Document:

EX-4.4

 Exhibit 4.4 

AMENDMENT AND RESTATEMENT DEED 

relating to the 

CONTRIBUTION AND FRAMEWORK AGREEMENT 

DATED ...4... NOVEMBER 2016 

By and Between 

VIMPELCOM AMSTERDAM B.V. 

and 
 VIMPELCOM LTD.

 and 
 HUTCHISON
EUROPE TELECOMMUNICATIONS S.à R.L. 
 and 

CK HUTCHISON HOLDINGS LIMITED 

and 
 HUTCHISON 3G ITALY
INVESTMENTS S.à R.L. 
 (to be renamed as VIP-CKH LUXEMBOURG S.à R.L.) 

and 
 VIP-CKH IRELAND LIMITED 
  
 

 
 0102103-0000029 CO:28314951.1 

 CONTENTS 
  

							
	Clause	  	 	  	Page	 
	 1.
	  	Definitions and Interpretation	  	 	4	 
	 2.
	  	Amendments	  	 	4	 
	 3.
	  	Miscellaneous	  	 	4	 
	 4.
	  	Jurisdiction	  	 	5	 
	 5.
	  	Governing Law	  	 	6	 
		
	 Signatories
	  	 	7	 
		
	 Schedule
	  			
			
	 1.
	  	Amended and Restated CFA	  	 	13	 

  

					
		  		  	0102103-0000029 CO:28314951.1

 THIS DEED is made on ...4... November 2016 

BETWEEN: 
  

	 	1)	VIMPELCOM AMSTERDAM B.V., a private limited liability company (besloten vennootschap) incorporated under the laws of the Netherlands having its corporate seat in Amsterdam, the Netherlands whose registered
office is at Claude Debussylaan 88, Amsterdam 1082 MD, the Netherlands and registered with the Dutch Chamber of Commerce under number 34378904 (VIP); 

  

	 	2)	VIMPELCOM LTD., an exempted company limited by shares incorporated under the laws of Bermuda having its registered office at Victoria Place, 31 Victoria Street, Hamilton HM10, Bermuda registered with the
Registrar of Companies in Bermuda under number 43271 and having its principal executive offices at Claude Debussylaan 88, 1082 MD, Amsterdam, the Netherlands (VIP Guarantor); 

 

	 	3)	HUTCHISON EUROPE TELECOMMUNICATIONS S.À R.L., a sociėtė à responsabilitė limitėe
incorporated under the laws of the Grand Duchy of Luxembourg, with a share capital of EUR 6,573,135,875, having its registered office at 7, rue du
Marché-aux-Herbes, L-1728 Luxembourg, Grand Duchy of Luxembourg registered with the Luxembourg trade companies under
number B74649 (HET, and together with VIP, the Shareholders); 

  

	 	4)	CK HUTCHISON HOLDINGS LIMITED, an exempted company incorporated under the laws of the Cayman Islands whose principal place of business is 12th Floor, Cheung Kong Center, 2 Queen’s Road Central, Hong Kong
registered with the Registrar of Companies in the Cayman Islands under number MC-294571 (HET Guarantor); and 

  

	 	5)	HUTCHISON 3G ITALY INVESTMENTS S.À R.L., a société à responsabilité limitée
incorporated under the laws of the Grand Duchy of Luxembourg, with a share capital of EUR 2,758,939,525, having its registered office at 7, rue du
Marché-aux-Herbes, L-1728 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg trade companies register
under number B77457 (H3G II); and 

  

	 	6)	VIP-CKH IRELAND LIMITED, a private company limited by shares incorporated under the laws of the Republic of Ireland, having its registered office at 70 Sir John
Rogerson’s Quay, Dublin 2, Ireland and registered with the Irish Companies Registration Office under number 588489 (FinCo), 

(each of the above together with such persons as become bound to the terms of this agreement pursuant to a Deed of Adherence from time to time being the
Parties (and Party shall be construed accordingly)). 
 BACKGROUND: 

 

	(A)	On 6 August 2015, VIP, the VIP Guarantor, HET, the HET Guarantor and H3G II entered into a contribution and framework agreement (the CFA). 

 

	(B)	On 16 December 2015, the Parties entered into an amendment agreement to the CFA, pursuant to which certain clauses of the CFA in relation to completion accounts were amended. 

 

	(C)	On 24 October 2016, FinCo executed a deed of adherence to the Contribution and Framework Agreement. 

  

	(C)	The Parties wish to make certain further amendments to the CFA. 

  

					
		  	3	  	0102103-0000029 CO:28314951.1

 IT IS AGREED as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Unless otherwise defined in this deed or the context requires otherwise, words and expressions used in this deed have the meanings and constructions ascribed to them in the CFA. 

 

	1.2	Save to the extent otherwise stated herein, this deed shall be construed in accordance with the interpretation and construction provisions set out in Schedule 13 (Definitions and Interpretation) of the CFA.

  

	1.3	In this deed, unless the contrary intention appears, a reference to a clause, subclause, paragraph, or schedule is a reference to a clause, subclause, paragraph, or schedule of or to this deed. The schedules form part
of this deed. 

  

	1.4	The headings in this deed do not affect its interpretation. 

  

	2.	AMENDMENTS 

  

	2.1	The Parties agree that: 

  

	 	(a)	the CFA shall be amended and restated in the form of the amended and restated contribution and framework agreement set out in Schedule 1 of this deed (the Amended and Restated CFA) with immediate effect; and

  

	 	(b)	the Amended and Restated CFA shall supersede and replace the CFA in its entirety with immediate effect. 

  

	2.2	This deed shall constitute a written variation in accordance with clause 35.9 (General) of the CFA. 

  

	2.3	For the avoidance of doubt, neither the VIP Warranties nor the HET Warranties shall be deemed to be repeated or warranted on the date of this deed by virtue of the amendment and restatement of the CFA pursuant to this
deed. 

  

	3.	MISCELLANEOUS 

  

	3.1	The Parties acknowledge that a new tax group agreement will be entered into before Completion (with effect on and from 1 January 2016) between each of: (i) 3 Italia and H3G S.p.A; and (ii) H3G S.p.A and
3Lettronica Industriale S.p.A (the New Tax Agreements). VIP hereby irrevocably and unconditionally consents to the entering into of the New Tax Agreements for the purposes of clause 19 of the CFA (including clause 19.3(q)). 

 

	3.2	The Parties acknowledge that it is proposed that the Employment Agreement executed by Maximo Ibarra on or around the date of the CFA will be amended in such form as the Shareholders may agree on or around the date of
Completion (the New MI Employment Agreement). As soon as reasonably practicable following Completion and at HET’s request only, the Shareholders further agree to enter into or procure that the relevant Group Companies enter into a
supplement to the Employment Agreement entered into by each of Dina Ravera and Stefano Invernizzi on or around the date of the CFA, such supplement in each case to effect severance benefits for the 3 Italia Executives of an equivalent nature to
those in the New MI Employment Agreement, but on a proportionate basis (the 3 Italia Employment Agreement Supplements). VIP and HET hereby irrevocably and unconditionally consent to the amendment and execution of the New MI Employment
Agreement and the 3 Italia Employment Agreement Supplements for the purposes of clause 19 of the CFA and, where applicable, clause 8.1 of the Shareholders Deed. 

  

					
		  	4	  	0102103-0000029 CO:28314951.1

	3.3	The Parties agree that this deed is a Transaction Document for the purposes of the Amended and Restated CFA. 

  

	3.4	Clauses 29 (Notices), 31 (Assignments), 35 (General), 36 (Whole Agreement) and 37 (Invalid Terms) of the Amended and Restated CFA shall apply to this deed mutatis mutandis as if
set out herein in full with references in those clauses to “this agreement” being construed as references to this deed. 

  

	4.	JURISDICTION 

  

	4.1	Governing law of this clause 

 This clause 4 is governed by English law. 

 

	4.2	Jurisdiction 

 The English courts have exclusive jurisdiction to settle any Dispute and
each Party irrevocably submits to the exclusive jurisdiction of the English courts and waives any objection to the exercise of that jurisdiction. 
  

	4.3	Service of process agent 

 Without prejudice to any other method of service permitted by
law: 
  

	 	(a)	each of VIP and the VIP Guarantor irrevocably appoint Law debenture Corporate Services Limited of 5th Floor, Wood Street, London, EC2V 7EX, England; and 

 

	 	(b)	each of HET and the HET Guarantor irrevocably appoints Hutchison Whampoa Agents (UK) Limited of Hutchison House, 5 Hester Road, London SW11 4AN, United Kingdom; 

in each case as its agent in England and Wales for service of process and any other documents in relation to any Dispute. 

Each of the Company and FinCo shall, as soon as reasonably practicable (i) appoint a person (who is not a member or Affiliate of the
Group, the VIP Group or the HET Group) as its agent in England and Wales for service of process and any other document in relation to any Dispute; and (ii) upon such appointment, shall notify the other Parties of such appointment. 

Subject to clause 4.4, each Party irrevocably undertake not to revoke its agent’s authority; and any claim form, judgment or other notice
of legal process shall be sufficiently served on such Party if delivered to its agent at its address for the time being. 
  

	4.4	Alternative service of process agent 

 If any person appointed as process agent under
clause 4.3 is unable for any reason to so act, the relevant party shall immediately (and in any event within ten Business Days of the event taking place) appoint another agent in England and Wales for service of process in relation to any Dispute
and notify the other parties of such appointment. Failing this, any other party may appoint another process agent for this purpose at the relevant party’s expense. 
  

	4.5	Failure to notify by process agent 

 Each Party agrees that failure by a process agent to
notify it of any process will not invalidate the relevant proceedings. 

  

					
		  	5	  	0102103-0000029 CO:28314951.1

	5.	GOVERNING LAW 

 This deed and any non-contractual
obligations arising out of or in connection with it are governed by English law. 
 THIS DEED has been executed by the Parties (or their duly
authorised representatives) on the date stated at the beginning of this deed. 

  

					
		  	6	  	0102103-0000029 CO:28314951.1

											
	EXECUTED as a deed by	 		  	)	 		 	
	VIMPELCOM LTD.	 		  	)	 		 	 /s/ Andrew Davies

		 		 		  	)	 		 	Authorised signatory
		 		 		  		 		 	
		 		  	)	 		 	
		 		  	)	 		 	  

		 		  	)	 		 	Authorised signatory
						
	Witness’s Signature	 	 /s/ Giovanna de Beij
	 		  		 		 	
	Name:	 	Giovanna de Beij	 		  		 		 	
	Address:	 	 Claude Debussylaan 88
 1082 MD Amsterdam

the Netherlands
	 		  		 		 	

 Signature Page to CFA Amendment and Restatement Deed 

									
	 EXECUTED as a deed by
 HUTCHISON
EUROPE
 TELECOMMUNICATIONS
 S.à
R.L.
	 	 )
 )

)
 )
	  		 		 	
					
	 /s/ Thomas Geiger
	 		  		 		 	
	 Signature of director
	 		  		 		 	
	  
 Thomas Geiger, Manager
	 		  		 		 
	 Name of director
	 		  		 		 	

 Signature Page to CFA Amendment and Restatement Deed

							
	 EXECUTED as a deed by

CK HUTCHISON HOLDINGS LIMITED
	  	 
 
	)
 )
	 
  
	  	
			
	 /s/ Frank Sixt
	  				  	 /s/ Edith Shih

	 Signature of director
	  				  	 Signature of company secretary

			
	 Frank Sixt
	  				  	 Edith Shih

	 Name of director
	  				  	 Name of company secretary

 Signature Page to CFA Amendment and Restatement Deed 

 SIGNATORIES 
  

			
	 EXECUTED as a deed by

HUTCHISON 3G ITALY INVESTMENTS S.à R.L
	  	 )
 )

)

  

			
	 /s/ Neil McGee

	Signature of director	 	
	
	 Neil McGee, Manager

	Name of director	 	

 Signature Page to CFA Amendment and Restatement Deed 

							
	 GIVEN under the common seal 
	  	 	)	 	  	
	 of VIP-CKH IRELAND LIMITED
	  	 	)	 	  	 /s/ Richard James

	 and DELIVERED as a DEED 
	  	 	)	 	  	 Director

 Signature Page to CFA Amendment and Restatement Deed 

											
	 EXECUTED as a deed by 

VIMPELCOM AMSTERDAM B.V.
	 		 	 )
 )

)
	 		 	 /s/ Richard James

Authorised signatory

					
		 		 	 )
 )

)
	 		 	 /s/ David Dobbie

Authorised signatory

						
	Witness’s Signature	 	 /s/ A. Oemrawsingh
	 		 		 		 	
	Name:	 	A. Oemrawsingh	 		 		 		 	
	Address:	 	 Apollolaan 88
 1077 AB Amsterdam

the Netherlands
	 		 		 		 	

 Signature Page to CFA Amendment and Restatement Deed 

 SCHEDULE 1 

AMENDED AND RESTATED CFA 

 SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN
REQUESTED. THE REDACTED MATERIAL HAS BEEN SEPARATELY FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH AN ASTERISK [*]. 

CONTRIBUTION AND FRAMEWORK AGREEMENT 

6 AUGUST 2015 
 (AS
AMENDED AND RESTATED ON 4 NOVEMBER 2016) 
 By and Between 

VIMPELCOM AMSTERDAM B.V. 

and 
 VIMPELCOM LTD.

 and 
 HUTCHISON
EUROPE TELECOMMUNICATIONS S.à R.L. 
 and 

CK HUTCHISON HOLDINGS LIMITED 

and 
 HUTCHISON 3G ITALY
INVESTMENTS S.à R.L. 
 (to be renamed as VIP-CKH LUXEMBOURG S.à R.L.) 

and 
 VIP-CKH IRELAND LIMITED 
  
 

 
 Allen & Overy LLP 

0102103-0000029 CO: 28051273.4 

 CONTENTS 
  

									
	Clause	 	 	  	 	  	Page	 
			
	 1.
	 	Interpretation	  	 	6	 
	 2.
	 	Incorporation of FinCo	  	 	6	 
	 3.
	 	Sale of Existing HET Loan	  	 	6	 
	 4.
	 	HET Contribution	  	 	6	 
	 5.
	 	VIP LuxCo Contribution	  	 	7	 
	 6.
	 	Secondary Contribution	  	 	7	 
	 7.
	 	Net Cash and Working Capital Adjustments	  	 	8	 
	 8.
	 	Antitrust Covenant	  	 	10	 
	 9.
	 	Conditions Precedent	  	 	12	 
	 10.
	 	Access to Information, Cooperation and Commitment to Remediation	  	 	14	 
	 11.
	 	VIP Warranties	  	 	14	 
	 12.
	 	VIP Indemnities	  	 	15	 
	 13.
	 	VIP Third Party Claims	  	 	15	 
	 14.
	 	HET Warranties	  	 	16	 
	 15.
	 	HET Indemnity	  	 	16	 
	 16.
	 	HET Third Party Claims	  	 	16	 
	 17.
	 	Italian Corporate Income Tax Group Arrangements	  	 	17	 
	 18.
	 	Secondary Liabilities	  	 	19	 
	 19.
	 	Pre-Completion Covenants	  	 	20	 
	 20.
	 	Parent Undertakings	  	 	26	 
	 21.
	 	Signing	  	 	27	 
	 22.
	 	Completion	  	 	27	 
	 23.
	 	Termination	  	 	28	 
	 24.
	 	Covenant in respect of SSEA Indemnity Benefits	  	 	31	 
	 25.
	 	VIP Guarantee	  	 	32	 
	 26.
	 	HET Guarantee	  	 	33	 
	 27.
	 	Costs and Expenses	  	 	34	 
	 28.
	 	Announcements and Confidentiality	  	 	35	 
	 29.
	 	Notices	  	 	36	 
	 30.
	 	Further Assurances	  	 	38	 
	 31.
	 	Assignments	  	 	38	 
	 32.
	 	Diversion of Dividends	  	 	38	 
	 33.
	 	Payments	  	 	39	 
	 34.
	 	No Double Recovery	  	 	40	 
	 35.
	 	General	  	 	40	 
	 36.
	 	Whole Agreement	  	 	41	 
	 37.
	 	Invalid Terms	  	 	42	 
	 38.
	 	Jurisdiction	  	 	42	 
	 39.
	 	Governing Law	  	 	43	 
	 40.
	 	Language	  	 	43	 
		
	 Schedule
	  			
			
	 1.
	 	Corporate Details	  	 	44	 
		 	Part 1	  	Core Wind Group Companies	  	 	44	 
		 	Part 2	  	3 Italia Group Companies	  	 	48	 
	 2.
	 	Deed of Adherence	  	 	52	 
	 3.
	 	Corporate and Debt Structures	  	 	54	 
		 	Part 1	  	3 Italia Group Corporate and Debt Structure	  	 	54	 
		 	Part 2	  	Wind Group Corporate and Debt Structure	  	 	55	 

									
	 4.
	 	VIP Warranties	  	 	56	 
	 5.
	 	HET Claims	  	 	69	 
	 6.
	 	HET Warranties	  	 	74	 
	 7.
	 	VIP Claims	  	 	87	 
	 8.
	 	Signing Obligations	  	 	92	 
		 	Part 1	  	VIP Signing Obligations	  	 	92	 
		 	Part 2	  	HET Signing Obligations	  	 	93	 
	 9.
	 	Completion Obligations	  	 	94	 
		 	Part 1	  	VIP Completion Obligations	  	 	94	 
		 	Part 2	  	HET Completion Obligations	  	 	96	 
		 	Part 3	  	H3G II Completion Obligations	  	 	98	 
		 	Part 4	  	FinCo Completion Obligations	  	 	99	 
		 	Part 5	  	VIP, HET and H3G II Completion Date Obligations	  	 	100	 
	 10.
	 	Net Cash and Working Capital Adjustments	  	 	101	 
		 	Part 1	  	Post-Completion Financial Adjustments	  	 	101	 
		 	Part 2	  	Form of Quarterly Updates	  	 	109	 
		 	Part 3	  	Form of Completion Statements	  	 	110	 
	 11.
	 	VIP Indemnities	  	 	111	 
	 12.
	 	Core Wind Group External Debt and Derivative Instruments	  	 	112	 
		 	Part 1	  	Derivative obligations	  	 	112	 
		 	Part 2	  	Debt instruments	  	 	112	 
	 13.
	 	Definitions and Interpretation	  	 	113	 
			
	 Signatories
	  		  	 	147	 

 Agreed Form documents: 
  

	1.	Agreed Business Plan 

  

	2.	Agreed Press Releases 

  

	3.	Completion H3G II Articles 

  

	4.	FinCo Shareholders’ Deed 

  

	5.	Hutchison IP Licence 

  

	6.	Long-Term Incentive Plan Key Terms 

  

	7.	Merger Integration Plan Key Terms 

  

	8.	Plan of Reorganisation Key Terms 

  

	9.	Articles of association of FinCo to be adopted at Completion 

  

	10.	Long-Term Incentive Plan 

  

	11.	Merger Integration Plan 

  

	12.	Plan of Reorganisation 

  

	13.	Initial Budget 

  

	14.	Initial Business Plan 

 THIS AGREEMENT is made on 6 August 2015 (as amended on 4 November 2016) 

BETWEEN: 
  

	(1)	VIMPELCOM AMSTERDAM B.V., a private limited liability company (besloten vennootschap) incorporated under the laws of the Netherlands having its corporate seat in Amsterdam, the
Netherlands whose registered office is at Claude Debussylaan 88, Amsterdam 1082 MD, the Netherlands and registered with the Dutch Chamber of Commerce under number 34378904 (VIP); 

 

	(2)	VIMPELCOM LTD., an exempted company limited by shares incorporated under the laws of Bermuda having its registered office at Victoria Place, 31 Victoria Street, Hamilton HM10, Bermuda registered with the
Registrar of Companies in Bermuda under number 43271 and having its principal executive offices at Claude Debussylaan 88, 1082 MD, Amsterdam, the Netherlands (VIP Guarantor); 

 

	(3)	HUTCHISON EUROPE TELECOMMUNICATIONS S.À R.L., a sociėtė à responsabilitė
limitėe incorporated under the laws of the Grand Duchy of Luxembourg, with a share capital of EUR 6,573,135,875, having its registered office at 7, rue du
Marché-aux-Herbes, L-1728 Luxembourg, Grand Duchy of Luxembourg registered with the Luxembourg trade companies under
number B74649 (HET, and together with VIP, the Shareholders); 

  

	(4)	CK HUTCHISON HOLDINGS LIMITED, an exempted company incorporated under the laws of the Cayman Islands whose principal place of business is 12th Floor, Cheung Kong Center, 2 Queen’s Road
Central, Hong Kong registered with the Registrar of Companies in the Cayman Islands under number MC-294571 (HET Guarantor); 

 

	(5)	HUTCHISON 3G ITALY INVESTMENTS S.À R.L., a société à responsabilité
limitée incorporated under the laws of the Grand Duchy of Luxembourg, with a share capital of EUR 2,758,939,525, having its registered office at 7, rue du
Marché-aux-Herbes, L-1728 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg trade companies register
under number B77457 (H3G II); and 

  

	(6)	VIP-CKH IRELAND LIMITED, a private company limited by shares incorporated under the laws of the Republic of Ireland, having its registered office at 70 Sir
John Rogerson’s Quay, Dublin 2, Ireland and registered with the Irish Companies Registration Office under number 588489 (FinCo), 

(each of the above together with such persons as become bound to the terms of this agreement pursuant to a Deed of Adherence from time to time being the
Parties (and Party shall be construed accordingly)). 
 WHEREAS: 

 

	(A)	VIP currently owns and operates the Wind Group in Italy. 

  

	(B)	HET currently owns and operates the 3 Italia Group in Italy. 

  

	(C)	The Shareholders have agreed to establish a joint venture under which they will jointly own and operate the Wind Group and the 3 Italia Group on the terms and subject to the conditions set out in this agreement.

  

	(D)	The creation of the joint venture consisting of the Wind Group and the 3 Italia Group shall be effected by taking the steps set out in this agreement and is conditional upon, amongst other things, competition and
regulatory approvals on terms satisfactory to each of the Shareholders. 

  
 5 

	(E)	The HET Guarantor is the ultimate holding company of HET and is willing to guarantee the obligations of HET under this agreement. 

  

	(F)	The VIP Guarantor is the ultimate holding company of VIP and is willing to guarantee the obligations of VIP under this agreement. 

IT IS HEREBY AGREED as follows: 
  

	1.	INTERPRETATION 

  

	1.1	The definitions and other provisions in Schedule 13 apply throughout this agreement. 

  

	1.2	In this agreement, unless the contrary intention appears, a reference to a clause, subclause, paragraph or schedule is a reference to a clause, subclause, paragraph or schedule to this agreement. The schedules form part
of this agreement. 

  

	1.3	The headings in this agreement do not affect its interpretation. 

  

	2.	INCORPORATION OF FINCO 

  

	2.1	Subject to the terms and conditions of this agreement, prior to Completion, HET undertakes to incorporate FinCo as a new private limited company in Ireland with an issued share capital of 100 ordinary shares of EUR1.00
each. 

  

	2.2	As soon as practicable following the Unconditional Date (or such other time as the Shareholders may agree), HET shall transfer to VIP LuxCo 50% of the issued share capital of FinCo in consideration for the payment by
VIP LuxCo of the nominal value of the shares transferred (the FinCo Share Transfer). 

  

	2.3	The Shareholders each undertake to procure that: 

  

	 	(a)	at Completion FinCo adopts such memorandum and articles of association (or equivalent) as VIP and HET shall have agreed in good faith prior to its incorporation and as are consistent with the FinCo Shareholders’
Deed; and 

  

	 	(b)	as soon as reasonably practicable following the FinCo Share Transfer, but no later than Completion FinCo adheres to this agreement by delivering a duly executed Deed of Adherence. 

 

	3.	SALE OF EXISTING HET LOAN 

 Subject to the terms and
conditions of this agreement, at Completion HET shall assign its rights, title, interest and benefits in and to 50% of the principal amount of the Existing HET Loan to VIP LuxCo in consideration for the grant to HET by VIP LuxCo of the VIP LuxCo
Receivable and shall procure, and take any and all action necessary to ensure, that VIP LuxCo grants such VIP LuxCo Receivable at Completion (the Existing HET Loan Sale). 

 

	4.	HET CONTRIBUTION 

 Subject to the terms and conditions of this agreement, at
Completion, HET shall immediately following the Existing HET Loan Sale, contribute by way of assignment the VIP LuxCo Receivable to H3G II, in consideration for the issuance of two H3G II Shares to HET to be credited as fully paid up (the
HET H3G II Shares) (the HET Contribution). 

  
 6 

	5.	VIP LUXCO CONTRIBUTION 

  

	5.1	Subject to the terms and conditions of this agreement, at Completion and immediately following the HET Contribution, VIP shall procure, and take any and all action necessary to ensure, that VIP LuxCo shall:

  

	 	(a)	transfer (to the extent not already transferred prior to Completion) to H3G II the sum of EUR 25,000; and 

  

	 	(b)	transfer to H3G II its entire interest in the WAHF Shares free from any Encumbrance, 

 (steps
(a) and (b) together being the VIP LuxCo Contribution), contemporaneously and in consideration for the WAHF Consideration. 
  

	5.2	Contemporaneously with and in consideration for the VIP LuxCo Contribution, HET shall procure, and take any and all action necessary to ensure, that H3G II: 

 

	 	(a)	issues to VIP LuxCo a number of H3G II Shares, to be credited as fully paid, so that immediately following such issue of shares (i) VIP LuxCo shall hold 50% of the issued share capital of H3G II (the VIP
H3G II Shares) and (ii) HET and HET LuxCo shall together hold 50% of the issued share capital of H3G II; and 

  

	 	(b)	grants to VIP LuxCo a new interest-free on demand receivable in a principal amount equal to the VIP LuxCo Receivable documented by way of a promissory note (the H3G II Receivable),

 (steps (a) and (b) together being the WAHF Consideration). 

 

	5.3	Immediately following the VIP LuxCo Contribution, VIP and HET shall procure that the H3G II Receivable is set off against the VIP LuxCo Receivable such that each of the H3G II Receivable and VIP LuxCo Receivable are
extinguished as fully and completely repaid (the Extinguishment of Receivables). 

  

	6.	SECONDARY CONTRIBUTION 

  

	6.1	Subject to the terms and conditions of this agreement, at Completion and immediately following the Extinguishment of Receivables: 

  

	 	(a)	HET shall novate all its rights, title, interest and benefits in and to the Existing HET Loan to FinCo (the HET Secondary Contribution); and 

 

	 	(b)	VIP shall procure, and take any and all action necessary to ensure, that VIP LuxCo shall novate all its rights, title, interest and benefits in and to the Existing HET Loan to FinCo (the VIP LuxCo
Secondary Contribution), 

 each of (a) and (b) above occurring simultaneously with each other and with the
FinCo Share Issue and in consideration for the FinCo Share Issue pursuant to clause 6.2(a). 
  

