance with Clause 13 of the Agreement.

**Limitations**

---

| | |
|:---|:---|
| **8** | No Party shall be required to take any action under this Part B of Schedule 1 in respect of a Liability unless such Party has received a Liability Notice in respect of such Liability by the date falling ten years after the date of Completion. Any such Liability in respect of which a Liability Notice has not been received within such time limit shall remain with the legal entity with which such Liability sits following expiry of such time limit. |

---

---

| | |
|:---|:---|
| **9** | No Party shall be required to take any action under this Part B or Part D of Schedule 1 in respect of an Allocated Liability or Specific Indemnified Liability (respectively) unless the aggregate amount of all Allocated Liabilities and/or Specific Indemnified Liabilities in respect of which such Party has received one or more Liability Notices or Specific Indemnity Notices (as applicable) exceeds €5,000,000. Where the aggregate amount of such Allocated Liabilities and/or Specific Indemnified Liabilities exceeds €5,000,000, subject as provided elsewhere in this Agreement, such Party shall be liable for the aggregate amount of all Allocated Liabilities and/or Specific Indemnified Liabilities, and not just the excess. |

---

---

| | |
|:---|:---|
| **10** | No Party shall be required to take any action under this Part B or Part D of Schedule 1 in respect of a Liability where such Liability results, directly or indirectly, from the fraud of the Indemnified Party. |

---

---

| | |
|:---|:---|
| **11** | An Indemnified Party and the members of its Group shall not be entitled to be indemnified, to recover damages or otherwise obtain reimbursement or restitution between them more than once in respect of the same Liability under this Agreement, any other Transaction Document or any Internal Separation Document. |

---

---

| | |
|:---|:---|
| **12** | Save in respect of any legislation having retrospective effect to a date prior to the date of this Agreement, no liability shall arise in respect of any claim under this Agreement in respect of an Allocated Liability or a Specific Indemnified Liability if and to the extent that such Allocated Liability or Specific Indemnified Liability is created or increased wholly or partly as a result of any laws not in force at the date of this Agreement. |

---

---

| | |
|:---|:---|
| **13** | Subject to paragraph 14 below, if the Indemnifying Party has paid an amount in discharge of any Allocated Liability or if TMICC has paid an amount in discharge of a Specific Indemnified Liability, and subsequently the Indemnified Party (in the case of an Allocated Liability) or Unilever (in the case of a Specific Indemnified Liability) or a member of the relevant Group is entitled to recover from a third party (including under any Unilever Group Insurance Policies) a sum which indemnifies or compensates the Indemnified Party (in the case of an Allocated Liability) or Unilever (in the case of a Specific Indemnified Liability) or a member of the relevant Group (in whole or in part) for the Liability which is the subject matter of the Allocated Liability or Specific Indemnified Liability (as applicable), the Indemnified Party (in the case of an Allocated Liability) or Unilever (in the case of a Specific Indemnified Liability) shall procure that all steps are taken as the Indemnifying Party (in the case of an Allocated Liability) or TMICC (in the case of a Specific Indemnified Liability) may reasonably require to enforce such recovery and shall, or shall procure that the relevant member of its Group shall, pay to the Indemnifying Party (in the case of an Allocated Liability) or TMICC (in the case of a Specific Indemnified Liability) as soon as practicable after receipt an amount equal to: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 sum recovered from the third party less any costs and expenses incurred in obtaining such
 recovery and less any Tax attributable to the recovery after taking account of any Relief
 available in respect of the payment to be made; or,
 if less,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 amount previously paid by the Indemnifying Party to the Indemnified Party (in the case of
 an Allocated Liability) or by TMICC to a Unilever Post Demerger Group Company (in the case
 of a Specific Indemnified Liability).

---

| | |
|:---|:---|
| **14** | Paragraph 13 above shall not require Unilever, TMICC or any member of their respective Groups to take any steps in relation to any claim or possible claim against any third party if it considers in good faith that taking such steps would be reasonably likely to materially prejudice the business relationship it has with that third party or any other person, nor shall paragraph 13 above require Unilever or any Unilever Post Demerger Group Company to take any steps to enforce a recovery in respect of an Allocated Liability or Specific Indemnified Liability under any Unilever Group Insurance Policies prior to seeking that such Allocated Liability or Specific Indemnified Liability be dealt with pursuant to paragraph 2 of this Part B of Schedule 1 or Part D of this Schedule 1, respectively. |

---

---

| | |
|:---|:---|
| **15** | So as to avoid double recovery, if a member of the Indemnifying Party's Group has accepted a novation of or made a payment to a member of the Indemnified Party's Group in respect of an Allocated Liability (including under an Internal Separation Document) or a Specific Indemnified Liability, then the Indemnifying Party and the members of its Group shall be released from their obligations under paragraph 2 of this Part B or paragraph 2 of Part D (as applicable) to the extent of such payment. |

---

**Relevant Member**

---

| | |
|:---|:---|
| **16** | For the purposes of this Part B, the "**Relevant Member**" means: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1** in
 the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1.1** the
 Indemnifying Party, the member of the Indemnifying Party's Group to which the Allocated
 Liability is most closely attributable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1.2** the
 Indemnified Party, the member of the Indemnified Party's Group which has (or would
 otherwise have) suffered the Allocated Liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2** to
 the extent that Unilever or TMICC has failed to procure payment by the Relevant Member of
 its Group pursuant to paragraph 2 above, or to the extent that no Relevant Member is identified
 by paragraph 16.1 above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2.1** in
 the case of the Unilever Post Demerger Group, Unilever; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2.2** in
 the case of the TMICC Group, TMICC,

or such other entity or entities as is agreed between the Parties.

---

| | |
|:---|:---|
| **17** | Unilever (and any member of the Unilever Post Demerger Group) shall not have any obligation to make a payment it would otherwise have under Part B if and to the extent that a member of the Unilever Post Demerger Group has made a payment to a member of the TMICC Group in respect of the same Allocated Liability pursuant to an Equivalent Provision. |

---

---

| | |
|:---|:---|
| **18** | TMICC (and any member of the TMICC Group) shall not have any obligation to make a payment it would otherwise have under Part B if and to the extent that a member of the TMICC Group has made a payment to a member of the Unilever Post Demerger Group in respect of the same Allocated Liability pursuant to an Equivalent Provision. |

---

**Part C**

**Conduct of Third Party Claims**

---

| | |
|:---|:---|
| **1** | This Part C of Schedule 1 applies where a matter or circumstance that gives rise to an Allocated Liability or a Specific Indemnified Liability is a result of or in connection with a claim by or Liability to a third party, whether such claim, Allocated Liability or Specific Indemnified Liability is actual, alleged, threatened, suspected or potential (a "**Third Party Claim**"). |

---

---

| | |
|:---|:---|
| **2** | The relevant members of the TMICC Group and the Unilever Post Demerger Group shall consult with one another so far as reasonably practicable in relation to the conduct of any Third Party Claim and shall take reasonable account of each other's views before taking any action in relation to the Third Party Claim. |

---

---

| | |
|:---|:---|
| **3** | In the case of any Third Party Claim: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no
 admissions in relation to the Third Party Claim shall be made by any member of the Indemnified
 Party's Group on behalf of any member of the Indemnifying Party's Group and the
 Third Party Claim shall not be compromised, disposed, settled or otherwise dealt with without
 the written consent of the Indemnifying Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject
 to a member of the Indemnifying Party's Group indemnifying the relevant members of
 the Indemnified Party's Group against all reasonable costs and expenses (including
 legal and professional costs and expenses) that may be incurred thereby, the Indemnified
 Party shall procure that the relevant members of the Indemnified Party's Group shall
 take such action as the Indemnifying Party may reasonably request to avoid, dispute, deny,
 defend, resist, appeal, compromise, mitigate or contest the Third Party Claim;

---

| | |
|:---|:---|
| **4** | The Indemnifying Party shall be entitled at its own expense and in its absolute discretion, by notice in writing (a "**Conduct Notice**") to the Indemnified Party, to take such action as it shall deem necessary or appropriate to avoid, dispute, deny, defend, resist, appeal, compromise or contest or otherwise handle or manage the Third Party Claim (including making counterclaims or other claims against third parties) in the name of and on behalf of the other Indemnified Party or any other member of the Indemnified Party's Group concerned and to have conduct of the Third Party Claim and any directly related proceedings, negotiations or appeals, provided that if any position adopted, action taken or decision made (including with respect to any settlement or compromise of the Allocated Liability or Specific Indemnified Liability or part thereof) would: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) result
 in a finding or admission of liability with respect to any member of the Indemnified Party's
 Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) materially
 prejudicial to any member of the Indemnified Party's Group or to their business (in
 the reasonable opinion of the member of the Indemnified Party's Group concerned),

then the Indemnifying Party shall only adopt such position, take such action or make such decision (including with respect to any settlement or compromise) with the prior written consent of the Indemnified Party, such consent not to be unreasonably withheld, conditioned or delayed;

---

| | |
|:---|:---|
| **5** | If a Conduct Notice is sent by the Indemnifying Party pursuant to paragraph 4 of this Part C of Schedule 1: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Indemnified Party shall, and shall procure that any other member of its Group shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) not
 admit liability in respect of, agree, compromise, settle, discharge or otherwise deal with
 the Third Party Claim with any person, body or authority without the prior written consent
 of the Indemnifying Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) take
 such action and institute such proceedings as the Indemnifying Party may reasonably request
 to avoid, dispute, resist, appeal, compromise, defend or mitigate the Third Party Claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) retain
 and preserve all relevant documents, records, correspondence, accounts and other information
 within the power, possession or control of the Indemnified Party and other members of its
 Group concerned which are or could reasonably be considered relevant in connection with the
 Third Party Claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) give
 to the Indemnifying Party and professional and legal advisors of the Indemnifying Party,
 subject to their being indemnified against all reasonable costs and expenses, all such information
 and assistance including access to premises and personnel of the Indemnified Party and other
 members of its Group concerned, and the right to examine and copy or photograph any assets,
 accounts, documents and records in each case, as the Indemnifying Party may reasonably request,
 including instructing such professional or legal advisers as the Indemnifying Party may nominate
 to act on behalf of the Indemnified Party or other member of the Indemnified Party's
 Group concerned but in accordance with the Indemnifying Party's instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) promptly
 (but in any case within a period of fifteen (15) Business Days of receipt) provide or forward
 or procure to be provided or forwarded to the Indemnifying Party copies of all correspondence
 and other written communications (including email communications) and information relating
 to the Third Party Claim or obtained received by the Indemnified Party or any its Group;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if
 the Third Party Claim is wholly rejected by the court or arbitrator, indemnify the Indemnifying
 Party against all reasonable costs and expenses (including legal and professional costs and
 expenses) that the Indemnifying Party incurs as a result of the Indemnifying Party assuming
 conduct of the Third Party Claim; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Indemnifying Party shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) consult
 with the Indemnified Party and take reasonable account of the views of the Indemnified Party
 before taking any action in relation to the Third Party Claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) keep
 the Indemnified Party informed of all relevant matters relating to the Third Party Claim
 and shall promptly forward or procure to be forwarded to the Indemnified Party copies of
 all correspondence and other written communications relating to the Third Party Claim; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) not
 make any settlement or compromise of the Third Party Claim without the written consent of
 the Indemnified Party, such consent not to be unreasonably withheld, conditioned or delayed.

---

| | |
|:---|:---|
| **6** | Notwithstanding this Part C of Schedule 1, no member of the TMICC Group or the Unilever Post Demerger Group (as applicable) shall be required to take any action or refrain from taking any action, if the relevant member of the TMICC Group or the Unilever Post Demerger Group, reasonably considers such action or omission may be unduly onerous or materially prejudicial to it or to its business. |

---

**Part D**

**Specific Indemnity**

---

| | |
|:---|:---|
| **1** | **Interpretation** |

---

The following terms shall have the following meanings respectively in this Part D:

"**Payroll Services**" means any services provided to (or for the benefit of) any TMICC Group Company for, or in connection with, the establishment, management or maintenance of a payroll system or solution; and

"**Payroll Service Provider**" means any person providing Payroll Services.

---

| | |
|:---|:---|
| **2** | **Specific Indemnity** |

---

TMICC shall indemnify, keep indemnified and hold harmless each Unilever Post Demerger Group Company in full and on demand from and against, and undertakes to pay in cash to each Unilever Post Demerger Group Company an amount equal to, all Losses or Liabilities suffered or incurred by such Unilever Post Demerger Group Company arising out of, or in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 procurement or provision of Payroll Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 claim against a Unilever Post Demerger Group Company by a Payroll Service Provider.

---

| | |
|:---|:---|
| **3** | **Specific Indemnity Claims** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** If
 Unilever becomes aware of a Specific Indemnity Claim, Unilever shall provide written notice
 (a "**Specific Indemnity Notice**") to TMICC as soon as reasonably practicable,
 specifying such information (to the extent known by the relevant Unilever Post Demerger Group
 Company at the date of the relevant Specific Indemnity Notice) in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.1** the
 legal and factual basis of the Specific Indemnity Claim; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.2** Unilever's
 estimate of the amount of the relevant Loss or Liability which is, or is to be, the subject
 of the Specific Indemnity Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** Any
 such Specific Indemnity Claim shall be conducted in accordance with, and subject to the limitations
 set out in, Part B of this Schedule 1, where such limitations are expressly stated in
 Part B to apply to a Specific Indemnity Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** TMICC
 shall not be required to take any action under this Part D of Schedule 1 in respect
 of a Specific Indemnified Liability unless TMICC has received a Specific Indemnity Notice
 in respect of such Specific Indemnified Liability by the date falling ten years after the
 date of Completion. Any such Specific Indemnified Liability in respect of which a Specific
 Indemnity Notice has not been received within such time limit shall remain with the Unilever
 Post Demerger Group Company with which such Specific Indemnified Liability sits following
 expiry of such time limit.

**Schedule 2<br> Pre-Demerger Steps**

---

| | |
|:---|:---|
| **1** | **Definitions** |

---

"**Capitalisation Amount**" means the difference between the Intra-Group Facility Total Amount and the Intra-Group Facility Repayment Amount;

"**Capitalisation Date**" means the date on which the capitalisation of the Capitalisation Amount is completed;

"**Intra-Group Facility**" means the facility agreement between UFI and TMICC FinCo dated 1 July 2025;

"**Intra-Group Facility Repayment Amount**" means the outstanding amount under the Intra-Group Facility which shall be repaid by TMICC FinCo to UFI on the Intra-Group Facility Repayment Date, as notified in the Pre-Demerger Notice pursuant to paragraph 2.1 below;

"**Intra-Group Facility Repayment Date**" means the date that is three Business Days prior to the scheduled date of Completion;

"**Intra-Group Facility Total Amount**" means the total principal amount outstanding under the Intra-Group Facility, together with any accrued interest and all other amounts that Unilever reasonably expects shall be owed to the Unilever Post Demerger Group under the Intra-Group Facility as at the Intra-Group Facility Repayment Date (or such other date as may be agreed by the Parties in writing) but, for the avoidance of doubt, ignoring the anticipated capitalisation of the Capitalisation Amount pursuant to paragraph 3 below;

"**New TMICC Facilities**" means: (i) the bridge and term facilities agreement dated 28 August 2025 between, among others, TMICC HoldCo as guarantor, TMICC FinCo as borrower and ING Bank N.V. as agent; and (ii) the revolving credit facility agreement dated 28 August 2025 between, among others, TMICC HoldCo as guarantor, TMICC FinCo as borrower and ING Bank N.V. as agent;

"**New TMICC Loan(s)**" has the meaning given to it in paragraph 4.1 of this Schedule 2;

"**Pre-Demerger Notice**" has the meaning given to it in paragraph 4.1 of this Schedule 2;

"**TMICC FinCo**" means Magnum ICC Finance B.V.;

"**UFI**" means Unilever Finance International AG; and

"**Utilisation Request(s)**" has the meaning given to it in paragraph 4.1 of this Schedule 2.

---

| | |
|:---|:---|
| **2** | **Pre-Demerger Notice** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** By
 no later than the date falling fifteen Business Days prior to the scheduled date of Completion,
 Unilever shall deliver a notice writing to TMICC and TMICC HoldCo setting out the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.1** the
 scheduled date of Completion and, accordingly, the date which will be the Intra-Group Facility
 Repayment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.2** the
 Intra-Group Facility Total Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.3** the
 Intra-Group Facility Repayment Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.4** the
 Capitalisation Amount, the Capitalisation Date and number of shares (including TMICC HoldCo
 Shares) to be issued pursuant to paragraph 3 below in respect of the Capitalisation Amount,

(the "**Pre-Demerger Notice**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** From
 the time of delivery of the Pre-Demerger Notice, TMICC and TMICC HoldCo shall each procure
 that no further utilisation requests are submitted under the Intra-Group Facility and no
 amounts are drawn down or utilised under the Intra-Group Facility by any person. No member
 of the Unilever Group shall be required to provide any amount under the Intra-Group Facility
 in respect of a utilisation request (or any other form of draw down request) made in breach
 of this paragraph 2.2.

---

| | |
|:---|:---|
| **3** | **Capitalisation Steps** |

---

Unilever and TMICC HoldCo shall procure that all such actions are taken and all such documents are entered into by the members of their respective Groups to assign (or novate, as the case may be) and capitalise, through an issuance of TMICC HoldCo Shares to Unilever and issuances of shares in the capital of certain other TMICC Group Companies and Unilever Post Demerger Group Companies, an amount owed under the Intra-Group Facility equal to the Capitalisation Amount to Unilever and TMICC HoldCo on the Capitalisation Date, in each case in accordance with the Demerger Reorganisation Steps Plan. The number of shares (including TMICC HoldCo Shares) to be issued pursuant to such capitalisation steps shall be set out in the Pre-Demerger Notice.

---

| | |
|:---|:---|
| **4** | **Repayment under the Intra-Group Facility** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** Following
 receipt of the Pre-Demerger Notice, TMICC HoldCo shall procure that TMICC FinCo submits irrevocable
 utilisation request(s) (the "**Utilisation Request(s)**") under and in
 accordance with the requirements of the applicable New TMICC Facilities, requesting that
 a loan or loans be disbursed to TMICC FinCo under the applicable New TMICC Facilities (the
 "**New TMICC Loan(s)**") in a minimum aggregate amount which, when aggregated
 with any cash balances available to the TMICC Group which can be used to repay the Intra-Group
 Facility, will result in the TMICC Group having sufficient funds to pay the Intra-Group Facility
 Repayment Amount in full, in accordance with the terms of the Intra-Group Facility, on the
 Intra-Group Facility Repayment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** TMICC
 and TMICC HoldCo each shall, and shall procure that TMICC FinCo shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.1** as
 soon as practicable and by no later than three Business Days after receipt of the Pre-Demerger
 Notice, satisfy all conditions precedent under the New TMICC Facilities to enable the TMICC
 Group to draw down the New TMICC Loan(s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.2** at
 all relevant times prior to payment of the Intra-Group Facility Repayment Amount, not take
 or omit to take any action which would be reasonably likely to result in a breach of the
 New TMICC Facilities or which would be reasonably likely to restrict TMICC FinCo's
 ability to draw down the New TMICC Loan(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** On
 or before the Intra-Group Facility Repayment Date, TMICC and TMICC HoldCo shall each procure
 that TMICC FinCo pays the Intra-Group Facility Repayment Amount as repayment in full of the
 Intra-Group Facility in accordance with its terms.

## Exhibit 4.3

**Exhibit 4.3**

**EXECUTION VERSION**

Tax Matters Agreement

relating to the demerger of the Unilever group's ice-cream business in certain jurisdictions

Dated 1 October 2025

Unilever PLC

and

The Magnum Ice Cream Company B.V.

Ref: L-343449

**Tax Matters Agreement**

**This Deed** is made on 1 October 2025 **between**:

**(1)** **Unilever PLC**, a public limited company registered in England and Wales with registered number 00041424 and whose registered office is
 at Port Sunlight, Wirral, Merseyside, CH62 4ZD ()"**Unilever** "); and

**(2)** **The Magnum Ice Cream Company B.V.** a *besloten venootschap met beperkte aansprakelijkheid* with its official seat in Amsterdam,
 the Netherlands registered in the Netherlands with registered number 97035467 and whose registered office is at Reguliersdwarsstraat
 63, 1017 BK Amsterdam, the Netherlands ()"**TMICC** ");

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

**Whereas:**

(A) The
 Parties have, together with The Magnum Ice Cream Company HoldCo Netherlands B.V. ()"**TMICC HoldCo** "), entered into
 the Demerger Agreement relating to the Demerger (as defined below).

(B) In
 connection with the Demerger, the Parties have agreed to enter into this Deed to set out certain terms governing the allocation of
 tax liabilities and tax reliefs and the administrative responsibilities relating to taxation between Unilever and TMICC and their
 respective groups following the Demerger, this Deed being the "Tax Matters Agreement" referred to in the Demerger Agreement.

**It is agreed** as follows:

---

| | |
|:---|:---|
| **1** | **Interpretation** |

---

In this Deed, unless the context otherwise requires, the provisions in this Clause 1 apply.

**1.1** In
 this Deed, the headings shall not affect its interpretation and (save as otherwise defined in this Deed) words and expressions defined
 in the Demerger Agreement shall have the same meaning wherever used in this Deed.

**1.2** The
 following words and expressions bear the following meanings:

"**Active Business**" means the business conducted collectively by the ATB Companies as of the date of the Internal Distributions or Demerger (as applicable);

"**ATB Companies**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Magnum
 US SpinCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Magnum
 US HoldCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Magnum
 ICC US, LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Ben &
 Jerry's HoldCo, LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Ben &
 Jerry's Homemade, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Ben &
 Jerry's Franchising, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Ben &
 Jerry's Gift Card, LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Yasso
 Holdings, Inc.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Yasso, Inc.

"**Business Day**" has the meaning given in the Demerger Agreement;

"**Capital Stock**" means classes or series of capital stock of a Person, including (i) common stock, (ii) all options, warrants and other rights to acquire such capital stock and (iii) all instruments properly treated as stock in such Person for US federal income tax purposes;

"**Carve-out Accounts**" means the Combined Carve-Out Financial Statements and the Condensed Combined Carve-Out Interim Financial Statements;

"**CFC Tax**" means Tax imposed by the controlled foreign companies provisions contained in Part 9A TIOPA 2010 and, outside the UK, any similar Tax liability which arises to or is payable by one company in respect of any income, profits or gains earned, accrued, received or otherwise recognised by another company, but excluding any Pillar Two Tax and other than as a result of any Group Tax Arrangement;

"**Chargeable Payment**" means a chargeable payment as defined by Section 1088 CTA 2010;

"**Code**" means the US Internal Revenue Code of 1986, as amended;

"**Combined Carve-Out Financial Statements**" means the audited combined carve-out financial information for the Demerging Business as of and for the financial years ended 31 December 2024, 31 December 2023 and 31 December 2022;

"**Completion**" has the meaning given in the Demerger Agreement;

"**Condensed Combined Carve-Out Interim Financial Statements**" means the unaudited condensed combined carve-out interim financial information for the Demerging Business as of and for the six-month periods ended 30 June 2025 and 30 June 2024;

"**Consolidated Return**" means a Tax Document which relates to any arrangement (whether in place by reason of law, agreement or otherwise) with any Tax Authority whereby one company is primarily responsible for the preparation of Tax Documents relating to another company or companies;

"**CTA 2010**" means the Corporation Tax Act 2010;

"**Degrouping Tax**" means any Tax arising as a result of any TMICC Group Company ceasing to be a member of a group or consortium or other association for Tax purposes with (or with any member of) the Unilever Post Demerger Group;

"**Demerger**" has the meaning given in the Demerger Agreement;

"**Demerger Agreement**" means the agreement between Unilever, TMICC and TMICC HoldCo recording certain terms upon which the Demerger is to be effected and upon which relations between Unilever and TMICC will be governed subject to, and following, Completion;

"**Demerging Business**" has the meaning given in the Demerger Agreement;

"**Demerger Committee**" has the meaning given in the Demerger Agreement;

"**Demerger Reorganisation Steps Plan**" has the meaning given in the Demerger Agreement;

"**Dispute Notice**" has the meaning given in Clause 6.9;

"**Election**" means any claim, election, surrender, disclaimer (or refraining from making a claim), notice or consent for any Tax purpose;

"**Equivalent Provision**" means any indemnity, hold harmless, compensation provision or provision with equivalent effect in an Internal Separation Document pursuant to which a member of the Unilever Post Demerger Group makes a payment to a member of the TMICC Group in respect of any Tax liability or other Liability or matter in circumstances where, if that payment had not been made, a member of the Unilever Post Demerger Group would have had an obligation to make a payment to a member of the TMICC Group pursuant to Clause 6 of this Deed or Part B or Part D of Schedule 1 to the Demerger Agreement or any other indemnity, hold harmless, or compensation payment or provision with equivalent effect in any other Transaction Document (or vice versa);

"**GloBE Reorganisation**" means a "qualifying reorganisation" under section 212 Finance (No 2) Act 2023 or, outside the UK, any equivalent concept for the purposes of a Pillar Two Law implementing Article 6.3 of, and the definition of "GloBE Reorganisation" in, the OECD Pillar Two Model Rules;

"**Group**" means either the Unilever Post Demerger Group or the TMICC Group as the context requires and a member of the Group, in the case of the Unilever Post Demerger Group, refers to a Unilever Post Demerger Group Company and, in the case of the TMICC Group, refers to a TMICC Group Company;

"**Group Company**" means, in the case of the Unilever Post Demerger Group, a Unilever Post Demerger Group Company and, in the case of the TMICC Group, a TMICC Group Company;

"**Group Tax Arrangement**" means any arrangement entered into or statutory provision (including, without limitation, a VAT Group, a group payment arrangement under 59F of the Taxes Management Act 1970 in the case of the UK, and a group of companies that join in filing a consolidated US federal income tax return, in the case of the United States,) under which a Unilever Post Demerger Group Company has or will discharge the Tax liabilities of, or Tax attributable to a Transaction or profits of, a TMICC Group Company, except in so far as that requirement would not have arisen but for the failure of a TMICC Group Company to pay Tax which it is liable to pay;

"**Group Tax Relief**" means any right to allocate or reallocate Tax or Reliefs between members of a group or consortium or other association for Tax purposes otherwise than by means of a Group Tax Arrangement, including by way of: (i) the surrender of losses, (ii) the surrender of Tax refunds, (iii) the surrender of relievable Tax, (iv) the ability to allocate or reallocate a profit or loss for Tax purposes, (v) the ability to allocate or reallocate Tax (including Degrouping Tax), (vi) the ability to rollover a gain on the assets of one member into the cost (for Tax purposes) of the assets of another, (vii) the ability to allocate or reallocate any liability to settle Tax, (viii) the ability to disregard entities for Tax purposes with the consequence that the Tax liability falls on a different entity, or (ix) any circumstances which give rise to a Tax Balancing Payment (and accordingly a Tax Balancing Payment shall be treated as a payment for a Group Tax Relief);

"**Incremental Unilever Pillar Two Tax**" means any Pillar Two Tax payable by a member of the Unilever Post Demerger Group that would not have arisen but for a TMICC Group Company being a Constituent Entity of an MNE Group of which any member of Unilever Post Demerger Group is the Ultimate Parent Entity and but for any profits earned, accrued, received or otherwise recognised by a TMICC Group Company in respect of any Tax Period beginning after 30 June 2025 or in respect of a Straddle Period to the extent that the profits would be treated as earned, accrued, received or otherwise recognised after 30 June 2025 on the basis of the apportionment specified in Clause 1.5;

For the purposes of this definition: (i) "**Constituent Entity**", "**MNE Group**" and "**Ultimate Parent Entity**" shall be construed in accordance with the OECD Pillar Two Model Rules, and (ii) in determining whether Pillar Two Taxes would have been payable but for any TMICC Group Company being a Constituent Entity of such MNE Group, a counterfactual shall be assumed in which the TMICC Group Companies are deemed not to be Constituent Entities of an MNE Group of which any member of the Unilever Post Demerger Group is the Ultimate Parent Entity;

"**Indemnified Group**" means the Group which is or claims to be entitled to be indemnified under Clause 6 or an Equivalent Provision, and references to the Indemnified Group include any member of that Group;

"**Indemnified Group Company**" means any member of the Indemnified Group;

"**Indemnified Tax Liability**" has the meaning given in Clauses 6.1 and 6.2;

"**Indemnifying Group**" means the Group which is or may be required to make an indemnity payment under Clause 6 or an Equivalent Provision, and references to the Indemnifying Group shall include any member of that Group;

"**Indemnifying Group Company**" means any member of the Indemnifying Group;

"**Internal Distribution**" shall mean any transaction (or series of transactions) effected as part of the Internal Separation that is intended to qualify as a tax-free transaction under Section 355 and/or Section 368(a)(1)(D) of the Code, as described in the US Tax Materials;

"**Internal Separation**" has the meaning given in the Demerger Agreement;

"**Internal Separation Document**" has the meaning given in the Demerger Agreement;

"**IRS**" means the US Internal Revenue Service;

"**IRS Ruling Request**" means the request for a private letter ruling filed by Unilever on 31 March 2025 with the IRS (including all attachments, exhibits, and other materials submitted with such ruling request letter) and any amendments or supplemental information submitted relating to such request;

"**Joined Tax Claim**" has the meaning given in Clause 10.4;

"**Joint Issue**" has the meaning given in Clause 12.5.1;

"**Liabilities**" and "**Liability**" have the meanings given in the Demerger Agreement;

"**Liability Notice**" has the meaning given in Clause 6.7;

"**Magnum US HoldCo**" means Magnum ICC US Holdco LLC;

"**Magnum US HoldCo SAG**" has the meaning given in Clause 5.2.4;

"**Magnum US SpinCo**" means Magnum ICC US SpinCo, LLC;

"**Magnum US SpinCo SAG**" has the meaning given in Clause 5.2.4;

"**OECD**" means the Organisation for Economic Co-operation and Development;

"**OECD Pillar Two Model Rules**" means the model rules published by the OECD on or about 20 December 2021 in a document entitled "Tax Challenges Arising from Digitisation of the Economy - Global Anti-Base Erosion Model Rules (Pillar Two)";

"**Parent**" means, in relation to the Unilever Post Demerger Group or any Unilever Post Demerger Group Company, Unilever and, in relation to the TMICC Group or any TMICC Group Company, TMICC;

"**Person**" means any natural person, corporation, limited liability company, trust, estate, joint venture, association, company, partnership, governmental authority or other entity;

"**Pillar Two Law**" means any law or regulation implementing the OECD Pillar Two Model Rules, including any law or regulation implementing the "Income Inclusion Rule", the "Undertaxed Payment Rule", or a "Qualified Domestic Minimum Top-up Tax", as such terms are used in the OECD Pillar Two Model Rules (including, without limitation, in the UK the Finance (No. 2) Act 2023 and in the EU Council Directive (EU) 2022/2523 of 14 December 2022 on ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the Union);

"**Pillar Two Tax**" means any Tax imposed under any Pillar Two Law (including for the avoidance of doubt any Tax which is suffered by reason of the disallowance of any deduction or relief, or any other adjustment required, pursuant to any Pillar Two Law);

"**Principal Company**" means, in relation to a Group Tax Arrangement, the Unilever Post Demerger Group Company which has or will discharge the Tax liabilities of, or Tax attributable to a Transaction or profits of, a TMICC Group Company, whether such liability arises as a matter of law, agreement or otherwise (including without limitation, (i) in the UK, the nominated company under a group payment arrangement entered into pursuant to Section 59F of the UK Taxes Management Act 1970 or the representative member of a VAT Group, and (ii) in the United States, the common parent corporation of a group of corporations that join in filing a consolidated US federal income tax return);

"**Proposed Acquisition Transaction**" means a transaction or series of transactions (or any agreement, understanding, or arrangement within the meaning of Section 355(e) of the Code and Treasury Regulations Section 1.355-7, or any other regulations promulgated thereunder, to enter into a transaction or series of transactions), whether such transaction is supported by TMICC management or shareholders, is a hostile acquisition, or otherwise, as a result of which TMICC (or any successor thereto) would merge or consolidate with any other Person or as a result of which one or more Persons would (directly or indirectly) acquire, or have the right to acquire, from TMICC (or any successor thereto) or one or more holders of TMICC Capital Stock, respectively, any amount of stock of TMICC, that would, when combined with any other direct or indirect changes in ownership of the stock of TMICC pertinent for purposes of Section 355(e) of the Code and the Treasury Regulations promulgated thereunder, comprise forty percent (40%) or more of (i) the value of all outstanding shares or stock of TMICC as of the date of such transaction, or in the case of a series of transactions, the date of the last transaction of such series, or (ii) the total combined voting power of all outstanding shares of voting stock of TMICC as of the date of such transaction, or in the case of a series of transactions, the date of the last transaction of such series. Notwithstanding the foregoing, a Proposed Acquisition Transaction shall not include (i) the adoption by TMICC of a shareholder rights plan or (ii) issuances by TMICC that satisfy Safe Harbor VIII (relating to acquisitions in connection with a person's performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulations Section 1.355-7(d). For purposes of determining whether a transaction constitutes an indirect acquisition, any recapitalisation resulting in a shift of voting power or any redemption of shares of stock shall be treated as an indirect acquisition of shares of stock by the non-exchanging shareholders. This definition and the application thereof are intended to monitor compliance with Section 355(e) of the Code and the Treasury Regulations promulgated thereunder and shall be interpreted and applied accordingly. Any clarification of, or change in, the statute or regulations promulgated under Section 355(e) of the Code shall be incorporated in this definition and its interpretation.

"**Relevant Change of Law**" means laws not in force at the date of this Deed other than any legislation having retrospective effect to a date prior to the date of this Deed;

"**Relevant Election**" has the meaning given in Clause 12.2.3;

"**Relevant Member**" has the meaning given in Clause 6.3;

"**Relevant Tax Basis Election**" means a Relevant Election made by a member or members of the TMICC Group which prevents any Transaction which has been undertaken pursuant to an Internal Separation Document from being a GloBE Reorganisation where absent that Relevant Election it would have been so treated;

"**Relevant Transfer Date**" means 1 July 2025 or, in the case of a Tax liability or Relief of a Unilever Post Demerger Group Company which transferred (or transfers) Demerging Business which it carried on (or carries on) to a TMICC Group Company after 1 July 2025 (or, in the case of a Tax liability of a TMICC Group Company which received or received such a transfer of Demerging Business after 1 July 2025), the date of the relevant transfer;

"**Relief**" includes any right to repayment or refund of Tax from a Tax Authority and any relief, loss, allowance, set-off or credit in respect of Tax and any deduction in computing or against profits for Tax purposes;

"**Representation Letters**" means any officer's certificate, representation letter, or other materials provided by, or on behalf of, Unilever (or a Unilever Post Demerger Group Company) or TMICC (or a TMICC Group Company) in connection with the IRS Ruling Request or the US Tax Opinion;

"**Restricted Period**" means the period commencing on the date of Completion and ending two years thereafter;

"**Secondary Tax Liability**" means a TMICC Secondary Tax Liability and/or a Unilever Secondary Tax Liability, as the context requires;

"**Separation Tax Liability**" means Tax which arises as a result of or by reference to the Internal Separation and/or the Demerger and/or the Internal Separation Documents;

"**Straddle Period**" means any Tax Period of a Group Company commencing on or before 30 June 2025 but ending after 30 June 2025 or, in the case of a Unilever Post Demerger Group Company which transferred (or transfers) Demerging Business which it carried on (or carries on) to a TMICC Group Company after 1 July 2025, any Tax Period of that Unilever Post Demerger Group Company commencing before, and ending on or after, the Relevant Transfer Date;

"**Tax**" or "**Taxation**" comprises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all
 forms of Tax (other than any accounting provision for deferred tax) and statutory, governmental, state, provincial, local governmental
 or municipal duties, contributions and levies, whether levied by reference to income, profits, gains, net wealth, asset values, turnover,
 added value or otherwise and shall further include payments to a Tax Authority, court or tribunal on account of Tax *,* in each
 case wherever and whenever imposed and whether chargeable directly or primarily against or attributable directly or primarily to
 a Group Company or any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all
 penalties and interest relating to any matter within (i) above, and all penalties and interest relating to any Tax Document
 submitted to a Tax Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 the case of a TMICC Group Company, the funding or reimbursement (whether by way of a payment, the release of a liability or otherwise,
 but not by way of loan) of amounts discharged or to be discharged by a Unilever Post Demerger Group Company pursuant to any Group
 Tax Arrangement;

"**Tax Adjustment Refund**" means any refund of Taxation which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) was
 not shown as an asset and the Carve-out Accounts and does not fall within Clause 11 of this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) results
 from the outcome of a mutual agreement procedure or similar determination by a Tax Authority that for Tax purposes adjusts an amount
 arising to a TMICC Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) relates
 to a Tax liability of the TMICC Group Company paid before the Relevant Transfer Date that either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) resulted
 from an adjustment by that Tax Authority for Tax purposes of an amount arising to a TMICC Group Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is
 adjusted in accordance (or partly in accordance) with a corresponding adjustment made by a different Tax Authority for Tax purposes
 of an amount arising to a Unilever Post-Demerger Company which resulted in a Tax liability of the relevant Unilever Post-Demerger
 Group Company;

"**Tax Authority**" means any taxing or other authority competent to impose any liability in respect of Tax or responsible for the assessment, administration or collection of Tax or enforcement of any law in relation to Tax and acting in its capacity as such;

"**Tax Balancing Payment**" means a payment to which Sections 196(2), 198(2) or 298(2) TIOPA 2010 applies (in the case of the UK) and any equivalent provisions in the case of any other jurisdiction, including under any double taxation agreement;

"**Tax Documents**" means computations and returns relating to Taxation, Elections and statements for Taxation purposes and correspondence with a Tax Authority;

"**Tax-Free Status**" has the meaning given in Clause 5.2.3;

"**Tax Period**" means, in respect of each Group Company, any period in respect of which Taxation is assessed or charged on that Group Company;

"**Third Party Tax Claim**" has the meaning given in Clause 10.2;

"**TIOPA 2010**" means the Taxation (International and Other Provisions) Act 2010;

"**TMICC Group**" and "**TMICC Group Company**" have the meanings given in the Demerger Agreement;

"**TMICC HoldCo**" has the meaning given in the Recitals to this Deed;

"**TMICC Relief**" means any Relief if and to the extent that it arises to a TMICC Group Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 respect of a Tax Period beginning after 30 June 2025; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 respect of a Straddle Period if and to the extent that it would be treated as arising in respect of or arising from a Transaction
 occurring or deemed to have occurred after 30 June 2025; or (ii) by reference to profits earned, accrued, received or otherwise
 recognised after 30 June 2025 on the basis of the apportionment specified in Clause 1.5 below;

"**TMICC Secondary Tax Liability**" means (i) any Tax liability which a Tax Authority seeks to recover from a TMICC Group Company where such Tax liability has arisen as a result of a Unilever Post Demerger Group Company failing to discharge a Tax liability which is chargeable or attributable directly or primarily against it or another member of the Unilever Post Demerger Group (other than where such Tax liability is in respect of Transactions or profits of a TMICC Group Company and is chargeable or attributable against a Unilever Post Demerger Group Company as the Principal Company in relation to a Group Tax Arrangement); (ii) any Tax liability of a TMICC Group Company which is a liability to account for VAT in respect of actual or deemed supplies, self-supplies, importations or acquisitions made by a Unilever Post Demerger Group Company and for which the TMICC Group Company is liable (whether jointly, severally or otherwise) as a result of its at any time being or having been treated as part of the same group or consolidation for VAT purposes as the relevant Unilever Post Demerger Group Company; (iii) any other Tax liability of a TMICC Group Company (other than Degrouping Tax) in respect of Transactions or profits of a Unilever Post Demerger Group Company and for which the TMICC Group Company is liable (whether jointly, severally or otherwise) as a result of its at any time being or having been treated as part of the same group or consortium or other association for Tax purposes as the relevant Unilever Post Demerger Group Company but not as a result of it ceasing to be a member of any such group or consortium or other association or which is in respect of profits which arise to a Unilever Post Demerger Group Company as the recipient of an asset or assets from a TMICC Group Company pursuant to a transaction forming part of the Internal Separation in circumstances where the Tax could have alternatively been recovered from the Unilever Post Demerger Group Company);

"**TMICC Tax Liability**" has the meaning given in Clause 2.11;

"**Transaction**" includes any transaction, circumstance, state of affairs, act, event, arrangement, provision or omission of whatever nature;

"**Transaction Document**" has the meaning given in the Demerger Agreement;

"**Transfer Taxes**" means any registration, stamp or transfer Taxes or equivalent in any jurisdiction;

"**Treasury Regulations**" means the regulations promulgated from time to time under the Code as in effect for the relevant Tax Period;

"**Unanticipated Liability**" means any Tax liability of a TMICC Group Company or a Unilever Post Demerger Group Company which, or the risk of which, was not provided for or otherwise taken into account (including in a tax risk provision or as a contingent liability) in the preparation of the Carve-out Accounts or the Unilever Accounts;

"**Unilever Accounts**" means (i) the audited consolidated financial statements for the Unilever Group as of and for the financial year ended 31 December 2024; (ii) the unaudited consolidated financial statements for the Unilever Group as of and for the six-month period ended 30 June 2025; (iii) in the case of a Tax liability of a Unilever Group Company which transferred (or transfers) Demerging Business which it carried on (or carries on) to TMICC Group Company pursuant to the Internal Separation on 1 October 2025, the unaudited consolidated financial statements for the Unilever Group as of and for the nine-month period ended 30 September 2025; (iv) in the case of a Tax liability of a Unilever Group Company where the Relevant Transfer Date is after Completion, the latest audited or unaudited consolidated financial statements of the Unilever Group as of and for a financial year, 9-month, 6-month or 3-month period (as applicable) ending on the date of or the day prior to the Relevant Transfer Date, those accounts (if any), and (v) in the case of a Tax liability of a Unilever Group Company where the Relevant Transfer Date is after Completion in circumstances not within paragraph (iv), the next audited or unaudited consolidated financial statements of the Unilever Group as of and for a financial year, 9- month, 6-month or 3-month period (as applicable) ending after the Relevant Transfer Date;

"**Unilever Group**" has the meaning given by the Demerger Agreement;

"**Unilever Post Demerger Group**" and "**Unilever Post Demerger Group Company**" have the meanings given in the Demerger Agreement;

"**Unilever Relief**" means any Relief if and to the extent that it arises to a Unilever Post Demerger Group Company and is not a Relief which (i) arises in relation to or in connection with the Demerging Business and (ii) arises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 respect of a Tax Period beginning on or after the Relevant Transfer Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 respect of a Straddle Period if and to the extent that it would be treated as arising in respect of or arising from a Transaction
 occurring or deemed to have occurred on or after the Relevant Transfer Date; or (ii) by reference to profits earned, accrued,
 received or otherwise recognised on or after the Relevant Transfer Date on the basis of the apportionment specified in Clause 1.5
 below;

"**Unilever Secondary Tax Liability**" means (i) any Tax liability which a Tax Authority seeks to recover from a Unilever Post Demerger Group Company where such Tax liability has arisen as a result of a TMICC Group Company failing to discharge a Tax liability which is chargeable or attributable directly or primarily against it or another member of the TMICC Group; (ii) any Tax liability of a Unilever Post Demerger Group Company which is a liability to account for VAT in respect of actual or deemed supplies, self-supplies, importations or acquisitions made by a TMICC Group Company and for which the Unilever Post Demerger Group Company is liable (whether jointly, severally or otherwise) as a result of its at any time being or having been treated as part of the same group or consolidation for VAT purposes as the relevant TMICC Group Company; and (iii) any other Tax liability of a Unilever Post Demerger Group Company in respect of Transactions or profits of a Unilever Post Demerger Group Company and for which the Unilever Post Demerger Group Company is liable (whether jointly, severally or otherwise) as a result of its at any time being or having been treated as part of the same group or consolidation for Tax purposes as the relevant TMICC Group Company but not as a result of it ceasing to be a member of any such group or consortium or other association or which is in respect of profits which arise to a TMICC Group Company as the recipient of an asset or assets from a Unilever Post Demerger Group Company pursuant to a transaction forming part of the Internal Separation in circumstances where the Tax could have alternatively been recovered from the TMICC Group Company);

"**Unilever Tax Liability**" has the meaning given in Clause 2.11;

"**Unindemnified Tax Liability**" has the meaning given in Clause 10.4;

"**Unqualified US Tax Opinion**" has the meaning given in Clause 5.3;

"**US Tax Materials**" means the IRS Ruling Request, the US Tax Opinion, the Representation Letters and any other materials delivered or deliverable in connection with the submission of the IRS Ruling Request and the rendering of the US Tax Opinion, in each case, as they exist as of the date hereof;

"**US Tax Opinion**" means the written opinion delivered or deliverable to Unilever by Linklaters LLP regarding the US federal income tax consequences of the Demerger and the Internal Distributions;

"**US Tax Ruling**" has the meaning given by Clause 5.3;

"**VAT**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) within
 the UK, any value added tax imposed by VATA 1994;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) within
 the European Union, such Taxation as may be levied in accordance with (but subject to derogation from) Council Directive 2006/112/EC;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) outside
 the UK or European Union, any similar Taxation levied by reference to added value or sales;

"**VATA 1994**" means the Value Added Tax Act 1994; and

"**VAT Group**" means a group for the purposes of Section 43 VATA 1994 or any equivalent provision outside the UK.

**1.3** **References to "Tax"** 

References to "**Tax**", "**Tax payable**" or a "**Tax liability**" shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.1** in
 respect of the Unilever Post Demerger Group, the setting off against profits or against a Tax liability (in respect of which but
 for such setting off the Unilever Post Demerger Group would have had a liability to pay Tax in respect of which a claim could have
 been made under this Deed) of any Unilever Relief, and the amount of Tax shall in such cases be the amount of Tax that would have
 been payable but for such set-off;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.2** in
 respect of the TMICC Group, the setting off against profits or against a Tax liability (in respect of which but for such setting
 off the TMICC Group would have had a liability to pay Tax in respect of which a claim could have been made under this Deed) of any
 TMICC Relief, and the amount of Tax shall in such cases be the amount of Tax that would have been payable but for such set-off.

**1.4** **References to "profits"** 

References to "profits" include income, profits, receipts or gains (including capital gains) of any description or from any source and references to profits earned, accrued or received or otherwise recognised include profits deemed to have been or treated as earned, accrued or received or otherwise recognised for Tax purposes.

**1.5** If
 there is a dispute between the parties about whether the Taxation, Tax liability or Relief arose (i) in respect of or arising
 from a Transaction occurring or deemed to have occurred before, on or after a particular date; or (ii) by reference to profits
 earned, accrued, received or otherwise recognised before, on or after that date then the parties agree that, for the purposes of
 resolving such dispute only, that date shall be deemed to be the end of a Tax Period, and the matter shall be determined by applying
 the accounting policies and practices adopted by the Group Company concerned which have effect on that date to the Transaction or
 profits in question.

**1.6** **Modification etc. of statutes** 

References to a statute or statutory provision include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6.1** that
 statute or provision as from time to time modified, re-enacted or consolidated whether before or after the date of this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6.2** any
 past statute or statutory provision (as from time to time modified, re-enacted or consolidated) which that statute or statutory provision
 has directly or indirectly replaced; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6.3** any
 subordinate legislation made from time to time under that statute or statutory provision which is in force at the date of this Deed.

**1.7** **Singular, plural, gender** 

References to one gender include all genders and references to the singular include the plural and vice versa.

**1.8** **References to persons and companies** 

References to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8.1** a
 person include any company, partnership or unincorporated association (whether or not having separate legal personality); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8.2** a
 company include any company, corporation or body corporate, wherever incorporated.

**1.9** **Schedules etc.** 

References to this Deed shall include any Recitals and Schedules to it and references to Clauses and Schedules are to Clauses of, and Schedules to, this Deed. References to paragraphs and Parts are to paragraphs and Parts of the Schedules.

**1.10** **Headings** 

Headings shall be ignored in interpreting this Deed.

**1.11** **Reference to documents** 

References to any document (including this Deed and any documents in the Agreed Form), or to a provision in a document, shall be construed as a reference to such document or provision as amended, supplemented, modified, restated or novated from time to time.

**1.12** **Information** 

Any reference to books, records or other information means books, records or other information in any form including paper, electronically stored data, magnetic media, film and microfilm.

**1.13** **Non-limiting effect of words** 

The words "including", "include", "in particular" and words of similar effect shall not be deemed to limit the general effect of the words that precede them.

**1.14** **Meaning of "to the extent that" and similar expressions** 

In this Deed, "to the extent that" shall mean "to the extent that" and not solely "if", and similar expressions shall be construed in the same way.

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|:---|:---|
| **2** | **Allocation of Tax liabilities** |

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**2.1** This
 Clause 2 shall apply in determining the allocation of Tax liabilities for the purposes of Clauses 6 to 8 of this Deed.

**2.2** Subject
 to the remainder of this Clause 2, Clause 3 and Clause 7, from Completion any Tax liability arising to or payable by a Unilever Post
 Demerger Group Company or a TMICC Group Company shall be allocated between the Groups as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.1** any
 Tax liability that arises in a Unilever Post Demerger Group Company shall be allocated to the Unilever Post Demerger Group unless
 such Tax liability was incurred in relation to or in connection with the Demerging Business, in which case it shall be allocated
 to the TMICC Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.2** any
 Tax liability that arises in a TMICC Group Company shall be allocated to the TMICC Group unless such Tax liability was incurred in
 connection with a business or businesses carried on by the TMICC Group Company at any time prior to Completion which is not part
 of the Demerging Business, in which case it shall be allocated to the Unilever Post Demerger Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.3** any
 Tax liability that does not fall within either Clause 2.2.1 or Clause 2.2.2 shall remain with the relevant legal entity in which
 it sits at Completion and shall be allocated to the Group of which that entity is part.

**2.3** **Separation Taxes** 

Any Separation Tax Liability shall not be treated as being incurred in relation to or in connection with the Demerging Business for the purpose of Clauses 2.2.1 (or a business or businesses which is not part of the Demerging Business for the purpose of Clause 2.2.2), and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.1** any
 Separation Tax Liability arising to or payable by a Unilever Post Demerger Group Company shall be allocated to the Unilever Post
 Demerger Group other than any such Separation Tax Liability which is allocated to the TMICC Group in accordance with Clauses 2.4.2,
 2.5.2 or 2.6.2 below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.2** any
 Separation Tax Liability arising to or payable by a TMICC Group Company shall be allocated to the TMICC Group other than any such
 Separation Tax Liability which is allocated to the Unilever Post Demerger Group in accordance with Clauses 2.4.1, 2.5.1 or 2.6.1
 below.

**2.4** **Secondary Tax Liabilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.1** Any
 TMICC Secondary Tax Liability shall be allocated to the Unilever Post Demerger Group in circumstances where, if the relevant Tax
 had been paid by a Unilever Post Demerger Group Company, it would have been allocated to the Unilever Post Demerger Group in accordance
 with the other provisions of this Clause 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.2** Any
 Unilever Secondary Tax Liability shall be allocated to the TMICC Group in circumstances where, if the relevant Tax had been paid
 by a TMICC Group Company, it would have been allocated to the TMICC Group in accordance with the other provisions of this Clause

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5** **Clause 4 and Clause 5 Undertakings and Relevant Tax Basis Elections** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5.1** Any
 Tax liability arising to or payable by a TMICC Group Company which would not have been payable but for a breach by Unilever of any
 of the undertakings in Clauses 4.1, 4.3 and/or 5.4 of this Deed shall be allocated to the Unilever Post Demerger Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5.2** Any
 Tax liability arising to or payable by a Unilever Post Demerger Group Company which would not have been payable but for a breach
 by TMICC of any of the undertakings in Clauses 4.2, 5.1 and/or 5.2 of this Deed or clause 8.2 (*Ongoing assistance*) of the
 Demerger Agreement, or which would not have been payable but for the making of a Relevant Tax Basis Election by any member of the
 TMICC Group, shall be allocated to the TMICC Group.

**2.6** **Wrong Pockets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6.1** Any
 Tax liability arising to or payable by a TMICC Group Company in respect of any property, right, asset or Liability relating principally
 to the business of a Unilever Post Demerger Group Company, but which following Completion is found to be held or owned (either directly
 or indirectly) by a TMICC Group Company, and which the TMICC Group Company suffers as a result of holding such property, right, asset
 or Liability or transferring (including by novating) such property, right, asset or Liability to a Unilever Post Demerger Group Company
 in accordance with the provisions of an Internal Separation Document shall be allocated to the Unilever Post Demerger Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6.2** Any
 Tax liability arising or payable by a Unilever Post Demerger Group Company in respect of any property, right, asset or Liability
 relating principally to the business of a TMICC Group Company, but which following Completion is found to be held (either directly
 or indirectly) by a Unilever Post Demerger Group Company, and which the Unilever Post Demerger Group Company suffers as a result
 of holding such property, right, asset or Liability or transferring such property, right, asset or Liability to a TMICC Group Company
 in accordance with the provisions of an Internal Separation Document shall be allocated to the TMICC Group.

**2.7** **Other Tax Liabilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7.1** Any
 Tax liability not dealt with pursuant to Clauses 2.3 to 2.6 above which arises to or is payable by a Unilever Post Demerger Group
 Company which has transferred (or which transfers) Demerging Business it carried on (or carries on) to a TMICC Group Company pursuant
 to the Internal Separation and is in respect any Tax Period ending before the Relevant Transfer Date or in respect of a Straddle
 Period to the extent that it would be treated as arising (i) in respect of or arising from a Transaction occurring or deemed
 to have occurred before the Relevant Transfer Date; or (ii) by reference to profits earned, accrued, received or otherwise recognised
 before the Relevant Transfer Date on the basis of the apportionment specified in Clause 1.5 shall only be treated as having been
 incurred in relation to or in connection with the Demerging Business for the purpose of Clause 2.2.1 if either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such
 Tax liability is provided for or otherwise taken into account as a liability or potential liability of, or of any member of the TMICC
 Group (including in a tax risk provision or as a contingent liability) in the Carve-out Accounts, other than any such Tax liability
 comprising VAT if and to the extent that it is included in a current tax provision (but not a tax risk provision) in respect of accrued
 VAT in the Carve-out Accounts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such
 Tax liability is an Unanticipated Liability and would otherwise be regarded as having been incurred in relation to or in connection
 with the Demerging Business for the purpose of Clause 2.2.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7.2** Any
 Tax liability not dealt with pursuant to Clauses 2.3 to 2.6 above which arises to or is payable by a TMICC Group Company shall only
 be treated as having been incurred in relation to or in connection with a business or businesses other than a Demerging Business
 for the purpose of Clause 2.2.2 if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it
 is not provided for or otherwise taken into account as a liability or potential liability of, or of any member of the TMICC Group
 (including in a tax risk provision or as a contingent liability) in the Carve-out Accounts, other than any such Tax liability comprising
 VAT if and to the extent that it is included in a current tax provision (but not a tax risk provision) in respect of accrued VAT
 in the Carve-out Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such
 Tax liability is an Unanticipated Liability and would otherwise be regarded as having been incurred in relation to or in connection
 with a business or businesses other than the Demerging Business for the purposes of Clause 2.2.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7.3** Any
 Tax liability in respect of CFC Tax which is not dealt with pursuant to Clauses 2.3 to 2.6 above which arises to or is payable by
 a Unilever Post Demerger Group Company in respect any profits earned, accrued, received or otherwise recognised by a TMICC Group
 Company (the "**TMICC Subsidiary**") in respect of any Tax Period beginning after 30 June 2025 or in respect
 of a Straddle Period to the extent that the profits would be treated as earned, accrued, received or otherwise recognised after 30
 June 2025 on the basis of the apportionment specified in Clause 1.5 shall be treated as having been incurred in relation to
 or in connection with the Demerging Business for the purpose of Clause 2.2.1, save to the extent that a Tax liability in respect
 of CFC Tax is also treated as arising to a TMICC Group Company (the "**TMICC Parent**") in respect of the same such
 profits earned, accrued, received or otherwise recognised by the TMICC Subsidiary, in which case the Tax liability of the TMICC Parent
 shall be allocated to the TMICC Group and the Tax liability of the Unilever Post Demerger Group Company shall be allocated to the
 Unilever Post Demerger Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7.4** Any
 Tax liability in respect of Incremental Unilever Pillar Two Tax which is not dealt with pursuant to Clauses 2.3 to 2.6 above which
 arises to or is payable by a Unilever Post Demerger Group Company shall be treated as having been incurred in relation to or in connection
 with the Demerging Business for the purpose of Clause 2.2.1, save to the extent that a Tax liability in respect of Pillar Two Tax
 is also treated as arising to a TMICC Group Company in respect of the same profits earned, accrued, received or otherwise recognised
 by any TMICC Group Company or TMICC Group Companies as resulted in the Incremental Unilever Pillar Two Tax, in which case, and to
 that extent, the relevant Tax liability arising to the relevant TMICC Group Company in respect of Pillar Two Tax shall be allocated
 to the TMICC Group and the Tax liability of the relevant Unilever Post Demerger Group Company in respect of Incremental Unilever
 Pillar Two Tax shall be allocated to the Unilever Post Demerger Group.

**2.8** For
 the purposes of Clause 2.2.1, a Tax liability of a Unilever Post Demerger Group Company shall not be treated as being incurred in
 relation to or in connection with the Demerging Business unless and to the extent that the relevant Tax liability or any identifiable
 part thereof (as opposed to a proportion of the total amount) is directly referable to a Transaction or an asset of, or profits earned,
 accrued, received or otherwise recognised in respect of, the Demerging Business, or falls within Clause 2.7.1(i).

**2.9** For
 the purposes of Clause 2.2.2, a Tax liability of a TMICC Group Company shall not be treated as being incurred in relation to or in
 connection with a business or businesses which is not part of the Demerging Business unless and to the extent that the relevant Tax
 liability or any identifiable part thereof (as opposed to a proportion of the total amount) is directly referable to a Transaction
 or asset of, or profits earned, accrued, received or otherwise recognised in respect of, such other business or businesses, and falls
 within Clause 2.7.2(i).

**2.10** For
 the avoidance of doubt, any type or category of Tax liability not specifically dealt with pursuant to Clauses 2.3 to 2.7 shall be
 allocated in accordance with Clause 2.2 (subject to Clauses 2.8 and 2.9).

**2.11** Any
 Tax liability allocated to the Unilever Post Demerger Group in accordance with Clauses 2.2 to 2.7 above shall comprise a "**Unilever Tax Liability**" for the purpose of this Deed and the Unilever Post Demerger Group shall bear the economic burden of such
 Tax liabilities. Any Tax liability allocated to the TMICC Group in accordance with Clauses 2.2 to 2.7 above shall comprise a "**TMICC Tax Liability**" for the purpose of this Deed and the TMICC Group shall bear the economic burden of such Tax liabilities.

**2.12** For
 the purposes of this Clause 2, a Group will be treated as bearing the economic burden of a Tax liability to the extent that it is
 reasonable to suppose that, in light of any payment, reimbursement, transfer of profits, surrender of Reliefs or Tax consolidation
 agreement, the economic burden of the Tax liability has been and, following the Demerger, continues to be borne by a member of that
 Group and not by a member of the other Group.

**2.13** Where
 a Tax liability arises or is payable by a Unilever Post Demerger Group Company as Principal Company under a Group Tax Arrangement
 and relates to the Tax liabilities of, or Tax attributable to a Transaction or profits of, a TMICC Group Company (including, for
 the avoidance of doubt, where such Transaction or profits of a TMICC Group Company which is a disregarded entity of a Unilever Post
 Demerger Group Company for US Federal income tax purposes are regarded for such purposes as being those of the Unilever Post Demerger
 Group Company of which it is a disregarded entity), that Separation Tax Liability or other Tax liability shall, for the purposes
 of Clauses 2.2 to 2.7 be treated as not arising to or payable by a Unilever Post Demerger Group Company and instead shall be treated
 as arising to or payable by the relevant TMICC Group Company.

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| | |
|:---|:---|
| **3** | **Separation Tax Liabilities - Further Provisions** |

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The Parties acknowledge that certain of the Internal Reorganisation Documents contain provisions relating to VAT and/or Transfer Taxes which may be payable in respect of the transfer of Demerging Business pursuant to the relevant Internal Reorganisation Document and that nothing in this Deed is intended to override those provisions, subject to Schedule 1 of this Deed.

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| | |
|:---|:---|
| **4** | **Chargeable payment covenants and return obligations** |

---

**4.1** Unilever
 undertakes to TMICC that neither it nor any Unilever Post Demerger Group Company will make any Chargeable Payment within five years
 of Completion.

**4.2** TMICC
 undertakes to Unilever that neither it nor any TMICC Group Company will make any Chargeable Payment within five years of Completion.

**4.3** Unilever
 shall, and shall procure that each other Unilever Post Demerger Group Company shall, comply with any obligation of the relevant company
 to make a return under sections 1095(1), 1096(1) and/or 1096(3) CTA 2010.

**4.4** TMICC
 shall, and shall procure that each other TMICC Group Company shall, comply with any obligation of the relevant company to make a
 return under sections 1096(1) and/or 1096(3) CTA 2010.

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| | |
|:---|:---|
| **5** | **Restrictions on Members of the TMICC Group and the Unilever Post Demerger Group** |

---

**5.1** TMICC
 undertakes to Unilever that neither it nor any TMICC Group Company will take or fail to take, as applicable, any action where such
 action or failure to act would be inconsistent with or cause to be untrue any statement, information, covenant, or representation
 in the US Tax Materials.

**5.2** TMICC
 undertakes to Unilever that neither it, nor any TMICC Group Company will, during the Restricted Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.1** engage
 in any transaction that would result in the cessation or discontinuance of any Active Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.2** (i) in
 the case of TMICC, or any TMICC Group Company that was the "controlled corporation" in an Internal Distribution, liquidate
 or partially liquidate (including taking any action that is a liquidation for US federal income tax purposes), or enter into any
 agreement, understanding, or arrangement with respect to the foregoing, or (ii) in the case of any TMICC Group Company that
 was the "controlled corporation" in an Internal Distribution, merge or consolidate into another Person, or enter into
 any agreement, understanding, or arrangement with respect to the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.3** (i) enter
 into any Proposed Acquisition Transaction or, to the extent TMICC or any other TMICC Group Company has the right or ability to prevent
 or prohibit any Proposed Acquisition Transaction, permit any Proposed Acquisition Transaction to occur, (ii) redeem or otherwise
 repurchase TMICC Capital Stock, except to the extent such repurchases satisfy Section 4.05(1)(b) of Revenue Procedure 96-30
 (as in effect prior to the amendment of such Revenue Procedure by Revenue Procedure 2003-48), (iii) amend its certificate of
 incorporation (or other organisational documents), issue a new class of non-voting stock, or take any other action, whether through
 a stockholder vote or otherwise, affecting the relative voting rights of its Capital Stock (including through the conversion of any
 Capital Stock into another class of Capital Stock), (iv) merge or consolidate with any other Person or (v) take any other
 action or actions (including any action or transaction that would be reasonably likely to be inconsistent with any representation
 made in the US Tax Materials) that in each case of (i) through (v), above, in the aggregate would, when combined with any other
 transactions described in Clause 5.2, have the effect of causing or permitting one or more Persons (whether or not acting in concert)
 to acquire directly or indirectly stock representing a forty percent (40%) or greater interest in TMICC (or in any TMICC Group Company
 that was a party to an Internal Distribution) or would be reasonably likely to jeopardise the tax-free status of the Demerger or
 any Internal Distribution under Sections 355, 361, or 368(a)(1)(D) of the Code (the "**Tax-Free Status** "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.4** sell,
 transfer, or otherwise dispose of or agree to, sell, transfer or otherwise dispose of (including in any transaction treated for US
 federal income tax purposes as a sale, transfer, or disposition) assets that, in the aggregate, constitute more than twenty percent
 (20%) of the gross assets of any Active Business or more than twenty percent (20%) of the consolidated gross assets of TMICC or the
 TMICC Group. The foregoing sentence shall not apply to (1) sales, transfers, or dispositions of assets in the ordinary course
 of business, (2) any cash paid to acquire assets from an unrelated Person in an arm's-length transaction, (3) any
 assets transferred to a Person that is disregarded as an entity separate from the transferor for US federal income tax purposes,
 (4) any mandatory or optional repayment (or prepayment) of any indebtedness of TMICC or any member of the TMICC Group, or (5) any
 sale, transfer, or other disposition (including any sale, transfer, or other disposition structured as a merger, consolidation or
 liquidation) by (i) one member to another member of the Magnum US HoldCo "separate affiliated group" (within the
 meaning of Section 355(b)(3)) of the Code (the "**Magnum US HoldCo SAG** "), (ii) one member (other than
 a member of the Magnum US HoldCo SAG) to another member of the Magnum US SpinCo "separate affiliated group" (within the
 meaning of Section 355(b)(3)) of the Code (the "**Magnum US SpinCo SAG**") or (iii) one member (other than
 a member of the Magnum US SpinCo SAG) to another member of the TMICC "separate affiliated group" as defined in Section 355(b)(3)(B) of
 the Code. The percentages of gross assets or consolidated gross assets of TMICC or the TMICC Group, as the case may be, sold, transferred,
 or otherwise disposed of, shall be based on the fair market value of the gross assets of TMICC and the members of the TMICC Group
 as of the date of Completion. For purposes of this Clause 5.2.4, a merger of TMICC or a TMICC Group Company with and into any Person
 that is not a member of the TMICC Group shall constitute a disposition of all of the assets of TMICC or such TMICC Group Company,
 as the case may be.

**5.3** Notwithstanding
 the restrictions imposed by Clause 5.2, TMICC or a member of the TMICC Group may take any of the actions described therein if TMICC
 obtains (i) a private letter ruling (including a supplemental ruling, if applicable) from the IRS (a "**US Tax Ruling** ")
 that is reasonably satisfactory to Unilever that such action will not affect the Tax-Free Status, (ii) an unqualified "will"
 opinion reasonably acceptable by Unilever from a nationally recognised law firm or accounting firm approved by Unilever (an "**Unqualified US Tax Opinion**") that such action will not affect the Tax-Free Status, provided that the Unqualified US Tax Opinion must
 assume that the Demerger or the Internal Distributions, as relevant, would have qualified for such tax-free status without regard
 to the restricted action, or (iii) the prior written consent of Unilever. Unilever's evaluation of a US Tax Ruling or
 an Unqualified US Tax Opinion may consider, among other factors, the appropriateness of any underlying assumptions, representations,
 and covenants made in connection with such ruling or opinion (and, for the avoidance of doubt, Unilever may determine that no ruling
 or opinion would be acceptable to Unilever). Unilever will cooperate with TMICC and use commercially reasonable efforts in connection
 with obtaining any US Tax Ruling or Unqualified US Tax Opinion. TMICC shall bear all costs and expenses of securing any such US Tax
 Ruling or Unqualified US Tax Opinion and shall reimburse Unilever for all reasonable out-of-pocket expenses (including fees of external
 legal counsel and external Tax advisors) that Unilever may incur in good faith in seeking to obtain or evaluate any such US Tax Ruling
 or Unqualified US Tax Opinion. The delivery of a US Tax Ruling, an Unqualified US Tax Opinion, or Unilever's consent pursuant
 to this Clause 5.3 will not relieve TMICC from any indemnification obligation pursuant to Clause 6 or otherwise under this Deed.

**5.4** Unilever
 undertakes to TMICC that neither it nor any Unilever Post Demerger Group Company will take or fail to take, as applicable, any action
 where such action or failure to act would be inconsistent with or cause to be untrue any statement, information, covenant, or representation
 in the US Tax Materials.

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| | |
|:---|:---|
| **6** | **Indemnities** |

---

**6.1** Unilever
 shall pay, or shall procure that the Relevant Member (as defined at Clause 6.3 below) of the Unilever Post Demerger Group pays to
 TMICC or the Relevant Member of the TMICC Group an amount equal to any Unilever Tax Liability the economic burden of which is borne,
 or would otherwise be borne, by the TMICC Group.

**6.2** TMICC
 shall pay, or procure that it or the Relevant Member of the TMICC Group pays to Unilever or the Relevant Member of the Unilever Post
 Demerger Group an amount equal to any TMICC Tax Liability, the economic burden of which is borne, or would otherwise be borne, by
 the Unilever Post Demerger Group,

such Unilever Tax Liability referred to in Clause 6.1 above and such TMICC Tax Liability as referred to in this Clause 6.2 (as applicable) being an "**Indemnified Tax Liability**".

**6.3** For
 the purposes of this Deed, the "**Relevant Member**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.1** in
 the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Indemnifying Group, the Group Company to which the Indemnified Tax Liability is most closely attributable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Indemnified Group, the Group Company which has (or would otherwise have) suffered the Indemnified Tax Liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.2** to
 the extent that Unilever or TMICC has failed to procure payment by the Relevant Member of its Group pursuant to Clause 6.1 or Clause
 6.2 as applicable, or to the extent that no Relevant Member is identified by Clause 6.3 within five (5) Business Days of the
 due date for payment given by Clause 8 of this Deed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of the Unilever Post Demerger Group, Unilever; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of the TMICC Group, TMICC,

or such other entity as is agreed between the Parties.

**6.4** The
 Parent of the Indemnifying Group will (or, where the Parent is not the Relevant Member, will or will procure that the Relevant Member
 of the Indemnifying Group will) also pay to the other Parent or Relevant Member of the Indemnified Group any reasonable costs and
 expenses (including the costs and expenses of taking any successful action under this Deed) properly incurred or payable by the Indemnified
 Group in connection with a claim made pursuant to Clause 6.1 or Clause 6.2 as applicable.

**6.5** Unilever
 (and any member of the Unilever Post Demerger Group) shall not have any obligation to make a payment it would otherwise have under
 Clause 6.1 if and to the extent that a member of the Unilever Post Demerger Group has made a payment to a member of the TMICC Group
 in respect of the same Unilever Tax Liability pursuant to an Equivalent Provision.

**6.6** TMICC
 (and any member of the TMICC Group) shall not have any obligation to make a payment it would otherwise have under Clause 6.2 if and
 to the extent that a member of the TMICC Group has made a payment to a member of the Unilever Post Demerger Group in respect of the
 same TMICC Tax Liability pursuant to an Equivalent Provision.

**6.7** With
 effect from Completion, as soon as reasonably practicable after TMICC or Unilever becomes aware of any Tax liability or potential
 Tax liability of a member of their respective Groups which should be allocated to the other Group in accordance with the Clause 2
 and which could give rise to an Indemnified Tax Liability, the Parent of the Indemnified Group shall provide written notice (a "**Liability Notice**") of the same to the Parent of the Indemnified Group.

**6.8** The
 Liability Notice shall specify in reasonable detail to the extent known:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 basis on which it is considered that the relevant Tax liability should be allocated to the Indemnifying Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 member or members of the Indemnified Group to which the relevant Tax liability is considered to have arisen; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) insofar
 as it is reasonably practicable to determine (but without prejudice to the final determination of the amount of the Tax liability),
 an estimate of the monetary amount of the Tax liability which the Indemnified Group reasonably expects to arise to the relevant member
 of members of the Indemnified Group and it is therefore it is considered should be allocated to the Indemnifying Group,

provided that failure to specify any of the matters set out in this Clause 6.8 shall not affect the rights of the Indemnified Group except if and to the extent that the Indemnifying Group is prejudiced by the failure.

**6.9** If
 the Parent of the Indemnifying Party Group disputes the content of a Liability Notice, then it may, up to ten (10) Business
 Days after receipt of the Liability Notice, give written notice (a "**Dispute Notice**") to the Parent of the Indemnified
 Group stating that it disagrees with the Liability Notice including a reasonable description of why it disagrees with such notice.

**6.10** If
 a Dispute Notice is provided to the Parent under Clause 6.9, the Parent of the Indemnified Group and the Parent of the Indemnifying
 Group agree to cooperate in good faith and use reasonable endeavours to resolve the matter(s) in dispute included in the Dispute
 Notice.

**6.11** If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 dispute arises between the Parent of the Indemnified Group and the Parent of the Indemnifying Group in connection with Clause 6.9;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Parent of the Indemnified Group and the Parent of the Indemnifying Group fail to reach agreement pursuant to Clause 6.10 within fifteen
 (15) Business Days after the Dispute Notice is provided to the Parent of the Indemnified Group under Clause 6.9,

a Party may escalate the dispute in accordance with clause 15 of the Demerger Agreement; provided that, where the potential Tax liability is being disputed with a Tax Authority, any such escalation may be deferred pending the outcome of that dispute (in which case the dispute shall be treated as a Joined Tax Claim for the purposes of the conduct provisions in Clause 10).

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| | |
|:---|:---|
| **7** | **Exclusions and Limitations** |

---

**7.1** The
 Indemnifying Group shall not be liable in respect of any claim under Clause 6 or any Equivalent Provision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.1** in
 respect of penalties, fines or interest, to the extent that such penalties, fines or interest are attributable to unreasonable delay
 by an Indemnified Group Company other than to the extent that such delay is directly attributable to the failure of an Indemnifying
 Group Company to comply with its obligations under this Deed, the Demerger Agreement, a Transaction Document or an Internal Separation
 Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.2** in
 respect of any Tax liability where such liability arises, directly or indirectly, from the fraud of a member of the Indemnified Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.3** in
 respect of any Tax liability, to the extent that the liability arises or is increased as a result of any Relevant Change of Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.4** to
 the extent that recovery is made or has been made in respect of the same matter elsewhere under this Deed, the Demerger Agreement,
 any other Transaction Document or otherwise (including, without limitation, under any Group Payment Arrangement or by virtue of the
 surrender of a Relief which is made available for no consideration by a member of the Indemnifying Group);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.5** in
 respect of any Tax liability, to the extent that such Tax would not have been payable but for a breach by TMICC of any of the undertakings
 in Clauses 4.2, 4.4, 5.1 and/or 5.2 of this Deed (where the Indemnified Group is the TMICC Group) or a breach by Unilever of any
 of the undertakings in Clauses 4.1, 4.3 and/or 5.4 of this Deed (where the Indemnified Group is the Unilever Post Demerger Group);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.6** in
 respect of a payment which relates to Clause 2.6, unless the relevant Indemnified Group Company transfers the relevant property,
 right, asset or Liability to the appropriate Indemnifying Group Company) in accordance with the provisions of an Internal Separation
 Document, and the amount of any income, profits or other benefit attributed to or derived from such item which the relevant Indemnified
 Group Company has received as a result of holding that item and which is not so transferred, shall be set off against any amounts
 owing by the Indemnifying Group Company in respect of Clause 2.6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.7** in
 respect of any Tax liability if and to the extent that such Tax liability would not have arisen but for a failure of the Parent of
 the Indemnified Group to comply with any of its obligations under this Deed.

**7.2** The
 Indemnifying Group shall not be liable for any claim under Clause 6 or any Equivalent Provision unless a Liability Notice in respect
 of the claim (or, in the case of any costs and expenses under Clause 6.4, written notice of the claim) is given by the Parent of
 the Indemnified Group to the Parent of the Indemnifying Group by the date falling 10 (ten) years after the date of Completion.

**7.3** A
 Parent of an Indemnified Group and the members of its Group shall not be entitled be indemnified, to recover damages or otherwise
 obtain reimbursement or restitution between them more than once in respect of the same Liability under this Deed, the Demerger Agreement,
 any other Transaction Document or any Internal Separation Document.

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| | |
|:---|:---|
| **8** | **Due date for payment** |

---

**8.1** The
 due date for payment to be made pursuant to Clause 6.1 and 6.2 this Deed shall be the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.1** the
 date falling ten (10) Business Days after the date of service of a notice under Clause 7.2 by TMICC or, as the case may be,
 Unilever in respect of the relevant matter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.2** if
 applicable, whichever of the following dates is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of a liability to make an actual payment of Tax to a Tax Authority where the Tax has not at the date of the notice under
 Clause 7.2 become due and payable to the relevant Tax Authority, the date falling five (5) Business Days before the latest date
 (taking into account the conduct of the matter giving rise to the claim) by which that Taxation is due and payable to the relevant
 Tax Authority, provided that if in the course of an appeal the date on which the Taxation is due and payable is postponed following
 an application to the relevant Tax Authority, court or tribunal, the due date for payment shall be five (5) Business Days before
 such later date when the amount of Taxation becomes due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of a liability in respect of an actual payment other than to a Tax Authority, three (3) Business Days before the latest
 date on which the payment giving rise to the liability is required to be made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 the case of the setting off against profits or against any Tax liability of a Unilever Relief or an TMICC Relief as applicable, ten
 (10) Business Days following the date on which the relevant Taxation liability would have been due and payable to the relevant
 Tax Authority but for the use or setting off of the relevant Unilever Relief or TMICC Relief as applicable.

**8.2** The
 due date for payment pursuant to Clause 6.4 of this Deed shall be the date falling ten (10) Business Days after the date of
 service of a notice under Clause 7.2 by TMICC or, as the case may be, Unilever in respect of the relevant costs and expenses.

**8.3** If
 any claim in respect of which a payment has been made under this Deed is subsequently determined to be less than the amount by reference
 to which that payment was calculated, an appropriate amount shall be repaid to the payor within five (5) Business Days of such
 determination.

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| | |
|:---|:---|
| **9** | **Further provisions regarding the use of Reliefs** |

---

**9.1** **VAT credits** 

Consistent with the allocation of VAT liabilities in accordance with Clause 2.7.1, notwithstanding that any refunds or credits in respect of VAT arising to a Unilever Post Demerger Group Company may be allocated to the TMICC Group in the Carve-out Accounts, neither Unilever nor any other member of the Unilever Post Demerger Group shall be required to make payment to TMICC or any other member of the TMICC Group in respect of such refunds or credits.

**9.2** **Tax Adjustment Refunds** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.1** If
 any TMICC Group Company has obtained, or is entitled to obtain, from a Tax Authority a Tax Adjustment Refund, the amount of the Tax
 Adjustment Refund (for the avoidance of doubt including any interest or repayment supplement), less any reasonable costs and expenses
 of recovery (which shall include any Tax liability on the Tax Adjustment Refund after giving credit for any Relief that will be available
 as a result of such payment) shall be paid by TMICC (or TMICC shall procure that it is paid by the relevant TMICC Group Company)
 to Unilever (or to another member of the Unilever Post Demerger notified by Unilever in writing) within ten (10) Business Days
 of Tax Adjustment Refund being obtained (including by way of credit or offset against a Tax liability for which Unilever is not liable
 under this Deed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.2** If
 any member of the TMICC Group discovers or is otherwise aware that any Tax Adjustment Refund has been obtained, TMICC shall, or shall
 procure that the TMICC Group Company concerned shall, as soon as reasonably practicable, give full details to Unilever and TIMCC
 shall, or shall procure that the TMICC Group Company concerned shall, supply to Unilever such information as it may reasonably require
 to verify the amount of the Tax Refund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.3** If
 Unilever or any other member of the Unilever Post Demerger Group reasonably considers that a member of the TMICC Group is or may
 be entitled to obtain a Tax Refund to which this Clause 9.2 would apply or a recovery to which Clause 11 would apply, TMICC shall
 procure that the relevant TMICC Company takes such steps as may be reasonably requested by Unilever (at the cost of Unilever) to
 obtain the refund (including taking any action pursuant to the mutual agreement procedure provided for in an applicable double taxation
 convention).

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| | |
|:---|:---|
| **10** | **Claims** |

---

**10.1** If
 any member of the Unilever Post Demerger Group becomes aware of any matter which could give rise to a claim against the TMICC Group
 under Clause 6 or any Equivalent Provision, Unilever shall procure that written notice thereof is given to TMICC as soon as reasonably
 practicable. If any member of the TMICC Group becomes aware of any matter which could give rise to a claim against the Unilever Group
 under Clause 6 or any Equivalent Provision, TMICC shall procure that written notice thereof is given to Unilever as soon as reasonably
 practicable.