	6.2	Subject to the terms and conditions of this agreement, at Completion and simultaneously with the steps set out in clause 6.1, each Shareholder undertakes, and in respect of (b) below, FinCo undertakes, to:

  

	 	(a)	procure that FinCo issues an equal number of new shares (of equal value) to each of HET and VIP LuxCo with aggregate nominal value and share premium, if any, credited as fully paid equal to the face value of the
Existing HET Loan (the FinCo Share Issue), in consideration for the HET Secondary Contribution and VIP LuxCo Secondary Contribution pursuant to clause 6.1; and 

 

	 	(b)	enter into, or in respect of VIP, procure, and take any and all action necessary to ensure, that VIP LuxCo enters into, the FinCo Shareholders’ Deed. 

  
 7 

	7.	NET CASH AND WORKING CAPITAL ADJUSTMENTS 

 Agreed
Contributions 
  

	7.1	The Shareholders have agreed that their respective valuations of the 3 Italia Group and the Core Wind Group are on the basis of the following assumptions: 

 

	 	(a)	The 3 Italia Final Net Cash will not be less than the 3 Italia Target Net Cash. 

  

	 	(b)	The Wind Final Net Cash will not be less than the Wind Target Net Cash. 

  

	 	(c)	The 3 Italia Final Working Capital will not be less than the 3 Italia Target Working Capital. 

  

	 	(d)	The Wind Final Working Capital will not be less than the Wind Target Working Capital. 

  

	7.2	Prior to the Completion Accounts Date and subject to compliance with Laws: 

  

	 	(a)	HET undertakes to keep VIP reasonably informed of 3 Italia Group’s Net Cash and the 3 Italia Group’s Working Capital levels including (unless VIP agrees otherwise) providing VIP, at quarterly meetings or as
otherwise agreed by the Shareholders, with complete and accurate updates (including in relation to Tax) within 15 Business Days of the end of each calendar quarter (30 September, 31 December, 31 March and 30 June) as to the 3 Italia
Group’s quarter-end Net Cash and the 3 Italia Group’s quarter-end Working Capital levels in the format set out in Part 2 of Schedule 10 (a 3 Italia
Quarterly Update), providing reasonably prompt, accurate and complete responses to any questions VIP may reasonably ask in relation to any 3 Italia Quarterly Update and, reasonably promptly at the reasonable request of VIP, meet with
VIP’s representatives to discuss any 3 Italia Quarterly Update; and 

  

	 	(b)	VIP undertakes to keep HET reasonably informed of the Core Wind Group’s Net Cash and Core Wind Group’s Working Capital levels including (unless HET agrees otherwise) providing HET, at quarterly meetings or as
otherwise agreed by the Shareholders, with complete and accurate updates (including in relation to Tax) within 15 Business Days of the end of each calendar quarter (30 September, 31 December, 31 March and 30 June) as to the Core Wind
Group’s quarter-end Net Cash and to the Core Wind Group’s quarter-end Working Capital levels in the format set out in Part 2 of Schedule 10 (a Wind
Quarterly Update), providing reasonably prompt, accurate and complete responses to any questions HET may reasonably ask in relation to any Wind Quarterly Update and, reasonably promptly at the reasonable request of HET, meet with
HET’s representatives to discuss any Wind Quarterly Update. 

 Pre-Completion
Adjustment 
  

	7.3	On the Business Day following the Unconditional Date: 

  

	 	(a)	HET shall notify VIP with a reasonable good faith estimate in writing of the 3 Italia Estimated Net Cash and 3 Italia Estimated Working Capital (together, the 3 Italia Estimates); and

  
 8 

	 	(b)	VIP shall notify HET with a reasonable good faith estimate in writing of the Wind Estimated Net Cash and Wind Estimated Working Capital (together, the Wind Estimates), 

in each case: 
  

	 	(i)	calculated in accordance with the provisions set out in Schedule 10; and 

  

	 	(ii)	accompanied by reasonable supporting evidence for such estimates including a complete and accurate explanation of material movements between the last 3 Italia Quarterly Update or the Wind Quarterly Update (as
applicable) and of any relevant Tax matters. 

  

	7.4	In respect of the 3 Italia Group, the following adjustments shall be made as at Completion: 

  

	 	(a)	In relation to the 3 Italia Group’s Net Cash, an adjustment shall only be made if the aggregate of the 3 Italia Estimated Net Cash plus the Estimated Excess Working Capital of the 3 Italia Group (if any) is less
than the 3 Italia Target Net Cash, in which case the adjustment will be the amount by which the aggregate of the 3 Italia Estimated Net Cash plus the Estimated Excess Working Capital of the 3 Italia Group (if any) is less than the 3 Italia Target
Net Cash (the 3 Italia Estimated Net Cash Shortfall). 

  

	 	(b)	In relation to the 3 Italia Group’s Working Capital, an adjustment shall only be made if the aggregate of the 3 Italia Estimated Working Capital plus the Estimated Excess Cash of the 3 Italia Group (if any) is less
than the 3 Italia Target Working Capital, in which case the adjustment will be the amount by which the aggregate of the 3 Italia Estimated Working Capital plus the Estimated Excess Cash of the 3 Italia Group (if any) is less than the 3 Italia Target
Working Capital (the 3 Italia Estimated Working Capital Shortfall). 

  

	 	(c)	The 3 Italia Estimated Adjustment will be calculated by adding any 3 Italia Estimated Net Cash Shortfall to any 3 Italia Estimated Working Capital Shortfall. 

 

	7.5	In respect of the Core Wind Group, the following adjustments shall be made as at Completion: 

  

	 	(a)	In relation to the Core Wind Group’s Net Cash, an adjustment shall only be made if the aggregate of the Wind Estimated Net Cash plus the Estimated Excess Working Capital of the Core Wind Group (if any) is less than
the Wind Target Net Cash, in which case the adjustment will be the amount by which the aggregate of the Wind Estimated Net Cash plus the Estimated Excess Working Capital of the Core Wind Group (if any) is less than the Wind Target Net Cash (the
Wind Estimated Net Cash Shortfall). 

  

	 	(b)	In relation to the Core Wind Group’s Working Capital, an adjustment shall only be made if the aggregate of the Wind Estimated Working Capital plus the Estimated Excess Cash of the Core Wind Group (if any) is less
than the Wind Target Working Capital, in which case the adjustment will be the amount by which the aggregate of the Wind Estimated Working Capital plus the Estimated Excess Cash of the Core Wind Group (if any) is less than the Wind Target Working
Capital (the Wind Estimated Working Capital Shortfall). 

  

	 	(c)	The Wind Estimated Adjustment will be calculated by adding any Wind Estimated Net Cash Shortfall to the Wind Estimated Working Capital Shortfall. 

  
 9 

	7.6	At Completion: 

  

	 	(a)	if the 3 Italia Estimated Adjustment is greater than the Wind Estimated Adjustment, HET shall pay to VIP (or such other member of the VIP Group as may be nominated by VIP) 50% of the difference as follows:

  

	 	(i)	in cash at Completion; or 

  

	 	(ii)	if HET so elects: (A) the payment shall be left outstanding as an undertaking to pay VIP carrying interest from Completion (at a rate equal to the H3G II Cost of Capital and calculated on the basis of the actual
number of days elapsed divided by 365 days), until such time as the amount due, together with accrued interest, is received in full by VIP (or such nominated member of the VIP Group); and (B) HET shall procure that H3G II or FinCo pay any
amounts in respect of any dividends, distributions or other returns of value due from H3G II or FinCo to HET or any transferee of shares in H3G II or FinCo in accordance with the Shareholders’ Deed directly to VIP (or such nominated member of
the VIP Group) in discharge of such undertaking and interest to the extent of the payment received by VIP (or such nominated member of the VIP Group); or 

  

	 	(b)	if the Wind Estimated Adjustment is greater than the 3 Italia Estimated Adjustment, VIP shall pay to HET (or such other member of the HET Group as may be nominated by HET) 50% of the difference as follows:

  

	 	(i)	in cash at Completion; or 

  

	 	(ii)	if VIP so elects: (A) the payment shall be left outstanding as an undertaking to pay HET carrying interest from Completion (at a rate equal to the H3G II Cost of Capital and calculated on the basis of the actual
number of days elapsed divided by 365 days), until such time as the amount due, together with accrued interest, is received in full by HET (or such nominated member of the HET Group); and (B) VIP shall procure that H3G II or FinCo pay any
amounts in respect of any dividends, distributions or other returns of value due from H3G II or FinCo to VIP or VIP LuxCo or any transferee of shares in H3G II or FinCo in accordance with the Shareholders’ Deed directly to HET (or such
nominated member of the HET Group) in discharge of such undertaking and interest to the extent of the payment received by HET (or such nominated member of the HET Group). 

Post-Completion Adjustment 
  

	7.7	The adjustments (if any) to be made after Completion to the 3 Italia Estimates and the Wind Estimates shall be calculated on the basis set out in Part 1 of Schedule 10. 

 

	8.	ANTITRUST COVENANT 

  

	8.1	Each of the Shareholders shall endeavour to obtain the requisite approvals to satisfy the conditions precedent in clause 9.1 and shall, in this regard, provide each other reasonable and necessary cooperation. The
following provisions of this clause 8 are without prejudice to the generality of the foregoing sentence. Subject to clause 8.8, each Shareholder undertakes that it will, and VIP undertakes to procure that VIP LuxCo will, in relation to satisfying
the conditions precedent in clause 9.1: 

  

	 	(a)	co-operate fully in the filing of all relevant filings relating to the transactions contemplated by this agreement in a form agreed by both Shareholders as soon as practicable
after the date of this agreement; 

  

	 	(b)	promptly notify the other Shareholder of any communication (whether written or oral) relating to the transactions contemplated by this agreement from the European Commission, the Autoritá
Garante della Concorrenza e del Mercato (the Italian Competition Authority), the Presidency of the Council of Ministers in Italy, the Ministry of Economic Development, AGCOM or any other
government, department or regulatory authority (but not including any Taxation Authority) (each a Regulatory Authority) including any communications from an official of a Regulatory Authority; 

  
 10 

	 	(c)	not without the prior approval of the other Shareholder (which approval shall not be unreasonably withheld or delayed), communicate or meet with any Regulatory Authority in connection with, or make any filings or
submissions relating to, the transactions contemplated by this agreement; 

  

	 	(d)	not undertake any actions nor enter into and will procure that no member of their respective groups undertakes actions or enters into any other agreement or arrangement where the effect of any such actions, agreement or
arrangement is likely to affect, delay, impede or in any respect prejudice the fulfilment of the conditions set out at clause 9.1; 

  

	 	(e)	ensure that the other Shareholder is able to attend all meetings and telephone calls relating to the transactions contemplated by this agreement with any Regulatory Authority and give the other Shareholder all
reasonable opportunity to participate fully thereat or thereon, as the case may be (save to the extent that a Regulatory Authority expressly requires that a Shareholder should not be present at the meeting or part or parts of the meeting); and

  

	 	(f)	provide the other Shareholder with drafts of all written communications relating to the transactions contemplated by this agreement intended to be sent to any Regulatory Authority, give the other Shareholder all
reasonable opportunity to comment thereon, not send such communications without the prior approval of VIP (in the case of HET) or HET (in the case of VIP or VIP LuxCo), and provide the other Shareholder with final copies of all such communications,

 save that in relation to all disclosure under this clause 8.1, business secrets and other confidential material may be
redacted so long as the relevant Shareholder acts reasonably in identifying such material for redaction. 
  

	8.2	Without prejudice to clause 8.1(a), the Parties shall endeavour to submit to the European Commission: (a) for the purpose of pre-notification a first draft of a merger filing
(Form CO) concerning the concentration contemplated hereby (the Concentration) not later than 25 September 2015 (provided that all the necessary information is then available to ensure that such first draft presents a full, fair
and accurate description of the Concentration, the businesses of the merging parties, the effects of the Concentration on the applicable markets and competition in such markets, the reasons for the merger and the arguments of the parties in support
of clearance of the Concentration) unless otherwise agreed in writing by the VIP Solicitors and the HET Solicitors (acting on the instructions of their respective clients); and (b) the formal notification concerning the Concentration as soon as
is reasonably practicable. 

  

	8.3	Each Shareholder shall, and shall procure that its advisers shall, co-operate in providing the other Shareholder with such assistance as is reasonably necessary and which it is
reasonably able to provide, and shall provide all Regulatory Authorities with such information as may reasonably be necessary and which it is reasonably able to provide, to ensure that: 

 

	 	(a)	all relevant filings are made in accordance with clauses 8.1(a) and 8.2; 

  

	 	(b)	any request for information relating to the transactions contemplated by this agreement from a Regulatory Authority is fulfilled promptly and in any event in accordance with any relevant time limit; and

  

	 	(c)	it provides copies of any proposed communication with Regulatory Authorities relating to the transactions contemplated by this agreement to the other Shareholder and that (acting reasonably) it takes due consideration
of any comments that the other Shareholder may have in relation to such proposed communication, 

 save that in relation to all
disclosure under this clause 8.3, business secrets and other confidential material may be redacted so long as the relevant Shareholder acts reasonably in identifying such material for redaction. 

  
 11 

	8.4	All filings with and submissions to any Regulatory Authority in connection with the conditions set out at clause 9.1 shall be made jointly by the Shareholders, except where the Shareholders agree otherwise or where
required otherwise by the Regulatory Authority or by law. 

  

	8.5	Neither Shareholder will, and each Shareholder will procure that no member of the HET Group and VIP Group respectively will, make any request for the referral of the assessment of the Concentration from the European
Commission to the Italian Competition Authority. 

  

	8.6	If it becomes reasonably apparent that the relevant Regulatory Authority or Regulatory Authorities referred to in clause 9.1(a) will only adopt a decision or make a declaration clearing the Concentration or transactions
contemplated in this agreement subject to conditions, obligations, undertakings and/or modifications (each a Commitment), then, subject to the following sentence, the Shareholders shall discuss in good faith any Commitments to be offered by
them in their respective absolute discretion (a Commitment Offer). Neither Shareholder shall be obligated to agree, and completion of the transactions contemplated in this agreement will not occur unless both Shareholders have agreed to any
Commitments with Regulatory Authorities required in order to satisfy the conditions precedent in clause 9.1 below. 

  

	8.7	Subject to satisfaction (or waiver (as applicable)) of the conditions at clause 9.1, where one or more of the declarations, decisions or clearances envisaged in clause 9.1 has been granted conditional only on the
fulfilment of Commitments made under clause 8.6, each Shareholder undertakes to use its best endeavours to fulfil those Commitments within the period of time specified in the relevant declaration, decision or clearance. 

 

	8.8	Save where the Shareholders have agreed to do so pursuant to clause 8.6 but without prejudice to clause 23.1, nothing in this agreement shall require any Shareholder to offer or agree to any Commitment, condition,
obligation, undertaking or modification in order to satisfy (or waive (as applicable)) the conditions set out at clause 9.1. 

  

	9.	CONDITIONS PRECEDENT 

  

	9.1	The obligation of the Parties to effect Completion is conditional on the satisfaction (or waiver (as applicable)) of the conditions set out in paragraphs (a) to (d) (inclusive) below: 

 

	 	(a)	in the case of merger control approval for the Concentration: 

  

	 	(i)	the European Commission declaring that the Concentration is compatible with the internal market, either unconditionally or conditional only on the fulfilment of Commitments set out in a Commitment Offer that may be
agreed under clause 8.6, pursuant to Article 6(1)(b), Article 6(2), Article 8(1) or Article 8(2) of the EU Merger Regulation; or 

  

	 	(ii)	there has been a deemed approval in respect of the Concentration pursuant to Article 10(6) of the EU Merger Regulation; or 

  

	 	(iii)	 where the European Commission has referred the Concentration in whole or in part to the Italian Competition
Authority under Article 9 of the EU Merger Regulation, the Italian Competition Authority (A) issuing a decision not to open an investigation 

  
 12 

	 	
under Article 16(4) of Italian Law number 287/1990 or (B) after initiating proceedings issuing a decision, either unconditionally or conditional only on the fulfilment of Commitments set out
in a Commitment Offer that may be agreed under clause 8.6, under Article 16(8) of Italian Law number 287/1990, and if the European Commission has retained jurisdiction over any part of the Concentration, the European Commission declaring that such
part of the Concentration is compatible with the internal market pursuant to Article 6(1)(b), Article 6(2), Article 8(1) or Article 8(2) of the EU Merger Regulation, in each case either unconditionally or conditional only on the fulfilment of
Commitments set out in a Commitment Offer that may be agreed under clause 8.6; and 

  

	 	(b)	insofar as approval being required in the context of the so-called “Golden Powers” under Italian law, the Presidency of the Council of Ministers or any other competent
regulatory authority under Italian Law confirming in writing pursuant to Article 1 (Defence and National Security Golden Powers) and/or Article 2 (Communication, Energy and Transport Golden Powers), as applicable, of the Golden Powers Legislation,
that it has approved and/or cleared all transactions contemplated hereby either unconditionally or conditional only on the fulfilment of Commitments set out in a Commitment Offer agreed under clause 8.6, or that the relevant deadlines for tacit
consent “silenzio-assenso” of the Golden Powers Legislation have elapsed without any veto or consent having been communicated by the Presidency of the Council of Ministers or any other
competent regulatory authority; and 

  

	 	(c)	the Italian Ministry of Economic Development confirming in writing that it has authorised, either unconditionally or conditional only on the fulfilment of Commitments attached by the Ministry to its authorisation, the
transfer of all individual rights to use radiofrequencies granted to each of Wind TS and H3G S.p.A. arising from the indirect change of control of Wind TS and H3G S.p.A. by virtue of the transactions contemplated in this agreement pursuant to
Article 14 ter, paragraphs 5 and 6, of Legislative Decree No. 259 of 1 August 2003 (as amended from time to time, the Electronic Communications Code); and 

 

	 	(d)	insofar as authorisations are required, AGCOM issuing decisions pursuant to Articles 4 and 3 (respectively) of the regulation attached to AGCOM Decision No. 368/14/CONS of 17 July 2014 (New regulation on
proceedings concerning the authorization of the transfer of ownership of radio-television companies and on proceedings set forth by article 43 of the Radio and Audio-Visual Decree), that it has authorised (either unconditionally or conditional only
on the fulfilment of Commitments attached by AGCOM to its authorisation): 

  

	 	(i)	the transfer in ownership of H3G S.p.A., by means of a decision not to open an investigation into that concentration involving an entity within the Italian “sistema integrato delle
comunicazioni” (“integrated communications system”) pursuant to Article 43 of Legislative Decree no. 177 of 31 July 2005 (as amended from time to time, the Consolidated Text on Radio and Audio-Visual Means, hereinafter the
Radio and Audio-Visual Decree); and 

  

	 	(ii)	the transfer of ownership over (A) H3G S.p.A as the holder of a content provider licence; and (B) 3lettronica Industriale S.p.A. as the holder of a digital terrestrial television network operator licence, in each
case pursuant to articles 16 and 15 (respectively) of the Radio and Audio-Visual Decree, having been authorised by AGCOM pursuant to Article 1, paragraph 6, letter c), no. 13 of Law No. 249 of 31 July 1997 (Creation of the Authority for
telecommunications and radio-television services). 

  
 13 

	9.2	The conditions precedent set out in clauses 9.1(b), (c) and/or (d) may be waived (in whole or in part) by written agreement of the Shareholders. No conditions may be unilaterally waived by either Shareholder.

  

	9.3	The Shareholders shall each notify the other promptly (but in any event within one Business Day of becoming aware) that any of the conditions set out in this clause 9 have been fulfilled. The first Business Day on or by
which the conditions precedent set out in clause 9.1 have been fulfilled or waived (if applicable) (including the satisfaction of any Commitment required to be satisfied prior to Completion) is the Unconditional Date. 

 

	9.4	Subject to clause 23, upon satisfaction (or waiver (as applicable)) of the conditions in clause 9.1, Completion shall take place in accordance with clause 22. 

 

	10.	ACCESS TO INFORMATION, COOPERATION AND COMMITMENT TO REMEDIATION 

  

	10.1	VIP shall procure that the Core Wind Group and HET shall procure that the 3 Italia Group, as applicable, following the date of this agreement will jointly and periodically review the risk management and compliance
programs, systems procedures and policies currently in place within each of the Core Wind Group and the 3 Italia Group to ensure that they are compliant with applicable Anti-corruption Laws, Anti-money Laundering Laws and Economic Sanctions Laws,
and to assess risk areas for non-compliance and how these are managed, and changes that should be made to ensure that from Completion adequate compliance measures are in place with respect to compliance by the
Group Companies with such Laws. 

  

	10.2	If, in the period prior to Completion, VIP becomes aware of a bona fide actual or potential breach by any Wind Group Company of applicable Anti-corruption Laws, Anti-money Laundering Laws or Economic Sanctions Laws, VIP
shall notify HET and shall promptly (a) investigate such matter and (b) remedy (to the extent reasonably capable of remedy) any actual breach to comply with any requirements of applicable Laws or relevant enforcement authorities in
relation thereto. 

  

	10.3	If, in the period prior to Completion, HET becomes aware of a bona fide actual or potential breach by any 3 Italia Group Company of applicable Anti-corruption Laws, Anti-money Laundering Laws or Economic Sanctions Laws,
HET shall notify VIP and shall promptly (a) investigate such matter and (b) remedy (to the extent reasonably capable of remedy) any actual breach to comply with any requirements of applicable Laws or relevant enforcement authorities in
relation thereto. 

  

	11.	VIP WARRANTIES 

  

	11.1	VIP warrants to HET on the date of this agreement that each of the VIP Warranties is true, accurate and not misleading. 

  

	11.2	VIP shall be deemed to warrant to HET at Completion that, by reference to the facts and circumstances then existing and as if references in the VIP Fundamental Warranties to the date of this agreement were references to
the date of Completion, the VIP Fundamental Warranties are true, accurate and not misleading, save that in the case of the VIP Warranties at paragraphs 9 (Filings and consents) (other than paragraph 9.3), 10 (Compliance
with laws) or 11 (Fundamental Regulatory Licences) of Schedule 4 that the same are true and accurate in all material respects and not misleading in any material respect. 

 

	11.3	HET Claims (but excluding any HET Claim that relates to the adjustments pursuant to clause 7 or Schedule 10) shall be subject to the limitations and other provisions expressly stated as applying to those claims set out
in Schedule 5. 

  
 14 

	11.4	VIP acknowledges that HET is entering into this agreement in reliance on the warranties and undertakings on the part of VIP set out in this agreement. 

 

	11.5	HET acknowledges and agrees that the only VIP Warranty given in relation to Taxation or any related claims, liabilities or other matters (VIP Tax Matters) is the VIP Tax Warranty and no other VIP Warranty is
given (whether directly or indirectly) in relation to VIP Tax Matters. 

  

	12.	VIP INDEMNITIES 

 VIP undertakes to HET (without limiting any other rights of HET
in any way including rights to damages for breach of any VIP Warranty or on any other basis) to indemnify HET on demand against all the Losses suffered by HET and (without double counting 50% of all the Losses suffered by the Group) arising as a
result of or in connection with any of the following matters: 
  

	 	(a)	any of the litigation cases between Wind TS and the counterparties listed in Schedule 11 until final settlement; and 

  

	 	(b)	where VIP has failed to procure by the Completion Accounts Date that any Equity Interest held by any Core Wind Group Company in any Wind Dormant Company is transferred (to a third party who is not a member of the Wind
Group), any Losses in relation to such Equity Interest including: 

  

	 	(i)	any liabilities or obligations (past, present or future) of the Group in connection with any Equity Interest held by any Group Company in any such Wind Dormant Company; and 

 

	 	(ii)	any Costs incurred by the Group in connection with any liquidation or dissolution of any such Wind Dormant Company following Completion. 

 

	13.	VIP THIRD PARTY CLAIMS 

  

	13.1	If any Party other than VIP becomes aware of any claim by a third party or potential claim by a third party (a VIP Third Party Claim) after Completion which is likely to result in a HET Claim (other than a claim
under clause 17 or a Tax Gross Up Claim) being made under this agreement, such Party shall as soon as reasonably practicable give notice of the VIP Third Party Claim to VIP and (subject to such Party and the Group being indemnified and secured to
their reasonable satisfaction by VIP against all reasonable out-of-pocket Costs incurred in respect of that VIP Third Party Claim) shall use all reasonable endeavours
to: 

  

	 	(a)	ensure that VIP is given all reasonable facilities to investigate the VIP Third Party Claim; 

  

	 	(b)	not (and ensure that each Group Company shall not) admit liability or make any agreement or compromise with any person, body or authority (including any Taxation Authority) in relation to that VIP Third Party Claim
without prior consultation with VIP; and 

  

	 	(c)	(subject to it or any relevant Group Company being entitled to employ its own legal advisers) take (and ensure that each Group Company shall take) any action that VIP reasonably requests to avoid, resist, dispute,
appeal, compromise or defend that VIP Third Party Claim. 

  

	13.2	The rights of VIP under clause 13.1 shall only apply to a VIP Third Party Claim if VIP gives notice to HET and H3G II in writing of its intention to exercise its rights within 30 Business Days of the relevant Party
giving notice of the VIP Third Party Claim. If VIP does not give such notice during that period, the relevant Party shall be entitled in its absolute discretion to settle, compromise, or resist any action, proceedings or claim against it or any
member of the Group out of which that VIP Third Party Claim may arise. 

  
 15 

	13.3	Neither the relevant Party nor any member of the Group shall be required to take any action or refrain from taking any action pursuant to clause 13.1 (or ensure that any such action or omission is taken), if the action
or omission requested would, in the reasonable opinion of such Party or the Group Company (as applicable), be materially prejudicial to the business of such Party or the Group (as applicable). 

 

	13.4	Neither VIP nor any of its connected persons shall take any action or refrain from taking any action pursuant to this clause 13 if such action or omission could reasonably be regarded as materially prejudicial to the
business of HET or the Group or any Group Company. 

  

	13.5	HET shall not be precluded from bringing any HET Claim by reason of any breach of the terms of this clause 13. 

  

	14.	HET WARRANTIES 

  

	14.1	HET warrants to VIP on the date of this agreement that each of the HET Warranties is true, accurate and not misleading. 

  

	14.2	HET shall be deemed to warrant to VIP at Completion that, by reference to the facts and circumstances then existing and as if references in the HET Fundamental Warranties to the date of this agreement were references to
the date of Completion, the HET Fundamental Warranties are true, accurate and not misleading, save that in the case of the HET Warranties at paragraphs 9 (Filings and consents), (other than paragraph 9.3) 10 (Compliance
with laws), 11 (Fundamental Regulatory Licences) of Schedule 6 that the same are true and accurate in all material respects and not misleading in any material respect. 

 

	14.3	VIP Claims (but excluding any VIP Claim that relates to the adjustments pursuant to clause 7 or Schedule 10) shall be subject to the limitations and other provisions expressly stated as applying to those claims set out
in Schedule 7. 

  

	14.4	HET acknowledges that VIP is entering into this agreement in reliance on the warranties and undertakings on the part of HET set out in this agreement. 

 

	14.5	VIP acknowledges and agrees that the only HET Warranty given in relation to Taxation or any related claims, liabilities or other matters (HET Tax Matters) is the HET Tax Warranty and no other HET Warranty is
given (whether directly or indirectly) in relation to HET Tax Matters. 

  

	15.	HET INDEMNITY 

 HET undertakes to VIP (without limiting any other rights of VIP in
any way including rights to damages for breach of any HET Warranty or on any other basis) to indemnify VIP on demand against 50% of all Tax liabilities suffered by H3G II to the extent such liabilities result from [*] for any period ending on or
before the Completion Accounts Date. 
  

	16.	HET THIRD PARTY CLAIMS 

  

	16.1	If any Party other than HET becomes aware of any claim by a third party or potential claim by a third party (a HET Third Party Claim) after Completion which is likely to result in a VIP Claim (other than a claim
under clause 17 or a Tax Gross Up Claim) being made under this agreement, 

 [*] Material omitted and furnished separately to the Securities
and Exchange Commission pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 16 

	 	
such Party shall as soon as reasonably practicable give notice of the HET Third Party Claim to HET and (subject to such Party and the Group being indemnified and secured to their reasonable
satisfaction by HET against all reasonable out-of-pocket Costs incurred in respect of that HET Third Party Claim) shall use all reasonable endeavours to:

  

	 	(a)	ensure that HET is given all reasonable facilities to investigate the HET Third Party Claim; 

  

	 	(b)	not (and ensure that each Group Company shall not) admit liability or make any agreement or compromise with any person, body or authority (including any Taxation Authority) in relation to that HET Third Party Claim
without prior consultation with HET; and 

  

	 	(c)	(subject to it or any relevant Group Company being entitled to employ its own legal advisers) take (and ensure that each Group Company shall take) any action that HET reasonably requests to avoid, resist, dispute,
appeal, compromise or defend that HET Third Party Claim. 

  

	16.2	The rights of HET under clause 16.1 shall only apply to a HET Third Party Claim if HET gives notice to VIP and H3G II in writing of its intention to exercise its rights within 30 Business Days of the relevant Party
giving notice of the HET Third Party Claim. If HET does not give such notice during that period, the relevant Party shall be entitled in its absolute discretion to settle, compromise, or resist any action, proceedings or claim against it or any
member of the Group out of which that HET Third Party Claim may arise. 

  

	16.3	Neither the relevant Party nor any member of the Group shall be required to take any action or refrain from taking any action pursuant to clause 16.1 (or ensure that any such action or omission is taken), if the action
or omission requested would, in the reasonable opinion of such Party or the Group Company (as applicable), be materially prejudicial to the business of such Party or the Group (as applicable). 

 

	16.4	Neither HET nor any of its connected persons shall take any action or refrain from taking any action pursuant to this clause 15 if such action or omission could reasonably be regarded as materially prejudicial to the
business of VIP or the Group or any Group Company. 

  

	16.5	VIP shall not be precluded from bringing any VIP Claim by reason of any breach of the terms of this clause 15. 

  

	17.	ITALIAN CORPORATE INCOME TAX GROUP ARRANGEMENTS 

  

	17.1	From Completion, the Shareholders shall use all reasonable endeavours to procure that WAHF, Wind TS and Wind Retail (or their successors, where relevant) each pay to Wind Telecom an amount equal to any Italian corporate
income tax for which Wind Telecom is accountable and which is attributable to WAHF, Wind TS and Wind Retail, respectively, in respect of any period ending on or before the Break Date. No such payment shall be required to the extent that:
(a) such payment was made prior to or at the Completion Accounts Date, including through offset or settlement of intercompany balances; (b) such payment is prohibited pursuant to any financing agreements of the Wind Group or the 3 Italia
Group; or (c) any Wind Tax Receivable remains outstanding, except to the extent that the payment is able to be offset against that Wind Tax Receivable. 

  

	17.2	From Completion, VIP shall use all reasonable endeavours to procure that Wind Telecom pays the Wind Tax Receivable to the relevant Core Wind Group Company. No such payment shall be required to the extent that:
(a) such payment was made prior to or at the Completion Accounts Date, including through offset or settlement of Intercompany Balances; or (b) any Wind Tax Payable remains outstanding, except to the extent that the payment is able to be
offset against that Wind Tax Payable. 

  
 17 

	17.3	VIP shall pay, or shall procure that there is paid, to the Company or WAHF (on behalf of itself and each other relevant Wind Group Company or their successors), an amount equal to such proportion of any repayment of
Italian corporate income tax received by Wind Telecom from the Italian Taxation Authority which VIP reasonably considers is attributable to WAHF, Wind TS or Wind Retail promptly after its receipt by Wind Telecom. 

 

	17.4	If WAHF, Wind TS or Wind Retail (or, where relevant, the successor to any of them) receives (at any time) a payment from Wind Telecom in respect of any transfer of Reliefs to Wind Telecom and those Reliefs are
subsequently lost or otherwise cease to be available (including, without limitation, as a result of any Tax audit or Tax assessment but excluding as a result of any action taken by Wind Telecom or any of its Affiliates in circumstances where any of
them knew, or ought reasonably to have known, that the action in question would or might result in the Relief in question being lost or ceasing to be available), then, from Completion, the Shareholders shall use reasonable endeavours to procure that
so much of such payment that relates to the Reliefs that are lost or otherwise cease to be available shall be refunded as soon as practicable thereafter. 

  

	17.5	Subject to clause 17.4, VIP shall not, and shall procure that neither Wind Telecom nor any other member of the VIP Group shall, seek to recover any amount from WAHF, Wind TS, Wind Retail or any other Group Company in
respect of or relating to any Italian corporate income tax that Wind Telecom or any other person is required to pay as a result of any Reliefs transferred by WAHF, Wind TS or Wind Retail to Wind Telecom being lost or otherwise ceasing to be
available (including, without limitation, as a result of any Tax audit or Tax assessment). 

  

	17.6	VIP shall take, or shall procure that Wind Telecom takes, all necessary steps either: 

  

	 	(a)	to procure the reimbursement in cash to the relevant Wind Group Company prior to the Completion Accounts Date; or 

  

	 	(b)	to assign, pursuant to Article 124(3) of the IITC, to the relevant Wind Group Company prior to the Completion Accounts Date a receivable from the Italian Taxation Authority on account of advance payments of Italian
corporate income tax of an amount equal to, 

 any amounts paid by WAHF, Wind TS or Wind Retail to Wind Telecom on account of
or in respect of advance payments of Italian corporate income tax in relation to the tax year (for Italian corporate income tax purposes) in which the Break Date falls. 
  

	17.7	VIP shall take, or shall procure that Wind Telecom takes, all necessary steps to procure that the Break Date is no later than the beginning of the Tax year (for Italian corporate income tax purposes) in which Completion
takes place. 

  

	17.8	VIP shall procure that no amendment is made to the Wind Tax Agreement at any time on or before Completion, other than any amendment required to permit the continuation of the Wind Tax Agreement on the same terms (in all
material respects) as apply as at the date of this agreement. 

  

	17.9	In each case from Completion: 

  

	 	(a)	VIP shall not, and VIP shall procure that neither Wind Telecom nor any other member of the VIP Group shall, seek to enforce the Wind Tax Agreement against any Wind Group Company (or any of its successors); and

  

	 	(b)	the Shareholders shall co-operate to procure that no Wind Group Company (or any other Group Company) shall seek to enforce the Wind Tax Agreement against Wind Telecom,

 where such enforcement would be contrary to the express terms of this agreement or would require a payment not contemplated
by the express provisions of this agreement. 

  
 18 

	17.10	From Completion: 

  

	 	(a)	VIP shall, and shall procure that Wind Telecom shall, keep HET fully informed of any material developments and correspondence relating to the Italian corporate income tax affairs of the Wind Tax Group so far as relevant
to any Wind Group Company, including by promptly providing HET with copies of all material written correspondence with any Taxation Authority relating to such affairs; and 

 

	 	(b)	subject to clause 13 of this agreement, VIP shall not, and shall procure that neither Wind Telecom nor any other member of the VIP Group shall, make any election or take any other action (other than as expressly
permitted or contemplated by the Shareholders’ Deed) to prevent any of the Wind Group Companies dealing with their own Tax affairs or with any Tax audit, assessment, dispute or other matter relating to Tax which concerns or affects any Wind
Group Company (and, for the avoidance of doubt and without limitation, any matter that could result in any Italian corporate income tax liability for any Wind Group Company pursuant to Article 127 of the IITC shall be treated as being part of the
Tax affairs of the Wind Group Company). 

  

	17.11	In this clause 17: 

 Break Date means the date on which WAHF, Wind TS and Wind
Retail cease to be part of the Wind Tax Group for Italian corporate income tax purposes; 
 Tax is attributable to a person (the
Attributed Entity) and not to another person if and to the extent it is Tax which is payable by reference to the income, profits or gains, transactions, activities, assets, capital or liabilities of the Attributed Entity and not of the
other person; and 
 any reference to Italian corporate income tax includes any interest, surcharge, penalty or
fine in relation to Italian corporate income tax, and any payment, liability or amount on account of or in respect of Italian corporate income tax. 
  

	18.	SECONDARY LIABILITIES 

  

	18.1	VIP covenants with HET to pay to HET, within 10 Business Days of demand, an amount equivalent to the Relevant Percentage of any Tax which a Group Company, HET, any other member of the HET Group or FinCo, is required to
pay: 

  

	 	(a)	as a result of a failure by any member of the VIP Group (other than a Group Company or FinCo) to discharge Tax for which it is liable; or 

 

	 	(b)	which is attributable to any member of the VIP Group and not attributable to a Group Company, HET, any other member of the HET Group or FinCo. 

 

	18.2	HET covenants with VIP to pay to VIP, within 10 Business Days of demand, an amount equivalent to the Relevant Percentage of any Tax which a Group Company, VIP, any other member of the VIP Group or FinCo, is required to
pay: 

  

	 	(a)	as a result of a failure by any member of the HET Group (other than a Group Company or FinCo) to discharge Tax for which it is liable; or 

 

	 	(b)	which is attributable to any member of the HET Group and not attributable to a Group Company, VIP, any other member of the VIP Group or FinCo. 

 

	18.3	 Save in relation to any Excluded Transaction Taxes, VIP covenants with HET to pay to HET, within 10 Business Days
of demand, an amount equivalent to the Relevant Percentage of any Tax which a 

  
 19 

	 	
Group Company, any other member of the HET Group or FinCo would not have incurred if such Group Company or such other member of the HET Group or FinCo had made a deduction or withholding or
otherwise accounted for Tax in respect of the VIP LuxCo Contribution, the WAHF Consideration, the Extinguishment of Receivables, the VIP LuxCo Secondary Contribution, the Pre-Completion Wind Reorganisation
and/or the contribution of shares in FinCo to Weather Capital S.à r.l. and/or had accounted to the relevant Taxation Authority for the amount deducted or withheld. 

 

	18.4	Save in relation to any Excluded Transaction Taxes, HET covenants with VIP to pay to VIP, within 10 Business Days of demand, an amount equivalent to the Relevant Percentage of any Tax which a Group Company, any other
member of the VIP Group or FinCo would not have incurred if such Group Company or such other member of the VIP Group or FinCo had made a deduction or withholding or otherwise accounted for Tax in respect of the HET Contribution, the HET Secondary
Contribution and/or the Pre-Completion 3 Italia Reorganisation and/or had accounted to the relevant Taxation Authority for the amount deducted or withheld. 

 

	18.5	For the purposes of clauses 18.1 and 18.2 (and not, for the avoidance of doubt, for the purposes of any other provision of this agreement), Tax is attributable to a person (the Attributed Entity) and not
to another person if and to the extent it is Tax which is payable by reference to the income, profits or gains, transactions, activities, assets, capital or liabilities of the Attributed Entity and not of the other person and, notwithstanding the
foregoing, Tax shall be treated as attributable to Wind Telecom (and not any other person) where such Tax is payable by Wind Telecom by reference to the income, profits or gains, transactions, activities, assets, capital or liabilities of Wind
Telecom or any other person and arises as a result of any Relief transferred to Wind Telecom by any Wind Group Company being lost or otherwise ceasing to be available. 

 

	18.6	For the purposes of clauses 18.1 to 18.4, “Relevant Percentage” means: 

  

	 	(a)	in relation to any Tax required to be paid or incurred by a member of the HET Group or the VIP Group and in each case other than a Group Company or FinCo, 100%; and 

 

	 	(b)	in all other cases, 50%. 

  

	18.7	The covenants contained in clauses 18.1 to 18.4 shall extend to any Costs incurred in connection with such Tax or a claim under such clauses. 

 

	18.8	The provisions of clause 12 shall apply mutatis mutandis to any claims by HET under clauses 18.1 or 18.3. 

  

	18.9	The provisions of clause 15 shall apply mutatis mutandis to any claims by VIP under clauses 18.2 or 18.4. 

  

	19.	PRE-COMPLETION COVENANTS 

  

	19.1	Neither VIP, HET, H3G II nor FinCo shall and each such Party shall procure that none of their Subsidiaries shall at any time prior to and including Completion without the prior consent of the other parties pass or join
in passing any resolution of H3G II or FinCo which is contrary to the Transaction Documents. 

  

	19.2	Pending Completion: 

  

	 	(a)	VIP shall procure that the Core Wind Group; and 

  

	 	(b)	HET shall procure that the 3 Italia Group, 

  
 20 

 each continues to carry on business (and manage affairs relating to Tax) in the ordinary and
usual course and in compliance with applicable law and regulation and takes all reasonable steps to preserve their business and assets, provided that nothing in this clause 19.2 shall prevent VIP, HET or any member of the Core Wind Group or the 3
Italia Group from taking such actions as it or they shall in their absolute discretion consider necessary or desirable in order to maintain or increase the value of the business carried on by it or them or to act in a manner intended to compete with
its or their respective competitors, provided that no such action could adversely affect Completion after the Parties have become obliged to effect Completion. Nothing in this clause 19.2 shall prevent any member of the Core Wind Group from entering
into (i) a memorandum of understanding or agreement (or set of agreements) for the establishment of a digital services platform, provided such memorandum of understanding or agreement is consistent with the draft Heads of Terms for a Strategic
Collaboration between Wind TS and GS&Co LLC located in folder 4.12.8.1 of the Wind Virtual Data Room; or (ii) an agreement or agreements with Ericsson (or affiliates of Telefonaktiebolaget LM Ericsson) for the implementation of technology
solutions in the operations of the Core Wind Group. 
  

	19.3	Subject to clause 19.4 and without prejudice to the generality of clause 19.2, pending Completion, VIP shall procure that the Core Wind Group does not (and that neither Wind Telecom nor any other company on behalf of
any Core Wind Group Company does) and HET shall procure that the 3 Italia Group does not, without the prior consent of the other Shareholder: 

  

	 	(a)	do or omit to do anything which could constitute an event of default (or an event or circumstance which would with the expiry of a grace period, the giving of notice, the making of any determination under the relevant
document or any combination of any of the foregoing be an event of default) under or breach of any terms of any External Debt of any Core Wind Group Company or 3 Italia Group Company, as applicable, in each case which entitles the lender in respect
of such arrangement to require the relevant Core Wind Group Company or 3 Italia Group Company, as applicable, to repay the relevant External Debt prior to its normal or originally stated maturity; 

 

	 	(b)	grant any lease or third party right in respect of any of the Properties or transfer or otherwise dispose of any of the Properties, other than in the ordinary course of business; 

 

	 	(c)	make any loan other than to another member of the 3 Italia Group or the Core Wind Group (to the extent permitted in accordance with the Wind Financing Documents) respectively; 

 

	 	(d)	enter into any new banking facilities, issue any new bonds or enter into any other financing documentation, other than those already existing (being, in the case of the 3 Italia Group, the 3 Italia Financing Documents
and, in the case of the Core Wind Group, as set out in Schedule 12) that would or could permit any member of the Core Wind Group or the 3 Italia Group to draw down, issue or take on any new External Debt other than any External Debt pursuant to
commitments already existing at the time of this agreement under the 3 Italia Financing Documents or the Wind Financing Documents (as applicable), provided that, for the avoidance of doubt, this clause 19.3(d) shall not restrict drawdowns under
existing commitments under the revolving credit facility under the Wind Financing Documents; 

  

	 	(e)	do or omit to do anything which might result in the termination, revocation, suspension or modification of any Key Material Contract other than in accordance with its terms, for cause or in the ordinary course for
business reasons; 

  

	 	(f)	do or omit to do anything which might result in the termination, revocation, suspension, modification or non-renewal of any material licence or consent held by it and issued or
granted by a regulatory or governmental body which is responsible for the authorisation, regulation, licensing and/or supervision of any Core Wind Group Company or 3 Italia Group Company, as applicable; 

  
 21 

	 	(g)	declare, make or pay any dividend or any other distribution (whether in cash, stock or kind); 

  

	 	(h)	other than as contemplated in the Transaction Documents, alter, or agree to alter the articles of association, by-laws or other constitutional document of any Core Wind Group
Company or 3 Italia Group Company, as applicable; 

  

	 	(i)	agree or permit the institution or settlement of any litigation where it could result in a payment by a Core Wind Group Company or 3 Italia Group Company, as applicable, of EUR 10,000,000 or more other than any
litigation relating to Tax; 

  

	 	(j)	alter, amend or vary the accounting policies of the Core Wind Group and 3 Italia Group, as applicable, unless such alteration, amendment or variation (i) is required by law or relevant account requirements or
(ii) made in accordance with the terms of this agreement or the Transaction Documents; 

  

	 	(k)	create, issue, purchase or redeem any class of share or loan capital that would be incompatible with this agreement, the Transaction Documents or the transactions contemplated thereby; 

 

	 	(l)	acquire shares or (other than in the ordinary course) assets of or in any company or dispose of any shares or (other in the ordinary course) assets of or in any Core Wind Group Company or 3 Italia Group Company (as
applicable); 

  

	 	(m)	participate equity in, or terminate any equity participation in, any partnership or joint venture, except as required in the ordinary course of business in connection with any bid to be made by the relevant member of
the 3 Italia Group Company or Core Wind Group Company, as applicable, as required by a government, other state authority or regulatory tender process; and this clause 19.3(m) shall not operate to restrict or prevent participation in or termination
of any non-equity partnership or joint venture; 

  

	 	(n)	create any Encumbrance on the assets other than shares of any member of the 3 Italia Group or Wind Group, as applicable, except Permitted Encumbrances up to an aggregate value of EUR 10,000,000; 

 

	 	(o)	grant, issue or redeem any mortgage, charge, debenture or other security or give any guarantee or indemnity that gives rise to a liability (whether actual or contingent) of any Wind Group Company or 3 Italia Group
Company, as applicable, in excess of EUR 10,000,000 individually, and for the avoidance of doubt, this provision shall not apply to mortgages, charges, debentures or other securities granted, issued or redeemed in the ordinary course of business in
accordance with the Wind Financing Documents; 

  

	 	(p)	enter into a lease for a new property or renew any lease for a Property, other than in the ordinary course of business; 

  

	 	(q)	make any change to any of its methods, policies, principles or practices of Tax accounting or methods of reporting or claiming income, losses, or deductions for Tax purposes; 

 

	 	(r)	change its residence for Tax purposes or create any permanent establishment or other place of business in any other jurisdiction; 

  

	 	(s)	approve or create any new employee incentive scheme; 

  

	 	(t)	enter into any Interconnection Agreement or Rate Sheet other than on market terms; or 

  

	 	(u)	agree conditionally or otherwise, to do any of the foregoing (save for conditionally upon a condition that is satisfied by termination of this agreement). 

  
 22 

	19.4	The restrictions set out in clause 19.3 (other than 19.3(a) and 19.3(d)) shall not operate to restrict or prevent: 

  

	 	(a)	any act or matter required by: 

  

	 	(i)	the Pre-Completion 3 Italia Reorganisation, including the 3 Italia Acquisition; 

  

	 	(ii)	the Pre-Completion Wind Reorganisation; 

  

	 	(iii)	the Wind Financing Documents; or 

  

	 	(iv)	clauses 2, 3, 4, 5, 6 or 22 or Schedule 9 of this agreement; or 

  

	 	(b)	any act or matter proposed to be undertaken by: 

  

	 	(i)	the 3 Italia Group in respect of which VIP has given its prior written consent (such consent not to be unreasonably withheld or delayed); or 

 

	 	(ii)	the Core Wind Group in respect of which HET has given its prior written consent (such consent not to be unreasonably withheld or delayed); 

 

	19.5	For the purpose of clause 19.3, it shall be reasonable for a Shareholder to withhold its consent on the basis that the act or matter requiring its consent may, in the reasonable opinion of such Shareholder, result in a
material deterioration in the value of the assets or business of: 

  

	 	(A)	in the case of a matter for which VIP consent is required, the 3 Italia Group or the Group, as the case may be; and 

  

	 	(B)	in the case of a matter for which HET consent is required, the Core Wind Group or the Group, as the case may be, 

in each case whether as a whole or any member thereof. 
  

	19.6	VIP shall procure that the Core Wind Group and HET shall procure that the 3 Italia Group (as applicable) prior to Completion or, in respect of clause 19.6(h) only, prior to the Completion Accounts Date:

  

	 	(a)	implements and maintains adequate anti-bribery and anti-money laundering policies and procedures in accordance with all applicable laws designed to ensure compliance with all applicable Anti-corruption Laws, and
Anti-money Laundering Laws and Economic Sanctions Laws including but not limited to ensuring the adoption and effective implementation of an adequate Organizational Model under, and for purposes of, the Italian Legislative Decree no. 231 of 2001;

  

	 	(b)	maintains accurate records of its activities, including financial records in a form and manner appropriate for a business of its size and resources; 

 

	 	(c)	uses all reasonable endeavours to procure that its service providers maintain adequate policies, systems, controls and procedures designed to ensure compliance with all applicable Anti-corruption Laws, Anti-money
Laundering Laws and Economic Sanctions Laws; 

  
 23 

	 	(d)	will not take any action which results in it or any of its members being in material contravention of any Law (including any applicable Anti-corruption Laws, Anti-money Laundering Laws and Economic Sanctions Laws);

  

	 	(e)	maintains in full force and effect such insurance policies as it and its members currently have in place unless such policies terminate in accordance with their terms, in which case it shall renew the same on a similar
basis; 

  

	 	(f)	following the Unconditional Date, carries out all steps required to implement the Pre-Completion Wind Reorganisation or the Pre-Completion
3 Italia Reorganisation, as applicable; 

  

	 	(g)	(A) in respect of the Core Wind Group only, terminates any existing long-term employee incentive schemes which would otherwise continue post-Completion and settles all
pre-existing liabilities arising in relation thereto by no later than 15 November 2016; and (B) terminates any existing employee incentive schemes which would otherwise continue post-Completion and
settles all pre-existing liabilities arising in relation thereto, other than employee incentive schemes referred to at paragraphs (x)(i), (ii) and (iii) of the definition of ‘Debt’ in Schedule
13 which are to be settled in accordance with the timeframes set out therein; and 

  

	 	(h)	ensures that any Equity Interest held by any Core Wind Group Company in any Wind Dormant Company is transferred (to a third party who is not a member of the Wind Group) or dissolved without any liability or obligation
to the Core Wind Group. 

  

	19.6A	Each Shareholder shall identify prior to Completion and through a proper and agreed upon assessment process individuals, preferably but not necessarily from among the current senior management teams of the 3 Italia
Group and the Core Wind Group, who shall initially be appointed to serve in senior management roles of the Group, the 3 Italia Group and the Core Wind Group, including the chief financial officer, chief technical officer, chief marketing officer and
such other positions as are agreed by the Shareholders. 

  

	19.7	The Shareholders undertake to negotiate in good faith and use reasonable endeavours to agree: 

  

	 	(a)	the new company name to be adopted by H3G II on Completion; 

  

	 	(b)	the articles of association to be adopted by MergeCo and its Subsidiaries at Completion on the basis of the Shareholders’ Deed and the MergeCo Articles Extract; 

 

	 	(c)	the articles of association to be adopted by FinCo at Completion on the basis of the FinCo Shareholders’ Deed; 

  

	 	(d)	the terms of a full length Long-Term Incentive Plan on the basis of the key commercial terms set out in the Long-Term Incentive Plan Key Terms; 

 

	 	(e)	the terms of a full length Merger Integration Plan on the basis of the key commercial terms set out in the Merger Integration Plan Key Terms; 

 

	 	(f)	the terms of a full length Plan of Reorganisation on the basis of the key terms set out in the Plan of Reorganisation Key Terms; 

  

	 	(g)	the Initial Business Plan; and 

  

	 	(h)	the Initial Budget, 

 in each case, as soon as practicable. 

  
 24 

	19.8	To the extent permitted by applicable antitrust and merger control laws, the Shareholders shall procure the establishment of a merger integration planning team in order to plan and prepare the integration process of
their respective Italian businesses provided that information shall only be disclosed to members of a suitable clean team consisting of external advisers and properly segregated employees of each of the Shareholders, in each case being bound by the
confidentiality obligations under the NDA and the Protocol and any other guidelines agreed between the Shareholders with respect to integration planning. 

  

	19.9	     

  

	 	(a)	VIP undertakes to HET that there will not be any Cash Leakage in the period from the date of this agreement up to and including Completion; and 

 

	 	(b)	HET undertakes to VIP that there will not be any Cash Leakage in the period from (but excluding) the Completion Accounts Date up to and including Completion. 

 

	19.10	HET shall procure that an aggregate amount not less than €200,000,000 in Cash is held by the 3 Italia Group as at the Completion Accounts Date. 

 

	19.11	VIP shall not enter, and shall procure that neither VIP LuxCo nor any member of the Core Wind Group enters, into any new derivative instruments other than those already existing, as set out in Schedule 12, and shall not
amend or terminate, and shall procure that no member of the Core Wind Group amends or terminates, any such existing derivative instruments from the date of this agreement up to and including Completion, in each case without the prior consent of HET
(such consent not to be unreasonably withheld or delayed). VIP shall procure that, from the date of this agreement up to and including Completion, the Core Wind Group does not repay any long term Financial Indebtedness as set out in Schedule 12.

  

	19.12	HET shall not enter, and shall procure that no member of the 3 Italia Group enters, into any new derivative instruments without the prior consent of VIP (such consent not to be unreasonably withheld or delayed).

  

	19.13	Pending Completion, VIP shall, and shall procure that VIP LuxCo and the Core Wind Group shall: 

  

	 	(a)	keep HET reasonably informed of any material developments and correspondence relating to the Tax affairs of the Core Wind Group, including by promptly providing HET with copies of all material written correspondence
with any Taxation Authority relating to the Tax affairs of the Core Wind Group; and 

  

	 	(b)	not take any Restricted Tax Action that: (i) could materially impact any Group Company, or could reasonably be expected to have a material impact on HET or any person connected with HET; and/or (ii) could
result in a payment by a Group Company of EUR150,000,000 or more, without first consulting with HET for a reasonable period of time and taking HET’s reasonable comments into account. 