**10.2** Unilever
 and TMICC shall, and shall procure that the other relevant members of, respectively, the Unilever Post Demerger Group and the TMICC
 Group shall, consult with one another so far as reasonably practicable in relation to the conduct of any dispute or potential dispute
 with a Tax Authority or other third party which could give rise to a claim against the other Group under Clause 6 or any Equivalent
 Provision (a "**Third Party Tax Claim**") and shall take reasonable account of each other's views before taking
 any action in relation to the Third Party Tax Claim.

**10.3** Subject
 to Clauses 10.4 and 10.5, in the case of a Third Party Tax Claim:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.1** no
 admissions in relation to the Third Party Tax Claim shall be made by any member of the Indemnified Group on behalf of any member
 of the Indemnifying Group and the Third Party Tax Claim shall not be compromised, disposed, settled or otherwise dealt with without
 the written consent of the Parent of the Indemnifying Group, such consent not to be unreasonably withheld, conditioned or delayed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.2** subject
 to a member of the Indemnifying Group indemnifying the relevant members of the Indemnified Group against all reasonable costs and
 expenses (including legal and professional costs and expenses) the Parent of the Indemnified Group shall procure that the relevant
 members of the Indemnified Group shall take such action as the Parent of the Indemnifying Group may reasonably request to avoid dispute,
 deny, defend, resist appeal, compromise, mitigate or contest the Third Party Tax Claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.3** the
 Parent of the Indemnified Group shall procure that the relevant member or members of the Indemnified Group shall retain and preserve
 all relevant documents, records, correspondence, accounts and other information within the power, possession or control of any member
 of the Indemnified Group which are or could reasonably be considered relevant in connection with the Third Party Tax Claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.4** the
 Parent of the Indemnified Group shall, and shall procure that any other member of the Indemnified Group shall, subject to a member
 of the Indemnifying Group indemnifying the relevant members of the Indemnified Group against all reasonable costs and expenses, procure
 that the Parent of the Indemnifying Group and its duly authorised agents are (on reasonable notice in writing) given all such information
 and assistance including access to premises and personnel, and the right to examine and copy or photograph any assets, accounts,
 documents and records, as the Parent of the Indemnifying Group may reasonably request to enable it to exercise its rights under this
 Clause 10;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.5** the
 Parent of the Indemnified Group shall, or shall procure that the Relevant Member of the Indemnified Group (if different) shall, keep
 the Parent of the Indemnifying Group informed as to material developments in the dispute and shall promptly (but in any case within
 a period of fifteen (15) Business Days of receipt) provide or forward or procure to be provided or forwarded to the Parent of the
 Indemnifying Group and (if different) the Relevant Member of the Indemnifying Group copies of all correspondence and other written
 communications (including e-mail communications) and information relating to the Third Party Tax Claim obtained or received by any
 member of the Indemnified Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.6** the
 Parent of the Indemnified Group shall, or shall procure that the Relevant Member of the Indemnified Group (if different), shall provide
 a reasonable opportunity for the Parent of the Indemnifying Group to make comments on any material document (or relevant extract
 therefrom) to be submitted to a Tax Authority or court or tribunal or other appeal body or other third party in the course of the
 dispute; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.7** the
 Parent of the Indemnified Group shall, or shall procure that the Relevant Member of the Indemnified Group (if different) and any
 other relevant member of the Indemnified Group shall, take reasonable account of the comments of the Parent of the Indemnifying Group
 in finalising such document.

**10.4** In
 relation to any dispute or potential dispute with a Tax Authority which relates to any matter which could give rise to a Tax liability
 for the Indemnified Group which is not an Indemnified Tax Liability (an "**Unindemnified Tax Liability**") as well
 as to a Tax liability for the Indemnified Group which is an Indemnified Tax Liability (a "**Joined Tax Claim**") and
 the conduct of the dispute in relation to the Indemnified Tax Liability cannot reasonably be bifurcated from the conduct of the dispute
 in relation to the Unindemnified Tax Liability, the provisions of Clause 10.3.2 shall not apply and instead the relevant member or
 members of Indemnified Group shall be entitled to take such action as they may reasonably consider appropriate to avoid dispute,
 deny, defend, resist appeal, compromise, mitigate or contest the Joined Tax Claim, subject to the remainder of Clause 10.3 insofar
 as the Joined Tax Claim also comprises a Third Party Tax Claim.

**10.5** Where
 Clause 10.4 applies and the Indemnified Group wishes to compromise, dispose, settle or otherwise deal with the Joined Tax Claim,
 in determining whether any failure by the Parent of the Indemnifying Group to provide written consent in relation thereto (or any
 delay in giving such consent or the attaching of any condition to such consent) is reasonable or unreasonable for the purposes of
 Clause 10.3.1 and in determining whether the Parent of the Indemnified Group, Relevant Member of the Indemnified Group or other relevant
 member of the Indemnified Group has taken reasonable account of the comments of the Parent of the Indemnifying Group for the purposes
 of Clause 10.3.7, account shall be taken (*inter alia*) of whether the proposed action strikes a fair and reasonable balance
 between the legitimate interests of the two Groups.

**10.6** Where
 any action is taken in respect of a Joined Tax Claim, the reasonable costs and expenses of taking that action shall be shared between
 the Indemnifying Group and the Indemnified Group pro rata to the amount of the Indemnified Tax Liability and the Unindemnified Tax
 Liability that was the subject to the Joined Tax Claim.

**10.7** Notwithstanding
 the other provisions of this Clause 10, no member of the TMICC Group or the Unilever Post Demerger Group (as applicable) shall be
 required to take any action or refrain from taking any action, if the relevant member of the TMICC Group or the Unilever Post Demerger
 Group, considers such action or omission may be unduly onerous or materially prejudicial to it or to its business or to the Tax affairs
 of it or its Group.

**10.8** The
 Indemnified Group shall be at liberty without reference to the Indemnifying Group to deal with any matter if the Indemnifying Group
 delays unreasonably in making any such request as is mentioned in Clause 10.3.2 provided that the Parent of the Indemnified Group
 has notified the Parent of the Indemnifying Group of its intention to so deal with the matter and has afforded the Indemnifying Group
 a period of five (5) Business Days to respond.

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| | |
|:---|:---|
| **11** | **Recovery from Third Parties** |

---

**11.1** If
 an Indemnifying Group Company pays an amount to an Indemnified Group Company in respect of an Indemnified Tax Liability pursuant
 to Clause 6 or pursuant to an Equivalent Provision, and an Indemnified Group Company (whether or not the same Indemnified Group Company)
 is or becomes entitled to recover from some other person (including a Tax Authority but not including another Indemnified Group Company)
 any sum in respect of the relevant Indemnified Tax Liability including pursuant a mutual agreement procedure or similar determination
 by a Tax Authority, then the Indemnified Group Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as
 soon as reasonably practicable, notify the Parent of the Indemnifying Group of such entitlement and shall take such action (including
 allowing the Parent of the Indemnifying Group to take conduct of any action) as the Indemnifying Group may reasonably request to
 enforce that recovery at the expense of the Indemnifying Group, and shall keep the Indemnifying Group informed of the progress of
 any action taken by the Indemnified Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) account
 to the Relevant Member of the Indemnifying Group or as directed by the Parent of the Indemnifying Group within ten (10) Business
 Days of recovering any such amount for the whole of any sum so recovered (including any interest or repayment supplement paid to
 the Indemnified Group) less any reasonable costs and expenses of recovery that have not previously been borne or reimbursed by the
 Indemnifying Group pursuant to paragraph (i) above (including any Taxation which would not have been incurred but for the recovery
 of that amount) up to an amount not exceeding the amount of any such payment previously made by the Indemnifying Group in respect
 of such liability, less any Taxation which would not have been incurred but for the recovery of that payment.

**11.2** If
 the Parent of the Indemnifying Group or any other member of the Indemnifying Group reasonably considers that a member of the Indemnified
 Group is or may be entitled to obtain a sum to which Clause 11.1 would apply, the Parent of the Indemnified Group shall procure that
 the relevant Indemnified Group Company takes such steps as may be reasonably requested by the Parent of the Indemnifying Group (at
 the cost of that Parent) to obtain the refund (including taking any action pursuant to the mutual agreement procedure provided for
 in an applicable double taxation convention).

---

| | |
|:---|:---|
| **12** | **Computations and returns** |

---

**12.1** **General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.1** Unilever
 shall have overall responsibility for preparing and submitting (or for procuring the preparation and submission of) all Tax Documents
 of a Unilever Post Demerger Group Company for all Tax Periods and for dealing with all negotiations, correspondence and agreements
 with respect to all such Tax Documents and for finalising the Tax liabilities of the Unilever Post Demerger Group Companies for all
 Tax Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.2** TMICC
 shall have overall responsibility for preparing and submitting and dealing with (or for procuring the preparation and submission
 of) all Tax Documents of a TMICC Group Company for all Tax Periods to the extent not dealt with prior to Completion and for dealing
 with all negotiations, correspondence and agreements with respect to all such Tax Documents and for finalising the Tax liabilities
 of the TMICC Group Companies for all Tax Periods to the extent not dealt with prior to Completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.3** Insofar
 as any Tax Document of a Unilever Post Demerger Group Company is prepared on a basis that could reasonably be expected to result
 in an Indemnified Tax Liability for the TMICC Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unilever
 shall procure that TMICC receives drafts of such Tax Document or the relevant parts of such Tax Document in advance of such Tax Document
 being sent to the relevant Tax Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Unilever
 shall procure that reasonable account is taken of the written comments of TMICC on such Tax Document, provided that such comments
 are received on a timely basis. In determining whether any comments are received on a timely basis, account shall be taken of the
 date on which the draft has been received and the date on which the relevant Tax Document is to be sent to the relevant Tax Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Unilever
 shall procure that TMICC is kept informed of the progress of, and is consulted in relation to, matters relating to such Tax Document;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Unilever
 shall procure that TMICC receives copies of, or extracts from, material written correspondence to, or from, any Tax Authority insofar
 as it is relevant to the matters referred to in this Clause 12.1.3, where such correspondence is sent to or by a member of the Unilever
 Post Demerger Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.4** Insofar
 as any Tax Document of a TMICC Group Company is prepared on a basis that could reasonably be expected to result in an Indemnified
 Tax Liability for the Unilever Post Demerger Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) TMICC
 shall procure that Unilever receives drafts of such Tax Document or the relevant parts of such Tax Document in advance of such Tax
 Document being sent to the relevant Tax Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) TMICC
 shall procure that reasonable account is taken of the written comments of Unilever on such Tax Document, provided that such comments
 are received on a timely basis. In determining whether any comments are received on a timely basis, account shall be taken of the
 date on which the draft has been received and the date on which the relevant Tax Document is to be sent to the relevant Tax Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) TMICC
 shall procure that Unilever is kept informed of the progress of, and is consulted in relation to, matters relating to such Tax Document;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) TMICC
 shall procure that Unilever receives copies of, or extracts from, material written correspondence to, or from, any Taxation Authority
 insofar as it is relevant to the matters referred to in this Clause 12.1.4, where such correspondence is sent to or by a member of
 the TMICC Group.

**12.2** **Elections** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2.1** Where:
 (i) any Tax Document has been submitted before Completion on the basis that an Election will be made for any Taxation purpose
 or the Demerger Reorganisation Steps Plan envisages that an Election will be made for any Tax purpose; and (ii) a failure to
 make such Election would or may result in a Tax liability arising to the other Group or give rise to an Indemnified Tax Liability
 for the other Group then, unless the Parents agree otherwise, Unilever and/or TMICC (as appropriate) shall procure that the relevant
 Election is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2.2** Where
 (i) any Election has been made or any Tax Document has been filed by or on behalf of a Group Company for any Taxation purpose
 prior to Completion; and (ii) the withdrawal, revocation or disturbance of such Election or the amendment of, or the making
 of any voluntary disclosure in relation to, such Tax Document would or may result in a Tax liability for the other Group or give
 rise to an Indemnified Tax Liability for the other Group, then Unilever and/or TMICC (as appropriate) shall procure that the relevant
 Election is not withdrawn or revoked or otherwise disturbed or that the Tax Document is not amended or that a voluntary disclosure
 is not made, without receiving the consent in writing of the Parent of the other Group (such consent not to be unreasonably withheld
 or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2.3** Unilever
 and TMICC shall each procure that members of their respective Groups shall inform the Parent of the other Group before making any
 other Election for any Taxation purpose which could reasonably be expected to result in a Tax liability for the other Group or give
 rise to an Indemnified Tax Liability for the other Group (a "**Relevant Election** "). Unilever and TMICC shall each
 procure that the members of their respective Groups do not make a Relevant Election without receiving the consent in writing of the
 Parent of the other Group (such consent not to be unreasonably withheld or delayed). The provisions of this Clause 12.2.3 shall not
 apply from the date falling 10 (ten) years after the date of Completion,

**12.3** **Consolidated Returns** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3.1** Unilever
 shall be responsible for preparing, filing and dealing with (or procuring the preparation, filing and dealing with) all Consolidated
 Returns which relate to both one or more Unilever Post Demerger Group Companies and one or more TMICC Group Companies for periods
 in which any TMICC Group Company forms part of the relevant filing, and Clause 12.1.3(i) to (iv) shall apply in relation
 thereto (reading references to a Tax Document as references to the relevant part of a Consolidated Return or extracts therefrom).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3.2** TMICC
 shall procure that the relevant member of the Unilever Post Demerger Group is provided with such information and data in relation
 to the TMICC Group Companies which form part of the filing as it may reasonably require for the purpose of dealing with any Consolidated
 Returns referred to in paragraph 12.3.1 and shall ensure that all such information and data so provided is complete and accurate
 in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3.3** The
 Parties shall (and shall procure that the relevant members of their Groups shall) make all such claims, returns, filings, notices
 and elections as are assumed or contemplated for the purpose of any Consolidated Return.

**12.4** **Reasonable Assistance and Access** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4.1** Unilever
 shall procure that TMICC and its duly authorised agents are (on reasonable notice in writing to Unilever) afforded such reasonable
 assistance as may be reasonably required to enable TMICC to discharge its obligations or exercise its rights under this Clause 12
 and to enable the TMICC Group and the TMICC Group Companies to comply with their own Taxation obligations or facilitate the management
 or settlement of their own Taxation affairs, and in particular to enable TMICC Group Companies to comply with their own obligations
 to file returns relating to Taxation with any Tax Authority where such returns are in respect of Tax Periods ending prior to 1 July 2025
 and which, as at the date of Completion, have not been filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4.2** TMICC
 shall procure that Unilever and its duly authorised agents are (on reasonable notice in writing to TMICC) afforded such reasonable
 assistance as may be reasonably required to enable Unilever to discharge its obligations or exercise its rights under this Clause
 12 and to enable the Unilever Post Demerger Group and the Unilever Post Demerger Group Companies to comply with their own Taxation
 obligations or facilitate the management or settlement of their own Taxation affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4.3** The
 provisions of this Clause 12.4 of this Deed (and Clauses 10.3.3, 10.3.4, 12.3.2 and 14.6 of this Deed) shall operate without prejudice
 to clauses 16.2.2 and 16.2.3 of the Demerger Agreement.

**12.5** **Joint Issues** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.5.1** In
 relation to any material matter or issue which is likely to affect the Tax position of both the Unilever Post Demerger Group and
 the TMICC Group and where the action taken by one Group could affect the Tax liability of the other Group (a "**Joint Issue** "),
 Unilever and TMICC shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) co-operate
 as required in order to agree a consistent approach to be taken by each Group in the preparation and submission of Tax Documents
 and correspondence with the relevant Taxation Authority in relation to the Joint Issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 requested by the other Party, provide the other Party with copies of material Tax Documents (or extracts therefrom), to the extent
 relevant to the Joint Issue, prior to their submission to the relevant Taxation Authority (in sufficient time to enable the other
 Party to review the relevant Tax Document) and give reasonable consideration to the written comments of the other Party in relation
 thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if
 requested by the other Party, provide the other Party with copies of all material correspondence with the relevant Taxation Authority,
 to the extent relevant to the Joint Issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.5.2** Where
 the Parties cannot agree on a consistent approach to any Joint Issue then the matter will be referred to the Demerger Committee for
 resolution (taking account, *inter alia*, of the materiality of the issue for each Group) in accordance with clause 15 (*Escalation*)
 of the Demerger Agreement as if such disagreement constituted a dispute as to the interpretation of the this Deed, save that clause
 15.1.3 of the Demerger Agreement shall not apply in relation thereto unless otherwise agreed by the Parties.

**12.6** **Miscellaneous** 

Notwithstanding the provisions of this Clause 12, no member of the TMICC Group or the Unilever Post Demerger Group (as applicable) shall be required to take any action or refrain from taking any action which it reasonably considers is likely to be unduly onerous or materially prejudicial to it or to its business or to the Tax affairs of it or its Group.

**12.7** **Notice Relating to US Tax Treatment** 

Each Party shall promptly provide written notice to the other Party if it becomes aware of any fact or action (i) that is materially inconsistent with the US Tax Materials, or could be reasonably likely to preclude the ability of Unilever to rely upon the US Tax Opinion or (ii) that would be reasonably likely to jeopardise the Tax-Free Status.

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| | |
|:---|:---|
| **13** | **Group Tax Reliefs and Tax Balancing Payments** |

---

If any Group Tax Relief could be made available by the Indemnifying Group to the Indemnified Group or any Tax Balancing Payment made to eliminate or reduce any Tax liability that would otherwise constitute an Indemnified Tax Liability, the Indemnifying Group may (at the option of the Parent of the Indemnifying Group) and wholly or partly instead of making a payment under Clause 6 of this Deed make or procure the making of any Election in relation to any such Group Tax Relief for no consideration due from the Indemnified Group or make or procure a Tax Balancing Payment is made in order to eliminate, reduce or otherwise compensate for the Indemnified Tax Liability. The Parent of the Indemnified Group shall procure that the relevant Group Company shall take without delay (and in any event within any applicable statutory time limit) all such steps as may reasonably be required by the Parent of the Indemnifying Group to give effect to any Group Tax Relief or Tax Balancing Payment. If it is not lawful for any such Group Tax Reliefs to be made available for no payment, the parties shall cooperate in good faith (at the cost and expense of the Indemnifying Group) with a view to implementing so far as possible economically equivalent measures which are lawful.

---

| | |
|:---|:---|
| **14** | **Group Tax Arrangements** |

---

**14.1** For
 any Tax Period, whether it ends before, on or after Completion for which a TMICC Group Company is or has been part of a Group Tax
 Arrangement, TMICC shall procure that the TMICC Group Company shall pay to the relevant Principal Company (or such other company
 notified by Unilever in writing) in respect of any liability to Taxation which the relevant Principal Company is primarily responsible
 for paying or discharging on behalf of, or in respect of profits or Transactions of any Group Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1.1** where
 an amount is reflected in respect of the Taxation in the Carve-out Accounts, that amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1.2** such
 other amounts as are fairly attributable to the relevant TMICC Group Company.

**14.2** Payment
 under Clause 14.1 shall be made on Completion or, if later, the date falling five (5) Business Days before the latest date on
 which that Taxation is (or would be, were any Taxation payable by on or on behalf of the Group Tax Arrangement), due and payable
 to the appropriate Tax Authority.

**14.3** Clause
 14.1 does not apply if and to the extent that such amount would give rise to a valid claim under Clause 6 of this Deed.

**14.4** Unilever
 shall procure that the relevant Principal Company accounts to the relevant Tax Authority for any amounts received by it pursuant
 to Clause 14.1.

**14.5** In
 the case of VAT, any provisions deeming supplies or acquisitions or importations to have been made by or to any person other than
 the actual person by or to whom such supplies, acquisitions or importations have been made shall be disregarded for these purposes.

**14.6** The
 Parties undertake that they will, on request, promptly supply, or procure that there is supplied, to the other Party all information,
 particulars and access to and copies of records reasonably relevant to any liability of the Parties under this Clause 14.

**14.7** Unilever
 and TMICC shall co-operate in taking such procedural steps as may be necessary or desirable to remove or exclude each TMICC Group
 Company from any Group Tax Arrangement of which the Principal Member is a Unilever Post Demerger Group Company, such removal or exclusion
 to take effect from Completion or the earliest date following Completion permitted by law.

---

| | |
|:---|:---|
| **15** | **Withholdings, gross-up and VAT** |

---

**15.1** All
 sums payable under this Deed shall be paid free and clear of all deductions, withholdings, set-offs or counterclaims whatsoever save
 only as may be required by law. If any deductions or withholdings are required by law in respect of any payment made under this Deed
 pursuant to an indemnity, including under Clauses 6.1, 6.2 and 6.4, (such payment being an "**Indemnity Payment** "),
 the party making the payment shall be obliged to pay to the recipient such additional amounts as will ensure that the recipient receives,
 in total, an amount which (after such deduction or withholding has been made) is no more and no less than it would have been entitled
 to receive in the absence of any such requirement to make a deduction or withholding.

**15.2** The
 recipient or expected recipient of an Indemnity Payment under this Deed shall take such measures as are reasonable to claim from
 the appropriate Tax Authority any Relief to which it is entitled in respect of any deduction or withholding in respect of which a
 payment has been or would otherwise be required to be made pursuant to Clause 15.1 and, for such purposes shall, within any applicable
 time limits, submit any claims, notices, returns or applications and send a copy of them to the payer.

**15.3** If
 the recipient of an Indemnity Payment made under this Deed obtains a refund of or obtains and utilises a credit for any Tax payable
 by it or similar benefit by reason of any deduction or withholding for or on account of Taxation, then it shall reimburse to the
 payer such part of such additional amounts paid to it pursuant to Clause 15.1 above as the recipient of the payment certifies to
 the payer will leave it (after such reimbursement) in no better and no worse position than would have arisen if the payer had not
 been required to make such deduction or withholding.

**15.4** Where
 an Indemnity Payment is made or to be made under this Deed, then the sum payable shall be adjusted to such sum as will ensure that
 after payment of any Taxation charged on such sum in the hands of the recipient (including any Taxation which would have been charged
 but for the use of a Relief) the recipient shall be left with a sum equal to the sum that it would have received in the absence of
 such charge to Taxation (after giving credit for any Relief that is or will be available to the recipient in respect of the matter
 giving rise to the payment).

**15.5** The
 obligations (i) to pay any additional amounts under Clause 15.1 in respect of any withholding or deduction for or on account
 of Tax, and (ii) to adjust a sum payable under Clause 15.4 in respect of any Taxation charged in the hands of the recipient,
 shall not apply in respect of an Indemnity Payment where the sum payable has been calculated or otherwise taken into account the
 relevant withholding or deduction, or Taxation as a measure of damages (or otherwise).

**15.6** Where
 under the terms of this Deed one party is liable to indemnify or reimburse another party in respect of costs, charges or expenses,
 the payment shall include an amount equal to any VAT thereon not otherwise recoverable by the other party or the representative member
 of any VAT group of which it forms part, subject to that party or representative member using reasonable endeavours to recover such
 amount of VAT as may be practicable.

**15.7** If
 a sum becomes due under this Deed or the Demerger Agreement, the Parties shall use reasonable endeavours to ensure: (i) that
 such sum can be paid free and clear of all deductions, withholdings, set-offs or counterclaims; and (ii) that such sum is not
 charged to Tax by any Tax Authority (or would be charged to Tax in the absence of any Reliefs available to the recipient). To this
 end, if it appears that either of the contingencies referred to in Clause 15.1 or 15.4 of this Deed (or clauses 13.1 or 13.4 of the
 Demerger Agreement) could apply, before any payments are made, the parties shall meet to discuss and consider alternative strategies
 for dealing with compensating the recipient of the payment in a manner that does not cause either of those contingencies to apply.
 If such alternative strategies are available or can be developed and can then be implemented without causing a material adverse effect
 on the recipient, then the parties shall use reasonable endeavours to adopt such an alternative strategy.

---

| | |
|:---|:---|
| **16** | **Mitigation of loss** |

---

Each Party shall procure that all reasonable steps are taken and all reasonable assistance is given to avoid or mitigate any Losses which, in the absence of mitigation, might give rise to a liability (or an increase in such liability) in respect of any claim under this Deed.

---

| | |
|:---|:---|
| **17** | **Other Provisions** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1** The
 provisions of Schedule 1 of this Deed shall have effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2** The
 provisions of Clauses 2 to 16 of this Deed shall have effect only from Completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3** The
 provisions of clause 3 (*Termination*), clause 15 (*Escalation*), and clauses 16.1 (*Notices*), 16.5 (*Whole Agreement*),
 16.6 (*Waiver*), 16.7 (*Variation*), 16.8 (*Invalidity*), 16.10 (*Assignment*), 16.12 (*Arbitration*) and
 16.3 (*Appointment of Process Agent*) of the Demerger Agreement shall apply *mutatis mutandis* to this Deed.

**17.4** **Further assurances** 

Each of the parties to this Deed shall, and shall use reasonable endeavours to procure that any necessary third party shall, from time to time execute such documents and perform such acts and things as either of them may reasonably require to give the other the full benefit of this Deed.

**17.5** **Counterparts** 

This Deed may be executed in any number of counterparts and by the parties to it on separate counterparts, each of which hall be an original but all of which together shall constitute one and the same instrument.

**17.6** **Third party rights** 

A person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of, or enjoy any benefit under, this Deed.

**17.7** **Governing law and submission to jurisdiction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.1** This
 Deed and any non-contractual obligations arising out of or in connection with this Deed shall be governed by English law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.2** Each
 of the Parties irrevocably submits to the non-exclusive jurisdiction of the courts of England to support and assist the arbitration
 process pursuant to clause 16.12 of the Demerger Agreement as applied *mutatis mutandis* to this Deed under Clause 17.3 above,
 including, if necessary, the grant of interlocutory relief pending the outcome of that process.

**Schedule 1<br> Further provisions**

---

| | |
|:---|:---|
| **1** | **Interpretation** |

---

**1.1** In
 this Schedule 1 the following words and expressions bear the following meanings:

"**Capitalisation Amount**" has the meaning given in Schedule 2 of the Demerger Agreement;

"**Conversion Rate**" means the rate for a transaction between the two currencies in question prevailing at the Relevant Date as applied by the treasury function of the TMICC Group and based on such rate as provided by Reuters (or such other source as the TMICC Group may adopt from time to time) or, if no such rate is quoted on that date, on the preceding date on which such rates are quoted;

"**Pre-Demerger Notice**" has the meaning given in Schedule 2 of the Demerger Agreement;

"**Quarterly Payment Date**" means twenty (20) calendar days after the end of the relevant Quarter Period in which VAT has been recovered by the relevant member of the TMICC Group;

"**Quarter Period**" means the calendar quarter period ended on 31 March, 30 June, 30 September or 31 December; and

"**Relevant Date**" means, save as otherwise agreed between the Parties, the date on which the relevant recovery of VAT is made or, as relevant, the Tax Authority Interest is received.

**1.2** **Currency conversion** 

Any amount to be converted from one currency into another currency for the purposes of this Schedule 1 shall be converted into an equivalent amount at the Conversion Rate.

---

| | |
|:---|:---|
| **2** | **VAT Recovery with respect to the Internal Separation** |

---

**2.1** Subject
 to paragraph 2.6 below, where the consideration (or any part of the consideration) payable by a member of the TMICC Group for the
 acquisition of any business, shares or other assets pursuant to an Internal Reorganisation Document ()"**Internal Acquisition** ")
 is subject to VAT:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.1** the
 cost of any such VAT shall be allocated to the TMICC Group in circumstances where the VAT is recoverable by a member of the TMICC
 Group (whether by way of refund, credit offset or otherwise); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.2** where
 such VAT allocated to the TMICC Group pursuant to paragraph 2.1.1 was not taken into account by Unilever in its calculation of the
 Capitalisation Amount for the purposes of the Pre-Demerger Notice (i.e. such VAT did not cause a reduction in what would otherwise
 have been the Capitalisation Amount), TMICC shall, on the relevant Quarterly Payment Date, pay to Unilever (to the extent lawful
 by way of additional consideration for the shares in TMICC HoldCo transferred to TMICC pursuant to the Demerger) an amount in Euros
 equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 amount of such VAT recovered converted from the local currency in which the VAT is recovered at the Conversion Rate; less

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 reasonable costs and expenses incurred by a member of the TMICC Group (including any legal and professional fees incurred in obtaining
 advice on the recoverability of any such VAT and any Tax payable in respect of such receipt of the VAT) in obtaining, receiving or
 otherwise recovering such VAT,

provided that the total amount to be paid pursuant to this paragraph 2.1.2 in respect of any Internal Acquisition shall not exceed the amount of VAT in local currency for which the relevant member of the Unilever Post Demerger Group has accounted to the relevant Tax Authority in respect of the Internal Acquisition.

**2.2** TMICC
 shall (together with the relevant payment referred to in paragraph 2.1.2, subject to paragraph 2.3 below) pay to Unilever (to the
 extent lawful by way of additional consideration for the shares in TMICC HoldCo transferred to TMICC pursuant to the Demerger) an
 amount equal to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.1** any
 interest or repayment supplement or equivalent ()"**Tax Authority Interest**") received (including by way of offset
 or credit) by the relevant member of the TMICC Group from the relevant Tax Authority in respect of any VAT recovery referred to in
 paragraph 2.1.2, less

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.2** any
 Tax payable by the relevant member of the TMICC Group in respect of the Tax Authority Interest

converted into Euros at the Conversion Rate on the date of receipt of the Tax Authority Interest.

**2.3** Where
 an amount of Tax Authority Interest to which paragraph 2.2 above applies is received by the relevant member of the TMICC Group in
 a different Quarter Period from the Quarter Period in which the relevant VAT recovery has been made, payment under paragraph 2.2
 shall be made twenty (20) calendar days after the end of the relevant Quarter Period in which the Tax Authority Interest has been
 received by the relevant member of the TMICC Group.

**2.4** For
 the avoidance of doubt, in determining the total amount that has been paid by TMICC to Unilever for the purposes of paragraph 2.1.2,
 regard shall be had to the amount in local currency that is converted into Euro at the relevant Conversion Rate rather than to the
 amount paid in Euros following conversion.

**2.5** TMICC
 shall procure that the relevant member of the TMICC Group shall use reasonable endeavours to recover any VAT to which paragraph 2.1.2
 would apply as soon as reasonably practicable. If Unilever believes that any VAT has been recovered by a member of the TMICC Group
 or that a member of the TMICC Group has become entitled to recover any VAT in respect of which paragraph 2.1.2 would apply, Unilever
 shall be entitled to request that the auditors for the time being of the relevant member of the TMICC Group (or, if that firm is
 unable or unwilling to provide such determination, an independent firm of accountants to be selected by the Unilever) shall (at Unilever's
 expense) certify in writing to Unilever and TMICC the amount of VAT that has been recovered or that the relevant member of the TMICC
 Group has become entitled to recover.

**2.6** To
 the extent that any VAT to which paragraph 2.1.2 would apply has not been recovered prior to 30 June 2028, TMICC shall procure
 that the relevant members of the TMICC Group take such action as Unilever may reasonably request to secure recovery of such VAT.

**2.7** Paragraph
 2.1.2 shall not apply in respect of any VAT where the amount of the recoverable VAT (together with any other VAT to which paragraph
 2.1.2 would otherwise apply and which is recoverable in the same jurisdiction) is in total less than the local currency equivalent
 of EUR 75,000.

**2.8** Prior
 to Completion, Unilever and TMICC shall cooperate to agree a table of the relevant jurisdictions and amounts of VAT (in local currency)
 to which they expect paragraph 2.1.2 to apply.

---

| | |
|:---|:---|
| **3** | **Other provisions** |

---

With the exception of paragraphs 1 and 2.8 above, the provisions of this Schedule 1 shall have effect only from Completion.

**In witness** whereof this document has been duly executed and delivered as a deed the day and year first before written.

---

| | |
|:---|:---|
| SIGNED as a DEED by **Unilever PLC**<br> acting by Srinivas Phatak, Chief Financial<br> Officer and Executive Director, and Maria<br> Varsellona, Chief Legal Officer and Group<br> Secretary | /s/ Srinivas Phatak <br>/s/ Maria Varsellona<br>|

---

[*Signature page – Tax Matters Agreement*]

---

| | | |
|:---|:---|:---|
| Executed as a deed by | **)** |  |
| **The Magnum Ice Cream Company B.V.** | **)** |  |
| acting by Vanessa Vilar who, in accordance with the laws of the territory in which The Magnum Ice Cream Company B.V. is incorporated, is acting under the authority of The Magnum Ice Cream Company B.V. | **)**<br>**))))** | /s/ Vanessa Vilar<br>Authorised signatory |

---

[*Signature page – Tax Matters Agreement*]

## Exhibit 4.4

**Exhibit 4.4**

![](tm2515841d9_ex4-4sp1img01.jpg)

EUR 4,000,000,000

Bridge and Term Facilities Agreement

Dated 28 August 2025

for

THE MAGNUM ICE CREAM COMPANY<br> HOLDCO NETHERLANDS B.V.

as the Company

arranged by

BNP PARIBAS, BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY, BANCO BILBAO VIZCAYA ARGENTARIA, S.A., LONDON BRANCH, CITIBANK, N.A. LONDON BRANCH, DEUTSCHE BANK LUXEMBOURG S.A., GOLDMAN SACHS BANK USA, HSBC CONTINENTAL EUROPE, ING BANK N.V., J.P. MORGAN SE, MIZUHO BANK, LTD. and MORGAN STANLEY BANK INTERNATIONAL LIMITED

with

BNP PARIBAS

acting as Documentation Co-ordinator

and

ING Bank N.V.

acting as Agent

Ref: L-343449

**CONTENTS**

---

| | | |
|:---|:---|:---|
| **CLAUSE** |  | **PAGE** |
| **SECTION 1** | **SECTION 1** | **SECTION 1** |
| **INTERPRETATION** | **INTERPRETATION** | **INTERPRETATION** |
| 1. | Definitions and interpretation | 1 |
| **SECTION 2** | **SECTION 2** | **SECTION 2** |
| **THE FACILITIES** | **THE FACILITIES** | **THE FACILITIES** |
| 2. | The Facilities | 25 |
| 3. | Purpose | 29 |
| 4. | Conditions of Utilisation | 29 |
| **SECTION 3** | **SECTION 3** | **SECTION 3** |
| **UTILISATION** | **UTILISATION** | **UTILISATION** |
| 5. | Utilisation | 33 |
| 6. | Optional Currencies | 34 |
| **SECTION 4** | **SECTION 4** | **SECTION 4** |
| **REPAYMENT, PREPAYMENT AND CANCELLATION** | **REPAYMENT, PREPAYMENT AND CANCELLATION** | **REPAYMENT, PREPAYMENT AND CANCELLATION** |
| 7. | Repayment | 37 |
| 8. | Prepayment and cancellation | 38 |
| **SECTION 5** | **SECTION 5** | **SECTION 5** |
| **COSTS OF UTILISATION** | **COSTS OF UTILISATION** | **COSTS OF UTILISATION** |
| 9. | Interest | 45 |
| 10. | Interest Periods | 46 |
| 11. | Changes to the calculation of interest | 47 |
| 12. | Fees | 49 |
| **SECTION 6** | **SECTION 6** | **SECTION 6** |
| **ADDITIONAL PAYMENT OBLIGATIONS** | **ADDITIONAL PAYMENT OBLIGATIONS** | **ADDITIONAL PAYMENT OBLIGATIONS** |
| 13. | Tax gross-up and indemnities | 50 |
| 14. | Increased Costs | 56 |
| 15. | Other indemnities | 58 |
| 16. | Mitigation by the Lenders | 59 |
| 17. | Costs and expenses | 60 |
| **SECTION 7** | **SECTION 7** | **SECTION 7** |
| **GUARANTEE** | **GUARANTEE** | **GUARANTEE** |
| 18. | Guarantee and indemnity | 61 |
| **SECTION 8** | **SECTION 8** | **SECTION 8** |
| **REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT** | **REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT** | **REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT** |
| 19. | Representations | 64 |
| 20. | Information undertakings | 66 |
| 21. | General undertakings | 69 |
| 22. | Events of Default | 75 |
| **SECTION 9** | **SECTION 9** | **SECTION 9** |
| **CHANGES TO PARTIES** | **CHANGES TO PARTIES** | **CHANGES TO PARTIES** |
| 23. | Changes to the Lenders | 78 |
| 24. | Changes to the Obligors | 83 |

---

i

---

| | | |
|:---|:---|:---|
| **SECTION 10** | **SECTION 10** | **SECTION 10** |
| **THE FINANCE PARTIES** | **THE FINANCE PARTIES** | **THE FINANCE PARTIES** |
| 25. | Role of the Agent and the Arranger | 85 |
| 26. | Conduct of business by the Finance Parties | 94 |
| 27. | Sharing among the Finance Parties | 94 |
| **SECTION 11** | **SECTION 11** | **SECTION 11** |
| **ADMINISTRATION** | **ADMINISTRATION** | **ADMINISTRATION** |
| 28. | Payment mechanics | 96 |
| 29. | Set-off | 100 |
| 30. | Notices | 100 |
| 31. | Calculations and certificates | 102 |
| 32. | Partial invalidity | 103 |
| 33. | Remedies and waivers | 103 |
| 34. | Amendments and waivers | 103 |
| 35. | Confidential Information | 109 |
| 36. | Confidentiality of Funding Rates | 113 |
| 37. | Bail-In | 114 |
| 38. | Counterparts | 116 |
| **SECTION 12** | **SECTION 12** | **SECTION 12** |
| **GOVERNING LAW AND ENFORCEMENT** | **GOVERNING LAW AND ENFORCEMENT** | **GOVERNING LAW AND ENFORCEMENT** |
| 39. | Governing law | 117 |
| 40. | Enforcement | 117 |

---

**THE SCHEDULES**

---

| | |
|:---|:---|
| **SCHEDULE** | **PAGE** |
| SCHEDULE 1 The Original Lenders | 118 |
| SCHEDULE 2 Conditions precedent | 119 |
| SCHEDULE 3 Requests | 123 |
| SCHEDULE 4 Form of Transfer Certificate | 126 |
| SCHEDULE 5 Form of Assignment Agreement | 129 |
| SCHEDULE 6 Form of Accession Letter | 132 |
| SCHEDULE 7 Form of Resignation Letter | 133 |
| SCHEDULE 8 Existing Security/Quasi-Security | 134 |
| SCHEDULE 9 Timetables | 135 |
| SCHEDULE 10 Form of Increase Confirmation | 138 |
| SCHEDULE 11 Form of Substitute Affiliate Lender Designation Notice | 140 |
| SCHEDULE 12 Reference Rate Terms | 142 |
| SCHEDULE 13 Daily Non-Cumulative Compounded RFR Rate | 150 |
| SCHEDULE 14 Cumulative Compounded RFR Rate | 152 |

---

ii

THIS AGREEMENT is dated 28 August 2025 and made between:

(1) THE
 MAGNUM ICE CREAM COMPANY HOLDCO NETHERLANDS B.V., a private company with limited liability
 (*besloten vennootschap met beperkte aansprakelijkheid*) under the laws of the Netherlands,
 having its official seat (*statutaire zetel*) in Rotterdam, the Netherlands, and its
 office at Reguliersdwarsstraat 63, 1017BK Amsterdam, the Netherlands, registered with the
 Dutch Trade Register under number 95381309 (the "**Company**" and "**Original Guarantor** ");

(2) MAGNUM
 ICC FINANCE B.V., a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) under the laws of the Netherlands, having its official seat
 (*statutaire zetel*) in Amsterdam, the Netherlands, and its office at Reguliersdwarsstraat
 63, 1017BK Amsterdam, the Netherlands, registered with the Dutch Trade Register under number
 96401133 (the "**Original Borrower** ");

(3) BNP PARIBAS, BANK OF AMERICA EUROPE DESIGNATED
 ACTIVITY COMPANY, BANCO BILBAO VIZCAYA ARGENTARIA, S.A., LONDON BRANCH, CITIBANK, N.A. LONDON
 BRANCH, DEUTSCHE BANK LUXEMBOURG S.A., GOLDMAN SACHS BANK USA, HSBC CONTINENTAL EUROPE, ING
 BANK N.V., J.P. MORGAN SE, MIZUHO BANK, LTD. and MORGAN STANLEY BANK INTERNATIONAL LIMITED
 as mandated lead arrangers and bookrunners (together with the Documentation Co-ordinator,
 whether acting individually or together, the "**Arranger** ");

(4) THE FINANCIAL INSTITUTIONS listed in Schedule
 1 (*The Original Lenders*) as lenders (the "**Original Lenders** ");

(5) BNP PARIBAS as documentation co-ordinator
 (the "**Documentation Co-ordinator** "); and

(6) ING Bank N.V. as agent of the other Finance
 Parties (the "**Agent** ").

IT IS AGREED as follows:

**SECTION 1**

**INTERPRETATION**

1. **Definitions and interpretation** 

1.1 **Definitions** 

In this Agreement:

"**Acceptable Bank**" means a bank or financial institution which has a rating for its long-term unsecured and non-credit enhanced debt obligations of A- or higher by S&P or Fitch or A3 or higher by Moody's or a comparable rating from an internationally recognised credit rating agency.

"**Accession Letter**" means a document substantially in the form set out in Schedule 6 (*Form of Accession Letter*).

"**Additional Borrower**" means a company which becomes an Additional Borrower in accordance with Clause 24 (*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 24 (*Changes to the Obligors*).

"**Additional Obligor**" means an Additional Borrower or an Additional Guarantor.

"**Affiliate**" means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company.

"**Agent's Spot Rate of Exchange**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent's spot rate of exchange;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (if the Agent does not have an available
 spot rate of exchange) any other publicly available spot rate of exchange selected by the
 Agent (acting reasonably),

for the purchase of the relevant currency with the Base Currency in the London foreign exchange market at or about 11:00 a.m. on a particular day.

"**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.

"**Authorisation**" means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration.

"**Availability Period**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to Facility A, the Facility
 A Certain Funds Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to Facility B, the Facility
 B Certain Funds Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in relation to Facility C, the period
 from and including the date of this Agreement to and including 31 December 2026.

"**Available Commitment**" means, in relation to a Facility, a Lender's Commitment under that Facility minus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Base Currency Amount of its participation
 in any outstanding Loans under that Facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any proposed Utilisation,
 the Base Currency Amount of its participation in any Loans that are due to be made under
 that Facility on or before the proposed Utilisation Date.

"**Available Facility**" means, in relation to a Facility, the aggregate for the time being of each Lender's Available Commitment in respect of that Facility.

"**Base Currency**" means euro.

"**Base Currency Amount**" means, in relation to a Loan, the amount specified in the Utilisation Request delivered by 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 Business Days before the Utilisation Date or, if later, on the date the Agent receives the Utilisation Request) as adjusted to reflect any repayment (other than, in relation to Facility C, a repayment arising from a change of currency), prepayment, consolidation or division of a Loan.

"**Beneficial Ownership Regulation**" means 31 C.F.R. § 1010.230.

"**Borrower**" means an Original Borrower or an Additional Borrower, unless it has ceased to be a Borrower in accordance with Clause 24 (*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 London, Amsterdam and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (in relation to any date for payment or
 purchase of a currency other than euro) the principal financial centre of the country of
 that currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (in relation to any date for payment or
 purchase of euro) which is a TARGET Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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),

which is an Additional Business Day relating to that Loan or Unpaid Sum.

"**Central Bank Rate**" has the meaning given to that term in the applicable Reference Rate Terms.

"**Central Bank Rate Adjustment**" has the meaning given to that term in the applicable Reference Rate Terms.

"**Code**" means the US Internal Revenue Code of 1986.

"**Combined Carve-Out Financial Statements**" means the combined carve-out financial statements for the Ice Cream Business for the three years ended 31 December 2024.

"**Commitment**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Facility A Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Facility B Commitment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a Facility C Commitment.

"**Commitment Fee**" has the meaning given to that term in Clause 12.1 (*Commitment Fee*).

"**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;(a) is, or is scheduled to become, payable
 under any Finance Document; and

&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 Daily Non-Cumulative Compounded RFR Rate for that RFR Banking Day.

"**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;(a) is agreed in writing by the Parent, the
 Agent (in its own capacity) and the Agent (acting on the instructions of the Majority Lenders);

&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;(c) has been made available to the Parent
 and each Finance Party.

"**Confidential Information**" means all information relating to the Company, ListCo, any Obligor, the Group, the Finance Documents or a Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or a Facility from either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any member of the Group or any of its
 advisers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) another Finance Party, if the information
 was obtained by that Finance Party directly or indirectly from any member of the Group or
 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;(i) information that:

&nbsp;&nbsp;&nbsp;&nbsp;&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 35 (*Confidential Information*);

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(C) is known by that Finance Party before the
 date the information is disclosed to it in accordance with paragraph (a) or (b) above
 or is lawfully obtained by that Finance Party after that date, from a source which is, as
 far as that Finance Party is aware, unconnected with the Group 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;(ii) any Funding Rate.

"**Confidentiality Undertaking**" means a confidentiality undertaking substantially in a recommended form of the LMA or in any other form agreed between the Parent and the Agent.

"**Consolidated Total Assets**" means, at any time, the total assets of the Group as shown in the latest audited consolidated financial statements of ListCo delivered pursuant to paragraph (a)(i)(A) of Clause 20.1 (*Financial statements*), or, if these are not available, as shown in the Original Financial Statements for the financial year ended 31 December 2024.

"**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 14 (*Cumulative Compounded RFR Rate*) or in any relevant Compounding Methodology Supplement.

"**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 13 (*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.

"**Default**" means an Event of Default or any event or circumstance specified in Clause 22 (*Events of Default*) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default.

"**Defaulting Lender**" means any Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) which has failed to make its participation
 in a Loan available (or has notified the Agent or the Parent (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;(b) which has otherwise rescinded or repudiated
 a Finance Document; or

&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) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its failure to pay is caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) administrative or technical error; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a Disruption Event; and,

payment is made within five Business Days of its due date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Lender is disputing in good faith whether
 it is contractually obliged to make the payment in question.

"**Demerger**" means the demerger of Unilever PLC's interest in ListCo to its shareholders, to be effected by an interim dividend *in specie* declared by Unilever PLC.

"**Demerger Date**" means the date of completion of the Demerger.

"**Disruption Event**" means either or both of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a material disruption to those payment
 or communications systems or to those financial markets which are, in each case, required
 to operate in order for payments to be made in connection with the Facilities (or otherwise
 in order for the transactions contemplated by the Finance Documents to be carried out) which
 disruption is not caused by, and is beyond the control of, any of the Parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the occurrence of any other event which
 results in a disruption (of a technical or systems-related nature) to the treasury or payments
 operations of a Party preventing that, or any other Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) from performing its payment obligations
 under the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) from communicating with other Parties in
 accordance with the terms of the Finance Documents,

and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted.

"**Eligible Institution**" means any Lender or other bank, financial institution, trust, fund or other entity selected by the Parent and which, in each case, is not a member of the Group.

"**Event of Default**" means any event or circumstance specified as such in Clause 22 (*Events of Default*).

"**Extension Notice**" has the meaning given to that term in Clause 7.4 (*Extension option – Facility A*).

"**Facility**" means Facility A, Facility B or Facility C.

"**Facility A**" means the term loan facility made available under this Agreement as described in paragraph (a) of Clause 2.1 (*The Facilities*).

"**Facility A Certain Funds Period**" means the period commencing on the date of this Agreement to and including the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the first Utilisation Date under Facility
 A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Demerger Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Listing Reorganisation Long-Stop Date.

"**Facility A Certain Funds Utilisation**" means a Loan made or to be made under Facility A during the Facility A Certain Funds Period.

"**Facility A Commitment**" means:

&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 "Facility A Commitment"
 in Schedule 1 (*The Original Lenders*) and the amount of any other Facility A Commitment
 transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (*Increase*);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any other Lender, the amount
 in the Base Currency of any Facility A Commitment transferred to it under this Agreement
 or assumed by it in accordance with Clause 2.2 (*Increase*),

to the extent not cancelled, reduced or transferred by it under this Agreement.

"**Facility A Loan**" means a loan made or to be made under Facility A or the principal amount outstanding for the time being of that loan.

"**Facility B**" means the term loan facility made available under this Agreement as described in paragraph (b) of Clause 2.1 (*The Facilities*).

"**Facility B Certain Funds Period**" means the period commencing on the date of this Agreement to and including the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the first Utilisation Date under Facility
 B; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 31 December 2026.

"**Facility B Certain Funds Utilisation**" means a Loan made or to be made under Facility B during the Facility B Certain Funds Period.

"**Facility B Commitment**" means:

&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 "Facility B Commitment"
 in of Schedule 1 (*The Original Lenders*) and the amount of any other Facility B Commitment
 transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (*Increase*);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any other Lender, the amount
 in the Base Currency of any Facility B Commitment transferred to it under this Agreement
 or assumed by it in accordance with Clause 2.2 (*Increase*),

to the extent not cancelled, reduced or transferred by it under this Agreement.

"**Facility B Loan**" means a loan made or to be made under Facility B or the principal amount outstanding for the time being of that loan.

"**Facility C**" means the term loan facility made available under this Agreement as described in paragraph (c) of Clause 2.1 (*The Facilities*).

"**Facility C Commitment**" means:

&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 "Facility C Commitment"
 in Schedule 1 (*The Original Lenders*) and the amount of any other Facility C Commitment
 transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (*Increase*);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any other Lender, the amount
 in the Base Currency of any Facility C Commitment transferred to it under this Agreement
 or assumed by it in accordance with Clause 2.2 (*Increase*),

to the extent not cancelled, reduced or transferred by it under this Agreement.

"**Facility C Loan**" means a loan made or to be made under Facility C or the principal amount outstanding for the time being of that loan.

"**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.

"**FATCA**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sections 1471 to 1474 of the Code and
 any associated regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any treaty, law or regulation of any other
 jurisdiction, or relating to an intergovernmental agreement between the US and any other
 jurisdiction, which (in either case) facilitates the implementation of any law or regulation
 referred to in paragraph (a) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any agreement pursuant to the implementation
 of any treaty, law or regulation referred to in paragraph (a) or (b) above with
 the US Internal Revenue Service, the US government or any governmental or taxation authority
 in any other jurisdiction.

"**FATCA Application Date**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a "withholdable payment"
 described in section 1473(1)(A)(i) of the Code (which relates to payments of interest
 and certain other payments from sources within the US), 1 July 2014; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a "passthru payment"
 described in section 1471(d)(7) of the Code not falling within paragraph (a) above,
 the first date from which such payment may become subject to a deduction or withholding required
 by FATCA.

"**FATCA Deduction**" means a deduction or withholding from a payment under a Finance Document required by FATCA.

"**FATCA Exempt Party**" means a Party that is entitled to receive payments free from any FATCA Deduction.

"**Fee Letter**" means any letter or letters dated on or about the date of this Agreement between the Arranger and the Parent (or the Agent and the Parent) setting out any of the fees referred to in Clause 12 (*Fees*), provided that in respect of the letter dated on around the date of this agreement setting out fees referred to in Clause 12.3 (*Agency fee*), such letter shall only be a "Fee Letter" until such time as the entity which is party to such letter in its capacity as agent for the Finance Parties ceases to act as agent for the Finance Parties.

"**Final Facility A Termination Date**" means, subject to Clause 7.4 (*Extension option – Facility A*), the Initial Facility A Termination Date.

"**Finance Document**" means this Agreement, any Fee Letter, any Accession Letter, any Resignation Letter, any Reference Rate Supplement, any Compounding Methodology Supplement and any other document designated as such by the Agent and the Parent.

"**Finance Party**" means the Agent, the Arranger or a Lender.

"**Financial Indebtedness**" means any indebtedness for or in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) moneys borrowed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any amount raised by acceptance under
 any acceptance credit facility or dematerialised equivalent;

&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;(d) the amount of any liability in respect
 of any lease or hire purchase contract which would, in accordance with IFRS, be treated as
 finance or capital lease (other than any liability in respect of a lease or hire purchase
 contract which would, in accordance with IFRS in force immediately before the adoption of
 IFRS 16 (Leases), have been treated as an operating lease);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) receivables sold or discounted (other
 than any receivables to the extent they are sold on a non-recourse basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any amount raised under any other transaction
 (including any forward sale or purchase agreement) of a type not referred to in any other
 paragraph of this definition having the commercial effect of a borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) for the purpose of Clause 22.4 (*Cross default*) only, any derivative transaction entered into in connection with protection
 against or benefit from fluctuation in any rate or price (and, when calculating the value
 of any derivative 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 derivative transaction, that amount)
 shall be taken into account);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount of any liability in respect
 of any guarantee or indemnity for any of the items referred to in paragraphs (a) to
 (h) above,

but excluding, for the purposes of Clause 22.4 (*Cross default*), any indebtedness owed by a member of the Group to another member of the Group (other than if such indebtedness 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)).

"**Fitch**" means Fitch Ratings Ltd.

"**Funding Rate**" means any individual rate notified by a Lender to the Agent pursuant to paragraph (a)(ii) of Clause 11.4 (*Cost of funds*).

"**Group**" means the Parent and its Subsidiaries for the time being.

"**Guarantor**" means the Original Guarantor or an Additional Guarantor, unless it has ceased to be a Guarantor in accordance with Clause 24 (*Changes to the Obligors*).

"**Historic RFR**" means, in relation to a currency and an RFR Banking Day for that currency, the most recent RFR for a day which is no more than five RFR Banking Days before that RFR Banking Day.

"**Holding Company**" means, in relation to a person, any other person in respect of which it is a Subsidiary.

"**Ice Cream Business**" has the meaning given to that term in the Combined Carve-Out Financial Statements.

"**IFRS**" means International Accounting Standards, International Financial Reporting Standards and related Interpretations, together with any future standards and related interpretations issued or adopted by the International Accounting Standards Board, in each case as amended and to the extent applicable to the relevant financial statements.

"**Impaired Agent**" means the Agent at any time when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has failed to make (or has notified
 a Party that it will not make) a payment required to be made by it under the Finance Documents
 by the due date for payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent otherwise rescinds or repudiates
 a Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (if the Agent is also a Lender) it is
 a Defaulting Lender under paragraph (a) or (b) of the definition of "Defaulting
 Lender"; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an Insolvency Event has occurred and is
 continuing with respect to the Agent;

unless, in the case of paragraph (a) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its failure to pay is caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) administrative or technical error; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a Disruption Event; and

payment is made within five Business Days of its due date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Agent is disputing in good faith whether
 it is contractually obliged to make the payment in question.

"**Increase Confirmation**" means a confirmation substantially in the form set out in Schedule 10 (*Form of Increase Confirmation*).

"**Increase Lender**" has the meaning given to that term in Clause 2.2 (*Increase*).

"**India Transfer**" means the transfer of the shares which will be held by the Unilever Group in Kwality Wall's (India) Limited to a member of the Group.

"**Information Package**" means the lender presentation dated 26 June 2025 and the Combined Carve-Out Financial Statements.

"**Initial Facility A Termination Date**" means the date falling 12 Months after the date of this Agreement.

"**Insolvency Event**" in relation to an entity means that the entity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is dissolved (other than pursuant to a
 consolidation, amalgamation or merger);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) becomes insolvent or is unable to pay
 its debts (in each case as determined in accordance with the laws applicable to such entity)
 or fails or admits in writing its inability generally to pay its debts as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) makes a general assignment, arrangement
 or composition with or for the benefit of its creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) institutes or has instituted against it,
 by a regulator, supervisor or any similar official with primary insolvency, rehabilitative
 or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation
 or the jurisdiction of its head or home office, 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 other official;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) has instituted against it a proceeding
 seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or
 insolvency law or other similar law affecting creditors' rights, or a petition is presented
 for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted
 or presented against it, such proceeding or petition is instituted or presented by a person
 or entity not described in paragraph (d) above and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) results in a judgment of insolvency or bankruptcy
 or the entry of an order for relief or the making of an order for its winding-up or liquidation;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is not dismissed, discharged, stayed or
 restrained in each case within 30 days of the institution or presentation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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;(g) seeks or becomes subject to the appointment
 of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or
 other similar official for it or for all or substantially all its assets (other than, for
 so long as it is required by law or regulation not to be publicly disclosed, any such appointment
 which is to be made, or is made, by a person or entity described in paragraph (d) above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) 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;(i) 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 (h) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) takes any action in furtherance of, or
 indicating its consent to, approval of, or acquiescence in, any of the foregoing acts.

"**Interest Period**" means, in relation to a Loan, each period determined in accordance with Clause 10 (*Interest Periods*) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 9.4 (*Default interest*).

"**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;(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;(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.

"**Legal Opinion**" means any legal opinion delivered to the Agent under Clause 4.1 (*Initial conditions precedent*) or Clause 24 (*Changes to the Obligors*).

"**Legal Reservations**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the principle that equitable remedies
 may be granted or refused at the discretion of a court and the limitation of enforcement
 by laws relating to insolvency, reorganisation and other laws generally affecting the rights
 of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the time barring of claims under the Limitation
 Acts, the possibility that an undertaking to assume liability for or indemnify a person against
 non-payment of UK stamp duty may be void and defences of set-off or counterclaim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) similar principles, rights and defences
 under the laws of any Relevant Jurisdiction; and

&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;(a) any Original Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any bank, financial institution, trust,
 fund or other entity which has become a Party as a "Lender" in accordance with
 Clause 2.2 (*Increase*) or Clause 23 (*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.

"**ListCo**" means The Magnum Ice Cream Company B.V., a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) and following the Listing Reorganisation which shall become a public limited company (*naamloze vennootschap*), which is established under the laws of the Netherlands, having its official seat (*statutaire zetel*) in Amsterdam, the Netherlands, and its office at Reguliersdwarsstraat 63, 1017BK Amsterdam, the Netherlands, registered with the Dutch Trade Register under number 97035467.

"**ListCo Accession Date**" means the date of accession as a Guarantor by ListCo in accordance with Clauses 21.10 (*Condition subsequent*) and 24.4 (*Additional Guarantors*).

"**Listing Reorganisation**" means a reorganisation under which the Company becomes a (direct or indirect) Subsidiary of ListCo, ListCo controls (directly or indirectly) the Company, ListCo becomes the ultimate Holding Company of the Group, the Demerger takes place and ListCo's equity securities are admitted to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) listing and trading on Euronext Amsterdam;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) listing on the Equity Shares (Commercial
 Companies) category of the Official List of the FCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) trading on the London Stock Exchange's
 main market for listed securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) listing and trading on the New York Stock
 Exchange.

"**Listing Reorganisation Date**" means the date of completion of the Listing Reorganisation.

"**Listing Reorganisation Long-Stop Date**" means 31 December 2025.

"**LMA**" means the Loan Market Association.

"**Loan**" means a Facility A Loan, a Facility B Loan or a Facility C Loan.

"**Lookback Period**" means the number of days specified as such in the applicable Reference Rate Terms.

"**Major Default**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any circumstances constituting an Event
 of Default arising under any of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Clause 22.1 (*Non-payment*) insofar
 as it relates to the payment of principal, interest and/or fees payable to the Finance Parties
 under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Clause 22.3 (*Misrepresentation*)
 insofar as it relates to a breach of any Major Representation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Clause 22.5 (*Insolvency*), Clause
 22.6 (*Insolvency proceedings*), Clause 22.7 (*Creditors' process*), Clause
 22.9 (*Unlawfulness*) or Clause 22.10 (*Repudiation*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any circumstances constituting an Event
 of Default arising under Clause 22.2 (*Other obligations*) insofar as it relates to
 a breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Clause 21.4 (*Negative pledge*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Clause 21.5 (*Disposals*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Clause 21.6 (*Merger*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Clause 21.8 (*Change of business*);
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Clause 21.9 (*Sanctions*),

in each case as it relates to the Obligors only, and excludes any procurement obligations or approval on the part of an Obligor with respect to any other member of the Group.

"**Major Representation**" means a representation or warranty under any of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Clause 19.1 (*Status*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Clause 19.2 (*Binding obligations*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Clause 19.3 (*Non-conflict with other obligations*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Clause 19.4 (*Power and authority*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Clause 19.5 (*Validity and admissibility in evidence*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Clause 19.6 (*Governing law and enforcement*),

in each case, with respect to the Obligors only, and excluding any procurement obligations or approval on the part of an Obligor with respect to any other member of the Group.

"**Majority Lenders**" means a Lender or Lenders whose Commitments aggregate more than 66<sup>2</sup>/<sub>3</sub> per cent. of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 66<sup>2</sup>/<sub>3</sub> per cent. of the Total Commitments immediately prior to the reduction).

"**Margin**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to Facility A, the percentage
 rate per annum determined in accordance with the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Period** | &nbsp;&nbsp;**Margin** |
| &nbsp;&nbsp;From (and including) the date of this Agreement to (but excluding) the date falling 3 Months after the date of this Agreement | &nbsp;&nbsp;0.35 |
| &nbsp;&nbsp;From (and including) the date falling 3 Months after the date of this Agreement to (but excluding) the date falling 6 Months after the date of this Agreement | &nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;From (and including) the date falling 6 Months after the date of this Agreement to (but excluding) the date falling 9 Months after the date of this Agreement | &nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;From (and including) the date falling 9 Months after the date of this Agreement to (but excluding) the date falling 12 Months after the date of this Agreement | &nbsp;&nbsp;0.90 |
| &nbsp;&nbsp;From (and including) the date falling 12 Months after the date of this Agreement to (but excluding) the date falling 15 Months after the date of this Agreement | &nbsp;&nbsp;1.10 |
| &nbsp;&nbsp;from (and including) the date falling 15 Months after the date of this Agreement to (but excluding) the date falling 18 Months after the date of this Agreement | &nbsp;&nbsp;1.30 |
| &nbsp;&nbsp;from (and including) the date falling 18 Months after the date of this Agreement to (but excluding) the date falling 21 Months after the date of this Agreement | &nbsp;&nbsp;1.50 |
| &nbsp;&nbsp;From (and including) the date falling 21 months after the date of this Agreement to (but excluding) the date falling 24 Months after the date of this Agreement | &nbsp;&nbsp;1.70 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to Facility B and Facility
 C, 0.90 per cent. per annum, provided that if there is a change in the Ratings of ListCo
 following the date of this Agreement then the Margin will be the percentage per annum determined
 in accordance with the following table:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Rating** | &nbsp;&nbsp;**Rating** | &nbsp;&nbsp;**Margin** |
| &nbsp;&nbsp;**Moody's** | &nbsp;&nbsp;**S&P / Fitch** | &nbsp;&nbsp;**Margin** |
| &nbsp;&nbsp;A3 or above | &nbsp;&nbsp;A- or above | &nbsp;&nbsp;0.75 |
| &nbsp;&nbsp;Baa1 | &nbsp;&nbsp;BBB+ | &nbsp;&nbsp;0.80 |
| &nbsp;&nbsp;Baa2 | &nbsp;&nbsp;BBB | &nbsp;&nbsp;0.90 |
| &nbsp;&nbsp;Baa3 | &nbsp;&nbsp;BBB- | &nbsp;&nbsp;1.05 |
| &nbsp;&nbsp;Ba1 or lower | &nbsp;&nbsp;BB+ or lower | &nbsp;&nbsp;1.30 |

---

However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if, at any time after the date of this Agreement,
 no Rating is at such time assigned by any Rating Agency, the Margin shall be 1.30 per cent.
 per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if ListCo is issued two or more different
 Ratings which would result in two or more different Margins applying according to the table
 above, the applicable Margin will be the average of the Margins corresponding to the Ratings
 respectively assigned by the Rating Agencies in accordance with the above table;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if there is only one Rating, the Margin
 will be determined on the basis of that Rating;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) while an Event of Default is continuing,
 the Margin shall be 1.30 per cent. per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Parent shall promptly and in any event
 within five Business Days notify the Agent of any change to the Rating assigned by any Rating
 Agency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any increase or decrease in the Margin
 for a Loan shall take effect on the date which is the third Business Day following the date
 on which the Parent notifies the Agent of a change to the Rating in accordance with paragraph
 (v) above.

"**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;(a) the financial condition, assets or business
 of the Group taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the ability of the Obligors (taken as
 a whole) to perform and comply with its payment obligations under any Finance Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the validity, legality or enforceability
 of any Finance Document.

"**Material Company**" means each Obligor and each Material Subsidiary.

"**Material Subsidiary**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) from the date of this Agreement until
 the date of delivery of the first set of financial statements pursuant to paragraph (a)(i)(A) of
 20.1 (*Financial statements*), any member of the Group, the total revenues of which
 (calculated on an unconsolidated basis) is then equal to or exceeds ten per cent. or more
 of the consolidated total revenues of the Group (all calculated by reference to the Original
 Financial Statements in respect of the financial year ended 31 December 2024); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any time thereafter, any member of
 the Group, the total revenue of which (calculated on an unconsolidated basis) is then equal
 to or exceeds ten per cent. or more of the consolidated total revenues of the Group at such
 date (all calculated by reference to the then latest audited consolidated financial statements
 of the Group).

"**Month**" means, in relation to an Interest Period (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 adjustment in accordance with the rules specified as Business Day Conventions in the applicable Reference Rate Terms.

"**Moody's**" means Moody's Investors Service Inc.

"**New Lender**" has the meaning given to that term in Clause 23 (*Changes to the Lenders*).

"**Obligor**" means a Borrower or a Guarantor.

"**Obligors' Agent**" means the Parent, appointed to act on behalf of each Obligor in relation to the Finance Documents pursuant to Clause 2.4 (*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*).

"**Original Financial Statements**" means the Combined Carve-Out Financial Statements.

"**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.

"**Parent**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior to (but excluding) the ListCo Accession
 Date, the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on and following the ListCo Accession
 Date, ListCo.

"**Participating Member State**" means any member state of the European Union that adopts or has adopted, and in each case continues to adopt, the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.

"**Party**" means a party to this Agreement.

"**Patriot Act**" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 of the United States, as amended.

"**Primary Term Rate**" means the rate specified as such in the applicable Reference Rate Terms.

"**Qualifying Lender**" has the meaning given to that term in Clause 13 (*Tax gross-up and indemnities*).

"**Quotation Day**" means the day specified as such in the applicable Reference Rate Terms.

"**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, any period for which that rate is customarily published.

"**Rating**" means the credit ratings assigned by one or more Rating Agencies to ListCo's long-term unsecured and non-credit enhanced debt obligations.

"**Rating Agency**" means any of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Fitch;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Moody's; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) S&P.

"**Reference Rate Supplement**" means, in relation to any currency, a document which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is agreed in writing by the Parent, the
 Agent (in its own capacity) and the Agent (acting on the instructions of the Majority Lenders);

&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;(c) specifies whether that currency is a Compounded
 Rate Currency or a Term Rate Currency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) has been made available to the Parent
 and each Finance Party.

"**Reference Rate Terms**" means, in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a currency;

&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;(c) an Interest Period for such a Loan or
 Unpaid Sum (or other period for the accrual of commission or fees in a currency); or

&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, Unpaid Sum or accrual of commission or fees in that currency) for the applicable category of that Loan, Unpaid Sum or accrual, in Schedule 12 (*Reference Rate Terms*) or in any relevant 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 an Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its Original Jurisdiction; and

&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.

"**Repeating Representations**" means each of the representations set out in Clauses 19.1 (*Status*) to 19.6 (*Governing law and enforcement*), 19.12 (*Pari passu ranking*), 19.13 (*No proceedings*) and 19.15 (*Sanctions*).

"**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.

"**Requisite Rating**" means in relation to a New Lender, a rating for its long-term unsecured debt instruments in issue that are neither subordinated nor guaranteed of any two of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A- (or better) by Fitch;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A- (or better) by S&P; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A3 (or better) by Moody's.

"**Resignation Letter**" means a letter substantially in the form set out in Schedule 7 (*Form of Resignation Letter*).

"**Revolving Credit Facility Agreement**" means the EUR 1,000,000,000 revolving credit facility agreement dated on or around the date of this Agreement and entered into between, among others, the Company, the Original Borrower and ING Bank N.V. as agent.

"**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.

"**S&P**" means Standard & Poor's Ratings Service.

"**Sanctions**" means any economic or financial sanctions or trade embargoes imposed, enacted, administered or enforced from time to time by any Sanctions Authority.

"**Sanctions Authority**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the US government (including the US Department
 of State, the US Department of Commerce and the US Department of the Treasury (including
 the Office of Foreign Assets Control));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the United Kingdom government (including
 H.M. Treasury, the Foreign, Commonwealth & Development Office and the Department
 for Business, Energy & Industrial Strategy);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the United Nations Security Council; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the European Union (or any of its member
 states),

including, in each case, any other governmental institution or agency of the foregoing.

"**Sanctions Permitted Action**" means an action which, in relation to any applicable Sanctions, is licensed or otherwise authorised by each relevant Sanctions Authority, and provided that such action would not cause any Finance Party or member of the Group to be in breach of any Sanctions.

"**Sanctions Restricted Person**" means any person that is, or is owned or controlled (as such terms are interpreted in accordance with applicable Sanctions laws and regulations) by one or more persons that is, publicly designated by a Sanctions Authority to be the target of Sanctions.

"**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.

"**Selection Notice**" means a notice substantially in the form set out in Part II of Schedule 3 (*Requests*) given in accordance with Clause 10 (*Interest Periods*).

"**Specified Time**" means a day or time determined in accordance with Schedule 9 (*Timetables*).

"**Subsidiary**" means, in relation to any company, corporation or other legal entity (a "**holding company**"), a company, corporation or other legal entity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) which is controlled, directly or indirectly,
 by the holding company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in which a majority of the voting rights
 are held by the holding company, either alone or pursuant to an agreement with others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) more than half the issued share capital
 of which is beneficially owned, directly or indirectly, by the holding company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) which
 is a subsidiary of another Subsidiary of the holding company,

and, for this purpose, a company, corporation or other legal entity shall be treated as being controlled by another if that other company, corporation or other legal entity is able to determine the composition of the majority of its board of directors or equivalent body.

"**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;(a) euro; and

&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.

"**Term Reference Rate**" means, in relation to a Term Rate Loan:

&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;(b) as otherwise determined pursuant to Clause
 11.1 (*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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to Facility A, the Final Facility
 A Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to Facility B, the date which
 is three years after the date of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in relation to Facility C, the date which
 is three years after the date of this Agreement.

"**Total Commitments**" means the aggregate of the Total Facility A Commitments, the Total Facility B Commitments and the Total Facility C Commitments, being EUR 4,000,000,000 at the date of this Agreement.

"**Total Facility A Commitments**" means the aggregate of the Facility A Commitments, being EUR 3,000,000,000 at the date of this Agreement.

"**Total Facility B Commitments**" means the aggregate of the Facility B Commitments, being EUR 300,000,000 at the date of this Agreement.

"**Total Facility C Commitments**" means the aggregate of the Facility C Commitments, being EUR 700,000,000 at the date of this Agreement.

"**Transfer Certificate**" means a certificate substantially in the form set out in Schedule 4 (*Form of Transfer Certificate*) or any other form agreed between the Agent and the Parent.

"**Transfer Date**" means, in relation to an assignment or a transfer, the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the proposed Transfer Date specified in
 the relevant Assignment Agreement or Transfer Certificate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which the Agent executes the
 relevant Assignment Agreement or Transfer Certificate.

"**Unilever Group**" means Unilever PLC and its Subsidiaries.

"**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 Tax Obligor**" means:

&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;(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.

"**Utilisation**" means a utilisation of a 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 Part I of Schedule 3 (*Requests*).

"**VAT**" means:

&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;(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;(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 paragraph (a) or (b) above
 or imposed elsewhere.

1.2 **Construction** 

(a) Unless
 a contrary indication appears, any reference in this Agreement to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the "**Agent** ", the "**Arranger** ",
 any "**Finance Party** ", any "**Lender** ", any "**Obligor** "
 or any "**Party**" 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;(ii) "**assets**" includes present
 and future properties, revenues and rights of every description;

&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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Agent's "**cost of funds** "
 is a reference to the average cost (determined either on an actual or a notional basis) which
 the Agent would incur if it were to fund, from whatever source(s) it may reasonably
 select, the amount referred to in paragraph (b) of Clause 28.4 (*Clawback and pre-funding*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a "**group of Lenders** "
 includes all the Lenders;

&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;(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;(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, which is generally complied with by those
 to whom it is addressed) 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;(x) a provision of law is a reference to that
 provision as amended or re-enacted from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) a time of day is a reference to London
 time.

(b) Section,
 Clause and Schedule headings are for ease of reference only.

(c) Unless
 a contrary indication appears, a term used in any other Finance Document or in any notice
 given under or in connection with any Finance Document has the same meaning in that Finance
 Document or notice as in this Agreement.

(d) A
 Default is "**continuing**" if it has not been remedied or waived.

(e) 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;(i) any replacement page of that information
 service which displays that rate; and

&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 Parent.

(f) A
 reference in this Agreement to a Central Bank Rate shall include any successor rate to, or
 replacement rate for, that rate.

(g) Any
 Reference Rate Supplement relating to a currency overrides anything relating to that currency
 in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ‎ Schedule
 12 (*Reference Rate Terms*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any earlier Reference Rate Supplement.

(h) 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;(i) Schedule 13 (*Daily Non-Cumulative Compounded RFR Rate*) or Schedule 14 (*Cumulative Compounded RFR Rate*), as the case may be;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any earlier Compounding Methodology Supplement.

(i) 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** 

"**U.S.$**", "**USD**" and "**US Dollars**" denote the lawful currency of the United States of America. "**£**", "**GBP**" and "**sterling**" denote the lawful currency of the United Kingdom. "**€**", "**EUR**" and "**euro**" denote the single currency of the Participating Member States.

1.4 **Third party rights** 

(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.

(b) Notwithstanding
 any term of any Finance Document, the consent of any person who is not a Party is not required
 to rescind or vary this Agreement at any time.

1.5 **Dutch terms** 

In this Agreement, where it relates to a Dutch person or the context so requires, a reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**the Netherlands**" means
 the European part of the Kingdom of the Netherlands and "**Dutch**" means in
 or of the Netherlands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**works council**" means
 each works council (*ondernemingsraad*) or central group works council (*centrale of groepsondernemingsraad*) having jurisdiction over that person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**constitutional documents** "
 means the deed of incorporation (*akte van oprichting*) and articles of association
 (*statuten*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a "**necessary action to authorise** "
 where applicable, includes without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any action required to comply with the Dutch
 Works Councils Act (*Wet op de ondernemingsraden*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) obtaining a positive or neutral advice
 (*advies*) from the competent works council(s) which, if conditional, contains
 conditions which can reasonably be complied with and would not cause a breach of any term
 of any Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a "**winding-up**" includes
 a Dutch entity being declared bankrupt (*failliet verklaard*) and a "**receiver** "
 includes a *curator*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a "**suspension of payments** "
 includes *surseance van betaling* and an "**administrator**" includes a *bewindvoerder*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a "**dissolution**" includes
 a Dutch entity being dissolved (*ontbonden*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**admits inability to pay its debts** "
 includes giving notice to the Dutch tax authorities under Section 36(2) of the
 Dutch *Invorderingswet 1990* or Section 60 of the Dutch *Wet financiering sociale verzekeringen* in conjunction with Section 36(2) of the *Invorderingswet 1990*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Security**" or a "**security interest**" includes any mortgage (*hypotheek*), pledge (*pandrecht*), right
 of retention (*recht van retentie*), a retention of title arrangement (*eigendomsvoorbehoud*),
 privilege (*voorrecht*), a right to reclaim goods (*recht van reclame*) and, in
 general, any right in rem (*beperkt recht*), created for the purpose of granting security
 (*goederenrechtelijk zekerheidsrecht*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) an "**attachment**" includes
 a *beslag*.

**SECTION 2**

**THE FACILITIES**

2. **The Facilities** 

2.1 **The Facilities** 

Subject to the terms of this Agreement, the Lenders make available to the Borrowers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a euro term loan facility in an aggregate
 amount equal to the Total Facility A Commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a euro term loan facility in an aggregate
 amount equal to the Total Facility B Commitments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a multicurrency term loan facility in
 an aggregate amount equal to the Total Facility C Commitments.

2.2 **Increase** 

(a) The
 Parent may by giving prior notice to the Agent after the effective date of a cancellation
 of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Available Commitments of a Defaulting
 Lender in accordance with paragraph (g) of Clause 8.8 (*Right of replacement or repayment and cancellation in relation to a single Lender*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Commitments of a Lender in accordance
 with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Clause 8.1 (*Illegality*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) paragraph (a) of Clause 8.8 (*Right of replacement or repayment and cancellation in relation to a single Lender*),

request that the Commitments relating to any Facility be increased (and the Commitments relating to that Facility shall be so increased) in an aggregate amount in the Base Currency of up to the amount of the Commitments relating to that Facility so cancelled as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the increased Commitments relating to
 a Facility 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;(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;(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;(vi) the Commitments of the other Lenders
 shall continue in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any increase in the Commitments relating
 to a Facility shall take effect on the date specified by the Parent in the notice referred
 to above or any later date on which the Agent executes an otherwise duly completed Increase
 Confirmation delivered to it by the relevant Increase Lender.

(b) The
 Agent shall, subject to paragraph (c) below, as soon as reasonably practicable after
 receipt by it of a duly completed Increase Confirmation appearing on its face to comply with
 the terms of this Agreement and delivered in accordance with the terms of this Agreement,
 execute that Increase Confirmation.

(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.

(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.

(e) In
 the case of an increase of Commitments relating to Facility A, if the Termination Date in
 relation to Facility A has been extended pursuant to Clause 7.4 (*Extension option – Facility A*) prior to the relevant Increase Date, an Increase Lender shall confirm in
 its Increase Confirmation the Termination Date applicable to the Commitments which it is
 to assume.

(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
 23.4 (*Assignment or transfer fee*) if the increase was a transfer pursuant to Clause
 23.6 (*Procedure for transfer*) and if the Increase Lender was a New Lender.

(g) The
 Parent may pay to the Increase Lender a fee in the amount and at the times agreed between
 the Parent and the Increase Lender in a letter between the Parent 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 paragraph (g).

(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.

(i) Clause
 23.5 (*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;(i) an "**Existing Lender** "
 were references to all the Lenders immediately prior to the relevant increase;

&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;(iii) a "**re-transfer**" and
 "**re-assignment**" were references to respectively a "**transfer** "
 and "**assignment** ".

2.3 **Finance Parties' rights and obligations** 

(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.

(b) The
 rights of each Finance Party under or in connection with the Finance Documents are separate
 and independent rights and any debt arising under the Finance Documents to a Finance Party
 from an Obligor is a separate and independent debt in respect of which a Finance Party shall
 be entitled to enforce its rights in accordance with paragraph (c) below. The rights
 of each Finance Party include any debt owing to that Finance Party under the Finance Documents
 and, for the avoidance of doubt, any part of a Loan or any other amount owed by an Obligor
 which relates to a Finance Party's participation in a Facility or its role under a Finance
 Document (including any such amount payable to the Agent on its behalf) is a debt owing to
 that Finance Party by that Obligor.

(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.

2.4 **Obligors' Agent** 

(a) Each
 Obligor (other than the Parent) by its execution of this Agreement or an Accession Letter
 irrevocably appoints the Parent (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;(i) the Parent on its behalf to supply all
 information concerning itself contemplated by this Agreement to the Finance Parties and to
 give all notices and instructions(including Utilisation Requests), to agree, accept and execute
 on its behalf all documents in connection with the Finance Documents (including amendments
 and variations of and consents and making waiver requests under any Finance Document) and
 to execute any new Finance Document and to take such other action as may be necessary or
 desirable under or in connection with the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Finance Party to give any notice,
 demand or other communication to that Obligor pursuant to the Finance Documents to the Parent,

and in each case that 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.

(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.

2.5 **Lender Affiliates and Facility Office** 

(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 Parent):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a substitute Facility Office from which
 it will make Designated Loans (a "**Substitute Facility Office** "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) nominate an Affiliate to act as the Lender
 of Designated Loans (a "**Substitute Affiliate Lender** ").

(b) A
 notice to nominate a Substitute Affiliate Lender must be in the form set out in Schedule
 11 (*Form of Substitute Affiliate Lender Designation Notice*) and be 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.

(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 payments
 will be made in respect of Designated Loans to the Facility Office of the Substitute Affiliate
 Lender. In particular the Commitments of the Designating Lender will not be treated as reduced
 by the introduction of the Substitute Affiliate Lender for voting purposes under this Agreement
 or the other Finance Documents.

(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.

(e) A
 Designating Lender may revoke its designation of an Affiliate as a Substitute Affiliate Lender
 by notice in writing to the Agent and the Parent 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.

(f) If
 a Designating Lender designates a Substitute Facility Office or Substitute Affiliate Lender
 in accordance with this Clause 2.5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Substitute Affiliate Lender shall
 be treated for the purposes of paragraph (d) of Clause 13.2 (*Tax gross-up*) as
 having become a Lender on the date of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the provisions of paragraph (c) of
 Clause 23.3 (*Other conditions of assignment or transfer*) shall not apply to or in
 respect of any Substitute Facility Office or Substitute Affiliate Lender.

3. **Purpose** 

3.1 **Purpose** 

(a) Each
 Borrower shall apply all amounts borrowed by it under Facility A towards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) refinancing financial indebtedness of
 the Group owed to the Unilever Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) financing or refinancing the consideration
 payable to the Unilever Group in respect of the transfer of the assets and liabilities relating
 to, and the business to be carried on by, the Group in, Indonesia.

(b) Each
 Borrower shall apply all amounts borrowed by it under Facility B towards financing or refinancing
 the consideration payable to the Unilever Group in respect of the India Transfer.

(c) Each
 Borrower shall apply all amounts borrowed by it under Facility C towards general corporate
 purposes.

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** 

(a) No
 Borrower may deliver a Utilisation Request unless the Agent has received all of the documents
 and other evidence listed in Part I of Schedule 2 (*Conditions precedent*) in form
 and substance satisfactory to the Agent. The Agent shall notify the Parent and the Lenders
 promptly upon being so satisfied.

(b) Other
 than to the extent that the Majority Lenders notify the Agent in writing to the contrary
 before the Agent gives the notification described in paragraph (a) above, the Lenders
 authorise (but do not require) the Agent to give that notification. The Agent shall not be
 liable for any damages, costs or losses whatsoever as a result of giving any such notification.

4.2 **Further conditions precedent** 

(a) The
 Lenders will only be obliged to comply with Clause 5.4 (*Lenders' participation*) in
 relation to a Utilisation other than one to which Clause 4.5 (*Utilisations during the Facility A Certain Funds Period*) or Clause 4.6 (*Utilisations during the Facility B Certain Funds Period*) applies, if on the date of the Utilisation Request and on the proposed
 Utilisation Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Default is continuing or would result
 from the proposed Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Repeating Representations to be made
 by each Obligor are true in all material respects.

(b) The
 Lenders will only be obliged to comply with Clause 6.4 (*Change of currency*) if, on
 the first day of an Interest Period, no Default is continuing or would result from the change
 of currency and the Repeating Representations to be made by each Obligor are true in all
 material respects.

4.3 **Conditions relating to Optional Currencies** 

(a) A
 currency will constitute an Optional Currency in relation to a Facility C Loan if:

&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 Facility C Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it is US Dollars, Sterling or has been
 approved by the Agent (acting on the instructions of all the Lenders) on or prior to receipt
 by the Agent of the relevant Utilisation Request or Selection Notice for that Facility C
 Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there are Reference Rate Terms for that
 currency.

(b) If
 the Agent has received a written request from the Parent for a currency to be approved under
 paragraph (a)(ii) above, the Agent will confirm to the Parent by the Specified Time:

&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;(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** 

(a) A
 Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) more than one Facility A Loan would be
 outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) more than one Facility B Loan would be
 outstanding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) more than 15 Facility C Loans would
 be outstanding.

(b) Any
 Facility C 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.

4.5 **Utilisations during the Facility A Certain Funds Period** 

(a) Subject
 to Clause 4.1 (*Initial conditions precedent*), during the Facility A Certain Funds
 Period, the Lenders will only be obliged to comply with Clause 5.4 (*Lenders' participation*)
 in relation to a Facility A Certain Funds Utilisation if, on the date of the Utilisation
 Request in respect of Facility A and on the proposed Utilisation Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Major Default is continuing or would
 result from the proposed Utilisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all the Major Representations are true
 in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no Lender has notified the Agent of
 an illegality event pursuant to Clause 8.1 (*Illegality*) (provided that any illegality
 event in respect of a Lender will not release any other Lender from its obligations under
 this Clause 4.5).

(b) During
 the Facility A Certain Funds Period (save in circumstances where, pursuant to paragraph (a) above,
 a Lender is not obliged to comply with Clause 5.4 (*Lenders' participation*) and subject
 as provided in Clause 8.2 (*Change of Control*), none of the Finance Parties shall be
 entitled to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cancel any of its Facility A Commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) rescind, terminate or cancel this Agreement
 or Facility A or exercise any similar right or remedy or make or enforce any claim under
 the Finance Documents it may have to the extent to do so would prevent or limit the making
 of a Facility A Certain Funds Utilisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) refuse to participate in the making
 of a Facility A Certain Funds Utilisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) exercise any right of set-off or counterclaim
 in respect of a Facility A Loan to the extent to do so would prevent or limit the making
 of a Facility A Certain Funds Utilisation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) cancel, accelerate or cause repayment
 or prepayment of any amounts owing under this Agreement or under any other Finance Document
 to the extent to do so would prevent or limit the making of a Facility A Certain Funds Utilisation,

**provided that** immediately upon the expiry of the Facility A Certain Funds Period all such rights, remedies and entitlements shall be available to the Finance Parties notwithstanding that they may not have been used or made available for use during the Facility A Certain Funds Period.

4.6 **Utilisations during the Facility B Certain Funds Period** 

(a) Subject
 to Clause 4.1 (*Initial conditions precedent*), during the Facility B Certain Funds
 Period, the Lenders will only be obliged to comply with Clause 5.4 (*Lenders' participation*)
 in relation to a Facility B Certain Funds Utilisation if, on the date of the Utilisation
 Request in respect of Facility B and on the proposed Utilisation Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Major Default is continuing or would
 result from the proposed Utilisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all the Major Representations are true
 in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no Lender has notified the Agent of
 an illegality event pursuant to Clause 8.1 (*Illegality*) (provided that any illegality
 event in respect of a Lender will not release any other Lender from its obligations under
 this Clause 4.6).

(b) During
 the Facility B Certain Funds Period (save in circumstances where, pursuant to paragraph (a) above,
 a Lender is not obliged to comply with Clause 5.4 (*Lenders' participation*) and subject
 as provided in Clause 8.2 (*Change of Control*), none of the Finance Parties shall be
 entitled to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cancel any of its Facility B Commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) rescind, terminate or cancel this Agreement
 or Facility B or exercise any similar right or remedy or make or enforce any claim under
 the Finance Documents it may have to the extent to do so would prevent or limit the making
 of a Facility B Certain Funds Utilisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) refuse to participate in the making
 of a Facility B Certain Funds Utilisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) exercise any right of set-off or counterclaim
 in respect of a Facility B Loan to the extent to do so would prevent or limit the making
 of a Facility B Certain Funds Utilisation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) cancel, accelerate or cause repayment
 or prepayment of any amounts owing under this Agreement or under any other Finance Document
 to the extent to do so would prevent or limit the making of a Facility B Certain Funds Utilisation,

**provided that** immediately upon the expiry of the Facility B Certain Funds Period all such rights, remedies and entitlements shall be available to the Finance Parties notwithstanding that they may not have been used or made available for use during the Facility B Certain Funds Period.

**SECTION 3**

**UTILISATION**

5. **Utilisation** 

5.1 **Delivery of a Utilisation Request** 

A Borrower may utilise a Facility by delivery (by that Borrower or the Parent on its behalf) to the Agent of a duly completed Utilisation Request not later than the Specified Time.

5.2 **Completion of a Utilisation Request** 

(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;(i) it identifies the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it identifies the Facility to be utilised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the proposed Utilisation Date is a Business
 Day within the Availability Period applicable to that Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the currency and amount of the Utilisation
 comply with Clause 5.3 (*Currency and amount*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the proposed Interest Period complies
 with Clause 10 (*Interest Periods*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) it specifies the account and bank (which
 must be in the principal financial centre of the country of the currency of the Utilisation
 or, in the case of euro, the principal financial centre of a Participating Member State in
 which banks are open for general business on that day or London) to which the proceeds of
 the Utilisation are to be credited.

(b) Only
 one Loan may be requested in each Utilisation Request.

5.3 **Currency and amount** 

(a) The
 currency specified in a Utilisation Request to draw on Facility A or Facility B must be the
 Base Currency.

(b) The
 currency specified in a Utilisation Request to draw on Facility C must be either the Base
 Currency or an Optional Currency.

(c) The
 amount of the proposed Loan must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the currency selected is the Base Currency,
 a minimum of EUR 10,000,000 for Facility A, EUR 2,000,000 for Facility B, EUR 1,000,000
 (or its equivalent amount in any Optional Currency) for Facility C, or in any case, if less,
 the Available Facility; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in any event such that its Base Currency
 Amount is less than or equal to the Available Facility.

5.4 **Lenders' participation** 

(a) If
 the conditions set out in this Agreement have been met, each Lender shall make its participation
 in each Loan available by the Utilisation Date through its Facility Office.

(b) 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.

(c) 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 and the amount of its participation in that Loan, in each case by the Specified
 Time.

5.5 **Cancellation of Commitment** 

(a) The
 Facility A Commitments which, at that time, are unutilised shall be immediately cancelled
 at the end of the Availability Period for Facility A.

(b) The
 Facility B Commitments which, at that time, are unutilised shall be immediately cancelled
 at the end of the Availability Period for Facility B.

(c) The
 Facility C Commitments which, at that time, are unutilised shall be immediately cancelled
 at the end of the Availability Period for Facility C.

6. **Optional Currencies** 

6.1 **Selection of currency** 

(a) A
 Borrower (or the Parent on behalf of a Borrower) shall select the currency of a Facility
 C Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (in the case of an initial Utilisation)
 in a Utilisation Request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (afterwards in relation to a Facility
 C Loan made to it) in a Selection Notice.

(b) If
 a Borrower (or the Parent on behalf of a Borrower) fails to issue a Selection Notice in relation
 to a Facility C Loan, it shall be deemed to have requested that the Loan will remain denominated
 for its next Interest Period in the same currency as that in which it is denominated, pursuant
 to paragraph (a) above, for its current Interest Period.

(c) If
 a Borrower (or the Parent on behalf of a Borrower) issues a Selection Notice requesting a
 change of currency and the first day of the requested Interest Period is not a Business Day
 for the new currency, the Agent shall promptly notify the Borrower and the Lenders and the
 Loan will remain in the existing currency (with Interest Periods running from one Business
 Day until the next Business Day) until the next day which is a Business Day for both currencies,
 on which day the requested Interest Period will begin.

6.2 **Unavailability of a currency** 

If before the Specified Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Lender notifies the Agent that the Optional
 Currency requested is not readily available to it in the amount required; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Lender notifies the Agent that compliance
 with its obligation to participate in a Loan in the proposed Optional Currency would contravene
 a law or regulation applicable to it,

the Agent will give notice to the relevant Borrower 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) and its participation will be treated as a separate Loan denominated in the Base Currency during that Interest Period.

6.3 **Agent's calculations** 

Each Lender's participation in a Loan will be determined in accordance with paragraph (b) of Clause 5.4 (*Lenders' participation*).

6.4 **Change of currency** 

(a) If
 a Facility C Loan is to be denominated in different currencies during two successive Interest
 Periods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the currency for the second Interest
 Period is an Optional Currency, the amount of the Loan in that Optional Currency will be
 calculated by the Agent as the amount of that Optional Currency equal to the Base Currency
 Amount of the Loan at the Agent's Spot Rate of Exchange at the Specified Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the currency for the second Interest
 Period is the Base Currency, the amount of the Loan will be equal to the Base Currency Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (unless the Agent and the Borrower agree
 otherwise in accordance with paragraph (b) below) the Borrower that has borrowed the
 Loan shall repay it on the last day of the first Interest Period in the currency in which
 it was denominated, pursuant to this Clause 6.4, for that Interest Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) (subject to Clause 4.2 (*Further conditions precedent*)) the Lenders shall re-advance the Loan in the new currency in accordance with
 Clause 6.6 (*Agent's calculations*).

(b) If
 the Agent and the Borrower that has borrowed the Facility C Loan agree, the Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) apply the amount paid to it by the Lenders
 pursuant to paragraph (a)(iv) above (or so much of that amount as is necessary) in or
 towards purchase of an amount in the currency in which the Facility C Loan is denominated,
 pursuant to this Clause 6.4, for the first Interest Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) use the amount it purchases in or towards
 satisfaction of the relevant Borrower's obligations under paragraph (a)(iii) above.

(c) If
 the amount purchased by the Agent pursuant to paragraph (b)(i) above is less than the
 amount required to be repaid by the relevant Borrower, the Agent shall promptly notify that
 Borrower and that Borrower shall, on the last day of the first Interest Period, pay an amount
 to the Agent (in the currency of the outstanding Facility C Loan for the first Interest Period)
 equal to the difference.

(d) If
 paragraph (b) above applies and any part of the amount paid to the Agent by the Lenders
 pursuant to paragraph (a)(iv) above is not needed to purchase the amount required to
 be repaid by the relevant Borrower, the Agent shall promptly notify that Borrower and pay
 that Borrower, on the last day of the first Interest Period that part of that amount (in
 the new currency).

6.5 **Same Optional Currency during successive Interest Periods** 

(a) If
 a Facility C Loan is to be denominated, pursuant to this Clause 6, in the same Optional Currency
 during two successive Interest Periods, the Agent shall calculate the amount of the Facility
 C Loan in the Optional Currency for the second of those Interest Periods (by calculating
 the amount of Optional Currency equal to the Base Currency Amount of that Facility C Loan
 at the Agent's Spot Rate of Exchange at the Specified Time) and (subject to paragraph (b) below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the amount calculated is less than
 the existing amount of that Facility C Loan in the Optional Currency during the first Interest
 Period, promptly notify the Borrower that has borrowed that Facility C Loan and that Borrower
 shall pay, on the last day of the first Interest Period, an amount equal to the difference;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the amount calculated is more than
 the existing amount of that Facility C Loan in the Optional Currency during the first Interest
 Period, promptly notify each Lender and, if no Default is continuing, each Lender shall,
 on the last day of the first Interest Period, pay its participation in an amount equal to
 the difference.

(b) If
 the calculation made by the Agent pursuant to paragraph (a) above shows that the amount
 of the Facility C Loan in the Optional Currency for the second of those Interest Periods
 converted into the Base Currency at the Agent's Spot Rate of Exchange at the Specified Time
 has increased or decreased by less than 5 per cent. compared to its Base Currency Amount
 (taking into account any payments made pursuant to paragraph (a) above), no notification
 shall be made by the Agent and no payment shall be required under paragraph (a) above.

6.6 **Agent's calculations** 

(a) All
 calculations made by the Agent pursuant to this Clause 6 will take into account any repayment,
 prepayment, consolidation or division of Loans to be made on the last day of the first Interest
 Period.

(b) Each
 Lender's participation in a Loan will, subject to paragraph (a) above, be determined
 in accordance with paragraph (b) of Clause 5.4 (*Lenders' participation*).

**SECTION 4**

**REPAYMENT, PREPAYMENT AND CANCELLATION**

7. **Repayment** 

7.1 **Repayment of Facility A Loans** 

(a) Each
 Borrower which has drawn a Facility A Loan shall repay that Loan on the Termination Date
 in relation to Facility A.

(b) No
 Borrower may reborrow any part of Facility A which is repaid.

7.2 **Repayment of Facility B Loans** 

(a) Each
 Borrower which has drawn a Facility B Loan shall repay that Loan on the Termination Date
 in relation to Facility B.

(b) No
 Borrower may reborrow any part of Facility B which is repaid.

7.3 **Repayment of Facility C Loans** 

(a) Each
 Borrower which has drawn a Facility C Loan shall repay that Loan on the Termination Date
 in relation to Facility C.

(b) No
 Borrower may reborrow any part of Facility C which is repaid.

7.4 **Extension option – Facility A** 

(a) The
 Parent may, in its sole discretion, extend the Initial Facility A Termination Date for a
 further period of six Months (the "**First Extended Termination Date**") by
 giving notice (an "**Extension Notice**") to the Agent not less than 30 days
 (and not more than 60 days) before the Initial Facility A Termination Date.

(b) The
 Parent may, in its sole discretion, extend the First Extended Termination Date for a further
 period of six Months (the "**Second Extended Termination Date**") by giving
 a further Extension Notice to the Agent not less than 30 days (and not more than 60 days)
 before the First Extended Termination Date.

(c) If
 an Extension Notice is given in accordance with paragraph (a) or (b) above, the
 Final Facility A Termination Date will be extended automatically in accordance with this
 clause without the requirement for consent by any Finance Party or other person, provided
 that the Parent has confirmed in the Extension Notice that on the date of the Extension Notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Event of Default is continuing or would
 result from the proposed extension; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Repeating Representations to be made
 by each Obligor are true in all material respects.

(d) An
 Extension Notice served by the Parent pursuant to paragraph (a) or (b) above shall
 be irrevocable.

(e) For
 the avoidance of doubt, no Extension Notice shall extend the Final Facility A Termination
 Date beyond the Second Extended Termination Date.

(f) The
 Agent shall promptly notify each Lender of any such Extension Notice delivered pursuant to
 paragraph (a) or (b) above.

(g) The
 Parent shall pay to the Agent (for the account of each Lender):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of the extension exercised
 under paragraph (a) above, a fee equal to 0.075 per cent. of each Lender's Facility
 A Commitment as at the Initial Facility A Termination Date, payable on the Initial Facility
 A Termination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 respect of the extension exercised under paragraph (b) above, a fee equal to 0.10 per
 cent. of each Lender's Facility A Commitment as at the First Extended Termination Date, payable
 on the First Extended Termination Date.

8. **Prepayment and cancellation** 

8.1 **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;(a) that Lender shall promptly notify the
 Agent upon becoming aware of that event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon the Agent notifying the Parent, each
 Available Commitment of that Lender will be immediately cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the extent that the Lender's participation
 has not been transferred pursuant to paragraph (d) of Clause 8.8 (*Right of replacement or repayment and cancellation in relation to a single Lender*), 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 Parent 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(s) shall be immediately cancelled in the amount of the participations repaid.

8.2 **Change of control** 

(a) If
 any person or group of persons acting in concert gains control of the Parent (other than
 as a result of the Listing Reorganisation), then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Parent shall promptly notify the Agent
 upon becoming aware of that event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if a Lender so requires and notifies
 the Agent within 20 days of the Parent notifying the Agent of the event, the Agent shall,
 by not less than 15 Business Days' notice to the Parent, cancel each Available Commitment
 of that Lender and declare the participation of that Lender in all Loans, together with accrued
 interest, and all other amounts accrued or outstanding under the Finance Documents immediately
 due and payable, whereupon each such Available Commitment will be immediately cancelled,
 any Commitment of that Lender shall immediately cease to be available for further utilisation
 and all such Loans, accrued interest and other amounts shall become immediately due and payable.

(b) For
 the purpose of paragraph (a) above, "**control**" means the possession,
 directly or indirectly, of the power to (A) cast, or control the casting of, more than
 one-half of the maximum number of votes that might be cast at a general meeting of the Parent,
 (B) appoint or remove all, or the majority, of the directors or other equivalent officers
 of the Parent, or (C) give directions with respect to the operating and financial policies
 of the Parent with which the directors or other equivalent officers of the Parent are obliged
 to comply.

(c) For
 the purpose of paragraph (a) above, "**acting in concert**" means a group
 of persons who, pursuant to an agreement or understanding (whether formal or informal), actively
 co-operate, through the acquisition directly or indirectly of shares in the Parent by any
 of them, either directly or indirectly, to obtain or consolidate control of the Parent.

8.3 **Mandatory prepayment – Applicable Proceeds** 

(a) For
 the purposes of this Clause 8.3:

"**Applicable Proceeds**" means Debt Issuance Proceeds and Equity Issuance Proceeds.

"**Debt Issuance**" means any private placement, bond, note, debt security or other debt capital markets instrument or security issued in the international or domestic debt capital markets, in each case, issued after the date of this Agreement by the Borrower or any other member of the Group to any person outside the Group but excluding any financial indebtedness:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) incurred under the Finance Documents or
 under the Revolving Credit Facility Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) raised solely for the purposes of refinancing
 any existing indebtedness which is outstanding on the date of the Agreement for the same
 or a lower amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) incurred under any instrument (including,
 without limitation, a revolving credit, ancillary, working capital facility, an uncommitted
 money market facility or the U.S. and euro commercial paper programs) of any member of the
 Group for liquidity, working capital or treasury cash management purposes.

"**Debt Issuance Proceeds**" means the cash proceeds received after the date of this Agreement by (or on behalf of) any member of the Group in respect of any Debt Issuance after deducting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any reasonable and documented costs, expenses
 and fees that are incurred by any member of the Group with respect to that Debt Issuance
 to persons who are not members of the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Tax incurred and required to be paid
 by any member of the Group in connection with that Debt Issuance (as reasonably determined
 by the relevant member of the Group, on the basis of existing rates and taking into account
 any available credit, deduction or allowance).

"**Equity Issuance**" means the issue or sale (whether by way of flotation on any recognised stock exchange, rights issue, public offer, private placement or otherwise) by any member of the Group to any person other than a member of the Group of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any share or stock (whether ordinary or
 preference and whether or not redeemable) or other equity securities or membership interests;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other instrument convertible into
 any share or stock (whether ordinary or preference and whether or not redeemable) or other
 equity securities,

in each case other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) arising from the Listing Reorganisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) by way of an undocumented accelerated bookbuild
 offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in connection with the grant of management
 and/or employee stock options, stock ownership plans or other equity incentive or compensation
 plans.

"**Equity Issuance Proceeds**" means the cash proceeds received by (or on behalf of) any member of the Group in respect of any Equity Issuance after deducting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any reasonable and documented costs, expenses
 and fees that are incurred by any member of the Group with respect to that Equity Issuance
 to persons who are not members of the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Tax incurred and required to be paid
 by any member of the Group in connection with that Equity Issuance (as reasonably determined
 by the relevant member of the Group, on the basis of existing rates and taking into account
 any available credit, deduction or allowance).

(b) The
 Parent shall apply any Applicable Proceeds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first, in prepayment of the Facility A
 Loan (if any) then outstanding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) thereafter in cancellation of the Available
 Commitments under Facility A,

and any prepayment pursuant to paragraph (i) above shall be made within five Business Days of receipt of the Applicable Proceeds by the relevant member of the Group.

(c) Any
 cancellation pursuant to paragraph (b)(ii) above shall take effect on the date on which
 the Parent notifies the Agent of the receipt of the Applicable Proceeds (which notification
 shall be made by the Parent immediately upon receipt of the Applicable Proceeds by the relevant
 member of the Group).

(d) A
 prepayment pursuant to this Clause shall be applied pro rata to each Lender's participation
 in the Facility A Loan and the Lenders and any cancellation pursuant to this Clause 8.3 shall
 reduce the Facility A Commitments of the Lenders rateably.

8.4 **Mandatory prepayment – Demerger, Listing Reorganisation and India Transfer** 

(a) For
 the purpose of this Clause 8.4:

"**Demerger Longstop Date**" means the date falling five Business Days following the first Utilisation Date in respect of any Facility.

"**Failed Listing Date**" means the date falling ten Business Days after the first Utilisation Date in respect of any Facility.

(b) If
 the Demerger Date does not occur on or prior to the Demerger Longstop Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Parent shall promptly notify the Agent;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Original Borrower shall repay all
 outstanding Loans within one Business Day of the Demerger Longstop Date.

(c) If
 the Demerger Date occurs on or prior to the Demerger Longstop Date but the Listing Reorganisation
 Date does not occur on or prior to the Failed Listing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Parent shall promptly notify the Agent;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Original Borrower shall repay all
 outstanding Loans within 30 days of the Failed Listing Date.

(d) The
 Facilities will be immediately cancelled and shall immediately cease to be available for
 further utilisation upon the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Listing Reorganisation Long-Stop Date,
 if by such date the Demerger Date and the Listing Reorganisation Date have not occurred;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the date of announcement by Unilever
 PLC that it has permanently withdrawn from, and no longer intends to pursue, each of the
 Demerger and Listing Reorganisation.

(e) If
 the Facilities have been cancelled pursuant to paragraph (d) above, the Borrowers shall
 repay all outstanding Loans within 30 days of the date of such cancellation.

(f) Facility
 B will be immediately cancelled and shall immediately cease to be available for further utilisation
 upon the date on which the Parent notifies the Agent in writing (which notification shall
 be provided as soon as reasonably practicable after the relevant abandonment) that the Parent
 or Unilever PLC (or any of their Affiliates), as the case may be, has permanently abandoned
 and will not or cannot consummate the India Transfer.

(g) If
 Facility B has been cancelled pursuant to paragraph (f) above, the Borrowers shall repay
 any outstanding Facility B Loans within 30 days of the date of such cancellation.

8.5 **Voluntary prepayment of Facility A Loans** 

(a) A
 Borrower to which a Facility A Loan has been made may, if it gives the Agent not less than
 five Business Days' (or such shorter period as the Majority Lenders may agree) prior notice,
 prepay the whole or any part of any Facility A Loan (but, if in part, being an amount that
 reduces the Base Currency Amount of the Facility A Loan by a minimum amount of EUR 10,000,000).

(b) A
 Facility A Loan may only be prepaid after the last day of the Availability Period for Facility
 A (or, if earlier, the day on which the applicable Available Facility is zero).

(c) Any
 amounts prepaid under Facility A Loans may not subsequently be redrawn.

8.6 **Voluntary prepayment of Facility B Loans** 

(a) A
 Borrower to which a Facility B Loan has been made may, if it gives the Agent not less than
 five Business Days' (or such shorter period as the Majority Lenders may agree) prior notice;
 prepay the whole or any part of any Facility B Loan (but, if in part, being an amount that
 reduces the Base Currency Amount of the Facility B Loan by a minimum amount of EUR 2,000,000).

(b) Any
 amounts prepaid under Facility B Loans shall be made with accrued interest on the amount
 prepaid and, subject to breakage costs (in respect of Term Rate Loans only), without premium
 or penalty.

(c) Any
 amounts prepaid under Facility B Loans may not subsequently be redrawn.

8.7 **Voluntary prepayment of Facility C Loans** 

(a) A
 Borrower to which a Facility C Loan has been made may, if it gives the Agent not less than:

&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;(ii) in the case of a Compounded Rate Loan,
 five RFR Banking Days' (or such shorter period as the Majority Lenders and the Agent may
 agree) prior notice,

prepay the whole or any part of any Facility C Loan (but, if in part, being an amount that reduces the Base Currency Amount of the Facility C Loan by a minimum amount of EUR 2,000,000 (for Loans in Euro), GBP 2,000,000 (for loans in Sterling) and USD 2,000,000 (for Loans in US Dollars).

(b) Any
 amounts prepaid under Facility C Loans shall be made with accrued interest on the amount
 prepaid and, subject to breakage costs (in respect of Term Rate Loans only), without premium
 or penalty.

(c) If,
 in any 12 Month period, a Borrower makes more than four voluntary prepayments of Compounded
 Rate Loans on a day other than on the last day of an Interest Period, that Borrower shall,
 for each such additional prepayment within a 12-Month period, pay an amount calculated and
 set out in reasonable detail by the Agent, to compensate it for its reasonable costs and
 expenses properly incurred in administering or giving effect to such prepayment.

(d) Any
 amounts prepaid under Facility C Loans may not subsequently be redrawn.

8.8 **Right of replacement or repayment and cancellation in relation to a single Lender** 

(a) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any sum payable to any Lender by an Obligor
 is required to be increased under paragraph (c) of Clause 13.2 (*Tax gross-up*);
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Lender claims indemnification from
 the Parent under Clause 13.3 (*Tax indemnity*) or Clause 14.1 (*Increased Costs*),

the Parent may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitment(s) of that Lender and its intention to procure the repayment of that Lender's participation in the Loans or give the Agent notice of its intention to replace that Lender in accordance with paragraph (d) below.

(b) On
 receipt of a notice of cancellation referred to in paragraph (a) above, the Available
 Commitment(s) of that Lender shall be immediately reduced to zero.

(c) On
 the last day of each Interest Period which ends after the Parent has given notice of cancellation
 under paragraph (a) above (or, if earlier, the date specified by the Parent 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(s) shall be immediately cancelled
 in the amount of the participations repaid.

(d) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any of the circumstances set out in paragraph
 (a) above apply to a Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an Obligor becomes obliged to pay any
 amount in accordance with Clause 8.1 (*Illegality*) to any Lender,

the Parent may, on five 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 23 (*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 23 (*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 Clause 23.10 (*Pro rata interest settlement*)), Break Costs and other amounts payable in relation thereto under the Finance Documents.

(e) The
 replacement of a Lender pursuant to paragraph (d) above shall be subject to the following
 conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Parent shall have no right to replace
 the Agent;

&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;(iii) in no event shall the Lender replaced
 under paragraph (d) above 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;(iv) the Lender shall only be obliged to transfer
 its rights and obligations pursuant to paragraph (d) above once it is satisfied that
 it has complied with all necessary "know your customer" or other similar checks
 under all applicable laws and regulations in relation to that transfer.

(f) A
 Lender shall perform the checks described in paragraph (e)(iv) above as soon as reasonably
 practicable following delivery of a notice referred to in paragraph (d) above and shall
 notify the Agent and the Parent when it is satisfied that it has complied with those checks.

(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If any Lender becomes a Defaulting Lender,
 the Parent may, at any time whilst the Lender continues to be a Defaulting Lender, give the
 Agent five Business Days' notice of cancellation of each Available Commitment of that Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On the notice referred to in paragraph
 (i) above becoming effective, each Available Commitment of the Defaulting Lender shall
 be immediately reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Agent shall as soon as practicable
 after receipt of a notice referred to in paragraph (i) above, notify all the Lenders.

8.9 **Restrictions** 

(a) Any
 notice of cancellation or prepayment given by any Party under this Clause 8 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.

(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 except that no Break
 Costs shall be payable on any prepayment pursuant to Clause 8.3 (*Mandatory prepayment - Applicable Proceeds*).

(c) No
 Borrower may reborrow any part of a Facility which is prepaid.

(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.

(e) Subject
 to Clause 2.2 (*Increase*), no amount of the Total Commitments cancelled under this
 Agreement may be subsequently reinstated.

(f) If
 the Agent receives a notice under this Clause 8 it shall promptly forward a copy of that
 notice to either the Parent or the affected Lender, as appropriate.

(g) If
 all or part of any Lender's participation in a Loan under a Facility 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) in respect of that Facility
 will be deemed to be cancelled on the date of repayment or prepayment.

8.10 **Application of prepayments** 

Any prepayment of a Loan pursuant to Clause 8.5 (*Voluntary prepayment of Facility A Loans*), Clause 8.6 (*Voluntary prepayment of Facility B Loans*) or Clause 8.7 (*Voluntary prepayment of Facility C Loans*) shall be applied pro rata to each Lender's participation in that Loan.

**SECTION 5**

**COSTS OF UTILISATION**

9. **Interest** 

9.1 **Calculation of interest – Term Rate Loans** 

The rate of interest on each Term Rate Loan for an Interest Period is the percentage rate per annum which is the aggregate of the applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Margin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Term Reference Rate.

9.2 **Calculation of interest – Compounded Rate Loans** 

(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;(i) Margin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Compounded Reference Rate for that day.

(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.

9.3 **Payment of interest** 

The Borrower to which a Loan has been made shall pay accrued interest on that Loan on the last day of each Interest Period.

9.4 **Default interest** 

(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 paragraph (b) below, is the sum of 1 per cent per annum and 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 9.4 shall be immediately payable by the
Obligor on demand by the Agent.

(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;(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;(ii) the rate of interest applying to the overdue amount during that first Interest Period shall be the sum
of 1 per cent per annum and the rate which would have applied if the overdue amount had not become due.

(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.

9.5 **Notifications** 

(a) The Agent shall promptly notify the relevant Lenders and the relevant Borrower of the determination of
a rate of interest relating to a Term Rate Loan.

(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;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relevant Borrower of that Compounded Rate Interest Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the relevant Lenders and the relevant Borrower of:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 11.4 (*Cost of funds*).

(c) The Agent shall promptly notify the relevant Borrower of each Funding Rate relating to a Loan.

(d) The Agent shall promptly notify the relevant Lenders and the relevant Borrower of the determination of
a rate of interest relating to a Compounded Rate Loan to which Clause ‎ 11.4
(*Cost of funds*) applies.

(e) This Clause ‎ 9.5 shall not require
the Agent to make any notification to any Party on a day which is not a Business Day.

10. **Interest Periods** 

10.1 **Selection of Interest Periods** 

(a) A Borrower (or the Parent on behalf of a Borrower) may select an Interest Period for a Loan in the Utilisation
Request for that Loan or (if the Loan has already been borrowed) in a Selection Notice.

(b) Each Selection Notice for a Loan is irrevocable and must be delivered to the Agent by the Borrower (or
the Parent on behalf of a Borrower) to which that Loan was made not later than the Specified Time.

(c) If a Borrower (or the Parent) fails to deliver a Selection Notice to the Agent in accordance with paragraph
(b) above, the relevant Interest Period will be the period specified in the applicable Reference Rate Terms.

(d) Subject to this Clause 10, a Borrower (or the Parent) may select an Interest Period of any period specified
in the applicable Reference Rate Terms or of any other period agreed between the Parent, the Agent and all the Lenders in relation to
the relevant Loan.

(e) An Interest Period for a Loan shall not extend beyond the Termination Date.

(f) Each Interest Period for a Loan shall start on the Utilisation Date or (if already made) on the last day
of its preceding Interest Period.

(g) No Interest Period shall be longer than six Months.

10.2 **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.

10.3 **Consolidation and division of Loans** 

(a) Subject to paragraph (b) below, if two or more Interest Periods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) relate to Loans under the same Facility in the same currency made to the same Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) end on the same date,

those Loans will, unless that Borrower (or the Parent on its behalf) specifies to the contrary in the Selection Notice for the next Interest Period, be consolidated into, and treated as, a single Loan under the relevant Facility on the last day of the Interest Period.

(b) Subject to Clause 4.4 (*Maximum number of Loans*) and Clause 5.3 (*Currency and amount*), if
a Borrower (or the Parent on its behalf) requests in a Selection Notice that a Loan under a Facility be divided into two or more Loans
under the same Facility, that Loan will, on the last day of its Interest Period, be so divided with Base Currency Amounts specified in
that Selection Notice, being an aggregate Base Currency Amount equal to the Base Currency Amount of the Loan immediately before its division.

11. **Changes to the calculation of interest** 

11.1 **Interest calculation if no Primary Term Rate** 

(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.

(b) *Cost of funds*: If paragraph (a) above applies but it is not possible to calculate the Interpolated
Primary Term Rate then if "  ***Cost of funds will apply as a fallback***" is specified in the Reference Rate Terms for
that Loan, Clause 11.4 (*Cost of funds*) shall apply to that Loan for that Interest Period.

11.2 **Interest calculation if no RFR or Central Bank Rate** 

If:

&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;(b) "  ***Cost of funds will apply as a fallback***" is specified in the Reference Rate Terms
for that Loan,

Clause ‎11.4 (*Cost of funds*) shall apply to that Loan for that Interest Period.

11.3 **Market disruption** 

If:

&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;(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 ‎11.4 (*Cost of funds*) shall apply to that Loan for the relevant Interest Period.

11.4 **Cost of funds** 

(a) If this Clause 11.4 applies to a Loan for an Interest Period, neither Clause 9.1 (*Calculation of interest – Term Rate Loans*) nor Clause 9.2 (*Calculation of interest – 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;(i) the applicable Margin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the rate notified to the Agent by that Lender 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.

(b) If this Clause 11.4 applies and the Agent or the Parent so requires, the Agent and the Parent 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.

(c) Any alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all
the Lenders and the Parent, be binding on all Parties.

(d) If this Clause 11.4 applies pursuant to Clause 11.3 (*Market disruption*) and:

&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;(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 paragraph ‎(a) above, to be the Market Disruption Rate for that Loan.

(e) If this Clause 11.4 applies the Agent shall, as soon as is practicable, notify the Parent.

11.5 **Break Costs** 

(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.

(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.

12. **Fees** 

12.1 **Commitment Fee** 

(a) Subject to paragraph (b) below, the Parent shall, in relation to each Facility, pay to the Agent
(for the account of each Lender) a commitment fee (the "**Commitment Fee**") in the Base Currency computed at the rate per
annum set out below of the applicable Margin on that Lender's Available Commitment under that Facility for the relevant time period as
set out below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) from (and including) the date of this Agreement to (but excluding) the date falling three Months
after the date of this Agreement, zero per cent.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) from (and including) the date falling three Months after the date of this Agreement to (but excluding)
the date falling four Months after the date of this Agreement, 20 per cent.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) from (and including) the date falling four Months after the date of this Agreement; to (and including)
the last day of the relevant Availability Period, 35 per cent.

(b) Notwithstanding paragraph (a) above, the Commitment Fee (without double counting with the applicable
rate set out in paragraph (a) above) shall, from (and including) the Demerger Date to (and including) the last day of the relevant
Availability Period, be computed at the rate per annum of 35 per cent. of the applicable Margin on that Lender's Available Commitment
under that Facility for the relevant Availability Period.

(c) The accrued Commitment Fee is payable on the last day of each successive period of three Months which
ends during the relevant 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 under the relevant Facility at the time the cancellation is effective.

(d) No Commitment Fee is payable to the Agent (for the account of a Lender) on any Available Commitment of
that Lender for any day on which that Lender is a Defaulting Lender.

12.2 **Upfront fee** 

The Parent shall pay to the Arranger an upfront fee in the amount and at the times agreed in a Fee Letter.

12.3 **Agency fee** 

The Parent shall pay to the Agent (for its own account) an agency fee in the amount and at the times agreed in a Fee Letter.

12.4 **Extension fee** 

If the Parent extends the Initial Facility A Termination Date or the First Extended Termination Date, they shall pay to the Agent (for the account of each Lender), a fee calculated in accordance with paragraph (g) of Clause 7.4 (*Extension option – Facility A*).

**SECTION 6**

**ADDITIONAL PAYMENT OBLIGATIONS**

13. **Tax gross-up and indemnities** 

13.1 **Definitions** 

In this Agreement:

"**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 a Lender which is entitled to interest payable to that Lender in respect of an advance under a Finance Document and is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) able (other than by reason of being a Treaty Lender) to receive such interest payments in respect of that
advance from the relevant Obligor without any Tax Deduction being imposed under the laws of the Netherlands (including, for the avoidance
of doubt, by virtue of any applicable relief or exemption); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Treaty Lender.

"**Tax Credit**" means a credit against, relief or remission for, or repayment of any Tax.

"**Tax Deduction**" means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction.

"**Tax Payment**" means either the increase in a payment made by an Obligor to a Finance Party under Clause 13.2 (*Tax gross-up*) or a payment under Clause 13.3 (*Tax indemnity*).

"**Treaty Lender**" means a Lender which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is treated as a resident of a Treaty State for the purposes of the Treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) does not carry on a business in the Netherlands through a permanent establishment with which that Lender's
participation in the Loans is effectively connected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) fulfils any conditions which
must be fulfilled under the double taxation agreement for residents of that Treaty State to obtain full exemption from taxation imposed
by the Netherlands on interest payable to that Lender in respect of an advance under a Finance Document, subject to the completion
of procedural formalities.

"**Treaty State**" means a jurisdiction having a double taxation agreement (a "**Treaty**") with the Netherlands which makes provision for full exemption from tax imposed by the Netherlands on interest.

13.2 **Tax gross-up** 

(a) Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction
is required by law.

(b) The Parent shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there
is any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall notify the Agent on
becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification from a Lender it shall notify
the Parent and that Obligor.

(c) If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that
Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have
been due if no Tax Deduction had been required.

(d) A payment shall not be increased under paragraph (c) above by reason of a Tax Deduction on account
of Tax imposed by the Netherlands, if on the date on which the payment falls due:

&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 Qualifying Lender, but on that date that Lender is not or has ceased to be a Qualifying Lender other than as a result of any change
after the date it became a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or Treaty
or any published practice or published concession of any relevant taxing authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the relevant Lender is a 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 paragraph
(i) below.

(e) 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.

(f) 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 evidence reasonably
satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant
taxing authority.

(g) 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.

(h) Each Original Lender confirms to the Parent by entering into this Agreement that it is a Qualifying Lender.

(i) Each Lender shall promptly notify the Parent and the Agent if there is any change in the position from
that set out pursuant to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (in the case of an Original Lender) paragraph (h) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (in the case of a Lender which is not an Original Lender) Clause 13.5 (*Lender status confirmation*)
below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 **Tax indemnity** 

(a) The Parent shall (within three Business Days of demand by the Agent) pay to a Protected Party an amount
equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly) suffered for or
on account of Tax by that Protected Party in respect of a Finance Document.

(b) Paragraph (a) above shall not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to any Tax assessed on a Finance Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction
(or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) under the law of the jurisdiction in which that Finance Party's Facility Office is located in respect
of amounts received or receivable in that jurisdiction,

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;(ii) to the extent a loss, liability or cost:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is compensated for by an increased payment under Clause 13.2 (*Tax gross-up*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) would have been compensated for by an increased payment under Clause 13.2 (*Tax gross-up*) but was
not so compensated solely because one of the exclusions in paragraph (d) of Clause 13.2 (*Tax gross-up*) applied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) relates to a FATCA Deduction required to be made by a Party.

(c) A Protected Party making, or intending to make, a claim under paragraph (a) above shall promptly
notify the Agent of the event which will give, or has given, rise to the claim, following which the Agent shall notify the Parent.

(d) A Protected Party shall, on receiving a payment from an Obligor under this Clause 13.3, notify the Agent.

13.4 **Tax Credit** 

If an Obligor makes a Tax Payment and the relevant Finance Party determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax
Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that Finance Party has obtained and utilised that Tax Credit,

the Finance Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Obligor.

13.5 **Lender status confirmation** 

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;(a) not a Qualifying Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Qualifying Lender (other than a Treaty Lender); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a Treaty Lender.

If such a Lender fails to indicate its status in accordance with this Clause 13.5 then that Lender shall be treated for the purposes of this Agreement (including by each Obligor) as if it is not a Qualifying Lender until such time as it notifies the Agent which category applies (and the Agent, upon receipt of such notification, shall inform the Parent). For the avoidance of doubt, the documentation which a Lender executes on becoming a Party as a Lender shall not be invalidated by any failure of a Lender to comply with this Clause 13.5.

13.6 **Stamp taxes** 

The Parent shall pay and, within three Business Days of demand, indemnify each Finance Party against any cost, loss or liability that that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document.

13.7 **VAT** 

(a) All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which (in
whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable
on that supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made by any Finance
Party to any Party under a Finance Document and such Finance Party is required to account to the relevant tax authority for the VAT, that
Party must pay to such Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount
equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to that Party).

(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;(i) (where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant
Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount of the VAT. The
Recipient must (where this paragraph (i) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the
Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

(c) Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or
expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or expense,
including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to
credit or repayment in respect of such VAT from the relevant tax authority.

(d) Any reference in this Clause 13.7 to any Party shall, at any time when such Party is treated as a member
of a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference
to the person who is treated at that time as making the supply, or (as appropriate) receiving the supply, under the grouping rules (provided
for in the Value Added Tax Act 1994, Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant member state
of the European Union) or any other similar provision in any jurisdiction other than the United Kingdom or a member state of the European
Union) so that a reference to a Party shall be construed as a reference to that Party or the relevant group or unity (or fiscal unity)
of which that Party is a member for VAT purposes at the relevant time or the relevant representative member (or head) of that group or
unity (or fiscal unity) at the relevant time (as the case may be).

(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.

13.8 **FATCA information** 

(a) Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request
by another Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) confirm to that other Party whether it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a FATCA Exempt Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) not a FATCA Exempt Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(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.

(b) If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt
Party and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party
reasonably promptly.

(c) Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above
shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any fiduciary duty; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any duty of confidentiality.

(d) If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation
or other information requested in accordance with paragraph (a)(i) or (a)(ii) above (including, for the avoidance of doubt,
where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under
them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation
or other information.

(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;(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;(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;(iii) the date a new US Tax Obligor accedes as a Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) where a Borrower is not a US Tax Obligor, the date of a request from the Agent,

supply to the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a withholding certificate on Form W-8, Form W-9 or any other relevant form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

(f) The Agent shall provide any withholding certificate, withholding statement, document, authorisation or
waiver it receives from a Lender pursuant to paragraph (e) above to the relevant Borrower.

(g) If any withholding certificate, withholding statement, document, authorisation or waiver provided to the
Agent by a Lender pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, that Lender shall promptly update
it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver to the Agent unless it is
unlawful for the Lender to do so (in which case the Lender shall promptly notify the Agent). The Agent shall provide any such updated
withholding certificate, withholding statement, document, authorisation or waiver to the relevant Borrower.

(h) The Agent may rely on any withholding certificate, withholding statement, document, authorisation or waiver
it receives from a Lender pursuant to paragraph (e) or (g) above without further verification. The Agent shall not be liable
for any action taken by it under or in connection with paragraph (e), (f) or (g) above.

13.9 **FATCA Deduction** 

(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.

(b) Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any
change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and, in addition, shall notify
the Parent and the Agent and the Agent shall notify the other Finance Parties.

14. **Increased Costs** 

14.1 **Increased C osts** 

(a) Subject to Clause 14.3 (*Exceptions*) the Parent shall, within three Business Days of a demand by
the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates
as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation,
(ii) compliance with any law or regulation made after the date of this Agreement or (iii) the implementation or application
of or compliance with any Regulatory Capital Requirements.

(b) In this Agreement:

"**Basel III**" means:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the rules for global systemically important banks contained in "Global systemically important
banks: assessment methodology and the additional loss absorbency requirement – Rules text" published by the Basel Committee
on Banking Supervision in November 2011, as amended, supplemented or restated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any further guidance or standards published by the Basel Committee on Banking Supervision relating to
 "Basel III", including "Basel III: Finalising post-crisis reforms" published in December 2017.

"**EU CRD IV**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 ()"**CRR** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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 ()"**CRD4** ").

"**EU CRD V**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Regulation (EU) No 2019/876 of the European Parliament and of the Council of 20 May 2019 amending
CRR and Regulation (EU) No 648/2012 ()"**CRR2** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Directive (EU) 2019/878 of the European Parliament and of the Council of 20 May 2019 amending CRD4
(" **CRD5** ").

"**EU CRD VI**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Regulation (EU) No 2024/1623 of the European Parliament and of the Council of 31 May 2024 amending
CRR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Directive (EU) 2024/1619 of the European Parliament and of the Council of 31 May 2024 amending CRD4.

"**EU Regulatory Capital Requirements**" means EU CRD IV, EU CRD V and EU CRD VI.

"**Increased Costs**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction in the rate of return from a Facility or on a Finance Party's (or its Affiliate's) overall
capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an additional or increased cost; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a reduction of any amount due and payable under any Finance Document,

which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document.

"**Regulatory Capital Requirements**" means Basel III, any EU Regulatory Capital Requirements or any UK Regulatory Capital Requirements or any law or regulation that implements or applies Basel III, any EU Regulatory Capital Requirements or any UK Regulatory Capital Requirements.

"**UK Regulatory Capital Requirements**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) CRR and CRR2 as they form part of domestic law of the United Kingdom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the law of the United Kingdom or any part of it, which immediately before IP completion day (as defined
in the WAA) implemented CRD4 and CRD5 and their respective implementing measures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) direct EU legislation (as defined in the Withdrawal Act), which immediately before IP completion day (as
defined in the WAA) implemented EU CRD IV and EU CRD V as it forms part of domestic law of the United Kingdom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any law or regulation which amends, supplements, replaces or restates any law or regulation specified
in paragraphs (i) to (iii) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any law or regulation which otherwise implements or is related to the implementation of Basel III or any
other regulatory capital requirement in the United Kingdom.

"**WAA**" means the European Union (Withdrawal Agreement) Act 2020.

"**Withdrawal Act**" means the European Union (Withdrawal) Act 2018.

14.2 **Increased Cost claims** 

(a) A Finance Party intending to make a claim pursuant to Clause 14.1 (*Increased Costs*) shall notify
the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Parent.

(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.

14.3 **Exceptions** 

(a) Clause 14.1 (*Increased Costs*) does not apply to the extent any Increased Cost is:

&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;(ii) attributable to a FATCA Deduction required to be made by a Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) compensated for by Clause 13.3 (*Tax indemnity*) (or would have been compensated for under Clause
13.3 (*Tax indemnity*) but was not so compensated solely because any of the exclusions in paragraph (b) of Clause 13.3 (*Tax indemnity*) applied); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation.

In this Clause 14.3, a reference to a "**Tax Deduction**" has the same meaning given to that term in Clause 13.1 (*Definitions*).

15. **Other indemnities** 

15.1 **Currency indemnity** 

(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 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;(i) making or filing a claim or proof against that Obligor;

&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 three 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.

(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.

15.2 **Other indemnities** 

The Parent shall (or shall procure that an Obligor will), within three Business Days of demand, indemnify each Finance Party against any cost, loss or liability incurred by that Finance Party as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the occurrence of any Event of Default;

&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 27 (*Sharing among the Finance Parties*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) funding, or making arrangements to fund, its participation in a Loan requested by 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;(d) a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by a Borrower
or the Parent.

15.3 **Indemnity to the Agent** 

The Parent shall promptly indemnify the Agent against any cost, loss or liability incurred by the Agent (acting reasonably) as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) investigating any event which it reasonably believes is a Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) entering into or performing any foreign exchange contract for the purposes of paragraph (b) of Clause
6.4 (*Change of currency*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct
and appropriately authorised; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as
permitted under this Agreement.

16. **Mitigation by the Lenders** 

16.1 **Mitigation** 

(a) Each Finance Party shall, in consultation with the Parent, take all reasonable steps to mitigate any circumstances
which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 8.1 (*Illegality*),
Clause 13 (*Tax gross-up and indemnities*) or Clause 14 (*Increased Costs*) including (but not limited to) transferring its
rights and obligations under the Finance Documents to another Affiliate or Facility Office.

(b) Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents.

16.2 **Limitation of liability** 

(a) The Parent shall promptly indemnify each Finance Party for all costs and expenses reasonably incurred
by that Finance Party as a result of steps taken by it under Clause 16.1 (*Mitigation*).

(b) A Finance Party is not obliged to take any steps under Clause 16.1 (*Mitigation*) if, in the opinion
of that Finance Party (acting reasonably), to do so might be prejudicial to it.

17. **Costs and expenses** 

17.1 **Transaction expenses** 

The Parent shall promptly on demand pay to the Agent and the Arranger the amount of all costs and expenses (including pre-agreed legal fees) reasonably incurred by any of them in connection with the negotiation, preparation, printing, execution and syndication of:

&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;(b) any other Finance Documents executed after the date of this Agreement.

17.2 **Amendment costs** 

If:

&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;(b) an amendment is required pursuant to Clause 28.10 (*Change of currency*),

the Parent shall, within three Business Days of demand, reimburse the Agent for the amount of all costs and expenses (including legal fees) reasonably incurred by the Agent in responding to, evaluating, negotiating or complying with that request or requirement.

17.3 **Enforcement costs** 

The Parent shall, within three Business Days of demand, pay to each Finance Party the amount of all costs and expenses (including legal fees) incurred by that Finance Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document.

**SECTION 7**

**GUARANTEE**

18. **Guarantee and indemnity** 

18.1 **Guarantee and indemnity** 

Each Guarantor irrevocably and unconditionally jointly and severally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) guarantees to each Finance Party punctual performance by each Borrower of all that Borrower's obligations
under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) undertakes with each Finance Party that 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;(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 18 if the amount claimed had been recoverable on the basis
of a guarantee.

18.2 **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.

18.3 **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 18 will continue or be reinstated as if the discharge, release or arrangement had not occurred.

18.4 **Waiver of defences** 

The obligations of each Guarantor under this Clause 18 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 18 (without limitation and whether or not known to it or any Finance Party) including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any time, waiver or consent granted to, or composition with, any Obligor or other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the release of any other Obligor or any other person under the terms of any composition or arrangement
with any creditor of any member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect,
take up or enforce, any rights against, or security over assets of, any Obligor or other person or any non-presentation or non-observance
of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any incapacity or lack of power, authority or legal personality of or dissolution or change in the members
or status of an Obligor or any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more
onerous) or replacement of 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;(f) any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document
or any other document or security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any insolvency or similar proceedings.

18.5 **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 18. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

18.6 **Appropriations** 

Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) refrain from applying or enforcing any other moneys, security or rights held or received by that Finance
Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it
sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any
Guarantor's liability under this Clause 18.

18.7 **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 18:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to be indemnified by an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to claim any contribution from any other guarantor of any Obligor's obligations under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights
of the Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the
Finance Documents by any Finance Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform
any obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under Clause 18.1 (*Guarantee and indemnity*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to exercise any right of set-off against any Obligor; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to claim or prove as a creditor of any Obligor in competition with any Finance Party.

If a Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer the same to the Agent or as the Agent may direct for application in accordance with Clause 28 (*Payment mechanics*).

18.8 **Release of Guarantors' right of contribution** 

If any Guarantor (a "**Retiring Guarantor**") ceases to be a Guarantor in accordance with the terms of the Finance Documents for the purpose of any sale or other disposal of that Retiring Guarantor then on the date such Retiring Guarantor ceases to be a Guarantor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that Retiring Guarantor is released by each other Guarantor from any liability (whether past, present
or future and whether actual or contingent) to make a contribution to any other Guarantor arising by reason of the performance by any
other Guarantor of its obligations under the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each other Guarantor waives any rights it may have by reason of the performance of its obligations under
the Finance Documents to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance
Parties under any Finance Document or of any other security taken pursuant to, or in connection with, any Finance Document where such
rights or security are granted by or in relation to the assets of the Retiring Guarantor.

18.9 **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.

**SECTION 8**

**REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT**

19. **Representations** 

Each Obligor makes the representations and warranties set out in this Clause 19 to each Finance Party on the date of this Agreement.

19.1 **Status** 

(a) It is a corporation, duly incorporated and validly existing under the law of its jurisdiction of incorporation.

(b) It and each of its Subsidiaries has the power to own its assets and carry on its business as it is being
conducted.

19.2 **Binding obligations** 

Subject to the Legal Reservations, the obligations expressed to be assumed by it in each Finance Document are legal, valid, binding and enforceable obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 **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;(a) any law or regulation applicable to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) its or any of its Subsidiaries' constitutional documents; or

&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 which would reasonably be expected to have a Material Adverse Effect.

19.4 **Power and authority** 

Subject to the Legal Reservations, 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.

19.5 **Validity and admissibility in evidence** 

Subject to the Legal Reservations, all Authorisations required:

&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;(b) to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of incorporation,

have been obtained or effected and are in full force and effect.

19.6 **Governing law and enforcement** 

(a) Subject to the Legal Reservations, the choice of English law as the governing law of the Finance Documents
will be recognised and enforced in its jurisdiction of incorporation.

(b) Subject to the Legal Reservations, any judgment obtained in England in relation to a Finance Document
will be recognised and enforced in its jurisdiction of incorporation.

19.7 **Deduction of Tax** 

It is not required to make any Tax Deduction (as defined in Clause 13.1 (*Definitions*)) from any payment it may make under any Finance Document to a Lender which is a Qualifying Lender.

19.8 **No filing or stamp taxes** 

Under the law of its jurisdiction of incorporation 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 or similar tax be paid on or in relation to the Finance Documents or the transactions contemplated by the Finance Documents.

19.9 **No default** 

(a) No Event of Default is continuing or would result from the making of any Utilisation.

(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 might
have a Material Adverse Effect.

19.10 **No misleading information** 

(a) Any written factual information provided by any member of the Group for the purposes of the Information
Package was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated.

(b) Nothing has occurred or been omitted from the Information Package and no information has been given or
withheld that results in the information contained in the Information Package being untrue or misleading in any material respect.

19.11 **Financial statements** 

(a) The Original Financial Statements were prepared in accordance with IFRS consistently applied.

(b) The Original Financial Statements fairly present the financial condition of the Ice Cream Business during
the relevant financial year and the results of operations of the Ice Cream Business as at the end of and for the relevant financial year.

19.12 **Pari passu 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.

19.13 **No proceedings** 

(a) No litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency
which are likely to be adversely determined and, if adversely determined, would 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.

(b) No judgment or order of a court, arbitral body or agency which would 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.

19.14 **Anti-corruption law** 

Each member of the Group has conducted its businesses in compliance with applicable anti-corruption and anti-money laundering laws and has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.

19.15 **Sanctions** 

(a) No Obligor is engaged in any transaction, activity or conduct that could reasonably be expected to result
in it being a Sanctions Restricted Person.

(b) The Parent has implemented and maintains policies and procedures designed to ensure compliance by the
Parent and each other Obligor with applicable Sanctions.

19.16 **Repetition** 

The Repeating Representations are deemed to be made by each Obligor by reference to the facts and circumstances then existing on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date of each Utilisation Request and the first day of each Interest Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date of each notice given under paragraph (a) or (b) of Clause 7.4 (*Extension option – Facility A*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of an Additional Obligor, the day on which the company becomes (and on which it is proposed
that the company becomes) an Additional Obligor.

20. **Information undertakings** 

The undertakings in this Clause 20 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.

20.1 **Financial statements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On and following the Listing Reorganisation Date, the Parent shall supply to the Agent in sufficient copies
for all the Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as soon as the same become available, but in any event within 180 days after the end of the relevant financial
year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the audited consolidated financial statements of ListCo for that financial year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the financial statements (audited if prepared but otherwise unaudited) of each Obligor other than ListCo;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as soon as the same become available, but in any event within 90 days after the end of its financial half
year, the consolidated financial statements of ListCo for that financial half year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parent shall supply to the Agent in sufficient copies for all the Lenders as soon as they become available
the carve out financial statements for the Ice Cream Business for the financial half year ended 30 June 2025.

20.2 **Material Subsidiaries** 

The Parent shall supply to the Agent, with each set of financial statements delivered pursuant to paragraph (a)(i)(A) of Clause 20.1 (*Financial statements*), a list of Material Subsidiaries as at the end of that financial year and by reference to such financial statements.

20.3 **Requirements as to financial statements** 

(a) Each set of financial statements delivered by the Parent pursuant to Clause 20.1 (*Financial statements*)
shall be certified by a director of the Parent as fairly presenting its (or, as the case may be, the Group's consolidated or the
Ice Cream Business' (as applicable)) financial condition as at the end of and for the period in relation to which those financial
statements were drawn up.

(b) The Parent shall procure that each set of financial statements delivered pursuant to Clause 20.1 (*Financial statements*) is prepared using IFRS.

20.4 **Information: miscellaneous** 

The Parent shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all documents dispatched by the Parent to its shareholders (or any class of them) or its creditors generally
at the same time as they are dispatched;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings
which are current, threatened or pending against any member of the Group, and which are likely to be adversely determined and, if adversely
determined, would have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral body or
agency which is made against any member of the Group, and which would have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as soon as reasonably practicable, if applicable, details of Unilever PLC's permanent withdrawal
from each of the Demerger and Listing Reorganisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) notification of the occurrence of the Demerger Date (by the Parent or its counsel on its behalf) and the
Listing Reorganisation Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) promptly, such further information regarding the financial condition, business and operations of any member
of the Group as any Finance Party (through the Agent) may reasonably request.

20.5 **Notification of default** 

(a) Each Obligor shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly
upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided by another Obligor).

(b) Promptly upon a request by the Agent, the Parent shall supply to the Agent a certificate signed by two
of its directors or senior officers on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying
the Default and the steps, if any, being taken to remedy it).

20.6 **Direct electronic delivery by Parent** 

The Parent may satisfy its obligation under this Agreement to deliver any information in relation to a Lender by delivering that information directly in accordance with Clause 30.6 (*Electronic communication*) by posting such information on its electronic website.

20.7 **"Know your customer" checks** 

(a) If:

&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;(ii) any change in the status 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;(iii) a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement
to a party that is not a Lender prior to such assignment or transfer,

obliges the Agent or any Lender (or, in the case of paragraph (iii) above, any prospective new Lender) to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in paragraph (iii) above, on behalf of any prospective new Lender) in order for the Agent, such Lender or, in the case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

(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.

(c) The Parent shall, by not less than 10 Business Days' prior written notice to the Agent, notify the Agent
(which shall promptly notify the Lenders) of its intention to request that one of its Subsidiaries becomes an Additional Obligor pursuant
to Clause 24 (*Changes to the Obligors*).

(d) Following the giving of any notice pursuant to paragraph (c) above, if the accession of such Additional
Obligor obliges the Agent or any Lender to comply with "know your customer" or similar identification procedures in circumstances
where the necessary information is not already available to it, the Parent shall promptly upon the request of the Agent or any Lender
supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf
of any Lender) or any Lender (for itself or on behalf of any prospective new Lender) in order for the Agent or such Lender or any prospective
new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under
all applicable laws and regulations pursuant to the accession of such Subsidiary to this Agreement as an Additional Obligor.

(e) Promptly following a request therefor, the Obligors shall provide information and documentation reasonably
requested by the Agent or any Lender for purposes of compliance with applicable "know your customer" requirements under the
Patriot Act, the Beneficial Ownership Regulation or other applicable anti-money laundering laws.

21. **General undertakings** 

The undertakings in this Clause 21 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.

21.1 **Authorisations** 

Each Obligor shall promptly:

&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;(b) on the request of the Agent, supply a certified copy to the Agent of,

any Authorisation required under any law or regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Finance Documents and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance Document.

21.2 **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.

21.3 **Anti-corruption and anti-money laundering law** 

Each Obligor shall (and the Parent shall ensure that each other member of the Group will):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) conduct its businesses in compliance with applicable anti-corruption laws and anti-money laundering laws;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) maintain policies and procedures designed to promote and achieve compliance with such laws.

21.4 **Negative pledge** 

In this Clause 21.4, "**Quasi-Security**" means an arrangement or transaction described in paragraph (b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor shall (and the Parent shall ensure that no other member of the Group will) create or permit
to subsist any Security over any of its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Obligor shall (and the Parent shall ensure that no other member of the Group will):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to
or re-acquired by an Obligor or any other member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sell, transfer or otherwise dispose of any of its receivables on recourse terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) enter into any arrangement under which money or the benefit of a bank or other account may be applied,
set-off or made subject to a combination of accounts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) enter into any other preferential arrangement having a similar effect,

in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Paragraphs (a) and (b) above do not apply to any Security or (as the case may be) Quasi-Security,
listed below:

ordinary course of its banking arrangements for the purpose of netting debit and credit balances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any payment or close out netting, set-off arrangement, cash collateral arrangement or margin posting,
in each case pursuant to any hedging transaction entered into by a member of the Group for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) hedging any risk to which any member of the Group is exposed in its ordinary course of trading; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) its interest rate or currency management operations which are carried out in the ordinary course of business
and for non-speculative purposes only,

excluding, in each case, any Security or Quasi-Security under a credit support arrangement in relation to a hedging transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any lien arising by operation of law and in the ordinary course of trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Security or Quasi-Security arising under articles 24 or 25 of the General Terms and Conditions (*Algemene Bankvoorwaarden*) of any member of the Dutch Bankers' Association (*Nederlandse Vereniging van Banken*) or any similar term applied
by a financial institution in the Netherlands pursuant to general terms and conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Security or Quasi-Security was not created in contemplation of the acquisition of that asset by a
member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the principal amount secured has not been increased in contemplation of or since the acquisition of that
asset by a member of the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Security or Quasi-Security is removed or discharged within six months of the date of acquisition of
such asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any Security or Quasi-Security over or affecting any asset of any company 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Security or Quasi-Security was not created in contemplation of the acquisition of that company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the principal amount secured has not increased in contemplation of or since the acquisition of that company;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Security or Quasi-Security is removed or discharged within six months of that company becoming a member
of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any Security or Quasi-Security entered into pursuant to any Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any Security or Quasi-Security arising under any retention of title, hire purchase or conditional sale
arrangement or arrangements having similar effect in respect of goods supplied to a member of the Group in the ordinary course of trading
and on the supplier's standard or usual terms and not arising as a result of any default or omission by any member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any Security or Quasi-Security over bank accounts arising by operation of law or under the relevant financial
institution's standard terms and conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any Security or Quasi-Security over documents of title and goods arising in the ordinary course of bank
guarantee, letter of credit and other similar transactions entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any Security or Quasi-Security arising as a result of any cash cover provided in relation to any counter-indemnity,
guarantee or letter of credit or any similar arrangements entered into in respect of any bond, bank guarantee or letter of credit, provided
that the Financial Indebtedness incurred or arising in respect of such bond, bank guarantee or letter of credit is not prohibited by this
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any Security or Quasi-Security arising under any sale, factoring or discounting of receivables which is
solely over the asset or assets the subject of that arrangement (including bank accounts established solely for the purposes of any such
transaction and contracts, guarantees or other obligations in respect of such receivables);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any Security or Quasi-Security arising as a result of legal proceedings discharged within 90 days or otherwise
contested in good faith by appropriate proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any Security over rental deposits arising in the ordinary course of trading in respect of any property
leased or licenced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) any Security or Quasi-Security arising under any forward sale or purchase, sale and sale back or sale
and leaseback agreement up to an aggregate amount of EUR150,000,000 (or its equivalent in another currency or currencies) at any time;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) any Security or Quasi-Security securing indebtedness the principal amount of which (when aggregated with
the principal amount of any other indebtedness which has the benefit of Security or Quasi-Security given by any member of the Group other
than any permitted under paragraphs (i) to (xv) above) does not exceed the higher of EUR 300,000,000 (or its equivalent
in another currency or currencies) and 5 per cent. of Consolidated Total Assets at any time.

21.5 **Disposals** 

(a) No Obligor shall (and the Parent shall ensure that no other member of the Group will), whether in a single
transaction or a series of transactions (whether related or not) and whether voluntary or involuntary, sell, lease, transfer or otherwise
dispose of any asset.

(b) Paragraph (a) above does not apply to any sale, lease, transfer or other disposal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) made in the ordinary course of trading of the disposing entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) of assets 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;(iii) of any asset by a member of the Group made by any member of the Group to another member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) of obsolete or redundant assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) of cash or cash equivalent investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) of shares pursuant to management and employee share option schemes or pursuant to share buyback arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) by way of dividend or other distribution to its shareholders from its distributable reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) which is a lease or licence of property (including intellectual property to the extent not prohibited
by this Agreement) in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) arising as a result of any Security or Quasi-Security not prohibited under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) on arm's length terms of receivables to the extent they are sold on a non-recourse basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) arising as a result of the Listing Reorganisation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) where the higher of the market value or consideration receivable (when aggregated with the higher of the
market value or consideration receivable for any other sale, lease, transfer or other disposal, other than any permitted under paragraphs
(i) to (xi) above) does not exceed the higher of EUR 500,000,000 (or its equivalent in another currency or currencies)
and 9 per cent. of Consolidated Total Assets in any financial year.

21.6 **Merger** 

(a) No Obligor shall (and the Parent shall ensure that no other member of the Group will) enter into any amalgamation,
demerger, merger or corporate reconstruction except with one or more other members of the Group on a solvent basis provided that the relevant
Obligor is the surviving entity or otherwise with the consent of the Majority Lenders.

(b) Paragraph (a) above does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Listing Reorganisation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any sale, lease, transfer or other disposal permitted pursuant to Clause 21.5 (*Disposals*).

21.7 **Financial indebtedness** 

(a) No member of the Group (other than any Obligor) may incur any Financial Indebtedness.

(b) Paragraph (a) above does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Financial Indebtedness incurred under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Financial Indebtedness under finance leases of vehicles, plant, equipment or computers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Financial Indebtedness of any person acquired by a member of the Group which is incurred under arrangements
in existence at the date of acquisition, but only for a period of six months from the date of acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any derivative transaction protecting against or benefiting from fluctuations in any rate or price entered
into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Financial Indebtedness between a member of the Group and one or more other members of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Financial Indebtedness arising under any cash management or cash pooling arrangements entered into in
the ordinary course of its banking arrangements for the purpose of netting balances of members of the Group (or any similar or equivalent
arrangements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any counter-indemnity obligation and associated Financial Indebtedness in respect of any guarantee, indemnity,
bond, letter of credit or other instrument issued by a bank or financial institution for an obligation of any member of the Group provided
in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any Financial Indebtedness arising under any overdraft, bilateral, working capital, current account, letter
of credit, foreign exchange, BACS, SWIFT and/or other similar facilities entered into in the ordinary course of business up to a maximum
outstanding principal amount not exceeding EUR 100,000,000 (or its equivalent in another currency or currencies) in aggregate at any time;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Financial Indebtedness the principal amount of which (when aggregated with the principal amount of any
other Financial Indebtedness not permitted under the preceding paragraphs) in aggregate does not exceed the higher of EUR 300,000,000
(or its equivalent in another currency or currencies) and 5 per cent. of the Consolidated Total Assets at any time.

21.8 **Change of business** 

(a) Subject to paragraph (b) below, the Parent 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 at the date of this Agreement.

(b) Paragraph (a) above does not apply to the Listing Reorganisation.

21.9 **Sanctions** 

(a) No Obligor shall directly or, to the knowledge of that Obligor, indirectly use any monies advanced under
any Facility or lend, contribute or otherwise make available such monies to any Subsidiary or other person where the purpose of such monies
being used, lent, contributed or otherwise made available is to fund or facilitate any activity that would at that time be in breach of
applicable Sanctions (other than where such action is a Sanctions Permitted Action).

(b) Each Obligor shall take reasonable steps to ensure that it will not directly or indirectly fund all or
any part of a payment to a Finance Party out of proceeds derived from any business or transaction which is prohibited by applicable Sanctions
(other than where such action is a Sanctions Permitted Action).

(c) The Parent shall (and shall procure that each other member of the Group will) implement and maintain appropriate
policies and procedures to prevent any action being taken which would be contrary to paragraph (a) or (b) above.

(d) Subject to paragraph (e) below, any provision of this Clause 21.9 or Clause 19.15 (*Sanctions*)
shall not apply to or in favour of any person if and to the extent that it would result in a breach, by or in respect of that person,
of any applicable Blocking Law (a "**Blocked Provision** ").

(e) Paragraph (d) shall not apply to any Finance Party who has given written notice to the Agent and
the Parent that paragraph (d) shall not apply to it, in which case, the Obligors shall comply with the Blocked Provisions for the
benefit of such Finance Parties.

(f) The Commitments of any Finance Party which does not have the benefit of a Blocked Provision (in whole
or in part) as result of a notice delivered pursuant to paragraph (e) above will be excluded for the purposes of determining whether
the consent of the Lenders or Majority Lenders has been obtained or whether a determination or direction of the Lenders or Majority Lenders
has been made in connection with any amendment, waiver, determination or direction relating to that Blocked Provision (insofar as any
Blocking Law is relevant to that determination).

(g) For the purposes of this Clause 21.9, "**Blocking Law**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any provision of Council Regulation (EC) No 2271/1996 of 22 November 1996 (or any law or regulation
implementing such Regulation in any member state of the European Union);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any provision of Council Regulation (EC) No 2271/1996 of 22 November 1996, as it forms part of domestic
law of the United Kingdom; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) section 7 of the German Foreign Trade Regulation (*Außenwirtschaftsverordnung*).

21.10 **Condition subsequent** 

The Company shall procure that, within five Business Days of the Listing Reorganisation Date, ListCo accedes as an Additional Guarantor in accordance with Clause 24.4 (*Additional Guarantors*).

22. **Events of Default** 

Each of the events or circumstances set out in this Clause 22 is an Event of Default (save for Clause 22.11 (*Acceleration*)).

22.1 **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;(a) its failure to pay is caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) administrative or technical error; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Disruption Event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) payment is made within three Business Days of its due date.

22.2 **Other obligations** 

(a) An Obligor does not comply with any provision of the Finance Documents (other than those referred to in
Clause 22.1 (*Non-payment*)).

(b) No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy
and is remedied within 20 Business Days of the earlier of (A) the Agent giving notice to the Parent and (B) the Parent becoming
aware of the failure to comply.

22.3 **Misrepresentation** 

(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.

(b) No Event of Default under paragraph (a) above will occur if the circumstances giving rise to a misrepresentation
are capable of remedy and are remedied within 20 Business Days of the earlier of (A) the Agent giving notice to the Parent and (B) the
Parent becoming aware of the circumstances giving rise to that misrepresentation.

22.4 **Cross default** 

(a) Any Financial Indebtedness of any Material Company is not paid when due nor within any originally applicable
grace period.

(b) Any Financial Indebtedness of any Material Company 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).

(c) Any commitment for any Financial Indebtedness of any Material Company is cancelled or suspended by a creditor
of any Material Company as a result of an event of default (however described).

(d) Any creditor of any Material Company becomes entitled to declare any Financial Indebtedness of any Material
Company due and payable prior to its specified maturity as a result of an event of default (however described).

(e) No Event of Default will occur under this Clause 22.4:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of any derivative transaction as a result of an event of default (however described) with respect
to the counterparty or a credit support provider for, or specified entity of, the counterparty, rather than with respect to a member of
the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in respect of any Financial Indebtedness where the obligation to pay that Financial Indebtedness is being
disputed in good faith and on reasonable grounds and where the relevant Material Company demonstrates to the reasonable satisfaction of
the Agent (acting on the instructions of the Majority Lenders) that it is taking appropriate legal or other action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within
paragraphs (a) to (d) above is less than EUR 75,000,000 (or its equivalent in any other currency or currencies).

22.5 **Insolvency** 

(a) Any Material Company:

&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;(ii) suspends making payments on any of its debts; or

&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.

(b) A moratorium is declared in respect of any indebtedness of any Material Company.

22.6 **Insolvency proceedings** 

Any corporate action, legal proceedings or other procedure or step is taken in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 Material Company other than a solvent liquidation
or reorganisation of any Material Company which is not an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a composition, compromise, assignment or arrangement with any creditor of any Material Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the appointment of a liquidator (other than in respect of a solvent liquidation of a Material Company
which is not an Obligor), receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of
any Material Company or any of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enforcement of any Security over any assets of any Material Company with a value in excess of EUR 20,000,000
(or its equivalent in any other currency or currencies),

or any analogous procedure or step is taken in any jurisdiction.

This Clause 22.6 shall not apply to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within 15 Business Days of commencement.

22.7 **Creditors' process** 

Any expropriation, attachment, sequestration, distress or execution affects any asset or assets of a Material Company having an aggregate value in excess of EUR 20,000,000 (or its equivalent in any other currency or currencies) and is not discharged within 20 Business Days.

22.8 **Ownership of the Obligors** 

An Obligor (other than, prior to (and excluding) the ListCo Accession Date, the Company and on and following the ListCo Accession Date, ListCo) is not or ceases to be a Subsidiary of the Parent.

22.9 **Unlawfulness** 

It is or becomes unlawful for an Obligor to perform any of its obligations under the Finance Documents.

22.10 **Repudiation** 

An Obligor repudiates a Finance Document or evidences an intention to repudiate a Finance Document.

22.11 **Acceleration** 

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, by notice to the Parent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cancel each Available Commitment of each Lender whereupon each such Available Commitment shall immediately
be cancelled and each Facility shall immediately cease to be available for further utilisation;

&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; and/or

&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.

**SECTION 9**

**CHANGES TO PARTIES**

23. **Changes to the Lenders** 

23.1 **Assignments and transfers by the Lenders** 

Subject to this Clause 23, a Lender (the "**Existing Lender**") may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) assign any of its rights;

&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;(c) sub-participate any of its rights and obligations,

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**").

23.2 **Parent consent** 

(a) The consent of the Parent is required for an assignment, transfer or sub-participation by an Existing
Lender, unless the assignment, transfer or sub-participation is:

&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;(ii) in the case of a sub-participation, there is no transfer of voting rights or the right to consent to any
amendments or waivers in respect of the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) made at a time when an Event of Default is continuing.

(b) The consent of the Parent to an assignment, transfer or sub-participation must not be unreasonably withheld
or delayed. The Parent will be deemed to have given its consent ten Business Days after the Existing Lender has requested it unless consent
is expressly refused by the Parent within that time. For the avoidance of doubt, it shall not be deemed unreasonable for the Parent to
withhold consent if a New Lender does not have a Requisite Rating.

23.3 **Other conditions of assignment or transfer** 

(a) An assignment will only be effective on:

&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 an Original Lender; and

&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.

(b) A transfer will only be effective if the procedure set out in Clause 23.6 (*Procedure for transfer*)
is complied with.

(c) If:

&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;(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 13 (*Tax gross-up and indemnities*) or Clause 14 (*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 paragraph (c) shall not apply in respect of an assignment or transfer made in the ordinary course of the primary syndication of any Facility.

(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.

23.4 **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 €3,500.

23.5 **Limitation of responsibility of Existing Lenders** 

(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;(i) the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other
documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the financial condition of any Obligor;

&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;(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.

(b) Each New Lender confirms to the Existing Lender and the other Finance Parties that it:

&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 in connection with any Finance Document; and

&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.

(c) Nothing in any Finance Document obliges an Existing Lender to:

&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 23; or

&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.

23.6 **Procedure for transfer** 

(a) Subject to the conditions set out in Clause 23.2 (*Parent consent*) and Clause 23.3 (*Other conditions of assignment or transfer*) a transfer is effected in accordance with paragraph (c) below when the Agent executes an otherwise
duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below,
as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the
terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate.

(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.

(c) Subject to Clause 23.10 (*Pro rata interest settlement*), on the Transfer Date:

&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 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;(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 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;(iii) the Agent, the Arranger, the New Lender and other Lenders 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 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;(iv) the New Lender shall become a Party as a "Lender".

23.7 **Procedure for assignment** 

(a) Subject to the conditions set out in Clause 23.2 (*Parent consent*) and Clause 23.3 (*Other conditions of assignment or transfer*) an assignment may be effected in accordance with paragraph (c) below when the Agent executes an otherwise
duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below,
as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the
terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement.

(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.

(c) Subject to Clause 23.10 (*Pro rata interest settlement*), on the Transfer Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Existing Lender will assign absolutely to the New Lender the 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;(ii) the Existing Lender will be released by each Obligor and the other Finance Parties from the obligations
owed by it (the "**Relevant Obligations**") and expressed to be the subject of the release in the Assignment Agreement; and

&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.

(d) Lenders may utilise procedures other than those set out in this Clause 23.7 to assign their rights under
the Finance Documents (but not, without the consent of the relevant Obligor or unless in accordance with Clause 23.6 (*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 23.2 (*Parent consent*) and Clause
23.3 (*Other conditions of assignment or transfer*).

23.8 **Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Parent** 

The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate, an Assignment Agreement or an Increase Confirmation, send to the Parent a copy of that Transfer Certificate, Assignment Agreement or Increase Confirmation.

23.9 **Security over Lenders' rights** 

In addition to the other rights provided to Lenders under this Clause 23, each Lender may without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any charge, assignment or other Security granted to any holders (or trustee or representatives of holders)
of obligations owed, or securities issued, by that Lender as security for those obligations or securities,

except that no such charge, assignment or Security shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary
of the relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) require any payments to be made by an Obligor other than or in excess of, or grant to any person any more
extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents.