 

	19.14	Pending Completion, HET shall, and shall procure that the 3 Italia Group shall: 

  

	 	(a)	keep VIP reasonably informed of any material developments and correspondence relating to the Tax affairs of the 3 Italia Group, including by promptly providing VIP with copies of all material written correspondence with
any Taxation Authority relating to the Tax affairs of the 3 Italia Group; and 

  

	 	(b)	not take any Restricted Tax Action that: (i) could materially impact any Group Company, or could reasonably be expected to have a material impact on VIP or any person connected with VIP; and/or (ii) could
result in a payment by a Group Company of EUR150,000,000 or more, without first consulting with VIP for a reasonable period of time and taking VIP’s reasonable comments into account. 

  
 25 

	19.15	VIP undertakes to procure that the proceeds (net of any Tax and of any third party costs and expenses reasonably incurred (the Galata Proceeds)) received by any member of the Core Wind Group in connection with
the exercise by Wind TS of the put option granted to it by Smartowers Italy S.r.l. pursuant to the put and call option agreement between Wind TS and Smartowers Italy S.r.l dated 26 March 2015 (a copy of which is located in the Wind Physical
Data Room) (the Galata Put Option) (the exercise of which is not restricted by virtue of clause 19.3) are used to reduce the Debt of the Wind Group after Completion. 

 

	19.16	VIP undertakes to procure that Wind TS shall not, to the extent legally permitted, renew or agree any exclusivity obligations binding on it under any contract with SPAL TLC S.p.A. in the event that any such contract is
proposed to be renewed or entered into. 

  

	19.17	VIP shall use reasonable endeavours to procure that the Core Wind Group and HET shall use reasonable endeavours to procure that the 3 Italia Group, as applicable, following the date of this agreement will jointly
review, in the context of the integration process, the risk management and compliance programs, systems procedures and policies currently in place within each of the Core Wind Group and the 3 Italia Group to ensure that they are in line with updated
applicable law and best practice requirements and to ensure adequate protection to the Group Companies and their management following Completion and with a view to harmonising the same following Completion with particular but not exclusive reference
to the management of Sites. 

  

	19.18	The Shareholders acknowledge that the provisions contained in this clause 19, including the granting of the relevant consent, the exercise of the relevant waiver and in general the performance of all actions and the
fulfilment of all obligations hereunder, are subject to compliance with any law and regulation, including antitrust and merger control rules. 

  

	19.19	Notwithstanding the foregoing, no provision of this clause 19 shall be enforceable or binding to the extent that any such restriction gives rise to a breach of applicable antitrust or merger control laws and
regulations. 

  

	19.20	HET will best endeavour to deliver to VIP original, executed versions of the settlement and release agreements (related to the Employment Agreements dated the date hereof and entered into by the 3 Italia Executives) as
soon as reasonably practicable. 

  

	20.	PARENT UNDERTAKINGS 

  

	20.1	On and from Completion, the Shareholders will ensure that: 

  

	 	(a)	the members of the VIP Group (other than the Wind Group) do not require any payment of any fee, and any obligation to pay a fee is waived for the provision of a Wind Parent Guarantee in respect of the period on and from
Completion; and 

  

	 	(b)	the members of the HET Group (other than the 3 Italia Group) do not require any payment of any fee, and any obligation to pay a fee is waived for the provision of a 3 Italia Parent Guarantee in respect of the period on
and from Completion. 

  
 26 

	20.2	Following Completion, H3G II shall procure that: 

  

	 	(a)	any member of the Wind Group which benefits from a Wind Parent Guarantee will reimburse the relevant member of the VIP Group (other than the Wind Group) for any amount paid and any Loss incurred in connection with such
Wind Parent Guarantee in respect of the period after Completion; and 

  

	 	(b)	any member of the 3 Italia Group which benefits from a 3 Italia Parent Guarantee will reimburse the relevant member of the HET Group (other than the 3 Italia Group) for any amount paid and any Loss incurred in
connection with such 3 Italia Parent Guarantee in respect of the period after Completion. 

  

	20.3	Without prejudice to clause 20.2 and any other right of subrogation under the Wind Parent Guarantees and the 3 Italia Parent Guarantees, to the extent that such amount paid and Loss incurred have not been reimbursed
pursuant to clause 20.2 or any such other rights: 

  

	 	(a)	VIP will compensate HET for 50% of such amount and any Loss suffered by the HET Group (other than the 3 Italia Group) under a 3 Italia Parent Guarantee as a result of any act or omission of the Group after Completion;

  

	 	(b)	HET will compensate VIP for 50% of such amount and any Loss suffered by the VIP Group (other than the Wind Group) under a Wind Parent Guarantee as a result of any act or omission of the Group after Completion; and

  

	 	(c)	no Shareholder will be liable to another Shareholder under this clause 20.3 in respect of any Loss arising from any act or omission of the VIP Group or the HET Group (other than the Wind Group or the 3 Italia Group
respectively). 

  

	21.	SIGNING 

 At the date of this agreement: 

 

	 	(a)	VIP shall observe and perform, and shall procure and take any and all actions necessary to ensure that VIP LuxCo observes and performs, the obligations in Part 1 of Schedule 8; and 

 

	 	(b)	HET shall observe and perform the obligations in Part 2 of Schedule 8. 

  

	22.	COMPLETION 

  

	22.1	Completion shall take place in Luxembourg on: 

  

	 	(a)	the later of: 

  

	 	(i)	00:00 Central European Time (CET) on 5 November 2016; and 

  

	 	(ii)	if applicable, 00:00 CET on the first day of the month immediately following the month in which the Remediation Period End Date falls (or, if the Remediation Period End Date falls less than five Business Days before
(and excluding) the last Business Day of the month in which the Unconditional Date falls, on 00:00 CET on the first day of the second month following the month in which the Remediation Period End Date falls); or 

 

	 	(b)	on such other date and in such place as the Shareholders may jointly agree in writing. 

  
 27 

	22.2	At Completion: 

  

	 	(a)	VIP shall effect, and shall procure, and take any and all action necessary to ensure, that VIP LuxCo effects, the Existing HET Loan Sale, VIP LuxCo Contribution, Extinguishment of Receivables and VIP LuxCo Secondary
Contribution, and further VIP shall observe and perform, and procure, and take any and all action necessary to ensure, that VIP LuxCo observes and performs all of the provisions of Part 1 of Schedule 9; 

 

	 	(b)	HET shall effect the Existing HET Loan Sale, HET Contribution, WAHF Consideration, Extinguishment of Receivables and HET Secondary Contribution, and further HET shall observe and perform all of the provisions of Part 2
of Schedule 9; and 

  

	 	(c)	H3G II shall observe and perform, and the Shareholders shall procure that H3G II observes and performs, all of the provisions of Part 3 of Schedule 9; and 

 

	 	(d)	FinCo shall observe and perform, and the Shareholders shall procure that FinCo observes and performs, all of the provisions of Part 4 of Schedule 9. 

 

	22.3	If for any reason VIP fails to observe and perform or fails to procure the observance and performance of any of the provisions of Part 1, Part 3 (in so far as it is able) and Part 4 of Schedule 9, HET may elect (in
addition and without prejudice to all other rights or remedies available to it, including those rights and remedies specified in clause 23.5) not to proceed to Completion or to fix a new time and date for Completion by, in either case, giving
written notice to VIP. 

  

	22.4	If for any reason HET fails to observe and perform or fails to procure the observance and performance of any of the provisions of Part 2, Part 3 and Part 4 of Schedule 9, VIP may elect (in addition and without prejudice
to all other rights and remedies available to it, including those rights and remedies specified in clause 23.5) not to proceed to Completion or to fix a new time and date for Completion by, in either case, giving written notice to HET.

  

	22.5	At Completion, the Parties shall do all those things respectively required of them under clauses 2 to 6 (inclusive) of this agreement at Completion and Completion shall not be deemed to have occurred unless and until
each such thing has been done. 

  

	22.6	On or within 3 days of the Completion Date, VIP, HET and H3G II shall observe and perform all of the provisions of Part 5 of Schedule 9. 

 

	23.	TERMINATION 

 Termination connected with conditions precedent 

 

	23.1	This agreement and any other Transaction Documents in effect shall automatically terminate with immediate effect and each Party’s rights and obligations shall cease to have effect if any of the conditions precedent
in clause 9.1 is not fulfilled (or, where appropriate, waived) in accordance with its terms on or before the Long Stop Date or such later date as may be required for the satisfaction of any Commitment referred to in a Commitment Offer where such
Commitment is required to be satisfied prior to Completion or as the Shareholders have agreed in writing. 

  

	23.2	If this agreement terminates in accordance with clause 23.1 then: 

  

	 	(a)	the provisions of this agreement (other than clause 23.1, this clause 23.2, clause 1, clauses 25 to 29 and clauses 33 to 40 (inclusive), the provisions of Schedule 13, and any other right, duty or obligation of the
Parties that is expressly stated in this agreement or reasonably intended to survive termination) shall lapse and cease to have effect (so that no Party shall have any liability under them) except in relation to a breach under this agreement prior
to any such termination; 

  
 28 

	 	(b)	neither the lapsing of those provisions nor their ceasing to have effect shall affect any accrued rights or liabilities of any Party in respect of damages for non-performance of
any obligation under this agreement falling due for performance prior to such lapse and cessation; and 

  

	 	(c)	each Party shall bear its own costs and expenses in relation to the negotiation, preparation and execution of this agreement and all ancillary matters, 

provided that in no event shall any Party be required to make any payment to the other Parties by way of damages, break fee or other analogous
item solely as a consequence of the circumstances stated at clause 23.1. 
 Termination connected with Completion 

 

	23.3	Subject to clause 23.4, this agreement shall automatically terminate with immediate effect (where the relevant breach is not reasonably capable of remedy) or with effect from the Remediation Period End Date (where the
relevant breach is reasonably capable of remedy but has not been remedied) and each Party’s rights and obligations shall cease to have effect if: 

  

	 	(a)	before Completion, VIP becomes aware that any of the HET Title, Capacity and Compliance Warranties was (i) at the date of this agreement untrue or misleading in any material respect, or (ii) has since become
untrue or misleading in any material respect by reference to the facts and circumstances then existing as if references in the HET Title, Capacity and Compliance Warranties to the date of this agreement were references to the date VIP becomes so
aware, save that in the case of such breach of the warranties at paragraphs 10 (Compliance with Laws) and 11 (Fundamental Regulatory Licence) of Schedule 6 such breach has a Material Adverse Effect (provided that where the breach is reasonably
capable of remedy, VIP gives written notice to HET to remedy such breach (the VIP Notice to Remedy) and HET has not remedied or procured the remedy of the breach within the period specified below) and VIP gives notice to
HET that it wishes to terminate this agreement; or 

  

	 	(b)	before Completion, HET becomes aware that any of the VIP Title, Capacity and Compliance Warranties was (i) at the date of this agreement untrue or misleading in any material respect, or (ii) has since become
untrue or misleading in any material respect by reference to the facts and circumstances then existing as if references in the VIP Title, Capacity and Compliance Warranties to the date of this agreement were references to the date HET becomes so
aware, save that in the case of such breach of the warranties at paragraphs 10 (Compliance with Laws) and 11 (Fundamental Regulatory Licences) of Schedule 4 such has a Material Adverse Effect (provided that where the breach is reasonably capable of
remedy, HET gives written notice to VIP to remedy such breach (the HET Notice to Remedy) and VIP has not remedied or procured the remedy of the breach within the period specified below) and HET gives notice to VIP that it
wishes to terminate this agreement, 

 and the parties agree that where a Shareholder is capable of remedying or procuring the
remedy of a breach pursuant to the above (and without prejudice to a Shareholder’s right to give notice to terminate pursuant to the above in the event that such remediation does not occur within the period stated below), such Shareholder shall
do so as soon as practicable and in any event within 30 days from the date on which the relevant Notice to Remedy is deemed to have been given in accordance with clause 30 (the end of such period being the Remediation Period End
Date) and Completion shall thereafter take place on the date stated in clause 22.1(a)(ii) and any notice to terminate given under this clause 23.3 shall have no effect. 

  
 29 

	23.4	If this agreement terminates in accordance with clause 23.3 then: 

  

	 	(a)	the provisions of this agreement (other than clause 23.3, this clause 23.4, clause 1, clauses 25 to 29 and clauses 33 to 40 (inclusive), the provisions of Schedule 13, and any other right, duty or obligation of the
Parties that is expressly stated in this agreement or reasonably intended to survive termination) shall lapse and cease to have effect (so that no Party shall have any liability under them) except in relation to a breach under this agreement prior
to any such termination; 

  

	 	(b)	neither the lapsing of those provisions nor their ceasing to have effect shall affect any accrued rights or liabilities of any Party in respect of damages for non-performance of
any obligation under this agreement falling due for performance prior to such lapse and cessation; and 

  

	 	(c)	the other Party or Parties (as the case may be) shall indemnify the Non-defaulting Party against all costs, charges and expenses incurred by it in connection with the negotiation,
preparation and entering into of this agreement and the Transaction Documents and in discharging its obligations under any of them, 

provided that, without prejudice to any other rights or remedies available to it or them, in no event shall any Party be required to make any
payment to the other Parties by way of break fee in the event that this agreement terminates in accordance with clause 23.3. 
  

	23.5	Without affecting any other rights or remedies that the Non-defaulting Party may have (including its right to waive a breach of, or failure to comply with, this agreement and
proceed to Completion under clauses 22.3 and/or 22.4, as applicable), the Parties acknowledge that the Non-defaulting Party may be irreparably harmed by a breach by Defaulting Party of the terms of this
agreement as a result of its failure to complete in the circumstances specified below and that damages alone may not necessarily be an adequate remedy to compensate fully the Non-defaulting Party for any Loss
caused by such breach. Accordingly, the Defaulting Party hereby: (a) acknowledges without proof of actual damages that injunctive relief, specific performance or other equitable relief in favour of the
Non-defaulting Party is also an appropriate and necessary remedy for breach of the terms of this agreement specified below; and (b) agrees not to oppose, or raise any objections to any injunctive relief,
specific performance or other equitable relief that the Non-Defaulting Party may seek for breach of the terms of the agreement specified below. The circumstances in which this clause 23.5 shall apply are:

  

	 	(a)	HET fails materially to observe and perform or fails materially to procure the observance and performance of any of the provisions of Part 2 and Part 3 of Schedule 9 applicable to it; 

 

	 	(b)	VIP fails materially to observe and perform or fails materially to procure the observance and performance of any of the provisions of Part 1 and Part 3 of Schedule 9 applicable to it; 

 

	 	(c)	VIP gives notice to HET that it wishes to terminate this agreement in accordance with clause 23.3(a); and 

  

	 	(d)	HET gives notice to VIP that it wishes to terminate this agreement in accordance with clause 23.3(b). 

  

	23.6	For the purposes of clause 23.4 and 23.5: 

  

	 	(a)	Non-defaulting Party means: 

  

	 	(i)	where this agreement terminates or could terminate pursuant to clause 23.3(a) or 22.4, VIP; and 

  

	 	(ii)	where this agreement terminates or could terminate pursuant to clause 23.3(b) or 22.3, HET; 

  
 30 

	 	(b)	Defaulting Party means 

  

	 	(i)	where this agreement terminates or could terminate pursuant to clause 23.3(a) or 22.4, HET; and 

  

	 	(ii)	where this agreement terminates or could terminate pursuant to clause 23.3(b) or 22.3, VIP. 

  

	23.7	No Party shall be entitled to rescind or terminate this agreement following Completion. 

  

	24.	COVENANT IN RESPECT OF SSEA INDEMNITY BENEFITS 

  

	24.1	The Parties acknowledge that: 

  

	 	(a)	VIP has the benefit of the SSEA Indemnities; and 

  

	 	(b)	article 10.7(h)(iii) of the SSEA entitles Orascom TMT Investments S.à r.l. (formerly Weather Investments II S.à r.l.) as indemnitor to pay any amount due under the SSEA Indemnities, at its discretion, to
VIP or another member of the VIP Group. 

  

	24.2	On and from Completion, VIP shall retain all risk and reward in, full operational control over and exclusive conduct of the SSEA Indemnities and any dispute, compromise, defence, appeal, litigation, arbitration or
alternative dispute resolution proceedings by, against or involving VIP, any member of the VIP Group or any member of the Wind Group in connection therewith (SSEA Indemnity Proceedings) on the following terms: 

 

	 	(a)	VIP shall indemnify on demand HET and H3G II for itself and on behalf of the Group against all Losses which they may incur in taking any such action as VIP may request pursuant to subparagraphs (b) and (c) below
and/or arising from actions taken by VIP pursuant to this clause 25.2; 

  

	 	(b)	the Shareholders shall procure that each relevant Group Company makes available to VIP such persons and all such information as VIP may request for assessing, contesting, disputing, defending, appealing or compromising
any SSEA Indemnity Proceedings; 

  

	 	(c)	the Shareholders shall procure that each relevant Group Company takes such action to assess, contest, dispute, defend, appeal or compromise the SSEA Indemnity Proceedings as VIP may reasonably request and does not make
any admission of liability, agreement, settlement or compromise in relation to the SSEA Indemnity Proceedings without the prior written approval of VIP; and 

  

	 	(d)	VIP shall keep HET reasonably informed of the progress of the SSEA Indemnity Proceedings. 

  

	24.3	On and from Completion, HET shall, and the Shareholders shall each procure that each Group Company shall: 

  

	 	(a)	notify VIP as soon as reasonably practicable upon becoming aware of its receipt from or on behalf of Orascom TMT Investments S.à r.l. of any recovery, realisation, or other sum or in respect of the SSEA
Indemnities or the SSEA Indemnity Proceedings (each an SSEA Indemnity Benefit); 

  
 31 

	 	(b)	transfer to VIP (or its nominee) as soon as reasonably practicable following a request by VIP: 

  

	 	(i)	any SSEA Indemnity Benefit in the ownership, possession or control of a Group Company; together with 

  

	 	(ii)	any benefit or sum accruing to the relevant Group Company as a result of holding such SSEA Indemnity Benefit (the Ancillary Benefit); less 

 

	 	(iii)	an amount equal to any Losses and Tax suffered and, in the reasonable opinion of HET or the relevant Group Company, likely to be suffered by any Group Company on or in relation to the transfer of the SSEA Indemnity
Benefit or the Ancillary Benefit (or which would have been so suffered or would have been likely to be so suffered but for the availability of a Relief), provided that if and to the extent that in any case an amount is deducted under this paragraph
(iii) in respect of any Losses or Tax likely to be suffered, and it is subsequently established to the reasonable satisfaction of HET and the relevant Group Company that the Losses or Tax in question will not be or are no longer likely to be
suffered, then HET shall, and the Shareholders shall each procure that each Group Company shall, transfer such amount to VIP (or its nominee) as soon as reasonably practicable after the same has been established; 

 

	 	(c)	pending such transfer: 

  

	 	(i)	hold such SSEA Indemnity Benefit and the benefit of any right attaching to it (including any sum or right or entitlement to receive the same) on trust for the benefit of VIP; and 

 

	 	(ii)	subject to being put in funds in advance by VIP to cover any Losses likely to be incurred by HET or a Group Company in doing so, use all reasonable endeavours to comply with any specific reasonable request of VIP to
protect and preserve the value of such SSEA Indemnity Benefit. 

  

	24.4	To the extent that a transfer contemplated by clause 24.3(b) is not permitted by applicable law, the Shareholders shall negotiate in good faith with a view to agreeing a suitable alternative arrangement in order that
the economic position of the relevant parties is as it would have been had the SSEA Indemnity Benefit been transferred to VIP in accordance with this clause 24. 

  

	25.	VIP GUARANTEE 

  

	25.1	The VIP Guarantor unconditionally and irrevocably: 

  

	 	(a)	guarantees to HET the payment when due of all amounts payable by VIP to HET under or pursuant to this agreement; 

  

	 	(b)	undertakes to ensure that VIP will perform when due all its obligations under or pursuant to this agreement; 

  

	 	(c)	agrees that if and each time that VIP fails to make any payment to HET when it is due under or pursuant to this agreement, the VIP Guarantor must on demand (without requiring HET first to take steps against VIP or any
other person) pay that amount to HET as if it were the principal obligor in respect of that amount; and 

  

	 	(d)	agrees as principal debtor and primary obligor to indemnify HET against all Losses sustained by it flowing from any non-payment or default of any kind by VIP under or pursuant to
this agreement. 

  
 32 

	25.2	The VIP Guarantor’s obligations under this clause 25 will not be affected by any matter or thing which but for this provision might operate to affect or prejudice those obligations, including without limitation:

  

	 	(a)	any time or indulgence granted to, or composition with, VIP or any other person; 

  

	 	(b)	the taking, variation, renewal or release of, or neglect to perfect or enforce this agreement, or any right, guarantee, remedy or security from or against VIP or any other person; 

 

	 	(c)	any variation or change to the terms of this agreement; or 

  

	 	(d)	any unenforceability or invalidity of any obligation of VIP, so that this agreement shall be construed as if there were no such unenforceability or invalidity. 

 

					
	25.3	  	(a)	    	Until all amounts which may be or become payable under this agreement have been irrevocably paid in full, the VIP Guarantor shall not as a result of this agreement or any payment or performance under this agreement be subrogated to
any right or security of HET or claim or prove in competition with HET against VIP or any other person or claim any right of contribution, set-off or indemnity.

  

	 	(b)	The VIP Guarantor will not take or hold any security from VIP or VIP LuxCo in respect of this agreement and any such security which is held in breach of this provision will be held by the VIP Guarantor in trust for HET.

  

	25.4	The VIP Guarantor shall indemnify HET against any reasonable Loss arising as a result of or in connection with the enforcement of the VIP Guarantor’s obligations under this agreement. 

 

	26.	HET GUARANTEE 

  

	26.1	The HET Guarantor unconditionally and irrevocably: 

  

	 	(a)	guarantees to VIP the payment when due of all amounts payable HET to VIP under or pursuant to this agreement; 

  

	 	(b)	undertakes to ensure that HET will perform when due all its obligations under or pursuant to this agreement; 

  

	 	(c)	agrees that if and each time that HET fails to make any payment to VIP when it is due under or pursuant to this agreement, the HET Guarantor must on demand (without requiring VIP first to take steps against HET or any
other person) pay that amount to VIP as if it were the principal obligor in respect of that amount; and 

  

	 	(d)	agrees as principal debtor and primary obligor to indemnify VIP against all Losses sustained by it flowing from any non-payment or default of any kind by HET under or pursuant to
this agreement. 

  

	26.2	The HET Guarantor’s obligations under this clause 26 will not be affected by any matter or thing which but for this provision might operate to affect or prejudice those obligations, including without limitation:

  

	 	(a)	any time or indulgence granted to, or composition with, HET or any other person; 

  
 33 

	 	(b)	the taking, variation, renewal or release of, or neglect to perfect or enforce this agreement, or any right, guarantee, remedy or security from or against HET or any other person; 

 

	 	(c)	any variation or change to the terms of this agreement; or 

  

	 	(d)	any unenforceability or invalidity of any obligation of HET, so that this agreement shall be construed as if there were no such unenforceability or invalidity. 

 

					
	26.3	  	(a)	    	Until all amounts which may be or become payable under this agreement have been irrevocably paid in full, the HET Guarantor shall not as a result of this agreement or any payment or performance under this agreement be subrogated to
any right or security of VIP or claim or prove in competition with VIP against HET or any other person or claim any right of contribution, set-off or indemnity.

  

	 	(b)	The HET Guarantor will not take or hold any security from HET in respect of this agreement and any such security which is held in breach of this provision will be held by the HET Guarantor in trust for VIP.

  

	26.4	The HET Guarantor shall indemnify VIP against any reasonable Loss arising as a result of or in connection with the enforcement of the HET Guarantor’s obligations under this agreement. 

 

	27.	COSTS AND EXPENSES 

  

	27.1	Each Party shall bear and pay its own legal and other professional costs including in relation to the preparation, negotiation and execution of this agreement and the other Transaction Documents and the performance of
the obligations contemplated by it. 

  

	27.2	If any Party (the Costs Paying Party) is required by this agreement to reimburse another Party (the Costs Payee Party) for any Costs, the Costs Paying Party shall also reimburse the Costs Payee Party for
any VAT incurred by the Costs Payee Party in respect of such Costs, except to the extent that the Costs Payee Party is entitled to Relief in respect of that VAT. 

  

	27.3	Save in relation to any Excluded Transaction Taxes: 

  

	 	(a)	VIP shall pay, and within 10 Business Days of demand shall indemnify HET and each Group Company against, all Taxes, including VAT (except to the extent that HET or the relevant Group Company is entitled to Relief in
respect of that VAT), stamp duty, notarisation fees or other documentary transfer or transaction duties, and all stamp duty reserve tax, stamp duty land tax and any other transfer taxes including in each case any related interest, surcharge, penalty
or fine in relation thereto (Transaction Taxes), arising as a result of the VIP LuxCo Contribution, the WAHF Consideration, the Extinguishment of Receivables, the VIP LuxCo Secondary Contribution, the
Pre-Completion Wind Reorganisation and/or the contribution of shares in FinCo to Weather Capital S.à r.l.; and 

  

	 	(b)	HET shall pay, and within 10 Business Days of demand shall indemnify VIP and each Group Company against, all Taxes, including any Transaction Taxes arising as a result of the HET Contribution, the HET Secondary
Contribution and/or the Pre-Completion 3 Italia Reorganisation. 

  

	27.4	Any Taxes, including any Transaction Taxes arising after Completion, in respect of the Italian Mergers shall be borne by the relevant Group Company. 

  
 34 

	28.	ANNOUNCEMENTS AND CONFIDENTIALITY 

  

	28.1	Subject to clauses 28.3 and 28.4, each Party shall (and shall procure that each member of its relevant group and each such person’s advisers and connected persons, shall): 

 

	 	(a)	not make any announcement concerning this agreement, the transactions contemplated by this agreement or any ancillary matter; and 

  

	 	(b)	keep confidential the provisions and subject matter of, and the negotiations relating to, each Transaction Document. 

  

	28.2	The provisions of clause 28.1 shall apply before, at and after Completion. 

  

	28.3	Nothing in clause 28.1 prevents any announcement being made or any confidential information being disclosed: 

  

	 	(a)	where such announcement is in the Agreed Form or the confidential information disclosed comprises only information set out in an announcement in the Agreed Form; or 

 

	 	(b)	with the written approval of the other Parties, which in the case of any announcement shall not be unreasonably withheld or delayed; 

 

	 	(c)	if the disclosure is required to a Taxation Authority in connection with the Tax affairs of the disclosing Party, or of the Wind Group or the 3 Italia Group, as the case may be, in the reasonable opinion of the
disclosing Party; or 

  

	 	(d)	to the extent required by law, any court of competent jurisdiction or any competent regulatory body (including a stock exchange) or supervisory body or authority of competent jurisdiction, but if a person is so required
to make any announcement or to disclose any confidential information, the relevant Party shall promptly notify the other Parties, where practicable and lawful to do so, before the announcement is made or disclosure occurs (as the case may be) and
shall use its reasonable efforts to co-operate with the other Parties regarding the form, timing and content of such announcement or disclosure (as the case may be) or any action which the other Parties may
reasonably elect to take to challenge the validity of such requirement. 

  

	28.4	Nothing in clause 28.1 prevents any confidential information being disclosed to the extent: 

  

	 	(a)	required to enable any person to enforce its rights under any Transaction Document or for the purpose of any judicial proceedings; 

  

	 	(b)	that the information is disclosed on a strictly confidential basis by a person to its professional advisers, auditors or bankers; 

  

	 	(c)	that the information is disclosed by a Party on a strictly confidential and need-to-know basis to another member of its group;

  

	 	(d)	the information was lawfully in the possession of the disclosing Party or any of its advisers and connected persons (in either case as evidenced by written records) without any obligation of secrecy before it being
received or held by that disclosing Party and its advisers and connected persons; or 

  

	 	(e)	that the information is in or comes into the public domain (other than through the disclosing Party’s acts or omissions). 

  
 35 

	29.	NOTICES 

  

	29.1	Any notice or other communication to be given under this agreement must be in writing and must be delivered by hand or courier using an internationally recognised courier company or sent by post, by email or fax to the
Party to whom it is to be given at its address appearing in this agreement as follows: 

  

	 	(a)	to VIP or the VIP Guarantor at: 

 VimpelCom Ltd. 

Claude Debussylaan 88 
 1082 MD
Amsterdam 
 The Netherlands 

Email: Scott.Dresser@vimpelcom.com and Andrew.Davies@vimpelcom.com 

Fax: +31 20 79 77 201 
 marked
for the attention of Scott Dresser and Andrew Davies, 
 with a copy to Andrew Ballheimer and Tom Levine of the VIP Solicitors (email:
Andrew.Ballheimer@allenovery.com and Tom.Levine@allenovery.com); and 
  

	 	(b)	to HET at: 

 7, rue du
Marché-aux-Herbes, 

L-1728 Luxembourg, 

Grand Duchy of Luxembourg 
 Fax:
+352 2626 8181 
 marked for the attention of the Company Secretary, 

with a copy to the HET Guarantor, and David Sonter and Natasha Good of the HET Solicitors (email: david.sonter@freshfields.com and
natasha.good@freshfields.com), 
  

	 	(c)	to the HET Guarantor at: 

 22nd Floor, Hutchison House, 

10 Harcourt Road, 
 Hong Kong

 Email: EdithS@chk.com.hk 

Fax: (852) 2128 1778 
 marked
for the attention of Ms Edith Shih, 
 and with a copy to David Sonter and Natasha Good of the HET Solicitors (email:
david.sonter@freshfields.com and natasha.good@freshfields.com), 
  

	 	(d)	to H3G II prior to Completion at: 

 7, rue du Marché-aux-Herbes 
 L-1728 Luxembourg 

Grand Duchy of Luxembourg 

  
 36 

 Fax: +352 2626 8181 

marked for the attention of the Company Secretary, 

with a copy to HET, the HET Guarantor, and David Sonter and Natasha Good of the HET Solicitors (email: david.sonter@freshfields.com and
natasha.good@freshfields.com), 
 and to H3G II after Completion at: 

18-20 rue Edward Steichen 

L-2540 Luxembourg 

Grand Duchy of Luxembourg 

marked for the attention of the Company Secretary, 

with a copy to HET, the HET Guarantor, and David Sonter and Natasha Good of the HET Solicitors (email: david.sonter@freshfields.com and
natasha.good@freshfields.com), 
 and with a copy to VIP, the VIP Guarantor and Andrew Ballheimer and Tom Levine of the VIP
Solicitors (email: Andrew.Ballheimer@allenovery.com and Tom.Levine@allenovery.com), 
  

	 	(e)	to FinCo at: 

 Matheson 

70 Sir John Rogerson’s Quay 

Dublin 2 
 Ireland 

Email: matheson@matheson.com 

marked for the attention of Alan Chiswick / Derval Keane, 

and with a copy to VIP, HET, and EdithS@ckh.com.hk, 

or at any such other address of which it shall have given written notice for this purpose to the other Parties under this clause. Each Party
shall notify the other Parties in writing of a change to its details stated in this clause 29.1 from time to time. Any notice or other communication sent by post shall be sent by prepaid recorded delivery post (if the country of destination is the
same as the country of origin) or by prepaid airmail (if the country of destination is not the same as the country of origin). If a notice or other communication is sent by email, then a copy must also be delivered by hand or courier using an
internationally recognised courier company or sent by post as soon as reasonably practicable although the notice or other communication will be deemed to have been given by transmission of the email. 

 

	29.2	Any notice or other communication shall be deemed to have been given: 

  

	 	(a)	if delivered by hand or courier, at the time of delivery provided that where delivery occurs outside working hours, notice shall be deemed to have been received on the next following Business Day; 

 

	 	(b)	if sent by fax or email at the time of transmission if delivered by fax or email (as applicable); or 

  

	 	(c)	if sent by post, on the second Business Day after it was put into the post. 

  
 37 

	29.3	In proving the giving of a notice or other communication, it shall be sufficient to prove that delivery was made or that the envelope containing the communication was properly addressed and posted by prepaid recorded
delivery post or by prepaid airmail. 

  

	29.4	This clause shall not apply in relation to the service of any claim form, notice, order, judgment or other document relating to or in connection with any proceedings, suit or action arising out of or in connection with
this agreement. 

  

	30.	FURTHER ASSURANCES 

  

	30.1	On or after Completion each Party shall, at its own cost and expense, execute and do (or, where within its control, procure to be executed and done) all such deeds, documents, acts and things as may from time to time be
required in order to give full effect to this agreement and the Transaction Documents and secure to the other Parties the full benefit of the rights, powers and remedies conferred upon such Party under the Transaction Documents. 

 

	30.2	In relation to FinCo, H3G II and each member of its Group following the VIP LuxCo Contribution, the HET Contribution, the WAHF Consideration, the Extinguishment of Receivables, the VIP LuxCo Secondary Contribution and
the HET Secondary Contribution, the Shareholders shall procure the convening of all meetings, the giving of all waivers and consents and the passing of all resolutions as are necessary under statute, its constitutional documents or any agreement or
obligation affecting it to give effect to this agreement and the Transaction Documents. 

  

	30.3	In relation to VIP LuxCo, VIP shall procure the convening of all meetings, the giving of all waivers and consents and the passing of all resolutions as are necessary under statute or its constitutional documents to give
effect to this agreement and the Transaction Documents. 

  

	30.4	Each of HET and VIP undertakes to take, and shall procure that each member of the 3 Italia Group and the Core Wind Group respectively takes, all necessary steps to ensure that the respective Shareholder acts in
compliance with its obligations under clauses 8 and 9. 

  

	31.	ASSIGNMENTS 

 None of the rights or obligations under this agreement or any other
Transaction Document may be assigned, transferred or otherwise dealt with by a Party without the prior written consent of all the other Parties. No Party shall grant, declare, create or dispose of any rights or interests in this agreement or any
other Transaction Document without prior written consent of all the other Parties. Any purported assignment in contravention of this clause 31 shall be void. 
  

	32.	DIVERSION OF DIVIDENDS 

  

	32.1	If HET or the HET Guarantor is required to make any payment in respect of any terms of this agreement to VIP, it may do so as follows: 

 

	 	(a)	in cash at the date on which that payment first becomes due and payable; or 

  

	 	(b)	 following Completion and in respect of a payment by HET, if HET so elects (other than in respect of any HET Tax Non-Warranty Claim or any claim under clause 7, Schedule 10 (other than under paragraph 5.4 of Part 1 of Schedule 10) or paragraphs 1 or 2.1 of Schedule 4): (i) the payment shall be left outstanding as an
undertaking to pay VIP carrying interest from the date on which that payment first becomes due and payable (at a rate equal to the H3G II Cost of Capital and calculated on the basis of the actual number of days elapsed divided by 365 days), until
such time as the amount due, together with accrued interest, is received in full by VIP (or a nominated member of the VIP Group); and (ii) HET shall procure that H3G II or FinCo shall pay any amounts in respect of any dividends,

  
 38 

	 	
distributions or other returns of value due from H3G II or FinCo to HET or any transferee of shares in H3G II or FinCo in accordance with the Shareholders’ Deed directly to VIP (or such
nominated member of the VIP Group) in discharge of such undertaking and interest to the extent of the payment received by VIP (or such nominated member of the VIP Group). 

 

	32.2	If VIP or the VIP Guarantor is required to make any payment in respect of any terms of this agreement to HET, it may do so as follows: 

 

	 	(a)	in cash at the date on which that payment first becomes due and payable; or 

  

	 	(b)	following Completion and in respect of a payment by VIP, if VIP so elects (other than in respect of any VIP Tax Non-Warranty Claim or VIP Dormant Company Indemnity Claim or any
claim under clause 7, Schedule 10 (other than under paragraph 5.4 of Part 1 of Schedule 10) or paragraphs 1 or 2.1 of Schedule 6: (i) the payment shall be left outstanding as an undertaking to pay HET carrying interest from the date on which that
payment first becomes due and payable (at a rate equal to the H3G II Cost of Capital and calculated on the basis of the actual number of days elapsed divided by 365 days), until such time as the amount due, together with accrued interest, is
received in full by HET (or a nominated member of the HET Group); and (ii) VIP shall procure that H3G II or FinCo shall pay any amounts in respect of any dividends, distributions or other returns of value due from H3G II or FinCo to VIP or VIP
LuxCo or any transferee of shares in H3G II or FinCo in accordance with the Shareholders’ Deed directly to HET (or such nominated member of the HET Group) in discharge of such undertaking and interest to the extent of the payment received by
HET (or such nominated member of the HET Group). 

  

	32.3	Each Party shall, upon request by the other Party, cooperate in good faith and take reasonable measures available to it in order to minimise any deduction or withholding for or on account of Tax that would be required
from any dividend, distribution or other return of value referred to in clause 7.6, clause 32.1 or clause 32.2. For the avoidance of doubt, such reasonable measures shall not include any change to the operations of either Party (or any of its
Affiliates) or require either Party (or any of its Affiliates) to carry out any restructuring activities or implement any Tax planning techniques. 

  

	33.	PAYMENTS 

  

	33.1	Unless otherwise expressly stated (or as otherwise agreed in the case of a given payment), each payment to be made under this agreement or any other Transaction Document shall be made in Euro by transfer of the relevant
amount into the relevant account on the date (and, if applicable, at or before the time) the payment is due for value on that date and in immediately available funds. Unless otherwise expressly stated (or as otherwise agreed in the case of a given
payment), all sums due under this agreement or any other Transaction Document shall be made without set-off or counterclaim. The relevant account for a given payment is: 

 

	 	(a)	if that payment is to VIP or the VIP Guarantor, such account as VIP or the VIP Guarantor (as applicable) shall, not less than three Business Days before the date that payment is due, have specified by giving notice to
the relevant Party for the purpose of that payment; and 

  

	 	(b)	if that payment is to HET or the HET Guarantor, to such account as HET or the HET Guarantor (as applicable) shall, not less than three Business Days before the date that payment is due, have specified by giving notice
to the relevant Party for the purpose of that payment. 

  

	33.2	All sums payable under this agreement shall be paid free and clear of all deductions or withholdings for or on account of Tax, save only as provided in this agreement or as required by law. 

  
 39 

	33.3	Subject to clause 33.6, if any deduction or withholding for or on account of Tax is required by law from any warranty, indemnity or other compensation payment under this agreement (including any payment made pursuant to
clause 7 or Schedule 10 but excluding, for the avoidance of doubt, any payment made under clause 24 and any dividend, distribution or other return of value paid or made by H3G II or FinCo) the payer shall, save in relation to interest, pay such
additional amount as will, after such deduction or withholding has been made, leave the recipient with the full amount which would have been received by it had no such deduction or withholding been required to be made. 

 

	33.4	Each Party shall, upon request by the other Party, cooperate in good faith and take reasonable measures available to it in order to minimise any deduction or withholding referred to in clause 33.3. For the avoidance of
doubt, such reasonable measures shall not include any change to the operations of either Party (or any of its Affiliates) or require either Party (or any of its Affiliates) to carry out any restructuring activities or implement any Tax planning
techniques. 

  

	33.5	To the extent that any deduction or withholding for or on account of Tax in respect of which an additional amount has been paid under paragraph 33.3 above results in the payee obtaining and utilising a Relief
(reasonable endeavours having been used to obtain such Relief), the payee concerned shall pay to the payer concerned such amounts as it determines, acting reasonably, is equal to the lower of the value of the benefit thereby obtained and the
additional amount paid. 

  

	33.6	Clause 33.3 above shall not apply to the extent that the deduction, withholding or Tax would not have arisen but for: 

  

	 	(a)	an assignment by the payee of any of its rights under this agreement; or 

  

	 	(b)	the payee failing to provide documentation reasonably requested by the payer. 

  

	33.7	The Parties agree that when calculating the amount of: (a) any right to damages for breach of warranty; (b) any payment under any indemnity; or (c) any other payment under this agreement, no account shall
be taken of any Tax: 

  

	 	(a)	chargeable on receipt of any sums payable under this agreement; or 

  

	 	(b)	that would be chargeable on receipt of any sum paid to any person (including any Group Company) to put that person in the position it would have been in but for the breach of warranty or matter giving rise to the
indemnity or other payment, 

 and no Party shall be required to pay, or procure that there is paid, any additional amount to
any other person in respect of any Tax chargeable on receipt (or deemed receipt) of any such sums. 
  

	34.	NO DOUBLE RECOVERY 

 No party shall be entitled to receive damages, other
compensation, reimbursement or otherwise (including under an adjustment pursuant to clause 7) more than once in respect of the same loss, item or otherwise and to the extent that any loss, item or otherwise has been compensated, reimbursed or
otherwise following a claim, adjustment or otherwise under this agreement or any other Transaction Document, no party shall be entitled to bring a further claim or otherwise seek compensation in relation to that loss, item or otherwise under this
agreement. 
  

	35.	GENERAL 

  

	35.1	Each of the obligations, warranties and undertakings set out in this agreement (excluding any obligation which is fully performed at Completion) shall continue in force after Completion and shall not be affected by the
waiver of any condition or any notice given by the relevant Party in respect of any condition. 

  
 40 

	35.2	Where any obligation, warranty or undertaking in this agreement is expressed to be made, undertaken or given by two or more parties, they shall be jointly and severally responsible in respect of it. 

 

	35.3	If there is any conflict between the terms of this agreement and any other Transaction Document, the terms of this agreement shall prevail. 

 

	35.4	Other than in relation to clause 7 (including Schedule 10) and clause 23.3, time is not of the essence in relation to any obligation under this agreement unless: 

 

	 	(a)	time is expressly stated to be of the essence in relation to that obligation; or 

  

	 	(b)	one Party fails to perform an obligation by the time specified in this agreement and the other Party/ies serve(s) a notice on the defaulting Party requiring it to perform the obligation by a specified time and stating
that time is of the essence in relation to that obligation. 

  

	35.5	This agreement may be executed in any number of counterparts, all of which, taken together, shall constitute one and the same agreement, and any Party (including any duly authorised representative of a Party) may enter
into this agreement by executing a counterpart. Faxed or scanned signatures are taken to be valid and binding to the same extent as original signatures. Delivery of a counterpart of this agreement by email attachment shall be an effective mode of
delivery. 

  

	35.6	The rights of each Party under this agreement: 

  

	 	(a)	may be exercised as often as necessary (in whole or in part); 

  

	 	(b)	except as otherwise expressly provided in this agreement, are cumulative and not exclusive of rights and remedies provided by law; and 

 

	 	(c)	may be waived only in writing and specifically. 

 Delay in exercising or non-exercise of any such right is not a waiver of that right and will not affect any such right in relation to any other Party. 
  

	35.7	Nothing in this agreement or any other Transaction Document will be deemed to constitute a partnership between the parties or, unless this agreement expressly provides otherwise, make any Party the agent of any other
Party for any purpose. 

  

	35.8	Except as otherwise expressly stated in this agreement, a person who is not a Party to this agreement may not enforce any of its terms under the Contracts (Rights of Third Parties) Act 1999. 

 

	35.9	No amendment of this agreement (or of any other Transaction Document) shall be valid unless it is in writing and duly executed by or on behalf of all of the Parties to it. 

 

	35.10	The Parties acknowledge and agree that nothing in this agreement (or any other Transaction Document) will require any other Party to carry out any act or make any omission that may constitute or result in an actual
breach of any Economic Sanctions Law. 

  

	36.	WHOLE AGREEMENT 

  

	36.1	This agreement and the other Transaction Documents contain the whole agreement between the Parties relating to the transactions contemplated by this agreement and the Transaction Documents and supersede all previous
draft agreements, arrangements or understandings whether oral or in writing, between the Parties relating to these transactions. 

  
 41 

	36.2	Each Party: 

  

	 	(a)	acknowledges that in agreeing to enter into this agreement and the other Transaction Documents it has not relied on any express or implied statement, representation, warranty, undertaking, collateral contract or other
assurance, except those warranties and undertakings set out in this agreement and the other Transaction Documents, made by or on behalf of any other Party before the entering into of this agreement; 

 

	 	(b)	waives all rights and remedies which, but for this clause 36.2, might otherwise be available to it arising under or in respect of any such express or implied statement, representation, warranty, undertaking, collateral
contract or other assurance; and 

  

	 	(c)	acknowledges that, except for any liability in respect of a breach of this agreement and the other Transaction Documents, no Party shall owe any duty of care or have any liability in tort or otherwise to the other
Parties in relation to the subject matter of this agreement. 

  

	36.3	Nothing in this clause limits or excludes any liability for fraud or fraudulent misrepresentation. 

  

	37.	INVALID TERMS 

  

	37.1	Each of the provisions of this agreement is severable. 

  

	37.2	If and to the extent that any provision of this agreement: 

  

	 	(a)	is held to be, or becomes, invalid or unenforceable under the law of any jurisdiction; but 

  

	 	(b)	would be valid, binding and enforceable if some part of the provision were deleted or amended, 

then the provision shall apply with the minimum modifications necessary to make it valid, binding and enforceable and neither the validity or
enforceability of the remaining provisions of this agreement, nor the validity or enforceability of that provision under the law of any other jurisdiction shall in any way be affected or impaired as a result of this clause 37.2. 

 

	38.	JURISDICTION 

  

	38.1	Governing law of this clause 

 This clause 38 is governed by
English law. 
  

	38.2	Jurisdiction 

 The English courts have exclusive jurisdiction to settle any Dispute and
each Party irrevocably submits to the exclusive jurisdiction of the English courts, and irrevocably agrees that a judgment or order of the English courts in connection with this agreement is conclusive and binding on it and may be enforced against
it in the courts of any other jurisdiction. 
  

	38.3	Waiver of objections 

 For the purposes of clause 38.2, each Party waives
any objection to the English courts on the grounds that they are an inconvenient or inappropriate forum to settle any Dispute. 
  

	38.4	Service of process agent 

 Without prejudice to any other method of
service permitted by law: 
  

	 	(a)	each of VIP and the VIP Guarantor irrevocably appoints Law Debenture Corporate Services Limited of 5th Floor, Wood Street, London EC2V 7EX, England; 

  
 42 

	 	(b)	each of HET and the HET Guarantor irrevocably appoints Hutchison Whampoa Agents (UK) Limited of Hutchison House, 5 Hester Road, London SW11 4AN, United Kingdom; and 

 

	 	(c)	H3G II shall, as soon as reasonably practicable appoint a person (who is not a member or Affiliate of the Group, the VIP Group or the HET Group), and upon such appointment shall notify the other parties of such
appointment, 

 in each case as its agent in England and Wales for service of process and any other documents in relation to
any Dispute. Subject to clause 38.5, each of the above Parties irrevocably undertakes not to revoke its agent’s authority; and any claim form, judgment or other notice of legal process shall be sufficiently served on such Party if delivered to
its agent at its address for the time being. 
  

	38.5	Alternative service of process agent 

 If any person
appointed as process agent under clause 38.4 is unable for any reason to so act, the relevant Party shall immediately (and in any event within ten Business Days of the event taking place) appoint another agent in England and Wales for service of
process in relation to any Dispute and notify the other Parties of such appointment. Failing this, any other Party may appoint another process agent for this purpose at the relevant Party’s expense. 

 

	38.6	Failure of notify by process agent 

 Each Party agrees
that failure by a process agent to notify it of any process will not invalidate the relevant proceedings. 
  

	39.	GOVERNING LAW 

 This agreement and any
non-contractual obligations arising out of or in connection with it are governed by English law. 
  

	40.	LANGUAGE 

 The language of this agreement, the other Transaction Documents and the
transactions envisaged by it is English and all notices to be given in connection with this agreement must be in English. All demands, requests, statements, certificates or other documents or communications to be provided in connection with this
agreement, the other Transaction Documents and the transactions envisaged by it must be in English or accompanied by a certified English translation; in this case the English translation prevails unless the document or communication is a statutory
or other official document or communication. 
 IN WITNESS of which this agreement has been executed on the date which appears first on page
1. 

  
 43 

 SCHEDULE 1 

CORPORATE DETAILS 
 PART
1 
 CORE WIND GROUP COMPANIES 
  

			
	Name:	  	Wind Acquisition Holdings Finance S.p.A.
		
	Issued Share Capital:	  	EUR 43,162,100.00 (43,162,100 ordinary shares without nominal value).
		
	Shareholders:	  	Wind Telecom S.p.A.
		
	Directors:	  	 1. Alexander Dean Lemke (Chairman)
  

2. Albert Hollema (Board member)
  

3. Colin Godfrey Delahay (Board member)

		
	Secretary:	  	Not applicable.
		
	Registered office:	  	Via Cesare Giulio Viola 48, 00148, Rome (Italy).
		
	Company number:	  	 Fiscal code, VAT Number and registration number with the Companies’ Register of Rome: 08607091009.

 
 REA number No. RM – 1105755.

		
	Date and place of incorporation:	  	21 July 2005, Italy.
		
	Accounting reference date:	  	31 December.
		
	Auditors:	  	 1. Giancarlo Russo Corvace – Chairman of the Board of Statutory Auditors

 
 2. Maurizio Paternò di Montecupo – Effective Statutory Auditor

 
 3. Roberto Antonio Maria Colussi – Effective Statutory Auditor

 
 4. Lelio Fornabaio – Deputy Statutory Auditor

 
 5. Stefano Zambelli – Deputy Statutory
Auditor

  
 44 

			
	Name:	  	Wind Telecomunicazioni S.p.A.
		
	Issued Share Capital:	  	EUR 147,100,000.00, entirely paid in and divided into 146,100,000 shares.
		
	Shareholders:	  	Wind Acquisition Holdings Finance S.p.A.
		
	Directors:	  	 1. Andrew Mark Davies (Chairman)
  

2. Maximo Ibarra (Chief Executive Officer)
  

3. Albert Hollema (Board member)
  

4. Vincenzo Nesci (Board member)
  

5. Alex Lemke (Co-opted Board member)

		
	Secretary:	  	Not applicable.
		
	Registered office:	  	Via Cesare Giulio Viola 48, 00148, Roma.
		
	Company number:	  	 Fiscal code, VAT number and registration number with the Companies’ Register of Rome: 05410741002.

 
 REA number No. RM – 884361.

		
	Date and place of incorporation:	  	25 November 1997, Italy.
		
	Accounting reference date:	  	31 December of each year.
		
	Auditors:	  	 1. Giancarlo Russo Corvace – Chairman of the Board of Statutory Auditors

 
 2. Maurizio Paternò di Montecupo – Effective Statutory Auditor

 
 3. Roberto Colussi – Effective Statutory Auditor

 
 4. Lelio Fornabaio – Deputy Statutory Auditor

 
 5. Stefano Zambelli – Deputy Statutory
Auditor.

  
 45 

			
	Name:	  	Wind Retail S.r.l.
		
	Issued Share Capital:	  	EUR 1,026,957.00, entirely paid in and divided into quotas.
		
	Shareholders:	  	Wind Telecomunicazioni S.p.A.
		
	Directors:	  	 1. Mauro Accroglianò (Chairman and Chief Executive Officer)
  

2. Elisabetta Federico (Board member)
  

3. Giorgio De Guzzis (Board member)

		
	Secretary:	  	Not applicable.
		
	Registered office:	  	Via Cesare Giulio Viola 48, 00148, Roma.
		
	Company number:	  	 Fiscal code, VAT number and registration number with the Companies’ Register of Rome No. 06605380960.

 
 REA number No. RM – 1241223.

		
	Date and place of incorporation:	  	30 April 2009, Italy.
		
	Accounting reference date:	  	31 December of each year.
		
	Auditors:	  	 1. Giancarlo Russo Corvace – Chairman of the Board of Statutory Auditors

 
 2. Maurizio Paternò di Montecupo – Effective Statutory Auditor

 
 3. Roberto Antonio Maria Colussi – Effective Statutory Auditor

 
 4. Lelio Fornabaio – Deputy Statutory Auditor

 
 5. Francesco Orioli – Deputy Statutory
Auditor

  
 46 

			
	Name:	  	Wind Acquisition Finance S.A.
		
	Issued Share Capital:	  	EUR 60,031,000.00
		
	Shareholders:	  	1. Wind Telecomunicazioni S.p.A.
		
	Directors:	  	 1. Riccardo Marsili
  

2. David Catala
  

3. Sophie Perrin Janet
  

4. Everadus Johannes Hendriks
  

5. Ludovic Trogliero
  

6. Hugo Froment
  

7. Albert Hollema

		
	Secretary:	  	Not applicable.
		
	Registered office:	  	18-20 rue Edward Steichen, L-2540 Luxembourg.
		
	Company number:	  	B109825
		
	Date and place of incorporation:	  	29 July 2005, Luxembourg
		
	Accounting reference date:	  	31 December
		
	Auditors:	  	PwC Luxembourg.

  
 47 

 PART 2 

3 ITALIA GROUP COMPANIES 
  

			
	Name:	  	Hutchison 3 G Italy Investments S.à r.l.
		
	Issued Share Capital:	  	€2,758,939,525.00
		
	Shareholders:	  	Hutchison Europe Telecommunications S.à r.l.
		
	Directors:	  	 1. Neil McGee
  

2. Thomas Geiger
  

3. Christian Salbaing
  

4. Richard Chan
  

5. Susan Chow
  

6. Frank Sixt

		
	Secretary:	  	Not applicable.
		