23.10 **Pro rata interest settlement** 

(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 23.6 (*Procedure for transfer*)
or any assignment pursuant to Clause 23.7 (*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;(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;(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;&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;&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 23.10, have been payable to it on that date, but after deduction of the Accrued Amounts.

(b) In this Clause 23.10 references to "Interest Period" shall be construed to include a reference
to any other period for accrual of fees.

(c) An Existing Lender which retains the right to the Accrued Amounts pursuant to this Clause 23.10 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.

24. **Changes to the Obligors** 

24.1 **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.

24.2 **Additional Borrowers** 

(a) Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 20.7 (*"Know your customer" checks*), the Parent may request that any of its Subsidiaries becomes an Additional Borrower. That Subsidiary shall
become an Additional Borrower if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is incorporated in the Netherlands or otherwise if all Lenders approve the addition of that Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Parent delivers to the Agent a duly completed and executed Accession Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Parent confirms that no Default is continuing or would occur as a result of that Subsidiary becoming
an Additional Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Agent has received all of the documents and other evidence listed in Part II of Schedule 2 (*Conditions precedent*) in relation to that Additional Borrower, each in form and substance satisfactory to the Agent.

(b) The Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in
form and substance satisfactory to it) all the documents and other evidence listed in Part II of Schedule 2 (*Conditions precedent*).

(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 paragraph (b) above, the Lenders authorise (but do not require) the Agent to give that
notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.

24.3 **Resignation of a Borrower** 

(a) The Parent may request that a Borrower (other than the Company) ceases to be a Borrower by delivering
to the Agent a Resignation Letter.

(b) The Agent shall accept a Resignation Letter and notify the Parent and the Lenders of its acceptance if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Default is continuing or would result from the acceptance of the Resignation Letter (and the Parent
has confirmed this is the case); and

&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,

whereupon that company shall cease to be a Borrower and shall have no further rights or obligations under the Finance Documents.

24.4 **Additional Guarantors** 

(a) Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 20.7 (*"Know your customer" checks*), the Parent may request that any of its Subsidiaries or ListCo become an Additional Guarantor. That Subsidiary
or ListCo shall become an Additional Guarantor if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Parent delivers to the Agent a duly completed and executed Accession Letter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Agent has received all of the documents and other evidence listed in Part II of Schedule 2 (*Conditions precedent*) in relation to that Additional Guarantor, each in form and substance satisfactory to the Agent.

(b) The Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in
form and substance satisfactory to it) all the documents and other evidence listed in Part II of Schedule 2 (*Conditions precedent*).

(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 paragraph (b) above, the Lenders authorise (but do not require) the Agent to give that
notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.

24.5 **Repetition of representations** 

Delivery of an Accession Letter constitutes confirmation by the Additional Obligor 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.

24.6 **Resignation of a Guarantor** 

(a) The Parent may request that a Guarantor (other than the Company or ListCo) ceases to be a Guarantor by
delivering to the Agent a Resignation Letter.

(b) The Agent shall accept a Resignation Letter and notify the Parent and the Lenders of its acceptance if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Default is continuing or would result from the acceptance of the Resignation Letter (and the Parent
has confirmed this is the case); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all the Lenders have consented to the Parent's request.

**SECTION 10**

**THE FINANCE PARTIES**

25. **Role of the Agent and the Arranger** 

25.1 **Appointment of the Agent** 

(a) Each of the Arranger and the Lenders appoints the Agent to act as its agent under and in connection with
the Finance Documents.

(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.

25.2 **Instructions** 

(a) The Agent shall:

&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(B) in all other cases, the Majority Lenders; and

&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 paragraph
(i) above.

(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. If the relevant Finance Document stipulates the matter is a decision for the Majority Lenders or a Lender or group of Lenders,
the Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested.

(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.

(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.

(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.

(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.

25.3 **Duties of the Agent** 

(a) The Agent's duties under the Finance Documents are solely mechanical and administrative in nature.

(b) Subject to paragraph (c) below, 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.

(c) Without prejudice to Clause 23.8 (*Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Parent*), paragraph (b) above shall not apply to any Transfer Certificate, any Assignment Agreement or any Increase Confirmation.

(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.

(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 and the Parent.

(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 and
the Parent.

(g) The Agent shall provide to the Parent, within three Business Days of a request by the Parent (but no more
frequently than once per calendar month), a list (which may be in electronic form) setting out the names of the Lenders as at the date
of that request, their respective Commitments and the address (and the department or officer, if any, for whose attention any communication
is to be made) of each Lender for any communication to be made or document to be delivered under or in connection with the Finance Documents,
the electronic mail address and/or any other information required to enable the transmission of information by electronic mail or other
electronic means to and by each Lender to whom any communication under or in connection with the Finance Documents may be made by that
means and the account details of each Lender for any payment to be distributed by the Agent to that Lender under the Finance Documents.

(h) 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).

25.4 **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.

25.5 **No fiduciary duties** 

(a) Nothing in any Finance Document constitutes the Agent or the Arranger as a trustee or fiduciary of any
other person.

(b) Neither the Agent nor the Arranger 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.

25.6 **Business with the Group** 

The Agent and the Arranger may accept deposits from, lend money to and generally engage in any kind of banking or other business with any member of the Group.

25.7 **Rights and discretions** 

(a) The Agent may:

&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;(ii) assume that:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;(iii) rely on a certificate from any person:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 paragraph (A) above, may assume the truth and accuracy of that certificate.

(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;(i) no Default has occurred (unless it has actual knowledge of a Default arising under Clause 22.1 (*Non-payment*));

&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;(iii) any notice or request made by the Parent (other than a Utilisation Request or Selection Notice) is made
on behalf of and with the consent and knowledge of all the Obligors.

(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, provided that if the Agent claims or proposes to claim reimbursement for the costs of doing
so from any Obligor in accordance with any other provision of this Agreement, it shall (except in respect of a demand issued pursuant
to Clause 17.3 (*Enforcement Costs*)) first agree the amount of such cost with the Parent (acting reasonably).

(d) Without prejudice to the generality of paragraph (c) above or paragraph (e) below, 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, provided that if the Agent claims or proposes
to claim reimbursement for the costs of doing so from any Obligor in accordance with any other provision of this Agreement, it shall first
agree the amount of such cost with the Parent (acting reasonably).

(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.

(f) The Agent may act in relation to the Finance Documents through its officers, employees and agents.

(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.

(h) Without prejudice to the generality of paragraph (g) above, the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) may disclose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on the written request of the Parent or the Majority Lenders shall, as soon as reasonably practicable,
disclose,

the identity of a Defaulting Lender to the Parent and to the other Finance Parties.

(i) 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.

(j) 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, power, authority or discretion if the performance of such duties are outside of the usual day-to-day course
of acting as an agent and (acting reasonably) and it has reasonable 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.

25.8 **Responsibility for documentation** 

Neither the Agent nor the Arranger is responsible or liable for:

&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 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;(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;(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.

25.9 **No duty to monitor** 

The Agent shall not be bound to enquire:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whether or not any Default has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as to the performance, default or any breach by any Party of its obligations under any Finance Document;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether any other event specified in any Finance Document has occurred.

25.10 **Exclusion of liability** 

(a) Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance
Document excluding or limiting the liability of the Agent), the Agent will not be liable for:

&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;(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, other than by reason of its gross negligence or wilful misconduct; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) without prejudice to the generality of paragraphs (i) and (ii) above, any damages, costs or
losses to any person, any diminution in value or any liability whatsoever (including, without limitation, for negligence or any other
category of liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any act, event or circumstance not reasonably within its control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

(b) No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the
Agent in respect of any claim it might have against the Agent or in respect of any act or omission of any kind by that officer, employee
or agent in relation to any Finance Document and any officer, employee or agent of the Agent may rely on this paragraph (b) subject
to Clause 1.4 (*Third party rights*) and the provisions of the Third Parties Act.

(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.

(d) Nothing in this Agreement shall oblige the Agent or the Arranger to carry out:

&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;(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.

(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 suffered (as determined by reference to the date of default of the Agent or, if later, the date on which the loss arises as a
result of such default) but without reference to any special conditions or circumstances known to the Agent at any time which increase
the amount of that loss. In no event shall the Agent be liable for any loss of profits, goodwill, reputation, business opportunity or
anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Agent has been advised of the possibility
of such loss or damages.

25.11 **Lenders' indemnity to the Agent** 

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 incurred by the Agent (otherwise than by reason of the Agent's gross negligence or wilful misconduct) in acting as Agent under the Finance Documents (unless the Agent has been reimbursed by an Obligor pursuant to a Finance Document).

25.12 **Resignation of the Agent** 

(a) The Agent may resign and appoint one of its Affiliates acting through an office in the same jurisdiction
as its existing office as successor by giving notice to the Lenders and the Parent.

(b) Alternatively the Agent may resign by giving 30 days' notice to the Lenders and the Parent, in which case
the Majority Lenders (after consultation with the Parent) may appoint a successor Agent.

(c) If the Majority Lenders have not appointed a successor Agent in accordance with paragraph (b) above
within 20 days after notice of resignation was given, the retiring Agent (after consultation with the Parent) may appoint a successor
Agent (acting through an office in the same jurisdiction as the retiring Agent).

(d) The retiring Agent shall, at its own cost, make available to the successor Agent such documents and records
and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under
the Finance Documents.

(e) The Agent's resignation notice shall only take effect upon the appointment of a successor.

(f) 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 paragraph (d) above) but shall remain entitled to the benefit
of Clause 15.3 (*Indemnity to the Agent*) and this Clause 25 (and any agency fees for the account of the retiring Agent shall cease
to accrue from (and shall be payable on) that date). Its successor and each of the other Parties shall have the same rights and obligations
amongst themselves as they would have had if such successor had been an original Party.

(g) The Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall
use reasonable endeavours to appoint a successor Agent pursuant to paragraph (c) above) if on or after the date which is three months
before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Agent fails to respond to a request under Clause 13.8 (*FATCA information*) and the Parent or
a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application
Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information supplied by the Agent pursuant to Clause 13.8 (*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;(iii) the Agent notifies the Parent and the Lenders that the Agent will not be (or will have ceased to be) a
FATCA Exempt Party on or after that FATCA Application Date,

and (in each case) the Parent or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and the Parent or that Lender, by notice to the Agent, requires it to resign.

25.13 **Replacement of the Agent** 

(a) After consultation with the Parent, 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 same jurisdiction as the retiring Agent).

(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.

(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 paragraph (b) above) but shall remain entitled to the benefit of Clause
15.3 (*Indemnity to the Agent*) and this Clause 25 (and any agency fees for the account of the retiring Agent shall cease to accrue
from (and shall be payable on) that date).

(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.

25.14 **Confidentiality** 

(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.

(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.

25.15 **Relationship with the Lenders** 

(a) Subject to Clause 23.10 (*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;(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;(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.

(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 and
(where communication by electronic mail or other electronic means is permitted under Clause 30.6 (*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, electronic
mail address (or such other information), department and officer by that Lender for the purposes of Clause 30.2 (*Contact details*)
and paragraph (a)(ii) of Clause 30.6 (*Electronic communication*) 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.

25.16 **Credit appraisal by the 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 confirms to the Agent and the Arranger 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;(a) the financial condition, status and nature of each member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any other
agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether that 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;(d) the adequacy, accuracy or completeness of any other 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.

25.17 **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.

25.18 **Amounts paid in error** 

(a) If the Agent pays an amount to another Party and within five Business Days of the date of payment 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.

(b) Neither:

&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;(ii) the remedies of the Agent,

(whether arising under this Clause 25.18 or otherwise) which relate to an Erroneous Payment will be affected by any act, omission, matter or thing (including, without limitation, any obligation pursuant to which an Erroneous Payment is made) which, but for this paragraph (b), would reduce, release, preclude or prejudice any such obligation or remedy (whether or not known by the Agent or any other Party).

(c) All payments to be made by a Party to the Agent (whether made pursuant to this Clause 25.18 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.

(d) In this Agreement, "**Erroneous Payment**" means a payment of an amount by the Agent to another
Finance Party which the Agent determines (in its sole discretion) was made in error.

26. **Conduct of business by the Finance Parties** 

No provision of this Agreement will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner
it thinks fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available
to it or the extent, order and manner of any claim; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any
computations in respect of Tax.

27. **Sharing among the Finance Parties** 

27.1 **Payments to Finance Parties** 

If a Finance Party (a "**Recovering Finance Party**") receives or recovers any amount from an Obligor other than in accordance with Clause 28 (*Payment mechanics*) (a "**Recovered Amount**") and applies that amount to a payment due under the Finance Documents then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery
to the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance
Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance with Clause 28
(*Payment mechanics*), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery
or distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent
an amount (the "**Sharing Payment**") equal to such receipt or recovery less any amount which the Agent determines may be
retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 28.6 (*Partial payments*).

27.2 **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 28.6 (*Partial payments*) towards the obligations of that Obligor to the Sharing Finance Parties.

27.3 **Recovering Finance Party's rights** 

On a distribution by the Agent under Clause 27.2 (*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.

27.4 **Reversal of redistribution** 

If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that
Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary
to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party
is required to pay) (the "**Redistributed Amount** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as between the relevant Obligor 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.

27.5 **Exceptions** 

(a) This Clause 27 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.

(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;(i) it notified that other Finance Party of the legal or arbitration proceedings; and

&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.

**SECTION 11**

**ADMINISTRATION**

28. **Payment mechanics** 

28.1 **Payments to the Agent** 

(a) On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that
Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on
the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the
relevant currency in the place of payment.

(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.

28.2 **Distributions by the Agent** 

Each payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 28.3 (*Distributions to an Obligor*) and Clause 28.4 (*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).

28.3 **Distributions to an Obligor** 

The Agent may (with the consent of the Obligor or in accordance with Clause 29 (*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.

28.4 **Clawback and pre-funding** 

(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.

(b) Unless paragraph (c) below applies, if the Agent pays an amount to another Party and it proves to
be the case that the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange
contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment
to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds.

(c) If the Agent is willing to make available amounts for the account of a Borrower before receiving funds
from the Lenders then if and to the extent that the Agent does so but it proves to be the case that it does not then receive funds from
a Lender in respect of a sum which it paid to a Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Agent shall notify the Parent 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;(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.

28.5 **Impaired Agent** 

(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 28.1 (*Payments to the Agent*) may instead either:

&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;(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 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.

(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.

(c) A Party which has made a payment in accordance with this Clause 28.5 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.

(d) Promptly upon the appointment of a successor Agent in accordance with Clause 25.13 (*Replacement of the Agent*), each Paying Party shall (other than to the extent that Party has given an instruction pursuant to paragraph (e) below)
give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest)
to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 28.2 (*Distributions by the Agent*).

(e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that it has not given an instruction pursuant to paragraph (d) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that it has been provided with the necessary information by that Recipient Party,

give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.

28.6 **Partial payments** 

(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;(i) **first**, in or towards payment pro rata of any unpaid amount owing to the Agent or the Arranger under
the Finance Documents;

&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 this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **thirdly**, in or towards payment pro rata of any principal due but unpaid under this Agreement; and

&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.

(b) The Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii) to
(iv) above.

(c) Paragraphs (a) and (b) above will override any appropriation made by an Obligor.

28.7 **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.

28.8 **Business Days** 

(a) Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall
be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

(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.

28.9 **Currency of account** 

(a) Subject to paragraphs (b) to (e) below, the Base Currency is the currency of account and payment
for any sum due from an Obligor under any Finance Document.

(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.

(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.

(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.

(e) Any amount expressed to be payable in a currency other than the Base Currency shall be paid in that other
currency.

28.10 **Change of currency** 

(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;(i) any reference in the Finance Documents to, and any obligations arising under the Finance Documents in,
the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated by the Agent
(after consultation with the Parent); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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).

(b) If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting
reasonably and after consultation with the Parent) specifies to be necessary, be amended to comply with any generally accepted conventions
and market practice in the Relevant Market and otherwise to reflect the change in currency.

28.11 **Disruption to payment systems etc.** 

If either the Agent determines (in its discretion) that a Disruption Event has occurred or the Agent is notified by the Parent that a Disruption Event has occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent may, and shall if requested to do so by the Parent, consult with the Parent with a view to agreeing
with the Parent such changes to the operation or administration of the Facilities as the Agent may deem necessary in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent shall not be obliged to consult with the Parent in relation to any changes mentioned in paragraph
(a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to
agree to such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) above
but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any such changes agreed upon by the Agent and the Parent shall (whether or not it is finally determined
that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver of) the terms of
the Finance Documents notwithstanding the provisions of Clause 34 (*Amendments and waivers*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Agent shall not be liable for any damages, costs or losses to any person, any diminution in value
or any liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever
but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant
to or in connection with this Clause 28.11; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above.

29. **Set-off** 

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.

30. **Notices** 

30.1 **Communications in writing** 

Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by electronic mail or letter.

30.2 **Contact details** 

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;(a) in the case of the Company, that identified with its name below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of each Lender or any other Obligor, that notified in writing to the Agent on or prior to
the date on which it becomes a Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of the Agent, 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.

30.3 **Delivery** 

(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;(i) if by email, when received in legible form; or

&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 30.2 (*Contact details*), if addressed to that department or officer.

(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).

(c) All notices from or to an Obligor shall be sent through the Agent.

(d) Any communication or document made or delivered to the Parent in accordance with this Clause will be deemed
to have been made or delivered to each of the Obligors.

(e) Any communication or document which becomes effective, in accordance with paragraphs (a) to (d) above,
after 5:00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

30.4 **Notification of address and email address** 

Promptly upon changing its address or email address, the Agent shall notify the other Parties.

30.5 **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.

30.6 **Electronic communication** 

(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;(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;(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.

(b) Any such electronic communication or delivery as specified in paragraph (a) above to be made between
an Obligor and a Finance Party may only be made in that way to the extent that those two Parties agree that, unless and until notified
to the contrary, this is to be an accepted form of communication or delivery.

(c) Any such electronic communication or document as specified in paragraph (a) above 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.

(d) Any electronic communication or document which becomes effective, in accordance with paragraph (c) above,
after 5:00 p.m. in the place in which the Party to whom the relevant communication 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.

(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 30.6.

30.7 **English language** 

(a) Any notice given under or in connection with any Finance Document must be in English.

(b) All other documents provided under or in connection with any Finance Document must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in English; or

&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.

31. **Calculations and certificates** 

31.1 **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.

31.2 **Certificates and determinations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any certification or determination by a Finance Party of a rate or amount under any Finance Document shall
set out in reasonable detail the basis of calculation of that rate or amount and is, in the absence of manifest error, conclusive evidence
of the matters to which it relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No director, officer, employee or other representative of an Obligor shall incur personal liability by
signing any notice, certificate or document in connection with any Finance Document. Any director, officer or other representative of
an Obligor may, subject to Clause 1.4 (*Third party rights*) and the Third Parties Act, rely on this paragraph (b).

31.3 **Day count convention and interest calculation** 

&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 the
amount of any such interest, commission or fee is calculated:

&nbsp;&nbsp;&nbsp;&nbsp;&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 360 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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to paragraph (b) below, without rounding.

&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 2 decimal places.

32. **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.

33. **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 of the Finance Documents. No waiver or 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.

34. **Amendments and waivers** 

34.1 **Required consents** 

(a) Subject to Clause 34.2 (*All Lender matters*) and Clause 34.3 (*Other exceptions*) any term
of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Obligors and any such amendment
or waiver will be binding on all Parties.

(b) The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause.

(c) Paragraph (c) of Clause 23.10 (*Pro rata interest settlement*) shall apply to this Clause 34.

34.2 **All Lender matters** 

Subject to Clause 34.4 (*Changes to reference rates*) an amendment or waiver of any term of any Finance Document that has the effect of changing or which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the definition of "Majority Lenders" in Clause 1.1 (*Definitions*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an extension to the date of payment of any amount under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or
commission payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a change in currency of payment of any amount under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an increase in any Commitment, an extension of any Availability Period or any requirement that a cancellation
of Commitments reduces the Commitments of the Lenders rateably under the relevant Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a change to the Borrowers or Guarantors other than in accordance with Clause 24 (*Changes to the Obligors*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any provision which expressly requires the consent of all the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Clause 2.3 (*Finance Parties' rights and obligations*), Clause 5.1 (*Delivery of a Utilisation Request*), Clause 8.1 (*Illegality*), Clause 8.2 (*Change of control*), Clause 8.4 (*Mandatory prepayment – Demerger, Listing Reorganisation and India Transfer*), Clause 8.10 (*Application of prepayments*), Clause 23 (*Changes to the Lenders*),
Clause 24 (*Changes to the Obligors*), Clause 27 (*Sharing among the Finance Parties*), this Clause 34, Clause 39 (*Governing law*) or Clause 40.1 (*Jurisdiction*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the nature or scope of the guarantee and indemnity granted under Clause 18 (*Guarantee and indemnity*);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the definition of "Sanctions", "Sanctions Authority" or "Sanctions Restricted
Person" in Clause 1.1 (*Definitions*), Clause 19.15 (*Sanctions*) or Clause 21.9 (*Sanctions*),

shall not be made without the prior consent of all the Lenders.

34.3 **Other exceptions** 

An amendment or waiver which relates to the rights or obligations of the Agent or the Arranger (each in their capacity as such) may not be effected without the consent of the Agent or the Arranger, as the case may be.

34.4 **Changes to reference rates** 

(a) Subject to Clause 34.3 (*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;(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;&nbsp;&nbsp;&nbsp;&nbsp;(A) aligning any provision of any Finance Document to the use of that Replacement Reference Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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 Obligors.

(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;(i) relates to the use of the RFR for that currency on a compounded basis in the international or any relevant
domestic syndicated loan markets; and

&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.

(c) If any Lender fails to respond to a request for an amendment or waiver described in paragraph (a) or
(b) above within 15 Business Days (or such longer time period in relation to any request which the Parent and the Agent may agree)
of that request being made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its Commitment(s) shall not be included for the purpose of calculating the Total Commitments under
the relevant Facility/ies when ascertaining whether any relevant percentage of Total Commitments has been obtained to approve that request;
and

&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.

(d) In this Clause 34.4:

"**Published Rate**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Primary Term Rate for any Quoted Tenor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an RFR.

"**Published Rate Replacement Event**" means, in relation to a Published Rate:

&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 Obligors, materially changed;

(b) (i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the 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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(v) in the case of the Primary Term Rate for any Quoted Tenor for euro, 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); or

&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 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;&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 Obligors) temporary; or

&nbsp;&nbsp;&nbsp;&nbsp;&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;(d) in the opinion of the Majority Lenders and the Obligors, 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.

"**Replacement Reference Rate**" means a reference rate which is:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) the administrator of that Published Rate (**provided that** the market or the economic reality that
such reference 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;&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 (ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the opinion of the Majority Lenders and the Obligors, 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;(c) in the opinion of the Majority Lenders and the Obligors, an appropriate successor to a Published Rate.

34.5 **Disenfranchisement of Defaulting Lenders** 

(a) For so long as a Defaulting Lender has any Available Commitment, in ascertaining:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Majority Lenders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments under
the relevant Facility/ies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the agreement of any specified group of Lenders,

has been obtained to approve any request for a consent, waiver, amendment or other vote under the Finance Documents,

that Defaulting Lender's Commitments under the relevant Facility/ies will be reduced by the amount of its Available Commitments under the relevant Facility/ies and, to the extent that that reduction results in that Defaulting Lender's Total Commitments being zero, that Defaulting Lender shall be deemed not to be a Lender for the purposes of paragraphs (i) and (ii) above.

(b) For the purposes of this Clause 34.5, the Agent may assume that the following Lenders are Defaulting Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Lender which has notified the Agent that it has become a Defaulting Lender; and

&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 paragraph
(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.

34.6 **Excluded Commitments** 

If any Defaulting Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any term of any Finance Document or any other vote of Lenders under the terms of this Agreement within 10 Business Days (unless the Parent and the Agent agree to a longer time period in relation to any request) of that request being made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its Commitment(s) shall not be included for the purpose of calculating the Total Commitments under
the relevant Facility/ies when ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Total
Commitments has been obtained to approve that request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any
specified group of Lenders has been obtained to approve that request.

34.7 **Replacement of a Defaulting Lender** 

(a) The Parent may, at any time a Lender has become and continues to be a Defaulting Lender, by giving five
Business Days' prior written notice to the Agent and such Lender:

&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 23 (*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;(ii) require such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause
23 (*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;(iii) require such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause
23 (*Changes to the Lenders*) all (and not part only) of its rights and obligations in respect of that Facility,

to an Eligible Institution (a "**Replacement Lender**") which confirms its willingness to assume and does assume all the obligations, or all the relevant obligations, of the transferring Lender in accordance with Clause 23 (*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;(A) 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 Clause 23.10 (*Pro rata interest settlement*)),
Break Costs and other amounts payable in relation thereto under the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in an amount agreed between that Defaulting Lender, the Replacement Lender and the Parent and which does
not exceed the amount described in paragraph (A) above.

(b) Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause 34.7 shall be subject
to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Parent shall have no right to replace the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither the Agent nor the Defaulting Lender shall have any obligation to the Parent to find a Replacement
Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the transfer must take place no later than five Business Days after the notice referred to in paragraph
(a) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any
of the fees received by the Defaulting Lender pursuant to the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Defaulting Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph
(a) above once it is satisfied that it has complied with all necessary "know your customer" or other similar checks under
all applicable laws and regulations in relation to that transfer to the Replacement Lender.

(c) The Defaulting Lender shall perform the checks described in paragraph (b)(v) above as soon as reasonably
practicable following delivery of a notice referred to in paragraph (a) above and shall notify the Agent and the Parent when it is
satisfied that it has complied with those checks.

35. **Confidential Information** 

35.1 **Confidentiality** 

(a) Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to
anyone, save to the extent permitted by Clause 35.2 (*Disclosure of Confidential Information*) and Clause 35.3 (*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.

(b) Nothing in this Clause 35 shall prohibit any individual from communicating or disclosing information regarding
suspected violations of laws, rules, or regulations to a governmental, regulatory, or self-regulatory authority without any notification
to any person.

35.2 **Disclosure of Confidential Information** 

Any Finance Party may disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional
advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall consider appropriate if any
person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential
nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement
to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise
bound by requirements of confidentiality in relation to the Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its
rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as Agent and, in
each case, to any of that person's Affiliates, Related Funds, Representatives and professional advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly,
any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one
or more Finance Documents and/or one or more Obligors and to any of that person's Affiliates, Related Funds, Representatives and professional
advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) appointed by any Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies
to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including, without
limitation, any person appointed under paragraph (b) of Clause 25.15 (*Relationship with the Lenders*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or
indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to whom information is required or requested to be disclosed by any court of competent jurisdiction or
any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant
to any applicable law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to whom information is required to be disclosed in connection with, and for the purposes of, any litigation,
arbitration, administrative or other investigations, proceedings or disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may
do so) pursuant to Clause 23.9 (*Security over Lenders' rights*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) who is a Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) with the consent of the Parent,

in each case, such Confidential Information as that Finance Party shall consider appropriate if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in relation to paragraphs (b)(i), (b)(ii) and (b)(iii) above, the person to whom the Confidential
Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality
Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the
Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be
given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the Confidential
Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential
Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive
information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so
to do in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above
applies to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation,
in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to
be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c) if the service provider
to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form of the LMA
Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking
agreed between the Parent and the relevant Finance Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to any rating agency (including its professional advisers) such Confidential Information as may be required
to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents and/or the
Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature and that some
or all of such Confidential Information may be price-sensitive information.

35.3 **Disclosure to numbering service providers** 

(a) Any Finance Party may disclose to any national or international numbering service provider appointed by
that Finance Party to provide identification numbering services in respect of this Agreement, the Facilities and/or one or more Obligors
the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) names of Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) country of domicile of Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) place of incorporation of Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Clause 39 (*Governing law*);

&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;(vii) date of each amendment and restatement of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) amounts of, and names of, the Facilities (and any tranches);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) amount of Total Commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) currencies of the Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) type of Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) ranking of Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Termination Date for the Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) changes to any of the information previously supplied pursuant to paragraphs (i) to (xiii) above;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) such other information agreed between such Finance Party and the Parent,

to enable such numbering service provider to provide its usual syndicated loan numbering identification services.

(b) The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facilities
and/or one or more Obligors by a numbering service provider and the information associated with each such number may be disclosed to users
of its services in accordance with the standard terms and conditions of that numbering service provider.

(c) The Parent represents that none of the information set out in paragraphs (i) to (xv) of paragraph
(a) above is, nor will at any time be, unpublished price-sensitive information.

(d) The Agent shall notify the Parent and the other Finance Parties of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Facilities
and/or one or more Obligors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number or, as the case may be, numbers assigned to this Agreement, the Facilities and/or one or more
Obligors by such numbering service provider.

35.4 **Entire agreement** 

This Clause 35 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.

35.5 **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.

35.6 **Notification of disclosure** 

Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Parent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of
Clause 35.2 (*Disclosure of Confidential Information*) except where such disclosure is made to any of the persons referred to in
that paragraph during the ordinary course of its supervisory or regulatory function; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon becoming aware that Confidential Information has been disclosed in breach of this Clause 35.

35.7 **Continuing obligations** 

The obligations in this Clause 35 are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of twelve months from the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date on which all amounts payable by the Obligors under or in connection with 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;(b) the date on which such Finance Party otherwise ceases to be a Finance Party.

35.8 **Annex IV of Directive 2011/16/EU** 

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.

36. **Confidentiality of Funding Rates** 

36.1 **Confidentiality and disclosure** 

(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 paragraphs (b) and (c) below.

(b) The Agent may disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Funding Rate to the relevant Borrower pursuant to Clause 9.5 (*Notifications*); and

&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.

(c) The Agent and each Obligor may disclose any Funding Rate to:

&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 paragraph (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;(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;(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;(iv) any person with the consent of the relevant Lender.

(d) Nothing in this Clause 36 shall prohibit any individual from communicating or disclosing information regarding
suspected violations of laws, rules, or regulations to a governmental, regulatory, or self-regulatory authority without any notification
to any person.

36.2 **Related obligations** 

(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.

(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;(i) of the circumstances of any disclosure made pursuant to paragraph (c)(ii) of Clause 36.1 (*Confidentiality and disclosure*) 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;(ii) upon becoming aware that any information has been disclosed in breach of this Clause 35.8.

37. **Bail-In** 

37.1 **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;(a) any Bail-In Action in relation to any such liability, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued
but unpaid interest) in respect of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a conversion of all, or part of, any such liability into shares or other instruments of ownership that
may be issued to, or conferred on, it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a cancellation of any such liability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In
Action in relation to any such liability.

37.2 **Bail-in definitions** 

In this Clause 37:

"**Article 55 BRRD**" means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.

"**Bail-In Action**" means the exercise of any Write-down and Conversion Powers.

"**Bail-In Legislation**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55
BRRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to the United Kingdom, the UK Bail-In Legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in relation to any state other than such an EEA Member Country and the United Kingdom, any analogous law
or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or
regulation.

"**EEA Member Country**" means any member state of the European Union, Iceland, Liechtenstein and Norway.

"**EU Bail-In Legislation Schedule**" means the document described as such and published by the Loan Market Association (or any successor person) from time to time.

"**Resolution Authority**" means any body which has authority to exercise any Write-down and Conversion Powers.

"**UK Bail-In Legislation**" means Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

"**Write-down and Conversion Powers**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time,
the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to the UK Bail-In Legislation, any powers under that UK Bail-In Legislation to cancel, transfer
or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment
firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument
under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any
other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend
any obligation in respect of that liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to
any of those powers; and

&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any similar or analogous powers under that Bail-In Legislation.

38. **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**

39. **Governing law** 

This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

40. **Enforcement** 

40.1 **Jurisdiction** 

(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** ").

(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.

40.2 **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;(a) irrevocably appoints Magnum ICC UK R&D Ltd of Port Sunlight, Wirral, Merseyside, United Kingdom, CH62
4ZD 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;(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.**

**Schedule 1** **<br> The Original Lenders**

---

| | | | |
|:---|:---|:---|:---|
| **Name of Original<br> Lender** | **Facility A<br> Commitment (€)** | **Facility B <br> Commitment (€)** | **Facility C <br> Commitment (€)** |
| BNP Paribas | 13636363.65 | 1363636.35 | 3181818.20 |
| BNP Paribas Fortis SA/NV | 259090909.35 | 25909090.65 | 60454545.80 |
| Bank of America Europe Designated Activity Company | 272727273.00 | 27272727.00 | 63636364.00 |
| Banco Bilbao Vizcaya Argentaria, S.A., London Branch | 272727273.00 | 27272727.00 | 63636364.00 |
| Citibank Europe, PLC | 272727273.00 | 27272727.00 | 63636364.00 |
| Deutsche Bank Luxembourg S.A. | 272727273.00 | 27272727.00 | 63636364.00 |
| Goldman Sachs Bank USA | 272727273.00 | 27272727.00 | 63636364.00 |
| HSBC Continental Europe | 272727273.00 | 27272727.00 | 63636364.00 |
| ING Bank N.V. | 272727272.00 | 27272728.00 | 63636364.00 |
| JPMorgan Chase Bank, N.A., London Branch | 272727272.00 | 27272728.00 | 63636362.00 |
| Mizuho Bank, Ltd. | 272727273.00 | 27272727.00 | 63636364.00 |
| Morgan Stanley Bank, N.A. | 272727272.00 | 27272728.00 | 63636362.00 |
| **Total** | **3000000000.00** | **300000000.00** | **700000000.00** |

---

**Schedule 2** **<br> Conditions precedent**

**Part I** **<br> Conditions precedent to initial Utilisation**

1. **Original Obligors** 

(a) A copy of the constitutional documents of each Original Obligor.

(b) An up-to-date extract from the Dutch trade register (*handelsregister*) relating to each Original
Obligor incorporated in the Netherlands.

(c) A copy of a resolution of the board of directors of each Original Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party
and resolving that it execute the Finance Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) authorising a specified person or persons to execute the Finance Documents to which it is a party on its
behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices
(including, if relevant, any Utilisation Request and Selection Notice) to be signed and/or despatched by it under or in connection with
the Finance Documents to which it is a party.

(d) A specimen of the signature of each person authorised by the resolution referred to in paragraph (c) above.

(e) If applicable, a copy of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a request for advice from the central works council and interim project group, the latter currently acting
as the interim employee representative body of FinCo, in respect of the transactions contemplated by the Finance Documents to which it
becomes a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a positive or neutral advice (*advies*) from the combined central works council and interim project
group of FinCo which, if conditional, contains conditions which can reasonably be complied with and would not cause a breach of any term
of any Finance Document.

(f) A certificate of the Company (signed by an authorised signatory) confirming that borrowing or guaranteeing,
as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on any Original Obligor to
be exceeded.

(g) A certificate of the relevant Original Obligor (signed by an authorised signatory) certifying that each
copy document relating to it specified in this Part I of Schedule 2 is correct, complete and in full force and effect as at a date
no earlier than the date of this Agreement.

2. **Legal opinions** 

(a) A legal opinion of Allen Overy Shearman Sterling LLP, legal advisers to the Arranger and the Agent in
England, substantially in the form distributed to the Original Lenders prior to signing this Agreement.

(b) A legal opinion of Allen Overy Shearman Sterling LLP, legal advisers to the Arranger and the Agent in
the Netherlands, substantially in the form distributed to the Original Lenders prior to signing this Agreement.

3. **Other documents and evidence** 

(a) Evidence that any process agent referred to in Clause 40.2 (*Service of process*) has accepted its
appointment.

(b) The Original Financial Statements.

(c) Evidence that the fees, costs and expenses then due from the Parent pursuant to Clause 12 (*Fees*)
and Clause 17 (*Costs and expenses*) have been paid or will be paid by the first Utilisation Date.

**Part II** **<br> Conditions precedent required to be<br> delivered by an Additional Obligor**

1. An Accession Letter, duly executed by the Additional Obligor and the Parent.

2. A copy of the constitutional documents of the Additional Obligor.

3. An up-to-date extract from the Dutch trade register (*handelsregister*) relating to each Additional
Obligor incorporated in the Netherlands.

4. A copy of a resolution of the board of directors of the Additional Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) approving the terms of, and the transactions contemplated by, the Accession Letter and the Finance Documents
and resolving that it execute the Accession Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) authorising a specified person or persons to execute the Accession Letter on its behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents
and notices (including, in relation to an Additional Borrower, any Utilisation Request or Selection Notice) to be signed and/or despatched
by it under or in connection with the Finance Documents.

5. A specimen of the signature of each person authorised by the resolution referred to in paragraph 4 above.

6. If applicable, a copy of a resolution signed by all the holders of the issued shares of the Additional
Obligor, approving the terms of, and the transactions contemplated by, the Finance Documents to which the Additional Obligor is a party.

7. If applicable, a copy of a resolution by the supervisory board of the Additional Obligor, approving the
terms of, and the transactions contemplated by, the Finance Documents to which the Additional Obligor is a party.

8. If the Additional Obligor is incorporated in the Netherlands and only if applicable, a copy of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a request for advice from the works council of the Additional Obligor incorporated in the Netherlands
in respect of the transactions contemplated by the Finance Documents to which it becomes a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a positive or neutral advice (*advies*) from the works council of the Additional Obligor incorporated
in the Netherlands which, if conditional, contains conditions which can reasonably be complied with and would not cause a breach of any
term of any Finance Document.

9. A certificate of the Additional Obligor (signed by an authorised signatory) confirming that borrowing
or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on it to be
exceeded.

10. A certificate of the Additional Obligor (signed by an authorised signatory) certifying that each copy
document listed in this Part II of Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the
date of the Accession Letter.

11. If available, the latest audited financial statements of the Additional Obligor.

12. A legal opinion of the legal advisers to the Arranger and the Agent in England.

13. If the Additional Obligor is incorporated in a jurisdiction other than England and Wales, a legal opinion
of the legal advisers to the Arranger and the Agent in the jurisdiction in which the Additional Obligor is incorporated.

14. If the proposed Additional Obligor is incorporated in a jurisdiction other than England and Wales, evidence
that the process agent specified in Clause 40.2 (*Service of process*), if not an Obligor, has accepted its appointment in relation
to the proposed Additional Obligor.

**Schedule 3** **<br> Requests**

**Part I** **<br> Utilisation Request**

From: [*Borrower*] / [*Parent*]

To: [*Agent*]

Dated:

**THE MAGNUM ICE CREAM COMPANY HOLDCO NETHERLANDS B.V. –<br> EUR [ ] Facilities Agreement dated [ ] (the "Agreement")**

1. We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same
meaning in this Utilisation Request unless given a different meaning in this Utilisation Request.

2. We wish to borrow a Loan on the following terms:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proposed Utilisation Date: | [<u> </u>] (or, if that is not a Business Day, the next Business Day) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facility to be utilised: | [Facility A]/[Facility B]/[Facility C]<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency of Loan: | [<u> </u>] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount: | [<u> </u>] or, if less, the Available Facility<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Period: | [<u> </u>] |

---

3. We confirm that each condition specified in Clause 4.2 (*Further conditions precedent*) [or, to the
extent applicable, [Clause 4.5 (*Utilisations during the Facility A Certain Funds Period*)] / [Clause 4.6 (*Utilisations during the Facility B Certain Funds Period*)] of the Agreement] is satisfied on the date of this Utilisation Request.

4. [The proceeds of this Loan should be credited to [ *account* ].]

5. This Utilisation Request is irrevocable.

<sup>\*</sup> Delete as appropriate.

**<sup>1</sup> WARNING: Please seek Dutch legal advice (i) until the interpretation of the term "public" (as referred to in Article 4.1(1) of the Capital Requirements Regulation (EU/575/2013)) has been published by the competent authority, if the share of a Lender in any utilisation requested by a Dutch borrower is less than EUR 100,000 (or the foreign currency equivalent thereof) and (ii) as soon as the interpretation of the term "public" has been published by the competent authority, if the Lender is considered to be part of the public on the basis of such interpretation.**

authorised signatory for<br> [*name of relevant Borrower*] / [*name of Parent*]

**Part II**

**Selection Notice**

From: [*Borrower*] / [*Parent*]

To: [*Agent*]

Dated:

**THE MAGNUM ICE CREAM COMPANY HOLDCO NETHERLANDS B.V. –<br> EUR [ ] Facilities Agreement dated [ ] (the "Agreement")**

1. We
 refer to the Agreement. This is a Selection Notice. Terms defined in the Agreement have the
 same meaning in this Selection Notice unless given a different meaning in this Selection
 Notice.

2. We
 refer to the following Facility [A]/[B]/[C] Loan[s] in [identify currency] with an Interest
 Period ending on [________].<sup>\*</sup>

3. [We
 request that the above Facility [A]/[B]/[C] Loan[s] be divided into [________]
 Facility [A]/[B]/[C] Loans with the following Base Currency Amounts and Interest Periods:]<sup>\*\*</sup>

*or*

[We request that the next Interest Period for the above Facility [A]/[B]/[C] Loan[s] is [________]].<sup>\*\*\*</sup>

4. [We
 request that the above Facility C Loan[s] [is]/[are] [denominated in the same currency for
 the next Interest Period]/[denominated in the following currencies: [ ]. As this results
 in a change of currency we confirm that each condition specified in Clause 4.2 (*Further conditions precedent*) of the Agreement is satisfied on the date of this Selection Notice.
 The proceeds of any change in currency should be credited to [account]].] <sup>\*\*\*\*</sup>

5. This
 Selection Notice is irrevocable.

authorised signatory for<br> [the Parent on behalf of]<br> [*name of relevant Borrower*]

<sup>\*</sup> Insert details of all Loans in the same currency which have an Interest Period ending on the same date.

<sup>\*\*</sup> Use this option if division of Loans is requested.

<sup>\*\*\*</sup> Use this option if sub-division is not required.

<sup>\*\*\*</sup> Use this option if sub-division is not required.

<sup>\*\*\*</sup> Delete this option unless in relation to Facility C.

**Schedule 4** ****

<br> **Form of Transfer Certificate<sup>2</sup>**

To: [________] as Agent

---

| | |
|:---|:---|
| From: | [The Existing Lender] (the "**Existing Lender**") and [The New Lender] (the "**New Lender**") |

---

Dated:

**THE MAGNUM ICE CREAM COMPANY HOLDCO NETHERLANDS B.V. –<br> EUR [ ] Facilities Agreement dated [ ] (the "Agreement")**

1. We
 refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have
 the same meaning in this Transfer Certificate unless given a different meaning in this Transfer
 Certificate.

2. We
 refer to Clause 23.6 (*Procedure for transfer*) of the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Existing Lender and the New Lender
 agree to the Existing Lender transferring to the New Lender by novation, and in accordance
 with Clause 23.6 (*Procedure for transfer*) of the Agreement, all of the Existing Lender's
 rights and obligations under the Agreement and the other Finance Documents which relate to
 that portion of the Existing Lender's Commitment(s) and participations in Loans under
 the Agreement as specified in the Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The proposed Transfer Date is [________].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Facility Office and address and attention
 details for notices of the New Lender for the purposes of Clause 30.2 (*Contact details*)
 of the Agreement are set out in the Schedule.

3. The
 New Lender expressly acknowledges the limitations on the Existing Lender's obligations set
 out in paragraph (c) of Clause 23.5 (*Limitation of responsibility of Existing Lenders*)
 of the Agreement.

4. The
 New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that
 it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [a Qualifying Lender (other than a Treaty
 Lender);]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [a Treaty Lender;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [not a Qualifying Lender].<sup>3</sup>

<sup>2</sup> The Agent and the Existing Lender should seek confirmation from Dutch counsel that the transfer will not contravene Section 3:5 of the Dutch Financial Supervision Act (*Wet op het financieel toezicht*) if the value of the rights acquired by the New Lender is less than €100,000 or, if the competent authority has published its interpretation of the term 'public' as referred to in article 4.1.(1) of 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, such other minimum amount as may be required for the New Lender not to be considered part of the public under such interpretation.

<sup>3</sup> Delete as applicable – each New Lender is required to confirm which of these three categories it falls within.

5. This
 Transfer Certificate 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 this Transfer Certificate.

6. This Transfer Certificate and any
 non-contractual obligations arising out of or in connection with it are governed by English
 law.

7. This
 Transfer Certificate has been entered into on the date stated at the beginning of this Transfer
 Certificate.

**THE SCHEDULE**

**Commitment/rights and obligations to be transferred**

[*Insert relevant details*]

[*Facility Office address and attention details for notices and account details for payments.*]

---

| | |
|:---|:---|
| [Existing Lender] | [New Lender] |
| By: | By: |
| This Transfer Certificate is accepted by the Agent and the Transfer Date is confirmed as | This Transfer Certificate is accepted by the Agent and the Transfer Date is confirmed as |
| [________]. |  |
| [Agent] |  |
| By: |  |

---

**Schedule 5** ****

<br> **Form of Assignment Agreement<sup>4</sup>**

To: [________] as Agent and [________] as Parent, for and on behalf of each Obligor

---

| | |
|:---|:---|
| From: | [the *Existing Lender*] (the "**Existing Lender**") and [the *New Lender*] (the "**New Lender**") |

---

Dated:

**THE MAGNUM ICE CREAM COMPANY HOLDCO NETHERLANDS B.V. –<br> EUR [ ] Facilities Agreement dated [ ] (the "Agreement")**

1. We refer to the Agreement. This is an Assignment Agreement.
 Terms defined in the Agreement have the same meaning in this Assignment Agreement unless
 given a different meaning in this Assignment Agreement.

2. We refer to Clause 23.7 (*Procedure for assignment*) of the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Existing Lender assigns absolutely
 to the New Lender all the rights of the Existing Lender under the Agreement and the other
 Finance Documents which relate to that portion of the Existing Lender's Commitment(s) and
 participations in Loans under the Agreement as specified in the Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Existing Lender is released from all
 the obligations of the Existing Lender which correspond to that portion of the Existing Lender's
 Commitment(s) and participations in Loans under the Agreement specified in the Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The New Lender becomes a Party as a Lender
and is bound by obligations equivalent to those from which the Existing Lender is released under paragraph (b) above.<sup>5</sup>

3. The
 proposed Transfer Date is [________].

4. On
 the Transfer Date the New Lender becomes Party to the Finance Documents as a Lender.

5. The
 Facility Office and address and attention details for notices of the New Lender for the purposes
 of Clause 30.2 (*Contact details*) of the Agreement are set out in the Schedule.

6. The
 New Lender expressly acknowledges the limitations on the Existing Lender's obligations set
 out in paragraph (c) of Clause 23.5 (*Limitation of responsibility of Existing Lenders*)
 of the Agreement.

<sup>4</sup> The Agent and the Existing Lender should seek confirmation from Dutch counsel that the transfer will not contravene Section 3:5 of the Dutch Financial Supervision Act (*Wet op het financieel toezicht*) if the value of the rights acquired by the New Lender is less than €100,000 or, if the competent authority has published its interpretation of the term 'public' as referred to in article 4.1.(1) of 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, such other minimum amount as may be required for the New Lender not to be considered part of the public under such interpretation

<sup>5</sup> If the Assignment Agreement is used in place of a Transfer Certificate in order to avoid a novation of rights/obligations for reasons relevant to a civil jurisdiction, local law advice should be sought to check the suitability of the Assignment Agreement due to the assumption of obligations contained in paragraph 2(c). This issue should be addressed at primary documentation stage.

7. The
 New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that
 it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [a Qualifying Lender (other than a Treaty Lender);]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [a Treaty Lender;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [not a Qualifying Lender].<sup>6</sup>

8. This
 Assignment Agreement acts as notice to the Agent (on behalf of each Finance Party) and, upon
 delivery in accordance with Clause 23.8 (Copy of Transfer Certificate, Assignment Agreement
 or Increase Confirmation to Parent) of the Agreement, to the Parent (on behalf of each Obligor)
 of the assignment referred to in this Assignment Agreement.

9. This
 Assignment Agreement 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 this Assignment
 Agreement.

10. This
 Assignment Agreement and any non-contractual obligations arising out of or in connection
 with it are governed by English law.

11. This
 Assignment Agreement has been entered into on the date stated at the beginning of this Assignment
 Agreement.

<sup>6</sup> Delete as applicable – each New Lender is required to confirm which of these three categories it falls within.

**THE SCHEDULE**

**Rights to be assigned and obligations to be released and undertaken**

[*Insert relevant details*]

[*Facility Office address and attention details for notices and account details for payments*]

---

| | |
|:---|:---|
| [Existing Lender] | [New Lender] |
| By: | By: |
| This Assignment Agreement is accepted by the Agent and the Transfer Date is confirmed as | This Assignment Agreement is accepted by the Agent and the Transfer Date is confirmed as |
| [________]. |  |
| Signature of this Assignment Agreement by the Agent constitutes confirmation by the Agent of receipt of notice of the assignment referred to herein, which notice the Agent receives on behalf of each Finance Party. | Signature of this Assignment Agreement by the Agent constitutes confirmation by the Agent of receipt of notice of the assignment referred to herein, which notice the Agent receives on behalf of each Finance Party. |
| [Agent] |  |
| By: |  |

---

**Schedule 6** ****

<br> **Form of Accession Letter**

To: [________] as Agent

From: [*Subsidiary/ListCo*] and [*Parent*]

Dated:

**THE MAGNUM ICE CREAM COMPANY HOLDCO NETHERLANDS B.V. –<br> EUR [ ] Facilities Agreement dated [ ] (the "Agreement")**

1. We
 refer to the Agreement. This is an Accession Letter. Terms defined in the Agreement have
 the same meaning in this Accession Letter unless given a different meaning in this Accession
 Letter.

2. [ *Subsidiary/ListCo* ]
 agrees to become an Additional [Borrower]/[Guarantor] and to be bound by the terms of the
 Agreement as an Additional [Borrower]/[Guarantor] pursuant to [Clause 24.2 (*Additional Borrowers*)]/[Clause 24.4 (*Additional Guarantors*)] of the Agreement. [ *Subsidiary/ListCo* ]
 is a company duly incorporated under the laws of [ *name of relevant jurisdiction* ].

3. [The
 Parent confirms that no Default is continuing or would occur as a result of [ *Subsidiary/ListCo* ]
 becoming an Additional Borrower.] <sup>7</sup>

4. [ *Subsidiary's/ListCo's* ]
 administrative details are as follows:

Address:

Attention:

5. This
 Accession Letter and any non-contractual obligations arising out of or in connection with
 it are governed by English law.

[This Accession Letter has been delivered as a deed on the date stated at the beginning of this Accession Letter.]

[Parent] [Subsidiary] / [ListCo]

<sup>7</sup> Include in the case of an Additional Borrower.

**Schedule 7** ****

<br> **Form of Resignation Letter**

To: [________] as Agent

From: [*resigning Obligor*] and [*Parent*]

Dated:

**THE MAGNUM ICE CREAM COMPANY HOLDCO NETHERLANDS B.V. –<br> EUR [ ] Facilities Agreement dated [ ] (the "Agreement")**

1. We
 refer to the Agreement. This is a Resignation Letter. Terms defined in the Agreement have
 the same meaning in this Resignation Letter unless given a different meaning in this Resignation
 Letter.

2. Pursuant
 to [Clause 24.3 (*Resignation of a Borrower*)]/[Clause 24.6 (*Resignation of a Guarantor*)]
 of the Agreement, we request that [ *resigning Obligor* ] be released from its obligations
 as a [Borrower]/[Guarantor] under the Agreement.

3. We
 confirm that no Default is continuing or would result from the acceptance of this request.

4. This
 Resignation Letter and any non-contractual obligations arising out of or in connection with
 it are governed by English law.

[Parent] [Subsidiary]

By:

**Schedule 8** ****

<br> **Existing Security/Quasi-Security**

---

| | | |
|:---|:---|:---|
| Name of Member of Group | Security/Quasi-Security | Total Principal Amount of <br> Indebtedness Secured |

---

**Schedule 9** ****

<br> **Timetables**

For Facility A, in accordance with the following:

---

| | |
|:---|:---|
| Delivery of a duly completed Utilisation Request (Clause 5.1 (*Delivery of a Utilisation Request*)) or a Selection Notice (Clause 10.1 (*Selection of Interest Periods*)) | U-1 <br>9:00 a.m. |
| Agent determines (in relation to a Utilisation) the Base Currency Amount of the Loan, if required under Clause 5.4 (*Lenders' participation*) and notifies the Lenders of the Loan in accordance with Clause 5.4 (*Lenders' participation*) | U-1 <br>Noon |

---

For Facility B and Facility C, in accordance with the following (as applicable):

---

| | | | |
|:---|:---|:---|:---|
|  | **Loans<br> in euro** | **Facility C Loans<br> in sterling** | **Facility C Loans<br> in other<br> currencies** |
| Currency to be available and convertible into the Base Currency (Clause 4.3 (*Conditions relating to Optional Currencies*)) | N/A | On the first day of the Interest Period for the relevant Loan. | On the day which is two Business Days before the first day of the Interest Period for the relevant Loan. |
| Agent notifies the Parent if a currency is approved as an Optional Currency in accordance with Clause 4.3 (*Conditions relating to Optional Currencies*) | N/A | U-2 | U-3 |
| Delivery of a duly completed Utilisation Request (Clause 5.1 (*Delivery of a Utilisation Request*)) or a Selection Notice (Clause 10.1 (*Selection of Interest Periods*)) | U-2<br> 10:00 a.m. | U-1<br> 9:30 a.m. | U-3<br> 9:30 a.m. |
| Agent determines (in relation to a Utilisation) the Base Currency Amount of the Loan, if required under Clause 5.4 (*Lenders' participation*) and notifies the Lenders of the Loan in accordance with Clause 5.4 (*Lenders' participation*) | U-2<br> 17:00 p.m. | U-1<br> Noon | U-3<br> Noon |
| Agent receives a notification from a Lender under Clause 6.2 (*Unavailability of a currency*)<br>| N/A | 9:30 a.m. <br>on the first day of the Interest Period for the relevant Loan. | 9:30 a.m. <br>on the day which is two Business Days before the first day of the Interest Period for the relevant Loan. |

---

---

| | | | |
|:---|:---|:---|:---|
| Agent gives notice in accordance with Clause 6.2 (*Unavailability of a currency*)<br>| N/A | 11:00 a.m. <br>on the first day of the Interest Period for the relevant Loan. | 11:00 a.m. <br>on the day which is two Business Days before the first day of the Interest Period for the relevant Loan. |
| Agent determines amount of the Facility C Loan in Optional Currency in accordance with Clause 6.4 (*Change of currency*) | N/A | 9:30 a.m. <br>on the first day of the Interest Period for the relevant Loan. | 9:30 a.m. <br>on the day which is two Business Days before the first day of the Interest Period for the relevant Loan. |
| Agent determines amount of the Facility C Loan in Optional Currency in accordance with paragraph (a) of Clause 6.5 (*Same Optional Currency during successive Interest Periods*) | N/A | 9:30 a.m. <br>on the first day of the Interest Period for the relevant Loan. | 9:30 a.m. <br>on the day which is two Business Days before the first day of the Interest Period for the relevant Loan. |
| Agent determines amount of the Facility C Loan in Optional Currency converted into Base Currency in accordance with paragraph (b) of Clause 6.5 (*Same Optional Currency during successive Interest Periods*) | N/A | U-3 <br>(or, if later, the day on which the Agent received the Utilisation Request) | U-3 <br>(or, if later, the day on which the Agent received the Utilisation Request) |

---

"U" = Utilisation Date or, if applicable, in the case of a Loan that has already been borrowed, the first day of the relevant Interest Period for that Loan. <br>"U-X" = Business Days prior to Utilisation Date.

**Schedule 10** ****

<br> **Form of Increase Confirmation**

To: [________] as Agent and [________] as Parent, for and on behalf of each Obligor

---

| | |
|:---|:---|
| From: | [*the Increase Lender*] (the "**Increase Lender**") |

---

Dated:

**THE MAGNUM ICE CREAM COMPANY HOLDCO NETHERLANDS B.V. –<br> EUR [ ] Facilities Agreement dated [ ] (the "Agreement")**

1. We refer to the Agreement. This is an Increase Confirmation. Terms defined
 in the Agreement have the same meaning in this Increase Confirmation unless given a different meaning
 in this Increase Confirmation.

2. We refer to Clause 2.2 (*Increase*) of the Agreement.

3. The Increase Lender agrees to assume and will assume all of the obligations
 corresponding to the Commitment(s) specified in the Schedule (the "**Relevant Commitment(s)** ")
 as if it had been an Original Lender under the Agreement in respect of the Relevant Commitment(s).

4. The proposed date on which the increase in relation to the Increase Lender
 and the Relevant Commitment(s) is to take effect (the "**Increase Date**") is [________].

5. On the Increase Date, the Increase Lender becomes party to the Finance
 Documents as a Lender.

6. The Facility Office and address and attention details for notices to
 the Increase Lender for the purposes of Clause 30.2 (*Contact details*) of the Agreement are set
 out in the Schedule.

7. The Increase Lender expressly acknowledges the limitations on the Lenders'
 obligations referred to in paragraph (a)(i) of Clause 2.2 (*Increase*) of the Agreement.

8. The Increase Lender confirms, for the benefit of the Agent and without
 liability to any Obligor, that it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [a Qualifying Lender (other than a Treaty
 Lender);]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [a Treaty Lender;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [not a Qualifying Lender].<sup>8</sup>

9. This Increase Confirmation 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 this Increase
 Confirmation.

10. This Increase Confirmation and any non-contractual obligations arising
 out of or in connection with it are governed by English law.

11. This Increase Confirmation has been entered into on the date stated
 at the beginning of this Increase Confirmation.

<sup>8</sup> Delete as applicable - each Increase Lender is required to confirm which of these three categories it falls within

**THE SCHEDULE<br> Relevant Commitment(s)/rights and obligations to be assumed by the Increase Lender**

[*Insert relevant details*]

[*Facility Office address and attention details for notices and account details for payments*]

[Increase Lender]

By:

This Increase Confirmation is accepted by the Agent and the Increase Date is confirmed as [________]

Agent

By:

**Schedule 11** ****

<br> **Form of Substitute Affiliate Lender Designation Notice**

To: [________] as Agent for itself and each of the other parties to the Facilities Agreement

Cc: [*The Parent*]

---

| | |
|:---|:---|
| From | [Designating Lender] (the "**Designating Lender**") |

---

Dated: [ ]

**THE MAGNUM ICE CREAM COMPANY HOLDCO NETHERLANDS B.V. –<br> EUR [ ] Facilities Agreement dated [ ] (the "Agreement")**

1. We
 refer to the Facilities Agreement. Terms defined in the Facilities Agreement have the same
 meaning in this Designation Notice.

2. We
 hereby designate our Affiliate details of which are given below as a Substitute Affiliate
 Lender in respect of any Loans required to be advanced to [ *specify name of borrower or refer to all borrowers in a particular jurisdiction etc.* ] ()"**Designated Loans** ").

3. The
 details of the Substitute Affiliate Lender are as follows:

Name:

Facility Office:

Email address:

Attention:

Jurisdiction of Incorporation:

4. By
 countersigning this notice below the Designated Affiliate Lender agrees to become a Designated
 Affiliate Lender in respect of Designated Loans as indicated above and agrees to be bound
 by the terms of the Facilities Agreement accordingly.

5. This
 Designation Notice and any non-contractual obligations arising out of or in connection with
 are governed by English law.

  <br> For and on behalf of <br> [Designating Lender]

---

| |
|:---|
| We acknowledge and agree to the terms of the above. |
| For and on behalf of |
| [Substitute Affiliate Lender] |
| We acknowledge the terms of the above. |
| For and on behalf of |
| The Agent |
| Dated: [ ] |

---

**Schedule 12** ****

<br> **Reference Rate Terms**

**Part I** ****

<br> **US Dollars**

---

| | |
|:---|:---|
| **CURRENCY:** | US Dollars. |
| **Cost of funds as a fallback** |  |
| Cost of funds will not apply as a fallback. |  |
| **Definitions** |  |
| **Additional Business Days:** | An RFR Banking Day. |
| **Break Costs:** | None specified. |
| **Business Day Conventions (definition of "Month" and Clause 10.2 (*Non-Business Days*)):** (a) | If any period is expressed to accrue by reference to a Month or any number of Months then, in respect of the last Month of that period: |
| (i) | subject to paragraph (iii) below, if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day; |
| (ii) | if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and |
| (iii) | if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period is to end. |
| (b) | If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). |
| **Central Bank Rate:** (a) | The short-term interest rate target set by the US Federal Open Market Committee as published by the Federal Reserve Bank of New York from time to time; or |
| (b) | if that target is not a single figure, the arithmetic mean of: |
| (i) | the upper bound of the short-term interest rate target range set by the US Federal Open Market Committee and published by the Federal Reserve Bank of New York; and |
| (ii) | the lower bound of that target range. |

---

---

| | |
|:---|:---|
| **Central Bank Rate Adjustment:** | The "**Central Bank Rate Adjustment**" in relation to the Central Bank Rate for any RFR Banking Day is the 20 per cent. trimmed arithmetic mean (calculated by the Agent, or by any other Finance Party which agrees to do so in place of the Agent) of the Central Bank Rate Spreads for the five most immediately preceding RFR Banking Days (each a "**Reference Day**") for which the RFR and the Central Bank Rate are available, where: |
|  | "**Central Bank Rate Spread**" means, in relation to a Reference Day, the difference (expressed as a percentage rate per annum) calculated by the Agent (or by any other Finance Party which agrees to do so in place of the Agent) between: |
| (a) | the RFR for that Reference Day; and |
| (b) | the Central Bank Rate for that Reference Day. |
| **Daily Rate:** | The "**Daily Rate**" for any RFR Banking Day is: |
| (a) | the RFR for that RFR Banking Day; |
| (b) | if the RFR for that RFR Banking Day is not available, the Historic RFR for that RFR Banking Day; |
| (c) | if paragraph (b) above applies but the Historic RFR for that RFR Banking Day is not available, the percentage rate per annum which is the aggregate of: |
| (i) | the Central Bank Rate for that RFR Banking Day; and |
| (ii) | the applicable Central Bank Rate Adjustment; or |
| (d) | if paragraph (c) above applies but the Central Bank Rate for that RFR Banking Day is not available, the percentage rate per annum which is the aggregate of: |
| (i) | the most recent Central Bank Rate for a day which is no more than five RFR Banking Days before that RFR Banking Day; and |
| (ii) | the applicable Central Bank Rate Adjustment, |
|  | rounded, in each case, to five decimal places (with 0.000005 being rounded upwards) and if, in each case, that rate is less than zero, the Daily Rate shall be deemed to be zero. |
| **Lookback Period:** | Five RFR Banking Days. |
| **Market Disruption Rate:** | The Cumulative Compounded RFR Rate for the Interest Period of the relevant Loan |

---

---

| | |
|:---|:---|
| **Relevant Market:** | The market for overnight cash borrowing collateralised by US Government securities. |
| **Reporting Day:** | The Business Day which follows the day which is the Lookback Period prior to the last day of the Interest Period. |
| **RFR:** | The secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which takes over the administration of that rate) published by the Federal Reserve Bank of New York (or any other person which takes over the publication of that rate). |
| **RFR Banking Day:** | Any day other than: |
| (a) | a Saturday or Sunday; and |
| (b) | a day on which the Securities Industry and Financial Markets Association (or any successor organisation) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in US Government securities. |
| **Published Rate Contingency Period:** | 30 days |
| **Interest Periods** |  |
| Length of Interest Period in absence of selection (paragraph (c) of Clause 10.1 (*Selection of Interest Periods*)): | One Month. |
| Periods capable of selection as Interest Periods (paragraph (d) of Clause 10.1 (*Selection of Interest Periods*)): | One, three and six Months. |
| **Reporting Times** |  |
| Deadline for Lenders to report market disruption in accordance with Clause 11.3 (*Market disruption*): | Close of business in London on the Reporting Day for the relevant Loan. |
| Deadline for Lenders to report their cost of funds in accordance with Clause 11.4 (*Cost of funds*): | Close of business on the date falling two Business Days after the Reporting Day for the relevant Loan (or, if earlier, on the date falling two Business Days before the date on which interest is due to be paid in respect of the Interest Period for that Loan). |

---

**Part II** ****

<br> **Sterling**

---

| | |
|:---|:---|
| **CURRENCY:** | Sterling. |
| **Cost of funds as a fallback** |  |
| Cost of funds will not apply as a fallback. |  |
| **Definitions** |  |
| **Additional Business Days:** | An RFR Banking Day. |
| **Break Costs:** | None specified. |
| **Business Day Conventions (definition of "Month" and Clause 10.2 (*Non-Business Days*)):** (a) | If any period is expressed to accrue by reference to a Month or any number of Months then, in respect of the last Month of that period: |
| (i) | subject to paragraph (iii) below, if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day; |
| (ii) | if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and |
| (iii) | if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period is to end. |
| (b) | If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). |
| **Central Bank Rate:** | The Bank of England's Bank Rate as published by the Bank of England from time to time. |
| **Central Bank Rate Adjustment:** | The "**Central Bank Rate Adjustment**" in relation to the Central Bank Rate for any RFR Banking Day is the 20 per cent. trimmed arithmetic mean (calculated by the Agent, or by any other Finance Party which agrees to do so in place of the Agent) of the Central Bank Rate Spreads for the five most immediately preceding RFR Banking Days (each a "**Reference Day**") for which the RFR and the Central Bank Rate are available, where: |

---

---

| | |
|:---|:---|
|  | "**Central Bank Rate Spread**" means, in relation to a Reference Day, the difference (expressed as a percentage rate per annum) calculated by the Agent (or by any other Finance Party which agrees to do so in place of the Agent) between: |
| (a) | the RFR for that Reference Day; and |
| (b) | the Central Bank Rate for that Reference Day. |
| **Daily Rate:** | The "**Daily Rate**" for any RFR Banking Day is: |
| (a) | the RFR for that RFR Banking Day; |
| (b) | if the RFR for that RFR Banking Day is not available, the Historic RFR for that RFR Banking Day; |
| (c) | if paragraph (b) above applies but the Historic RFR for that RFR Banking Day is not available, the percentage rate per annum which is the aggregate of: |
| (i) | the Central Bank Rate for that RFR Banking Day; and |
| (ii) | the applicable Central Bank Rate Adjustment; or |
| (d) | if paragraph (c) above applies but the Central Bank Rate for that RFR Banking Day is not available, the percentage rate per annum which is the aggregate of: |
| (i) | the most recent Central Bank Rate for a day which is no more than five RFR Banking Days before that RFR Banking Day; and |
| (ii) | the applicable Central Bank Rate Adjustment, |
|  | rounded, in each case, to four decimal places (with 0.00005 being rounded upwards) and if, in each case, that rate is less than zero, the Daily Rate shall be deemed to be zero. |
| **Lookback Period:** | Five RFR Banking Days. |
| **Market Disruption Rate:** | The Cumulative Compounded RFR Rate for the Interest Period of the relevant Loan. |
| **Relevant Market:** | The sterling wholesale market. |
| **Reporting Day:** | The day which is the Lookback Period prior to the last day of the Interest Period or, if that day is not a Business Day, the immediately following Business Day. |
| **RFR:** | The SONIA (sterling overnight index average) reference rate displayed on the relevant screen of any authorised distributor of that reference rate. |
| **RFR Banking Day:** | A day (other than a Saturday or Sunday) on which banks are open for general business in London. |
| **Published Rate Contingency Period:** | 30 days |

---

---

| | |
|:---|:---|
| ***Interest Periods*** |  |
| Length of Interest Period in absence of selection (paragraph (c) of Clause 10.1 (*Selection of Interest Periods*)): | One Month. |
| Periods capable of selection as Interest Periods (paragraph (d) of Clause 10.1 (*Selection of Interest Periods*)): | One, three and six Months. |
| ***Reporting Times*** |  |
| Deadline for Lenders to report market disruption in accordance with Clause 11.3 (*Market disruption*): | Close of business in London on the Reporting Day for the relevant Loan. |
| Deadline for Lenders to report their cost of funds in accordance with Clause 11.4 (*Cost of funds*): | Close of business on the date falling two Business Days after the Reporting Day for the relevant Loan (or, if earlier, on the date falling two Business Days before the date on which interest is due to be paid in respect of the Interest Period for that Loan). |

---

**Part III** ****

<br> **Euro – Term Rate Loans**

---

| | |
|:---|:---|
| **CURRENCY:** | Euro. |
| **Cost of funds as a fallback** |  |
| Cost of funds will apply as a fallback. |  |
| **Definitions** |  |
| **Additional Business Days:** | A TARGET Day. |
| **Break Costs:** | The amount (if any) by which: |
| (a) | the interest which a Lender should have received for the period from the date of receipt of all or any part of its participation in the relevant Loan or Unpaid Sum to the last day of the current Interest Period in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period; |
|  | exceeds: |
| (b) | the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period. |
| **Business Day Conventions (definition of "Month" and Clause 10.2 (*Non-Business Days*)):** (a) | If any period is expressed to accrue by reference to a Month or any number of Months then, in respect of the last Month of that period: |
| (i) | subject to paragraph (iii) below, if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day; |
| (ii) | if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and |
| (iii) | if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period is to end. |

---

---

| | | |
|:---|:---|:---|
|  | (b) | If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). |
| **Market Disruption Rate:** | The Term Reference Rate. | The Term Reference Rate. |
| **Primary Term Rate:** | The euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate) for the relevant period published (before any correction, recalculation or republication by the administrator) by the European Money Markets Institute (or any other person which takes over the publication of that rate). | The euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate) for the relevant period published (before any correction, recalculation or republication by the administrator) by the European Money Markets Institute (or any other person which takes over the publication of that rate). |
| **Quotation Day:** | Two TARGET Days before the first day of the relevant Interest Period (unless market practice differs in the Relevant Market, in which case the Quotation Day will be determined by the Agent in accordance with market practice in the Relevant Market (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days)). | Two TARGET Days before the first day of the relevant Interest Period (unless market practice differs in the Relevant Market, in which case the Quotation Day will be determined by the Agent in accordance with market practice in the Relevant Market (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days)). |
| **Quotation Time:** | Quotation Day 11:00 a.m. (Brussels time). | Quotation Day 11:00 a.m. (Brussels time). |
| **Relevant Market:** | The European interbank market. | The European interbank market. |
| **Reporting Day:** | The Quotation Day. | The Quotation Day. |
| **Published Rate Contingency Period:** | 30 days | 30 days |
| **Interest Periods** |  |  |
| Length of Interest Period in absence of selection (paragraph (c) of Clause 10.1 (*Selection of Interest Periods*)): | One Month. | One Month. |
| Periods capable of selection as Interest Periods (paragraph (d) of Clause 10.1 (*Selection of Interest Periods*)): | One, three and six Months. | One, three and six Months. |
| **Reporting Times** |  |  |
| Deadline for Lenders to report market disruption in accordance with Clause 11.3 (*Market disruption*): | Close of business in London on the Reporting Day for the relevant Loan. | Close of business in London on the Reporting Day for the relevant Loan. |
| Deadline for Lenders to report their cost of funds in accordance with Clause 11.4 (*Cost of funds*): | Close of business on the date falling two Business Days after the Reporting Day for the relevant Loan (or, if earlier, on the date falling two Business Days before the date on which interest is due to be paid in respect of the Interest Period for that Loan). | Close of business on the date falling two Business Days after the Reporting Day for the relevant Loan (or, if earlier, on the date falling two Business Days before the date on which interest is due to be paid in respect of the Interest Period for that Loan). |

---

**SCHEDULE 13**

**daily non-cumulative compounded rfr rate**

The "**Daily Non-Cumulative Compounded RFR Rate**" for any RFR Banking Day "i" during an Interest Period for a Compounded Rate Loan is the percentage rate per annum (without rounding, to the extent reasonably practicable for the Finance Party performing the calculation, taking into account the capabilities of any software used for that purpose) calculated as set out below:

![](tn2515841d9_ex4-4img001.jpg)

where:

"**UCCDR<sub>i</sub>**" means the Unannualised Cumulative Compounded Daily Rate for that RFR Banking Day "**i**";

"**UCCDR<sub>i-1</sub>**" means, in relation to that RFR Banking Day "**i**", the Unannualised Cumulative Compounded Daily Rate for the immediately preceding RFR Banking Day (if any) during that Interest Period;

"**dcc**" means 360 or, in any case where market practice in the Relevant Market is to use a different number for quoting the number of days in a year, that number;

"**n<sub>i</sub>**" means the number of calendar days from, and including, that RFR Banking Day "**i**" up to, but excluding, the following RFR Banking Day; and

the "**Unannualised Cumulative Compounded Daily Rate**" for any RFR Banking Day (the "**Cumulated RFR Banking Day**") during that Interest Period is the result of the below calculation (without rounding, to the extent reasonably practicable for the Finance Party performing the calculation, taking into account the capabilities of any software used for that purpose):

![](tn2515841d9_ex4-4img002.jpg)

where:

"**ACCDR**" means the Annualised Cumulative Compounded Daily Rate for that Cumulated RFR Banking Day;

"**tn<sub>i</sub>**" means the number of calendar days from, and including, the first day of the Cumulation Period to, but excluding, the RFR Banking Day which immediately follows the last day of the Cumulation Period;

"**Cumulation Period**" means the period from, and including, the first RFR Banking Day of that Interest Period to, and including, that Cumulated RFR Banking Day;

"**dcc**" has the meaning given to that term above; and

the "**Annualised Cumulative Compounded Daily Rate**" for that Cumulated RFR Banking Day is the percentage rate per annum (rounded to the same number of decimal places as the applicable Daily Rate) calculated as set out below:

![](tn2515841d9_ex4-4img003.jpg)

where:

"**d<sub>0</sub>**" means the number of RFR Banking Days in the Cumulation Period;

"**Cumulation Period**" has the meaning given to that term above;

"**i**" means a series of whole numbers from one to d0, each representing the relevant RFR Banking Day in chronological order in the Cumulation Period;

"**DailyRate<sub>i-LP</sub>**" means, for any RFR Banking Day "i" in the Cumulation Period, the Daily Rate for the RFR Banking Day which is the applicable Lookback Period prior to that RFR Banking Day "i";

"**n<sub>i</sub>**" means, for any RFR Banking Day "i" in the Cumulation Period, the number of calendar days from, and including, that RFR Banking Day "i" up to, but excluding, the following RFR Banking Day;

"**dcc**" has the meaning given to that term above; and

"**tn<sub>i</sub>**" has the meaning given to that term above.

**Schedule 14** ****

<br> **Cumulative Compounded RFR Rate**

The "**Cumulative Compounded RFR Rate**" for any Interest Period for a Compounded Rate Loan is the percentage rate per annum (rounded to the same number of decimal places as is specified in the definition of "**Annualised Cumulative Compounded Daily Rate**" in ‎Schedule 13 (*Daily Non-Cumulative Compounded RFR Rate*)) calculated as set out below:

![](tn2515841d9_ex4-4img004.jpg)

where:

"**d<sub>0</sub>**" means the number of RFR Banking Days during the Interest Period;

"**i**" means a series of whole numbers from one to d0, each representing the relevant RFR Banking Day in chronological order during the Interest Period;

"**DailyRate<sub>i-LP</sub>**" means for any RFR Banking Day "i" during the Interest Period, the Daily Rate for the RFR Banking Day which is the applicable Lookback Period prior to that RFR Banking Day "**i**";

"**n<sub>i</sub>**" means, for any RFR Banking Day "**i**", the number of calendar days from, and including, that RFR Banking Day "**i**" up to, but excluding, the following RFR Banking Day;

"**dcc**" means 360 or, in any case where market practice in the Relevant Market is to use a different number for quoting the number of days in a year, that number; and

"**d**" means the number of calendar days during that Interest Period.