	Registered office:	  	7, rue du Marché-aux-Herbes, L-1728 Luxembourg, Grand Duchy of Luxembourg
		
	Company number:	  	B 77457
		
	Date and place of incorporation:	  	4 August 2000, Luxembourg
		
	Accounting reference date:	  	31 December
		
	Auditors:	  	Not applicable

  
 48 

			
	Name:	  	3 Italia S.p.A.
		
	Issued Share Capital:	  	EUR 2,346,637,037.97, entirely paid in and divided into 1,302,543,090 shares.
		
	Shareholders:	  	 1. H3G Italy Investments S.à r.l., 97.41% (1,268,858,208 shares)

 
 2. Private Equity International SA, 2.59% (33,684,882 shares)

		
	Directors:	  	 1. Fok Kin Ning Canning – Chairman of the Board of Directors
  

2. Vincenzo Novari – Managing Director
  

3. Edith Shih – Director
  

4. Christian Nicolas Roger Salbaing – Director
  

5. Tzar Kuor Victor Li – Director
  

6. Frank John Sixt – Director
  

7. Susan Mo Fong Chow – Director
  

8. Secondina Giulia Ravera – Director
  

9. Antonella Ambriola – Director
  

8. Stefano Invernizzi – Director
  

9. Neil Douglas McGee – Director.

		
	Secretary:	  	Not applicable.
		
	Registered office:	  	Via Leonardo Da Vinci 1, 20090, Trezzano sul Naviglio, Milan (Italy).
		
	Company number:	  	 Fiscal code and registration number with the Companies’ Register of Milan: 02547170924.

 
 VAT number: 13386850153.

 
 REA number No. MI – 1610887.

		
	Date and place of incorporation:	  	17 November 1999.
		
	Accounting reference date:	  	31 December.
		
	Auditors:	  	 1. Marcello Romano – Chairman of the Board of Statutory Auditors

 
 2. Andrea Zini – Effective Statutory Auditor

 
 3. Lorenzo Pozza – Effective Statutory Auditor

 
 4. Luca Occhetta – Deputy Statutory Auditor

 
 5. Manuel Menis – Deputy Statutory
Auditor

  
 49 

			
	Name:	  	H3G S.p.A.
		
	Issued Share Capital:	  	EUR 474,303,795.00, entirely paid in and divided into 94,860,759 shares
		
	Shareholders:	  	3 Italia S.p.A.
		
	Directors:	  	 1. Fok Kin Ning Canning – Chairman of the Board of Directors
  

2. Vincenzo Novari – Managing Director
  

3. Edith Shih – Director
  

4. Christian Nicolas Roger Salbaing – Director
  

5. Frank John Sixt – Director
  

6. Secondina Giulia Ravera – Director
  

7. Antonella Ambriola – Director
  

8. Stefano Invernizzi – Director

		
	Secretary:	  	Not applicable
		
	Registered office:	  	Via Leonardo Da Vinci 1, 20090, Trezzano sul Naviglio, Milan (Italy).
		
	Company number:	  	 Fiscal code and registration number with the Companies’ Register of Milan: 02517580920

 
 VAT number: 13378520152

 
 REA number No. MI – 1638878

		
	Date and place of incorporation:	  	23 April 1999, Italy
		
	Accounting reference date:	  	31 December
		
	Auditors:	  	 1. Marcello Romano – Chairman of the Board of Statutory Auditors

 
 2. Andrea Zini – Effective Statutory Auditor

 
 3. Lorenzo Pozza– Effective Statutory Auditor

 
 4.Luca Occhetta – Deputy Statutory Auditor

 
 5. Manuel Menis – Deputy Statutory
Auditor

  
 50 

			
	Name:	  	3Lettronica Industriale S.p.A.
		
	Issued Share Capital:	  	EUR 16,000,000.00, entirely paid in and divided into 16,000,000 shares
		
	Shareholders:	  	H3G S.p.A. (100%)
		
	Directors:	  	 1. Antongiulio Lombardi – Chairman of the Board of Directors
  

2. Secondina Giulia Ravera – Managing Director
  

3. Edith Shih – Director
  

4. Fabio Missori – Director
  

5. Antonella Ambriola – Director
  

6. Claudia Capelli – Director

		
	Secretary:	  	Not applicable
		
	Registered office:	  	Via Leonardo Da Vinci 1, 20090, Trezzano sul Naviglio, Milan (Italy).
		
	Company number:	  	 Fiscal code and registration number with the Companies’ Register of Milan: 01745470169

 
 VAT number: 02730610967

 
 REA number No. MI – 1355577

		
	Date and place of incorporation:	  	13 January 1987, Italy
		
	Accounting reference date:	  	31 December
		
	Auditors:	  	 1. Marcello Romano – Chairman
  

2. Andrea Zini – Effective Statutory Auditor
  

3. Lorenzo Pozza – Effective Statutory Auditor
  

4. Luca Occhetta– Deputy Statutory Auditor
  

5. Manuel Menis – Deputy Statutory Auditor

  
 51 

 SCHEDULE 2 

DEED OF ADHERENCE 
 THIS
DEED is made on [●] 
 BY: [●] of [●] (the Company). 

IN FAVOUR OF: Those persons specified in paragraph 3 of this deed. 

BACKGROUND: 
  

	(A)	The Company was incorporated on [●]. 

  

	(B)	This agreement is made by the Company in compliance with clause 2 of the Contribution and Framework Agreement (the CFA) dated 6 August 2015 (and as amended from time to time) made between, amongst others,
VimpelCom Amsterdam B.V., VimpelCom Ltd, Hutchison Europe Telecommunications S.à r.l., CK Hutchison Holdings Limited and Hutchison 3G Italy Investments S.à r.l. 

THIS DEED WITNESSES as follows: 
  

	1.	The Company confirms that it has been supplied with a copy of the CFA. 

  

	2.	The Company undertakes to be bound by the CFA in all respects as if the Company was a Party to the CFA and named in it as a Company and to observe and perform all the provisions and obligations of the CFA applicable to
or binding on the Company under the CFA insofar as they fall to be observed or performed on or after the date of this deed. 

  

	3.	This deed is made for the benefit of: 

  

	 	(a)	the Parties to the CFA; and 

  

	 	(b)	every other person who after the date of the CFA (and whether before or after the execution of this deed) assumes any rights or obligations under the CFA or accedes to it. 

 

	4.	The notice details of the Company for the purposes of clause 29 of the CFA are as follows: 

  

			
	Address:	  	[●]
	Email:	  	[●]
	For the attention of:	  	[●]

  

	5.	This deed and any non-contractual obligations arising out of or in connection with it are governed by the law of England. 

 

	6.	Any dispute, claim, difference or controversy arising out of, relating to or having any connection with this deed, including any dispute as to its existence, validity, interpretation, performance, breach or termination
or the consequences of its nullity and any dispute relating to any non-contractual obligations arising out of or in connection with it shall be settled in accordance with clause 38 of the CFA, which is deemed
to be incorporated in full into this deed mutatis mutandis, and for the purposes of clause 38.4 of the CFA as incorporated into this deed, the Company irrevocably appoints [●] of [●] as its agent in England for service of
process in relation to any such dispute. 

  
 52 

 IN WITNESS of which this deed has been executed and has been delivered on the date which appears
first on page 1. 
  

					
	EXECUTED as a DEED by [COMPANY]	 	)	 	
			
	  
	 		 	  

	Signature of director	 		 	Signature of [director]/[company secretary][witness]
			
	  
	 		 	  

	Name of director	 		 	Name of [director]/[company secretary][witness]

  
 53 

 SCHEDULE 3 

CORPORATE AND DEBT STRUCTURES 

PART 1 
 3 ITALIA GROUP
CORPORATE AND DEBT STRUCTURE 
  
 

 

  
 54 

 PART 2 

WIND GROUP CORPORATE AND DEBT STRUCTURE 
  

 
 Comments: 
  

	•	 	Core Wind Group Companies only. 

  

	•	 	Does not show Wind Minority Companies or Wind Dormant Companies. 

  

	•	 	All numbers are indicative estimates, and subject to: (i) currency movements; and (ii) actions and omissions permitted or required prior to or at Completion under this agreement. 

  
 55 

 SCHEDULE 4 

VIP WARRANTIES 
  

	1.	Ownership of the Contribution Shares 

  

	1.1	The WAHF Shares constitute 100% of the issued and allotted share capital of WAHF, are fully paid up and have been properly and validly allotted. There is no Encumbrance on, over or affecting any of the WAHF Shares.

  

	1.2	The WAHF Shares are at the date of this agreement legally and beneficially owned by Wind Telecom S.p.A., and Wind Telecom S.p.A. will be entitled to transfer or procure the transfer of the full legal and beneficial
ownership in the WAHF Shares to VIP LuxCo prior to Completion. 

  

	1.3	The WAHF Shares will at the date of Completion be legally and beneficially owned by VIP LuxCo, and VIP will be entitled to transfer or procure the transfer of the full legal and beneficial ownership in the WAHF Shares
to H3G II on the terms and subject to the conditions set out in this agreement. 

  

	1.4	Neither VIP, VIP LuxCo nor any member of the Wind Group is under any obligation (whether actual or contingent) to sell, charge or otherwise dispose of any of the WAHF Shares (other than pursuant to this agreement or the
transactions contemplated by it). 

  

	1.5	Other than this agreement, there is no agreement, arrangement or obligation requiring the creation, allotment, issue, sale, transfer, redemption or repayment of, or the grant to a person of the right (conditional or
not) to require the allotment, issue, sale, transfer, redemption or repayment of, any WAHF Shares or any of the shares in the capital of any Subsidiary of WAHF (including an option or right of pre-emption or
conversion). 

  

	1.6	No WAHF Share has been issued and no transfer of WAHF Shares has been registered otherwise than in accordance with the articles of association of WAHF from time to time in force and all such transfers have been duly
stamped unless a valid exemption applies to any such transfer. 

  

	1.7	VIP owns 100% of the issued and allotted share capital of VIP LuxCo. 

  

	2.	Subsidiaries and associates 

  

	2.1	The shares, details of which are set out opposite “issued capital” under the relevant Core Wind Group Company’s name in Part 1 of Schedule 1, constitute the whole of the issued and allotted share capital
of that Core Wind Group Company, are fully paid (or properly credited as fully paid), have been properly and validly allotted, are legally and beneficially owned by VIP or another wholly-owned member of the Core Wind Group, and are free from all
Encumbrances. 

  

	2.2	No Core Wind Group Company is the holder or beneficial owner of, nor has agreed to acquire, any shares of any corporation other than the Wind Group Companies and the Wind Dormant Companies. 

 

	2.3	Neither VIP, VIP LuxCo nor any member of the Wind Group is under any obligation (whether actual or contingent) to sell, charge or otherwise dispose of any of the WAHF Shares or any of the shares in the capital of any
Subsidiary of WAHF, or any interest therein, to any person. 

  

	2.4	No shares in the capital of the Core Wind Group Companies have been issued and no transfer of shares in the capital of the Core Wind Group Companies has been registered otherwise than in accordance with the articles of
association of the relevant Core Wind Group Company from time to time in force and all such transfers have been duly stamped unless a valid exemption applies to any such transfer. 

  
 56 

	3.	Incorporation of the Core Wind Group Companies and extraordinary transactions 

  

	3.1	Each Core Wind Group Company is validly existing under the laws of the country in which it is incorporated or formed and has all requisite corporate or partnership powers and authority to conduct its business as
presently conducted and to own its assets and properties as presently owned, and as contemplated to be owned upon Completion. 

  

	3.2	There are no outstanding contractual payment obligations for any Core Wind Group Company deriving from any completed or contemplated acquisition or disposal of all or part of a business or any shareholding, partnership
or other equity or participation interest by, of or in any Core Wind Group Company, in each case for a consideration exceeding EUR 10,000,000 or equivalent having taken place since 1 January 2012. 

 

	4.	Wind Minority Companies 

 So far as VIP is aware, there is no fact, matter or
circumstance which could result in any liability or obligation of a Core Wind Group Company arising in respect of any Equity Interest that any Core Wind Group Company holds or held in any Wind Minority Company. 

 

	5.	Capacity and consequences of entering into this agreement 

  

	5.1	Each of VIP, VIP LuxCo, the VIP Guarantor and the Core Wind Group Companies has the power and authority to execute and deliver this agreement and any of the other Transaction Documents to which it is or will be a party
and to perform its obligations under each of them and has taken all action necessary and obtained all corporate authorisations necessary to authorise such execution and delivery and the performance of such obligations. 

 

	5.2	The execution and delivery by each of VIP, VIP LuxCo, the VIP Guarantor and the Core Wind Group Companies of this agreement or any of the other Transaction Documents to which it is or will be a party and the performance
of the obligations under it and each of them do not and will not: 

  

	 	(a)	in any material respects conflict with or constitute a default or breach under any provision of: 

  

	 	(i)	its articles of association, by-laws or equivalent constitutional documents; or 

  

	 	(ii)	any applicable law or regulation by which it or a member of the Core Wind Group is bound; or 

  

	 	(iii)	any order, decree or judgment of any court or any governmental or regulatory authority in any jurisdiction by it or a member of the Core Wind Group is bound; or 

 

	 	(b)	result in the creation or imposition of any Encumbrance over any of the WAHF Shares, shares of any Core Wind Group Company, or any of the property or assets of any Core Wind Group Company pursuant to the terms of any
agreement or instrument to which it or any member of the Core Wind Group is party. 

  

	6.	Valid obligations 

 This agreement and the other Transaction Documents (other than the
Completion FinCo Articles and the Completion H3G II Articles) constitute or will, when executed by VIP, VIP LuxCo, the VIP Guarantor or a member of the Core Wind Group (as applicable), constitute legal, valid and binding obligations, enforceable
against such party in accordance with their terms. 

  
 57 

	7.	Solvency 

  

	7.1	No administrator has been appointed in respect of the whole or any part of the assets or undertaking of VIP, VIP LuxCo, Wind Telecom S.p.A., the VIP Guarantor or any Core Wind Group Company, nor has any order been made
by or petition presented or application made for the appointment of an administrator in respect of any of VIP, VIP LuxCo, Wind Telecom S.p.A., the VIP Guarantor or the Core Wind Group Companies. No documents have been filed with the court for the
appointment of such an administrator and so far as VIP is aware nor has any notice of intention to appoint such an administrator been given by any such person. 

  

	7.2	No receiver or administrative receiver has been appointed, nor any notice given of the appointment of any such person in respect of the whole or any part of the assets or undertaking of VIP, VIP LuxCo, Wind Telecom
S.p.A., the VIP Guarantor or any Core Wind Group Company. 

  

	7.3	No order has been made, meeting convened and no resolution has been passed for the winding up of VIP, VIP LuxCo, Wind Telecom S.p.A., the VIP Guarantor or any Core Wind Group Company or for the appointment of a
liquidator or provisional liquidator to VIP, VIP LuxCo, Wind Telecom S.p.A., the VIP Guarantor or any Core Wind Group Company and, so far as VIP is aware, no petition has been presented for that purpose. 

 

	7.4	Neither VIP, VIP LuxCo, Wind Telecom S.p.A., the VIP Guarantor nor any Core Wind Group Company is insolvent or unable to pay its debts and neither VIP, VIP LuxCo, Wind Telecom S.p.A., the VIP Guarantor nor any Core Wind
Group Company has stopped paying its debts as they fall due and each of VIP, VIP LuxCo, Wind Telecom S.p.A., the VIP Guarantor and the Wind Group has no unsatisfied judgment or court order outstanding against it and is capable of meeting its
liabilities as and when they fall due. 

  

	7.5	No voluntary arrangement, moratorium of any indebtedness, compromise or similar arrangement with creditors has been proposed, agreed or sanctioned in respect of VIP, VIP LuxCo, Wind Telecom S.p.A., the VIP Guarantor or
a Core Wind Group Company. 

  

	7.6	Outside the Republic of Italy and the Grand Duchy of Luxembourg, no event or circumstance has occurred or exists analogous to those described in paragraphs 7.1 to 7.5 in respect of VIP, VIP LuxCo, Wind Telecom S.p.A.,
the VIP Guarantor or any Core Wind Group Company in any applicable jurisdiction. 

  

	7.7	All material charges in favour of each Core Wind Group Company required to be registered have been so registered to comply with all necessary formalities as to the registration or otherwise in any applicable
jurisdiction. 

  

	8.	Statutory books, records, memoranda, articles of association and filings 

  

	8.1	Each of the Core Wind Group Companies has at all times carried on business and conducted its affairs in all material respects in accordance with its memorandum and articles of association (or equivalent documents) for
the time being in force. 

  

	8.2	The statutory books (including all registers and minute books) of each of the Core Wind Group Companies required to be kept by applicable law in its jurisdiction of incorporation have in all material respects been
properly kept, reflect all material transactions carried out by the relevant company and comprise in all material respects accurate and complete records of the matters with which they should deal and there has been no notice of any proceedings to
correct or rectify any such statutory books (including all registers and minute books). The shareholders’ ledger of each Wind Group Company (where applicable) accurately reflect the ownership of the relevant shareholding. 

  
 58 

	8.3	None of the Core Wind Group Companies is currently in default in the filing of any accounts, documents or returns required by any applicable law (including, for the avoidance of doubt, regulations, directives, statutes
and legislations) to be delivered or made by any of the Core Wind Group Companies to any competent authority. 

  

	8.4	The statutory books (including all registers and minute books) of each Core Wind Group Company are in their possession or under their control. 

 

	8.5	The copies of the memorandum and articles of association (or equivalent document) of each of the Core Wind Group Companies included in the Wind Data Room are complete and accurate in all material respects.

  

	9.	Filings and consents 

  

	9.1	Except to the extent relevant to the conditions precedent set out in clause 9.1, each of VIP, VIP LuxCo, the VIP Guarantor and the Core Wind Group Companies has obtained all governmental, statutory, regulatory or other
consents, licences, authorisations, waivers or exemptions required to execute, deliver and perform its obligations under this agreement or any of the other Transaction Documents to which it is or will be a party. 

 

	9.2	Other than as contemplated by this agreement: 

  

	 	(a)	no governmental, statutory or regulatory announcement, consultations, notices, reports or filings are required to be made by VIP, VIP LuxCo, the VIP Guarantor or a member of the Core Wind Group in connection with the
transactions contemplated by this agreement or any of the other Transaction Documents; and 

  

	 	(b)	no consents, approvals, registrations, authorisations, licences, orders, grants, permissions, waivers, exemptions or permits are required to be obtained by VIP, VIP LuxCo, the VIP Guarantor or a member of the Core Wind
Group in connection with the execution and performance of this agreement or any of the other Transaction Documents, 

 where a
failure to make or obtain such notices or approvals contemplated above would (i) have a Material Adverse Effect or (ii) prevent, delay or make illegal or invalid the execution or performance of this agreement or any of the Transaction
Documents. 
  

	9.3	To its knowledge, no announcement, circular or disclosure of the terms of any Transaction Document is required to be made or despatched by VIP, VIP LuxCo or the VIP Guarantor in connection with the transactions
contemplated by this agreement other than pursuant to its Agreed Press Release. 

 For the avoidance of doubt, clause 11.5 applies to this
paragraph 9. 
  

	10.	Compliance with laws 

  

	10.1	No Core Wind Group Company has, since 1 January 2012, received written notice from any supranational, national or local governmental, administrative or regulatory body or any public prosecutor or enforcement agency
that it is in material violation of, or in material default with respect to, any applicable Law or any decision or judgment of any court or any such body or agency having jurisdiction over such Core Wind Group Company, including an Economic
Sanctions Law. 

  

	10.2	 In connection with the businesses of the Core Wind Group and this agreement, no Core Wind Group Company nor any
of their respective directors, officers or employees nor, so far as VIP is aware, any of their respective agents or affiliates: (a) have made, offered or promised to make any payment, gift, bribe, kickback or other transfer of anything of value
to any Government Official, directly or 

  
 59 

	 	
indirectly, for purposes of obtaining or influencing official actions or decisions or securing any improper advantage (a Prohibited Payment), or (b) have engaged in acts or
transactions otherwise in violation of applicable Anti-corruption Laws, or (c) have caused or shall cause any other person to violate, or incur any liability in connection with, any Anti-corruption Law, or (d) since 1 January 2012
have engaged or is engaging in any activity, practice or conduct (or failure to act) which would constitute a crime under any applicable law, in each case which may trigger or give rise to a liability of that Core Wind Group Company. Each Core Wind
Group Company has in place adequate procedures designed to ensure that its respective owners, shareholders, directors, officers, employees and agents acting on behalf of any of the foregoing comply with all applicable Anti-corruption Laws, including
the adoption and effective implementation of an adequate Organizational Model under, and for purposes of, the Italian Legislative Decree no. 231 of 2001 and do not make any Prohibited Payments. 

 

	10.3	None of the owners or investors (including any and all ultimate beneficial owners), shareholders, officers, directors or employees nor, so far as VIP is aware, the agents or affiliates, of the Core Wind Group is a
Government Official, is an immediate family member of a Government Official, or is acting on behalf of or shares a financial interest in the transactions established by this agreement with any Government Official. No Government Official has control
over the Core Wind Group or any of their Affiliates, and no Government Official has any direct or indirect ownership of or interest in the monies, proceeds, or other benefits that may arise from the transactions established by this agreement or
related agreements. 

  

	10.4	So far as VIP is aware, no Core Wind Group Company nor any director, officer, employee or agent of any Core Wind Group Company has engaged or is engaging in any activity, practice or conduct (or failure to act) which
would constitute a violation or an offence under any applicable Anti-corruption Laws, Anti-money Laundering Laws or Economic Sanctions Laws or any criminal laws which triggers or gives rise to a liability of that Core Wind Group Company. Each Core
Wind Group Company has in place adequate procedures designed to prevent any of the above individuals or entities from undertaking any such conduct, including the adoption and effective implementation of an adequate Organizational Model under, and
for purposes of, the Italian Legislative Decree no. 231 of 2001. 

  

	10.5	Since 1 January 2012, no Core Wind Group Company nor any director, officer, employee or, so far as VIP is aware, agent of any Core Wind Group Company is or has been the subject of any investigation, inquiry or
enforcement proceedings by any supranational, national or local governmental, administrative or regulatory body or any public prosecutor, court or enforcement agency or any customer regarding any offence or alleged offence under any applicable
competition, anti-bribery and/or anti-money laundering laws or rules and which triggers or gives rise to a liability of that Core Wind Group Company, and no such investigation, inquiry or proceedings have been threatened in writing and, so far as
VIP is aware, there are no circumstances reasonably likely to give rise to any such investigation, inquiry or proceedings. 

 For the
avoidance of doubt, clause 11.5 applies to this paragraph 10. 
  

	11.	Fundamental Regulatory Licences 

  

	11.1	Save as agreed by the Shareholders to be disposed of, the Core Wind Group Companies possess all the Fundamental Wind Group Licences and the same have been obtained and are valid and subsisting and no notice or
allegation of breach in respect of the Fundamental Wind Group Licences has been received from any third party. 

  

	11.2	 The Core Wind Group Companies are compliant with all regulatory obligations in connection with the Fundamental
Wind Group Licences including, but not limited to, those mentioned under AGCOM’s resolution No. 621/11/CONS (such as: (a) obligation of transparency, (b) obligation of non-discrimination,
(c) obligations of access to and use of specific network facilities, and (d) 

  
 60 

	 	
obligation of price control and cost accounting) in the market of voice call termination on individual mobile networks, and those mentioned under AGCOM’s resolution no. 179/10/CONS (such as:
(a) obligation of transparency, (b) obligation of non-discrimination, and (c) obligation of price control) in the market of fixed network termination, and related subsequent updates.

  

	12.	Regulatory 

  

	12.1	Save as agreed by the Shareholders to be disposed of, the Core Wind Group Companies possess all Non-Fundamental Wind Group Licences and the same have been obtained and are valid
and subsisting and no notice or allegation of breach in respect of the Non-Fundamental Wind Group Licences has been received from any third party. 

 

	12.2	The Core Wind Group Companies are compliant with all regulatory obligations in connection with the Non-Fundamental Wind Group Licences. 

 

	13.	Material Contracts 

  

	13.1	The Wind Data Room includes full and accurate copies of all Material Contracts relevant to the Core Wind Group. 

  

	13.2	No Core Wind Group Company is a party to any Material Contract which is under notice of material breach, invalidity or termination, such notice not being frivolous or vexatious, and, so far as VIP is aware, other than
in respect of the transactions contemplated by the Transaction Documents, no event has occurred which would entitle any third party or the relevant Core Wind Group Company to give such notice. 

 

	13.3	No Material Contract was entered into by a Core Wind Group Company otherwise than (a) in the ordinary course of business and (b) on arm’s length terms. Each Material Contract entered into by a Core Wind
Group Company has been duly executed by the parties thereto, and constitutes the legal, valid, binding and enforceable obligation of the Core Wind Group Company concerned in accordance with its terms, and so far as VIP is aware, is legal, valid and
binding upon each of the other parties to such Material Contract. 

  

	14.	Intercompany Agreements 

  

	14.1	The Wind Data Room lists all of the agreements and arrangements, in whatever form (including de facto relationships and agreements entered into verbally) in force as of the date of this agreement between the Core Wind
Group Companies and current or former related parties, as defined by IAS 24 (other than between related parties that are Core Wind Group Companies) (the Wind Intercompany Agreements). 

 

	14.2	No Wind Intercompany Agreement was entered into by a Core Wind Group Company otherwise than (a) in the ordinary course of business and (b) on arm’s length terms. 

 

	14.3	No Core Wind Group Company is in breach of a Wind Intercompany Agreement and no circumstances exist which is likely to give rise to such a breach. There are no claims outstanding against a Core Wind Group Company in
relation to any Wind Intercompany Agreement. 

  

	15.	Employees 

  

	15.1	The Wind Data Room includes: 

  

	 	(a)	full and accurate anonymised compensation details of all Wind Senior Managers; 

  

	 	(b)	an outline of all principal benefits of all employees of the Core Wind Group Companies; and 

  

	 	(c)	standard form contracts which are the standard terms and conditions upon which employees of the Core Wind Group Companies (other than those of the Wind Senior Managers) are employed or have been offered employment.

  
 61 

	15.2	The Core Wind Group Companies have, since 1 January 2012, complied in all material respects with their obligations to employees under applicable European and domestic legislation (including applicable minimum wage,
immigration, health and safety and compulsory and complementary health insurance and/or social security legislation), regulations, terms and conditions of employment and other agreements and arrangements, including all applicable collective
bargaining agreements. 

  

	15.3	Since 1 June 2012, no material claim has been issued against any Core Wind Group Company by any of its employees in respect of their employment which, if adversely determined, would, alone or together with any
other such material claim(s), result in a liability of a Core Wind Group Company in excess of EUR 10,000,000. 

  

	15.4	None of the employees and/or director and/or officers of any Core Wind Group Company is entitled to (a) any bonuses and/or extraordinary payments triggered by the transactions contemplated by the Transaction
Documents; (b) any incentive plan, including stock options and equity-linked benefits other than under the VIP Group’s value based growth cash based long-term incentive plan dated 9 February 2015; and/or
(c) pre-agreed payments which are payable in the event of the termination of their working relationships with a Core Wind Group Company in each case in excess of EUR 1,000,000. 

 

	15.5	No Core Wind Group Company has received from any employee any notice announcing or threatening the filing of claims for damages, different qualification or additional compensation from the relevant Core Wind Group
Company, including the fair award provided for under article 64, section 2 of Legislative Decree 10 February 2005, no. 30, or to apply for re-hiring on the grounds of, inter alia, illegitimate termination
of their employment. 

  

	15.6	There are no persons (other than the current employees of the Core Wind Group Companies) who currently render, or rendered, services to any of the Core Wind Group Companies, who claimed, or may claim, that they should
be qualified as employees of any of the Core Wind Group Companies which, if adversely determined, would, alone or together with any other such material claim(s), result in a liability of a Core Wind Group Company in excess of EUR 10,000,000.

  

	15.7	Each collective agreement between any of the Core Wind Group Companies and any trade union, staff association, works council or any other body representing workers has been established in accordance with Italian law and
the Core Wind Group Companies have fully complied with the same. 

  

	16.	Pensions 

  

	16.1	No Core Wind Group Company: 

  

	 	(a)	is a party to nor participates in nor contributes to any scheme, agreement or arrangement (whether legally enforceable or not) for the provision of any pension, retirement, death, incapacity, disability, or other like
benefits for any employee or for the widow, widower, child or dependant of any employee; 

  

	 	(b)	has given any undertaking or assurance (whether legally enforceable or not) as to the continuance, introduction, improvement or increase of any benefit of a kind described above or is paying or has in the last two years
paid any such benefit to (in either case) any employee or any widow, widower, child or dependant of any employee. 

  
 62 

	16.2	All material details of any Wind Scheme, including all Wind Scheme Documents, in respect of the Core Wind Group are included in the Wind Data Room. 

 

	16.3	Each Core Wind Group Company has complied with all its obligations under the Wind Scheme Documents and all codes of practice and laws applicable to such Wind Scheme Documents. 

 

	16.4	All the mandatory and/or complementary pension and/or healthcare schemes joined by the employees of any of the Core Wind Group Companies are defined contribution with no refunding obligations for any of the Core Wind
Group Companies. 

  

	17.	Litigation 

 No Core Wind Group Company is aware of any material litigation, arbitration
or administrative proceeding which is in progress to which it is a defendant in or otherwise a party to and which, if adversely determined, would, on a standalone basis or in the aggregate with other proceedings of the same or similar nature,
(a) result in a judgment in excess of EUR 10,000,000, (b) have a Material Adverse Effect, or (c) prevent, delay or make illegal or invalid the execution or performance of this agreement or any of the Transaction Documents. So far as VIP is
aware, no such proceeding has been filed or has been threatened in writing against any Core Wind Group Company. There is no outstanding obligation in excess of EUR 10,000,000 upon any Core Wind Group Company arising from any settlement of any
material proceedings or any other material claim. 
  

	18.	Accounts 

  

	18.1	The Wind Accounts: 

  

	 	(a)	were prepared in accordance with all applicable law and accounting principles and practices generally accepted in Italy and Luxembourg at the Wind Accounts Date; and 

 

	 	(b)	have been prepared on the same bases and policies of accounting as the published statutory accounts of VIP or the relevant Core Wind Group Company to which they refer, consistently applied, for the preceding accounting
reference period; 

  

	 	(c)	have been validly approved by each Core Wind Group Company in accordance with all applicable laws; 

  

	 	(d)	have been audited by: 

  

	 	(i)	KPMG S.p.A. for the years ended 31 December 2009 and 31 December 2010; 

  

	 	(ii)	Reconta Ernst & Young S.p.A. for the financial years ended 31 December 2011, 31 December 2012 and 31 December 2013; and 

 

	 	(iii)	PricewaterhouseCoopers S.p.A. for the year ended 31 December 2014; and 

  

	 	(e)	except as expressly described therein, are not affected by any material exceptional items. 

  

	18.2	All the formalities (also including the relevant disclosures) provided for by any applicable laws have been duly, fully and timely carried out. 

 

	19.	Management Accounts 

 The unaudited management accounts of the Core Wind Group Companies
for the period since the Wind Accounts Date (the Wind Management Accounts) have been prepared in good faith on a basis consistent with the basis employed in such accounts for the immediately preceding 12 months. 

  
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	20.	Changes since the Wind Accounts Date 

 Since the Wind Accounts Date: 

 

	 	(a)	the Core Wind Group Companies have carried on their business in the ordinary and usual course so as to maintain the business as a going concern; 

 

	 	(b)	no substantial supplier, distributor, agent, business finder or customer has ceased or substantially reduced its trade with the Core Wind Group Companies so as to cause a Material Adverse Effect; 

 

	 	(c)	no Core Wind Group Company has declared, paid or made a dividend or other distribution (whether in cash, stock or in kind); 

  

	 	(d)	no resolution of the shareholder of any Core Wind Group Company in its capacity as a shareholder of a Core Wind Group Company has been passed; 

 

	 	(e)	no Core Wind Group Company has issued or agreed to issue any share or loan capital or other similar interest; 

  

	 	(f)	no Core Wind Group Company has repaid or redeemed share or loan capital, or made (whether or not subject to conditions) an agreement or undertaken an obligation to do any of those things; 

 

	 	(g)	no change has occurred in the accounting methods, principles or practices applied by a Core Wind Group Company and there has been no revaluation by any Core Wind Group Company of any of its assets; and

  

	 	(h)	there has been no material damage, destruction or loss, whether or not covered by insurance, affecting the assets, properties or business of any Core Wind Group Company. 

 

	21.	Indebtedness 

  

	21.1	No Core Wind Group Company has outstanding any External Debt other than that which is Fairly Disclosed in the Wind Accounts or the Wind Management Accounts. 

 

	21.2	No Core Wind Group Company has since the Wind Accounts Date repaid, or become liable to repay, any External Debt in advance of its normal or originally stated maturity and no External Debt has become capable of being
declared due and payable or has been declared on demand before its normal or originally stated maturity and no Encumbrance in relation to such External Debt has become enforceable or has been enforced and, no event has occurred which is an event of
default (or an event or circumstance which would with the expiry of a grace period, the giving of notice, the making of any determination under the relevant document or any combination of any of the foregoing be an event of default) under or breach
of any terms of any External Debt of any Core Wind Group Company, in each case which entitles the lender in respect of such arrangement to require the relevant Core Wind Group Company to repay the relevant External Debt prior to its normal or
originally stated maturity. 

  

	21.3	No Core Wind Group Company has outstanding any obligations in respect of a derivative transaction, including any foreign exchange transaction, other than under the hedging agreements set out in Schedule 12 to this
agreement. 

  

	21.4	No Core Wind Group Company is subject to any arrangement for receipt or repayment of any grant, subsidy, or financial assistance from any governmental department or other body. 

  
 64 

	21.5	No Core Wind Group Company has lent any money or is otherwise a creditor in respect of an External Debt other than in the ordinary course of its trade or, provided that such agreement has been entered into in compliance
with the Wind Facilities Agreement, to another Core Wind Group Company (in an aggregate amount that has been Fairly Disclosed). 

  

	21.6	The Security Interests affecting any Core Wind Group Company or any of its assets have all been granted in accordance with the Wind Financing Documents and constitute all Encumbrances affecting such Core Wind Group
Company or any of its assets. 

  

	22.	Guarantees and indemnities 

  

	22.1	No Core Wind Group Company is a party to a guarantee, indemnity or other agreement to secure or incur a financial or other obligation with respect to the obligations of a third party (other than another Wind Group
Company or as required or permitted by the Wind Financing Documents). 

  

	22.2	No Wind Group Company is a party to any operational guarantee to secure its obligations (being a guarantee in respect of operational matters including equipment, procurement, network rollout and tenders and not in
respect of External Debt), other than in the ordinary course in accordance with the requirements of the Wind Financing Documents. 

  

	23.	Assets 

  

	23.1	The material assets of each Core Wind Group Company included in the Wind Accounts or acquired since the Wind Accounts Date and all other material assets used or employed by the Core Wind Group are either the absolute
property of such Core Wind Group Company free from any Encumbrance or such Core Wind Group Company has a right to use such material assets and together comprise all the assets necessary for the purposes of continuing to carry on the business of the
Core Wind Group Companies materially as carried on at the date of this agreement. 

  

	23.2	Except for current assets offered for sale or sold in the ordinary course of trading, no Core Wind Group Company has since the Wind Accounts Date disposed of (or agreed to dispose of) any of the assets included in the
Wind Accounts or any assets acquired or agreed to be acquired since the Wind Accounts Date. 

  

	24.	Real estate 

  

	24.1	The Core Wind Group Companies have full ownership and/or good title to each of the Wind Properties, and such titles have been duly recorded in the competent registry under applicable laws. 

 

	24.2	The lease agreements and any arrangements (including licences and concessions) for any Wind Properties (including access and rights of way and usage) entered into by the Core Wind Group Companies are in full force and
effect and valid. No party is in breach of any such lease agreements and, so far as VIP is aware, there is no fact, matter or circumstance which could result in any liability of a Core Wind Group Company in respect of any non-performance and/or non-compliance with the terms of such lease agreements and/or relevant applicable law, that would in each case or in the aggregate have a Material
Adverse Effect. 

  

	25.	Wind Sites 

  

	25.1	A list of the Wind Sites has been disclosed in the Wind Data Room. 

  

	25.2	The Wind Sites have all prescribed material licences, permits, concessions and authorisations required for their operation under applicable laws and regulations, save for those issues affecting such licences, permits,
concessions and authorisations that are not reasonably expected to cause in aggregate a Material Network Effect. 

  
 65 

	26.	Intellectual Property Rights 

  

	26.1	VIP has delivered to HET a list (as set out in the Wind Data Room) of all patents, registered trademarks, registered service marks, registered designs, domain names or other registered Intellectual Property Rights of
which a Core Wind Group Company is the registered proprietor or for which application has been made by a Core Wind Group Company (the Wind IPRs). 

  

	26.2	There is no Encumbrance on, over or affecting any of the Wind IPRs. 

  

	26.3	So far as VIP is aware, all Intellectual Property Rights required by each Core Wind Group Company which is material for the purpose of carrying on its business as currently carried on are vested solely and beneficially
in or are licensed to a Core Wind Group Company. 

  

	26.4	So far as VIP is aware, there has, since the 1 January 2012, been: (a) no unauthorised use in Italy or the Grand Duchy of Luxembourg of any Intellectual Property Right referred to in paragraph 26.3 above by a
third party; and (b) no unauthorised use of a third party’s Intellectual Property Rights by a Core Wind Group Company. 

  

	26.5	All registration and renewal fees have been paid in relation to all Wind IPRs. 

  

	26.6	No Core Wind Group Company trades under any business name other than its corporate name. 

  

	26.7	Since 1 January 2012, no Core Wind Group Company has received written notice alleging breach of: (a) any licences which have been granted to a Core Wind Group Company relating to the Intellectual Property
Rights referred to in paragraph 26.3 above that are licensed to a Core Wind Group Company; or (b) any licences which have been granted by any Core Wind Group Company relating to the Intellectual Property Rights referred to in 26.3 above, nor so
far as VIP is aware, has there been a breach of such licence by a Core Wind Group Company, in each case where such breach has had a Material Adverse Effect. 

  

	27.	Information technology 

 For the purposes of this paragraph, Wind Systems
means all the software, hardware, network and telecommunications equipment and internet-related information technology that are material to any Core Wind Group Company in connection with the operation of its business as currently conducted. 

 

	 	(a)	Each Core Wind Group Company has all licences and agreements necessary to use and maintain the Wind Systems (collectively, Wind IT Agreements) and such Wind IT Agreements are in full force and
effect. 

  

	 	(b)	Since 1 January 2012, no Core Wind Group Company has received written notice that it is in breach of any Wind IT Agreement and, so far as VIP is aware, no counterparty has during that period been in material breach
of any Wind IT Agreement. Since 1 January 2012, there have been no security breaches, data loss, breakdowns, malfunctions, data termination or expiry, failures or other defects in the Wind Systems which have had a Material Adverse Effect.

  

	 	(c)	The Wind Systems: 

  

	 	(i)	are in good repair and condition and in satisfactory working order consistent with their age; 

  

	 	(ii)	are (subject to fair wear and tear) capable of doing the work for which they were designed and purchased or are currently used; and 

  

	 	(iii)	have through their period of ownership or use by the relevant Core Wind Group Company been maintained or serviced on the basis that the relevant Core Wind Group Company would continue to operate the business of the Core
Wind Group Companies in the future. 

  
 66 

	28.	Insurances 

 Each of the Core Wind Group Companies has taken out such reasonable
insurances (in such amounts as are prudent and customary) against all material risks normally insured against in respect of the business operated by the Core Wind Group Companies and such insurances are in full force and effect and may not be
terminated by the insurer by reason of any material non-compliance by a Core Wind Group Company with the terms of such insurance or by reason of the transactions contemplated by the Transaction Documents and
all premiums payable in respect of any insurance policy in which any Core Wind Group Company has an interest and which is material in the context of the Core Wind Group Companies’ business have been duly paid. 

 

	29.	Data and records 

  

	29.1	So far as VIP is aware, all material records, data and information of the Core Wind Group Companies are recorded, stored, maintained or operated by a Core Wind Group Company and are not wholly or partly dependent on any
facilities or means (including any electronic, mechanical or photographic process, computerised or otherwise) which are not under the control of a Core Wind Group Company. 

 

	29.2	So far as VIP is aware, no Core Wind Group Company has disclosed to any third party any such records, data and information as are referred to in paragraph 29.1 above, except for those data requested from any competent
Regulatory Authority or as permitted in accordance with laws and regulations applicable to it. 

  

	30.	Not used 

  

	31.	Disclosure 

 All disclosure made to HET in the Wind Data Room and the VIP Disclosure
Letter, so far as VIP is aware (having made reasonable enquiry), has been made in good faith and without any inclusion or omission which would make such disclosure materially misleading in the context of the transactions contemplated by this
agreement. 
  

	32.	Tax 

 So far as VIP is aware, no material liabilities to Tax of any member of the Core
Wind Group have arisen or are expected to arise, in respect of any period or part period that has ended on or before the entry into this agreement or is expected to end on or before Completion, in respect of, by reference to or in consequence of:

  

	 	(a)	any income, profits or gains that have been earned, accrued or received on or before the entry into this agreement, or are expected to be earned, accrued or received on or before Completion; 

 

	 	(b)	any Event that has occurred on or before the entry into this agreement, or is expected to occur on or before Completion, including the contribution of any member of the Wind Group to H3G II; 

  
 67 

	 	(c)	the expected value of any asset or assets, the expected value or amount of any capital or liabilities or the expected net asset value or market capitalisation of any company, in each case by reference to a time or
period falling on or before Completion; or 

  

	 	(d)	any period or part period that has ended on or before the entry into this agreement or is expected to end on or before Completion. 

  
 68 

 SCHEDULE 5 

HET CLAIMS 
 References in this Schedule 5
to HET Claims exclude any claims relating to adjustments pursuant to clause 7 or Schedule 10 and any claims pursuant to clause 20. 
  

	1.	Acknowledgement 

 HET acknowledges and agrees that it is not aware of any matter or
circumstance, save for those matters Fairly Disclosed, which in its reasonable opinion is inconsistent with any of the VIP Warranties or makes any of them untrue or inaccurate. 

 

	2.	Notice 

 If HET becomes aware of a matter or circumstance which is likely to give rise to
a HET Claim, HET shall give notice to VIP specifying the relevant facts (including HET’s bona fide estimate, on a without prejudice basis, of the amount of such HET Claim) as soon as reasonably practicable after it becomes aware of that matter
or circumstance. VIP shall not be liable for any Losses in respect of a HET Claim to the extent that they are increased, or are not reduced, as a result of any failure of HET to give notice as contemplated by this paragraph. 

 

	3.	Cooling-off period 

 Following Completion (and
other than in relation to any claim under or for a breach of clauses 2 to 6 (inclusive), 22 or Schedule 9), without prejudice to paragraph 2 above, if HET becomes aware of a matter or circumstance which is likely to give rise to a HET Claim: 

 

	 	(a)	representatives of HET and VIP shall meet in person as soon as reasonably practicable following the date on which HET notified VIP in accordance with paragraph 2 and, during the period described in paragraph 3(b) below,
use reasonable endeavours to resolve any proposed HET Claim without recourse to formal dispute resolution proceedings; and 

  

	 	(b)	HET shall not initiate formal dispute resolution proceedings against VIP in respect of such HET Claim until the date falling 30 days after the date on which HET notified VIP thereof in accordance with paragraph 2.

 Nothing in this paragraph 3 shall prevent HET from seeking interim relief at any time to the extent necessary to preserve
its rights. 
  

	4.	Exclusions 

  

	4.1	VIP shall not be liable in respect of a VIP Warranty Claim to the extent that the matter or circumstance giving rise to that claim: 

  

	 	(a)	(except in respect of a VIP Fundamental Warranty Claim under paragraph 1, 2.1, 5, 6 or 7 of Schedule 4) is Fairly Disclosed; 

  

	 	(b)	(except in respect of a VIP Fundamental Warranty Claim under paragraph 1, 2.1, 5, 6 or 7 of Schedule 4) was: 

  

	 	(i)	specifically provided for (and not released prior to Completion) in the Wind Accounts at the Wind Accounts Date; 

  
 69 

	 	(ii)	specifically provided or reserved for in the Completion Statements; or 

  

	 	(iii)	specifically mentioned in a statement in any report forming part of the Wind Accounts where that statement constitutes Fair Disclosure of that matter or circumstance; or 

 

	 	(c)	has been made good without cost to HET or any Group Company. 

  

	4.2	VIP shall not be liable in respect of a HET Claim (other than any VIP Tax Non-Warranty Claim) to the extent that the relevant liability would not have arisen but for:

  

	 	(a)	a change in legislation announced, or the withdrawal of any extra-statutory concession previously published by any Taxation Authority, after the date of this agreement (whether or not the change or withdrawal purports
to be effective retrospectively in whole or in part); or 

  

	 	(b)	a change after Completion in the accounting policies adopted by the Group (other than a change made in order to comply with Accounting Policies from time to time). 

 

	4.3	VIP shall not be liable in respect of a VIP Disclosure Warranty Claim to the extent that such VIP Disclosure Warranty Claim is based on a failure or omission of VIP to disclose information to HET and such disclosure was
not permitted by applicable Laws. 

  

	5.	De minimis claims 

  

	5.1	Subject to paragraph 5.4, VIP shall not be liable in respect of any HET Claim (other than a VIP Disclosure Warranty Claim, a VIP Indemnity Claim or a VIP Tax Non-Warranty Claim)
unless the amount of damages to which HET would, but for this paragraph, be entitled as a result of that HET Claim is at least EUR10,000,000. 

  

	5.2	Subject to paragraph 5.4, VIP shall not be liable in respect of any VIP Disclosure Warranty Claim unless the amount of damages to which HET would, but for this paragraph, be entitled as a result of that VIP Disclosure
Warranty Claim is at least EUR50,000,000. 

  

	5.3	Subject to paragraph 5.4, VIP shall not be liable in respect of any VIP Litigation Indemnity Claim unless the amount of damages to which HET would, but for this paragraph, be entitled as a result of that VIP Litigation
Indemnity Claim is at least EUR15,000,000. 

  

	5.4	If more than one HET Claim arises from, or is caused by, the same or similar matters or circumstances and the aggregate amount of damages to which HET would be entitled as a result of those HET Claims is equal to or
exceeds the sum specified in paragraph 5.1, 5.2 or 5.3 (as applicable), such paragraph shall not apply to any of those HET Claims. 

  

	6.	Threshold 

  

	6.1	VIP shall not be liable in respect of any HET Claim (other than a VIP Fundamental Warranty Claim, a VIP Disclosure Warranty Claim, a VIP Dormant Company Indemnity Claim or a HET Tax Claim) unless the amount of all such
HET Claims (including all such HET Claims which might have been made but for the operation of this paragraph) exceeds EUR150,000,000, in which case HET shall be entitled to all amounts resulting from those HET Claims (and not just the excess over
that sum). 

  

	6.2	For the avoidance of doubt, HET may give notice of any single HET Claim in accordance with and for the purpose of paragraph 2 of this Schedule, irrespective of whether, at the time the notice is given, the amount set
out in this paragraph has been exceeded. 

  
 70 

	7.	Aggregate limit 

  

	7.1	Subject to paragraph 7.2, the maximum aggregate liability of VIP in respect of any and all HET Claims (other than a VIP Dormant Company Indemnity Claim or a VIP Tax Non-Warranty
Claim) shall not exceed EUR1,000,000,000. 

  

	7.2	The maximum aggregate liability of VIP determined under paragraph 7.1 shall be increased by the amount of any interest payable by VIP in respect of any payment not made when due under this agreement. 

 

	8.	Time limits 

  

	8.1	Subject to paragraph 8.6, VIP shall not be liable for any HET Claim (other than a VIP Fundamental Warranty Claim, a VIP Disclosure Warranty Claim, a VIP Indemnity Claim or a HET Tax Claim) unless VIP receives from HET
notice of such HET Claim before the first anniversary of the publication of the first audited annual accounts of H3G II after Completion. 

  

	8.2	Subject to paragraph 8.6, VIP shall not be liable for any VIP Fundamental Warranty Claim unless VIP receives from HET notice of such VIP Fundamental Warranty Claim before the date falling 30 months after the date of
Completion. 

  

	8.3	Subject to paragraph 8.6, VIP shall not be liable for any VIP Disclosure Warranty Claim unless VIP receives from HET notice of such VIP Disclosure Warranty Claim before the third anniversary of the date of Completion.

  

	8.4	Subject to paragraph 8.6, VIP shall not be liable for any VIP Indemnity Claims unless VIP receives from HET notice of such VIP Indemnity Claim before the date on which VIP and its Affiliates cease (directly or
indirectly) to hold any H3G II Shares. 

  

	8.5	VIP shall not be liable for any HET Tax Claim unless VIP receives from HET notice of such HET Tax Claim before the expiry of six months after the period in which, under applicable Laws and practice of the jurisdiction
in which the Taxation liability giving rise to the HET Tax Claim has arisen, the relevant Taxation Authority is entitled to bring an action, claim or proceeding relating to that Taxation liability or is otherwise able to enforce such Taxation
liability against the relevant Wind Group Company, as possibly extended by any applicable Tax laws (including, without limitation, Article 43 of Italian Presidential Decree 29 September 1973, no. 600, as subsequently amended, and Article 57 of
Italian Presidential Decree 26 October 1972, no. 633, as subsequently amended). 

  

	8.6	VIP shall not be liable for any HET Claim (other than a HET Tax Claim) unless VIP receives from HET notice of such HET Claim before the date on which VIP and its Affiliates cease (directly or indirectly) to hold any H3G
II Shares. 

  

	9.	Waiver of rights 

  

	9.1	VIP agrees with HET and each employee of a Group Company to waive any rights or claims which VIP may have against any employee of a Group Company or any Group Company in respect of any misrepresentation, inaccuracy or
omission in or from any information or advice supplied or given by a Group Company or such employee in connection with the giving of the VIP Warranties and the preparation of any disclosures. The provisions of this paragraph: 

 

	 	(a)	may with the prior written consent of HET be enforced by any Group Company or any employee of a Group Company against VIP under the Contracts (Rights of Third Parties) Act 1999; and 

 

	 	(b)	may be varied or terminated by agreement between the Shareholders (and HET may also release or compromise in whole or in part any liability in respect of rights or claims contemplated by this paragraph) without the
consent of any Group Company or any such employee. 

  
 71 

	9.2	If HET makes a HET Claim, VIP agrees with HET and HET Solicitors to waive any rights or claims which it may have to recover a contribution from, or otherwise against, HET Solicitors in respect of such claim.

  

	10.	Mitigation 

 Nothing in this agreement shall be deemed to relieve the relevant Party from
any common law duty to take reasonable steps to mitigate any loss or damage suffered or incurred by it. 
  

	11.	Recovery from third parties 

  

	11.1	If: 

  

	 	(a)	VIP makes a payment in respect of a HET Claim (other than a Tax Gross Up Claim) (the amount of such payment, to the extent it does not comprise interest on a late payment, being the VIP Damages Payment);

  

	 	(b)	within 12 months of the making of such payment any Group Company or HET or another member of the HET Group receives any sum or Relief, other than from a Group Company, HET or another member of the HET Group, which would
not have been received but for the matter or circumstance giving rise to the relevant HET Claim (the VIP Third Party Sum); 

  

	 	(c)	the receipt of the VIP Third Party Sum was not taken into account in calculating the VIP Damages Payment; and 

  

	 	(d)	the aggregate of the VIP Third Party Sum (or, 50% of the VIP Third Party Sum if such payment was received by a Group Company) and the VIP Damages Payment exceeds the amount required to compensate HET in full for the
matter or circumstance which gave rise to the relevant HET Claim (such excess being the VIP Excess Recovery), 

 subject
to paragraph 11.2, HET shall, as soon as practicable following receipt of the VIP Third Party Sum by it or the Group Company concerned, pay to VIP an amount equal to the lower of (i) the VIP Excess Recovery and (ii) the VIP Damages
Payment, after deducting (in either case) all reasonable costs incurred by HET or the other member of the HET Group (or 50% of costs incurred by any Group Company) in recovering the VIP Third Party Sum and any and all Taxation payable by HET or any
Group Company or the other member of the HET Group by virtue of its receipt. 
  

	11.2	Where the person concerned receives a Relief as referred to in clause 11.1(b), a payment shall not be made to VIP before the date on which the Tax that would have been payable but for the Relief would have become
recoverable by the appropriate Taxation Authority (taking account of other Reliefs available or that would otherwise have been available). 

  

	12.	Insurance 

 Without prejudice to HET’s duty to mitigate any loss in respect of any
HET Claim, if in respect of any matter which would otherwise give rise to a HET Claim, any of the Group Companies has actually recovered under any policy of insurance, the amount of insurance monies to which that Group Company is or would have been
entitled shall proportionately reduce that HET Claim (after deducting any reasonable costs incurred in making such recovery and any tax incurred as a result of the receipt of such recovery). 

  
 72 

	13.	Remedy of breaches 

 Other than in respect of any breaches dealt with under clause 23.3,
if, following Completion, the matter or circumstance giving rise to a HET Claim is capable of remedy, VIP shall have no liability in respect of that HET Claim if the relevant matter or circumstance is remedied (at no material cost to any Group
Company, HET or any person connected with HET) within 30 days of the date on which VIP is given notice as contemplated by paragraph 2 of this Schedule in relation to that matter or circumstance. HET shall procure (a) that VIP is given the
opportunity in that 30 day period to remedy the relevant matter or circumstance and (b) that each relevant Group Company shall provide all reasonable assistance to VIP to remedy the relevant matter or circumstance. Nothing in this paragraph 13
shall prevent HET from seeking interim relief at any time to the extent necessary to preserve its rights. 
  