**<u>The Company and Original Guarantor</u>**

**THE MAGNUM ICE CREAM COMPANY HOLDCO NETHERLANDS B.V.**

Address: Reguliersdwarsstraat 63, 1017BK, Amsterdam, NL

Email: dilsad.tek@unilever.com

Attention: Dilsad Cagman

---

| | |
|:---|:---|
| By: | /s/ Dilsad Cagman |
| Name: | Dilsad Cagman |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**<u>The Original Borrower</u>**

**MAGNUM ICC FINANCE B.V.**

---

| | |
|:---|:---|
| By: | /s/ Dilsad Cagman |
| Name: | Dilsad Cagman |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**<u>The Arranger</u>**

**BNP PARIBAS**

---

| | |
|:---|:---|
| By: | /s/ Jean-Dominique Balous |
| Name: | Jean-Dominique Balous |

---

---

| | |
|:---|:---|
| By: | /s/ Philippe Beauchataud |
| Name: | Philippe Beauchataud |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY**

---

| | |
|:---|:---|
| By: | /s/ Jakub Piasecki |
| Name: | Jakub Piasecki |
| Title: | Director |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**BANCO BILBAO VIZCAYA ARGENTARIA, S.A., LONDON BRANCH**

---

| | |
|:---|:---|
| By: | /s/ C. Nicholas Hunter |
| Name: | C. Nicholas Hunter |
| Title: | Managing Director |
| By: | /s/ K. Buck |
| Name: | K. Buck |
| Title: | Managing Director |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**CITIBANK, N.A. LONDON BRANCH**

---

| | |
|:---|:---|
| By: | /s/ Andrew Mason |
| Name: | Andrew Mason |
| Title: | Managing Director |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**DEUTSCHE BANK LUXEMBOURG S.A.**

---

| | |
|:---|:---|
| By: | /s/ Belhoste |
| Name: | Belhoste |
| By: | /s/ Antonio Maritato |
| Name: | Antonio Maritato |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**GOLDMAN SACHS BANK USA**

---

| | |
|:---|:---|
| By: | /s/ Inci Aydogdu |
| Name: | Inci Aydogdu |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**HSBC CONTINENTAL EUROPE**

---

| | |
|:---|:---|
| By: | /s/ Anja Mokos |
| Name: | Anja Mokos |
| Title: | Director, HSBC, The Netherlands |
| By: | /s/ Stephan Mathu |
| Name: | Stephan Mathu |
| Title: | Client Coverage NL |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**ING BANK N.V.**

---

| | |
|:---|:---|
| By: | /s/ A. Mansour |
| Name: | A. Mansour |
| By: | /s/ P. Aerts |
| Name: | P. Aerts |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**J.P. MORGAN SE**

---

| | |
|:---|:---|
| By: | /s/ George Read-Smith |
| Name: | George Read-Smith |
| Title: | Vice President |
| By: | /s/ Peter Kropff |
| Name: | Peter Kropff |
| Title: | Executive Director |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**MIZUHO BANK, LTD.**

---

| | |
|:---|:---|
| By: | /s/ Duncan Todd |
| Name: | Duncan Todd |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**MORGAN STANLEY BANK INTERNATIONAL LIMITED**

---

| | |
|:---|:---|
| By: | /s/ Andrea Hutchinson |
| Name: | Andrea Hutchinson |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**<u>The Original Lenders</u>**

**BNP PARIBAS**

---

| | |
|:---|:---|
| By: | /s/ Jean-Dominique Balous |
| Name: | Jean-Dominique Balous |
| By: | /s/ Philippe Beauchataud |
| Name: | Philippe Beauchataud |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**BNP PARIBAS FORTIS SA/NV**

---

| | |
|:---|:---|
| By: | /s/ Katherine Dior |
| Name: | Katherine Dior |
| Title: | Head of Primary Markets, Capital Markets |
| By: | /s/ Stefaan Van Langendonck |
| Name: | Stefaan Van Langendonck |
| Title: | Director, Debts Markets EMEA |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY**

---

| | |
|:---|:---|
| By: | /s/ Jakub Piasecki |
| Name: | Jakub Piasecki |
| Title: | Director |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**BANCO BILBAO VIZCAYA ARGENTARIA, S.A., LONDON BRANCH**

---

| | |
|:---|:---|
| By: | /s/ C. Nicholas Hunter |
| Name: | C. Nicholas Hunter |
| Title: | Managing Director |
| By: | /s/ K. Buck |
| Name: | K. Buck |
| Title: | Managing Director |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**CITIBANK EUROPE, PLC**

---

| | |
|:---|:---|
| By: | /s/ Andrew Mason |
| Name: | Andrew Mason |
| Title: | Managing Director |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**DEUTSCHE BANK LUXEMBOURG S.A.**

---

| | |
|:---|:---|
| By: | /s/ Belhoste |
| Name: | Belhoste |
| By: | /s/ Antonio Maritato |
| Name: | Antonio Maritato |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**GOLDMAN SACHS BANK USA**

---

| | |
|:---|:---|
| By: | /s/ Inci Aydogdu |
| Name: | Inci Aydogdu |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**HSBC CONTINENTAL EUROPE**

---

| | |
|:---|:---|
| By: | /s/ Anja Mokos |
| Name: | Anja Mokos |
| Title: | Director, HSBC, The Netherlands |

---

---

| | |
|:---|:---|
| By: | /s/ Stephan Mathu |
| Name: | Stephan Mathu |
| Title: | Client Coverage NL |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**ING BANK N.V.**

---

| | |
|:---|:---|
| By: | /s/ A. Mansour |
| Name: | A. Mansour |

---

---

| | |
|:---|:---|
| By: | /s/ P. Aerts |
| Name: | P. Aerts |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**JPMORGAN CHASE BANK, N.A., LONDON BRANCH**

---

| | |
|:---|:---|
| By: | /s/ Ursula Murphy |
| Name: | Ursula Murphy |
| Title: | Executive Director |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**MIZUHO BANK, LTD.**

---

| | |
|:---|:---|
| By: | /s/ Duncan Todd |
| Name: | Duncan Todd |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**MORGAN STANLEY BANK, N.A.**

---

| | |
|:---|:---|
| By: | /s/ Mark Walton |
| Name: | Mark Walton, Authorized Signatory |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**<u>The Documentation Co-ordinator</u>**

**BNP PARIBAS**

---

| | |
|:---|:---|
| Address: | 16 Bld des Italiens, 75002 Paris – France |
| Emails: | jean-dominique.balous@bnpparibas.com |
|  | philippe.beauchataud@bnpparibas.com |
| Attention: | BNP PARIBAS |

---

---

| | |
|:---|:---|
| By: | /s/ Jean-Dominique Balous |
| Name: | Jean-Dominique Balous |

---

---

| | |
|:---|:---|
| By: | /s/ Philippe Beauchataud |
| Name: | Philippe Beauchataud |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

**<u>The Agent</u>**

**ING Bank N.V.**

---

| | |
|:---|:---|
| Address: | Bijlmerdreef 109, 1102 BW Amsterdam |
| Email: | salima.gaffar@ing.com |
|  | joost.vullings@ing.com |
| Attention: | Salima Gaffar & Joost Vullings |

---

---

| | |
|:---|:---|
| By: | /s/ H.R. van Ras |
| Name: | H.R. van Ras |

---

---

| | |
|:---|:---|
| By: | /s/ O.S.C. de Vries |
| Name: | O.S.C. de Vries |

---

[*Verdi Bridge and Term Loan Facility – signature pages*]

## Exhibit 4.5

**Exhibit 4.5**

![](tm2515841d9_ex4-5sp1img01.jpg)

EUR 1,000,000,000 <br> Revolving Credit Facility Agreement

---

| |
|:---|
| Dated 28 August 2025 |
| <br> for<br>THE MAGNUM ICE CREAM COMPANY<br> HOLDCO NETHERLANDS B.V.<br>as the Company<br>arranged by<br>BNP PARIBAS, BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY, BANCO BILBAO VIZCAYA ARGENTARIA, S.A., LONDON BRANCH, CITIBANK, N.A. LONDON BRANCH, DEUTSCHE BANK LUXEMBOURG S.A., GOLDMAN SACHS BANK USA, HSBC CONTINENTAL EUROPE, ING BANK N.V., J.P. MORGAN SE, MIZUHO BANK, LTD. and MORGAN STANLEY BANK INTERNATIONAL LIMITED<br>with<br>BNP PARIBAS<br>acting as Documentation Co-ordinator<br>and<br>ING Bank N.V.<br>acting as Agent |
| Ref: L-343449 |

---

**CONTENTS**

---

| | |
|:---|:---|
| **CLAUSE** | **PAGE** |

---

**SECTION 1**

**INTERPRETATION**

1. Definitions
 and interpretation 1

**SECTION 2**

**THE FACILITY**

2. The
 Facility 26

3. Purpose 30

4. Conditions of Utilisation 30

**SECTION 3**

**UTILISATION**

5. Utilisation
 – Revolving Facility 32

6. Utilisation – Euro Swingline
 Loans 33

7. Euro Swingline Loans 35

8. Utilisation – US Dollar
 Swingline Loans 38

9. US Dollar Swingline Loans 40

10. Optional Currencies 43

**SECTION 4**

**REPAYMENT, PREPAYMENT AND CANCELLATION**

11. Repayment 44

12. Prepayment and cancellation 47

**SECTION 5**

**COSTS OF UTILISATION**

13. Interest 52

14. Interest Periods 53

15. Changes to the calculation
 of interest 54

16. Fees 55

**SECTION 6**

**ADDITIONAL PAYMENT OBLIGATIONS**

17. Tax
 gross-up and indemnities 57

18. Increased Costs 63

19. Other indemnities 65

20. Mitigation by the Lenders 66

21. Costs and expenses 66

**SECTION 7**

**GUARANTEE**

22. Guarantee
 and indemnity 68

**SECTION 8**

**REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT**

23. Representations 71

24. Information undertakings 73

25. General undertakings 76

26. Events of Default 82

i

**SECTION 9**

**CHANGES TO PARTIES**

27. Changes
 to the Lenders 85

28. Changes to the Obligors 90

**SECTION 10**

**THE FINANCE PARTIES**

29. Role
 of the Agent and the Arranger 92

30. Conduct of business by the
 Finance Parties 101

31. Sharing among the Finance Parties 101

**SECTION 11**

**ADMINISTRATION**

32. Payment
 mechanics 103

33. Set-off 107

34. Notices 107

35. Calculations and certificates 109

36. Partial invalidity 110

37. Remedies and waivers 110

38. Amendments and waivers 110

39. Confidential Information 116

40. Confidentiality of Funding
 Rates 120

41. Bail-In 122

42. Counterparts 123

**SECTION 12**

**GOVERNING LAW AND ENFORCEMENT**

43. Governing
 law 124

44. Enforcement 124

**THE SCHEDULES**

---

| | |
|:---|:---|
| **SCHEDULE** | **PAGE** |
| SCHEDULE 1 The Original Lenders | 125 |
| Schedule 2 Conditions precedent | 128 |
| Schedule 3 Requests | 132 |
| Schedule 4 Form of Transfer Certificate | 136 |
| Schedule 5 Form of Assignment Agreement | 139 |
| Schedule 6 Form of Accession Letter | 142 |
| Schedule 7 Form of Resignation Letter | 143 |
| Schedule 8 Existing Security/Quasi-Security | 144 |
| Schedule 9 Timetables | 145 |
| Schedule 10 Form of Increase Confirmation | 147 |
| Schedule 11 Form of Substitute Affiliate Lender Designation Notice | 150 |
| Schedule 12 Reference Rate Terms | 152 |
| Schedule 13 Daily Non-Cumulative Compounded RFR Rate | 160 |
| Schedule 14 Cumulative Compounded RFR Rate | 162 |

---

ii

THIS AGREEMENT is dated <u>28</u> August 2025 and made between:

(1) THE
 MAGNUM ICE CREAM COMPANY HOLDCO NETHERLANDS B.V., a private company with limited liability
 (*besloten vennootschap met beperkte aansprakelijkheid*) under the laws of the Netherlands,
 having its official seat (*statutaire zetel*) in Rotterdam, the Netherlands, and its
 office at Reguliersdwarsstraat 63, 1017BK Amsterdam, the Netherlands, registered with the
 Dutch Trade Register under number 95381309 (the "**Company**" and "**Original Guarantor** ");

(2) MAGNUM
 ICC FINANCE B.V., a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) under the laws of the Netherlands, having its official seat
 (*statutaire zetel*) in Amsterdam, the Netherlands, and its office at Reguliersdwarsstraat
 63, 1017BK Amsterdam, the Netherlands, registered with the Dutch Trade Register under number
 96401133 (the "**Original Borrower** ");

(3) BNP
 PARIBAS, BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY, BANCO BILBAO VIZCAYA ARGENTARIA,
 S.A., LONDON BRANCH, CITIBANK, N.A. LONDON BRANCH, DEUTSCHE BANK LUXEMBOURG S.A., GOLDMAN
 SACHS BANK USA, HSBC CONTINENTAL EUROPE, ING BANK N.V., J.P. MORGAN SE, MIZUHO BANK, LTD.
 and MORGAN STANLEY BANK INTERNATIONAL LIMITED as mandated lead arrangers and bookrunners
 (together with the Documentation Co-ordinator, whether acting individually or together,
 the "**Arranger** ");

(4) THE FINANCIAL INSTITUTIONS listed in Part I
 of Schedule 1 (*The Original Lenders*) as revolving facility lenders (the "**Original Revolving Facility Lenders** ");

(5) THE FINANCIAL INSTITUTIONS listed in Part IIA
 of Schedule 1 (*The Original Lenders*) as euro swingline lenders (the "**Original Euro Swingline Lenders** ");

(6) THE FINANCIAL INSTITUTIONS listed in Part IIB
 of Schedule 1 (*The Original Lenders*) as US Dollar swingline lenders (the "**Original US Dollar Swingline Lenders**" and together with the Original Revolving Facility Lenders
 and the Original Euro Swingline Lenders, the "**Original Lenders** ");

(7) BNP PARIBAS as documentation co-ordinator
 (the "**Documentation Co-ordinator** "); and

(8) ING Bank N.V. as agent of the other Finance
 Parties (the "**Agent** ").

IT IS AGREED as follows:

**SECTION 1**

**INTERPRETATION**

1. **Definitions and interpretation** 

1.1 **Definitions** 

In this Agreement:

"**Acceptable Bank**" means a bank or financial institution which has a rating for its long-term unsecured and non-credit enhanced debt obligations of A- or higher by S&P or Fitch or A3 or higher by Moody's or a comparable rating from an internationally recognised credit rating agency.

"**Accession Letter**" means a document substantially in the form set out in Schedule 6 (*Form of Accession Letter*).

"**Additional Borrower**" means a company which becomes an Additional Borrower in accordance with Clause 28 (*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 28 (*Changes to the Obligors*).

"**Additional Obligor**" means an Additional Borrower or an Additional Guarantor.

"**Affiliate**" means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company.

"**Agent's Spot Rate of Exchange**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent's spot rate of exchange; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (if the Agent does not have an available
 spot rate of exchange) any other publicly available spot rate of exchange selected by the
 Agent (acting reasonably),

for the purchase of the relevant currency with the Base Currency in the London foreign exchange market at or about 11:00 a.m. on a particular day.

"**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.

"**Authorisation**" means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration.

"**Availability Period**" means the period from and including the date of this Agreement to and including the date falling one month prior to the Termination Date.

"**Available Euro Swingline Commitment**" of a Euro Swingline Lender means (but without limiting Clause 6.5 (*Euro Swingline Facility – Relationship with the Revolving Facility*)) that Lender's Euro Swingline Commitment minus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount of its participation in any
 outstanding Euro Swingline Loans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any proposed Utilisation
 under the Euro Swingline Facility, the amount of its participation in any Euro Swingline
 Loans that are due to be made under the Euro Swingline Facility on or before the proposed
 Utilisation Date,

other than that Lender's participation in any Euro Swingline Loans that are due to be repaid or prepaid on or before the proposed Utilisation Date.

"**Available Euro Swingline Facility**" means the aggregate for the time being of each Euro Swingline Lender's Available Euro Swingline Commitment.

"**Available Revolving Facility**" means the aggregate for the time being of each Lender's Available Revolving Facility Commitment.

"**Available Revolving Facility Commitment**" means (but without limiting Clause 6.5 (*Euro Swingline Facility – Relationship with the Revolving Facility*) and Clause 8.5 (*US Dollar Swingline*

 

Facility – Relationship with the Revolving Facility)) a Lender's Revolving Facility Commitment minus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Base Currency Amount of its participation
 in any outstanding Revolving Facility Loans and the participation of any Affiliate of that
 Lender which is a Euro Swingline Lender in any Euro Swingline Loans or US Dollar Swingline
 Lender in any US Dollar Swingline Loans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any proposed Utilisation,
 the Base Currency Amount of its participation in any Revolving Facility Loans and the participation
 of any Affiliate of that Lender which is a Euro Swingline Lender in any Euro Swingline Loans
 or US Dollar Swingline Lender in any US Dollar Swingline Loans that are due to be made on
 or before the proposed Utilisation Date,

other than the participation of that Lender and any Affiliate of that Lender which is a Swingline Lender in any Revolving Facility Loans, Euro Swingline Loans or US Dollar Swingline Loans that are due to be repaid or prepaid on or before the proposed Utilisation Date.

"**Available Swingline Commitment**" means the aggregate of the Available Euro Swingline Commitment and Available US Dollar Swingline Commitment.

"**Available US Dollar Swingline Commitment**" of a US Dollar Swingline Lender means (but without limiting Clause 8.5 (*US Dollar Swingline Facility – Relationship with the Revolving Facility*)) that Lender's US Dollar Swingline Commitment minus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount of its participation in any
 outstanding US Dollar Swingline Loans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any proposed Utilisation
 under the US Dollar Swingline Facility, the amount of its participation in any US Dollar
 Swingline Loans that are due to be made under the US Dollar Swingline Facility on or before
 the proposed Utilisation Date,

other than that Lender's participation in any US Dollar Swingline Loans that are due to be repaid or prepaid on or before the proposed Utilisation Date.

"**Available US Dollar Swingline Facility**" means the aggregate for the time being of each US Dollar Swingline Lender's Available US Dollar Swingline Commitment.

"**Base Currency**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to the Revolving Facility,
 euro;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to the Euro Swingline Facility,
 euro; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in relation to the US Dollar Swingline
 Facility, United States Dollars.

"**Base Currency Amount**" means, in relation to a Loan, the amount specified in the Utilisation Request delivered by 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 Business Days before the Utilisation Date or, if later, on the date the Agent receives the Utilisation Request) as adjusted to reflect any repayment, prepayment, consolidation or division of a Loan.

"**Basic €STR**" means, in relation to any day, €STR for that day and if that rate is less than zero, Basic €STR shall be deemed to be zero.

"**Beneficial Ownership Regulation**" means 31 C.F.R. § 1010.230.

"**Borrower**" means an Original Borrower or an Additional Borrower, unless it has ceased to be a Borrower in accordance with Clause 28 (*Changes to the Obligors*).

"**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 London, Amsterdam and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (in relation to any date for payment
 or purchase of a currency other than euro) the principal financial centre of the country
 of that currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (in relation to any date for payment
 or purchase of euro) which is a TARGET Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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),

which is an Additional Business Day relating to that Loan or Unpaid Sum.

"**Central Bank Rate**" has the meaning given to that term in the applicable Reference Rate Terms.

"**Central Bank Rate Adjustment**" has the meaning given to that term in the applicable Reference Rate Terms.

"**Code**" means the US Internal Revenue Code of 1986.

"**Combined Carve-Out Financial Statements**" means the combined carve-out financial statements for the Ice Cream Business for the three years ended 31 December 2024.

"**Commitment**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Revolving Facility Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Euro Swingline Commitment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a US Dollar Swingline Commitment.

"**Commitment Fee**" has the meaning given to that term in Clause 16.1 (*Commitment Fee*).

"**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;(a) is, or is scheduled to become, payable
 under any Finance Document; and

&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 Daily Non-Cumulative Compounded RFR Rate for that RFR Banking Day.

"**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;(a) is agreed in writing by the Parent, the
 Agent (in its own capacity) and the Agent (acting on the instructions of the Majority Lenders);

&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;(c) has been made available to the Parent
 and each Finance Party.

"**Confidential Information**" means all information relating to the Company, ListCo, any Obligor, the Group, the Finance Documents or a Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or a Facility from either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any member of the Group or any of its
 advisers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) another Finance Party, if the information
 was obtained by that Finance Party directly or indirectly from any member of the Group or
 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;(i) information that:

&nbsp;&nbsp;&nbsp;&nbsp;&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 39 (*Confidential Information*);

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(C) is known by that Finance Party before
 the date the information is disclosed to it in accordance with paragraph (a) or (b) above
 or is lawfully obtained by that Finance Party after that date, from a source which is, as
 far as that Finance Party is aware, unconnected with the Group 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;(ii) any Funding Rate.

"**Confidentiality Undertaking**" means a confidentiality undertaking substantially in a recommended form of the LMA or in any other form agreed between the Parent and the Agent.

"**Consolidated Total Assets**" means, at any time, the total assets of the Group as shown in the latest audited consolidated financial statements of ListCo delivered pursuant to paragraph (a)(i)(A) of Clause 24.1 (*Financial statements*), or, if these are not available, as shown in the Original Financial Statements for the financial year ended 31 December 2024.

"**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 14 (*Cumulative Compounded RFR Rate*) or in any relevant Compounding Methodology Supplement.

"**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 13 (*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.

"**Default**" means an Event of Default or any event or circumstance specified in Clause 26 (*Events of Default*) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default.

"**Defaulting Lender**" means any Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) which has failed to make its participation
 in a Loan available (or has notified the Agent or the Parent (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;(b) which has otherwise rescinded or repudiated
 a Finance Document; or

&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) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its failure to pay is caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) administrative or technical error; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a Disruption Event; and,

payment is made within five Business Days of its due date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Lender is disputing in good faith whether
 it is contractually obliged to make the payment in question.

"**Demerger**" means the demerger of Unilever PLC's interest in ListCo to its shareholders, to be effected by an interim dividend in specie declared by Unilever PLC.

"**Demerger Date**" means the date of completion of the Demerger.

"**Disruption Event**" means either or both of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a material disruption to those payment
 or communications systems or to those financial markets which are, in each case, required
 to operate in order for payments to be made in connection with the Facilities (or otherwise
 in order for the transactions contemplated by the Finance Documents to be carried out) which
 disruption is not caused by, and is beyond the control of, any of the Parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the occurrence of any other event which
 results in a disruption (of a technical or systems-related nature) to the treasury or payments
 operations of a Party preventing that, or any other Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) from performing its payment obligations
 under the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) from communicating with other Parties in
 accordance with the terms of the Finance Documents,

and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted.

"**Eligible Institution**" means any Lender or other bank, financial institution, trust, fund or other entity selected by the Parent and which, in each case, is not a member of the Group.

"**Enhanced €STR**" means, in relation to any day, the percentage rate per annum which is the aggregate of the applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) €STR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) EONIA-€STR Spread,

and if that rate is less than zero, Enhanced €STR shall be deemed to be zero.

"**EONIA-€STR Spread**" means, in relation to any day:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the percentage rate per annum which is,
 or remains, published on that day as the "EONIA-€STR spread" by the European
 Central Bank; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no such rate is, or remains, published
 on that day, the percentage rate per annum which was the "EONIA-€STR spread"
 most recently published by the European Central Bank.

"**€STR**" means, in relation to any day:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the applicable €STR Screen Rate
 for that day; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as otherwise determined pursuant to Clause
 7.6 (*Unavailability of €STR Screen Rate – Euro Swingline Facility*).

"**€STR Screen Rate**" means the euro short-term rate (€STR) administered by the European Central Bank (or any other person which takes over the administration of that rate) published by the European Central Bank (or any other person which takes over publication of that rate).

"**Euro Swingline Business Day**" means any Target Day or any Business Day.

"**Euro Swingline Commitment**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to an Original Euro Swingline
 Lender, the amount in euro set opposite its name under the heading "Euro Swingline Commitment"
 in Part IIA of Schedule 1 (*The Original Lenders*) and the amount of any other
 Euro Swingline Commitment transferred to it under this Agreement or assumed by it in accordance
 with Clause 2.2 (*Increase*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any other Euro Swingline
 Lender, the amount of any Euro Swingline Commitment transferred to it under this Agreement
 or assumed by it in accordance with Clause 2.2 (*Increase*),

to the extent not cancelled, reduced or transferred by it under this Agreement.

"**Euro Swingline Facility**" means the euro swingline loan facility made available under this Agreement as described in Clause 7 (*Euro Swingline Loans*).

"**Euro Swingline Lender**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Original Euro Swingline Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other person which has become a Party
 as a Lender in respect of a Euro Swingline Commitment or a Euro Swingline Loan participation
 in accordance with Clause 2.2 (*Increase*) or Clause 27 (*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.

"**Euro Swingline Loan**" means a loan made or to be made under the Euro Swingline Facility or the principal amount outstanding for the time being of that loan.

"**Event of Default**" means any event or circumstance specified as such in Clause 26 (*Events of Default*).

"**Extension Request**" means a notice substantially in the form of Part III of Schedule 3 (*Requests*).

"**Facility**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Revolving Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the US Dollar Swingline Facility; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Euro Swingline 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.

"**FATCA**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sections 1471 to 1474 of the Code and
 any associated regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any treaty, law or regulation of any other
 jurisdiction, or relating to an intergovernmental agreement between the US and any other
 jurisdiction, which (in either case) facilitates the implementation of any law or regulation
 referred to in paragraph (a) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any agreement pursuant to the implementation
 of any treaty, law or regulation referred to in paragraph (a) or (b) above with
 the US Internal Revenue Service, the US government or any governmental or taxation authority
 in any other jurisdiction.

"**FATCA Application Date**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a "withholdable payment"
 described in section 1473(1)(A)(i) of the Code (which relates to payments of interest
 and certain other payments from sources within the US), 1 July 2014; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a "passthru payment"
 described in section 1471(d)(7) of the Code not falling within paragraph (a) above,
 the first date from which such payment may become subject to a deduction or withholding required
 by FATCA.

"**FATCA Deduction**" means a deduction or withholding from a payment under a Finance Document required by FATCA.

"**FATCA Exempt Party**" means a Party that is entitled to receive payments free from any FATCA Deduction.

"**Federal Funds Rate**" means, in relation to any day, the rate per annum equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the rate on overnight federal funds transactions
 calculated by the Federal Reserve Bank of New York as the federal funds effective rate as
 published for that day (or, if that day is not a New York Business Day, for the immediately
 preceding New York Business Day) by the Federal Reserve Bank of New York; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a rate is not so published for any
 day which is a New York Business Day, the average of the quotations for that day on overnight
 federal funds transactions received by the Agent from three depository institutions of recognised
 standing selected by the Agent,

and if, in either case, that rate is less than zero, the Federal Funds Rate shall be deemed to be zero.

"**Fee Letter**" means any letter or letters dated on or about the date of this Agreement between the Arranger and the Parent (or the Agent and the Parent) setting out any of the fees referred to in Clause 16 (*Fees*), provided that in respect of the letter dated on around the date of this agreement setting out fees referred to in Clause 16.3 (*Agency fee*), such letter shall only be a "Fee Letter" until such time as the entity which is party to such letter in its capacity as agent for the Finance Parties ceases to act as agent for the Finance Parties.

"**Finance Document**" means this Agreement, any Fee Letter, any Accession Letter, any Resignation Letter, any Reference Rate Supplement, any Compounding Methodology Supplement and any other document designated as such by the Agent and the Parent.

"**Finance Party**" means the Agent, the Swingline Agent, the Arranger or a Lender.

"**Financial Indebtedness**" means any indebtedness for or in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) moneys borrowed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any amount raised by acceptance under
 any acceptance credit facility or dematerialised equivalent;

&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;(d) the amount of any liability in respect
 of any lease or hire purchase contract which would, in accordance with IFRS, be treated as
 finance or capital lease (other than any liability in respect of a lease or hire purchase
 contract which would, in accordance with IFRS in force immediately before the adoption of
 IFRS 16 (Leases), have been treated as an operating lease);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) receivables sold or discounted (other
 than any receivables to the extent they are sold on a non-recourse basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any amount raised under any other transaction
 (including any forward sale or purchase agreement) of a type not referred to in any other
 paragraph of this definition having the commercial effect of a borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) for the purpose of Clause 26.4 (*Cross default*) only, any derivative transaction entered into in connection with protection
 against or benefit from fluctuation in any rate or price (and, when calculating the value
 of any derivative 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 derivative transaction, that amount)
 shall be taken into account);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount of any liability in respect
 of any guarantee or indemnity for any of the items referred to in paragraphs (a) to
 (h) above,

but excluding, for the purposes of Clause 26.4 (*Cross default*), any indebtedness owed by a member of the Group to another member of the Group (other than if such indebtedness 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)).

"**Fitch**" means Fitch Ratings Ltd.

"**Funding Rate**" means any individual rate notified by a Lender to the Agent pursuant to paragraph (a)(ii) of Clause 15.4 (*Cost of funds*).

"**Group**" means the Parent and its Subsidiaries for the time being.

"**Guarantor**" means an Original Guarantor or an Additional Guarantor, unless it has ceased to be a Guarantor in accordance with Clause 28 (*Changes to the Obligors*).

"**Historic RFR**" means, in relation to a currency and an RFR Banking Day for that currency, the most recent RFR for a day which is no more than five RFR Banking Days before that RFR Banking Day.

"**Holding Company**" means, in relation to a person, any other person in respect of which it is a Subsidiary.

"**Ice Cream Business**" has the meaning given to that term in the Combined Carve-Out Financial Statements.

"**IFRS**" means International Accounting Standards, International Financial Reporting Standards and related Interpretations, together with any future standards and related interpretations issued or adopted by the International Accounting Standards Board, in each case as amended and to the extent applicable to the relevant financial statements.

"**Impaired Agent**" means the Agent at any time when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it or the Swingline Agent has failed to
 make (or has notified a Party that it will not make) a payment required to be made by it
 under the Finance Documents by the due date for payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent or the Swingline Agent otherwise
 rescinds or repudiates a Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (if the Agent or the Swingline Agent is
 also a Lender) it is a Defaulting Lender under paragraph (a) or (b) of the definition
 of "Defaulting Lender"; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an Insolvency Event has occurred and is
 continuing with respect to the Agent or the Swingline Agent;

unless, in the case of paragraph (a) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its or the Swingline Agent's failure
 to pay is caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) administrative or technical error; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a Disruption Event; and

payment is made within five Business Days of its due date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Agent or the Swingline 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 10 (*Form of Increase Confirmation*).

"**Increase Lender**" has the meaning given to that term in Clause 2.2 (*Increase*).

"**Information Package**" means the lender presentation dated 26 June 2025 and the Combined Carve-Out Financial Statements.

"**Insolvency Event**" in relation to an entity means that the entity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is dissolved (other than pursuant to a
 consolidation, amalgamation or merger);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) becomes insolvent or is unable to pay
 its debts (in each case as determined in accordance with the laws applicable to such entity)
 or fails or admits in writing its inability generally to pay its debts as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) makes a general assignment, arrangement
 or composition with or for the benefit of its creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) institutes or has instituted against it,
 by a regulator, supervisor or any similar official with primary insolvency, rehabilitative
 or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation
 or the jurisdiction of its head or home office, 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 other official;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) has instituted against it a proceeding
 seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or
 insolvency law or other similar law affecting creditors' rights, or a petition is presented
 for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted
 or presented against it, such proceeding or petition is instituted or presented by a person
 or entity not described in paragraph (d) above and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) results in a judgment of insolvency or bankruptcy
 or the entry of an order for relief or the making of an order for its winding-up or liquidation;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is not dismissed, discharged, stayed or
 restrained in each case within 30 days of the institution or presentation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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;(g) seeks or becomes subject to the appointment
 of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or
 other similar official for it or for all or substantially all its assets (other than, for
 so long as it is required by law or regulation not to be publicly disclosed, any such appointment
 which is to be made, or is made, by a person or entity described in paragraph (d) above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) 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;(i) 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 (h) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) takes any action in furtherance of, or
 indicating its consent to, approval of, or acquiescence in, any of the foregoing acts.

"**Interest Period**" means, in relation to a Loan, each period determined in accordance with Clause 14 (*Interest Periods*) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 13.4 (*Default interest*).

"**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;(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;(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.

"**Legal Opinion**" means any legal opinion delivered to the Agent under Clause 4.1 (*Initial conditions precedent*) or Clause 28 (*Changes to the Obligors*).

"**Legal Reservations**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the principle that equitable remedies
 may be granted or refused at the discretion of a court and the limitation of enforcement
 by laws relating to insolvency, reorganisation and other laws generally affecting the rights
 of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the time barring of claims under the Limitation
 Acts, the possibility that an undertaking to assume liability for or indemnify a person against
 non-payment of UK stamp duty may be void and defences of set-off or counterclaim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) similar principles, rights and defences
 under the laws of any Relevant Jurisdiction; and

&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;(a) any Original Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any bank, financial institution, trust,
 fund or other entity which has become a Party as a "Lender" in accordance with
 Clause 2.2 (*Increase*) or Clause 27 (*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.

"**ListCo**" means The Magnum Ice Cream Company B.V., a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) and following the Listing Reorganisation which shall become a public limited company (*naamloze vennootschap*), which is established under the laws of the Netherlands, having its official seat (*statutaire zetel*) in Amsterdam, the Netherlands, and its office at Reguliersdwarsstraat 63, 1017BK Amsterdam, the Netherlands, registered with the Dutch Trade Register under number 97035467.

"**ListCo Accession Date**" means the date of accession as a Guarantor by ListCo in accordance with Clauses 25.10 (*Condition subsequent*) and 28.4 (*Additional Guarantors*).

"**Listing Reorganisation**" means a reorganisation under which the Company becomes a (direct or indirect) Subsidiary of ListCo, ListCo controls (directly or indirectly) the Company, ListCo becomes the ultimate Holding Company of the Group, the Demerger takes place and ListCo's equity securities are admitted to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) listing
 and trading on Euronext Amsterdam;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) listing
 on the Equity Shares (Commercial Companies) category of the Official List of the FCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) trading
 on the London Stock Exchange's main market for listed securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) listing
 and trading on the New York Stock Exchange.

"**Listing Reorganisation Date**" means the date of completion of the Listing Reorganisation.

"**LMA**" means the Loan Market Association.

"**Loan**" means a Revolving Facility Loan or a Swingline 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 (other than Swingline Commitments) aggregate more than 66<sup>2</sup>/<sub>3</sub> per cent. of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 66<sup>2</sup>/<sub>3</sub> per cent. of the Total Commitments immediately prior to the reduction).

"**Margin**" means 0.35 per cent. per annum, provided that if there is a change in the Ratings of ListCo following the date of this Agreement then the Margin will be the percentage per annum determined in accordance with the following table:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Rating** | &nbsp;&nbsp;**Rating** | &nbsp;&nbsp;**Margin** |
| &nbsp;&nbsp;**Moody's** | &nbsp;&nbsp;**S&P / Fitch** | &nbsp;&nbsp;**Margin** |
| &nbsp;&nbsp;A3 or above | &nbsp;&nbsp;A- or above | &nbsp;&nbsp;0.20 |
| &nbsp;&nbsp;Baa1 | &nbsp;&nbsp;BBB+ | &nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;Baa2 | &nbsp;&nbsp;BBB | &nbsp;&nbsp;0.35 |
| &nbsp;&nbsp;Baa3 | &nbsp;&nbsp;BBB- | &nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;Ba1 or lower | &nbsp;&nbsp;BB+ or lower | &nbsp;&nbsp;0.75 |

---

However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if, at any time after the date of this
 Agreement, no Rating is at such time assigned by any Rating Agency, the Margin shall be 0.75
 per cent. per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if ListCo is issued two or more different
 Ratings which would result in two or more different Margins applying according to the table
 above, the applicable Margin will be the average of the Margins corresponding to the Ratings
 respectively assigned by the Rating Agencies in accordance with the above table;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if there is only one Rating, the Margin
 will be determined on the basis of that Rating;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) while an Event of Default is continuing,
 the Margin shall be 0.75 per cent. per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Parent shall promptly and in any
 event within five Business Days notify the Agent of any change to the Rating assigned by
 any Rating Agency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any increase or decrease in the Margin
 for a Loan shall take effect on the date which is the third Business Day following the date
 on which the Parent notifies the Agent of a change to the Rating in accordance with paragraph
 (e) above.

"**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;(a) the financial condition, assets or business
 of the Group taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the ability of the Obligors (taken as
 a whole) to perform and comply with its payment obligations under any Finance Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the validity, legality or enforceability
 of any Finance Document.

"**Material Company**" means each Obligor and each Material Subsidiary.

"**Material Subsidiary**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) from the date of this Agreement until
 the date of delivery of the first set of financial statements pursuant to paragraph (a)(i)(A) of
 24.1 (*Financial statements*), any member of the Group, the total revenues of which
 (calculated on an unconsolidated basis) is then equal to or exceeds ten per cent. or more
 of the consolidated total revenues of the Group (all calculated by reference to the Original
 Financial Statements in respect of the financial year ended 31 December 2024); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any time thereafter, any member of
 the Group, the total revenues of which (calculated on an unconsolidated basis) is then equal
 to or exceeds ten per cent. or more of the consolidated total revenues of the Group at such
 date (all calculated by reference to the then latest audited consolidated financial statements
 of the Group).

"**Month**" means, in relation to an Interest Period (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 adjustment in accordance with the rules specified as Business Day Conventions in the applicable Reference Rate Terms.

"**Moody's**" means Moody's Investors Service Inc.

"**New Lender**" has the meaning given to that term in Clause 27 (*Changes to the Lenders*).

"**New York Business Day**" means a day (other than a Saturday or Sunday) on which banks are open for general business in New York.

"**Obligor**" means a Borrower or a Guarantor.

"**Obligors' Agent**" means the Parent, appointed to act on behalf of each Obligor in relation to the Finance Documents pursuant to Clause 2.4 (*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*).

"**Original Financial Statements**" means the Combined Carve-Out Financial Statements.

"**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.

"**Overall Commitment**" of a Lender means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its Revolving Facility Commitment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a Euro Swingline Lender
 or a US Dollar Swingline Lender which does not have a Revolving Facility Commitment, the
 Revolving Facility Commitment of a Lender which is its Affiliate.

"**Parent**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior to (but excluding) the ListCo Accession
 Date, the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on
 and following the ListCo Accession Date, ListCo.

"**Participating Member State**" means any member state of the European Union that adopts or has adopted, and in each case continues to adopt, the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.

"**Party**" means a party to this Agreement.

"**Patriot Act**" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 of the United States, as amended.

"**Primary Term Rate**" means the rate specified as such in the applicable Reference Rate Terms.

"**Qualifying Lender**" has the meaning given to that term in Clause 17 (*Tax gross-up and indemnities*).

"**Quotation Day**" means the day specified as such in the applicable Reference Rate Terms.

"**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, any period for which that rate is customarily published.

"**Rating**" means the credit ratings assigned by one or more Rating Agencies to ListCo's long-term unsecured and non-credit enhanced debt obligations.

"**Rating Agency**" means any of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Fitch;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Moody's; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) S&P.

"**Reference Rate Supplement**" means, in relation to any currency, a document which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is agreed in writing by the Parent, the
 Agent (in its own capacity) and the Agent (acting on the instructions of the Majority Lenders);

&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;(c) specifies whether that currency is a Compounded
 Rate Currency or a Term Rate Currency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) has been made available to the Parent
 and each Finance Party.

"**Reference Rate Terms**" means, in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a currency;

&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;(c) an Interest Period for such a Loan or
 Unpaid Sum (or other period for the accrual of commission or fees in a currency); or

&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, Unpaid Sum or accrual of commission or fees in that currency) for the applicable category of that Loan, Unpaid Sum or accrual, in Schedule 12 (*Reference Rate Terms*) or in any relevant 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 an Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its Original Jurisdiction; and

&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.

"**Relevant Period**" means each period of twelve months ending on or about 31 December in each calendar year.

"**Repeating Representations**" means each of the representations set out in Clauses 23.1 (*Status*) to 23.6 (*Governing law and enforcement*), 23.12 (*Pari passu ranking*), 23.13 (*No proceedings*) and 23.15 (*Sanctions*).

"**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.

"**Requisite Rating**" means, in relation to a New Lender, a rating for its long-term unsecured debt instruments in issue that are neither subordinated nor guaranteed of any two of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A- (or better) by Fitch;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A- (or better) by S&P; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A3 (or better) by Moody's.

"**Resignation Letter**" means a letter substantially in the form set out in Schedule 7 (*Form of Resignation Letter*).

"**Revolving Facility**" means the revolving credit facility made available under this Agreement as referred to in Clause 2.1 (*The Facility*).

"**Revolving Facility Commitment**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to an Original Lender, the
 amount in euro set opposite its name under the heading "Revolving Facility Commitment"
 in Part I of Schedule 1 (*The Original Lenders*) and the amount of any other Revolving
 Facility Commitment transferred to it under this Agreement or assumed by it in accordance
 with Clause 2.2 (*Increase*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any other Lender, the
 amount of any Revolving Facility Commitment transferred to it under this Agreement or assumed
 by it in accordance with Clause 2.2 (*Increase*),

to the extent not cancelled, reduced or transferred by it under this Agreement.

"**Revolving Facility Lender**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Original Revolving Facility Lender;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any bank, financial institution, trust,
 fund or other entity which has become a Revolving Facility Lender in accordance with Clause
 2.2 (*Increase*) or Clause 27 (*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.

"**Revolving Facility Loan**" means a loan made or to be made under Revolving Facility or the principal amount outstanding for the time being of that loan.

"**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;(a) made or to be made on the same day that
 one or more maturing Loans is or are due to be repaid;

&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(s) (unless it is more than the maturing
 Loan(s) solely as a result of the operation of Clause 10.2 (*Unavailability of a currency*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the same currency as the maturing Loan(s) (unless
 arising as a result of the operation of Clause 10.2 (*Unavailability of a currency*));
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) made or to be made to the same Borrower
 for the purpose of refinancing the maturing Loan(s).

"**S&P**" means Standard & Poor's Ratings Service.

"**Sanctions**" means any economic or financial sanctions or trade embargoes imposed, enacted, administered or enforced from time to time by any Sanctions Authority.

"**Sanctions Authority**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the US government (including the US Department
 of State, the US Department of Commerce and the US Department of the Treasury (including
 the Office of Foreign Assets Control));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the United Kingdom government (including
 H.M. Treasury, the Foreign, Commonwealth & Development Office and the Department
 for Business, Energy & Industrial Strategy);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the United Nations Security Council; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the European Union (or any of its member
 states),

including, in each case, any other governmental institution or agency of the foregoing.

"**Sanctions Permitted Action**" means an action which, in relation to any applicable Sanctions, is licensed or otherwise authorised by each relevant Sanctions Authority, and provided that such action would not cause any Finance Party or member of the Group to be in breach of any Sanctions.

"**Sanctions Restricted Person**" means any person that is, or is owned or controlled (as such terms are interpreted in accordance with applicable Sanctions laws and regulations) by one or more persons that is, publicly designated by a Sanctions Authority to be the target of Sanctions.

"**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.

"**Separate Loans**" has the meaning given to that term in Clause 11.1 (*Repayment of Revolving Facility Loans*).

"**Specified Time**" means a day or time determined in accordance with Schedule 9 (*Timetables*).

"**Subsidiary**" means, in relation to any company, corporation or other legal entity (a "**holding company**"), a company, corporation or other legal entity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) which is controlled, directly or indirectly,
 by the holding company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in which a majority of the voting rights
 are held by the holding company, either alone or pursuant to an agreement with others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) more than half the issued share capital
 of which is beneficially owned, directly or indirectly, by the holding company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) which
 is a subsidiary of another Subsidiary of the holding company,

and, for this purpose, a company, corporation or other legal entity shall be treated as being controlled by another if that other company, corporation or other legal entity is able to determine the composition of the majority of its board of directors or equivalent body.

"**Swingline Agent**" means any Affiliate of the Agent through which the Agent performs its duties in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the US Dollar Swingline Facility, pursuant
 to Clause 9.7 (*US Dollar Swingline Agent*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Euro Swingline Facility, pursuant
 to Clause 7.9 (*Euro Swingline Agent*).

"**Swingline Commitment**" means a Euro Swingline Commitment or a US Dollar Swingline Commitment.

"**Swingline Lender**" means a Euro Swingline Lender or a US Dollar Swingline Lender.

"**Swingline Loan**" means a Euro Swingline Loan or a US Dollar Swingline Loan.

"**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;(a) euro; and

&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.

"**Term Reference Rate**" means, in relation to a Term Rate Loan:

&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;(b) as otherwise determined pursuant to Clause
 15.1 (*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 11.2 (*Extension option*), the date which is the fifth anniversary of the date of this Agreement.

"**Total Commitments**" means the aggregate of the Commitments, being EUR 1,000,000,000 at the date of this Agreement.

"**Transfer Certificate**" means a certificate substantially in the form set out in Schedule 4 (*Form of Transfer Certificate*) or any other form agreed between the Agent and the Parent.

"**Transfer Date**" means, in relation to an assignment or a transfer, the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the proposed Transfer Date specified in
 the relevant Assignment Agreement or Transfer Certificate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which the Agent executes the
 relevant Assignment Agreement or Transfer Certificate.

"**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 Dollar Swingline Commitment**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to an Original US Dollar Swingline
 Lender, the amount in US Dollars set opposite its name under the heading "US Dollar
 Swingline Commitment" in Part IIB of Schedule 1 (*The Original Lenders*) and
 the amount of any other US Dollar Swingline Commitment transferred to it under this Agreement
 or assumed by it in accordance with Clause 2.2 (*Increase*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any other US Dollar Swingline
 Lender, the amount of any Swingline Commitment transferred to it under this Agreement or
 assumed by it in accordance with Clause 2.2 (*Increase*),

to the extent not cancelled, reduced or transferred by it under this Agreement.

"**US Dollar Swingline Facility**" means the US Dollar swingline loan facility made available under this Agreement as described in Clause 9 (*US Dollar Swingline Loans*).

"**US Dollar Swingline Lender**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Original US Dollar Swingline Lender;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other person which has become a Party
 as a Lender in respect of a US Dollar Swingline Commitment or a US Dollar Swingline Loan
 participation in accordance with Clause 2.2 (*Increase*) or Clause 27 (*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.

"**US Dollar Swingline Loan**" means a loan made or to be made under the US Dollar Swingline Facility or the principal amount outstanding for the time being of that loan.

"**US Tax Obligor**" means:

&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;(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.

"**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 Fee**" has the meaning given to that term in Clause 16.4 (*Utilisation Fee*).

"**Utilisation Request**" means, in respect of a Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) under the Revolving Facility, a notice
 substantially in the form set out in Part I of Schedule 3 (*Requests*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) under the Euro Swingline Facility or the
 US Dollar Swingline Facility, a notice substantially in the form set out in Part II
 of Schedule 3 (*Requests*).

"**VAT**" means:

&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;(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;(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 paragraph (a) or (b) above
 or imposed elsewhere.

1.2 **Construction** 

(a) Unless
 a contrary indication appears, any reference in this Agreement to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the "**Agent** ", the "**Arranger** ",
 any "**Finance Party** ", any "**Lender** ", any "**Obligor** "
 or any "**Party**" 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;(ii) "**assets**" includes present
 and future properties, revenues and rights of every description;

&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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Agent's "**cost of funds** "
 is a reference to the average cost (determined either on an actual or a notional basis) which
 the Agent would incur if it were to fund, from whatever source(s) it may reasonably
 select, the amount referred to in paragraph (b) of Clause 32.4 (*Clawback and pre-funding*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a "**group of Lenders** "
 includes all the Lenders;

&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;(viii) an "**Interest Period** "
 includes each period determined under this Agreement by reference to which interest on a
 Euro Swingline Loan or US Dollar Swingline Loan is calculated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) a "**Lender**" includes
 a Euro Swingline Lender or US Dollar Swingline Lender unless the context otherwise requires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) 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;(xi) 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, which is generally complied with by those
 to whom it is addressed) 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;(xii) a provision of law is a reference to
 that provision as amended or re-enacted from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) a time of day is a reference to London
 time.

(b) Section,
 Clause and Schedule headings are for ease of reference only.

(c) Unless
 a contrary indication appears, a term used in any other Finance Document or in any notice
 given under or in connection with any Finance Document has the same meaning in that Finance
 Document or notice as in this Agreement.

(d) A
 Default is "**continuing**" if it has not been remedied or waived.

(e) 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;(i) any replacement page of that information
 service which displays that rate; and

&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 Parent.

(f) A
 reference in this Agreement to a Central Bank Rate shall include any successor rate to, or
 replacement rate for, that rate.

(g) Any
 Reference Rate Supplement relating to a currency overrides anything relating to that currency
 in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ‎ Schedule
 12 (*Reference Rate Terms*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any earlier Reference Rate Supplement.

(h) 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;(i) Schedule 13 (*Daily Non-Cumulative Compounded RFR Rate*) or Schedule 14 (*Cumulative Compounded RFR Rate*), as the case may be;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any earlier Compounding Methodology Supplement.

(i) 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** 

"**U.S.$**", "**USD**" and "**US Dollars**" denote the lawful currency of the United States of America. "**£**", "**GBP**" and "**sterling**" denote the lawful currency of the United Kingdom. "**€**", "**EUR**" and "**euro**" denote the single currency of the Participating Member States.

1.4 **Third party rights** 

(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.

(b) Notwithstanding
 any term of any Finance Document, the consent of any person who is not a Party is not required
 to rescind or vary this Agreement at any time.

1.5 **Dutch terms** 

In this Agreement, where it relates to a Dutch person or the context so requires, a reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**the Netherlands**" means
 the European part of the Kingdom of the Netherlands and "**Dutch**" means in
 or of the Netherlands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**works council**" means
 each works council (*ondernemingsraad*) or central group works council (*centrale of groepsondernemingsraad*) having jurisdiction over that person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**constitutional documents** "
 means the deed of incorporation (*akte van oprichting*) and articles of association
 (*statuten*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a "**necessary action to authorise** "
 where applicable, includes without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any action required to comply with the
 Dutch Works Councils Act (*Wet op de ondernemingsraden*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) obtaining a positive or neutral advice
 (*advies*) from the competent works council(s) which, if conditional, contains
 conditions which can reasonably be complied with and would not cause a breach of any term
 of any Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a "**winding-up**" includes
 a Dutch entity being declared bankrupt (*failliet verklaard*) and a "**receiver** "
 includes a *curator*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a "**suspension of payments** "
 includes *surseance van betaling* and an "**administrator**" includes a *bewindvoerder*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a "**dissolution**" includes
 a Dutch entity being dissolved (*ontbonden*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**admits inability to pay its debts**" includes giving notice to the Dutch tax authorities under Section 36(2) of
 the Dutch *Invorderingswet* 1990 or Section 60 of the Dutch *Wet financiering sociale verzekeringen* in conjunction with Section 36(2) of the *Invorderingswet 1990*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Security**" or a "**security interest**" includes any mortgage (*hypotheek*), pledge (*pandrecht*), right
 of retention (*recht van retentie*), a retention of title arrangement (*eigendomsvoorbehoud*),
 privilege (*voorrecht*), a right to reclaim goods (*recht van reclame*) and, in
 general, any right in rem (*beperkt recht*), created for the purpose of granting security
 (*goederenrechtelijk zekerheidsrecht*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) an "**attachment**" includes
 a *beslag*.

**SECTION 2**

**THE FACILITY**

2. **The Facility** 

2.1 **The Facility** 

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.

2.2 **Increase** 

(a) The
 Parent may by giving prior notice to the Agent after the effective date of a cancellation
 of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Available Revolving Facility Commitments
 of a Defaulting Lender in accordance with paragraph (g) of Clause 12.6 (*Right of replacement or repayment and cancellation in relation to a single Lender*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Commitments of a Lender in accordance
 with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Clause 12.1 (*Illegality*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) paragraph (a) of Clause 12.6 (*Right of replacement or repayment and cancellation in relation to a single Lender*),

request that the Commitments relating to any Facility be increased (and the Commitments relating to that Facility shall be so increased) in an aggregate amount in the Base Currency (or, in the case of a US Dollar Swingline Commitment, in US Dollars) of up to the amount of the Commitments relating to that Facility so cancelled as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the increased Commitments relating to
 a Facility 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;(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;(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;(vi) the Commitments of the other Lenders
 shall continue in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any increase in the Commitments relating
 to a Facility shall take effect on the date specified by the Parent in the notice referred
 to above or any later date on which the Agent executes an otherwise duly completed Increase
 Confirmation delivered to it by the relevant Increase Lender.

(b) The
 Agent shall, subject to paragraph (c) below, as soon as reasonably practicable after
 receipt by it of a duly completed Increase Confirmation appearing on its face to comply with
 the terms of this Agreement and delivered in accordance with the terms of this Agreement,
 execute that Increase Confirmation.

(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.

(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.

(e) If
 the Termination Date has been extended pursuant to Clause 11.2 (*Extension option*)
 prior to the relevant Increase Date, an Increase Lender shall confirm in its Increase Confirmation
 the Termination Date applicable to the Commitments which it is to assume.

(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
 27.4 (*Assignment or transfer fee*) if the increase was a transfer pursuant to Clause
 27.6 (*Procedure for transfer*) and if the Increase Lender was a New Lender.

(g) The
 Parent may pay to the Increase Lender a fee in the amount and at the times agreed between
 the Parent and the Increase Lender in a letter between the Parent 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 paragraph (g).

(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.

(i) Clause
 27.5 (*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;(i) an "**Existing Lender** "
 were references to all the Lenders immediately prior to the relevant increase;

&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;(iii) a "**re-transfer**" and
 "**re-assignment**" were references to respectively a "**transfer** "
 and "**assignment** ".

2.3 **Finance Parties' rights and obligations** 

(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.

(b) The
 rights of each Finance Party under or in connection with the Finance Documents are separate
 and independent rights and any debt arising under the Finance Documents to a Finance Party
 from an Obligor is a separate and independent debt in respect of which a Finance Party shall
 be entitled to enforce its rights in accordance with paragraph (c) below. The rights
 of each Finance Party include any debt owing to that Finance Party under the Finance Documents
 and, for the avoidance of doubt, any part of a Loan or any other amount owed by an Obligor
 which relates to a Finance Party's participation in 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.

(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.

2.4 **Obligors' Agent** 

(a) Each
 Obligor (other than the Parent) by its execution of this Agreement or an Accession Letter
 irrevocably appoints the Parent (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;(i) the Parent on its behalf to supply all
 information concerning itself contemplated by this Agreement to the Finance Parties and to
 give all notices and instructions (including Utilisation Requests), to agree, accept and
 execute on its behalf all documents in connection with the Finance Documents (including amendments
 and variations of and consents and making waiver requests under any Finance Document) and
 to execute any new Finance Document and to take such other action as may be necessary or
 desirable under or in connection with the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Finance Party to give any notice,
 demand or other communication to that Obligor pursuant to the Finance Documents to the Parent,

and in each case that 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.

(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.

2.5 **Lender Affiliates and Facility Office** 

(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 Parent):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a substitute Facility Office from which
 it will make Designated Loans (a "**Substitute Facility Office** "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) nominate an Affiliate to act as the
 Lender of Designated Loans (a "**Substitute Affiliate Lender** ").

(b) A
 notice to nominate a Substitute Affiliate Lender must be in the form set out in Schedule
 11 (*Form of Substitute Affiliate Lender Designation Notice*) and be 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.

(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 payments
 will be made in respect of Designated Loans to the Facility Office of the Substitute Affiliate
 Lender. In particular the Commitments of the Designating Lender will not be treated as reduced
 by the introduction of the Substitute Affiliate Lender for voting purposes under this Agreement
 or the other Finance Documents.

(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.

(e) A
 Designating Lender may revoke its designation of an Affiliate as a Substitute Affiliate Lender
 by notice in writing to the Agent and the Parent 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.

(f) If
 a Designating Lender designates a Substitute Facility Office or Substitute Affiliate Lender
 in accordance with this Clause 2.5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Substitute Affiliate Lender shall
 be treated for the purposes of paragraph (d) of Clause 17.2 (*Tax gross-up*) as
 having become a Lender on the date of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the provisions of paragraph (c) of
 Clause 27.3 (*Other conditions of assignment or transfer*) shall not apply to or in
 respect of any Substitute Facility Office or Substitute Affiliate Lender.

3. **Purpose** 

3.1 **Purpose** 

Each Borrower shall apply all amounts borrowed by it under the Revolving Facility towards general corporate purposes.

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** 

(a) No
 Borrower may deliver a Utilisation Request unless the Agent has received all of the documents
 and other evidence listed in Part I of Schedule 2 (*Conditions precedent*) in form
 and substance satisfactory to the Agent. The Agent shall notify the Parent and the Lenders
 promptly upon being so satisfied.

(b) Other
 than to the extent that the Majority Lenders notify the Agent in writing to the contrary
 before the Agent gives the notification described in paragraph (a) above, the Lenders
 authorise (but do not require) the Agent to give that notification. The Agent shall not be
 liable for any damages, costs or losses whatsoever as a result of giving any such notification.

4.2 **Further conditions precedent** 

(a) 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;(i) in the case of a Rollover Loan, no Event
 of Default is continuing or would result from the proposed Loan 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;(ii) the Repeating Representations to be made
 by each Obligor are true in all material respects.

(b) The
 Lenders will only be obliged to comply with Clause 32.10 (*Change of currency*) if,
 on the first day of an Interest Period, no Default is continuing or would result from the
 change of currency and the Repeating Representations to be made by each Obligor are true
 in all material respects.

4.3 **Conditions relating to Optional Currencies** 

(a) A
 currency will constitute an Optional Currency in relation to a Revolving Facility Loan if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is readily available in the amount
 required and freely convertible into the Base Currency applicable to the Revolving Facility
 in the wholesale market for that currency at the Specified Time and on the Utilisation Date
 for that Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it is US Dollars, Sterling or has been
 approved by the Agent (acting on the instructions of all the Lenders under the Revolving
 Facility) on or prior to receipt by the Agent of the relevant Utilisation Request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there are Reference Rate Terms for that
 currency.

(b) If
 the Agent has received a written request from the Parent for a currency to be approved under
 paragraph (a)(ii) above, the Agent will confirm to the Parent by the Specified Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether or not the Lenders under the Revolving
 Facility have granted their approval; and

&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 under the Revolving
 Facility in that currency.

4.4 **Maximum number of Loans** 

(a) A
 Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation:
 more than 15 Revolving Facility Loans would be outstanding.

(b) Any
 Loan made by a single Lender under Clause 10.2 (*Unavailability of a currency*) shall
 not be taken into account in this Clause 4.4.

(c) No
 Separate Loan shall be taken into account in this Clause 4.4.

**SECTION 3**

**UTILISATION**

5. **Utilisation – Revolving Facility** 

5.1 **Delivery of a Utilisation Request** 

A Borrower may utilise the Revolving Facility by delivery (by that Borrower or the Parent on its behalf) to the Agent of a duly completed Utilisation Request not later than the Specified Time.

5.2 **Completion of a Utilisation Request** 

(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;(i) the proposed Utilisation Date is a Business
 Day within the Availability Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the currency and amount of the Utilisation
 comply with Clause 5.3 (*Currency and amount*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the proposed Interest Period complies
 with Clause 14 (*Interest Periods*).

(b) Only
 one Loan may be requested in each Utilisation Request.

5.3 **Currency and amount** 

(a) The
 currency specified in a Utilisation Request must be the Base Currency or an Optional Currency.

(b) The
 amount of the proposed Loan must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the currency selected is the Base Currency,
 a minimum of EUR 1,000,000 or, if less, the Available Revolving Facility; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the currency selected is US Dollars,
 a minimum of USD 1,000,000 or, if less, the Available Revolving Facility; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the currency selected is sterling,
 a minimum of £1,000,000 or, if less, the Available Revolving Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the currency selected is an Optional
 Currency other than US Dollars or sterling, the minimum amount (and, if required, integral
 multiple) specified by the Agent pursuant to paragraph (b)(ii) of Clause 4.3 (*Conditions relating to Optional Currencies*) or, if less, the Available Revolving Facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in any event such that its Base Currency
 Amount is less than or equal to the Available Revolving Facility.

5.4 **Lenders' participation** 

(a) If
 the conditions set out in this Agreement have been met and subject to Clause 11.1 (*Repayment of Revolving Facility Loans*), each Lender shall make its participation in each Loan available
 by the Utilisation Date through its Facility Office.

(b) The
 amount of each Lender's participation in each Loan will be equal to the proportion borne
 by its Available Revolving Facility Commitment to the Available Revolving Facility immediately
 prior to making the Loan.

(c) 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 32.1 (*Payments to the Agent*), in each case by the Specified Time.

5.5 **Cancellation of Commitment** 

The Revolving Facility Commitments which, at that time, are unutilised (taking into account a utilisation of Revolving Facility by way of Euro Swingline Loan or a US Dollar Swingline Loan) shall be immediately cancelled at the end of the Availability Period for the Revolving Facility.

6. **Utilisation – Euro Swingline Loans** 

6.1 **General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Clause 4.2 (*Further conditions precedent*)
 and Clause 4.3 (*Conditions relating to Optional Currencies*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Clause 5 (*Utilisation – Revolving Facility*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Clause 10 (*Optional Currencies*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Clause 13 (*Interest*) as it applies
 to the calculation of interest on a Loan but not default interest on an overdue amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Clause 14 (*Interest Periods*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Clause 15 (*Changes to the calculation of interest*),

do not apply to Euro Swingline Loans.

6.2 **Delivery of a Utilisation Request for Euro Swingline Loans** 

(a) A
 Borrower may utilise the Euro Swingline Facility by delivery (by that Borrower or
 the Parent on its behalf) to the Agent of a duly completed Utilisation Request not later
 than the Specified Time.

(b) Each Utilisation Request for a Euro Swingline
 Loan must be sent to the Agent to the address or, if relevant, electronic mail address or
 other such information notified by the Agent for this purpose with a copy to its address
 or, if relevant, electronic mail address or other such information referred to in Clause
 34 (*Notices*).

6.3 **Completion of a Utilisation Request for Euro Swingline Loans** 

(a) Each Utilisation Request for a Euro Swingline
 Loan is irrevocable and will not be regarded as having been duly completed unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it identifies the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it specifies that it is for a Euro Swingline
 Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the proposed Utilisation Date is a Euro
 Swingline Business Day within the Availability Period applicable to Revolving Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Euro Swingline Loan is denominated
 in euro;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the amount of the proposed Euro Swingline
 Loan is not more than the Available Euro Swingline Facility and is a minimum of EUR 1,000,000
 or, if less, the Available Euro Swingline Facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the proposed Interest Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) does not extend beyond the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) is a period of not more than five Euro Swingline
 Business Days; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) ends on a Euro Swingline Business Day.

(b) Only one Euro Swingline Loan may be requested
 in each Utilisation Request.

6.4 **Euro Swingline Lenders' participation** 

(a) If the conditions set out in this Agreement
 have been met, each Euro Swingline Lender shall make its participation in each Euro Swingline
 Loan available through its relevant Facility Office.

(b) The Euro Swingline Lenders will only be
 obliged to comply with paragraph (a) above if on the date of the Utilisation Request
 and on the proposed Utilisation Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Default is continuing or would result
 from the proposed Utilisation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Repeating Representations to be
 made by each Obligor are true in all material respects.

(c) The amount of each Euro Swingline Lender's
 participation in each Swingline Loan will be equal to the proportion borne by its Available
 Euro Swingline Commitment to the Available Euro Swingline Facility immediately prior to making
 the Euro Swingline Loan, adjusted to take account of any limit applying under Clause 6.5
 (*Euro Swingline Facility – Relationship with the Revolving Facility*) *.* 

(d) The Agent shall notify each Euro Swingline
 Lender of the amount of each Euro Swingline Loan and its participation in that Euro Swingline
 Loan by the Specified Time.

6.5 **Euro Swingline Facility – Relationship with the Revolving Facility** 

(a) This Clause 6.5 applies when a Euro Swingline
 Loan is outstanding or is to be borrowed.

(b) The Revolving Facility may be used by way
 of Euro Swingline Loans. The Euro Swingline Facility is not independent of the Revolving
 Facility.

(c) Notwithstanding any other term of this
 Agreement a Lender is only obliged to participate in a Revolving Facility Loan or a Euro
 Swingline Loan to the extent that it would not result in the Base Currency Amount of its
 participation and that of a Lender which is its Affiliate in the Revolving Facility Loans,
 Euro Swingline Loans and US Dollar Swingline Loans (provided that, for these purposes only,
 the Base Currency of the US Dollar Swingline Facility shall be deemed to be euro) exceeding
 its Overall Commitment.

(d) Where, but for the operation of paragraph (c) above,
 the Base Currency Amount of a Lender's participation and that of a Lender which is its Affiliate
 in the Revolving Facility Loans, Euro Swingline Loans and US Dollar Swingline Loans would
 have exceeded its Overall Commitment, the excess will be apportioned among the other Lenders
 required under this Agreement to make available a participation in the relevant Loan pro
 rata according to their relevant Commitments. This calculation will be applied as often as
 necessary until participations in the Loan are apportioned among the relevant Lenders in
 a manner consistent with paragraph (c) above.

6.6 **Cancellation of Euro Swingline Commitment** 

The Euro Swingline Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period for the Revolving Facility.

7. **Euro Swingline Loans** 

7.1 **Euro Swingline** 

Subject to the terms of this Agreement, the Euro Swingline Lenders make available to the Borrowers a euro swingline loan facility in an aggregate amount equal to the total Euro Swingline Commitments.

7.2 **Purpose** 

Each Borrower shall apply all amounts borrowed by it under the Euro Swingline Facility towards refinancing any note or other instrument maturing under a euro commercial paper programme of a member of the Group. A Euro Swingline Loan may not be applied in repayment or prepayment of another Euro Swingline Loan.

7.3 **Repayment** 

Each Borrower that has drawn a Euro Swingline Loan shall repay that Euro Swingline Loan on the last day of its Interest Period.

7.4 **Voluntary prepayment of Swingline Loans** 

(a) The
 Borrower to which a Euro Swingline Loan has been made may prepay at any time the whole of
 that Euro Swingline Loan.

(b) Unless
 a contrary indication appears in this Agreement, any part of the Euro Swingline Facility
 which is prepaid or repaid may be re-borrowed in accordance with the terms of this Agreement.

7.5 **Interest** 

(a) The
 rate of interest on each Euro Swingline Loan for any day during its Interest Period is the
 percentage rate per annum which is the aggregate of the applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Margin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Enhanced €STR.

(b) The
 Agent shall promptly notify the Euro Swingline Lenders and the relevant Borrower of the determination
 of the rate of interest under paragraph (a) above.

(c) The
 Agent shall promptly notify the relevant Borrower of each Funding Rate relating to a Euro
 Swingline Loan.

(d) If
 any day during an Interest Period is not a Euro Swingline Business Day, the rate of interest
 on a Euro Swingline Loan on that day will be the rate applicable to the immediately preceding
 Euro Swingline Business Day.

(e) Each Borrower shall pay accrued interest
 on each Euro Swingline Loan made to it on the day which is the last day of its Interest Period.

7.6 **Unavailability of €STR Screen Rate – Euro Swingline Facility** 

(a) If no €STR Screen Rate is available
 for any day the applicable €STR for that day shall be the most recent applicable €STR
 Screen Rate which is as of a day which is no more than five days before that day.

(b) If paragraph (a) above applies and there
 is no applicable €STR Screen Rate which is as of a day which is no more than five days
 before that day there shall be no Basic €STR for that day and Clause 7.7 (*Cost of funds – Euro Swingline Facility*) shall apply.

7.7 **Cost of funds – Euro Swingline Facility** 

(a) If this Clause 7.7 applies, the rate of interest
 on each Euro Swingline Lender's share of the relevant Euro Swingline Loan for the relevant
 day shall be the percentage rate per annum which is the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Margin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the weighted average of the rates notified
 to the Agent by each Euro Swingline Lender as soon as practicable, and in any event before
 interest is due to be paid in respect of that Euro Swingline Loan, to be that which expresses
 as a percentage rate per annum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the cost to the relevant Euro Swingline
 Lender of funding its participation in that Euro Swingline Loan for that day from whatever
 source it may reasonably select; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the EONIA-€STR Spread.

(b) If this Clause 7.7 applies but any Euro Swingline
 Lender does not supply a quotation by the time specified in paragraph (a)(ii) above,
 the rate of interest shall be calculated on the basis of the quotations of the remaining
 Euro Swingline Lenders.

7.8 **Interest Period** 

(a) Each
 Euro Swingline Loan has one Interest Period only.

(b) The
 Interest Period for a Euro Swingline Loan must be selected in the relevant Utilisation Request.

(c) The
 Interest Period for a Euro Swingline Loan must not be more than five Euro Swingline Business
 Days.

7.9 **Euro Swingline Agent** 

(a) The
 Agent may perform its duties in respect of the Euro Swingline Facility through an Affiliate
 acting as its agent.

(b) Notwithstanding
 any other term of this Agreement and without limiting the liability of any Obligor under
 the Finance Documents, 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) pay to or indemnify the Agent, within three Business Days
 of demand, for or against any cost, loss or liability (including, without limitation, for
 negligence or any other category of loss whatsoever) incurred by the Agent or its Affiliate
 (other than by reason of the Agent's or the Affiliate's gross negligence or wilful misconduct)
 or, in the case of any cost, loss or liability pursuant to Clause 32.11 (*Disruption to payment systems etc*.), notwithstanding the Agent's or the Affiliate's negligence, gross
 negligence or any other category of liability whatsoever but not including any claim based
 on the fraud of the Agent or the Affiliate in acting as Agent for the Euro Swingline Facility
 under the Finance Documents (unless the Agent or its Affiliate has been reimbursed by an
 Obligor pursuant to a Finance Document).

7.10 **Partial payments – Euro Swingline Facility** 

(a) If
 the Agent receives a payment in respect of the Euro Swingline Facility that is insufficient
 to discharge all the amounts then due and payable by an Obligor under the Finance Documents
 in respect of the Euro Swingline Facility, the Agent shall apply that payment towards the
 obligations of that Obligor under the Finance Documents in respect of the Euro Swingline
 Facility in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **first**, in or towards payment *pro rata* of any unpaid amount owing to the Agent or the Swingline Agent under the Finance
 Documents incurred in respect of the Euro Swingline Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **secondly**, in or towards payment *pro rata* of any accrued interest on a Euro Swingline Loan due but unpaid under this
 Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **thirdly**, in or towards payment *pro rata* of the principal of any Euro Swingline Loan due but unpaid under this Agreement;
 and

&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 in respect of
 the Euro Swingline Facility.

(b) The
 Agent shall, if so directed by all the Euro Swingline Lenders, vary the order set out in
 paragraphs (a)(ii) to (iv) above.

(c) Paragraphs
 (a) and (b) above will override any appropriation made by an Obligor and Clause 32.6
 (*Partial payments*) does not apply to the Euro Swingline Facility.

7.11 **Loss sharing – Euro Swingline Facility** 

(a) If
 a Revolving Facility Loan (including a Euro Swingline Loan and a US Dollar Swingline Loan)
 or interest on a Revolving Facility Loan (including a Euro Swingline Loan and a US Dollar
 Swingline Loan) is not paid in full on its due date, the Agent (if requested to do so in
 writing by any affected Lender) shall calculate the amount (if any) which needs to be paid
 or received by each Lender with a Revolving Facility Commitment to place that Lender in the
 position it would have been in had each Lender (or its Affiliate) with a Revolving Facility
 Commitment participated in that Loan in the proportion borne by its Revolving Facility Commitment
 to the Total Commitments and, if the Total Commitments are then zero, the proportion borne
 by its Revolving Facility Commitment to the Total Commitments immediately prior to their
 reduction to zero.

(b) The
 calculation of the Agent is designed solely to allocate the unpaid amount proportionally
 between the Lenders with a Revolving Facility Commitment according to their Revolving Facility
 Commitments and will not take into account any Commitment Fee or other amount payable under
 the Finance Documents.

(c) The
 Agent will set a date (the "**Loss Sharing Date**") on which payments must be
 made under this Clause 7.11. The Agent shall give at least three Business Days' notice
 to each affected Lender of this date and the amount of the payment (if any) to be paid or
 received by it on this date.

(d) On
 the Loss Sharing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each affected Lender who has to make
 a payment shall pay to the Agent the relevant amount set out in the notice referred to in
 paragraph (c) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) out of the amounts the Agent receives,
 the Agent shall pay to each affected Lender who is entitled to receive a payment the amount
 set out in that notice.

(e) If
 the amount actually received by the Agent from the Lenders under paragraph (d) above
 is insufficient to pay the full amount required to be paid under that paragraph, the Agent
 shall distribute the amount it actually receives among the affected Lenders pro rata to the
 amounts they are entitled to receive under that paragraph.

(f) If
 a Lender makes a payment to the Agent under this Clause 7.11, then, to the extent that that
 payment is distributed by the Agent under paragraph (d) or (e) above, as between
 the relevant Obligor and that Lender, an amount equal to the amount of that distributed payment
 will be treated as not having been paid by the relevant Obligor.

(g) Any
 payment under this Clause 7.11 will not reduce the obligations in aggregate of any Obligor.

8. **Utilisation – US Dollar Swingline Loans** 

8.1 **General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Clause 4.2 (*Further conditions precedent*)
 and Clause 4.3 (*Conditions relating to Optional Currencies*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Clause 5 (*Utilisation – Revolving Facility*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Clause 10 (*Optional Currencies*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Clause 13 (*Interest*) as it applies
 to the calculation of interest on a Loan but not default interest on an overdue amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Clause 14 (*Interest Periods*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Clause 15 (*Changes to the calculation of interest*),

do not apply to US Dollar Swingline Loans.

8.2 **Delivery of a Utilisation Request for US Dollar Swingline Loans** 

(a) A Borrower may utilise the US Dollar Swingline
 Facility by delivery (by that Borrower or the Parent on its behalf) to the Agent of a duly
 completed Utilisation Request not later than the Specified Time.

(b) Each Utilisation Request for a US Dollar Swingline
 Loan must be sent to the Agent to the address or, if relevant, electronic mail address or
 other such information notified by the Agent for this purpose with a copy to its address
 or, if relevant, electronic mail address or other such information referred to in Clause 34
 (*Notices*).

8.3 **Completion of a Utilisation Request for** **US Dollar Swingline Loans** 

(a) Each Utilisation Request for a US Dollar Swingline
 Loan is irrevocable and will not be regarded as having been duly completed unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it identifies the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it specifies that it is for a US Dollar
 Swingline Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the proposed Utilisation Date is a New
 York Business Day within the Availability Period applicable to the Revolving Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the US Dollar Swingline Loan is denominated
 in US Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the amount of the proposed US Dollar Swingline
 Loan is not more than the Available US Dollar Swingline Facility and is a minimum of USD 1,000,000
 or, if less, the Available US Dollar Swingline Facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the proposed Interest Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) does not extend beyond the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) is a period of not more than five New York
 Business Days; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) ends on a New York Business Day.

(b) Only one US Dollar Swingline Loan may be requested
 in each Utilisation Request.

8.4 **US Dollar Swingline Lenders' participation** 

(a) If the conditions set out in this Agreement have been met, each Swingline Lender shall
 make its participation in each US Dollar Swingline Loan available through its Facility Office
 in London, New York or a Participating Member State.

(b) The US Dollar Swingline Lenders will only
 be obliged to comply with paragraph (a) above if on the date of the Utilisation
 Request and on the proposed Utilisation Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Default is continuing or would result
 from the proposed Utilisation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Repeating Representations to be made
 by each Obligor are true in all material respects.

(c) The amount of each US Dollar Swingline Lender's
 participation in each US Dollar Swingline Loan will be equal to the proportion borne by its
 Available US Dollar Swingline Commitments to the Available US Dollar Swingline Facility immediately
 prior to making the US Dollar Swingline Loan, adjusted to take account of any limit applying
 under Clause 8.5 (*US Dollar Swingline Facility – Relationship with the Revolving Facility*) *.* 

(d) The Agent shall determine the Base Currency
 Amount of each US Dollar Swingline Loan and notify each US Dollar Swingline Lender of the
 amount of each US Dollar Swingline Loan and its participation in that US Dollar Swingline
 Loan by the Specified Time.

8.5 **US Dollar Swingline Facility – Relationship with the Revolving Facility** 

(a) This Clause 8.5 applies when a US Dollar Swingline
 Loan is outstanding or is to be borrowed.

(b) The Revolving Facility may be used by way
 of US Dollar Swingline Loans. The US Dollar Swingline Facility is not independent of the
 Revolving Facility.

(c) Notwithstanding any other term of this Agreement
 a Lender is only obliged to participate in a Revolving Facility Loan or a US Dollar Swingline
 Loan to the extent that it would not result in the Base Currency Amount (provided that, for
 these purposes only, the Base Currency of the US Dollar Swingline Facility shall be deemed
 to be euro) of its participation and that of a Lender which is its Affiliate in the Revolving
 Facility Loans, Euro Swingline Loans and US Dollar Swingline Loans exceeding its Overall
 Commitment.

(d) Where, but for the operation of paragraph (c) above,
 the Base Currency Amount of a Lender's participation and that of a Lender which is its Affiliate
 in the Revolving Facility Loans, Euro Swingline Loans and US Dollar Swingline Loans would
 have exceeded its Overall Commitment, the excess will be apportioned among the other Lenders
 required under this Agreement to make available a participation in the relevant Loan pro
 rata according to their relevant Commitments. This calculation will be applied as often as
 necessary until participations in the Loan are apportioned among the relevant Lenders in
 a manner consistent with paragraph (c) above.

8.6 **Cancellation of** **US Dollar Swingline Commitment** 

The US Dollar Swingline Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period for the Revolving Facility.

9. **US Dollar Swingline Loans** 

9.1 **US Dollar Swingline** 

Subject to the terms of this Agreement, the US Dollar Swingline Lenders make available to the Borrowers a US Dollar swingline loan facility in an aggregate amount equal to the total US Dollar Swingline Commitments.

9.2 **Purpose** 

Each Borrower shall apply all amounts borrowed by it under the US Dollar Swingline Facility towards refinancing any note or other instrument maturing under a US Dollar commercial paper programme of a member of the Group. A US Dollar Swingline Loan may not be applied in repayment or prepayment of another US Dollar Swingline Loan.

9.3 **Repayment** 

Each Borrower that has drawn a US Dollar Swingline Loan shall repay that US Dollar Swingline Loan on the last day of its Interest Period.

9.4 **Voluntary prepayment of** **US Dollar Swingline Loans** 

(a) The Borrower to which a US Dollar Swingline
 Loan has been made may prepay at any time the whole of that US Dollar Swingline Loan.

(b) Unless a contrary indication appears in this
 Agreement, any part of the US Dollar Swingline Facility which is prepaid or repaid may be
 re-borrowed in accordance with the terms of this Agreement.

9.5 **Interest** 

(a) The rate of interest on each Swingline Loan
 for any day during its Interest Period is the higher of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the prime commercial lending rate in US
 Dollars announced by the Agent at the Specified Time and in force on that day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 0.50 per cent. per annum over the rate
 per annum determined by the Agent to be the Federal Funds Rate for that day.

(b) The Agent shall promptly notify the US Dollar
 Swingline Lenders and the relevant Borrower of the determination of the rate of interest
 under paragraph (a) above.

(c) If any day during an Interest Period is not
 a New York Business Day, the rate of interest on a US Dollar Swingline Loan on that day will
 be the rate applicable to the immediately preceding New York Business Day.

(d) Each Borrower shall pay accrued interest on
 each US Dollar Swingline Loan made to it on the last day of its Interest Period.

9.6 **Interest Period** 

(a) Each US Dollar Swingline Loan has one Interest
 Period only.

(b) The Interest Period for a US Dollar Swingline
 Loan must be selected in the relevant Utilisation Request.

(c) The Interest Period for a US Dollar Swingline
 Loan must not be more than five New York Business Days.

9.7 **US Dollar Swingline Agent** 

(a) The Agent may perform its duties in respect
 of the US Dollar Swingline Facility through an Affiliate acting as its agent.

(b) Notwithstanding any other term of this Agreement
 and without limiting the liability of any Obligor under the Finance Documents, 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) pay to or indemnify the Agent, within three Business Days of demand, for or against
 any cost, loss or liability (including, without limitation, for negligence or any other category
 of loss whatsoever) incurred by the Agent or its Affiliate (other than by reason of the Agent's
 or the Affiliate's gross negligence or wilful misconduct) or, in the case of any cost, loss
 or liability pursuant to Clause 32.11 (*Disruption to payment systems etc*.), notwithstanding
 the Agent's or the Affiliate's negligence, gross negligence or any other category of liability
 whatsoever but not including any claim based on the fraud of the Agent or the Affiliate in
 acting as Agent for the US Dollar Swingline Facility under the Finance Documents (unless
 the Agent or its Affiliate has been reimbursed by an Obligor pursuant to a Finance Document).

9.8 **Partial** **payments – US Dollar Swingline Facility** 

(a) If the Agent receives a payment in respect
 of the US Dollar Swingline Facility that is insufficient to discharge all the amounts then
 due and payable by an Obligor under the Finance Documents in respect of the US Dollar Swingline
 Facility, the Agent shall apply that payment towards the obligations of that Obligor under
 the Finance Documents in respect of the US Dollar Swingline Facility in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **first**,
 in or towards payment *pro rata* of any unpaid amount owing to the Agent or the Swingline
 Agent under the Finance Documents incurred in respect of the US Dollar Swingline Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **secondly**,
 in or towards payment *pro rata* of any accrued interest on a US Dollar Swingline
 Loan due but unpaid under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **thirdly**,
 in or towards payment *pro rata* of the principal of any US Dollar Swingline
 Loan due but unpaid under this Agreement; and

&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
 in respect of the US Dollar Swingline Facility.

(b) The Agent shall, if so directed by all the
 Swingline Lenders, vary the order set out in paragraphs (a)(ii) to (iv) above.

(c) Paragraphs (a) and (b) above will
 override any appropriation made by an Obligor and Clause 32.6 (*Partial payments*) does
 not apply to the US Dollar Swingline Facility.

9.9 **Loss sharing – US Dollar Swingline Facility** 

(a) If a Revolving Facility Loan (including
 a US Dollar Swingline Loan and a Euro Swingline Loan) or interest on a Revolving Facility
 Loan (including a US Dollar Swingline Loan and a Euro Swingline Loan) is not paid in full
 on its due date, the Agent (if requested to do so in writing by any affected Lender) shall
 calculate the amount (if any) which needs to be paid or received by each Lender with a Revolving
 Facility Commitment to place that Lender in the position it would have been in had each Lender
 (or its Affiliate) with a Revolving Facility Commitment participated in that Loan in the
 proportion borne by its Revolving Facility Commitment to the Total Commitments and, if the
 Total Commitments are then zero, the proportion borne by its Revolving Facility Commitment
 to the Total Commitments immediately prior to their reduction to zero.

(b) The calculation of the Agent is designed
 solely to allocate the unpaid amount proportionally between the Lenders with a Revolving
 Facility Commitment according to their Revolving Facility Commitments and will not take into
 account any Commitment Fee or other amount payable under the Finance Documents.

(c) The
 Agent will set a date (the "**Loss Sharing Date**") on which payments
 must be made under this Clause 9.9. The Agent shall give at least three Business Days'
 notice to each affected Lender of this date and the amount of the payment (if any) to be
 paid or received by it on this date.

(d) On the Loss Sharing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each affected Lender who has to make
 a payment shall pay to the Agent the relevant amount set out in the notice referred to in
 paragraph (c) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) out of the amounts the Agent receives,
 the Agent shall pay to each affected Lender who is entitled to receive a payment the amount
 set out in that notice.

(e) If the amount actually received by the
 Agent from the Lenders under paragraph (d) above is insufficient to pay the full amount
 required to be paid under that paragraph, the Agent shall distribute the amount it actually
 receives among the affected Lenders pro rata to the amounts they are entitled to receive
 under that paragraph.

(f) If a Lender makes a payment to the Agent
 under this Clause 9.9, then, to the extent that that payment is distributed by the Agent
 under paragraph (d) or (e) above, as between the relevant Obligor and that Lender,
 an amount equal to the amount of that distributed payment will be treated as not having been
 paid by the relevant Obligor.

(g) Any payment under this Clause 9.9 will
 not reduce the obligations in aggregate of any Obligor.

10. **Optional Currencies** 

10.1 **Selection of currency** 

A Borrower (or the Parent on behalf of a Borrower) shall select the currency of a Revolving Facility Loan in a Utilisation Request for that Revolving Facility Loan.

10.2 **Unavailability of a currency** 

If before the Specified Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Lender notifies the Agent that the Optional
 Currency requested is not readily available to it in the amount required; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Lender notifies the Agent that compliance
 with its obligation to participate in a Loan in the proposed Optional Currency would contravene
 a law or regulation applicable to it,

the Agent will give notice to the relevant Borrower to that effect by the Specified Time. In this event, any Lender that gives notice pursuant to this Clause 10.2 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.

10.3 **Agent's calculations** 

Each Lender's participation in a Loan will be determined in accordance with paragraph (b) of Clause 5.4 (*Lenders' participation*).

**SECTION 4**

**REPAYMENT, PREPAYMENT AND CANCELLATION**

11. **Repayment** 

11.1 **Repayment of Revolving Facility Loans** 

(a) Each Borrower which has drawn a Revolving Facility Loan shall repay that Loan on the last day of its Interest
Period.

(b) Without prejudice to each Borrower's obligation under paragraph (a) above, if one or more Revolving
Facility Loans are to be made available to a Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on the same day that a maturing Revolving Facility Loan is due to be repaid by that Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the same currency as the maturing Revolving Facility Loan (unless it arose as a result of the operation
of Clause 10.2 (*Unavailability of a currency*)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in whole or in part for the purpose of refinancing the maturing Revolving Facility Loan,

the aggregate amount of the new Revolving Facility Loans shall, unless the Parent notifies the Agent to the contrary in the relevant Utilisation Request, be treated as if applied in or towards repayment of the maturing Revolving Facility Loan so that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if the amount of the maturing Revolving Facility Loan exceeds the aggregate amount of the new Revolving
Facility Loans:

&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 relevant Borrower will only be required to make a payment under Clause 32.1 (*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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) each Lender's participation in the new Revolving Facility 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 Revolving Facility Loan and that Lender
will not be required to make a payment under Clause 32.1 (*Payments to the Agent*) in respect of its participation in the new Revolving
Facility Loans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if the amount of the maturing Revolving Facility Loan is equal to or less than the aggregate amount of
the new Revolving Facility Loans:

&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 relevant Borrower will not be required to make a payment under Clause 32.1 (*Payments to the Agent*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) each Lender will be required to make a payment under Clause 32.1 (*Payments to the Agent*) in respect
of its participation in the new Revolving Facility Loans only to the extent that its participation in the new Revolving Facility Loans
exceeds that Lender's participation in the maturing Revolving Facility Loan and the remainder of that Lender's participation in the new
Revolving Facility 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 Revolving Facility Loan.

(c) At any time when a Lender becomes a Defaulting Lender, the maturity date of each of the participations
of that Lender in the Revolving Facility Loans then outstanding will be automatically extended to the Termination Date and will be treated
as separate Revolving Facility Loans (the "**Separate Loans**") denominated in the currency in which the relevant participations
are outstanding.

(d) A Borrower to whom a Separate Loan is outstanding may prepay that Loan by giving not less than:

&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 to the Agent; or

&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 to the Agent.

The Agent will forward a copy of a prepayment notice received in accordance with this paragraph (d) to the Defaulting Lender concerned as soon as practicable on receipt.

(e) Interest in respect of a Separate Loan will accrue for successive Interest Periods agreed by the Borrower
and the Agent by the time and date specified by the Agent (acting reasonably) and will be payable by that Borrower to the Agent (for the
account of that Defaulting Lender) on the last day of each Interest Period of that Loan.

(f) The terms of this Agreement relating to Revolving Facility Loans generally shall continue to apply to
Separate Loans other than to the extent inconsistent with paragraphs (c) to (e) above, in which case those paragraphs shall
prevail in respect of any Separate Loan.

11.2 **Extension option** 

(a) The Parent may request that the Termination Date be extended subject to the terms of this Clause 11.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by giving to the Agent an Extension Request not less than 30 days (and not more than 60 days) before the
first anniversary of the date of this Agreement requesting that the Termination Date shall be the date which is the sixth anniversary
of the date of this Agreement (the "**First Extended Termination Date**") (the "**First Extension Request** ");
and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by giving to the Agent an Extension Request not less than 30 days (and not more than 60 days) before the
second anniversary of the date of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) where the Parent has made a First Extension Request and such extension was agreed between the Parent and
a Lender (an "**Extending Lender** "), requesting that the Termination Date shall be the date which is the seventh anniversary
of the date of this Agreement (the "**Second Extended Termination Date**") with respect to each Extending Lender's Commitments
which has agreed to the extension and its participation in the Loans; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) where (1) the Parent has not made a First Extension Request or (2) has made a First Extension
Request which was not agreed between the Parent and a Lender (a "**Non-Extending Lender** "), requesting that the Termination
Date shall be either the First Extended Termination Date or the Second Extended Termination Date with respect to each Lender's or (as
applicable) Non-Extending Lender's Commitment, and its participation in the Loans, the "**Second Extension Request** ",
together with the First Extension Request, the "**Extension Requests** ", each being an "**Extension Request** ".

(b) A notice served by the Parent pursuant to paragraph (a) above shall be irrevocable.

(c) The Agent shall promptly notify each Lender of any such Extension Request.

(d) Each Lender shall notify the Agent of its decision (which shall be in its sole discretion) whether or
not to agree to the request not later than five days before the date which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of a First Extension Request, the first anniversary of the date of this Agreement (and, if
any Lender has not notified the Agent of its acceptance of the First Extension Request on or before such date, it shall be deemed to have
refused such First Extension Request); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in respect of a Second Extension Request, the second anniversary of the date of this Agreement (and, if
any Lender has not notified the Agent of its acceptance of the Second Extension Request on or before such date, it shall be deemed to
have refused such Second Extension Request),

and the Agent shall promptly notify the Parent whether or not each Lender has agreed to the relevant Extension Request.

(e) Promptly following receipt of notification from the Agent pursuant to paragraph (d) above, the Parent
may elect by notice to the Agent to accept the extension offered by all the relevant Lender(s), in which case the Termination Date shall
be extended in relation to the Commitments and participations of such Lender(s) who have agreed to, and in accordance with, the relevant
Extension Request.

(f) Notwithstanding any other provision in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no request for a further extension under this Clause 11.2 shall extend the Termination Date beyond the
Second Extended Termination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Lenders will only be obliged to comply with the provisions of this Clause 11.2 if on the date of any
Extension Request and on the date of the relevant notice of acceptance delivered to the Agent pursuant to paragraph (e) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) no Event of Default is continuing or would result from the proposed extension; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the representations that are required to be repeated pursuant to Clause 23.16 (*Repetition*) on the
first day of each Interest Period would, if made by the Original Borrowers and, if there is then any other Obligor, by such other Obligor,
be true and correct in all material respects if those representations were made by reference to the facts and circumstances then existing.

(g) If any Lender does not agree to an Extension Request, its participation in any outstanding Loan shall
be repaid in accordance with Clause 11.1 (*Repayment of Revolving Facility Loans*).

(h) If a Lender agrees to an Extension Request, the agreement of such Lender shall be deemed to include the
agreement of any Affiliate of such Lender which is a Euro Swingline Lender and/or a US Dollar Swingline Lender.

(i) If any Extension Request is agreed in accordance with this Clause ‎‎11.2, the Parent shall
pay to the Agent (for the account of each relevant Lender) a fee in the amount and at the times agreed between the Parent and the relevant
Lenders.

12. **Prepayment and cancellation** 

12.1 **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;(a) that Lender shall promptly notify the Agent upon becoming aware of that event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon the Agent notifying the Parent, each Available Revolving Facility Commitment of that Lender and of
any Affiliate of that Lender which is a Swingline Lender will be immediately cancelled (to the greatest extent possible which does not
result in that Lender (or its Affiliate) failing to meet the requirement set out in paragraph (e) or (f) of Clause 27.3 (*Other conditions of assignment or transfer*)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the extent that the Lender's (and any such Affiliate's) participation has not been transferred pursuant
to paragraph (d) of Clause 12.6 (*Right of replacement or repayment and cancellation in relation to a single Lender*), each
Borrower shall repay that Lender's (and any such Affiliate'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 Parent 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 (and
any such Affiliate's) corresponding Commitment(s) shall be immediately cancelled in the amount of the participations repaid.

12.2 **Change of control** 

(a) If any person or group of persons acting in concert gains control of the Parent (other than as a result
of the Listing Reorganisation), then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Parent shall promptly notify the Agent upon becoming aware of that event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if a Lender so requires and notifies the Agent within 20 days of the Parent notifying the Agent of the
event, the Agent shall, by not less than 15 Business Days' notice to the Parent, cancel each Available Revolving Facility Commitment of
that Lender and of any Affiliate of that Lender which is a Swingline Lender and declare the participation of that Lender and of any such
Affiliate in all Loans, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents immediately
due and payable, whereupon each such Available Revolving Facility Commitment will be immediately cancelled, any Commitment of that Lender
and of any such Affiliate shall immediately cease to be available for further utilisation and all such Loans, accrued interest and other
amounts shall become immediately due and payable.

(b) For the purpose of paragraph (a) above, "**control**" means the possession, directly
or indirectly, of the power to (A) cast, or control the casting of, more than one-half of the maximum number of votes that might
be cast at a general meeting of the Parent, (B) appoint or remove all, or the majority, of the directors or other equivalent officers
of the Parent, or (C) give directions with respect to the operating and financial policies of the Parent with which the directors
or other equivalent officers of the Parent are obliged to comply.

(c) For the purpose of paragraph (a) above, "**acting in concert**" means a group of persons
who, pursuant to an agreement or understanding (whether formal or informal), actively co-operate, through the acquisition directly or
indirectly of shares in the Parent by any of them, either directly or indirectly, to obtain or consolidate control of the Parent.

12.3 **Mandatory cancellation – Demerger and Listing Reorganisation** 

The Total Commitments will be immediately cancelled in full and shall immediately cease to be available for further utilisation upon the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 31 December 2025 if by such date the Demerger Date and the Listing Reorganisation Date have not occurred;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date of announcement by Unilever PLC that it has permanently withdrawn from, and no longer intends
to pursue, each of the Demerger and Listing Reorganisation.

If the Total Commitments have been cancelled pursuant to this paragraph 12.3, the Borrowers shall repay all outstanding Loans within 30 days of the date of such cancellation.

12.4 **Voluntary cancellation** 

(a) Subject to paragraph (b) below, the Parent may, if it gives the Agent not less than five Business
Days' (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of
EUR 1,000,000) of an Available Revolving Facility. Any cancellation under this Clause 12.4 shall reduce the Commitments of the Lenders
rateably under that Facility.

(b) The Parent may not make a cancellation pursuant to paragraph (a) above to the extent that that cancellation
would result in a Lender (or its Affiliate) failing to meet the requirement set out in paragraph (e) or (f) of Clause 27.3 (*Other conditions of assignment or transfer*).

12.5 **Voluntary prepayment of Revolving Facility Loans** 

(a) A Borrower to which a Revolving Facility Loan has been made may, if it gives the Agent not less than:

&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;(ii) in the case of a Compounded Rate Loan, five RFR Banking Days' (or such shorter period as the Majority
Lenders and the Agent may agree) prior notice,

prepay the whole or any part of any Revolving Facility Loan (but, if in part, being an amount that reduces the Base Currency Amount of the Revolving Facility Loan by a minimum amount of EUR 1,000,000 for Loans in euro, £1,000,000 for Loans in Sterling and USD 1,000,000 for Loans in US Dollars).

(b) If, in any 12-Month period, a Borrower makes more than four voluntary prepayments of Compounded Rate Loans
on a day other than on the last day of an Interest Period, that Borrower shall, for each such additional prepayment within a 12-Month
period, pay an amount calculated and set out in reasonable detail by the Agent, to compensate it for its reasonable costs and expenses
properly incurred in administering or giving effect to such prepayment.

12.6 **Right of replacement or repayment and cancellation in relation to a single Lender** 

(a) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause
17.2 (*Tax gross-up*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Lender claims indemnification from the Parent under Clause 17.3 (*Tax indemnity*) or Clause 18.1
(*Increased Costs*),

the Parent may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitment(s) of that Lender of any Affiliate of that Lender which is a Swingline Lender and its intention to procure the repayment of that Lender's and any such Affiliate's participation in the Loans or give the Agent notice of its intention to replace that Lender (together with any Affiliate of that Lender) in accordance with paragraph (d) below.

(b) On receipt of a notice of cancellation referred to in paragraph (a) above, the Available Revolving
Facility Commitment(s) of that Lender and of any such Affiliate shall be immediately reduced to zero.

(c) On the last day of each Interest Period which ends after the Parent has given notice of cancellation under
paragraph (a) above (or, if earlier, the date specified by the Parent in that notice), each Borrower to which a Loan is outstanding
shall repay that Lender's and any such Affiliate's participation in that Loan and that Lender's and any such Affiliate's corresponding
Commitment(s) shall be immediately cancelled in the amount of the participations repaid.

(d) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any of the circumstances set out in paragraph (a) above apply to a Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an Obligor becomes obliged to pay any amount in accordance with Clause 12.1 (*Illegality*) to any
Lender,

the Parent may, on five Business Days' prior notice to the Agent and that Lender, replace that Lender (together with any Affiliate of that Lender) by requiring that Lender and that Affiliate to (and, to the extent permitted by law, that Lender and that Affiliate shall) transfer pursuant to Clause 27 (*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 and transferring Affiliate in accordance with Clause 27 (*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 and such Affiliate's participation in the outstanding Loans and all accrued interest (to the extent that the Agent has not given a notification under Clause 27.10 (*Pro rata interest settlement*)), Break Costs and other amounts payable in relation thereto under the Finance Documents.

(e) The replacement of a Lender pursuant to paragraph (d) above shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Parent shall have no right to replace the Agent;

&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;(iii) in no event shall the Lender replaced under paragraph (d) above 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;(iv) the Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph (d) above
once it is satisfied that it has complied with all necessary "know your customer" or other similar checks under all applicable
laws and regulations in relation to that transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a Lender shall not be obliged to transfer its rights and obligations pursuant to paragraph (d) above
to the extent that the transfer would result in that Lender (or its Affiliate) failing to meet the requirement set out in paragraph (e) or
(f) of Clause 27.3 (*Other conditions of assignment or transfer*).

(f) A Lender shall perform the checks described in paragraph (e)(iv) above as soon as reasonably practicable
following delivery of a notice referred to in paragraph (d) above and shall notify the Agent and the Parent when it is satisfied
that it has complied with those checks.

(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If any Lender becomes a Defaulting Lender, the Parent may, at any time whilst the Lender continues to
be a Defaulting Lender, give the Agent five Business Days' notice of cancellation of each Available Revolving Facility Commitment of that
Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On the notice referred to in paragraph (i) above becoming effective, each Available Revolving Facility
Commitment of the Defaulting Lender shall be immediately reduced to zero, other than as set out in paragraph (iv) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Agent shall as soon as practicable after receipt of a notice referred to in paragraph (i) above,
notify all the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) That Lender's Available Revolving Facility Commitment relating to Revolving Facility Commitment and Available
Swingline Commitment shall be immediately reduced to the lowest amount possible which does not result in that Lender (or its Affiliate)
failing to meet the requirement set out in paragraph (e) or (f) of Clause 27.3 (*Other conditions of assignment or transfer*).

12.7 **Restrictions** 

(a) Any notice of cancellation or prepayment given by any Party under this Clause 12 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.

(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.

(c) Unless a contrary indication appears in this Agreement, any part of the Revolving Facility which is prepaid
or repaid may be reborrowed in accordance with the terms of this Agreement.

(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.

(e) Subject to Clause 2.2 (*Increase*), no amount of the Total Commitments cancelled under this Agreement
may be subsequently reinstated.

(f) If the Agent receives a notice under this Clause 12, it shall promptly forward a copy of that notice to
either the Parent or the affected Lender, as appropriate.

(g) If all or part of any Lender's participation in a Loan under the Revolving Facility 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) in respect of that Facility
will be deemed to be cancelled on the date of repayment or prepayment.

12.8 **Application of prepayments** 

Any prepayment of a Loan pursuant to Clause 12.5 (*Voluntary prepayment of Revolving Facility Loans*) shall be applied pro rata to each Lender's participation in that Loan.

**SECTION 5**

**COSTS OF UTILISATION**

13. **Interest** 

13.1 **Calculation of interest – Term Rate Loans** 

The rate of interest on each Term Rate Loan for an Interest Period is the percentage rate per annum which is the aggregate of the applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Margin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Term Reference Rate.

13.2 **Calculation of interest – Compounded Rate Loans** 

(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;(i) Margin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Compounded Reference Rate for that day.

(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.

13.3 **Payment of interest** 

The Borrower to which a Loan has been made shall pay accrued interest on that Loan on the last day of each Interest Period.

13.4 **Default interest** 

(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 paragraph (b) below, is the sum of 1 per cent. per annum and 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 13.4 shall be immediately payable by
the Obligor on demand by the Agent.

(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;(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;(ii) the rate of interest applying to the overdue amount during that first Interest Period shall be the sum
of 1 per cent. per annum and the rate which would have applied if the overdue amount had not become due.

(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.

13.5 **Notifications** 

(a) The Agent shall promptly notify the relevant Lenders and the relevant Borrower of the determination of
a rate of interest relating to a Term Rate Loan.

(b) The Agent shall promptly upon a Compounded Rate Interest Payment being determinable notify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relevant Borrower of that Compounded Rate Interest Payment;

&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;(iii) the relevant Lenders and the relevant Borrower of:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 15.4 (*Cost of funds*).

(c) The Agent shall promptly notify the relevant Borrower of each Funding Rate relating to a Loan.

(d) The Agent shall promptly notify the relevant Lenders and the relevant Borrower of the determination of
a rate of interest relating to a Compounded Rate Loan to which Clause ‎ 15.4
(*Cost of funds*) applies.

(e) This Clause ‎ 13.5 shall not require
the Agent to make any notification to any Party on a day which is not a Business Day.

14. **Interest Periods** 

14.1 **Selection of Interest Periods** 

(a) A Borrower (or the Parent on behalf of a Borrower) may select an Interest Period for a Loan in the Utilisation
Request for that Loan.

(b) Subject to this Clause 14, a Borrower (or the Parent) may select an Interest Period of any period specified
in the applicable Reference Rate Terms or of any other period agreed between the Parent, the Agent and all the Lenders in relation to
the relevant Loan.

(c) An Interest Period for a Loan shall not extend beyond the Termination Date.

(d) Each Interest Period shall start on the Utilisation Date.

(e) A Loan has one Interest Period only.

(f) No Interest Period shall be longer than six Months.

14.2 **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.

15. **Changes to the calculation of interest** 

15.1 **Interest calculation if no Primary Term Rate** 

(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.

(b) *Cost of funds*: If paragraph (a) above applies but it is not possible to calculate the Interpolated
Primary Term Rate then, if "  ***Cost of funds will apply as a fallback***" is specified in the Reference Rate Terms for
that Loan, Clause 15.4 (*Cost of funds*) shall apply to that Loan for that Interest Period.

15.2 **Interest calculation if no RFR or Central Bank Rate** 

If:

&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;(b) "  ***Cost of funds will apply as a fallback***" is specified in the Reference Rate Terms
for that Loan,

Clause ‎15.4 (*Cost of funds*) shall apply to that Loan for that Interest Period.

15.3 **Market disruption** 

If:

&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;(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 ‎15.4 (*Cost of funds*) shall apply to that Loan for the relevant Interest Period.

15.4 **Cost of funds** 

(a) If this Clause 15.4 applies to a Loan for an Interest Period, neither Clause 13.1 (*Calculation of interest – Term Rate Loans*) nor Clause 13.2 (*Calculation of interest – 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;(i) the applicable Margin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the rate notified to the Agent by that Lender 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.

(b) If this Clause 15.4 applies and the Agent or the Parent so requires, the Agent and the Parent 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.

(c) Any alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all
the Lenders and the Parent, be binding on all Parties.

(d) If this Clause 15.4 applies pursuant to Clause 15.3 (*Market disruption*) and:

&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;(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 paragraph ‎(a) above, to be the Market Disruption Rate for that Loan.

(e) If this Clause 15.4 applies the Agent shall, as soon as is practicable, notify the Parent.

15.5 **Break Costs** 

(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.

(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.

16. **Fees** 

16.1 **Commitment Fee** 

(a) Subject to paragraph (b) below, the Parent shall pay to the Agent (for the account of each Lender)
a commitment fee (the "**Commitment Fee**") in the Base Currency computed at the rate per annum set out below of the applicable
Margin on that Lender's Available Revolving Facility Commitment for the Availability Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) from (and including) the date
of this Agreement to (but excluding) the date falling 3 Months after the date of this Agreement, zero per cent.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) from (and including) the date falling 3 Months after the date of this Agreement to (but excluding) the
date falling 4 Months after the date of this Agreement, 20 per cent.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) from (and including) the date falling 4 Months after the date of this Agreement; to (and including) the
last day of the Availability Period, 35 per cent.

(b) Notwithstanding paragraph (a) above, the Commitment Fee (without double counting with the applicable
rate set out in paragraph (a) above) shall, from (and including) the Demerger Date to (and including) the last day of the Availability
Period, be computed at the rate per annum of 35 per cent. of the applicable Margin on that Lender's Available Revolving Facility Commitment
for the Availability Period.

(c) The accrued Commitment Fee is payable on the last day of each successive period of three Months which
ends during the relevant 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.

(d) No Commitment Fee is payable to the Agent (for the account of a Lender) on any Available Revolving Facility
Commitment of that Lender for any day on which that Lender is a Defaulting Lender.

16.2 **Upfront fee** 

The Parent shall pay to the Arranger an upfront fee in the amount and at the times agreed in a Fee Letter.

16.3 **Agency fee** 

The Parent shall pay to the Agent (for its own account) an agency fee in the amount and at the times agreed in a Fee Letter.

16.4 **Utilisation Fee** 

(a) The Original Borrower or the Parent shall pay to the Agent (for the account of each Lender) a utilisation
fee (the "**Utilisation Fee**") in the Base Currency computed at the rate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for any day on which the aggregate amount of the Loans outstanding on that day is less than 33⅓
per cent. of the Total Commitments on that day, 0.075 per cent. per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for any day on which the aggregate amount of the Loans outstanding on that day is equal to or exceeds
33⅓ per cent. of the Total Commitments on that day but is less than 66⅔ per cent. of the Total Commitments on that day, 0.15
per cent. per annum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for any day on which the aggregate amount of the Loans outstanding on that day is equal to or exceeds
66⅔ per cent. of the Total Commitments on that day, 0.30 per cent. per annum,

in each case, on the principal amount of each Lender's participation in the Loans on that day.

(b) In relation to any day on which a Lender's Commitment(s) equals zero but its participation in the
Loans does not, for the purpose of calculating the utilisation fee its Commitment(s) shall be deemed to be the amount at which it
stood immediately before it first equalled zero.

(c) The accrued utilisation fee shall be payable on the last day of each successive period of three Months,
on the Termination Date and, if a Lender's Commitment(s) is cancelled in full, at the time the cancellation is effective.

(d) No utilisation fee is payable to the Agent (for the account of a Lender) on the principal amount of a
Lender's participation in the Loans on that day of that Lender for any day on which that Lender is a Defaulting Lender.

**SECTION 6**

**ADDITIONAL PAYMENT OBLIGATIONS**

17. **Tax gross-up and indemnities** 

17.1 **Definitions** 

In this Agreement:

"**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 a Lender which is entitled to interest payable to that Lender in respect of an advance under a Finance Document and is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) able (other than by reason of being a Treaty Lender) to receive such interest payments in respect of that
advance from the relevant Obligor without any Tax Deduction being imposed under the laws of the Netherlands (including, for the avoidance
of doubt, by virtue of any applicable relief or exemption); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Treaty Lender.

"**Tax Credit**" means a credit against, relief or remission for, or repayment of any Tax.

"**Tax Deduction**" means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction.

"**Tax Payment**" means either the increase in a payment made by an Obligor to a Finance Party under Clause 17.2 (*Tax gross-up*) or a payment under Clause 17.3 (*Tax indemnity*).

"**Treaty Lender**" means a Lender which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is treated as a resident of a Treaty State for the purposes of the Treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) does not carry on a business in the Netherlands through a permanent establishment with which that Lender's
participation in the Loans is effectively connected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) fulfils any conditions which must be fulfilled under the double taxation agreement for residents of that
Treaty State to obtain full exemption from taxation imposed by the Netherlands on interest payable to that Lender in respect of an advance
under a Finance Document, subject to the completion of procedural formalities.

"**Treaty State**" means a jurisdiction having a double taxation agreement (a "**Treaty**") with the Netherlands which makes provision for full exemption from tax imposed by the Netherlands on interest.

17.2 **Tax gross-up** 

(a) Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction
is required by law.

(b) The Parent shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there
is any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall notify the Agent on
becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification from a Lender it shall notify
the Parent and that Obligor.

(c) If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that
Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have
been due if no Tax Deduction had been required.

(d) A payment shall not be increased under paragraph (c) above by reason of a Tax Deduction on account
of Tax imposed by the Netherlands, if on the date on which the payment falls due:

&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 Qualifying Lender, but on that date that Lender is not or has ceased to be a Qualifying Lender other than as a result of any change
after the date it became a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or Treaty
or any published practice or published concession of any relevant taxing authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the relevant Lender is a 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 paragraph
(i) below.

(e) 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.

(f) 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 evidence reasonably
satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant
taxing authority.

(g) 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.

(h) Each Original Lender confirms to the Parent by entering into this Agreement that it is a Qualifying Lender.

(i) Each Lender shall promptly notify the Parent and the Agent if there is any change in the position from
that set out pursuant to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (in the case of an Original Lender) paragraph (h) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (in the case of a Lender which is not an Original Lender) Clause 17.5 (*Lender status confirmation*)
below.

17.3 **Tax indemnity** 

(a) The Parent shall (within three Business Days of demand by the Agent) pay to a Protected Party an amount
equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly) suffered for or
on account of Tax by that Protected Party in respect of a Finance Document.

(b) Paragraph (a) above shall not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to any Tax assessed on a Finance Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction
(or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) under the law of the jurisdiction in which that Finance Party's Facility Office is located in respect
of amounts received or receivable in that jurisdiction,

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;(ii) to the extent a loss, liability or cost:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is compensated for by an increased payment under Clause 17.2 (*Tax gross-up*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) would have been compensated for by an increased payment under Clause 17.2 (*Tax gross-up*) but was
not so compensated solely because one of the exclusions in paragraph (d) of Clause 17.2 (*Tax gross-up*) applied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) relates to a FATCA Deduction required to be made by a Party.

(c) A Protected Party making, or intending to make, a claim under paragraph (a) above shall promptly
notify the Agent of the event which will give, or has given, rise to the claim, following which the Agent shall notify the Parent.

(d) A Protected Party shall, on receiving a payment from an Obligor under this Clause 17.3, notify the Agent.

17.4 **Tax Credit** 

If an Obligor makes a Tax Payment and the relevant Finance Party determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax
Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that Finance Party has obtained and utilised that Tax Credit,

the Finance Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Obligor.

17.5 **Lender status confirmation** 

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;(a) not a Qualifying Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Qualifying Lender (other than a Treaty Lender); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a Treaty Lender.

If such a Lender fails to indicate its status in accordance with this Clause 17.5 then that Lender shall be treated for the purposes of this Agreement (including by each Obligor) as if it is not a Qualifying Lender until such time as it notifies the Agent which category applies (and the Agent, upon receipt of such notification, shall inform the Parent). For the avoidance of doubt, the documentation which a Lender executes on becoming a Party as a Lender shall not be invalidated by any failure of a Lender to comply with this Clause 17.5.

17.6 **Stamp taxes** 

The Parent shall pay and, within three Business Days of demand, indemnify each Finance Party against any cost, loss or liability that that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document.

17.7 **VAT** 

(a) All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which (in
whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable
on that supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made by any Finance
Party to any Party under a Finance Document and such Finance Party is required to account to the relevant tax authority for the VAT, that
Party must pay to such Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount
equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to that Party).

(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;(i) (where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant
Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount of the VAT. The
Recipient must (where this paragraph (i) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the
Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

(c) Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or
expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or expense,
including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to
credit or repayment in respect of such VAT from the relevant tax authority.

(d) Any reference in this Clause 17.7 to any Party shall, at any time when such Party is treated as a member
of a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference
to the person who is treated at that time as making the supply, or (as appropriate) receiving the supply, under the grouping rules (provided
for in the Value Added Tax Act 1994, Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant member state
of the European Union) or any other similar provision in any jurisdiction other than the United Kingdom or a member state of the European
Union) so that a reference to a Party shall be construed as a reference to that Party or the relevant group or unity (or fiscal unity)
of which that Party is a member for VAT purposes at the relevant time or the relevant representative member (or head) of that group or
unity (or fiscal unity) at the relevant time (as the case may be).

(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.

17.8 **FATCA information** 

(a) Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request
by another Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) confirm to that other Party whether it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a FATCA Exempt Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) not a FATCA Exempt Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(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.

(b) If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt
Party and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party
reasonably promptly.

(c) Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above
shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any fiduciary duty; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any duty of confidentiality.

(d) If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation
or other information requested in accordance with paragraph (a)(i) or (a)(ii) above (including, for the avoidance of doubt,
where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under
them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation
or other information.

(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;(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;(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;(iii) the date a new US Tax Obligor accedes as a Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) where a Borrower is not a US Tax Obligor, the date of a request from the Agent,

supply to the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a withholding certificate on Form W-8, Form W-9 or any other relevant form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

(f) The Agent shall provide any withholding certificate, withholding statement, document, authorisation or
waiver it receives from a Lender pursuant to paragraph (e) above to the relevant Borrower.

(g) If any withholding certificate, withholding statement, document, authorisation or waiver provided to the
Agent by a Lender pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, that Lender shall promptly update
it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver to the Agent unless it is
unlawful for the Lender to do so (in which case the Lender shall promptly notify the Agent). The Agent shall provide any such updated
withholding certificate, withholding statement, document, authorisation or waiver to the relevant Borrower.

(h) The Agent may rely on any withholding certificate, withholding statement, document, authorisation or waiver
it receives from a Lender pursuant to paragraph (e) or (g) above without further verification. The Agent shall not be liable
for any action taken by it under or in connection with paragraph (e), (f) or (g) above.

17.9 **FATCA Deduction** 

(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.

(b) Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any
change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and, in addition, shall notify
the Parent and the Agent and the Agent shall notify the other Finance Parties.

18. **Increased Costs** 

18.1 **Increased C osts** 

(a) Subject to Clause 18.3 (*Exceptions*) the Parent shall, within three Business Days of a demand by
the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its
Affiliates as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any
law or regulation, (ii) compliance with any law or regulation made after the date of this Agreement or (iii) the implementation
or application of or compliance with any Regulatory Capital Requirements.

(b) In this Agreement:

"**Basel III**" means:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the rules for global systemically important banks contained in "Global systemically important
banks: assessment methodology and the additional loss absorbency requirement – Rules text" published by the Basel Committee
on Banking Supervision in November 2011, as amended, supplemented or restated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any further guidance or standards published by the Basel Committee on Banking Supervision relating to
 "Basel III", including "Basel III: Finalising post-crisis reforms" published in December 2017.

"**EU CRD IV**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 ()"**CRR** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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 ()"**CRD4** ").

"**EU CRD V**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Regulation (EU) No 2019/876 of the European Parliament and of the Council of 20 May 2019 amending
CRR and Regulation (EU) No 648/2012 ()"**CRR2** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Directive (EU) 2019/878 of the European Parliament and of the Council of 20 May 2019 amending CRD4
(" **CRD5** ").

"**EU CRD VI**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Regulation (EU) No 2024/1623 of the European Parliament and of the Council of 31 May 2024 amending
CRR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Directive (EU) 2024/1619 of the European Parliament and of the Council of 31 May 2024 amending CRD4.

"**EU Regulatory Capital Requirements**" means EU CRD IV, EU CRD V and EU CRD VI.

"**Increased Costs**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction in the rate of return from a Facility or on a Finance Party's (or its Affiliate's) overall
capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an additional or increased cost; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a reduction of any amount due and payable under any Finance Document,

which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document.

"**Regulatory Capital Requirements**" means Basel III, any EU Regulatory Capital Requirements or any UK Regulatory Capital Requirements or any law or regulation that implements or applies Basel III, any EU Regulatory Capital Requirements or any UK Regulatory Capital Requirements.

"**UK Regulatory Capital Requirements**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) CRR and CRR2 as they form part of domestic law of the United Kingdom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the law of the United Kingdom or any part of it, which immediately before IP completion day (as defined
in the WAA) implemented CRD4 and CRD5 and their respective implementing measures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) direct EU legislation (as defined in the Withdrawal Act), which immediately before IP completion day (as
defined in the WAA) implemented EU CRD IV and EU CRD V as it forms part of domestic law of the United Kingdom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any law or regulation which amends, supplements, replaces or restates any law or regulation specified
in paragraphs (i) to (iii) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any law or regulation which otherwise implements or is related to the implementation of Basel III or any
other regulatory capital requirement in the United Kingdom.

"**WAA**" means the European Union (Withdrawal Agreement) Act 2020.

"**Withdrawal Act**" means the European Union (Withdrawal) Act 2018.

18.2 **Increased Cost claims** 

(a) A Finance Party intending to make a claim pursuant to Clause 18.1 (*Increased Costs*) shall notify
the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Parent.

(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.

18.3 **Exceptions** 

(a) Clause 18.1 (*Increased Costs*) does not apply to the extent any Increased Cost is:

&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;(ii) attributable to a FATCA Deduction required to be made by a Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) compensated for by Clause 17.3 (*Tax indemnity*) (or would have been compensated for under Clause
17.3 (*Tax indemnity*) but was not so compensated solely because any of the exclusions in paragraph (b) of Clause 17.3 (*Tax indemnity*) applied); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation.

(b) In this Clause 18.3, a reference to a "**Tax Deduction**" has the same meaning given to that
term in Clause 17.1 (*Definitions*).

19. **Other indemnities** 

19.1 **Currency indemnity** 

(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 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;(i) making or filing a claim or proof against that Obligor;

&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 three 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.

(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.

19.2 **Other indemnities** 

The Parent shall (or shall procure that an Obligor will), within three Business Days of demand, indemnify each Finance Party against any cost, loss or liability incurred by that Finance Party as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the occurrence of any Event of Default;

&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 31 (*Sharing among the Finance Parties*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) funding, or making arrangements to fund, its participation in a Loan requested by 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;(d) a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by a Borrower
or the Parent.

19.3 **Indemnity to the Agent** 

The Parent shall promptly indemnify the Agent against any cost, loss or liability incurred by the Agent (acting reasonably) as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) investigating any event which it reasonably believes is a Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct
and appropriately authorised; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as
permitted under this Agreement.

20. **Mitigation by the Lenders** 

20.1 **Mitigation** 

(a) Each Finance Party shall, in consultation with the Parent, take all reasonable steps to mitigate any circumstances
which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 12.1 (*Illegality*),
Clause 17 (*Tax gross-up and indemnities*) or Clause 18 (*Increased Costs*) including (but not limited to) transferring its
rights and obligations under the Finance Documents to another Affiliate or Facility Office.

(b) Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents.

20.2 **Limitation of liability** 

(a) The Parent shall promptly indemnify each Finance Party for all costs and expenses reasonably incurred
by that Finance Party as a result of steps taken by it under Clause 20.1 (*Mitigation*).

(b) A Finance Party is not obliged to take any steps under Clause 20.1 (*Mitigation*) if, in the opinion
of that Finance Party (acting reasonably), to do so might be prejudicial to it.

21. **Costs and expenses** 

21.1 **Transaction expenses** 

The Parent shall promptly on demand pay to the Agent and the Arranger the amount of all costs and expenses (including pre-agreed legal fees) reasonably incurred by any of them in connection with the negotiation, preparation, printing, execution and syndication of:

&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;(b) any other Finance Documents executed after the date of this Agreement.

21.2 **Amendment costs** 

If:

&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;(b) an amendment is required pursuant to Clause 32.10 (*Change of currency*),

the Parent shall, within three Business Days of demand, reimburse the Agent for the amount of all costs and expenses (including legal fees) reasonably incurred by the Agent in responding to, evaluating, negotiating or complying with that request or requirement.

21.3 **Enforcement costs** 

The Parent shall, within three Business Days of demand, pay to each Finance Party the amount of all costs and expenses (including legal fees) incurred by that Finance Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document.

**SECTION 7**

**GUARANTEE**

22. **Guarantee and indemnity** 

22.1 **Guarantee and indemnity** 

Each Guarantor irrevocably and unconditionally jointly and severally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) guarantees to each Finance Party punctual performance by each Borrower of all that Borrower's obligations
under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) undertakes with each Finance Party that 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;(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 22 if the amount claimed had been recoverable on the basis
of a guarantee.

22.2 **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.

22.3 **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 22 will continue or be reinstated as if the discharge, release or arrangement had not occurred.

22.4 **Waiver of defences** 

The obligations of each Guarantor under this Clause 22 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 22 (without limitation and whether or not known to it or any Finance Party) including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any time, waiver or consent granted to, or composition with, any Obligor or other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the release of any other Obligor or any other person under the terms of any composition or arrangement
with any creditor of any member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect,
take up or enforce, any rights against, or security over assets of, any Obligor or other person or any non-presentation or non-observance
of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any incapacity or lack of power, authority or legal personality of or dissolution or change in the members
or status of an Obligor or any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more
onerous) or replacement of 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;(f) any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document
or any other document or security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any insolvency or similar proceedings.

22.5 **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 22. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

22.6 **Appropriations** 

Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) refrain from applying or enforcing any other moneys, security or rights held or received by that Finance
Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it
sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any
Guarantor's liability under this Clause 22.

22.7 **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 22:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to be indemnified by an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to claim any contribution from any other guarantor of any Obligor's obligations under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights
of the Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the
Finance Documents by any Finance Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform
any obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under Clause 22.1 (*Guarantee and indemnity*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to exercise any right of set-off against any Obligor; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to claim or prove as a creditor of any Obligor in competition with any Finance Party.

If a Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer the same to the Agent or as the Agent may direct for application in accordance with Clause 32 (*Payment mechanics*).

22.8 **Release of Guarantors' right of contribution** 

If any Guarantor (a "**Retiring Guarantor**") ceases to be a Guarantor in accordance with the terms of the Finance Documents for the purpose of any sale or other disposal of that Retiring Guarantor then on the date such Retiring Guarantor ceases to be a Guarantor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that Retiring Guarantor is released by each other Guarantor from any liability (whether past, present
or future and whether actual or contingent) to make a contribution to any other Guarantor arising by reason of the performance by any
other Guarantor of its obligations under the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each other Guarantor waives any rights it may have by reason of the performance of its obligations under
the Finance Documents to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance
Parties under any Finance Document or of any other security taken pursuant to, or in connection with, any Finance Document where such
rights or security are granted by or in relation to the assets of the Retiring Guarantor.

22.9 **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.

**SECTION 8**

**REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT**

23. **Representations** 

Each Obligor makes the representations and warranties set out in this Clause 23 to each Finance Party on the date of this Agreement.

23.1 **Status** 

(a) It is a corporation, duly incorporated and validly existing under the law of its jurisdiction of incorporation.

(b) It and each of its Subsidiaries has the power to own its assets and carry on its business as it is being
conducted.

23.2 **Binding obligations** 

Subject to the Legal Reservations, the obligations expressed to be assumed by it in each Finance Document are legal, valid, binding and enforceable obligations.

23.3 **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;(a) any law or regulation applicable to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) its or any of its Subsidiaries' constitutional documents; or

&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 which would reasonably be expected to have a Material Adverse Effect.

23.4 **Power and authority** 

Subject to the Legal Reservations, 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.

23.5 **Validity and admissibility in evidence** 

Subject to the Legal Reservations, all Authorisations required:

&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;(b) to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of incorporation,

have been obtained or effected and are in full force and effect.

23.6 **Governing law and enforcement** 

(a) Subject to the Legal Reservations, the choice of English law as the governing law of the Finance Documents
will be recognised and enforced in its jurisdiction of incorporation.

(b) Subject to the Legal Reservations, any judgment obtained in England in relation to a Finance Document
will be recognised and enforced in its jurisdiction of incorporation.

23.7 **Deduction of Tax** 

It is not required to make any Tax Deduction (as defined in Clause 17.1 (*Definitions*)) from any payment it may make under any Finance Document to a Lender which is a Qualifying Lender.

23.8 **No filing or stamp taxes** 

Under the law of its jurisdiction of incorporation 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 or similar tax be paid on or in relation to the Finance Documents or the transactions contemplated by the Finance Documents.

23.9 **No default** 

(a) No Event of Default is continuing or would result from the making of any Utilisation.

(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 might
have a Material Adverse Effect.

23.10 **No misleading information** 

(a) Any written factual information provided by any member of the Group for the purposes of the Information
Package was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated.

(b) Nothing has occurred or been omitted from the Information Package and no information has been given or
withheld that results in the information contained in the Information Package being untrue or misleading in any material respect.

23.11 **Financial statements** 

(a) The Original Financial Statements were prepared in accordance with IFRS consistently applied.

(b) The Original Financial Statements fairly present the financial condition of the Ice Cream Business during
the relevant financial year and the results of operations of the Ice Cream Business as at the end of and for the relevant financial year.

23.12 **Pari passu 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.

23.13 **No proceedings** 

(a) No litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency
which are likely to be adversely determined and, if adversely determined, would 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.

(b) No judgment or order of a court, arbitral body or agency which would 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.

23.14 **Anti-corruption law** 

Each member of the Group has conducted its businesses in compliance with applicable anti-corruption and anti-money laundering laws and has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.

23.15 **Sanctions** 

(a) No Obligor is engaged in any transaction, activity or conduct that could reasonably be expected to result
in it being a Sanctions Restricted Person.

(b) The Parent has implemented and maintains policies and procedures designed to ensure compliance by the
Parent and each other Obligor with applicable Sanctions.

23.16 **Repetition** 

The Repeating Representations are deemed to be made by each Obligor by reference to the facts and circumstances then existing on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date of each Utilisation Request and the first day of each Interest Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date of each Extension Request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of an Additional Obligor, the day on which the company becomes (and on which it is proposed
that the company becomes) an Additional Obligor.

24. **Information 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 **Financial statements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On and following the Listing Reorganisation Date, the Parent shall supply to the Agent in sufficient copies
for all the Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as soon as the same become available, but in any event within 180 days after the end of the relevant financial
year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the audited consolidated financial statements of ListCo for that financial year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the financial statements (audited if prepared but otherwise unaudited) of each Obligor other than ListCo;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as soon as the same become available, but in any event within 90 days after the end of its financial half
year, the consolidated financial statements of ListCo for that financial half year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parent shall supply to the Agent in sufficient copies for all the Lenders as soon as they become available
the carve out financial statements for the Ice Cream Business for the financial half year ended 30 June 2025.

24.2 **Material Subsidiaries** 

The Parent shall supply to the Agent, with each set of financial statements delivered pursuant to paragraph (a)(i)(A) of Clause 24.1 (*Financial statements*), a list of Material Subsidiaries as at the end of that financial year and by reference to such financial statements.

24.3 **Requirements as to financial statements** 

(a) Each set of financial statements delivered by the Parent pursuant to Clause 24.1 (*Financial statements*)
shall be certified by a director of the Parent as fairly presenting its (or, as the case may be, the Group's consolidated or the
Ice Cream Business' (as applicable)) financial condition as at the end of and for the period in relation to which those financial
statements were drawn up.

(b) The Parent shall procure that each set of financial statements delivered pursuant to Clause 24.1 (*Financial statements*) is prepared using IFRS.

24.4 **Information: miscellaneous** 

The Parent shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all documents dispatched by the Parent to its shareholders (or any class of them) or its creditors generally
at the same time as they are dispatched;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings
which are current, threatened or pending against any member of the Group, and which are likely to be adversely determined and, if adversely
determined, would have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral body or
agency which is made against any member of the Group, and which would have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as soon as reasonably practicable, if applicable, details of Unilever PLC's permanent withdrawal
from each of the Demerger and Listing Reorganisation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly, such further information regarding the financial condition, business and operations of any member
of the Group as any Finance Party (through the Agent) may reasonably request.

24.5 **Notification of default** 

(a) Each Obligor shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly
upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided by another Obligor).

(b) Promptly upon a request by the Agent, the Parent shall supply to the Agent a certificate signed by two
of its directors or senior officers on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying
the Default and the steps, if any, being taken to remedy it).

24.6 **Direct electronic delivery by Parent** 

The Parent may satisfy its obligation under this Agreement to deliver any information in relation to a Lender by delivering that information directly in accordance with Clause 34.6 (*Electronic communication*) by posting such information on its electronic website.

24.7 **"Know your customer" checks** 

(a) If:

&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;(ii) any change in the status 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;(iii) a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement
to a party that is not a Lender prior to such assignment or transfer,

obliges the Agent or any Lender (or, in the case of paragraph (iii) above, any prospective new Lender) to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in paragraph (iii) above, on behalf of any prospective new Lender) in order for the Agent, such Lender or, in the case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

(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.

(c) The Parent shall, by not less than 10 Business Days' prior written notice to the Agent, notify the Agent
(which shall promptly notify the Lenders) of its intention to request that one of its Subsidiaries becomes an Additional Obligor pursuant
to Clause 28 (*Changes to the Obligors*).

(d) Following the giving of any notice pursuant to paragraph (c) above, if the accession of such Additional
Obligor obliges the Agent or any Lender to comply with "know your customer" or similar identification procedures in circumstances
where the necessary information is not already available to it, the Parent shall promptly upon the request of the Agent or any Lender
supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf
of any Lender) or any Lender (for itself or on behalf of any prospective new Lender) in order for the Agent or such Lender or any prospective
new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under
all applicable laws and regulations pursuant to the accession of such Subsidiary to this Agreement as an Additional Obligor.

(e) Promptly following a request therefor, the Obligors shall provide information and documentation reasonably
requested by the Agent or any Lender for purposes of compliance with applicable "know your customer" requirements under the
Patriot Act, the Beneficial Ownership Regulation or other applicable anti-money laundering laws.

25. **General undertakings** 

The undertakings in this Clause 25 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.

25.1 **Authorisations** 

Each Obligor shall promptly:

&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;(b) on the request of the Agent, supply a certified copy to the Agent of,

any Authorisation required under any law or regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Finance Documents and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance Document.

25.2 **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.

25.3 **Anti-corruption** **and anti-money laundering law** 

Each Obligor shall (and the Parent shall ensure that each other member of the Group will):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) conduct its businesses in compliance with applicable anti-corruption laws and anti-money laundering laws;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) maintain policies and procedures designed to promote and achieve compliance with such laws.

25.4 **Negative pledge** 

In this Clause 25.4, "**Quasi-Security**" means an arrangement or transaction described in paragraph (b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor shall (and the Parent shall ensure that no other member of the Group will) create or permit
to subsist any Security over any of its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Obligor shall (and the Parent shall ensure that no other member of the Group will):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to
or re-acquired by an Obligor or any other member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sell, transfer or otherwise dispose of any of its receivables on recourse terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) enter into any arrangement under which money or the benefit of a bank or other account may be applied,
set-off or made subject to a combination of accounts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) enter into any other preferential arrangement having a similar effect,

in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Paragraphs (a) and (b) above do not apply to any Security or (as the case may be) Quasi-Security,
listed below:

ordinary course of its banking arrangements for the purpose of netting debit and credit balances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any payment or close out netting, set-off arrangement, cash collateral arrangement or margin posting,
in each case, pursuant to any hedging transaction entered into by a member of the Group for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) hedging any risk to which any member of the Group is exposed in its ordinary course of trading; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) its interest rate or currency management operations which are carried out in the ordinary course of business
and for non-speculative purposes only,

excluding, in each case, any Security or Quasi-Security under a credit support arrangement in relation to a hedging transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any lien arising by operation of law and in the ordinary course of trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Security or Quasi-Security arising under articles 24 or 25 of the General Terms and Conditions (*Algemene Bankvoorwaarden*) of any member of the Dutch Bankers' Association (*Nederlandse Vereniging van Banken*) or any similar term applied
by a financial institution in the Netherlands pursuant to general terms and conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Security or Quasi-Security was not created in contemplation of the acquisition of that asset by a
member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the principal amount secured has not been increased in contemplation of or since the acquisition of that
asset by a member of the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Security or Quasi-Security is removed or discharged within six months of the date of acquisition of
such asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any Security or Quasi-Security over or affecting any asset of any company 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Security or Quasi-Security was not created in contemplation of the acquisition of that company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the principal amount secured has not increased in contemplation of or since the acquisition of that company;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Security or Quasi-Security is removed or discharged within six months of that company becoming a member
of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any Security or Quasi-Security entered into pursuant to any Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any Security or Quasi-Security arising under any retention of title, hire purchase or conditional sale
arrangement or arrangements having similar effect in respect of goods supplied to a member of the Group in the ordinary course of trading
and on the supplier's standard or usual terms and not arising as a result of any default or omission by any member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any Security or Quasi-Security over bank accounts arising by operation of law or under the relevant financial
institution's standard terms and conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any Security or Quasi-Security over documents of title and goods arising in the ordinary course of bank
guarantee, letter of credit and other similar transactions entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any Security or Quasi-Security arising as a result of any cash cover provided in relation to any counter-indemnity,
guarantee or letter of credit or any similar arrangements entered into in respect of any bond, bank guarantee or letter of credit, provided
that the Financial Indebtedness incurred or arising in respect of such bond, bank guarantee or letter of credit is not prohibited by this
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any Security or Quasi-Security arising under any sale, factoring or discounting of receivables which is
solely over the asset or assets the subject of that arrangement (including bank accounts established
solely for the purposes of any such transaction and contracts, guarantees or other obligations in respect of such receivables);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any Security or Quasi-Security arising as a result of legal proceedings discharged within 90 days or otherwise
contested in good faith by appropriate proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any Security over rental deposits arising in the ordinary course of trading in respect of any property
leased or licenced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) any Security or Quasi-Security arising under any forward sale or purchase, sale and sale back or sale
and leaseback agreement up to an aggregate amount of EUR150,000,000 (or its equivalent in another currency or currencies) at any time;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) any Security or Quasi-Security securing indebtedness the principal amount of which (when aggregated with
the principal amount of any other indebtedness which has the benefit of Security or Quasi-Security given by any member of the Group other
than any permitted under paragraphs (i) to (xv) above) does not exceed the higher of EUR 300,000,000 (or its equivalent
in another currency or currencies) and 5 per cent. of Consolidated Total Assets at any time.

25.5 **Disposals** 

(a) No Obligor shall (and the Parent shall ensure that no other member of the Group will), whether in a single
transaction or a series of transactions (whether related or not) and whether voluntary or involuntary, sell, lease, transfer or otherwise
dispose of any asset.

(b) Paragraph (a) above does not apply to any sale, lease, transfer or other disposal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) made in the ordinary course of trading of the disposing entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) of assets 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;(iii) of any asset by a member of the Group made by any member of the Group to another member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) of obsolete or redundant assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) of cash or cash equivalent investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) of shares pursuant to management and employee share option schemes or pursuant to share buyback arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) by way of dividend or other distribution to its shareholders from its distributable reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) which is a lease or licence of property (including intellectual property to the extent not prohibited
by this Agreement) in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) arising as a result of any Security or Quasi-Security not prohibited under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) on arm's length terms of receivables to the extent they are sold on a non-recourse basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) arising as a result of the Listing Reorganisation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) where the higher of the market value or consideration receivable (when aggregated with the higher of the
market value or consideration receivable for any other sale, lease, transfer or other disposal, other than any permitted under paragraphs
(i) to (xi) above) does not exceed the higher of EUR 500,000,000 (or its equivalent in another currency or currencies)
and 9 per cent. of Consolidated Total Assets in any financial year.

25.6 **Merger** 

(a) No Obligor shall (and the Parent shall ensure that no other member of the Group will) enter into any amalgamation,
demerger, merger or corporate reconstruction except with one or more other members of the Group on a solvent basis provided that the relevant
Obligor is the surviving entity or otherwise with the consent of the Majority Lenders.

(b) Paragraph (a) above does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Listing Reorganisation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any sale, lease, transfer or other disposal permitted pursuant to Clause 25.5 (*Disposals*).

25.7 **Financial indebtedness** 

(a) No member of the Group (other than any Obligor) may incur any Financial Indebtedness.

(b) Paragraph (a) above does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Financial Indebtedness incurred under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Financial Indebtedness under finance leases of vehicles, plant, equipment or computers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Financial Indebtedness of any person acquired by a member of the Group which is incurred under arrangements
in existence at the date of acquisition, but only for a period of six months from the date of acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any derivative transaction protecting against or benefiting from fluctuations in any rate or price entered
into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Financial Indebtedness between a member of the Group and one or more other members of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Financial Indebtedness arising under any cash management or cash pooling arrangements entered into in
the ordinary course of its banking arrangements for the purpose of netting balances of members of the Group (or any similar or equivalent
arrangements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any counter-indemnity obligation and associated Financial Indebtedness in respect of any guarantee, indemnity,
bond, letter of credit or other instrument issued by a bank or financial institution for an obligation of any member of the Group provided
in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any Financial Indebtedness arising under any overdraft, bilateral, working capital, current account, letter
of credit, foreign exchange, BACS, SWIFT and/or other similar facilities entered into in the ordinary course of business up to a maximum
outstanding principal amount not exceeding EUR 100,000,000 (or its equivalent in another currency or currencies) in aggregate at any time;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Financial Indebtedness the principal amount of which (when aggregated with the principal amount of any
other Financial Indebtedness not permitted under the preceding paragraphs) in aggregate does not exceed the higher of EUR 300,000,000
(or its equivalent in another currency or currencies) and 5 per cent. of the Consolidated Total Assets at any time.

25.8 **Change of business** 

(a) Subject to paragraph (b) below, the Parent 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 at the date of this Agreement.

(b) Paragraph (a) above does not apply to the Listing Reorganisation.

25.9 **Sanctions** 

(a) No Obligor shall directly or, to the knowledge of that Obligor, indirectly use any monies advanced under
any Facility or lend, contribute or otherwise make available such monies to any Subsidiary or other person where the purpose of such monies
being used, lent, contributed or otherwise made available is to fund or facilitate any activity that would at that time be in breach of
applicable Sanctions (other than where such action is a Sanctions Permitted Action).

(b) Each Obligor shall take reasonable steps to ensure that it will not directly or indirectly fund all or
any part of a payment to a Finance Party out of proceeds derived from any business or transaction which is prohibited by applicable Sanctions
(other than where such action is a Sanctions Permitted Action).

(c) The Parent shall (and shall procure that each other member of the Group will) implement and maintain appropriate
policies and procedures to prevent any action being taken which would be contrary to paragraph (a) or (b) above.

(d) Subject to paragraph (e) below, any provision of this Clause 25.9 or Clause 23.15 (*Sanctions*)
shall not apply to or in favour of any person if and to the extent that it would result in a breach, by or in respect of that person,
of any applicable Blocking Law (a "**Blocked Provision** ").

(e) Paragraph (d) shall not apply to any Finance Party who has given written notice to the Agent and
the Parent that paragraph (d) shall not apply to it, in which case, the Obligors shall comply with the Blocked Provisions for the
benefit of such Finance Parties.

(f) The Commitments of any Finance Party which does not have the benefit of a Blocked Provision (in whole
or in part) as result of a notice delivered pursuant to paragraph (e) above will be excluded for the purposes of determining whether
the consent of the Lenders or Majority Lenders has been obtained or whether a determination or direction of the Lenders or Majority Lenders
has been made in connection with any amendment, waiver, determination or direction relating to that Blocked Provision (insofar as any
Blocking Law is relevant to that determination).

(g) For the purposes of this Clause 25.9, "**Blocking Law**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any provision of Council Regulation (EC) No 2271/1996 of 22 November 1996 (or any law or regulation
implementing such Regulation in any member state of the European Union);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any provision of Council Regulation (EC) No 2271/1996 of 22 November 1996, as it forms part of domestic
law of the United Kingdom; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) section 7 of the German Foreign Trade Regulation (*Außenwirtschaftsverordnung*).

25.10 **Condition subsequent** 

The Company shall procure that, within five Business Days of the Listing Reorganisation Date, ListCo accedes as an Additional Guarantor in accordance with Clause 28.4 (*Additional Guarantors*).

26. **Events of Default** 

Each of the events or circumstances set out in this Clause 26 is an Event of Default (save for Clause 26.11 (*Acceleration*)).

26.1 **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;(a) its failure to pay is caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) administrative or technical error; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Disruption Event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) payment is made within three Business Days of its due date.

26.2 **Other obligations** 

(a) An Obligor does not comply with any provision of the Finance Documents (other than those referred to in
Clause 26.1 (*Non-payment*)).

(b) No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy
and is remedied within 20 Business Days of the earlier of (A) the Agent giving notice to the Parent and (B) the Parent becoming
aware of the failure to comply.

26.3 **Misrepresentation** 

(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.

(b) No Event of Default under paragraph (a) above will occur if the circumstances giving rise to a misrepresentation
are capable of remedy and are remedied within 20 Business Days of the earlier of (A) the Agent giving notice to the Parent and (B) the
Parent becoming aware of the circumstances giving rise to that misrepresentation.

26.4 **Cross default** 

(a) Any Financial Indebtedness of any Material Company is not paid when due nor within any originally applicable
grace period.

(b) Any Financial Indebtedness of any Material Company 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).

(c) Any commitment for any Financial Indebtedness of any Material Company is cancelled or suspended by a creditor
of any Material Company as a result of an event of default (however described).

(d) Any creditor of any Material Company becomes entitled to declare any Financial Indebtedness of any Material
Company due and payable prior to its specified maturity as a result of an event of default (however described).

(e) No Event of Default will occur under this Clause 26.4:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of any derivative transaction as a result of an event of default (however described) with respect
to the counterparty or a credit support provider for, or specified entity of, the counterparty, rather than with respect to a member of
the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in respect of any Financial Indebtedness where the obligation to pay that Financial Indebtedness is being
disputed in good faith and on reasonable grounds and where the relevant Material Company demonstrates to the reasonable satisfaction of
the Agent (acting on the instructions of the Majority Lenders) that it is taking appropriate legal or other action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within
paragraphs (a) to (d) above is less than EUR 75,000,000 (or its equivalent in any other currency or currencies).

26.5 **Insolvency** 

(a) Any Material Company:

&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;(ii) suspends making payments on any of its debts; or

&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.

(b) A moratorium is declared in respect of any indebtedness of any Material Company.

26.6 **Insolvency proceedings** 

Any corporate action, legal proceedings or other procedure or step is taken in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 Material Company other than a solvent liquidation
or reorganisation of any Material Company which is not an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a composition, compromise, assignment or arrangement with any creditor of any Material Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the appointment of a liquidator (other than in respect of a solvent liquidation of a Material Company
which is not an Obligor), receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of
any Material Company or any of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enforcement of any Security over any assets of any Material Company with a value in excess of EUR20,000,000
(or its equivalent in any other currency or currencies),

or any analogous procedure or step is taken in any jurisdiction.

This Clause 26.6 shall not apply to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within 15 Business Days of commencement.

26.7 **Creditors' process** 

Any expropriation, attachment, sequestration, distress or execution affects any asset or assets of a Material Company having an aggregate value in excess of EUR 20,000,000 (or its equivalent in any other currency or currencies) and is not discharged within 20 Business Days.

26.8 **Ownership of the Obligors** 

An Obligor (other than, prior to (and excluding) the ListCo Accession Date, the Company and on and following the ListCo Accession Date, ListCo) is not or ceases to be a Subsidiary of the Parent.

26.9 **Unlawfulness** 

It is or becomes unlawful for an Obligor to perform any of its obligations under the Finance Documents.

26.10 **Repudiation** 

An Obligor repudiates a Finance Document or evidences an intention to repudiate a Finance Document.

26.11 **Acceleration** 

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, by notice to the Parent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cancel each Available Revolving Facility Commitment of each Lender and of each Affiliate of any Lender
which is a Swingline Lender whereupon each such Available Revolving Facility Commitment shall immediately be cancelled and each Facility
shall immediately cease to be available for further utilisation;

&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; and/or

&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.

**SECTION 9**

**CHANGES TO PARTIES**

27. **Changes to the Lenders** 

27.1 **Assignments and transfers by the Lenders** 

Subject to this Clause 27, a Lender (the "**Existing Lender**") may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) assign any of its rights;

&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;(c) sub-participate any of its rights and obligations,

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**").

27.2 **Parent consent** 

(a) The consent of the Parent is required for an assignment, transfer or sub-participation by an Existing
Lender, unless the assignment, transfer or sub-participation is:

&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;(ii) in the case of a sub-participation, there is no transfer of voting rights or the right to consent to any
amendments or waivers in respect of the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) made at a time when an Event of Default is continuing.

(b) The consent of the Parent to an assignment, transfer or sub-participation must not be unreasonably withheld
or delayed. The Parent will be deemed to have given its consent ten Business Days after the Existing Lender has requested it unless consent
is expressly refused by the Parent within that time. For the avoidance of doubt, it shall not be deemed unreasonable for the Parent to
withhold consent if a New Lender does not have a Requisite Rating.

27.3 **Other conditions of assignment or transfer** 

(a) An assignment will only be effective on:

&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 an Original Lender; and

&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.

(b) A transfer will only be effective if the procedure set out in Clause 27.6 (*Procedure for transfer*)
is complied with.

(c) If:

&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;(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 17 (*Tax gross-up and indemnities*) or Clause 18 (*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 paragraph (c) shall not apply in respect of an assignment or transfer made in the ordinary course of the primary syndication of any Facility.

(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.

(e) Notwithstanding any other term of this Agreement, each Lender shall ensure that, at all times, its Overall
Commitment is not less than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its Euro Swingline Commitment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if it does not have a Euro Swingline Commitment, the Euro Swingline Commitment of a Lender which is its
Affiliate.

(f) Notwithstanding any other term of this Agreement, each Lender shall ensure that, at all times, its Overall
Commitment is not less than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its US Dollar Swingline Commitment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if it does not have a US Dollar Swingline Commitment, the US Dollar Swingline Commitment of a Lender which
is its Affiliate.

27.4 **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 €3,500.

27.5 **Limitation of responsibility of Existing Lenders** 

(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;(i) the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other
documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the financial condition of any Obligor;

&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;(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.

(b) Each New Lender confirms to the Existing Lender and the other Finance Parties that it:

&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 in connection with any Finance Document; and

&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.

(c) Nothing in any Finance Document obliges an Existing Lender to:

&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 27; or

&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.

27.6 **Procedure for transfer** 

(a) Subject to the conditions set out in Clause 27.2 (*Parent consent*) and Clause 27.3 (*Other conditions of assignment or transfer*) a transfer is effected in accordance with paragraph (c) below when the Agent executes an otherwise
duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below,
as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the
terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate.

(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.

(c) Subject to Clause 27.10 (*Pro rata interest settlement*), on the Transfer Date:

&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 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;(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 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;(iii) the Agent, the Arranger, the New Lender and other Lenders 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 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;(iv) the New Lender shall become a Party as a "Lender".

27.7 **Procedure for assignment** 

(a) Subject to the conditions set out in Clause 27.2 (*Parent consent*) and Clause 27.3 (*Other conditions of assignment or transfer*) an assignment may be effected in accordance with paragraph (c) below when the Agent executes an otherwise
duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below,
as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the
terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement.

(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.

(c) Subject to Clause 27.10 (*Pro rata interest settlement*), on the Transfer Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Existing Lender will assign absolutely to the New Lender the 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;(ii) the Existing Lender will be released by each Obligor and the other Finance Parties from the obligations
owed by it (the "**Relevant Obligations**") and expressed to be the subject of the release in the Assignment Agreement; and

&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.

(d) Lenders may utilise procedures other than those set out in this Clause 27.7 to assign their rights under
the Finance Documents (but not, without the consent of the relevant Obligor or unless in accordance with Clause 27.6 (*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 27.2 (*Parent consent*) and Clause
27.3 (*Other conditions of assignment or transfer*).

27.8 **Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Parent** 

The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate, an Assignment Agreement or an Increase Confirmation, send to the Parent a copy of that Transfer Certificate, Assignment Agreement or Increase Confirmation.

27.9 **Security over Lenders' rights** 

In addition to the other rights provided to Lenders under this Clause 27, each Lender may without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any charge, assignment or other Security granted to any holders (or trustee or representatives of holders)
of obligations owed, or securities issued, by that Lender as security for those obligations or securities,

except that no such charge, assignment or Security shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary
of the relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) require any payments to be made by an Obligor other than or in excess of, or grant to any person any more
extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents.

27.10 **Pro rata interest settlement** 

(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 27.6 (*Procedure for transfer*)
or any assignment pursuant to Clause 27.7 (*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;(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;(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;&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;&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 27.10, have been payable to it on that date, but after deduction of the Accrued Amounts.

(b) In this Clause 27.10 references to "Interest Period" shall be construed to include a reference
to any other period for accrual of fees.

(c) An Existing Lender which retains the right to the Accrued Amounts pursuant to this Clause 27.10 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.

28. **Changes to the Obligors** 

28.1 **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.

28.2 **Additional Borrowers** 

(a) Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 24.7 (*"Know your customer" checks*), the Parent may request that any of its Subsidiaries becomes an Additional Borrower. That Subsidiary shall
become an Additional Borrower if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is incorporated in the Netherlands or otherwise if all Lenders approve the addition of that Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Parent delivers to the Agent a duly completed and executed Accession Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Parent confirms that no Default is continuing or would occur as a result of that Subsidiary becoming
an Additional Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Agent has received all of the documents and other evidence listed in Part II of Schedule 2 (*Conditions precedent*) in relation to that Additional Borrower, each in form and substance satisfactory to the Agent.

(b) The Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in
form and substance satisfactory to it) all the documents and other evidence listed in Part II of Schedule 2 (*Conditions precedent*).

(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 paragraph (b) above, the Lenders authorise (but do not require) the Agent to give that
notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.

28.3 **Resignation of a Borrower** 

(a) The Parent may request that a Borrower (other than the Company) ceases to be a Borrower by delivering
to the Agent a Resignation Letter.

(b) The Agent shall accept a Resignation Letter and notify the Parent and the Lenders of its acceptance if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Default is continuing or would result from the acceptance of the Resignation Letter (and the Parent
has confirmed this is the case); and

&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,

whereupon that company shall cease to be a Borrower and shall have no further rights or obligations under the Finance Documents.

28.4 **Additional Guarantors** 

(a) Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 24.7 (*"Know your customer" checks*), the Parent may request that any of its Subsidiaries or ListCo become an Additional Guarantor. That Subsidiary
or ListCo shall become an Additional Guarantor if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Parent delivers to the Agent a duly completed and executed Accession Letter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Agent has received all of the documents and other evidence listed in Part II of Schedule 2 (*Conditions precedent*) in relation to that Additional Guarantor, each in form and substance satisfactory to the Agent.

(b) The Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in
form and substance satisfactory to it) all the documents and other evidence listed in Part II of Schedule 2 (*Conditions precedent*).

(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 paragraph (b) above, the Lenders authorise (but do not require) the Agent to give that
notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.

28.5 **Repetition of representations** 

Delivery of an Accession Letter constitutes confirmation by the Additional Obligor 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.

28.6 **Resignation of a Guarantor** 

(a) The Parent may request that a Guarantor (other than the Company or ListCo) ceases to be a Guarantor by
delivering to the Agent a Resignation Letter.

(b) The Agent shall accept a Resignation Letter and notify the Parent and the Lenders of its acceptance if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Default is continuing or would result from the acceptance of the Resignation Letter (and the Parent
has confirmed this is the case); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all the Lenders have consented to the Parent's request.

**SECTION 10**

**THE FINANCE PARTIES**

29. **Role of the Agent and the Arranger** 

29.1 **Appointment of the Agent** 

(a) Each of the Arranger and the Lenders appoints the Agent to act as its agent under and in connection with
the Finance Documents.

(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.

29.2 **Instructions** 

(a) The Agent shall:

&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph
(i) above.

(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. If the relevant Finance Document stipulates the matter is a decision for the Majority Lenders or a Lender or group of Lenders,
the Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested.

(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.

(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.

(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.

(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.

29.3 **Duties of the Agent** 

(a) The Agent's duties under the Finance Documents are solely mechanical and administrative in nature.

(b) Subject to paragraph (c) below, 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.

(c) Without prejudice to Clause 27.8 (*Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Parent*), paragraph (b) above shall not apply to any Transfer Certificate, any Assignment Agreement or any Increase Confirmation.

(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.

(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 and the Parent.

(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 and
the Parent.

(g) The Agent shall provide to the Parent, within three Business Days of a request by the Parent (but no more
frequently than once per calendar month), a list (which may be in electronic form) setting out the names of the Lenders as at the date
of that request, their respective Commitments and the address (and the department or officer, if any, for whose attention any communication
is to be made) of each Lender for any communication to be made or document to be delivered under or in connection with the Finance Documents,
the electronic mail address and/or any other information required to enable the transmission of information by electronic mail or other
electronic means to and by each Lender to whom any communication under or in connection with the Finance Documents may be made by that
means and the account details of each Lender for any payment to be distributed by the Agent to that Lender under the Finance Documents.

(h) 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).

29.4 **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.

29.5 **No fiduciary duties** 

(a) Nothing in any Finance Document constitutes the Agent or the Arranger as a trustee or fiduciary of any
other person.

(b) Neither the Agent nor the Arranger 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.

29.6 **Business with the Group** 

The Agent and the Arranger may accept deposits from, lend money to and generally engage in any kind of banking or other business with any member of the Group.

29.7 **Rights and discretions** 

(a) The Agent may:

&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;(ii) assume that:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;(iii) rely on a certificate from any person:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 paragraph (A) above, may assume the truth and accuracy of that certificate.

(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;(i) no Default has occurred (unless it has actual knowledge of a Default arising under Clause 26.1 (*Non-payment*));

&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;(iii) any notice or request made by the Parent (other than a Utilisation Request) is made on behalf of and with
the consent and knowledge of all the Obligors.

(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 provided that if the Agent claims or proposes to claim reimbursement for the costs of doing
so from any Obligor in accordance with any other provision of this Agreement, it shall (except in respect of a demand issued pursuant
to Clause 21.3 (*Enforcement costs*)) first agree the amount of such cost with the Parent (acting reasonably).

(d) Without prejudice to the generality of paragraph (c) above or paragraph (e) below, 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 provided that if the Agent claims or proposes
to claim reimbursement for the costs of doing so from any Obligor in accordance with any other provision of this Agreement, it shall first
agree the amount of such cost with the Parent (acting reasonably).

(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.

(f) The Agent may act in relation to the Finance Documents through its officers, employees and agents.

(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.

(h) Without prejudice to the generality of paragraph (g) above, the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) may disclose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on the written request of the Parent or the Majority Lenders shall, as soon as reasonably practicable,
disclose,

the identity of a Defaulting Lender to the Parent and to the other Finance Parties.

(i) 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.

(j) 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, power, authority or discretion if the performance of such duties are outside of the usual day-to-day course
of acting as an agent and (acting reasonably) and it has reasonable 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.

29.8 **Responsibility for documentation** 

Neither the Agent nor the Arranger is responsible or liable for:

&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 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;(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;(c) any determination as to whether any information provided or to be provided to any Finance Party is non-public
information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise.

29.9 **No duty to monitor** 

The Agent shall not be bound to enquire:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whether or not any Default has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as to the performance, default or any breach by any Party of its obligations under any Finance Document;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether any other event specified in any Finance Document has occurred.

29.10 **Exclusion of liability** 

(a) Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance
Document excluding or limiting the liability of the Agent), the Agent will not be liable for:

&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;(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, other than by reason of its gross negligence or wilful misconduct; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) without prejudice to the generality of paragraphs (i) and (ii) above, any damages, costs or
losses to any person, any diminution in value or any liability whatsoever (including, without limitation, for negligence or any other
category of liability whatsoever, but not including any claim based on the fraud of the Agent) arising as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any act, event or circumstance not reasonably within its control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

(b) No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the
Agent in respect of any claim it might have against the Agent or in respect of any act or omission of any kind by that officer, employee
or agent in relation to any Finance Document and any officer, employee or agent of the Agent may rely on this paragraph (b) subject
to Clause 1.4 (*Third party rights*) and the provisions of the Third Parties Act.

(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.

(d) Nothing in this Agreement shall oblige the Agent or the Arranger to carry out:

&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;(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.

(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 suffered (as determined by reference to the date of default of the Agent or, if later, the date on which the loss arises as a
result of such default) but without reference to any special conditions or circumstances known to the Agent at any time which increase
the amount of that loss. In no event shall the Agent be liable for any loss of profits, goodwill, reputation, business opportunity or
anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Agent has been advised of the possibility
of such loss or damages.

29.11 **Lenders' indemnity to the Agent** 

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 incurred by the Agent (otherwise than by reason of the Agent's gross negligence or wilful misconduct) in acting as Agent under the Finance Documents (unless the Agent has been reimbursed by an Obligor pursuant to a Finance Document).

29.12 **Resignation of the Agent** 

(a) The Agent may resign and appoint one of its Affiliates acting through an office in the same jurisdiction
as its existing office as successor by giving notice to the Lenders and the Parent.

(b) Alternatively the Agent may resign by giving 30 days' notice to the Lenders and the Parent, in which case
the Majority Lenders (after consultation with the Parent) may appoint a successor Agent.

(c) If the Majority Lenders have not appointed a successor Agent in accordance with paragraph (b) above
within 20 days after notice of resignation was given, the retiring Agent (after consultation with the Parent) may appoint a successor
Agent (acting through an office in the same jurisdiction as the retiring Agent).

(d) The retiring Agent shall, at its own cost, make available to the successor Agent such documents and records
and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under
the Finance Documents.

(e) The Agent's resignation notice shall only take effect upon the appointment of a successor.

(f) 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 paragraph (d) above) but shall remain entitled to the benefit
of Clause 19.3 (*Indemnity to the Agent*) and this Clause 29 (and any agency fees for the account of the retiring Agent shall cease
to accrue from (and shall be payable on) that date). Its successor and each of the other Parties shall have the same rights and obligations
amongst themselves as they would have had if such successor had been an original Party.

(g) The Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall
use reasonable endeavours to appoint a successor Agent pursuant to paragraph (c) above) if on or after the date which is three months
before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Agent fails to respond to a request under Clause 17.8 (*FATCA information*) and the Parent or
a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application
Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information supplied by the Agent pursuant to Clause 17.8 (*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;(iii) the Agent notifies the Parent and the Lenders that the Agent will not be (or will have ceased to be) a
FATCA Exempt Party on or after that FATCA Application Date,

and (in each case) the Parent or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and the Parent or that Lender, by notice to the Agent, requires it to resign.

29.13 **Replacement of the Agent** 

(a) After consultation with the Parent, 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 same jurisdiction as the retiring Agent).

(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.

(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 paragraph (b) above) but shall remain entitled to the benefit of Clause
19.3 (*Indemnity to the Agent*) and this Clause 29 (and any agency fees for the account of the retiring Agent shall cease to accrue
from (and shall be payable on) that date).

(d) If the Agent resigns pursuant to Clause 29.12 (*Resignation of the Agent*) or is replaced pursuant
to this Clause 29.13, any Affiliate of that Agent which was the Swingline Agent shall also resign or retire on the same date.

(e) Any successor Agent and each of the other Parties shall have the same rights and obligations amongst themselves
as they would have had if such successor had been an original Party.

29.14 **Confidentiality** 

(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.

(b) If information is received by another division or department of the Agent, it may be treated as confidential
to that division or department and the Agent shall not be deemed to have notice of it.

29.15 **Relationship with the Lenders** 

(a) Subject to Clause 27.10 (*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;(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;(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.

(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 and
(where communication by electronic mail or other electronic means is permitted under Clause 34.6 (*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, electronic
mail address (or such other information), department and officer by that Lender for the purposes of Clause 34.2 (*Contact details*)
and paragraph (a)(ii) of Clause 34.6 (*Electronic communication*) 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.

29.16 **Credit appraisal by the 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 confirms to the Agent and the Arranger 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;(a) the financial condition, status and nature of each member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any other
agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether that 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;(d) the adequacy, accuracy or completeness of any other 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.

29.17 **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.

29.18 **Amounts paid in error** 

(a) If the Agent pays an amount to another Party and within five Business Days of the date of payment 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.

(b) Neither:

&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;(ii) the remedies of the Agent,

(whether arising under this Clause 29.18 or otherwise) which relate to an Erroneous Payment will be affected by any act, omission, matter or thing (including, without limitation, any obligation pursuant to which an Erroneous Payment is made) which, but for this paragraph (b), would reduce, release, preclude or prejudice any such obligation or remedy (whether or not known by the Agent or any other Party).

(c) All payments to be made by a Party to the Agent (whether made pursuant to this Clause 29.18 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.

(d) In this Agreement, "**Erroneous Payment**" means a payment of an amount by the Agent to another
Finance Party which the Agent determines (in its sole discretion) was made in error.

30. **Conduct of business by the Finance Parties** 

No provision of this Agreement will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner
it thinks fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available
to it or the extent, order and manner of any claim; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any
computations in respect of Tax.

31. **Sharing among the Finance Parties** 

31.1 **Payments to Finance Parties** 

If a Finance Party (a "**Recovering Finance Party**") receives or recovers any amount from an Obligor other than in accordance with Clause 32 (*Payment mechanics*) (a "**Recovered Amount**") and applies that amount to a payment due under the Finance Documents then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery
to the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance
Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance with Clause 32
(*Payment mechanics*), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery
or distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent
an amount (the "**Sharing Payment**") equal to such receipt or recovery less any amount which the Agent determines may be
retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 32.6 (*Partial payments*).

31.2 **Redistribution of payments** 

The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) (the "**Sharing Finance Parties**") in accordance with Clause 32.6 (*Partial payments*) towards the obligations of that Obligor to the Sharing Finance Parties.

31.3 **Recovering Finance Party's rights** 

On a distribution by the Agent under Clause 31.2 (*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.

31.4 **Reversal of redistribution** 

If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that
Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary
to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party
is required to pay) (the "**Redistributed Amount** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as between the relevant Obligor 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.

31.5 **Exceptions** 

(a) This Clause 31 shall not apply to the extent that the Recovering Finance Party would not, after making
any payment pursuant to this Clause, have a valid and enforceable claim against the relevant Obligor.

(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;(i) it notified that other Finance Party of the legal or arbitration proceedings; and

&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.

**SECTION 11**

**ADMINISTRATION**

32. **Payment mechanics** 

32.1 **Payments to the Agent** 

(a) On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that
Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on
the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the
relevant currency in the place of payment.

(b) Payment shall be made to such account in the principal financial centre of the country of that currency
(or, in relation to euro, in a principal financial centre in such Participating Member State or London, as specified by the Agent) and
with such bank as the Agent, in each case, specifies.

32.2 **Distributions by the Agent** 

Each payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 32.3 (*Distributions to an Obligor*) and Clause 32.4 (*Clawback and pre-funding*), be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five Business Days' notice with a bank specified by that Party in the principal financial centre of the country of that currency (or, in relation to euro, in the principal financial centre of a Participating Member State or London, as specified by that Party).

32.3 **Distributions to an Obligor** 

The Agent may (with the consent of the Obligor or in accordance with Clause 33 (*Set-off*)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.

32.4 **Clawback and pre-funding** 

(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.

(b) Unless paragraph (c) below applies, if the Agent pays an amount to another Party and it proves to
be the case that the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange
contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment
to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds.

(c) If the Agent is willing to make available amounts for the account of a Borrower before receiving funds
from the Lenders then if and to the extent that the Agent does so but it proves to be the case that it does not then receive funds from
a Lender in respect of a sum which it paid to a Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Agent shall notify the Parent 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;(ii) the Lender by whom those funds should have been made available or, if that Lender fails to do so, the
Borrower to whom that sum was made available, shall on demand pay to the Agent the amount (as certified by the Agent) which will indemnify
the Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender.

32.5 **Impaired Agent** 

(a) If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make
a payment under the Finance Documents to the Agent in accordance with Clause 32.1 (*Payments to the Agent*) may instead either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pay that amount direct to the required recipient(s); or

&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 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.

(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.

(c) A Party which has made a payment in accordance with this Clause 32.5 shall be discharged of the relevant
payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of
the trust account.

(d) Promptly upon the appointment of a successor Agent in accordance with Clause 29.13 (*Replacement of the Agent*), each Paying Party shall (other than to the extent that Party has given an instruction pursuant to paragraph (e) below)
give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest)
to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 32.2 (*Distributions by the Agent*).

(e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that it has not given an instruction pursuant to paragraph (d) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that it has been provided with the necessary information by that Recipient Party,

give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.

32.6 **Partial payments** 

(a) Subject to Clauses 7.10 (*Partial payments – Euro Swingline Facility*) and 9.8 (*Partial payments – US Dollar Swingline Facility*), 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;(i) **first**, in or towards payment pro rata of any unpaid amount owing to the Agent or the Arranger under
the Finance Documents;

&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 this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **thirdly**, in or towards payment pro rata of any principal due but unpaid under this Agreement; and

&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.

(b) The Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii) to
(iv) above.

(c) Paragraphs (a) and (b) above will override any appropriation made by an Obligor.

32.7 **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.

32.8 **Business Days** 

(a) Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall
be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

(b) During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest
is payable on the principal or Unpaid Sum at the rate payable on the original due date.

32.9 **Currency of account** 

(a) Subject to paragraphs (b) to (e) below, the Base Currency is the currency of account and payment
for any sum due from an Obligor under any Finance Document.

(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.

(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.

(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.

(e) Any amount expressed to be payable in a currency other than the Base Currency shall be paid in that other
currency.

32.10 **Change of currency** 

(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;(i) any reference in the Finance Documents to, and any obligations arising under the Finance Documents in,
the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated by the Agent
(after consultation with the Parent); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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).

(b) If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting
reasonably and after consultation with the Parent) specifies to be necessary, be amended to comply with any generally accepted conventions
and market practice in the Relevant Market and otherwise to reflect the change in currency.

32.11 **Disruption to payment systems etc.** 

If either the Agent determines (in its discretion) that a Disruption Event has occurred or the Agent is notified by the Parent that a Disruption Event has occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent may, and shall if requested to do so by the Parent, consult with the Parent with a view to agreeing
with the Parent such changes to the operation or administration of the Facilities as the Agent may deem necessary in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent shall not be obliged to consult with the Parent in relation to any changes mentioned in paragraph
(a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to
agree to such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) above
but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any such changes agreed upon by the Agent and the Parent shall (whether or not it is finally determined
that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver of) the terms of
the Finance Documents notwithstanding the provisions of Clause 38 (*Amendments and waivers*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Agent shall not be liable for any damages, costs or losses to any person, any diminution in value
or any liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever
but not including any claim based on the fraud of the Agent) arising
as a result of its taking, or failing to take, any actions pursuant to or in connection with this Clause 32.11; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above.

33. **Set-off** 

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.

34. **Notices** 

34.1 **Communications in writing** 

Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by electronic mail or letter.

34.2 **Contact details** 

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;(a) in the case of the Company, that identified with its name below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of each Lender or any other Obligor, that notified in writing to the Agent on or prior to
the date on which it becomes a Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of the Agent, 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.

34.3 **Delivery** 

(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;(i) if by email, when received in legible form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if by way of letter, when it has been left at the relevant address or five Business Days after being deposited
in the post, postage prepaid in an envelope addressed to it at that address,

and, if a particular department or officer is specified as part of its address details provided under Clause 34.2 (*Contact details*), if addressed to that department or officer.

(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).

(c) All notices from or to an Obligor shall be sent through the Agent.

(d) Any communication or document made or delivered to the Parent in accordance with this Clause will be deemed
to have been made or delivered to each of the Obligors.

(e) Any communication or document which becomes effective, in accordance with paragraphs (a) to (d) above,
after 5:00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

34.4 **Notification of address and email address** 

Promptly upon changing its address or email address, the Agent shall notify the other Parties.

34.5 **Communication when Agent is Impaired Agent** 

If the Agent is an Impaired Agent the Parties may, instead of communicating with each other through the Agent, communicate with each other directly and (while the Agent is an Impaired Agent) all the provisions of the Finance Documents which require communications to be made or notices to be given to or by the Agent shall be varied so that communications may be made and notices given to or by the relevant Parties directly. This provision shall not operate after a replacement Agent has been appointed.

34.6 **Electronic communication** 

(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;(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;(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.

(b) Any such electronic communication or delivery as specified in paragraph (a) above to be made between
an Obligor and a Finance Party may only be made in that way to the extent that those two Parties agree that, unless and until notified
to the contrary, this is to be an accepted form of communication or delivery.

(c) Any such electronic communication or document as specified in paragraph (a) above 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.

(d) Any electronic communication or document which becomes effective, in accordance with paragraph (c) above,
after 5:00 p.m. in the place in which the Party to whom the relevant communication 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.

(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 34.6.

34.7 **English language** 

(a) Any notice given under or in connection with any Finance Document must be in English.

(b) All other documents provided under or in connection with any Finance Document must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in English; or

&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.

35. **Calculations and certificates** 

35.1 **Accounts** 

In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate.

35.2 **Certificates and determinations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any certification or determination by a Finance Party of a rate or amount under any Finance Document shall
set out in reasonable detail the basis of calculation of that rate or amount and is, in the absence of manifest error, conclusive evidence
of the matters to which it relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No director, officer, employee or other representative of an Obligor shall incur personal liability by
signing any notice, certificate or document in connection with any Finance Document. Any director, officer or other representative of
an Obligor may, subject to Clause 1.4 (*Third party rights*) and the Third Parties Act, rely on this paragraph (b).

35.3 **Day count convention and interest calculation** 

&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 the
amount of any such interest, commission or fee is calculated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on the basis of the actual number of days elapsed and a year of 360 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;&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;(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 2 decimal places.

36. **Partial invalidity** 

If, at any time, any provision of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

37. **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 of the Finance Documents. No waiver or 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.

38. **Amendments and waivers** 

38.1 **Required consents** 

(a) Subject to Clause 38.2 (*All Lender matters*) and Clause 38.3 (*Other exceptions*) any term
of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Obligors and any such amendment
or waiver will be binding on all Parties.

(b) The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause.

(c) Paragraph (c) of Clause 27.10 (*Pro rata interest settlement*) shall apply to this Clause 38.

38.2 **All Lender matters** 

Subject to Clause 38.4 (*Changes to reference rates*) an amendment or waiver of any term of any Finance Document that has the effect of changing or which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the definition of "Majority Lenders" in Clause 1.1 (*Definitions*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an extension to the date of payment of any amount under the Finance Documents (other than an extension
to the Termination Date agreed to by a Lender pursuant to Clause 11.2 (*Extension option*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or
commission payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a change in currency of payment of any amount under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an increase in any Commitment, an extension of any Availability Period or any requirement that a cancellation
of Commitments reduces the Commitments of the Lenders rateably under the relevant Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a change to the Borrowers or Guarantors other than in accordance with Clause 28 (*Changes to the Obligors*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any provision which expressly requires the consent of all the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Clause 2.3 (*Finance Parties' rights and obligations*), Clause 5.1 (*Delivery of a Utilisation Request*), paragraph (a) of Clause 6.2 (*Delivery of a Utilisation Request for Euro Swingline Loans*), paragraph (a) of
Clause 8.2 (*Delivery of a Utilisation Request for US Dollar Swingline Loans*), Clause 12.1 (*Illegality*), Clause 12.2 (*Change of control*), Clause 12.3 (*Mandatory cancellation – Demerger and Listing Reorganisation*), Clause 12.8 (*Application of prepayments*), Clause 27 (*Changes to the Lenders*), Clause 28 (*Changes to the Obligors*), Clause 31 (*Sharing among the Finance Parties*), this Clause 38, Clause 43 (*Governing law*) or Clause 44.1 (*Jurisdiction*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the nature or scope of the guarantee and indemnity granted under Clause 22 (*Guarantee and indemnity*);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the definition of "Sanctions", "Sanctions Authority" or "Sanctions Restricted
Person" in Clause 1.1 (*Definitions*), Clause 23.15 (*Sanctions*) or Clause 25.9 (*Sanctions*);

shall not be made without the prior consent of all the Lenders.

38.3 **Other exceptions** 

An amendment or waiver which relates to the rights or obligations of the Agent or the Arranger (each in their capacity as such) may not be effected without the consent of the Agent or the Arranger, as the case may be.

38.4 **Changes to reference rates** 

(a) Subject to Clause 38.3 (*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;(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;&nbsp;&nbsp;&nbsp;&nbsp;(A) aligning any provision of any Finance Document to the use of that Replacement Reference Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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 Obligors.

(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;(i) relates to the use of the RFR for that currency on a compounded basis in the international or any relevant
domestic syndicated loan markets; and

&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.

(c) If any Lender fails to respond to a request for an amendment or waiver described in paragraph (a) or
(b) above within 15 Business Days (or such longer time period in relation to any request which the Parent and the Agent may agree)
of that request being made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its Commitment(s) shall not be included for the purpose of calculating the Total Commitments under
the relevant Facility/ies when ascertaining whether any relevant percentage of Total Commitments has been obtained to approve that request;
and

&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.

(d) In this Clause 38.4:

"**Published Rate**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Primary Term Rate for any Quoted Tenor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an RFR.

"**Published Rate Replacement Event**" means, in relation to a Published Rate:

&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 Obligors, materially changed;

(b) (i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in the case of the Primary Term Rate for any Quoted Tenor for euro, 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); or

&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 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;&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 Obligors) temporary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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;(d) in the opinion of the Majority Lenders and the Obligors, 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.

"**Replacement Reference Rate**" means a reference rate which is:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the administrator of that Published Rate (**provided that** the market or the economic reality that
such reference 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;&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 (ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the opinion of the Majority Lenders and the Obligors, 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;(c) in the opinion of the Majority Lenders and the Obligors, an appropriate successor to a Published Rate.

38.5 **Disenfranchisement of Defaulting Lenders** 

(a) For so long as a Defaulting Lender has any Available Revolving Facility Commitment, in ascertaining:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Majority Lenders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments under
the relevant Facility/ies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the agreement of any specified group of Lenders,

has been obtained to approve any request for a consent, waiver, amendment or other vote under the Finance Documents,

that Defaulting Lender's Commitments under the relevant Facility/ies will be reduced by the amount of its Available Revolving Facility Commitments under the relevant Facility/ies and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent that that reduction results in that Defaulting Lender's Total Commitments being zero, that
Defaulting Lender shall be deemed not to be a Lender for the purposes of paragraphs (i) and (ii) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to the extent that that reduction results in that Defaulting Lender's Euro Swingline Commitment or US
Dollar Swingline Commitment being zero, that Defaulting Lender shall be deemed not to be a Swingline Lender, as applicable, for the purposes
of paragraph (ii)(B) above.

(b) For the purposes of this Clause 38.5, the Agent may assume that the following Lenders are Defaulting Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Lender which has notified the Agent that it has become a Defaulting Lender; and

&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 paragraph
(a), (b) or (c) of the definition of "Defaulting Lender" has occurred,

unless it has received notice to the contrary from the Lender concerned (together with any supporting evidence reasonably requested by the Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender.

38.6 **Excluded Commitments** 

If any Defaulting Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any term of any Finance Document or any other vote of Lenders under the terms of this Agreement within 10 Business Days (unless the Parent and the Agent agree to a longer time period in relation to any request) of that request being made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its Commitment(s) shall not be included for the purpose of calculating the Total Commitments under
the relevant Facility/ies when ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Total
Commitments has been obtained to approve that request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any
specified group of Lenders has been obtained to approve that request.

38.7 **Replacement of a Defaulting Lender** 

(a) The Parent may, at any time a Lender has become and continues to be a Defaulting Lender, by giving five
Business Days' prior written notice to the Agent and such Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) replace such Lender by requiring such Lender and any Affiliate of that Lender which is a Swingline Lender
to (and, to the extent permitted by law, such Lender and such Affiliate shall) transfer pursuant to Clause 27 (*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;(ii) require such Lender and such Affiliate to (and, to the extent permitted by law, such Lender and such Affiliate
shall) transfer pursuant to Clause 27 (*Changes to the Lenders*) all (and not part only) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the undrawn Revolving Facility Commitment of the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the undrawn Euro Swingline Commitment of the Lender or its Affiliate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the undrawn US Dollar Swingline Commitment of the Lender or its Affiliate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) require such Lender and such Affiliate to (and, to the extent permitted by law, such Lender and such Affiliate
shall) transfer pursuant to Clause 27 (*Changes to the Lenders*) all (and not part only) of its rights and obligations in respect
of the Revolving Facility, the Euro Swingline Facility and the US Dollar Swingline Facility,

to an Eligible Institution (a "**Replacement Lender**") which confirms its willingness to assume and does assume all the obligations, or all the relevant obligations, of the transferring Lender and any Affiliate of that Lender which is a Swingline Lender in accordance with Clause 27 (*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;(A) in an amount equal to the outstanding principal amount of the participation of such Lender and such Affiliate
in the outstanding Loans and all accrued interest (to the extent that the Agent has not given a notification under Clause 27.10 (*Pro rata interest settlement*)), Break Costs and other amounts payable in relation thereto under the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in an amount agreed between that Defaulting Lender, the Replacement Lender and the Parent and which does
not exceed the amount described in paragraph (A) above.

(b) Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause 38.7 shall be subject
to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Parent shall have no right to replace the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) none of the Agent, the Swingline Agent, the Defaulting Lender or any of its Affiliates shall have any
obligation to the Parent to find a Replacement Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the transfer must take place no later than five Business Days after the notice referred to in paragraph
(a) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in no event shall the Defaulting Lender or any of its Affiliates be required to pay or surrender to the
Replacement Lender any of the fees received by the Defaulting Lender or any of its Affiliates pursuant to the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Defaulting Lender or any of its Affiliates shall only be obliged to transfer its rights and obligations
pursuant to paragraph (a) above once it is satisfied that it has complied with all necessary "know your customer" or other
similar checks under all applicable laws and regulations in relation to that transfer to the Replacement Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Defaulting Lender and its Affiliates shall not be obliged to transfer its rights and obligations pursuant
to paragraph (a) above to the extent that the transfer would result in that Lender (or its Affiliate) failing to meet the requirement
set out in paragraph (e) or (f) of Clause 27.3 (*Other conditions of assignment or transfer*).

(c) The Defaulting Lender shall perform the checks described in paragraph (b)(v) above as soon as reasonably
practicable following delivery of a notice referred to in paragraph (a) above and shall notify the Agent and the Parent when it is
satisfied that it has complied with those checks.

39. **Confidential Information** 

39.1 **Confidentiality** 

(a) Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to
anyone, save to the extent permitted by Clause 39.2 (*Disclosure of Confidential Information*) and Clause 39.3 (*Disclosure to numbering service providers*), and to ensure that all Confidential Information is protected with security measures and a degree of
care that would apply to its own confidential information.

(b) Nothing in this Clause 39 shall prohibit any individual from communicating or disclosing information regarding
suspected violations of laws, rules, or regulations to a governmental, regulatory, or self-regulatory authority without any notification
to any person.

39.2 **Disclosure of Confidential Information** 

Any Finance Party may disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional
advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall consider appropriate if any
person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential
nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement
to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise
bound by requirements of confidentiality in relation to the Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly,
any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one
or more Finance Documents and/or one or more Obligors and to any of that person's Affiliates, Related Funds, Representatives and professional
advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) appointed by any Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies
to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including, without
limitation, any person appointed under paragraph (b) of Clause 29.15 (*Relationship with the Lenders*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or
indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to whom information is required or requested to be disclosed by any court of competent jurisdiction or
any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant
to any applicable law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to whom information is required to be disclosed in connection with, and for the purposes of, any litigation,
arbitration, administrative or other investigations, proceedings or disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 27.9 (*Security over Lenders' rights*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) who is a Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) with the consent of the Parent,

in each case, such Confidential Information as that Finance Party shall consider appropriate if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in relation to paragraphs (b)(i), (b)(ii) and (b)(iii) above, the person to whom the Confidential
Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality
Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the
Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be
given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the Confidential
Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential
Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive
information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so
to do in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or
 (b)(ii) above applies to provide administration or settlement services in respect of one or more of the Finance Documents
 including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential
 Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this
 paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality
 agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service
 Providers or such other form of
confidentiality undertaking agreed between the Parent and the relevant Finance Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to any rating agency (including its professional advisers) such Confidential Information as may be required
to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents and/or the
Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature and that some
or all of such Confidential Information may be price-sensitive information.

39.3 **Disclosure to numbering service providers** 

(a) Any Finance Party may disclose to any national or international numbering service provider appointed by
that Finance Party to provide identification numbering services in respect of this Agreement, the Facilities and/or one or more Obligors
the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) names of Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) country of domicile of Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) place of incorporation of Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Clause 43 (*Governing law*);

&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;(vii) date of each amendment and restatement of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) amounts of, and names of, the Facilities (and any tranches);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) amount of Total Commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) currencies of the Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) type of Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) ranking of Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Termination Date for the Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) changes to any of the information previously supplied pursuant to paragraphs (i) to (xiii) above;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) such other information agreed between such Finance Party and the Parent,

to enable such numbering service provider to provide its usual syndicated loan numbering identification services.

(b) The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facilities
and/or one or more Obligors by a numbering service provider and the information associated with each such number may be disclosed to users
of its services in accordance with the standard terms and conditions of that numbering service provider.

(c) The Parent represents that none of the information set out in paragraphs (i) to (xv) of paragraph
(a) above is, nor will at any time be, unpublished price-sensitive information.

(d) The Agent shall notify the Parent and the other Finance Parties of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Facilities
and/or one or more Obligors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number or, as the case may be, numbers assigned to this Agreement, the Facilities and/or one or more
Obligors by such numbering service provider.

39.4 **Entire agreement** 

This Clause 39 constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.

39.5 **Inside information** 

Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose.

39.6 **Notification of disclosure** 

Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Parent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of
Clause 39.2 (*Disclosure of Confidential Information*) except where such disclosure is made to any of the persons referred to in
that paragraph during the ordinary course of its supervisory or regulatory function; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon becoming aware that Confidential Information has been disclosed in breach of this Clause 39.

39.7 **Continuing obligations** 

The obligations in this Clause 39 are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of twelve months from the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date on which all amounts payable by the Obligors under or in connection with 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;(b) the date on which such Finance Party otherwise ceases to be a Finance Party.

39.8 **Annex IV of Directive 2011/16/EU** 

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.

40. **Confidentiality of Funding Rates** 

40.1 **Confidentiality and disclosure** 

(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 paragraphs (b) and (c) below.

(b) The Agent may disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Funding Rate to the relevant Borrower pursuant to Clause 13.5 (*Notifications*); and

&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.

(c) The Agent and each Obligor may disclose any Funding Rate to:

&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 paragraph (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;(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;(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;(iv) any person with the consent of the relevant Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing in this Clause 40 shall prohibit any individual from communicating or disclosing information regarding
suspected violations of laws, rules, or regulations to a governmental, regulatory, or self-regulatory authority without any notification
to any person.

40.2 **Related obligations** 

(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.

(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;(i) of the circumstances of any disclosure made pursuant to paragraph (c)(ii) of Clause 40.1 (*Confidentiality and disclosure*) 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;(ii) upon becoming aware that any information has been disclosed in breach of this Clause 40.

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;(a) any Bail-In Action in relation to any such liability, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued
but unpaid interest) in respect of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a conversion of all, or part of, any such liability into shares or other instruments of ownership that
may be issued to, or conferred on, it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 **Bail-in 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;(a) in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55
BRRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to the United Kingdom, the UK Bail-In Legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in relation to any state other than such an EEA Member Country and the United Kingdom, any analogous law
or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or
regulation.

"**EEA Member Country**" means any member state of the European Union, Iceland, Liechtenstein and Norway.

"**EU Bail-In Legislation Schedule**" means the document described as such and published by the Loan Market Association (or any successor person) from time to time.

"**Resolution Authority**" means any body which has authority to exercise any Write-down and Conversion Powers.

"**UK Bail-In Legislation**" means Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

"**Write-down and Conversion Powers**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time,
the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to the UK Bail-In Legislation, any powers under that UK Bail-In Legislation to cancel, transfer
or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment
firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument
under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any
other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend
any obligation in respect of that liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to
any of those powers; and

&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;&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;&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** 

(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** ").

(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;(a) irrevocably appoints Magnum ICC UK R&D Ltd of Port Sunlight, Wirral, Merseyside, United Kingdom, CH62
4ZD 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;(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.**

**Schedule 1** **<br> The Original Lenders**

**Part I** **<br> The Original Lenders – Revolving Facility Lenders**

---

| | |
|:---|:---|
| **Name of Original Revolving Facility Lender** | **Revolving Facility Commitment (€)** |
| &nbsp;&nbsp;BNP Paribas | 4545454.55 |
| &nbsp;&nbsp;BNP Paribas Fortis SA/NV | 86363636.45 |
| &nbsp;&nbsp;Bank of America Europe Designated Activity Company | 90909091.00 |
| &nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria, S.A., London Branch | 90909091.00 |
| &nbsp;&nbsp;Citibank Europe, PLC | 90909091.00 |
| &nbsp;&nbsp;Deutsche Bank Luxembourg S.A. | 90909091.00 |
| &nbsp;&nbsp;Goldman Sachs Bank USA | 90909091.00 |
| &nbsp;&nbsp;HSBC Continental Europe | 90909091.00 |
| &nbsp;&nbsp;ING Bank N.V. | 90909090.00 |
| &nbsp;&nbsp;JPMorgan Chase Bank, N.A., London Branch | 90909091.00 |
| &nbsp;&nbsp;Mizuho Bank, Ltd. | 90909091.00 |
| &nbsp;&nbsp;Morgan Stanley Bank, N.A. | 90909091.00 |
| &nbsp;&nbsp;**Total** | **1000000000** |

---

**Part II** **A<br> The Original Lenders – Euro Swingline Lenders**

---

| | |
|:---|:---|
| **Name of Original Euro Swingline Lender** | **Euro Swingline Commitment (euro)** |
| &nbsp;&nbsp;BNP Paribas | 2272727.25 |
| &nbsp;&nbsp;BNP Paribas Fortis SA/NV | 43181817.75 |
| &nbsp;&nbsp;Bank of America Europe Designated Activity Company | 45454545 |
| &nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria, S.A., London Branch | 45454545 |
| &nbsp;&nbsp;Citibank Europe, PLC | 45454545 |
| &nbsp;&nbsp;Deutsche Bank Luxembourg S.A. | 45454545 |
| &nbsp;&nbsp;Goldman Sachs Bank USA | 45454545 |
| &nbsp;&nbsp;HSBC Continental Europe | 45454545 |
| &nbsp;&nbsp;ING Bank N.V. | 45454546 |
| &nbsp;&nbsp;JPMorgan Chase Bank, N.A., London Branch | 45454547 |
| &nbsp;&nbsp;Mizuho Bank, Ltd. | 45454545 |
| &nbsp;&nbsp;Morgan Stanley Bank, N.A. | 45454547 |
| &nbsp;&nbsp;**Total** | **500000000** |

---

**Part IIB<br> The Original Lenders – US Dollar Swingline Lenders**

---

| | |
|:---|:---|
| **Name of Original US Dollar Swingline Lender** | **US Dollar Swingline Commitment (dollar)** |
| &nbsp;&nbsp;BNP Paribas | 2272727.25 |
| &nbsp;&nbsp;BNP Paribas Fortis SA/NV | 43181817.75 |
| &nbsp;&nbsp;Bank of America, N.A. | 45454545 |
| &nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria, S.A., London Branch | 45454545 |
| &nbsp;&nbsp;CITIBANK, N.A. | 45454545 |
| &nbsp;&nbsp;Deutsche Bank AG New York Branch | 45454545 |
| &nbsp;&nbsp;Goldman Sachs Bank USA | 45454545 |
| &nbsp;&nbsp;HSBC Continental Europe | 45454545 |
| &nbsp;&nbsp;ING Bank N.V. | 45454546 |
| &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | 45454547 |
| &nbsp;&nbsp;Mizuho Bank, Ltd. | 45454545 |
| &nbsp;&nbsp;Morgan Stanley Bank, N.A. | 45454547 |
| &nbsp;&nbsp;**Total** | **500000000** |

---

**Schedule 2** **<br> Conditions precedent** 

**Part I** **<br> Conditions precedent to initial Utilisation**

1. **Original Obligors** 

(a) A copy of the constitutional documents of each Original Obligor.

(b) An up-to-date extract from the Dutch trade register (*handelsregister*) relating to each Original
Obligor incorporated in the Netherlands.

(c) A copy of a resolution of the board of directors of each Original Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party
and resolving that it execute the Finance Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) authorising a specified person or persons to execute the Finance Documents to which it is a party on its
behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices
(including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection with the Finance Documents
to which it is a party.

(d) A specimen of the signature of each person authorised by the resolution referred to in paragraph (c) above.

(e) If applicable, a copy of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a request for advice from the central works council and interim project group, the latter currently acting
as the interim employee representative body of FinCo, in respect of the transactions contemplated by the Finance Documents to which it
becomes a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a positive or neutral advice (*advies*) from the combined central works council and interim project
group of FinCo which, if conditional, contains conditions which can reasonably be complied with and would not cause a breach of any term
of any Finance Document.

(f) A certificate of the Company (signed by an authorised signatory) confirming that borrowing or guaranteeing,
as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on any Original Obligor to
be exceeded.

(g) A certificate of the relevant Original Obligor (signed by an authorised signatory) certifying that each
copy document relating to it specified in this Part I of Schedule 2 is correct, complete and in full force and effect as at a date
no earlier than the date of this Agreement.

2. **Legal opinions** 

(a) A legal opinion of Allen Overy Shearman Sterling LLP, legal advisers to the Arranger and the Agent in
England, substantially in the form distributed to the Original Lenders prior to signing this Agreement.

(b) A legal opinion of Allen Overy Shearman Sterling LLP, legal advisers to the Arranger and the Agent in
the Netherlands, substantially in the form distributed to the Original Lenders prior to signing this Agreement.

3. **Other documents and evidence** 

(a) Evidence that any process agent referred to in Clause 44.2 (*Service of process*) has accepted its
appointment.

(b) Evidence that the Listing Reorganisation Date has occurred.

(c) The Original Financial Statements.

(d) Evidence that the fees, costs and expenses then due from the Parent pursuant to Clause 16 (*Fees*)
and Clause 21 (*Costs and expenses*) have been paid or will be paid by the first Utilisation Date.

**Part II** **<br> Conditions precedent required to be<br> delivered by an Additional Obligor**

1. An Accession Letter, duly executed by the Additional Obligor and the Parent.

2. A copy of the constitutional documents of the Additional Obligor.

3. An up-to-date extract from the Dutch trade register (*handelsregister*) relating to each Additional
Obligor incorporated in the Netherlands.

4. A copy of a resolution of the board of directors of the Additional Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) approving the terms of, and the transactions contemplated by, the Accession Letter and the Finance Documents
and resolving that it execute the Accession Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) authorising a specified person or persons to execute the Accession Letter on its behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents
and notices (including, in relation to an Additional Borrower, any Utilisation Request) to be signed and/or despatched by it under or
in connection with the Finance Documents.

5. A specimen of the signature of each person authorised by the resolution referred to in paragraph 4 above.

6. If applicable, a copy of a resolution signed by all the holders of the issued shares of the Additional
Obligor, approving the terms of, and the transactions contemplated by, the Finance Documents to which the Additional Obligor is a party.

7. If applicable, a copy of a resolution by the supervisory board of the Additional Obligor, approving the
terms of, and the transactions contemplated by, the Finance Documents to which the Additional Obligor is a party.

8. If the Additional Obligor is incorporated in the Netherlands and only if applicable, a copy of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a request for advice from the works council of the Additional Obligor incorporated in the Netherlands
in respect of the transactions contemplated by the Finance Documents to which it becomes a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a positive or neutral advice (*advies*) from the works council of the Additional Obligor incorporated
in the Netherlands which, if conditional, contains conditions which can reasonably be complied with and would not cause a breach of any
term of any Finance Document.

9. A certificate of the Additional Obligor (signed by an authorised signatory) confirming that borrowing
or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on it to be
exceeded.

10. A certificate of the Additional Obligor (signed by an authorised signatory) certifying that each copy
document listed in this Part II of Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the
date of the Accession Letter.

11. If available, the latest audited financial statements of the Additional Obligor.

12. A legal opinion of the legal advisers to the Arranger and the Agent in England.

13. If the Additional Obligor is incorporated in a jurisdiction other than England and Wales, a legal opinion
of the legal advisers to the Arranger and the Agent in the jurisdiction in which the Additional Obligor is incorporated.

14. If the proposed Additional Obligor is incorporated in a jurisdiction other than England and Wales, evidence
that the process agent specified in Clause 44.2 (*Service of process*), if not an Obligor, has accepted its appointment in relation
to the proposed Additional Obligor.

**Schedule 3**

**Requests**

**Part I**

**Utilisation Request – Revolving Facility**

From: [*Borrower*] / [*Parent*]

To: [*Agent*]

Dated:

**THE MAGNUM ICE CREAM COMPANY HOLDCO NETHERLANDS B.V. –<br> EUR [<u> </u>] Facility Agreement dated [<u> </u>] (the "Agreement")**

1. We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same
meaning in this Utilisation Request unless given a different meaning in this Utilisation Request.

---

| | | |
|:---|:---|:---|
| 2. | We wish to borrow a Loan on the following terms: | We wish to borrow a Loan on the following terms: |
|  | Proposed Utilisation Date: | [<u> </u>] (or, if that is not a Business Day, the next Business Day) |
|  | Facility to be utilised: | Revolving Facility |
|  | Currency of Loan: | [<u> </u>] |

---

---

| | |
|:---|:---|
| Amount: | [<u> </u>] or, if less, the Available Revolving Facility<sup>1</sup> |
| Interest Period: | [<u> </u>] |

---

3. We confirm that each condition specified in Clause 4.2 (*Further conditions precedent*) of the Agreement
is satisfied on the date of this Utilisation Request.

4. [This Loan is to be made in [whole]/[part] for the purpose of refinancing [ *identify maturing Revolving Facility Loan.* ]/[The proceeds of this Loan should be credited to [ *account* ].]

5. This Utilisation Request is irrevocable.

authorised signatory for<br> [*name of relevant Borrower*] / [*Name of Parent*]

<sup>1</sup> **WARNING: Please seek Dutch legal advice (i) until the interpretation of the term "public" (as referred to in Article 4.1(1) of the Capital Requirements Regulation (EU/575/2013)) has been published by the competent authority, if the share of a Lender in any utilisation requested by a Dutch borrower is less than EUR 100,000 (or the foreign currency equivalent thereof) and (ii) as soon as the interpretation of the term "public" has been published by the competent authority, if the Lender is considered to be part of the public on the basis of such interpretation.**

**Part II**

**Utilisation Request – Swingline Facility**

From: [*Borrower*] / [*Parent*]

To: [*Agent*]

Dated:

**THE MAGNUM ICE CREAM COMPANY HOLDCO NETHERLANDS B.V. –<br> EUR [<u> </u>] Facility Agreement dated [<u> </u>] (the "Agreement")**

1. We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same
meaning in this Utilisation Request unless given a different meaning in this Utilisation Request.

2. We wish to borrow a [Euro] / [US Dollar] Swingline Loan on the following terms:

---

| | |
|:---|:---|
| Proposed Utilisation Date: | [<u> </u>] (or, if that is not a [Euro Swingline Business Day] / [New York Business Day], the next [Euro Swingline Business Day] / [New York Business Day]) |
| Facility to be utilised: | [Euro Swingline Facility] / [US Dollar Swingline Facility] |
| Amount: | [EUR] / [USD] [<u> </u>] or, if less, the Available Swingline Commitment.<sup>2</sup> |
| Interest Period: | [<u> </u>] |

---

3. We confirm that each condition specified in paragraph [(b) of Clause 6.4 (*Euro Swingline Lenders' participation*)] / [(b) of Clause 8.4 (*US Dollar Swingline Lenders' participation*)] of the Agreement is
satisfied on the date of this Utilisation Request.

4. The proceeds of this Swingline Loan should be credited to [ *account* ].

5. This Utilisation Request is irrevocable.

Yours faithfully

<sup>2</sup> **WARNING: Please seek Dutch legal advice (i) until the interpretation of the term "public" (as referred to in Article 4.1(1) of the Capital Requirements Regulation (EU/575/2013)) has been published by the competent authority, if the share of a Lender in any utilisation requested by a Dutch borrower is less than EUR 100,000 (or the foreign currency equivalent thereof) and (ii) as soon as the interpretation of the term "public" has been published by the competent authority, if the Lender is considered to be part of the public on the basis of such interpretation.**

authorised signatory for

[*name of relevant Borrower*] / [*name of Parent*]

**Part III**

**Extension Request**

From: [*Parent*]

To: [Agent]

Dated:

**THE MAGNUM ICE CREAM COMPANY HOLDCO NETHERLANDS B.V. –<br> EUR [<u> </u>] Facility Agreement dated [<u> </u>] (the "Agreement")**

1. We refer to the Agreement. This is an Extension Request. Terms defined in the Agreement have the same
meaning in this Extension Request unless given a different meaning in this Extension Request.

2. We request an extension of the Termination Date pursuant to Clause 11.2 (*Extension option*) of the
Agreement from [[the fifth anniversary of the date of the Agreement]/[the sixth anniversary of the date of the Agreement]] to [[the sixth
anniversary of the date of the Agreement]/[the seventh anniversary of the date of the Agreement]].

3. We confirm that each condition specified in paragraph (f)(ii) of Clause 11.2 (*Extension option*)
of the Agreement is satisfied on the date of this Extension Request.

4. This Extension Request is irrevocable.

authorised signatory for

[ ] as the Parent

**Schedule 4**

**Form of Transfer Certificate<sup>3</sup>**

To: [<u> </u>] as Agent

From: [The Existing Lender] (the "Existing Lender") and [The New Lender] (the "New Lender")

Dated:

**THE MAGNUM ICE CREAM COMPANY HOLDCO NETHERLANDS B.V. –**

**EUR [<u> </u>] Facility Agreement dated [<u> </u>] (the "Agreement")**

1. We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have the same
meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate.

2. We refer to Clause 27.6 (*Procedure for transfer*) of the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by
novation, and in accordance with Clause 27.6 (*Procedure for transfer*) of the Agreement, all of the Existing Lender's rights and
obligations under the Agreement and the other Finance Documents which relate to that portion of the Existing Lender's Commitment(s) and
participations in Loans under the Agreement as specified in the Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The proposed Transfer Date is [ <u> </u> ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Facility Office and address and attention details for notices of the New Lender for the purposes of
Clause 34.2 (*Contact details*) of the Agreement are set out in the Schedule.

3. The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in
paragraph (c) of Clause 27.5 (*Limitation of responsibility of Existing Lenders*) of the Agreement.

4. The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [a Qualifying Lender (other than a Treaty Lender);]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [a Treaty Lender;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [not a Qualifying Lender].<sup>4</sup>

<sup>3</sup> The Agent and the Existing Lender should seek confirmation from Dutch counsel that the transfer will not contravene Section 3:5 of the Dutch Financial Supervision Act (*Wet op het financieel toezicht*) if the value of the rights acquired by the New Lender is less than €100,000 or, if the competent authority has published its interpretation of the term 'public' as referred to in article 4.1.(1) of 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, such other minimum amount as may be required for the New Lender not to be considered part of the public under such interpretation.

<sup>4</sup> Delete as applicable – each New Lender is required to confirm which of these three categories it falls within.

[5]. This Transfer Certificate 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 this Transfer Certificate.

[6]. This Transfer Certificate and any non-contractual obligations arising out of or in connection with it are governed by English law.

[7]. This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer Certificate.

**THE SCHEDULE**

**Commitment/rights and obligations to be transferred**

[*Insert relevant details*]

[*Facility Office address and attention details for notices and account details for payments.*]

[Existing Lender] [New Lender] <br>By: By:

This Transfer Certificate is accepted by the Agent and the Transfer Date is confirmed as

[<u> </u>].

[Agent]

By:

**Schedule 5**

**Form of Assignment Agreement<sup>5</sup>**

---

| | |
|:---|:---|
| To: | [ ] as Agent and [ ] as Parent, for and on behalf of each Obligor |
| From: | **[the *Existing Lender*] (the "**Existing Lender**") and [the *New Lender*] (the "**New Lender**")**  |

---

Dated:

**THE MAGNUM ICE CREAM COMPANY HOLDCO NETHERLANDS B.V. –<br> EUR [<u> </u>] Facility Agreement dated [<u> </u>] (the "Agreement")**

1. We refer to the Agreement. This is an Assignment Agreement. Terms defined in the Agreement have the same
meaning in this Assignment Agreement unless given a different meaning in this Assignment Agreement.

2. We refer to Clause 27.7 (*Procedure for assignment*) of the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the
Agreement and the other Finance Documents which relate to that portion of the Existing Lender's Commitment(s) and participations
in Loans under the Agreement as specified in the Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Existing Lender is released from all the obligations of the Existing Lender which correspond to that
portion of the Existing Lender's Commitment(s) and participations in Loans under the Agreement specified in the Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which
the Existing Lender is released under paragraph (b) above.<sup>6</sup>

3. The proposed Transfer Date is [ <u> </u> ].

4. On the Transfer Date the New Lender becomes Party to the Finance Documents as a Lender.

5. The Facility Office and address and attention details for notices of the New Lender for the purposes of
Clause 34.2 (*Contact details*) of the Agreement are set out in the Schedule.

6. The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in
paragraph (c) of Clause 27.5 (*Limitation of responsibility of Existing Lenders*) of the Agreement.

<sup>5</sup> The Agent and the Existing Lender should seek confirmation from Dutch counsel that the transfer will not contravene Section 3:5 of the Dutch Financial Supervision Act (*Wet op het financieel toezicht*) if the value of the rights acquired by the New Lender is less than €100,000 or, if the competent authority has published its interpretation of the term 'public' as referred to in article 4.1.(1) of 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, such other minimum amount as may be required for the New Lender not to be considered part of the public under such interpretation.

<sup>6</sup> If the Assignment Agreement is used in place of a Transfer Certificate in order to avoid a novation of rights/obligations for reasons relevant to a civil jurisdiction, local law advice should be sought to check the suitability of the Assignment Agreement due to the assumption of obligations contained in paragraph 2(c). This issue should be addressed at primary documentation stage.

7. The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [a Qualifying Lender (other than a Treaty Lender);]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [a Treaty Lender;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [not a Qualifying Lender].<sup>7</sup>

---

| | |
|:---|:---|
| [8]. | This Assignment Agreement acts as notice to the Agent (on behalf of each Finance Party) and, upon delivery in accordance with Clause 27.8 (*Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Parent*) of the Agreement, to the Parent (on behalf of each Obligor) of the assignment referred to in this Assignment Agreement. |

---

[9]. This Assignment Agreement 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 this Assignment Agreement.

[10]. This Assignment Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

[11]. This Assignment Agreement has been entered into on the date stated at the beginning of this Assignment Agreement.

<sup>7</sup> Delete as applicable – each New Lender is required to confirm which of these three categories it falls within.

**THE SCHEDULE**

**Rights to be assigned and obligations to be released and undertaken**

[*Insert relevant details*]

[*Facility Office address and attention details for notices and account details for payments*]

[Existing Lender] [New Lender] <br>By: By:

This Assignment Agreement is accepted by the Agent and the Transfer Date is confirmed as [<u> </u>].

Signature of this Assignment Agreement by the Agent constitutes confirmation by the Agent of receipt of notice of the assignment referred to herein, which notice the Agent receives on behalf of each Finance Party.

[Agent]

By:

**Schedule 6**

**Form of Accession Letter**

To: [<u> </u>] as Agent

From: [*Subsidiary*]/[*ListCo*] and [*Parent*]

Dated:

**THE MAGNUM ICE CREAM COMPANY HOLDCO NETHERLANDS B.V. –<br> EUR [<u> </u>] Facility Agreement dated [<u> </u>] (the "Agreement")**

1. We refer to the Agreement. This is an Accession Letter. Terms defined in the Agreement have the same meaning
in this Accession Letter unless given a different meaning in this Accession Letter.

2. [ *Subsidiary* ] / [ *ListCo* ] agrees to become an Additional [Borrower]/[Guarantor] and to be
bound by the terms of the Agreement as an Additional [Borrower]/[Guarantor] pursuant to [Clause 28.2 (*Additional Borrowers*)]/[Clause
28.4 (*Additional Guarantors*)] of the Agreement. [ *Subsidiary* ] / [ *ListCo* ] is a company duly incorporated under the
laws of [ *name of relevant jurisdiction* ].

3. [The Parent confirms that no Default is continuing or would occur as a result of [ *Subsidiary* ] becoming
an Additional Borrower.] <sup>8</sup>

---

| | |
|:---|:---|
| 4. | [*Subsidiary's*] / [*ListCo's*] administrative details are as follows: |
|  | Address: |
|  | Attention: |

---

---

| | | |
|:---|:---|:---|
| 5. | This Accession Letter and any non-contractual obligations arising out of or in connection with it are governed by English law. | This Accession Letter and any non-contractual obligations arising out of or in connection with it are governed by English law. |
|  | [This Accession Letter has been delivered as a deed on the date stated at the beginning of this Accession Letter.] | [This Accession Letter has been delivered as a deed on the date stated at the beginning of this Accession Letter.] |
|  | [Parent] | [Subsidiary] / [*ListCo*] |

---

<sup>8</sup> Include in the case of an Additional Borrower.

**Schedule 7**

**Form of resignation letter**

To: [<u> </u>] as Agent

From: [*resigning Obligor*] and [*Parent*]

Dated:

**THE MAGNUM ICE CREAM COMPANY HOLDCO NETHERLANDS B.V. –<br> EUR [<u> </u>] Facility Agreement dated [<u> </u>] (the "Agreement")**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. We refer to the Agreement. This is a Resignation Letter. Terms defined in the Agreement have the same
meaning in this Resignation Letter unless given a different meaning in this Resignation Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Pursuant to [Clause 28.3 (*Resignation of a Borrower*)]/[Clause 28.6 (*Resignation of a Guarantor*)]
of the Agreement, we request that [ *resigning Obligor* ] be released from its obligations as a [Borrower]/[Guarantor] under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. We confirm that no Default is continuing or would result from the acceptance of this request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Resignation Letter and any non-contractual obligations arising out of or in connection with it are
governed by English law.

---

| | |
|:---|:---|
| [Parent] | [Subsidiary] |
| By: | By: |

---

**Schedule 8**

**Existing Security/Quasi-Security**

---

| | | |
|:---|:---|:---|
| Name of Member of Group | Security/Quasi-Security | Total Principal Amount of Indebtedness Secured |

---

**Schedule 9**

**Timetables**

---

| | | | |
|:---|:---|:---|:---|
|  | **Loans in euro** | **Loans in Sterling** | **Loans in other currencies** |
| Delivery of a duly completed Utilisation Request (Clause 5.1 (*Delivery of a Utilisation Request*)) | U-2<br> 10:00 a.m. | U-1<br> 9:30 a.m. | U-3<br> 9:30 a.m. |
| Agent determines (in relation to a Utilisation) the Base Currency Amount of the Loan, if required under Clause 5.4 (*Lenders' participation*) and notifies the Lenders of the Loan in accordance with Clause 5.4 (*Lenders' participation*) | U-2<br> 17:00 p.m. | U-1<br> Noon | U-3<br> Noon |
| Agent receives a notification from a Lender under Clause 10.2 (*Unavailability of a currency*) | N/A | 9:30 a.m.<br> on the first day of the Interest Period for the relevant Loan. | 9:30 a.m.<br> on the day which is two Business Days before the first day of the Interest Period for the relevant Loan. |
| Agent gives notice in accordance with Clause 10.2 (*Unavailability of a currency*)<br>| N/A | 11:00 a.m.<br> on the first day of the Interest Period for the relevant Loan. | 11:00 a.m.<br> on the day which is two Business Days before the first day of the Interest Period for the relevant Loan. |

---

"U" = Utilisation Date. <br>"U-X" = Business Days prior to Utilisation Date.

**SWINGLINE LOANS**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Swingline Loans in euro** | **Swingline Loans in US Dollars** |
| Delivery of a duly completed Utilisation Request (Clauses 6.2 (*Delivery of a Utilisation Request for Euro Swingline Loans*) and 8.2 (*Delivery of a Utilisation Request for US Dollar Swingline Loans*) (as applicable)) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U<br> 11:00 a.m.<br>| U<br> 10:30 a.m.<br> (New York time) |
| Agent determines Enhanced €STR (for Swingline Loans in the Base Currency) under Clause 7.5 (*Interest*) or Federal Funds Rate in US Dollars (for Swingline Loans in US Dollars) under Clause 9.5 (*Interest*) (as applicable) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U<br> 11:00 a.m.<br>| U<br> 11:00 a.m.<br> (New York time) |
| Agent determines (in relation to a Utilisation) the applicable Base Currency Amount of the applicable Swingline Loan, if required under Clause 6.4 (*Euro Swingline Lenders' participation*) or Clause 8.4 (*US Dollar Swingline Lenders' participation*) and notifies each relevant Swingline Lender of the amount of its participation in the applicable Swingline Loan under Clause 6.4 (*Euro Swingline Lenders' participation*) or Clause 8.4 (*US Dollar Swingline Lenders' participation*) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U<br> Noon<br>| U<br> Noon<br> (New York time) |

---

"U" = date of utilisation / applicable day during (or immediately following the end of) the relevant Interest Period (as the case may be).

**Schedule 10**

**Form of Increase Confirmation**

---

| | |
|:---|:---|
| To: | [ ] as Agent and [ ] as Parent, for and on behalf of each Obligor |
| From: | **[*the Increase Lender*] (the "**Increase Lender**")**  |

---

Dated:

**THE MAGNUM ICE CREAM COMPANY HOLDCO NETHERLANDS B.V. –<br> EUR [<u> </u>] Facility Agreement dated [<u> </u>] (the "Agreement")**

1. We refer to the Agreement. This is an Increase Confirmation. Terms defined in the Agreement have the same
meaning in this Increase Confirmation unless given a different meaning in this Increase Confirmation.

2. We refer to Clause 2.2 (*Increase*) of the Agreement.

3. The Increase Lender agrees to assume and will assume all of the obligations corresponding to the Commitment(s) specified
in the Schedule (the "**Relevant Commitment(s)**") as if it had been an Original Lender under the Agreement in respect of
the Relevant Commitment(s).

4. The proposed date on which the increase in relation to the Increase Lender and the Relevant Commitment(s) is
to take effect (the "**Increase Date**") is [ <u> </u> ].

5. [The Increase Lender confirms for the purposes of paragraph (e) of Clause 2.2 (*Increase*) of
the Agreement that [the Termination Date applicable to the Relevant Commitment(s) is the same as the Termination Date applicable
to those Commitments already made available by it as a Lender under the Agreement and as such the Termination Date for the Relevant Commitment(s) is
[_____]]<sup>9</sup> / [it should be treated as a Non-Extending Lender for the purposes of paragraph (a)(ii) of Clause 11.2 (*Extension option*) of the Agreement and as such the Termination Date applicable to the Relevant Commitment(s) is the original Termination
Date] / [it should be treated as an Extending Lender for the purposes of paragraph (a)(ii) of Clause 11.2 (*Extension option*)
of the Agreement and as such the Termination Date applicable to the Relevant Commitment(s) is the [First Extended Termination Date]
/ [Second Extended Termination Date]]<sup>10</sup>.]<sup>11</sup>

6. On the Increase Date, the Increase Lender becomes party to the Finance Documents as a Lender.

7. The Facility Office and address and attention details for notices to the Increase Lender for the purposes
of Clause 34.2 (*Contact details*) of the Agreement are set out in the Schedule.

8. The Increase Lender expressly acknowledges the limitations on the Lenders' obligations referred to in
paragraph (a)(iii) of Clause 2.2 (*Increase*) of the Agreement.

<sup>9</sup> Include if the Increase Lender is an existing Lender.

<sup>10</sup> Include if the Increase Lender is a new Lender. Note that the Termination Date specified cannot be beyond the longest Termination Date then in force. <br><sup>11</sup> Include if applicable.

9. The Increase Lender confirms, for the benefit of the Agent and without liability to any Obligor, that
it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [a Qualifying Lender (other than a Treaty Lender);]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [a Treaty Lender;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [not a Qualifying Lender].<sup>12</sup>

10. This Increase Confirmation 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 this Increase Confirmation.

11. This Increase Confirmation and any non-contractual obligations arising out of or in connection with it
are governed by English law.

12. This Increase Confirmation has been entered into on the date stated at the beginning of this Increase
Confirmation.

<sup>12</sup> Delete as applicable - each Increase Lender is required to confirm which of these three categories it falls within. an existing Lender.

**THE SCHEDULE**

**Relevant Commitment(s)/rights and obligations to be assumed by the Increase Lender**

[*Insert relevant details*]

[*Facility Office address and attention details for notices and account details for payments*]

[Increase Lender]

By:

This Increase Confirmation is accepted by the Agent and the Increase Date is confirmed as [<u> </u>]

Agent

By:

**Schedule 11**

**Form of Substitute Affiliate Lender Designation Notice**

To: [<u> </u>] as Agent for itself and each of the other parties to the Facilities Agreement

---

| | |
|:---|:---|
| Cc: | [*The Parent*] |
| From | [Designating Lender] (the "**Designating Lender**") |
| Dated: | [ ] |

---

**THE MAGNUM ICE CREAM COMPANY HOLDCO NETHERLANDS B.V. –<br> EUR [<u> </u>] Facility Agreement dated [<u> </u>] (the "Agreement")**

1. We refer to the Facilities Agreement. Terms defined in the Facilities Agreement have the same meaning
in this Designation Notice.

2. We hereby designate our Affiliate details of which are given below as a Substitute Affiliate Lender in
respect of any Loans required to be advanced to [ *specify name of borrower or refer to all borrowers in a particular jurisdiction etc.* ]
(" **Designated Loans** ").

3. The details of the Substitute Affiliate Lender are as follows:

Name:

Facility Office:

Email address:

Attention:

Jurisdiction of Incorporation:

4. By countersigning this notice below the Substitute Affiliate Lender agrees to become a Substitute Affiliate
Lender in respect of Designated Loans as indicated above and agrees to be bound by the terms of the Facilities Agreement accordingly.

5. This Designation Notice and any non-contractual obligations arising out of or in connection with are governed
by English law.

For and on behalf of<br> [Designating Lender]

We acknowledge and agree to the terms of the above.

For and on behalf of<br> [Substitute Affiliate Lender]

We acknowledge the terms of the above.

For and on behalf of<br> The Agent

Dated: [ ]

**Schedule 12**

**Reference Rate Terms**

**Part I**

**US Dollars**

---

| | |
|:---|:---|
| **CURRENCY:** | US Dollars. |
| ***Cost of funds as a fallback*** | ***Cost of funds as a fallback*** |
| Cost of funds will not apply as a fallback. | Cost of funds will not apply as a fallback. |
| ***Definitions*** |  |
| **Additional Business Days:** | An RFR Banking Day. |
| **Break Costs:** | None specified. |
| **Business Day Conventions (definition of "Month" and Clause 14.2 (*Non-Business Days*)):** (a) | If any period is expressed to accrue by reference to a Month or any number of Months then, in respect of the last Month of that period: |
| **Business Day Conventions (definition of "Month" and Clause 14.2 (*Non-Business Days*)):** (i) | subject to paragraph (iii)below, if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day; |
| (ii) | if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and |
| (iii) | if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period is to end. |
| (b) | If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). |
| **Central Bank Rate:** (a) | The short-term interest rate target set by the US Federal Open Market Committee as published by the Federal Reserve Bank of New York from time to time; or |
| (b) | if that target is not a single figure, the arithmetic mean of: |
| (i) | the upper bound of the short-term interest rate target range set by the US Federal Open Market Committee and published by the Federal Reserve Bank of New York; and |
| (ii) | the lower bound of that target range. |

---

---

| | |
|:---|:---|
| **Central Bank Rate Adjustment:** | The "**Central Bank Rate Adjustment**" in relation to the Central Bank Rate for any RFR Banking Day is the 20 per cent. trimmed arithmetic mean (calculated by the Agent, or by any other Finance Party which agrees to do so in place of the Agent) of the Central Bank Rate Spreads for the five most immediately preceding RFR Banking Days (each a "**Reference Day**") for which the RFR and the Central Bank Rate are available, where:<br>"**Central Bank Rate Spread**" means, in relation to a Reference Day, the difference (expressed as a percentage rate per annum) calculated by the Agent (or by any other Finance Party which agrees to do so in place of the Agent) between: |
| (a) | the RFR for that Reference Day; and |
| (b) | the Central Bank Rate for that Reference Day. |
| **Daily Rate:** | The "**Daily Rate**" for any RFR Banking Day is: |
| (a) | the RFR for that RFR Banking Day; |
| (b) | if the RFR for that RFR Banking Day is not available, the Historic RFR for that RFR Banking Day; |
| (c) | if paragraph (b) above applies but the Historic RFR for that RFR Banking Day is not available, the percentage rate per annum which is the aggregate of: |
| (i) | the Central Bank Rate for that RFR Banking Day; and |
| (ii) | the applicable Central Bank Rate Adjustment; or |
| (d) | if paragraph (c) above applies but the Central Bank Rate for that RFR Banking Day is not available, the percentage rate per annum which is the aggregate of: |
| (i) | the most recent Central Bank Rate for a day which is no more than five RFR Banking Days before that RFR Banking Day; and |
| (ii) | the applicable Central Bank Rate Adjustment, |
|  | rounded, in each case, to five decimal places (with 0.000005 being rounded upwards) and if, in each case, that rate is less than zero, the Daily Rate shall be deemed to be zero. |
| **Lookback Period:** | Five RFR Banking Days. |
| **Market Disruption Rate:** | The Cumulative Compounded RFR Rate for the Interest Period of the relevant Loan. |

---

---

| | |
|:---|:---|
| **Relevant Market:** | The market for overnight cash borrowing collateralised by US Government securities. |
| **Reporting Day:** | The Business Day which follows the day which is the Lookback Period prior to the last day of the Interest Period. |
| **RFR:** | The secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which takes over the administration of that rate) published by the Federal Reserve Bank of New York (or any other person which takes over the publication of that rate). |
| **RFR Banking Day:** | Any day other than: |
| (a) | a Saturday or Sunday; and |
| (b) | a day on which the Securities Industry and Financial Markets Association (or any successor organisation) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in US Government securities. |
| ***Published Rate Contingency Period*:** | 30 days |
| ***Interest Periods*** |  |

---

---

| | |
|:---|:---|
| Length of Interest Period in absence of selection (paragraph (a) of Clause 14.1 (*Selection of Interest Periods*)): | One Month. |
| Periods capable of selection as Interest Periods (paragraph (b) of Clause 14.1 (*Selection of Interest Periods*)): | One, three and six Months. |
| ***Reporting Times*** |  |
| Deadline for Lenders to report market disruption in accordance with Clause 15.3 (*Market disruption*): | Close of business in London on the Reporting Day for the relevant Loan. |
| Deadline for Lenders to report their cost of funds in accordance with Clause 15.4 (*Cost of funds*): | Close of business on the date falling two Business Days after the Reporting Day for the relevant Loan (or, if earlier, on the date falling two Business Days before the date on which interest is due to be paid in respect of the Interest Period for that Loan). |

---

**Part II**

**Sterling**

---

| | |
|:---|:---|
| **CURRENCY:** | Sterling. |
| ***Cost of funds as a fallback*** | ***Cost of funds as a fallback*** |
| Cost of funds will not apply as a fallback. | Cost of funds will not apply as a fallback. |
| ***Definitions*** |  |
| **Additional Business Days:** | An RFR Banking Day. |
| **Break Costs:** | None specified. |
| **Business Day Conventions (definition of "Month" and Clause 14.2 (*Non-Business Days*)):** (a) | If any period is expressed to accrue by reference to a Month or any number of Months then, in respect of the last Month of that period: |
| **Business Day Conventions (definition of "Month" and Clause 14.2 (*Non-Business Days*)):** |  |
| (i) | subject to paragraph (iii) below, if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day; |
| (ii) | if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and |
| (iii) | if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period is to end. |
| (b) | If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). |

---

---

| | |
|:---|:---|
| **Central Bank Rate:** | The Bank of England's Bank Rate as published by the Bank of England from time to time. |
| **Central Bank Rate Adjustment:** | The "**Central Bank Rate Adjustment**" in relation to the Central Bank Rate for any RFR Banking Day is the 20 per cent. trimmed arithmetic mean (calculated by the Agent, or by any other Finance Party which agrees to do so in place of the Agent) of the Central Bank Rate Spreads for the five most immediately preceding RFR Banking Days (each a "**Reference Day**") for which the RFR and the Central Bank Rate are available, where:<br>"**Central Bank Rate Spread**" means, in relation to a Reference Day, the difference (expressed as a percentage rate per annum) calculated by the Agent (or by any other Finance Party which agrees to do so in place of the Agent) between: |
| (a) | the RFR for that Reference Day; and |
| (b) | the Central Bank Rate for that Reference Day. |
| **Daily Rate:** | The "**Daily Rate**" for any RFR Banking Day is: |
| (a) | the RFR for that RFR Banking Day; |
| (b) | if the RFR for that RFR Banking Day is not available, the Historic RFR for that RFR Banking Day; |
| (c) | if paragraph (b) above applies but the Historic RFR for that RFR Banking Day is not available, the percentage rate per annum which is the aggregate of: |
| (i) | the Central Bank Rate for that RFR Banking Day; and |
| (ii) | the applicable Central Bank Rate Adjustment; or |
| (d) | if paragraph (c) above applies but the Central Bank Rate for that RFR Banking Day is not available, the percentage rate per annum which is the aggregate of: |
| (i) | the most recent Central Bank Rate for a day which is no more than five RFR Banking Days before that RFR Banking Day; and |
| (ii) | the applicable Central Bank Rate Adjustment, |
|  | rounded, in each case, to four decimal places (with 0.00005 being rounded upwards) and if, in each case, that rate is less than zero, the Daily Rate shall be deemed to be zero. |
| **Lookback Period:** | Five RFR Banking Days. |
| **Market Disruption Rate:** | The Cumulative Compounded RFR Rate for the Interest Period of the relevant Loan. |
| **Relevant Market:** | The sterling wholesale market. |
| **Reporting Day:** | The day which is the Lookback Period prior to the last day of the Interest Period or, if that day is not a Business Day, the immediately following Business Day. |
| **RFR:** | The SONIA (sterling overnight index average) reference rate displayed on the relevant screen of any authorised distributor of that reference rate. |

---

---

| | |
|:---|:---|
| **RFR Banking Day:** | A day (other than a Saturday or Sunday) on which banks are open for general business in London. |
| ***Published Rate Contingency Period*:** | 30 days<br>|
| ***Interest Periods*** |  |
| Length of Interest Period in absence of selection (paragraph (a) of Clause 14.1 (*Selection of Interest Periods*)): | One Month. |
| Periods capable of selection as Interest Periods (paragraph (b) of Clause 14.1 (*Selection of Interest Periods*)): | One, three and six Months. |

---

---

| | |
|:---|:---|
| ***Reporting Times*** |  |
| Deadline for Lenders to report market disruption in accordance with Clause 15.3 (*Market disruption*): | Close of business in London on the Reporting Day for the relevant Loan. |
| Deadline for Lenders to report their cost of funds in accordance with Clause 15.4 (*Cost of funds*): | Close of business on the date falling two Business Days after the Reporting Day for the relevant Loan (or, if earlier, on the date falling two Business Days before the date on which interest is due to be paid in respect of the Interest Period for that Loan). |

---

**Part III**

**Euro – Term Rate Loans**

---

| | |
|:---|:---|
| **CURRENCY:** Euro. | **CURRENCY:** Euro. |
| ***Cost of funds as a fallback*** | ***Cost of funds as a fallback*** |
| Cost of funds will apply as a fallback. | Cost of funds will apply as a fallback. |
| ***Definitions*** |  |
| **Additional Business Days:** | A TARGET Day. |
| **Break Costs:** | The amount (if any) by which: |
| (a) | the interest which a Lender should have received for the period from the date of receipt of all or any part of its participation in the relevant Loan or Unpaid Sum to the last day of the current Interest Period in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period; |
| (b) | the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period. |
| **Business Day Conventions (definition of "Month" and Clause 14.2 (*Non-Business Days*)):** (a) | If any period is expressed to accrue by reference to a Month or any number of Months then, in respect of the last Month of that period: |
| **Business Day Conventions (definition of "Month" and Clause 14.2 (*Non-Business Days*)):** |  |
| (i) | subject to paragraph (iii) below, if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day; |
| (ii) | if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and |
| (iii) | if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period is to end. |

---

---

| | | |
|:---|:---|:---|
|  | (b) | If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). |
| **Market Disruption Rate:** | The Term Reference Rate. | The Term Reference Rate. |
| **Primary Term Rate:** | The euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate) for the relevant period published (before any correction, recalculation or republication by the administrator) by the European Money Markets Institute (or any other person which takes over the publication of that rate). | The euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate) for the relevant period published (before any correction, recalculation or republication by the administrator) by the European Money Markets Institute (or any other person which takes over the publication of that rate). |
| **Quotation Day:** | Two TARGET Days before the first day of the relevant Interest Period (unless market practice differs in the Relevant Market, in which case the Quotation Day will be determined by the Agent in accordance with market practice in the Relevant Market (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days)). | Two TARGET Days before the first day of the relevant Interest Period (unless market practice differs in the Relevant Market, in which case the Quotation Day will be determined by the Agent in accordance with market practice in the Relevant Market (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days)). |
| **Quotation Time:** | Quotation Day 11:00 a.m. (Brussels time). | Quotation Day 11:00 a.m. (Brussels time). |
| **Relevant Market:** | The European interbank market. | The European interbank market. |
| **Reporting Day:** | The Quotation Day. | The Quotation Day. |
| ***Published Rate Contingency Period*:** | 30 days | 30 days |
| ***Interest Periods*** |  |  |
| Length of Interest Period in absence of selection (paragraph (a) of Clause 14.1 (*Selection of Interest Periods*)): | One Month. | One Month. |
| Periods capable of selection as Interest Periods (paragraph (b) of Clause 14.1 (*Selection of Interest Periods*)): | One, three and six Months. | One, three and six Months. |
| ***Reporting Times*** |  |  |
| Deadline for Lenders to report market disruption in accordance with Clause 15.3 (*Market disruption*): | Close of business in London on the Reporting Day for the relevant Loan. | Close of business in London on the Reporting Day for the relevant Loan. |
| Deadline for Lenders to report their cost of funds in accordance with Clause 15.4 (*Cost of funds*): | Close of business on the date falling two Business Days after the Reporting Day for the relevant Loan (or, if earlier, on the date falling two Business Days before the date on which interest is due to be paid in respect of the Interest Period for that Loan). | Close of business on the date falling two Business Days after the Reporting Day for the relevant Loan (or, if earlier, on the date falling two Business Days before the date on which interest is due to be paid in respect of the Interest Period for that Loan). |

---

**Schedule 13**

**Daily Non-Cumulative Compounded RFR Rate**

The "**Daily Non-Cumulative Compounded RFR Rate**" for any RFR Banking Day "i" during an Interest Period for a Compounded Rate Loan is the percentage rate per annum (without rounding, to the extent reasonably practicable for the Finance Party performing the calculation, taking into account the capabilities of any software used for that purpose) calculated as set out below:

![](tm2515841d9_ex4-5imgs4001.jpg)

where:

"**UCCDR<sub>i</sub>**" means the Unannualised Cumulative Compounded Daily Rate for that RFR Banking Day "**i**";

"**UCCDR<sub>i-1</sub>**" means, in relation to that RFR Banking Day "**i**", the Unannualised Cumulative Compounded Daily Rate for the immediately preceding RFR Banking Day (if any) during that Interest Period;

"**dcc**" means 360 or, in any case where market practice in the Relevant Market is to use a different number for quoting the number of days in a year, that number;

"**n<sub>i</sub>**" means the number of calendar days from, and including, that RFR Banking Day "**i**" up to, but excluding, the following RFR Banking Day; and

the "**Unannualised Cumulative Compounded Daily Rate**" for any RFR Banking Day (the "**Cumulated RFR Banking Day**") during that Interest Period is the result of the below calculation (without rounding, to the extent reasonably practicable for the Finance Party performing the calculation, taking into account the capabilities of any software used for that purpose):

![](tm2515841d9_ex4-5imgs4001.gif)

where:

"**ACCDR**" means the Annualised Cumulative Compounded Daily Rate for that Cumulated RFR Banking Day;

"**tn<sub>i</sub>**" means the number of calendar days from, and including, the first day of the Cumulation Period to, but excluding, the RFR Banking Day which immediately follows the last day of the Cumulation Period;

"**Cumulation Period**" means the period from, and including, the first RFR Banking Day of that Interest Period to, and including, that Cumulated RFR Banking Day;

"**dcc**" has the meaning given to that term above; and

the "**Annualised Cumulative Compounded Daily Rate**" for that Cumulated RFR Banking Day is the percentage rate per annum (rounded to the same number of decimal places as the applicable Daily Rate) calculated as set out below:

![](tm2515841d9_ex4-5imgs4002.jpg)

where:

"**d<sub>0</sub>**" means the number of RFR Banking Days in the Cumulation Period;

"**Cumulation Period**" has the meaning given to that term above;

"**i**" means a series of whole numbers from one to d0, each representing the relevant RFR Banking Day in chronological order in the Cumulation Period;

"**DailyRate<sub>i-LP</sub>**" means, for any RFR Banking Day "i" in the Cumulation Period, the Daily Rate for the RFR Banking Day which is the applicable Lookback Period prior to that RFR Banking Day "i";

"**n<sub>i</sub>**" means, for any RFR Banking Day "i" in the Cumulation Period, the number of calendar days from, and including, that RFR Banking Day "i" up to, but excluding, the following RFR Banking Day;

"**dcc**" has the meaning given to that term above; and

"**tn<sub>i</sub>**" has the meaning given to that term above.

**Schedule 14**

**Cumulative Compounded RFR Rate**

The "**Cumulative Compounded RFR Rate**" for any Interest Period for a Compounded Rate Loan is the percentage rate per annum (rounded to the same number of decimal places as is specified in the definition of "**Annualised Cumulative Compounded Daily Rate**" in Schedule 13 (*Daily Non-Cumulative Compounded RFR Rate*)) calculated as set out below:

![](tm2515841d9_ex4-5imgs4003.jpg)

where:

"**d<sub>0</sub>**" means the number of RFR Banking Days during the Interest Period;

"**i**" means a series of whole numbers from one to d0, each representing the relevant RFR Banking Day in chronological order during the Interest Period;

"**DailyRate<sub>i-LP</sub>**" means for any RFR Banking Day "i" during the Interest Period, the Daily Rate for the RFR Banking Day which is the applicable Lookback Period prior to that RFR Banking Day "**i**";

"**n<sub>i</sub>**" means, for any RFR Banking Day "**i**", the number of calendar days from, and including, that RFR Banking Day "**i**" up to, but excluding, the following RFR Banking Day;

"**dcc**" means 360 or, in any case where market practice in the Relevant Market is to use a different number for quoting the number of days in a year, that number; and

"**d**" means the number of calendar days during that Interest Period.

**<u>The Company and Original Guarantor</u>**

**THE MAGNUM ICE CREAM COMPANY HOLDCO NETHERLANDS B.V.**

Address: Reguliersdwarsstraat 63, 1017BK, Amsterdam, NL

---

| | |
|:---|:---|
| Email: dilsad.tek@unilever.com | Email: dilsad.tek@unilever.com |
| Attention: Dilsad Cagman | Attention: Dilsad Cagman |
| By: | /s/ Dilsad Cagman |
| Name: Dilsad Cagman | Name: Dilsad Cagman |

---

[*Verdi RCF – signature pages*]

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| | |
|:---|:---|
| **<u>The Original Borrower</u>** | **<u>The Original Borrower</u>** |
| **MAGNUM ICC FINANCE B.V.** | **MAGNUM ICC FINANCE B.V.** |
| By: | /s/ Dilsad Cagman |
| Name: Dilsad Cagman | Name: Dilsad Cagman |

---

[*Verdi RCF – signature pages*]

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| | |
|:---|:---|
| **<u>The Arranger</u>** | **<u>The Arranger</u>** |
| **BNP PARIBAS** | **BNP PARIBAS** |
| By: | /s/ Jean-Dominique Balous |
| Name: Jean-Dominique Balous | Name: Jean-Dominique Balous |
| By: | /s/ Philippe Beauchataud |
| Name: Philippe Beauchataud | Name: Philippe Beauchataud |

---

[*Verdi RCF – signature pages*]

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| | |
|:---|:---|
| **BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY** | **BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY** |
| By: | /s/ Jakub Piasecki |
| Name: Jakub Piasecki | Name: Jakub Piasecki |
| Title: Director | Title: Director |

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[*Verdi RCF – signature pages*]

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| | |
|:---|:---|
| **BANCO BILBAO VIZCAYA ARGENTARIA, S.A., LONDON BRANCH** | **BANCO BILBAO VIZCAYA ARGENTARIA, S.A., LONDON BRANCH** |
| By: | /s/ C. Nicholas Hunter |
| Name: C. Nicholas Hunter | Name: C. Nicholas Hunter |
| Title: Managing Director | Title: Managing Director |
| By: | /s/ K. Buck |
| Name: K. Buck | Name: K. Buck |
| Title: Managing Director | Title: Managing Director |

---

[*Verdi RCF – signature pages*]

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| | |
|:---|:---|
| **CITIBANK, N.A. LONDON BRANCH** | **CITIBANK, N.A. LONDON BRANCH** |
| By: | /s/ Andrew Mason |
| Name: Andrew Mason | Name: Andrew Mason |
| Title: Managing Director | Title: Managing Director |

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[*Verdi RCF – signature pages*]

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| | |
|:---|:---|
| **DEUTSCHE BANK LUXEMBOURG S.A.** | **DEUTSCHE BANK LUXEMBOURG S.A.** |
| By: | /s/ Belhoste |
| Name: Belhoste | Name: Belhoste |
| By: | /s/ Antonio Maritato |
| Name: Antonio Maritato | Name: Antonio Maritato |

---

[*Verdi RCF – signature pages*]

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| | |
|:---|:---|
| **GOLDMAN SACHS BANK USA** | **GOLDMAN SACHS BANK USA** |
| By: | /s/ Inci Aydogdu |
| Name: Inci Aydogdu | Name: Inci Aydogdu |

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[*Verdi RCF – signature pages*]

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| | |
|:---|:---|
| **HSBC CONTINENTAL EUROPE** | **HSBC CONTINENTAL EUROPE** |
| By: | /s/ Anja Mokos |
| Name: Anja Mokos | Name: Anja Mokos |
| Title: Director, HSBC, The Netherlands | Title: Director, HSBC, The Netherlands |
| By: | /s/ Stephan Mathu |
| Name: Stephan Mathu | Name: Stephan Mathu |
| Title: Client Coverage NL | Title: Client Coverage NL |

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[*Verdi RCF – signature pages*]

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| | |
|:---|:---|
| **ING BANK N.V.** | **ING BANK N.V.** |
| By: | /s/ A. Mansour |
| Name: A. Mansour | Name: A. Mansour |
| By: | /s/ P. Aerts |
| Name: P. Aerts | Name: P. Aerts |

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[*Verdi RCF – signature pages*]

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| | |
|:---|:---|
| **J.P. MORGAN SE** | **J.P. MORGAN SE** |
| By: | /s/ George Read-Smith |
| Name: George Read-Smith | Name: George Read-Smith |
| Title: Vice President | Title: Vice President |
| By: | /s/ Peter Kropff |
| Name: Peter Kropff | Name: Peter Kropff |

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[*Verdi RCF – signature pages*]

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| | |
|:---|:---|
| **MIZUHO BANK,LTD.** | **MIZUHO BANK,LTD.** |
| By: | /s/ Duncan Todd |
| Name: Duncan Todd | Name: Duncan Todd |

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[*Verdi RCF – signature pages*]

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| | |
|:---|:---|
| **MORGAN STANLEY BANK INTERNATIONAL LIMITED** | **MORGAN STANLEY BANK INTERNATIONAL LIMITED** |
| By: | /s/ Andrea Hutchinson |
| Name: Andrea Hutchinson | Name: Andrea Hutchinson |

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[*Verdi RCF – signature pages*]

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| | |
|:---|:---|
| **<u>The Original Revolving Facility Lenders</u>** | **<u>The Original Revolving Facility Lenders</u>** |
| **BNP PARIBAS** | **BNP PARIBAS** |
| By: | /s/ Jean-Dominique Balous |
| Name: Jean-Dominique Balous | Name: Jean-Dominique Balous |
| By: | /s/ Philippe Beauchataud |
| Name: Philippe Beauchataud | Name: Philippe Beauchataud |

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[*Verdi RCF – signature pages*]

**BNP PARIBAS FORTIS SA/NV**

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| | |
|:---|:---|
| By: | /s/ Katherine Dior |
| Name: | Katherine Dior |
| Title: | Head of Primary Markets, Capital Markets |
| By: | /s/ Stefaan Van Langendonck |
| Name: | Stefaan Van Langendonck |
| Title: | Director, Debts Markets EMEA |

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[*Verdi RCF – signature pages*]

**BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY**

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| | |
|:---|:---|
| By: | /s/ Jakub Piasecki |
| Name: | Jakub Piasecki |
| Title: | Director |

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[*Verdi RCF – signature pages*]

**BANCO BILBAO VIZCAYA ARGENTARIA, S.A., LONDON BRANCH**

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| | |
|:---|:---|
| By: | /s/ C. Nicholas Hunter |
| Name: | C. Nicholas Hunter |
| Title: | Managing Director |

---

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| | |
|:---|:---|
| By: | /s/ K. Buck |
| Name: | K. Buck |
| Title: | Managing Director |

---

[*Verdi RCF – signature pages*]

**CITIBANK EUROPE, PLC**

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| | |
|:---|:---|
| By: | /s/ Andrew Mason |
| Name: | Andrew Mason |
| Title: | Managing Director |

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[*Verdi RCF – signature pages*]

**DEUTSCHE BANK LUXEMBOURG S.A.**

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| | |
|:---|:---|
| By: | /s/ Belhoste |
| Name: | Belhoste |
| By: | /s/ Antonio Maritato |
| Name: | Antonio Maritato |

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[*Verdi RCF – signature pages*]

**GOLDMAN SACHS BANK USA**

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| | |
|:---|:---|
| By: | /s/ Inci Aydogdu |
| Name: | Inci Aydogdu |

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[*Verdi RCF – signature pages*]

**HSBC CONTINENTAL EUROPE**

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| | |
|:---|:---|
| By: | /s/ Anja Mokos |
| Name: | Anja Mokos |
| Title: | Director, HSBC, The Netherlands |
| By: / | s/ Stephan Mathu |
| Name: | Stephan Mathu |
| Title: | Client Coverage NL |

---

[*Verdi RCF – signature pages*]

**ING BANK N.V.**

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| | |
|:---|:---|
| By: | /s/ A. Mansour |
| Name: | A. Mansour |
| By: | /s/ P. Aerts |
| Name: | P. Aerts |

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[*Verdi RCF – signature pages*]

**JPMORGAN CHASE BANK, N.A., LONDON BRANCH**

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| | |
|:---|:---|
| By: | /s/ Ursula Murphy |
| Name: | Ursula Murphy |
| Title: | Executive Director |

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[*Verdi RCF – signature pages*]

**MIZUHO BANK, LTD.**

---

| | |
|:---|:---|
| By: | /s/ Duncan Todd |
| Name: | Duncan Todd |

---

[*Verdi RCF – signature pages*]

**MORGAN STANLEY BANK, N.A.**

---

| | |
|:---|:---|
| By: | /s/ Mark Walton |
| Name: | Mark Walton, Authorized Signatory |

---

[*Verdi RCF – signature pages*]

**<u>The Original Euro Swingline Lenders</u>**

**BNP PARIBAS**

---

| | |
|:---|:---|
| By: | /s/ Jean-Dominique Balous |
| Name: | Jean-Dominique Balous |
| By: | /s/ Philippe Beauchataud |
| Name: | Philippe Beauchataud |

---

[*Verdi RCF – signature pages*]

**BNP PARIBAS FORTIS SA/NV**

---

| | |
|:---|:---|
| By: | /s/ Katherine Dior |
| Name: | Katherine Dior |
| Title: | Head of Primary Markets, Capital Markets |
| By: | /s/ Stefaan Van Langendonck |
| Name: | Stefaan Van Langendonck |
| Title: | Director, Debts Markets EMEA |

---

[*Verdi RCF – signature pages*]

**BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY**

---

| | |
|:---|:---|
| By: | /s/ Jakub Piasecki |
| Name: | Jakub Piasecki |
| Title: | Director |

---

[*Verdi RCF – signature pages*]

**BANCO BILBAO VIZCAYA ARGENTARIA, S.A., LONDON BRANCH**

---

| | |
|:---|:---|
| By: | /s/ C. Nicholas Hunter |
| Name: | C. Nicholas Hunter |
| Title: | Managing Director |
| By: | /s/ K. Buck |
| Name: | K. Buck |
| Title: | Managing Director |

---

[*Verdi RCF – signature pages*]

**CITIBANK EUROPE, PLC**

---

| | |
|:---|:---|
| By: | /s/ Andrew Mason |
| Name: | Andrew Mason |
| Title: | Managing Director |

---

[*Verdi RCF – signature pages*]

**DEUTSCHE BANK LUXEMBOURG S.A.**

---

| | |
|:---|:---|
| By: | /s/ Belhoste |
| Name: | Belhoste |
| By: | /s/ Antonio Maritato |
| Name: | Antonio Maritato |

---

[*Verdi RCF – signature pages*]

**GOLDMAN SACHS BANK USA**

---

| | |
|:---|:---|
| By: | /s/ Inci Aydogdu |
| Name: | Inci Aydogdu |

---

[*Verdi RCF – signature pages*]

**HSBC CONTINENTAL EUROPE**

---

| | |
|:---|:---|
| By: | /s/ Anja Mokos |
| Name: | Anja Mokos |
| Title: | Director, HSBC, The Netherlands |
| By: | /s/ Stephan Mathu |
| Name: | Stephan Mathu |
| Title: | Client Coverage NL |

---

[*Verdi RCF – signature pages*]

**ING BANK N.V.**

---

| | |
|:---|:---|
| By: | /s/ A. Mansour |
| Name: | A. Mansour |
| By: | /s/ P. Aerts |
| Name: | P. Aerts |

---

[*Verdi RCF – signature pages*]

**JPMORGAN CHASE BANK, N.A., LONDON BRANCH**

---

| | |
|:---|:---|
| By: | /s/ Ursula Murphy |
| Name: | Ursula Murphy |
| Title: | Executive Director |

---

[*Verdi RCF – signature pages*]

**MIZUHO BANK, LTD.**

---

| | |
|:---|:---|
| By: | /s/ Duncan Todd |
| Name: | Duncan Todd |

---

[*Verdi RCF – signature pages*]

**MORGAN STANLEY BANK, N.A.**

---

| | |
|:---|:---|
| By: | /s/ Mark Walton |
| Name: | Mark Walton, Authorized Signatory |

---

[*Verdi RCF – signature pages*]

**<u>The Original US Dollar Swingline Lenders</u>**

**BNP PARIBAS**

---

| | |
|:---|:---|
| By: | /s/ Jean-Dominique Balous |
| Name: | Jean-Dominique Balous |
| By: | /s/ Philippe Beauchataud |
| Name: | Philippe Beauchataud |

---

[*Verdi RCF – signature pages*]

**BNP PARIBAS FORTIS SA/NV**

---

| | |
|:---|:---|
| By: | /s/ Katherine Dior |
| Name: | Katherine Dior |
| Title: | Head of Primary Markets, Capital Markets |
| By: | /s/ Stefaan Van Langendonck |
| Name: | Stefaan Van Langendonck |
| Title: | Director, Debts Markets EMEA |

---

[*Verdi RCF – signature pages*]

**BANK OF AMERICA, N.A.**

---

| | |
|:---|:---|
| By: | /s/ Rutuja A. Madhav |
| Name: | Rutuja A. Madhav |
| Title: | Vice President |

---

[*Verdi RCF – signature pages*]

**BANCO BILBAO VIZCAYA ARGENTARIA, S.A., LONDON BRANCH**

---

| | |
|:---|:---|
| By: | /s/ C. Nicholas Hunter |
| Name: | C. Nicholas Hunter |
| Title: | Managing Director |
| By: | /s/ K. Buck |
| Name: | K. Buck |
| Title: | Managing Director |

---

[*Verdi RCF – signature pages*]

**CITIBANK, N.A.**

---

| | |
|:---|:---|
| By: | /s/ Andrew Mason |
| Name: | Andrew Mason |
| Title: | Managing Director |

---

[*Verdi RCF – signature pages*]

**DEUTSCHE BANK AG NEW YORK BRANCH**

---

| | |
|:---|:---|
| By: | /s/ Marko Lukin |
| Marko Lukin | Marko Lukin |
| Title: | Vice President |
| By: | /s/ Alison Lugo |
| Alison Lugo | Alison Lugo |
| Title: | Vice President |

---

[*Verdi RCF – signature pages*]

**GOLDMAN SACHS BANK USA**

---

| | |
|:---|:---|
| By: | /s/ Inci Aydogdu |
| Name: | Inci Aydogdu |

---

[*Verdi RCF – signature pages*]

**HSBC CONTINENTAL EUROPE**

---

| | |
|:---|:---|
| By: | /s/ Anja Mokos |
| Name: | Anja Mokos |
| Title: | Director, HSBC, The Netherlands |
| By: | /s/ Stephan Mathu |
| Name: | Stephan Mathu |
| Title: | Client Coverage NL |

---

[*Verdi RCF – signature pages*]

**ING BANK N.V.**

---

| | |
|:---|:---|
| By: | /s/ A. Mansour |
| Name: | A. Mansour |
| By: | /s/ P. Aerts |
| Name: | P. Aerts |

---

[*Verdi RCF – signature pages*]

**JPMORGAN CHASE BANK, N.A.**

---

| | |
|:---|:---|
| By: | /s/ Ursula Murphy |
| Name: | Ursula Murphy |
| Title: | Executive Director |

---

[*Verdi RCF – signature pages*]

**MIZUHO BANK, LTD.**

---

| | |
|:---|:---|
| By: | /s/ Duncan Todd |
| Name: | Duncan Todd |

---

[*Verdi RCF – signature pages*]

**MORGAN STANLEY BANK, N.A.**

---

| | |
|:---|:---|
| By: | /s/ Mark Walton |
| Name: | Mark Walton, Authorized Signatory |

---

[*Verdi RCF – signature pages*]

**<u>The Documentation Co-ordinator</u>**

**BNP PARIBAS**

Address: 16 Bld des Italiens, 75002 Paris – France <br> Emails: jean-dominique.balous@bnpparibas.com <br> philippe.beauchataud@bnpparibas.com

Attention: BNP PARIBAS

---

| | |
|:---|:---|
| By: | /s/ Jean-Dominique Balous |
| Name: | Jean-Dominique Balous |
| By: | /s/ Philippe Beauchataud |
| Name: | Philippe Beauchataud |

---

[*Verdi RCF – signature pages*]

**<u>The Agent</u>**

**ING BANK N.V.**

---

| | |
|:---|:---|
| Address: | Bijlmerdreef 109, 1102 BW Amsterdam |
| Email: | salima.gaffar@ing.com |
|  | joost.vullings@ing.com |
| Attention: | Salima Gaffar & Joost Vullings |

---

---

| | |
|:---|:---|
| By: | /s/ H.R. van Ras |
| Name: | H.R. van Ras |
| By: | /s/ O.S.C. de Vries |
| Name: | O.S.C. de Vries |

---

[*Verdi RCF – signature pages*]

## Exhibit 4.6

**Exhibit 4.6**

**REGISTRATION RIGHTS AGREEMENT**

**by and between**

**Unilever PLC**

**and**

**The Magnum Ice Cream Company B.V.**

**Dated October 1, 2025**

**Table of Contents**

**Page**

---

| | |
|:---|:---|
| **Section** **1** | **Certain Definitions**<sub>1</sub> |

---

---

| | |
|:---|:---|
| **Section 2** | **Registration Rights**<sub>4</sub> |

---

2.1 Shelf
 Underwritings; Demand Registrations 4

2.2 Piggyback
 Registrations 8

2.3 Allocation
 of Securities Included in Registration Statement 9

2.4 Registration
 Procedures 11

2.5 Registration
 Expenses 18

2.6 Certain
 Limitations on Registration Rights 18

2.7 No
 Required Sale 18

2.8 Indemnification 19

2.9 Other
 Registration Rights 21

2.10 Company
 Affiliate Registrable Securities 21

2.11 Permitted
 Transferees 22

---

| | | |
|:---|:---|:---|
| **Section 3** | **Underwritten Offerings** | **22** |

---

3.1 Requested
 Underwritten Offerings 22

3.2 Piggyback
 Underwritten Offerings 22

---

| | | |
|:---|:---|:---|
| **Section 4** | **General** | **23** |

---

4.1 Adjustments
 Affecting Registrable Securities 23

4.2 Rule 144 23

4.3 Assistance
 with Transfers 23

4.4 Nominees
 for Beneficial Owners 24

4.5 Amendments
 and Waivers 24

4.6 Notices 24

4.7 Assignment 25

4.8 Termination 26

4.9 Entire
 Agreement 26

4.10 Governing
 Law; Jurisdiction; Waiver of Jury Trial 26

4.11 Interpretation;
 Construction 27

4.12 Counterparts 27

4.13 Severability 27

4.14 Specific
 Enforcement 27

4.15 Further
 Assurances 27

4.16 Confidentiality 28

i

This **REGISTRATION RIGHTS AGREEMENT**, dated as of October 1, 2025 (the "**Agreement**"), is made and entered into by and between (i) The Magnum Ice Cream Company B.V. a *besloten vennootschap* registered in the Netherlands with registered number 97035467 and whose registered office is at Reguliersdwarsstraat 63, 1017BK Amsterdam (including its successors, by merger, acquisition, reorganization or otherwise, "**TMICC**" or the "**Company**") and (ii) Unilever PLC, a public limited company registered in England and Wales with registered number 00041424 and whose registered office is at Port Sunlight, Wirral, Merseyside, CH62 4ZD ("**Unilever**").

**<u>RECITALS</u>**:

**WHEREAS**, Unilever currently owns all of the ordinary shares of €3.50 each in the capital of the Company (the "**Ordinary Shares**");

**WHEREAS**, on or around the date of this Agreement, Unilever, the Company and certain other entities entered into the Demerger Agreement (the "**Demerger Agreement**") and certain other agreements pursuant to which (i) the Company shall become the holder of the Demerging Business (as defined below) and (ii) certain of the Ordinary Shares of the Company shall be issued to shareholders of Unilever through a distribution by Unilever (the "**Demerger**");

**WHEREAS**, immediately after the Demerger, Unilever will directly or indirectly be issued and retain an ownership interest in certain Ordinary Shares (the "**Demerger Shares**");

**WHEREAS**, the parties hereto intend for the Ordinary Shares to be admitted to trading on the NYSE, the LSE and Euronext Amsterdam (as defined below);

**WHEREAS**, the parties hereto desire to enter into this Agreement to set forth certain rights and obligations of the Company and the Holders (as defined below) with respect to the Demerger Shares.

**NOW, THEREFORE**, in consideration of the premises and of the mutual covenants and obligations hereinafter set forth, the parties hereto hereby agree as follows:

**Section 1** <u>Certain Definitions</u>. As used herein, the following terms shall have the following meanings:

"**Affiliate**" means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by or is under common control with such Person at any time during the period for which the determination of affiliation is being made. For the purposes of this definition, "control" (including, with correlative meanings, the terms "controlling", "controlled by" and "under common control with"), with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such specified Person, whether through the ownership of voting securities, by contract or otherwise; <u>provided</u> that for purposes of this Agreement (i) Unilever and the other Unilever Group Companies shall not be considered Affiliates of the Company or any of the other TMICC Group Companies and (ii) the Company and the other TMICC Group Companies shall not be considered Affiliates of Unilever or any of the other Unilever Group Companies.

"**AFM**" means the Authority for the Financial Markets of the Netherlands;

"**Board**" means the board of directors of the Company.

"**Business Day**" means a day on which banks are open for business in Amsterdam, London or New York (excluding Saturdays, Sundays and public holidays).

"**Completion**" has the meaning set forth in the Demerger Agreement.

"**Euronext Amsterdam**" means Euronext Amsterdam, the regulated market operated by Euronext Amsterdam N.V.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC issued under the Securities Exchange Act of 1934, as they may from time to time be in effect.

"**Expenses**" means any and all fees and expenses incident to the Company's performance of or relating to compliance with this Agreement, including: (i) SEC, stock exchange, FINRA and all other registration and filing fees and all listing fees and fees with respect to the inclusion of securities on the NYSE, the LSE, the official list of the FCA in the UK, Euronext Amsterdam or on any other U.S. or non-U.S. securities market on which the Registrable Securities are listed, admitted to trading or quoted, (ii) fees and expenses of compliance with state securities or "blue sky" laws of any state or jurisdiction of the United States or compliance with the securities laws of jurisdictions outside the United States and in connection with the preparation of a "blue sky" survey, (iii) word processing, printing and copying expenses, (iv) expenses incurred in connection with any roadshow for an underwritten offering, (v) fees and disbursements of counsel for the Company, (vi) with respect to each registration or underwritten offering in which Unilever (or a Unilever Group Company) is a Participating Holder, the reasonable fees and disbursements of one legal counsel for the Unilever Group, (vii) fees and disbursements of all independent public accountants of the Company (including the expenses with respect to any opinion and/or audit/review and/or "comfort" letter and updates thereof) and fees and expenses of other Persons, including special experts, retained by the Company, (viii) fees and expenses payable to a Qualified Independent Underwriter (but expressly excluding any underwriting discounts and commissions and transfer taxes (including stamp duties)), (ix) fees and expenses of the Company's transfer agent, custodian and registrar, (x) any other fees and disbursements of underwriters, if any, customarily paid by issuers or sellers of securities, including reasonable fees and expenses of counsel for the underwriters in connection with any filing with or review by FINRA (but expressly excluding any underwriting discounts and commissions) and (xi) rating agency fees and expenses. For the avoidance of doubt, Expenses shall not include the amount specified in <u>Section 2.5(b)</u>.

"**EU MAR**" means the Market Abuse Regulation (EU) No 596/2014.

"**Fair Market Value**" means, as of any date, the closing price per Ordinary Share on the NYSE on the trading day immediately preceding such date.

"**FCA**" means the UK Financial Conduct Authority;

"**FINRA**" means the Financial Industry Regulatory Authority, Inc.

"**Holders**" means Unilever and any other Unilever Group Company that holds any Registrable Securities, and any Person that holds Registrable Securities who is a Permitted Transferee.

"**Inside Information**" means "inside information" for the purposes of EU MAR or UK MAR;

"**LSE**" means the London Stock Exchange plc.

"**Minimum Threshold**" means $250 million or such lesser amount that constitutes all Ordinary Shares owned by the Holders requesting such registration.

"**NYSE**" means the New York Stock Exchange LLC.

"**Participating Holders**" means all Holders of Registrable Securities that are proposed to be included in any offering of Registrable Securities pursuant to <u>Section 2.1</u> or <u>Section 2.2</u>.

"**Person**" means any individual, firm, corporation, company, limited liability company, partnership, trust, joint stock company, business trust, incorporated or unincorporated association, joint venture, governmental authority or other legal entity of any nature whatsoever.

"**Qualified Independent Underwriter**" means a "qualified independent underwriter" within the meaning of FINRA Rule 5121.

"**Registrable Securities**" means (a) all Demerger Shares, (b) any equity securities issued or issuable directly or indirectly in exchange for or with respect to the Demerger Shares by way of share dividend or distribution or share split or in connection with a combination of shares, recapitalization, reclassification, merger, amalgamation, arrangement, consolidation, exchange or other reorganization, or (c) any securities issued in replacement of, in exchange for or upon the conversion of any securities described in clause (a) or (b) above; <u>provided</u> that, in each case, such securities shall cease to be Registrable Securities when (A) a registration statement with respect to the sale of such securities shall have been declared effective under the Securities Act and such securities shall have been disposed of in accordance with such registration statement, (B) such securities shall have been disposed of in compliance with the requirements of Rule 144 (or any successor provision), (C) such securities have been sold in a public offering of securities; or (D) such securities have ceased to be outstanding. For purposes of this Agreement, a Person will be deemed to be a holder of Registrable Securities whenever such Person has the right to acquire, directly or indirectly, such Registrable Securities (including upon conversion, exercise or exchange of any equity interests but disregarding any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person shall not be required to convert, exercise or exchange such equity interests (or otherwise acquire such Registrable Securities) to participate in any registered offering hereunder until the closing of such offering.

"**Rule 144**" means Rule 144 (or any successor provision) under the Securities Act.

"**SEC**" means the U.S. Securities and Exchange Commission or such other federal agency that at such time administers the Securities Act.

"**Securities Act**" means the Securities Act of 1933, as amended, and the rules and regulations of the SEC issued under such Act, as they may from time to time be in effect.

"**TMICC Group**" means the Company and its subsidiary undertakings from time to time and "**TMICC Group Company**" means any one of them;

"**UK MAR**" means the Market Abuse Regulation (EU) No 596/2014 as it forms part of assimilated law as defined in the EU (Withdrawal) Act 2018 in the United Kingdom.

"**Unilever Group**" means Unilever and its subsidiary undertakings from time to time and "**Unilever Group Company**" means any one of them;

"**WKSI**" means a "well-known seasoned issuer" (as defined in Rule 405 of the Securities Act).

**Section 2** <u>Registration Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Shelf Underwritings; Demand Registrations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) Following the date of the Completion (the "**Completion Date**"), the Company shall, as promptly as practicable thereafter, but in no event more than sixty (60) calendar days after the Completion Date, prepare and file with the SEC a shelf registration statement pursuant to Rule 415 under the Securities Act (such registration statement, a "**Shelf Registration Statement**") covering the resale of all Registrable Securities on a delayed or continuous basis and shall use its reasonable best efforts to have such Shelf Registration Statement declared effective as soon as practicable after the filing thereof and no later than the earlier of (x) the one hundred and fifteenth (115<sup>th</sup>) calendar day following the Completion Date if the SEC notifies the Company that it will "review" the Shelf Registration Statement and (y) the twentieth (20<sup>th</sup>) Business Day after the date the Company is notified in writing by the SEC that such Shelf Registration Statement will not be "reviewed" or will not be subject to further review. The Shelf Registration Statement shall provide for all legally permitted methods or combinations of methods of disposition thereunder of Registrable Securities, including firm commitment underwritten public offerings, bought deals, block trades, sales in connection with hedging transactions, direct sales, transactions on an agency basis, open market sales, and purchases or sales by brokers. In the event the Company files a Shelf Registration Statement on Form F-1 (or Form S-1), the Company shall use its reasonable best efforts to convert such Shelf Registration Statement to a Shelf Registration Statement on Form F-3 (or Form S-3) as promptly as practicable after the Company is eligible to use Form F-3 (or Form S-3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subject to <u>Section 2.1(c), Section 2.3</u> and the provisions below with respect to the Minimum Threshold, a Holder shall have the right at any time and from time to time to elect to sell all or any part of its Registrable Securities pursuant to an underwritten offering pursuant to the Shelf Registration Statement (a "**Shelf Underwriting**") by delivering a written request therefor to the Company specifying the number of Registrable Securities to be included in such registration and the intended method of distribution thereof (a "**Shelf Underwriting Request**"). With respect to any Shelf Underwriting Request, the Holder or Holders making such request shall be referred to as the "**Shelf Underwriting Initiating Holders**". As promptly as practicable, but no later than five (5) Business Days after receipt of a Shelf Underwriting Request, the Company shall give written notice (the "**Shelf Underwriting Notice**") of such Shelf Underwriting Request to the Holders of other Registrable Securities registered on such Shelf Registration Statement, if any ("**Shelf Registrable Securities**"). The Company, subject to <u>Sections 2.3</u> and <u>2.6</u>, shall include in such Shelf Underwriting (x) the Registrable Securities of the Shelf Underwriting Initiating Holders and (y) the Shelf Registrable Securities of any other Participating Holder of Shelf Registrable Securities which shall have made a written request to the Company for inclusion in such Shelf Underwriting (which request shall specify the maximum number of Shelf Registrable Securities intended to be disposed of by such Participating Holder) within five (5) days after the receipt of the Shelf Underwriting Notice. The Company shall, as expeditiously as possible (and in any event within fifteen (15) Business Days after the receipt by the Company of a Shelf Underwriting Request), but subject to <u>Section 2.1(c)</u>, use its reasonable best efforts to file any prospectus supplement or, if the applicable Shelf Registration Statement is an automatic shelf registration statement, any post-effective amendments, in order to effect such Shelf Underwriting. The Company shall, at the request of any Shelf Underwriting Initiating Holder or any other Participating Holder of Registrable Securities registered on such Shelf Registration Statement, file any prospectus supplement or, if the applicable Shelf Registration Statement is an automatic shelf registration statement, any post-effective amendments and otherwise take any action necessary to include therein all disclosure and language reasonably deemed necessary or advisable by the Shelf Underwriting Initiating Holders or any other Participating Holder of Shelf Registrable Securities to effect such Shelf Underwriting. Notwithstanding anything to the contrary in this <u>Section 2.1(a)(ii)</u>, each Shelf Underwriting must include, in the aggregate, Registrable Securities having an aggregate Fair Market Value of at least the Minimum Threshold (based on the Registrable Securities included in such Shelf Underwriting by all Participating Holders). In connection with any Shelf Underwriting (including an Underwritten Block Trade), Unilever (in the event any Unilever Group Company is a Participating Holder) or the Holders of a majority of the Registrable Securities included in such Shelf Underwriting (in the event any Unilever Group Company is not a Participating Holder) shall have the right to select the underwriter(s), bookrunner(s) and/or other adviser(s) (including counsel to the Participating Holders) to manage and execute any such Shelf Underwriting (including an Underwritten Block Trade) (the "**Financial Intermediaries**"); <u>provided</u> that Unilever or the Holders, as applicable, shall in good faith consult with the Company and consider the Company's opinion with respect to their selection of any Financial Intermediaries for such Shelf Underwriting; <u>provided further</u> that in the event that any Unilever Group Company is not a Participating Holder, the Financial Intermediaries shall also be approved by the Company, such approval not to be unreasonably withheld, conditioned or delayed. The Company shall not be obligated to effect more than an aggregate of three (3) Shelf Underwritings in a calendar year (the "**Maximum Number of Shelf Underwritings**"), <u>provided</u> that the Holders shall be entitled to request (and the Company shall be required to effect) any additional number of Shelf Underwritings in excess of the Maximum Number of Shelf Underwritings only if all Expenses in relation to any such additional Shelf Underwritings are paid by such Holders and not the Company. Notwithstanding the foregoing, if a Holder wishes to engage in (i) an underwritten block trade or similar transaction with a marketing period of two (2) days or less (collectively, an "**Underwritten Block Trade**") or (ii) an "at the market" or similar registered offering through a broker, sales agent or distribution agent, whether as agent or principal, requiring the involvement of the Company and with a total offering price reasonably expected to exceed, in the aggregate, $50 million (an "**Other Coordinated Offering**"), in each case off of a Shelf Registration Statement, then notwithstanding the foregoing time periods, such Holder only needs to notify the Company of the Underwritten Block Trade or Other Coordinated Offering five (5) Business Days prior to the day such offering is to commence, and the Company shall not be required to give notice thereof to other Holders or permit their participation therein. For the avoidance of doubt, an Other Coordinated Offering shall not constitute a Shelf Underwriting for purposes of the Maximum Number of Shelf Underwritings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) If a Shelf Registration Statement as required by <u>Section 2.1(a)</u> is not available for use by the Holders (a "**Demand Registration Period**"), subject to <u>Sections 2.1(c)</u> and <u>2.3</u> and the provisions below with respect to the Minimum Threshold, at any time and from time to time during such Demand Registration Period, each Holder (or Holders) shall have the right to require the Company to prepare and file one or more registration statements under the Securities Act (such registration statement, a "**Demand Registration Statement**") covering all or any part of its Registrable Securities by delivering a written request therefor to the Company specifying the number of Registrable Securities to be included in such registration and the intended method of distribution thereof. Any such request by any Holder or Holders pursuant to this <u>Section 2.1(b)(i)</u> is referred to herein as a "**Demand Registration Request**," and the registration so requested is referred to herein as a "**Demand Registration**" (with respect to any Demand Registration, the Holder(s) making such demand for registration being referred to as the "**Initiating Holders**"). The Company shall not be obligated to effect more than an aggregate of three (3) Demand Registrations in a calendar year (the "**Maximum Number of Demand Registrations**"), <u>provided</u> that the Holders shall be entitled to request (and the Company shall be required to effect) any additional number of Demand Registrations in excess of the Maximum Number of Demand Registrations only if all Expenses in relation to any such additional Demand Registrations are paid by such Holders and not the Company. The Company shall give written notice of such Demand Registration Request to each of the Holders of other Registrable Securities, if any, no later than the tenth (10<sup>th</sup>) Business Day after receipt of such Demand Registration Request, and, subject to <u>Sections 2.3</u> and <u>2.6</u>, shall include in a Demand Registration (x) the Registrable Securities of the Initiating Holders and (y) the Registrable Securities of any other Participating Holder of Registrable Securities which shall have made a written request to the Company for inclusion in such registration within ten (10) days after receipt of the Company's written notice of the proposed registration. Notwithstanding anything to the contrary in this <u>Section 2.1(b)(i)</u>, each Demand Registration must include, in the aggregate, Registrable Securities having an aggregate Fair Market Value of at least the Minimum Threshold (based on the Registrable Securities included in such Demand Registration by all Participating Holders). In connection with any Demand Registration, Unilever (in the event any Unilever Group Company is a Participating Holder) or the Holders of a majority of the Registrable Securities included in such Demand Registration (in the event any Unilever Group Company is not a Participating Holder) shall have the right to select the Financial Intermediaries in connection with any underwritten offering pursuant to such Demand Registration; <u>provided</u> that Unilever or the Holders, as applicable, shall in good faith consult with the Company and consider the Company's opinion with respect to their selection of any Financial Intermediaries for such Demand Registration; <u>provided further</u> that in the event that any Unilever Group Company is not a Participating Holder, the Financial Intermediaries shall also be approved by the Company, such approval not to be unreasonably withheld, conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company shall, as promptly as practicable, but subject to <u>Section 2.1(c)</u>, use its reasonable best efforts to (x) file or confidentially submit with the SEC (no later than (A) sixty (60) days from the Company's receipt of the applicable Demand Registration Request if the Demand Registration is on Form F-1 (or Form S-1) or similar long-form registration or (B) forty five (45) days from the Company's receipt of the applicable Demand Registration Request if the Demand Registration is on Form F-3 (or Form S-3) or any similar short-form registration), (y) cause to be declared effective as soon as reasonably practicable such Demand Registration Statement under the Securities Act that includes the Registrable Securities which the Company has been so requested to register for distribution in accordance with the intended method of distribution, and (z) if requested by the Initiating Holders, obtain acceleration of the effective date of the Demand Registration Statement relating to such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) The Shelf Underwriting and Demand Registration rights granted in <u>Sections 2.1(a)</u> and <u>2.1(b)</u> are subject to the following limitations: (x) the Company shall not be required to cause a Demand Registration Statement filed pursuant to <u>Section 2.1(b)</u> to be declared effective within a period of sixty (60) days after the effective date of any other Demand Registration Statement of the Company filed pursuant to <u>Section 2.1(b)</u> (unless such Demand Registration Statement is withdrawn or suspended prior to the sale of the Registrable Securities registered thereunder); (y) if the Board, in its good faith judgment after consultation with outside counsel to the Company, determines that (A) any registration of Registrable Securities or Shelf Underwriting would require the disclosure of material non-public information (within the meaning of the US federal securities laws) or Inside Information, the disclosure of which would be reasonably likely to have a material adverse effect on the Company, (B) such registration of Registrable Securities or Shelf Underwriting would materially impede, delay or interfere with any material acquisition, divestiture, joint venture, merger, consolidation, other business combination, corporate reorganization, tender offer or other material transaction of the Company or (C) the Company is unable to comply with SEC requirements for effectiveness of the registration statement for such registration of Registrable Securities or Shelf Underwriting (each of clauses (A) through (C), a "**Postponement Condition**"), then (1) the Company may postpone the filing or confidential submission (but not the preparation) of a registration statement relating to a Demand Registration Request or a prospectus supplement relating to a Shelf Underwriting Request until the earlier of five (5) Business Days after the date on which such Postponement Condition no longer exists or forty-five (45) days after the date on which the Board determines a Postponement Condition exists (any such postponement, a "**Postponement**" and any duration of such Postponement, a "**Postponement Period**"). The Company shall give written notice to the Participating Holders of its determination to exercise a Postponement and of the fact that the Postponement Condition for such Postponement no longer exists, together with a certificate of such determination signed by the Chief Executive Officer or Chief Financial Officer of the Company, in each case, promptly after the occurrence thereof; <u>provided</u>, <u>however</u>, that the Company shall not be entitled to more than one (1) Postponement during any twelve (12) month period or for more than an aggregate of sixty (60) days in any twelve (12) month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Holder of Registrable Securities agrees that, upon receipt of any notice from the Company that the Company has determined to exercise a Postponement, such Holder will discontinue its disposition of Registrable Securities pursuant to the applicable registration statement. If the Company shall give any notice of a Postponement, immediately after the expiration of the Postponement Period, the Company shall permit use of the respective registration statement or use its reasonable best efforts to effect the respective registration under the Securities Act of the Registrable Securities, as relevant (unless the Initiating Holders or Shelf Underwriting Initiating Holders shall have withdrawn the respective request).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything in this Agreement to the contrary, the Company shall not be permitted to file a registration statement to register for sale, or to conduct any registered securities offerings (including any "take-downs" off of an effective shelf registration statement) of, any of its securities either for its own account or for the account of any security holder or holders during any Postponement Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Holder may withdraw or revoke a Demand Registration Request at any time prior to the effectiveness of such Demand Registration by giving written notice to the Company of such withdrawal or revocation and such Demand Registration shall have no further force or effect*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Piggyback Registrations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Company proposes or is required to register any of its equity securities (including Ordinary Shares) for its own account or for the account of any other shareholder under the Securities Act (other than pursuant to registrations on Form F-4 (or Form S-4) or Form S-8 or any similar or successor forms thereto) (a "**Piggyback Registration**"), the Company shall give written notice (the "**Piggyback Notice**") of its intention to do so to each of the Holders of Registrable Securities, at least twenty (20) Business Days prior to the filing of any registration statement under the Securities Act. Upon the written request of any or all of the Holders delivered to the Company within 15 days after the date of the Piggyback Notice (which request shall specify the maximum number of Registrable Securities intended to be disposed of by the applicable Holders), the Company shall, subject to <u>Sections 2.2(c)</u>, <u>2.3</u> and <u>2.6</u>, use its reasonable best efforts to cause, in connection with the registration of such other equity securities, the registration under the Securities Act of all such Registrable Securities which the Company has been so requested to register by such Holders, including, if necessary, by filing with the SEC a post-effective amendment or a supplement to the registration statement filed by the Company or the prospectus related thereto. There is no limitation on the number of such piggyback registrations which the Company is obligated to effect pursuant to the preceding sentence. No registration of Registrable Securities effected under this <u>Section 2.2(a)</u> shall relieve the Company of its obligations to effect Demand Registrations or Shelf Underwritings under <u>Section 2.1</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time after giving a Piggyback Notice and prior to the effective date of the registration statement filed in connection with such Piggyback Registration, if the Company shall determine for any reason not to register or to delay registration of such equity securities, the Company may, at its election, give written notice of such determination to all Holders of Registrable Securities and (x) in the case of a determination not to register, shall be relieved of its obligation to register any Registrable Securities in connection with such abandoned registration, without prejudice, however, to the rights of Holders immediately to request that such registration be effected as a registration under <u>Section 2.1</u> or to include their Registrable Securities in any subsequent Piggyback Registration, and (y) in the case of a determination to delay such registration of its equity securities, shall be permitted to delay the registration of such Registrable Securities for the same period as the delay in registering such other equity securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Holder shall have the right to withdraw its request for inclusion of its Registrable Securities in any Piggyback Registration by giving written notice to the Company of its request to withdraw; <u>provided</u>, <u>however</u>, that such request must be made in writing prior to the earlier of the execution by such Holder of the underwriting agreement or the execution by such Holder of the custody agreement with respect to such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any Piggyback Registration involves an underwritten primary offering on behalf of the Company (a "**Company Public Offering**"), then the Company shall have the right to select the Financial Intermediaries in connection with such Piggyback Registration. If any Piggyback Registration does not involve a Company Public Offering, then (i) Unilever (in the event any Unilever Group Company is a Participating Holder) or (ii) Holders of a majority of the Registrable Securities included in such Piggyback Registration (in the event any Unilever Group Company is not a Participating Holder) shall have the right to select the Financial Intermediaries in connection with such Piggyback Registration; <u>provided</u> that Unilever or the Holders, as applicable, shall in good faith consult with the Company and consider the Company's opinion with respect to their selection of any Financial Intermediaries for such Piggyback Registration; <u>provided further</u> that in the event that any Unilever Group Company is not a Participating Holder, the Financial Intermediaries shall also be approved by the Company, such approval not to be unreasonably withheld, conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Allocation of Securities Included in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall have the right to cause the registration of securities for sale for the account of the Company or any Affiliate of the Company other than the Participating Holders (the "**Company Affiliate Registrable Securities**") in any Demand Registration or Shelf Underwriting requested pursuant to <u>Section 2.1</u> so long as the Company Affiliate Registrable Securities are disposed of in accordance with the intended method or methods of disposition requested pursuant to this <u>Section 2</u>. If any Demand Registration or Shelf Underwriting made pursuant to <u>Section 2.1</u> involves an underwritten offering and the Financial Intermediaries of such offering advise the Company and the Participating Holders in good faith that, in their view, the number of securities requested to be included in such underwritten offering by the Participating Holders exceeds the largest number of securities that can be sold in an orderly manner in such underwritten offering within a price range acceptable to the Participating Holders (the "**Maximum Number**"), the Company shall include in such underwritten offering the number of Registrable Securities in accordance with the following priorities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first, up to the number of Registrable Securities
 requested to be included in such registration by Unilever and its Affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) second, to the extent that the Maximum
 Number has not been reached under the foregoing clause (i), up to the number of Registrable
 Securities requested to be included in such registration by Participating Holders other than
 Unilever and its Affiliates, pro rata among such Participating Holders on the basis of the
 number of Registrable Securities requested to be registered by each such Participating Holder;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) third, to the extent that the Maximum
 Number has not been reached under the foregoing clause (i) and (ii), up to the number
 of Company Affiliate Registrable Securities which can be sold without exceeding the Maximum
 Number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Piggyback Registration made pursuant to <u>Section 2.2</u> involves a Company Public Offering and the Financial Intermediaries advise the Company in good faith that, in their view, the number of securities requested to be included in such underwritten offering by the Participating Holders and the Company exceeds the largest number of securities (the "**Piggyback Maximum Number**") that can be sold in an orderly manner in such underwritten offering within a price range acceptable to the Company, the Company shall include the following equity securities in such underwritten offering up to the Piggyback Maximum Number and in accordance with the following priorities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first, all equity securities that the Company
 proposes to register for its own account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) second, up to the number of Registrable
 Securities requested to be included in such registration by Unilever and its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) third, up to the number of Registrable
 Securities requested to be included in such registration by Participating Holders other than
 Unilever and its Affiliates, pro rata among such Participating Holders on the basis of the
 number of Registrable Securities requested to be registered by each such Participating Holder;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) fourth, up to the number of any other securities
 requested to be included in such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, as a result of the proration provisions set forth in this <u>Section 2.3(a)</u> or <u>(b)</u>, any Holder shall not be entitled to include all Registrable Securities in an underwritten offering that such Holder has requested be included, such Holder may elect to withdraw such Holder's request to include Registrable Securities in the registration to which such underwritten offering relates or may reduce the number requested to be included; <u>provided</u>, <u>however</u>, that (x) such request must be made in writing prior to the earlier of such Holder's execution of the underwriting agreement or such Holder's execution of the custody agreement with respect to such registration and (y) such withdrawal or reduction shall be irrevocable and, after making such withdrawal or reduction, such Holder shall no longer have any right to include Registrable Securities in the registration as to which such withdrawal or reduction was made to the extent of the Registrable Securities so withdrawn or reduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Registration Procedures</u>. If and whenever the Company is required by the <u>Section 2</u> of this Agreement to use its reasonable best efforts to effect the registration of any Registrable Securities under the Securities Act, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as promptly as practicable (and in any event within thirty (30) days (in the case of a registration statement on Form F-3 (or Form S-3)) or sixty (60) days (in the case of all other registration statements)) prepare and file with the SEC a registration statement with respect to such Registrable Securities and cause such registration statement to become effective as soon as practicable after the initial filing thereof; <u>provided</u> that, before filing a registration statement or prospectus or any amendment or supplement thereto, or before sending a response to an SEC comment letter prior to any such filing, the Company shall furnish to the Participating Holders and the Financial Intermediaries, if any, copies of all such documents proposed to be filed, including all exhibits thereto and each document incorporated by reference therein to the extent then required by the rules and regulations of the SEC, which documents shall be subject to the review and comment of such parties, and the Company shall not file with the SEC any registration statement or prospectus or amendments or supplements thereto to which the Participating Holders or the Financial Intermediaries, if any, shall reasonably object.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) prepare and file with the SEC such amendments, including post-effective amendments, and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep any Shelf Registration Statement or Demand Registration Statement effective and to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such registration statement until the earlier of (A) such time as all such Registrable Securities have been disposed of in accordance with the intended methods of disposition set forth in such registration statement or (B) (x) in the case of a Shelf Registration effected on Form F-1 (or Form S-1), twelve (12) months from the effective date of such Shelf Registration Statement plus the duration of any applicable Postponement Period, (y) in the case of a Shelf Registration effected on Form F-3 (or Form S-3), thirty-six (36) months from the effective date of such Shelf Registration Statement plus the duration of any applicable Postponement Period and (z) in the case of a Demand Registration, sixty (60) days from the effective date of the Demand Registration Statement, and (ii) provide notice to the Participating Holders and the Financial Intermediaries, if any, of the Company's reasonable determination that a post-effective amendment to such registration statement would be appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) furnish, without charge, to each Participating Holder and each Financial Intermediary, if any, and their respective legal counsel, such number of copies of such registration statement, each amendment and supplement thereto (in each case including all exhibits), the prospectus included in such registration statement (including each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424 under the Securities Act, each free writing prospectus utilized in connection therewith, in each case, in conformity with the requirements of the Securities Act, and other documents, as such Participating Holder and the Financial Intermediaries, if any, may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) use its reasonable best efforts to register or qualify the Registrable Securities covered by such registration statement under such other securities or state "blue sky" laws of such jurisdictions as any Participating Holder and the Financial Intermediaries, if any, shall reasonably request in writing, and do any and all other acts and things which may be reasonably necessary or advisable to enable such Participating Holder and the Financial Intermediaries, if any, to consummate the disposition of the Registrable Securities in such jurisdictions (including keeping such registration or qualification in effect for so long as such registration statement remains in effect and obtaining any necessary governmental or regulatory approvals), except that in no event shall the Company be required to (i) qualify to do business as a foreign corporation in any jurisdiction where it would not, but for the requirements of this <u>paragraph (d)</u>, be required to be so qualified, (ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of process in any such jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly notify each Participating Holder and the Financial Intermediaries, if any: (i) when the registration statement, any pre-effective amendment, the prospectus or any prospectus supplement related thereto, any post-effective amendment to the registration statement or any free writing prospectus has been filed with the SEC and, with respect to the registration statement or any post-effective amendment, when the same has become effective; (ii) of any request by the SEC or state securities authority (written or oral) for amendments or supplements to the registration statement or the prospectus related thereto or for additional information, including copies of any and all transmittal letters and other correspondence with the SEC and all correspondence (including comment letters and a copy of the Company's draft responses thereto) from the SEC to the Company relating to such registration statement or any prospectus or any amendment or supplement thereto; (iii) of the issuance by the SEC of any stop order suspending the effectiveness of the registration statement or the initiation of any proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or state "blue sky" laws of any jurisdiction or the initiation of any proceeding for such purpose; (v) of the existence of any fact of which the Company becomes aware which results in the registration statement or any amendment thereto, the prospectus related thereto or any supplement thereto, any document incorporated therein by reference, any free writing prospectus or the information conveyed at the time of sale to any purchaser containing an untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to make any statement therein not misleading; and if at any time the representations and warranties contemplated by any underwriting agreement, securities sale agreement, or other similar agreement, relating to the offering shall cease to be true and correct in all material respects (unless otherwise qualified by materiality in which case such representations and warranties shall cease to be true and correct in all respects); and, if the notification relates to an event described in clause (v) above, the Company shall promptly prepare and file with the SEC (and furnish to each such Participating Holder and the Financial Intermediaries, if any, a reasonable number of copies of) a prospectus supplement or amendment so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein in the light of the circumstances under which they were made not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) comply (and continue to comply) with all applicable rules and regulations of the SEC, and make generally available to its security holders (including by way of filings with the SEC), as soon as reasonably practicable after the effective date of the registration statement (and in any event within (i) four (4) months if the Company qualifies as a foreign private issuer (as defined in Rule 405 of Regulation C under the Securities Act and Rule 3b-4 under the Exchange Act) or (ii) within forty-five (45) days after the end of such twelve month period described hereafter), an earnings statement (which need not be audited) covering the period of at least twelve (12) consecutive months beginning with the first day of the Company's first (x) full fiscal year if the Company qualifies as a foreign private issuer (as defined in Rule 405 of Regulation C under the Securities Act and Rule 3b-4 under the Exchange Act) or (y) calendar quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i) use its reasonable best efforts to cause all such Registrable Securities covered by such registration statement to be listed on the principal securities exchange on which similar securities issued by the Company are then listed, if the listing of such Registrable Securities is then permitted under the rules of such exchange, and (ii) comply (and continue to comply) with the requirements of any self-regulatory organization applicable to the Company, including all corporate governance requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) use its reasonable best efforts to cause its senior management, officers, appropriate employees and independent public accountants (in the case of the independent public accountants, subject to any applicable accounting guidance regarding their participation in the offering or the due diligence process) to participate in, and to otherwise facilitate and cooperate with the preparation of the registration statement and prospectus and any amendments or supplements thereto (including participating in meetings, drafting sessions and due diligence sessions), taking into account the Company's reasonable business needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide and cause to be maintained a transfer agent and registrar for all such Registrable Securities covered by the applicable registration statement not later than the effective date of such registration statement and, in the case of any secondary equity offering, provide and enter into any reasonable agreements with a custodian for the Registrable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) enter into, and cause its directors and officers to enter into, such customary agreements (including, if applicable, customary underwriting agreements and lock-up agreements not to exceed ninety (90) days if requested by the Financial Intermediaries) and take such other customary actions as the Participating Holders or the Financial Intermediaries shall reasonably request in order to expedite or facilitate the disposition of such Registrable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) use its reasonable best efforts to obtain opinions from the Company's counsel, including local and/or regulatory counsel, and a "comfort" letter and updates thereof from the independent public accountants who have certified the financial statements of the Company (and/or any other financial statements) included or incorporated by reference in such registration statement, in each case, in customary form and covering such matters as are customarily covered by such opinions and "comfort" letters delivered to Financial Intermediaries in underwritten public offerings; and furnish to each Participating Holder and to each Financial Intermediary a copy of such opinions and letters addressed to such Financial Intermediary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) deliver promptly to counsel for the Participating Holders and to the Financial Intermediaries, if any, copies of all correspondence between the SEC and the Company, its counsel or auditors and all memoranda relating to discussions with the SEC or its staff with respect to the registration statement, and, upon receipt of such confidentiality agreements as the Company may reasonably request, make reasonably available for inspection by counsel for the Participating Holders, by counsel for the Financial Intermediaries, if any, participating in any disposition to be effected pursuant to such registration statement and by any attorney, accountant or other agent retained by the Participating Holders or the Financial Intermediaries, if any, during regular business hours, all pertinent financial and other records, pertinent corporate documents and properties of the Company, and cause all of the Company's officers, directors and employees to supply all information reasonably requested by any such counsel for the Participating Holders, counsel for a Financial Intermediary, attorney, accountant or agent in connection with such registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) in the event of the issuance of any stop order suspending the effectiveness of such registration statement, or of any order suspending or preventing the use of any related prospectus or suspending the qualification of any securities included in such registration statement for sale in any jurisdiction, use its reasonable best efforts promptly to obtain the withdrawal of such order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) provide a CUSIP number for all Registrable Securities not later than the effective date of the relevant registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) use its reasonable best efforts to make available its senior management for participation in "roadshows" and other marketing efforts and otherwise provide reasonable assistance to the Financial Intermediaries (taking into account the Company's reasonable business needs and the requirements of the marketing process) in the marketing of Registrable Securities in any underwritten offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) prior to the filing of any document which is to be incorporated by reference into the registration statement or the prospectus (after the initial filing or confidential submission of such registration statement) and which includes information regarding the Participating Holders or Financial Intermediaries, and prior to the filing or use of any free writing prospectus which includes information regarding the Participating Holders or Financial Intermediaries, provide copies of such document to counsel for the Participating Holders and to each Financial Intermediary, if any, and make the Company's representatives reasonably available for discussion of such document and make such changes in such document concerning the information regarding the Participating Holders contained therein prior to the filing thereof as counsel for the Participating Holders or Financial Intermediaries, if any, may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) take no direct or indirect action prohibited by Regulation M under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) include in any prospectus or prospectus supplement if requested by the Financial Intermediaries updated financial or business information for the Company's most recent quarterly period if required for purposes of marketing the offering in the view of the Financial Intermediaries, subject to the Company's approval, such approval not to be unreasonably withheld, conditioned or delayed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) use its reasonable best efforts to take all such actions as are necessary or advisable in order to expedite or facilitate the disposition of such Registrable Securities, including procuring the cooperation of any transfer agent or registrar, as necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) use its reasonable best efforts to ensure that any free writing prospectus utilized in connection with any registration covered by <u>Section 2.1</u> or <u>2.2</u> complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby, will not conflict with a related prospectus, prospectus supplement and related documents and, when taken together with the related prospectus, prospectus supplement and related documents, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) in connection with any underwritten offering, if at any time the information conveyed to a purchaser at the time of sale includes any untrue statement of a material fact or omits to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, promptly file with the SEC such amendments or supplements to such information as may be necessary so that the statements as so amended or supplemented will not, in the light of the circumstances, be misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if requested by the Financial Intermediaries or any Participating Holder, promptly incorporate in a prospectus supplement or post-effective amendment such information as the Financial Intermediary or Participating Holder reasonably requests to be included therein, including, without limitation, with respect to the Registrable Securities being sold by such Participating Holder, the purchase price being paid therefor by the Financial Intermediaries and with respect to any other terms of the underwritten offering of the Registrable Securities to be sold in such offering, and promptly make all required filings of such prospectus supplement or post-effective amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) to the extent required by the rules and regulations of FINRA, retain a Qualified Independent Underwriter acceptable to the Financial Intermediaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) use reasonable best efforts to cooperate with the Financial Intermediaries, Participating Holders, any indemnitee of the Company and their respective counsel in connection with the preparation and filing of any applications, notices, registrations and responses to requests for additional information with FINRA, the LSE, the FCA, the AFM, the NYSE, Euronext Amsterdam or any other national securities exchange on which the Registrable Securities are listed, admitted to trading or quoted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) cooperate with the Holders and the Financial Intermediaries, if any, to facilitate the timely preparation and delivery of book-entry shares or certificates not bearing any restrictive legends representing the Registrable Securities to be sold, and cause such Registrable Securities to be issued in such denominations and registered in such names in accordance with the underwriting agreement prior to any sale of Registrable Securities to the Financial Intermediaries or, if not an underwritten offering, in accordance with the instructions of the Holders prior to any sale of Registrable Securities and instruct any transfer agent and registrar of Registrable Securities to release any stop transfer orders in respect thereof (and, in the case of Registrable Securities registered on a Shelf Registration Statement, at the request of the Holders, prepare and deliver book-entry shares or certificates representing such Registrable Securities not bearing any restrictive legends and deliver or cause to be delivered an opinion or instructions to the transfer agent in order to allow such Registrable Securities to be sold from time to time); <u>provided</u> that the Company may satisfy its obligations hereunder without issuing physical stock certificates through the use of the Depository Trust Company's Direct Registration System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) if Unilever (or any Unilever Group Company) is a Participating Holder, permit Unilever to participate in the preparation of the relevant registration statement (including having prompt access to any SEC comment letters or other communications in connection with such registration and the Company's responses thereto) and to require the insertion therein of material, furnished to the Company in writing, which in the reasonable judgment of Unilever and its counsel should be included, subject to the Company's approval, such approval not to be unreasonably withheld, conditioned or delayed;

To the extent the Company is a WKSI at the time any Demand Registration Request is submitted to the Company, the Company shall file an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an "**automatic shelf registration statement**") on Form F-3 (or Form S-3) which covers those Registrable Securities which are requested to be registered. The Company shall not take any action that would result in it not remaining a WKSI or would result in it becoming an ineligible issuer (as defined in Rule 405 under the Securities Act) during the period during which such automatic shelf registration statement is required to remain effective. If the Company does not pay the filing fee covering the Registrable Securities at the time the automatic shelf registration statement is filed, the Company agrees to pay such fee at such time or times as the Registrable Securities are to be sold in compliance with the SEC rules. If the automatic shelf registration statement has been outstanding for at least three (3) years, at or prior to the end of the third year, the Company shall refile a new automatic shelf registration statement covering the Registrable Securities. If at any time when the Company is required to re-evaluate its WKSI status, the Company determines that it is not a WKSI, the Company shall use its reasonable best efforts to refile the shelf registration statement on Form F-3 (or Form S-3) and, if such form is not available, Form F-1 (or Form S-1), as promptly as practicable and keep such registration statement effective during the period which such registration statement is required to be kept effective.

Without limiting any of the Company's obligations set forth in this Agreement, including <u>Section 2.9</u>, if the Company files any Shelf Registration Statement for the benefit of the holders of any of its securities other than the Holders, and the Holders do not request that their Registrable Securities be included in such Shelf Registration Statement, the Company agrees that it shall include in such registration statement such disclosures as may be required by Rule 430B under the Securities Act (referring to the unnamed selling security holders in a generic manner by identifying the initial offering of the securities to the Holders) in order to ensure that the Holders may be added to such Shelf Registration Statement at a later time through the filing of a prospectus supplement rather than a post-effective amendment; <u>provided</u> that the foregoing obligation shall only apply to the extent that the Company is eligible to rely on Rule 430B under the Securities Act with respect to selling security holder disclosures.

The Company may require as a condition precedent to the Company's obligations under this <u>Section 2.4</u> that each Participating Holder as to which any registration is being effected furnish the Company and the Financial Intermediaries such information regarding such Participating Holder and the distribution of such securities as is required to be included in such registration statement or as required under state securities laws; <u>provided</u> that such information is necessary for the Company to consummate such registration and shall be used only in connection with such registration.

Each Holder of Registrable Securities agrees that upon receipt of any notice from the Company of the occurrence of any event of the kind described in <u>Section 2.4(e)(v)</u>, such Holder will discontinue such Holder's disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until such Holder's receipt of the copies of the supplemented or amended prospectus contemplated by <u>Section 2.4(e)</u> and, if so directed by the Company, will deliver to the Company (at the Company's expense) all copies, other than permanent file copies, then in such Holder's possession of the prospectus covering such Registrable Securities that was in effect at the time of receipt of such notice. In the event the Company shall give any such notice, the applicable period mentioned in <u>Section 2.4(b)</u> shall be extended by the number of days during such period from and including the date of the giving of such notice to and including the date when each Participating Holder covered by such registration statement shall have received the copies of the supplemented or amended prospectus contemplated by <u>Section 2.4(e)</u>. Notwithstanding the foregoing or anything to the contrary contained herein, any such Postponement shall be subject to <u>Section 2.1(c)</u> in all respects.

The Company agrees not to file or make any amendment to any registration statement with respect to any Registrable Securities, or any amendment of or supplement to the prospectus, or any free writing prospectus, which amendment refers to any Holder covered thereby by name, or otherwise identifies such Holder, without the consent of such Holder, such consent not to be unreasonably withheld or delayed, unless such disclosure is required by law, in which case the Company shall provide written notice to such Holders no less than five (5) Business Days prior to the filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Registration Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall pay all Expenses with respect to any registration or offering of Registrable Securities pursuant to <u>Section 2</u>, whether or not a registration statement becomes effective or the offering is consummated; <u>provided</u> that, as set forth in <u>Sections 2.1(a)(ii)</u> and <u>(b)(i)</u>, if the Holders request the Company to effect a Shelf Underwriting or a Demand Registration in excess of the Maximum Number of Shelf Underwritings or the Maximum Number of Demand Registrations, respectively, such Holders shall be responsible for, and shall pay, all Expenses incurred in connection with each such additional Shelf Underwriting or Demand Registration, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, in connection with any underwritten offering hereunder, each Participating Holder shall pay all underwriting discounts and commissions attributable to the sale of such Registrable Securities, *pro rata* in accordance with the number of Registrable Securities sold in the offering by such Participating Holder, brokerage fees and, other than as set forth in the definition of "Expenses*,*" all reasonable fees and expenses of any legal counsel representing the Participating Holders, and each Participating Holder shall be responsible for any transfer taxes (including stamp duties), if any, arising out of the sale of its own Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Certain Limitations on Registration Rights</u>. In the case of any registration under <u>Section 2.1</u> involving an underwritten offering, or, in the case of a registration under <u>Section 2.2</u>, if the Company has determined to enter into an underwriting agreement in connection therewith, all securities to be included in such underwritten offering shall be subject to such underwriting agreement and no Person may participate in such underwritten offering unless such Person (i) agrees to sell such Person's securities on the basis provided therein and completes and executes all reasonable questionnaires, and other customary documents (including customary custody agreements, powers of attorney and lock-up agreements if requested by the Financial Intermediaries) which must be executed in connection therewith; <u>provided</u>, <u>however</u>, that all such documents shall be consistent with the provisions hereof and (ii) provides such other information to the Company or the Financial Intermediaries as may be necessary to register such Person's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>No Required Sale</u>. Nothing in this Agreement shall be deemed to create an independent obligation on the part of any Holder to sell any Registrable Securities pursuant to any effective registration statement. A Holder is not required to include any of its Registrable Securities in any registration statement, is not required to sell any of its Registrable Securities which are included in any effective registration statement, and may sell any of its Registrable Securities in any manner in compliance with applicable law even if such shares are already included on an effective registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event of any registration or offer and sale of any securities of the Company under the Securities Act pursuant to this <u>Section 2</u>, the Company, to the fullest extent permitted by law, will (without limitation as to time), and hereby agrees to, indemnify and hold harmless, each Holder, any Person who is or might be deemed to be a "controlling person" of such Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (each such Person, a "**Controlling Person**"), their respective directors, officers, employees, shareholders, members, general and limited partners, agents, Affiliates, representatives, successors and assigns, and each Financial Intermediary in the offering or sale of such securities and their respective directors, officers, employees, shareholders, members, general and limited partners, agents, Affiliates, representatives, successors and assigns, from and against any and all losses, claims, damages or liabilities, joint or several, actions or proceedings (whether commenced or threatened) and expenses (including reasonable fees of counsel and, subject to <u>Section 2.8(d)</u>, any amounts paid in any settlement) to which each such indemnified party may become subject under the Securities Act, common law or otherwise in respect thereof (collectively, "**Claims**"), insofar as such Claims arise out of, are based upon, relate to or are in connection with (i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement or in any amendment or supplement thereto under which such securities were registered under the Securities Act or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary, final or summary prospectus or any amendment or supplement thereto, together with the documents incorporated by reference therein, or any free writing prospectus utilized in connection therewith, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or (iii) any violation by the Company of any federal, state or common law rule or regulation applicable to the Company and relating to any action required of or inaction by the Company in connection with any such offering of Registrable Securities, and the Company will reimburse any such indemnified party for any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such Claim as such expenses are incurred; <u>provided</u>, <u>however</u>, that the Company shall not be liable to any such indemnified party in any such case to the extent such Claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact or omission or alleged omission of a material fact made in such registration statement or amendment thereof or supplement thereto or in any such prospectus or any preliminary, final or summary prospectus or free writing prospectus in reliance upon and in conformity with written information furnished to the Company by or on behalf of such indemnified party specifically for use therein. The Company and each Participating Holder hereby acknowledge and agree that, unless otherwise expressly agreed to in writing by such Participating Holders to the contrary, for all purposes of this Agreement (including Section 2.8(b)), the only information furnished or to be furnished by any such Participating Holder to the Company for use in any such registration statement, preliminary, final or summary prospectus or amendment or supplement thereto, or any free writing prospectus, are statements specifically relating to (i) the beneficial ownership of the Registrable Securities by such Participating Holder and its Affiliates as disclosed in the section of such document entitled "Selling Stockholders" or "Principal and Selling Stockholders" and (ii) the name and address of such Participating Holder. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation made by or on behalf of such indemnified party and shall survive the transfer of such securities by such seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Participating Holder shall, severally and not jointly, indemnify and hold harmless (in the same manner and to the same extent as set forth in paragraph (a) of this <u>Section 2.8</u>) to the fullest extent permitted by law, the Company, its officers and its directors, each Person who is or might be deemed to be a Controlling Person of the Company and all other Participating Holders of Registrable Securities and their directors, officers, stockholders, fiduciaries, managing directors, agents, affiliates, representatives, successors, assigns or general and limited partners and respective Controlling Persons with respect to any untrue statement or alleged untrue statement of any material fact in, or omission or alleged omission of any material fact from, such registration statement, any preliminary, final or summary prospectus contained therein, or any amendment or supplement thereto, or any free writing prospectus utilized in connection therewith, if such statement or alleged statement or omission or alleged omission was made in reliance upon and in strict conformity with written information furnished to the Company or its representatives by or on behalf of such Participating Holder specifically for use therein, and each such Participating Holder shall reimburse such indemnified party for any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such Claim as such expenses are incurred; <u>provided</u>, <u>however</u>, that the aggregate amount which any such Participating Holder shall be required to pay pursuant to this <u>Section 2.8</u> (including pursuant to indemnity, contribution or otherwise) shall in no case be greater than the amount of the net proceeds (after deducting underwriters' discounts and commissions) received by such Participating Holder upon the sale of the Registrable Securities pursuant to the registration statement giving rise to such Claim; <u>provided further</u> that such Participating Holder shall not be liable in any such case to the extent that prior to the filing or confidential submission of any such registration statement or prospectus or amendment thereof or supplement thereto, or any free writing prospectus utilized in connection therewith, such Participating Holder has furnished in writing to the Company information expressly for use in such registration statement or prospectus or any amendment thereof or supplement thereto or free writing prospectus which corrected or made not misleading information previously furnished to the Company. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation made by or on behalf of such indemnified party and shall survive the transfer of such securities by such Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Indemnification similar to that specified in the preceding paragraphs (a) and (b) of this <u>Section 2.8</u> (with appropriate modifications) shall be given by the Company and each Participating Holder with respect to any required registration or other qualification of securities under any applicable securities and state "blue sky" laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Person entitled to indemnification under this Agreement shall notify promptly the indemnifying party in writing of the commencement of any action or proceeding with respect to which a Claim may be made pursuant to this <u>Section 2.8</u>, but the failure of any indemnified party to provide such notice shall not relieve the indemnifying party of its obligations under the preceding paragraphs of this <u>Section 2.8</u>, except to the extent the indemnifying party is materially and actually prejudiced thereby and shall not relieve the indemnifying party from any liability which it may have to any indemnified party otherwise than under this <u>Section 2.8</u>. In case any action or proceeding is brought against an indemnified party and such indemnified party shall have notified the indemnifying party of the commencement thereof (as required above), the indemnifying party shall be entitled to participate therein and, unless in the reasonable opinion of outside counsel to the indemnified party a conflict of interest between such indemnified and indemnifying parties exists in respect of such Claim, to assume the defense thereof jointly with any other indemnifying party similarly notified, to the extent that it chooses, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party that it so chooses, the indemnifying party shall not be liable to such indemnified party for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation; <u>provided</u>, <u>however</u>, that (i) if the indemnifying party fails to take reasonable steps necessary to defend diligently the action or proceeding within twenty (20) days after receiving notice from such indemnified party that the indemnified party believes it has failed to do so; (ii) if such indemnified party who is a defendant in any action or proceeding which is also brought against the indemnifying party reasonably shall have concluded that there may be one or more legal or equitable defenses available to such indemnified party which are not available to the indemnifying party or which may conflict with or be different from those available to another indemnified party with respect to such Claim; or (iii) if such indemnified party has reasonably concluded that representation of both parties by the same counsel is otherwise inappropriate under applicable standards of professional conduct, then, in any such case, the indemnified party shall have the right to assume or continue its own defense as set forth above and the indemnifying party shall be liable for any expenses therefor. No indemnifying party shall be liable for any settlement of any proceeding effected without its written consent (which consent shall not be unreasonably withheld or delayed), but if settled with such consent or if there be a final judgment for the plaintiff, such indemnifying party agrees to indemnify each indemnified party from and against any loss, claim, damage, liability or expense by reason of such settlement or judgment. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (A) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (B) does not include a statement as to or an admission of fault or culpability, by or on behalf of any indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If for any reason the foregoing indemnity is unavailable, unenforceable or is insufficient to hold harmless an indemnified party under <u>Sections 2.8(a)</u>, <u>(b)</u> or <u>(c)</u>, then each applicable indemnifying party shall have a several and not joint obligation to contribute to the amount paid or payable to such indemnified party as a result of any Claim in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and the indemnified party, on the other hand, with respect to such Claim. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or the indemnified party and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. If, however, the allocation provided in the second preceding sentence is not permitted by applicable law, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative faults but also the relative benefits of the indemnifying party and the indemnified party as well as any other relevant equitable considerations. The parties hereto agree that it would not be just and equitable if any contribution pursuant to this <u>Section 2.8(e)</u> were to be determined by *pro rata* allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the preceding sentences of this <u>Section 2.8(e)</u>. The amount paid or payable in respect of any Claim shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such Claim. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. Notwithstanding anything in this <u>Section 2.8(e)</u> to the contrary, no indemnifying party (other than the Company) shall be required pursuant to this <u>Section 2.8(e)</u> to contribute any amount greater than the amount of the net proceeds (after deducting underwriters' discounts and commissions) received by such indemnifying party from the sale of Registrable Securities pursuant to the registration statement giving rise to such Claim, less the amount of any indemnification payment made by such indemnifying party pursuant to <u>Sections 2.8(b)</u> and <u>(c)</u>. In addition, no Holder of Registrable Securities or any Affiliate thereof shall be required to pay any amount under this <u>Section 2.8(e)</u> unless such Person or entity would have been required to pay an amount pursuant to <u>Section 2.8(b)</u> if it had been applicable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The indemnity and contribution agreements contained herein shall be in addition to any other rights to indemnification or contribution which any indemnified party may have pursuant to law or contract and shall remain operative and in full force and effect regardless of any investigation made or omitted by or on behalf of any indemnified party and shall survive the transfer of the Registrable Securities by any such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Other Registration Rights</u>. The Company shall not grant to any Persons the right to request the Company to register any equity securities of the Company, or any securities convertible or exchangeable into or exercisable for such securities, whether pursuant to "demand," "piggyback" or other rights, unless such rights are subject and subordinate to the rights of the Holders under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Permitted Transferees</u>. As used in this Agreement, "**Permitted Transferees**" shall mean any transferee, whether direct or indirect, of Registrable Securities that (a) (i) as of the time of transfer of the Registrable Securities to such transferee is, and as of immediately prior to the sale of Registrable Securities pursuant to a Demand Registration, Shelf Underwriting or Piggyback Registration, as the case may be, will be, a member of the Unilever Group, (ii) acquires from any Unilever Group Company at least 5% of the number of outstanding Ordinary Shares as of the time of such acquisition and executes an agreement to be bound by this Agreement, a copy of which shall be furnished the Company, (iii) acquires from any Unilever Group Company any amount of Ordinary Shares and executes an agreement to be bound by this Agreement, a copy of which shall be furnished the Company, <u>provided</u> the Company provides prior written consent (not to be unreasonably withheld, conditioned or delayed) to the transfer of the rights and obligations under this Agreement to such transferee and (b) is designated by Unilever in a written notice to the Company prior to or at the time of such transfer stating the name and address of the relevant transferee and identifying the securities with respect to which the rights and obligations under this Agreement are being transferred. Any Permitted Transferee of the Shares shall be subject to and bound by and benefit from all of the terms and conditions herein applicable to Holders. For the avoidance of doubt, any Permitted Transferee of Shares shall be subject to and bound by and benefit from all of the terms and conditions applicable to Holders generally and not those applicable to Unilever (or any Unilever Group Company) specifically. The notice required by this <u>Section 2.11</u> shall be signed by both the transferring Holder and the Permitted Transferees so designated and shall include an undertaking by the Permitted Transferees to comply with the terms and conditions of this Agreement applicable to Holders.

**Section 3** <u>Underwritten Offerings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Requested Underwritten Offerings</u>. If requested by the underwriters for any underwritten offering pursuant to a registration requested under <u>Section 2.1</u>, the Company shall enter into a customary underwriting agreement with the underwriters. Such underwriting agreement shall (i) be satisfactory in form and substance to the Participating Holders and the Company, (ii) contain terms not inconsistent with the provisions of this Agreement and (iii) contain such representations and warranties by, and such other agreements on the part of, the Company and such other terms as are generally prevailing in agreements of that type, including indemnities and contribution agreements on substantially the same terms as those contained herein or as otherwise customary for the underwriters. Every Participating Holder shall be a party to such underwriting agreement, <u>provided</u> that under such underwriting agreement: (i) each Participating Holder shall not be required to make any representations or warranties to or agreements with the Company or the underwriters other than customary representations of a selling shareholder, including representations, warranties or agreements regarding its ownership of and title to the Registrable Securities, any written information specifically provided by such Participating Holder for inclusion in the registration statement and its intended method of distribution, and (ii) any liability of such Participating Holder to any underwriter or other Person under such underwriting agreement for indemnity, contribution or otherwise shall in no case be greater than the amount of the net proceeds received by such Participating Holder upon the sale of Registrable Securities pursuant to such registration statement (after deducting underwriters' discounts and commissions) and in no event shall relate to anything other than information about such Holder specifically provided by such Holder in writing for use in the registration statement and prospectus and shall otherwise contain terms no less advantageous to such Holders than those provided in <u>Section 2.8</u> (the above clauses (i) and (ii) collectively, the "**Acceptable Terms**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Piggyback Underwritten Offerings</u>. In the case of a registration pursuant to <u>Section 2.2</u>, if the Company shall have determined to enter into an underwriting agreement in connection therewith, all of the Participating Holders' Registrable Securities to be included in such registration shall be subject to such underwriting agreement (provided such underwriting agreement reflects the Acceptable Terms (as defined above).

For the avoidance of doubt, to the extent the Company has proposed a Piggyback Registration that is a Company Public Offering in accordance with <u>Section 2.2</u>, the Company shall retain primary responsibility for the negotiation and execution of any such underwriting agreement, and the failure of a Participating Holder to timely execute such agreement shall not prevent the Company from proceeding with the Company Public Offering.

**Section 4** <u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Adjustments Affecting Registrable Securities</u>. The provisions of this Agreement shall apply, to the fullest extent set forth herein with respect to the Registrable Securities, to any and all equity securities of the Company, any entity separated from the Company by way of spin-off, split-off, demerger or otherwise, or any successor or assign of the Company (whether by merger, share exchange, consolidation, sale of assets or otherwise) or any direct or indirect subsidiary or parent company of the Company which may be issued in respect of, in exchange for or in substitution of, Registrable Securities and shall be appropriately adjusted for any share dividends, splits, reverse splits, combinations, recapitalizations and the like occurring after the date hereof so as to reflect the intent and meaning of the provisions hereof and so that the rights, privileges, duties and obligations hereunder shall continue with respect to the capital stock of the Company as so changed as well as the capital stock of any other entity received in connection with such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Rule 144</u>. The Company covenants that (i) so long as it remains subject to the reporting provisions of the Exchange Act, it will timely file the reports required to be filed by it under the Securities Act or the Exchange Act (including, but not limited to, the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1)(i) of Rule 144 under the Securities Act, as such Rule may be amended ("**Rule 144**")) or, if the Company is not required to file such reports, it will, upon the request of any Holder, make publicly available other information so long as necessary to permit sales by such Holder under Rule 144, or any similar rules or regulations hereafter adopted by the SEC, and (ii) it will take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the safe harbor provided by Rule 144, or any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Holder of Registrable Securities, the Company will promptly deliver to such Holder a written statement as to whether it has complied with such requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Assistance with Transfers</u>. In connection with any sale or transfer of Registrable Securities by any Holder, including any sale or transfer pursuant to Rule 144 and other rules and regulations of the SEC that may at any time permit a Holder of Registrable Securities to sell securities of the Company to the public without registration, the Company shall, to the extent allowed by law, take any and all action necessary or reasonably requested by such Holder in order to permit or facilitate such sale or transfer, including, without limitation, at the sole expense of the Company, by (i) issuing such directions to any transfer agent, registrar or depositary, as applicable, (ii) delivering such opinions to the transfer agent, registrar or depositary as are customary for transactions of this type and are reasonably requested, and (iii) taking or causing to be taken such other actions as are reasonably necessary (in each case on a timely basis) in order to cause any legends, notations or similar designations restricting transferability of the Registrable Securities held by such Holder to be removed and to rescind any transfer restrictions with respect to such Registrable Securities; <u>provided</u>, <u>however</u>, that if reasonably requested by the Company such Holder shall deliver to the Company, in form and substance reasonably satisfactory to the Company, representation letters regarding such Holder's compliance with such rules and regulations, as may be applicable. In addition, the Company, at its sole expense, shall use reasonable best efforts to remove any restrictive legend on any Registrable Securities, as applicable, upon request by the Holder if (A) such Registrable Securities are sold pursuant to an effective registration statement or (B) a registration statement covering the resale of such Registrable Securities is effective under the Securities Act and the applicable Holder delivers to the Company a representation letter agreeing that such Registrable Securities will be sold under such effective registration statement. Furthermore, at the request of any Holder, the Company shall use its reasonable best efforts to assist such Holder with respect to any potential private transfer of any Registrable Securities held by such Holder, including (i) entering into customary confidentiality agreements with any prospective transferees, (ii) affording to such Holder and any prospective transferees and their respective counsel, accountants, lenders and other representatives, reasonable access during normal business hours to the properties, books, contracts and records of the Company and (iii) providing reasonable availability of appropriate members of senior management, officers and other employees of the Company to provide customary due diligence assistance in connection with any such transfer, taking into account the Company's reasonable business needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Nominees for Beneficial Owners</u>. If Registrable Securities are held by a nominee for the beneficial owner thereof, the beneficial owner thereof may, at its option, be treated as the Holder of such Registrable Securities for purposes of any request or other action by any Holder or Holders of Registrable Securities pursuant to this Agreement (or any determination of any number or percentage of shares constituting Registrable Securities held by any Holder or Holders of Registrable Securities contemplated by this Agreement); <u>provided</u>, <u>however</u>, that the Company shall have received evidence reasonably satisfactory to it of such beneficial ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Voting Restriction</u>. From the Completion Date until the date that the Unilever Group ceases to own any Demerger Shares, Unilever shall, and shall cause each Unilever Group Company to (in each case, to the extent that they own any Demerger Shares), cause all Demerger Shares owned by them to be voted on any matter subject to a vote by the holders of Ordinary Shares in proportion to the votes cast by the other holders of the Ordinary Shares on such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <u>Amendments and Waivers</u>. No amendment, waiver or other modification of, or consent under, any provision of this Agreement will be effective against the Company unless it is approved in writing by the Company, and no amendment, waiver or other modification of, or consent under, any provision of this Agreement will be effective against a member of the Unilever Group unless it is approved in writing by Unilever. Each Holder shall be bound by any amendment authorized by this <u>Section 4.6</u> whether or not the Registrable Securities held by such Holder have been marked to indicate such amendment. No waiver of any breach of any agreement or provision herein contained will be deemed a waiver of any preceding or succeeding breach thereof or of any other agreement or provision herein contained. The failure or delay of any of the parties hereto to assert any of its rights or remedies under this Agreement will not constitute a waiver of such rights nor will it preclude any other or further exercise of the same or of any other right or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 <u>Notices</u>. All notices, demands and other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given (i) if personally delivered, on the date of delivery, (ii) if delivered by express courier service of national standing (with charges prepaid), on the Business Day following the date of delivery to such courier service, (iii) if deposited in the United States mail, first-class postage prepaid, on the fifth (5<sup>th</sup>) Business Day following the date of such deposit, (iv) if delivered by facsimile transmission, upon confirmation of successful transmission, (x) on the date of such transmission, if such transmission is completed at or prior to 5:00 p.m., local time of the recipient party on a Business Day, and (y) on the next Business Day following the date of transmission, if such transmission is completed after 5:00 p.m., local time of the recipient party, or is transmitted on a day that is not a Business Day, or (v) if via email communication, on the date of delivery. All notices, demands and other communications hereunder shall be delivered as set forth below and to any subsequent Holder subject to this Agreement at such address as indicated by the Company's records, or pursuant to such other instructions as may be designated in writing by the party to receive such notice:

if to the Company, to:

Address: The registered office from time to time of the Company.<br> Email address: vanessa.vilar@unilever.com<br> For the attention of Vanessa Vilar<sup>1</sup>

if to Unilever (or any Unilever Group Company), to:

Address: The registered office from time to time of Unilever PLC.<br> Email address: thomas.potter@unilever.com<br> For the attention of Thomas Potter

with a copy (which will not constitute notice) to:

Linklaters LLP

1290 Avenue of the Americas

New York, NY 10104

Email address: mike.bienenfeld@linklaters.com; <br> igor.rogovoy@linklaters.com; burc.ozcelik@linklaters.com

For the attention of Mike Bienenfeld, Igor Rogovoy, Burc Ozcelik

<sup>1</sup> **Note to Skadden**: Please confirm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 <u>Assignment</u>. This Agreement may not be assigned by any party hereto other than by Unilever to a Permitted Transferee as provided for in <u>Section 2.11</u>. Notwithstanding the foregoing, Unilever may assign this Agreement in connection with a merger transaction in which Unilever is not the surviving entity, or the sale of all or substantially all of its assets; <u>provided</u>, <u>however</u>, that the assignee expressly assumes in writing all of the obligations of Unilever under this Agreement, and Unilever provides written notice and evidence of such assignment and assumption to the Company. The Company shall not consummate any recapitalization, merger, consolidation, reorganization or other similar transaction whereby shareholders of the Company receive (either directly, through an exchange, via dividend from the Company or otherwise) equity securities (the "**Other Equity Securities**") in any other entity (the "**Other Entity**") with respect to the Registrable Securities hereunder, unless prior to the consummation thereof, the Other Entity assumes, by written instrument, the obligations under this Agreement with respect to such Other Equity Securities as if such Other Equity Securities were Registrable Securities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provision of this Agreement, the Parties hereby agree and acknowledge that Unilever shall have the right in its absolute discretion to abandon the Demerger (as defined in the Demerger Agreement) by providing notice of the same in writing to the Company at any time prior to declaration by the Unilever Board of the Demerger Dividend and approval by the Unilever Board of the Transfer (as defined in the Demerger Agreement), and upon Unilever providing such notice, this Agreement shall automatically terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If this Agreement is terminated in accordance with <u>Section 4.9(a)</u>, this Agreement shall terminate and, subject to <u>Section 4.9(d)</u>, be of no further effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement shall terminate with respect to any Holder upon the earliest of (a) five (5) years after the Completion Date and (b) the time at which it no longer beneficially owns Registrable Securities constituting more than one percent (1%) of the outstanding Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding <u>clause (a)</u> above, <u>Section 2.5</u>, <u>Section 2.8</u>, <u>Section 4.5</u>, <u>Section 4.11</u> and <u>Section 4.14</u> shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 <u>Entire Agreement</u>. This Agreement, the Demerger Agreement and all other Ancillary Agreements (as defined in the Demerger Agreement) and all other exhibits and schedules attached hereto and thereto contain the entire agreement between the parties with respect to the subject matter hereof and thereof and supersede all previous agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter, and there are no agreements or understandings between the parties with respect to the subject matter hereof other than those set forth or referred to herein or therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 <u>Governing Law; Jurisdiction; Waiver of Jury Trial</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement will be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to the principles of conflict of laws thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement may be brought against any of the parties in the United States District Court for the Southern District of New York or any New York state court located in New York, New York, and each of the parties hereby consents to the exclusive jurisdiction of such court (and of the appropriate appellate courts) in any such suit, action or proceeding and waives any objection to venue laid therein. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 <u>Interpretation; Construction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The table of contents and headings in this Agreement are for convenience of reference only, do not constitute part of this Agreement and shall not be deemed to limit or otherwise affect any of the provisions hereof. Where a reference in this Agreement is made to a Section, such reference shall be to a Section of this Agreement unless otherwise indicated. Whenever the words "include," "includes" or "including" are used in this Agreement, they shall be deemed to be followed by the words "without limitation."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13 <u>Counterparts</u>. This Agreement may be executed and delivered in any number of separate counterparts (including by facsimile or electronic mail), each of which shall be an original, but all of which together shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14 <u>Severability</u>. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any person or any circumstance, is invalid or unenforceable, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15 <u>Specific Enforcement</u>. It is agreed and understood that monetary damages would not adequately compensate an injured party for the breach of this Agreement by any party hereto and, accordingly, that this Agreement shall be specifically enforceable, in addition to any other remedy to which such injured party is entitled at law or in equity, and that any breach of this Agreement shall be the proper subject of a temporary or permanent injunction or restraining order. Further, each party hereto waives any claim or defense that there is an adequate remedy at law for such breach or threatened breach or an award of specific performance is not an appropriate remedy for any reason at law or equity and agrees that a party's rights would be materially and adversely affected if the obligations of the other parties under this Agreement were not carried out in accordance with the terms and conditions hereof. Each party further agrees that no party shall be required to obtain, furnish or post any bond or similar instrument in connection with or as a condition to obtain any remedy referred to in this <u>Section 4.14</u>, and each party irrevocably waives any right it may have to require the obtaining, furnishing or posting of any such bond or similar instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16 <u>Further Assurances</u>. Each party hereto shall do and perform or cause to be done and performed all such further acts and things and shall execute and deliver all such other agreements, certificates, instruments, and documents as any other party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17 <u>Confidentiality</u>. The parties shall keep strictly confidential and shall not disclose to any third party any proposed sales or other transactions involving Registrable Securities contemplated by this Agreement ("**Confidential Information**"), except as and to the extent required by applicable laws and regulations, in which case the parties will, to the extent practicable, consult and cooperate with each other with respect to any disclosure, and <u>provided</u> that nothing contained herein shall: (i) prevent any party from disclosing such Confidential Information to any of its financial, legal or other advisors or to any potential investor in any co-investment vehicle or any other institutional investor or underwriter in connection with proposed sales, as long as each person receiving such Confidential Information agrees to treat such Confidential Information as confidential; or (ii) prohibit Unilever or any other Unilever Group Company from making any disclosure or public statements regarding its intentions with respect to the Registrable Securities that it holds in the Company; <u>provided</u> that, prior to making such disclosure or public statements, Unilever shall (and shall cause any relevant Unilever Group Company to) provide the Company with a reasonable opportunity to review and provide comments to such disclosure and public statements, which Unilever or such Unilever Group Company, as applicable, shall in good faith consider and reflect in the disclosure or public statements in its sole discretion.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

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| | |
|:---|:---|
| **The Magnum Ice Cream Company B.V.** | **The Magnum Ice Cream Company B.V.** |
| By: | /s/ Vanessa Vilar |
|  | Name: Vanessa Vilar |
|  | Title: Authorised signatory |

---

*[Signature Page – Registration Rights Agreement]*

---

| | |
|:---|:---|
| **Unilever PLC** | **Unilever PLC** |
| By: | /s/ Srinivas Phatak |
|  | Name: Srinivas Phatak |
|  | Title: Authorised signatory |

---

*[Signature Page – Registration Rights Agreement]*

## Exhibit 8.1

**Exhibit 8.1**

**SUBSIDIARIES OF THE REGISTRANT**

The following represents the significant subsidiaries of The Magnum Ice Cream Company B.V. as of 31 December 2024.

---

| | | |
|:---|:---|:---|
| **Name of Subsidiary** | **Interest** | **Jurisdiction of<br> Incorporation** |
| The Magnum Ice Cream Company HoldCo Netherlands B.V. | 100% | The Netherlands |
| The Magnum Ice Cream Company NewCo Netherlands B.V. | 100% | The Netherlands |
| Magnum ICC Finance B.V. | 100% | The Netherlands |
| The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. | 100% | The Netherlands |
| The Magnum Ice Cream Company HoldCo 3 Netherlands B.V. | 100% | The Netherlands |
| The Magnum Ice Cream Company HoldCo 4 Netherlands B.V. | 100% | The Netherlands |
| The Magnum ICC US SpinCo, LLC | 100% | Delaware, US |

---

## Exhibit 15.1

**Exhibit 15.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated 6 August 2025, with respect to the combined carve-out financial statements of Unilever PLC's Ice Cream business in certain jurisdictions, included herein, and to the reference to our firm under the heading "Statements by Experts" in the registration statement.

/s/ KPMG LLP

London, United Kingdom

4 November 2025