	14.	Consequential loss etc. 

 VIP shall have no liability for any indirect or consequential
losses or any punitive or aggravated damages arising out of any matter or circumstance giving rise to a HET Claim. 
  

	15.	No limitation or exclusion for fraud 

 Nothing in this Schedule shall limit or exclude
any liability for fraud or fraudulent misrepresentation. 

  
 73 

 SCHEDULE 6 

HET WARRANTIES 
  

	1.	Ownership of the Contribution Shares 

  

	1.1	The H3G II Shares constitute 100% of the issued and allotted share capital of H3G II, are fully paid up and have been properly and validly allotted. There is no Encumbrance on, over or affecting any of the H3G II
Shares. 

  

	1.2	The H3G II Shares will at the date of Completion be legally and beneficially owned by HET, and HET will be entitled to transfer or procure the transfer of the full legal and beneficial ownership in the H3G II Shares to
H3G II on the terms and subject to the conditions set out in this agreement. 

  

	1.3	Neither HET nor any member of the 3 Italia Group is under any obligation (whether actual or contingent) to sell, charge or otherwise dispose of any of the H3G II Shares (other than pursuant to this agreement or the
transactions contemplated by it). 

  

	1.4	Other than this agreement, there is no agreement, arrangement or obligation requiring the creation, allotment, issue, sale, transfer, redemption or repayment of, or the grant to a person of the right (conditional or
not) to require the allotment, issue, sale, transfer, redemption or repayment of, any H3G II Shares or any of the shares in the capital of any Subsidiary (including an option or right of pre-emption or
conversion). 

  

	1.5	No H3G II Share has been issued and no transfer of H3G II Shares has been registered otherwise than in accordance with the articles of association of H3G II from time to time in force and all such transfers have been
duly stamped unless a valid exemption applies to any such transfer. 

  

	2.	Subsidiaries and associates 

  

	2.1	The shares, details of which are set out opposite “issued capital” under the relevant 3 Italia Group Company’s name in Part 1 of Schedule 1, constitute the whole of the issued and allotted share capital
of that 3 Italia Group Company, are fully paid (or properly credited as fully paid), have been properly and validly allotted, are, except in the case of the 33,684,882 shares in 3 Italia (equal to 2.586% of the relevant share capital), legally and
beneficially owned by HET or another wholly-owned member of the 3 Italia Group, and are free from all Encumbrances. 

  

	2.2	No 3 Italia Group Company is the holder or beneficial owner of, nor has agreed to acquire, any shares of any other corporation. 

  

	2.3	Neither HET nor any member of the 3 Italia Group is under any obligation (whether actual or contingent) to sell, charge or otherwise dispose of any of the shares in the capital of any Subsidiary, or any interest
therein, to any person. 

  

	2.4	No shares in the capital of the 3 Italia Group Companies have been issued and no transfer of shares in the capital of the 3 Italia Group Companies has been registered otherwise than in accordance with the articles of
association of the relevant 3 Italia Group Company from time to time in force and all such transfers have been duly stamped unless a valid exemption applies to any such transfer. 

 

	3.	Incorporation of the 3 Italia Group Companies and extraordinary transactions 

  

	3.1	Each 3 Italia Group Company is validly existing under the laws of the country in which it is incorporated or formed and has all requisite corporate or partnership powers and authority to conduct its business as
presently conducted and to own its assets and properties as presently owned, and as contemplated to be owned upon Completion. 

  
 74 

	3.2	There are no outstanding contractual payment obligations for any 3 Italia Group Company deriving from any completed or contemplated acquisition or disposal of all or part of a business or any shareholding, partnership
or other equity or participation interest by, of or in any 3 Italia Group Company, in each case for a consideration exceeding EUR 10,000,000 or equivalent having taken place since 1 January 2012. 

 

	4.	Not used 

  

	5.	Capacity and consequences of entering into this agreement 

  

	5.1	Each of HET, the HET Guarantor and the 3 Italia Group Companies has the power and authority to execute and deliver this agreement and any of the other Transaction Documents to which it is or will be a party and to
perform its obligations under each of them and has taken all action necessary and obtained all corporate authorisations necessary to authorise such execution and delivery and the performance of such obligations. 

 

	5.2	The execution and delivery by each of HET, the HET Guarantor and the 3 Italia Group Companies of this agreement or any of the other Transaction Documents to which it is or will be a party and the performance of the
obligations under it and each of them do not and will not: 

  

	 	(a)	in any material respects conflict with or constitute a default or breach under any provision of: 

  

	 	(i)	its articles of association, by-laws or equivalent constitutional documents; or 

  

	 	(ii)	any applicable law or regulation by which it or a member of the 3 Italia Group is bound; or 

  

	 	(iii)	any order, decree or judgment of any court or any governmental or regulatory authority in any jurisdiction by it or a member of the 3 Italia Group is bound; or 

 

	 	(b)	result in the creation or imposition of any Encumbrance over any of the H3G II Shares, shares of any 3 Italia Group Company, or any of the property or assets of any 3 Italia Group Company pursuant to the terms of any
agreement or instrument to which it or any member of the 3 Italia Group is party. 

  

	6.	Valid obligations 

 This agreement and the other Transaction Documents (other than the
Completion FinCo Articles and the Completion H3G II Articles) constitute or will, when executed by HET, the HET Guarantor or a member of the 3 Italia Group (as applicable), constitute legal, valid and binding obligations, enforceable against such
party in accordance with their terms. 
  

	7.	Solvency 

  

	7.1	No administrator has been appointed in respect of the whole or any part of the assets or undertaking of HET, the HET Guarantor or any 3 Italia Group Company, nor has any order been made by or petition presented or
application made for the appointment of an administrator in respect of any of HET, the HET Guarantor or the 3 Italia Group Companies. No documents have been filed with the court for the appointment of such an administrator and so far as HET is aware
nor has any notice of intention to appoint such an administrator been given by any such person. 

  
 75 

	7.2	No receiver or administrative receiver has been appointed, nor any notice given of the appointment of any such person in respect of the whole or any part of the assets or undertaking of HET, 3 Italia S.p.A., the HET
Guarantor or any 3 Italia Group Company. 

  

	7.3	No order has been made, meeting convened and no resolution has been passed for the winding up of HET, the HET Guarantor or any 3 Italia Group Company or for the appointment of a liquidator or provisional liquidator to
HET, the HET Guarantor or any 3 Italia Group Company and, so far as HET is aware, no petition has been presented for that purpose. 

  

	7.4	Neither HET, the HET Guarantor nor any 3 Italia Group Company is insolvent or unable to pay its debts and neither HET, the HET Guarantor nor any 3 Italia Group Company has stopped paying its debts as they fall due and
each of HET, the HET Guarantor and the 3 Italia Group has no unsatisfied judgment or court order outstanding against it and is capable of meeting its liabilities as and when they fall due. 

 

	7.5	No voluntary arrangement, moratorium of any indebtedness, compromise or similar arrangement with creditors has been proposed, agreed or sanctioned in respect of HET, the HET Guarantor or a 3 Italia Group Company.

  

	7.6	Outside the Republic of Italy and the Grand Duchy of Luxembourg, no event or circumstance has occurred or exists analogous to those described in paragraphs 7.1 to 7.5 in respect of HET, the HET Guarantor or any 3 Italia
Group Company in any applicable jurisdiction. 

  

	7.7	All material charges in favour of each 3 Italia Group Company required to be registered have been so registered to comply with all necessary formalities as to the registration or otherwise in any applicable
jurisdiction. 

  

	8.	Statutory books, records, memoranda, articles of association and filings 

  

	8.1	Each of the 3 Italia Group Companies has at all times carried on business and conducted its affairs in all material respects in accordance with its memorandum and articles of association (or equivalent documents) for
the time being in force. 

  

	8.2	The statutory books (including all registers and minute books) of each of the 3 Italia Group Companies required to be kept by applicable law in its jurisdiction of incorporation have in all material respects been
properly kept, reflect all material transactions carried out by the relevant company and comprise in all material respects accurate and complete records of the matters with which they should deal and there has been no notice of any proceedings to
correct or rectify any such statutory books (including all registers and minute books). The shareholders’ ledger of each 3 Italia Group Company (where applicable) accurately reflect the ownership of the relevant shareholding. 

 

	8.3	None of the 3 Italia Group Companies is currently in default in the filing of any accounts, documents or returns required by any applicable law (including, for the avoidance of doubt, regulations, directives, statutes
and legislations) to be delivered or made by any of the 3 Italia Group Companies to any competent authority. 

  

	8.4	The statutory books (including all registers and minute books) of each 3 Italia Group Company are in their possession or under their control. 

 

	8.5	The copies of the memorandum and articles of association (or equivalent document) of each of the 3 Italia Group Companies included in the 3 Italia Data Room are complete and accurate in all material respects.

  
 76 

	9.	Filings and consents 

  

	9.1	Except to the extent relevant to the conditions precedent set out in clause 9.1, each of HET, the HET Guarantor and the 3 Italia Group Companies has obtained all governmental, statutory, regulatory or other consents,
licences, authorisations, waivers or exemptions required to execute, deliver and perform its obligations under this agreement or any of the other Transaction Documents to which it is or will be a party. 

 

	9.2	Other than as contemplated by this agreement: 

  

	 	(a)	no governmental, statutory or regulatory announcement, consultations, notices, reports or filings are required to be made by HET, the HET Guarantor or a member of the 3 Italia Group in connection with the transactions
contemplated by this agreement or any of the other Transaction Documents; and 

  

	 	(b)	no consents, approvals, registrations, authorisations, licences, orders, grants, permissions, waivers, exemptions or permits are required to be obtained by HET, the HET Guarantor or a member of the 3 Italia Group in
connection with the execution and performance of this agreement or any of the other Transaction Documents, 

 where a failure
to make or obtain such notices or approvals contemplated above would (i) have a Material Adverse Effect or (ii) prevent, delay or make illegal or invalid the execution or performance of this agreement or any of the Transaction Documents.

  

	9.3	The transactions contemplated under this agreement constitute a disclosable transaction for the HET Guarantor under the Hong Kong Listing Rules in effect at the date of this agreement and do not require the approval of
the shareholders of the HET Guarantor or any shareholder circular to be dispatched. The HET Guarantor is not, to its knowledge, required, under applicable Laws at the date of this Agreement other than the Hong Kong Listing Rules, to make any
announcement or to make available for public review the Transaction Documents. 

 For the avoidance of doubt, clause 14.5 applies to this
paragraph 9. 
  

	10.	Compliance with laws 

  

	10.1	No 3 Italia Group Company has, since 1 January 2012, received written notice from any supranational, national or local governmental, administrative or regulatory body or any public prosecutor or enforcement agency
that it is in material violation of, or in material default with respect to, any applicable Law or any decision or judgment of any court or any such body or agency having jurisdiction over such 3 Italia Group Company, including an Economic Sanctions
Law. 

  

	10.2	In connection with the businesses of the 3 Italia Group and this agreement, no 3 Italia Group Company nor any of their respective directors, officers or employees nor, so far as HET is aware, any of their respective
agents or affiliates: (a) have made, offered or promised to make any Prohibited Payment, or (b) have engaged in acts or transactions otherwise in violation of applicable Anti-corruption Laws, or (c) have caused or shall cause any
other person to violate, or incur any liability in connection with, any Anti-corruption Law, or (d) since 1 January 2012 have engaged or is engaging in any activity, practice or conduct (or failure to act) which would constitute a crime
under any applicable law, in each case which may trigger or give rise to a liability of that 3 Italia Group Company. Each 3 Italia Group Company has in place adequate procedures designed to ensure that its respective owners, shareholders, directors,
officers, employees and agents acting on behalf of any of the foregoing comply with all applicable Anti-corruption Laws, including the adoption and effective implementation of an adequate Organizational Model under, and for purposes of, the Italian
Legislative Decree no. 231 of 2001 and do not make any Prohibited Payments. 

  
 77 

	10.3	None of the owners or investors (including any and all ultimate beneficial owners), shareholders, officers, directors or employees nor, so far as HET is aware, the agents or affiliates of the 3 Italia Group is a
Government Official, is an immediate family member of a Government Official, or is acting on behalf of or shares a financial interest in the transactions established by this agreement with any Government Official. No Government Official has control
over the 3 Italia Group or any of their Affiliates, and no Government Official has any direct or indirect ownership of or interest in the monies, proceeds, or other benefits that may arise from the transactions established by this agreement or
related agreements. 

  

	10.4	So far as HET is aware, no 3 Italia Group Company nor any director, officer, employee or agent of any 3 Italia Group Company has engaged or is engaging in any activity, practice or conduct (or failure to act) which
would constitute a violation or an offence under any applicable Anti-corruption Laws, Anti-money Laundering Laws or Economic Sanctions Laws or any criminal laws which triggers or gives rise to a liability of
that 3 Italia Group Company. Each 3 Italia Group Company has in place adequate procedures designed to prevent any of the above individuals or entities from undertaking any such conduct, including the adoption and effective implementation of an
adequate Organizational Model under, and for purposes of, the Italian Legislative Decree no. 231 of 2001. 

  

	10.5	Since 1 January 2012, no 3 Italia Group Company nor any director, officer, employee or, so far as HET is aware, agent of any 3 Italia Group Company is or has been the subject of any investigation, inquiry or
enforcement proceedings by any supranational, national or local governmental, administrative or regulatory body or any public prosecutor, court or enforcement agency or any customer regarding any offence or alleged offence under any applicable
competition, anti-bribery and/or anti-money laundering laws or rules and which triggers or gives rise to a liability of that 3 Italia Group Company, and no such investigation, inquiry or proceedings have been threatened in writing and, so far as HET
is aware, there are no circumstances reasonably likely to give rise to any such investigation, inquiry or proceedings. 

 For the avoidance of
doubt, clause 14.5 applies to this paragraph 10. 
  

	11.	Fundamental Regulatory Licences 

  

	11.1	Save as agreed by the Shareholders to be disposed of, the 3 Italia Group Companies possess all the Fundamental 3 Italia Group Licences and the same have been obtained and are valid and subsisting and no notice or
allegation of breach in respect of the Fundamental 3 Italia Group Licences has been received from any third party. 

  

	11.2	The 3 Italia Group Companies are compliant with all regulatory obligations in connection with the Fundamental 3 Italia Group Licences including, but not limited to, those mentioned under AGCOM’s resolution No.
621/11/CONS (such as: (a) obligation of transparency, (b) obligation of non-discrimination, (c) obligations of access to and use of specific network facilities, and (d) obligation of price
control and cost accounting) in the market of voice call termination on individual mobile networks. 

  

	12.	Regulatory 

  

	12.1	Save as agreed by the Shareholders to be disposed of, the 3 Italia Group Companies possess all Non-Fundamental 3 Italia Group Licences and the same have been obtained and are
valid and subsisting and no notice or allegation of breach in respect of the Non-Fundamental 3 Italia Group Licences has been received from any third party. 

 

	12.2	The 3 Italia Group Companies are compliant with all regulatory obligations in connection with the Non-Fundamental 3 Italia Group Licences. 

  
 78 

	13.	Material Contracts 

  

	13.1	The 3 Italia Data Room includes full and accurate copies of all Material Contracts relevant to the 3 Italia Group. 

  

	13.2	No 3 Italia Group Company is a party to any Material Contract which is under notice of material breach, invalidity or termination, such notice not being frivilous or vexatious and, so far as HET is aware, other than in
respect of the transactions contemplated by the Transaction Documents, no event has occurred which would entitle any third party or the relevant 3 Italia Group Company to give such notice. 

 

	13.3	No Material Contract was entered into by a 3 Italia Group Company otherwise than (a) in the ordinary course of business and (b) on arm’s length terms. Each Material Contract entered into by a 3 Italia
Group Company has been duly executed by the parties thereto, and constitutes the legal, valid, binding and enforceable obligation of the 3 Italia Group Company concerned in accordance with its terms, and so far as HET is aware, is legal, valid and
binding upon each of the other parties to such Material Contract. 

  

	14.	Intercompany Agreements 

  

	14.1	The 3 Italia Data Room lists all of the agreements and arrangements, in whatever form (including de facto relationships and agreements entered into verbally) in force as of the date of this agreement between the 3
Italia Group Companies and current or former related parties, as defined by IAS 24 (other than between related parties that are 3 Italia Group Companies) (the 3 Italia Intercompany Agreements). 

 

	14.2	No 3 Italia Intercompany Agreement was entered into by a 3 Italia Group Company otherwise than (a) in the ordinary course of business and (b) on arm’s length terms. 

 

	14.3	No 3 Italia Group Company is in breach of a 3 Italia Intercompany Agreement and no circumstances exist which likely to give rise to such a breach. There are no claims outstanding against a 3 Italia Group Company in
relation to any 3 Italia Intercompany Agreement. 

  

	15.	Employees 

  

	15.1	The 3 Italia Data Room includes: 

  

	 	(a)	full and accurate anonymised compensation details of all 3 Italia Senior Managers; 

  

	 	(b)	an outline of all principal benefits of all employees of the 3 Italia Group Companies; and 

  

	 	(c)	standard form contracts which are the standard terms and conditions upon which employees of the 3 Italia Group Companies (other than those of the 3 Italia Senior Managers) are employed or have been offered employment.

  

	15.2	The 3 Italia Group Companies have, since 1 January 2012, complied in all material respects with their obligations to employees under applicable European and domestic legislation (including applicable minimum wage,
immigration, health and safety and compulsory and complementary health insurance and/or social security legislation), regulations, terms and conditions of employment and other agreements and arrangements, including all applicable collective
bargaining agreements. 

  

	15.3	Since 1 June 2012, no material claim has been issued against any 3 Italia Group Company by any of its employees in respect of their employment which, if adversely determined, would, alone or together with any other
such material claim(s), result in a liability of a 3 Italia Group Company in excess of EUR 10,000,000. 

  
 79 

	15.4	None of the employees and/or director and/or officers of any 3 Italia Group Company is entitled to (a) any bonuses and/or extraordinary payments triggered by the transactions contemplated by the Transaction
Documents; (b) any incentive plan, including stock options and equity-linked benefits; and/or (c) pre-agreed payments which are payable in the event of the termination of their working relationships
with a 3 Italia Group Company in each case in excess of EUR 1,000,000. 

  

	15.5	No 3 Italia Group Company has received from any employee any notice announcing or threatening the filing of claims for damages, different qualification or additional compensation from the relevant 3 Italia Group
Company, including the fair award provided for under article 64, section 2 of Legislative Decree 10 February 2005, no. 30, or to apply for re-hiring on the grounds of, inter alia, illegitimate termination
of their employment. 

  

	15.6	There are no persons (other than the current employees of the 3 Italia Group Companies) who currently render, or rendered, services to any of the 3 Italia Group Companies, who claimed, or may claim, that they should be
qualified as employees of any of the 3 Italia Group Companies which, if adversely determined, would, alone or together with any other such material claim(s), result in a liability of a 3 Italia Group Company in excess of EUR 10,000,000.

  

	15.7	Each collective agreement between any of the 3 Italia Group Companies and any trade union, staff association, works council or any other body representing workers has been established in accordance with Italian law and
the 3 Italia Group Companies have fully complied with the same. 

  

	16.	Pensions 

  

	16.1	No 3 Italia Group Company: 

  

	 	(a)	is a party to nor participates in nor contributes to any scheme, agreement or arrangement (whether legally enforceable or not) for the provision of any pension, retirement, death, incapacity, disability, or other like
benefits for any employee or for the widow, widower, child or dependant of any employee; 

  

	 	(b)	has given any undertaking or assurance (whether legally enforceable or not) as to the continuance, introduction, improvement or increase of any benefit of a kind described above or is paying or has in the last two years
paid any such benefit to (in either case) any employee or any widow, widower, child or dependant of any employee. 

  

	16.2	All material details of any 3 Italia Scheme, including all 3 Italia Scheme Documents, in respect of the 3 Italia Group are included in the 3 Italia Data Room. 

 

	16.3	Each 3 Italia Group Company has complied with all its obligations under the 3 Italia Scheme Documents and all codes of practice and laws applicable to such 3 Italia Scheme Documents. 

 

	16.4	All the mandatory and/or complementary pension and/or healthcare schemes joined by the employees of any of the 3 Italia Group Companies are defined contribution with no refunding obligations for any of the 3 Italia
Group Companies. 

  

	17.	Litigation 

 No 3 Italia Group Company is aware of any material litigation, arbitration
or administrative proceeding which is in progress to which it is a defendant in or otherwise a party to and which, if adversely determined, would, on a standalone basis or in the aggregate with other proceedings of the same or similar nature,
(a) result in a judgment in excess of EUR 10,000,000, (b) have a Material Adverse Effect, or (c) prevent, delay or make illegal or invalid the execution or performance of this agreement or any of the Transaction Documents. So far as HET is
aware, no such proceeding has been filed or has been threatened in writing against any 3 Italia Group Company. There is no outstanding obligation in excess of EUR 10,000,000 upon any 3 Italia Group Company arising from any settlement of any material
proceedings or any other material claim. 

  
 80 

	18.	Accounts 

  

	18.1	The 3 Italia Italian Group Companies Accounts: 

  

	 	(a)	were prepared in accordance with: 

  

	 	(i)	all applicable law and in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standard Board (IASB); and 

 

	 	(ii)	the respective interpretations (SIC/IFRIC) adopted by the European Commission in accordance with the procedure set forth in EC Regulation no. 1606/2002 by European Parliament and by the European Council on 19 July
2002; 

  

	 	(b)	have been prepared on the same bases and policies of accounting as the published statutory accounts of the relevant 3 Italia Group Company to which they refer, consistently applied, for the preceding accounting
reference period; 

  

	 	(c)	have been validly approved by each 3 Italia Group Company in accordance with all applicable laws; 

  

	 	(d)	have been audited by PricewaterhouseCoopers S.r.l.; and 

  

	 	(e)	except as expressly described therein, are not affected by any material exceptional items. 

  

	18.2	All the formalities (also including the relevant disclosures) provided for by any applicable laws have been duly, fully and timely carried out. 

 

	18.3	The H3G II Accounts: 

  

	 	(a)	were prepared in accordance with: 

  

	 	(i)	all applicable law and in accordance with Luxembourg Generally Accepted Accounting Principles (LuxGAAP); and 

  

	 	(ii)	the respective interpretations (SIC/IFRIC) adopted by the European Commission in accordance with the procedure set forth in EC Regulation no. 1606/2002 by European Parliament and by the European Council on 19 July
2002; 

  

	 	(b)	have been prepared on the same bases and policies of accounting as the published statutory accounts of HET, consistently applied, for the preceding accounting reference period; 

 

	 	(c)	have been included in the consolidated accounts of HWL, forming the largest body of undertakings of which the H3G II forms a part as a subsidiary undertaking; and 

 

	 	(d)	have not been audited. 

  

	19.	Management Accounts 

  

	19.1	The unaudited management accounts of the 3 Italia Group Companies for the period since the 3 Italia Accounts Date (the 3 Italia Management Accounts) have been prepared in good faith on a basis consistent with the
basis employed in such accounts for the immediately preceding 12 months. 

  
 81 

	20.	Changes since the 3 Italia Accounts Date 

 Since the 3 Italia Accounts Date: 

 

	 	(a)	the 3 Italia Group Companies have carried on their business in the ordinary and usual course so as to maintain the business as a going concern; 

 

	 	(b)	no substantial supplier, distributor, agent, business finder or customer has ceased or substantially reduced its trade with the 3 Italia Group Companies so as to cause a Material Adverse Effect; 

 

	 	(c)	no 3 Italia Group Company has declared, paid or made a dividend or other distribution (whether in cash, stock or in kind); 

  

	 	(d)	no resolution of the shareholder of any 3 Italia Group Company in its capacity as a shareholder of a 3 Italia Group Company has been passed; 

 

	 	(e)	no 3 Italia Group Company has issued or agreed to issue any share or loan capital or other similar interest; 

  

	 	(f)	no 3 Italia Group Company has repaid or redeemed share or loan capital, or made (whether or not subject to conditions) an agreement or undertaken an obligation to do any of those things; 

 

	 	(g)	no change has occurred in the accounting methods, principles or practices applied by a 3 Italia Group Company and there has been no revaluation by any 3 Italia Group Company of any of its assets; and 

 

	 	(h)	there has been no material damage, destruction or loss, whether or not covered by insurance, affecting the assets, properties or business of any 3 Italia Group Company. 

 

	21.	Indebtedness 

  

	21.1	No 3 Italia Group Company has outstanding any External Debt other than that which is Fairly Disclosed in the 3 Italia Accounts or the 3 Italia Management Accounts. 

 

	21.2	No 3 Italia Group Company has since the 3 Italia Accounts Date repaid, or become liable to repay, any External Debt in advance of its normal or originally stated maturity and no External Debt has become capable of being
declared due and payable or has been declared on demand before its normal or originally stated maturity and no Encumbrance in relation to such External Debt has become enforceable or has been enforced and, no event has occurred which is an event of
default (or an event or circumstance which would with the expiry of a grace period, the giving of notice, the making of any determination under the relevant document or any combination of any of the foregoing be an event of default) under or breach
of any terms of any External Debt of any 3 Italia Group Company, in each case which entitles the lender in respect of such arrangement to require the relevant 3 Italia Group Company to repay the relevant External Debt prior to its normal or
originally stated maturity. 

  

	21.3	No 3 Italia Group Company has outstanding any obligations in respect of a derivative transaction, including any foreign exchange transaction. 

 

	21.4	No 3 Italia Group Company is subject to any arrangement for receipt or repayment of any grant, subsidy, or financial assistance from any governmental department or other body. 

 

	21.5	No 3 Italia Group Company has lent any money or is otherwise a creditor in respect of an External Debt other than in the ordinary course of its trade or, provided that such agreement has been entered into in compliance
with the 3 Italia Facilities Agreement, to another 3 Italia Group Company (in an aggregate amount that has been Fairly Disclosed). 

  

	21.6	The Security Interests affecting any 3 Italia Group Company or any of its assets have all been granted in accordance with the 3 Italia Financing Documents and constitute all Encumbrances affecting such 3 Italia Group
Company or any of its assets. 

  
 82 

	22.	Guarantees and indemnities 

 No 3 Italia Group Company is a party to a guarantee,
indemnity or other agreement to secure or incur a financial or other obligation with respect to the obligations of a third party (other than another 3 Italia Group Company or as required or permitted by the 3 Italia Financing Documents). 

 

	23.	Assets 

  

	23.1	The material assets of each 3 Italia Group Company included in the 3 Italia Accounts or acquired since the 3 Italia Accounts Date and all other material assets used or employed by the 3 Italia Group are either the
absolute property of such 3 Italia Group Company free from any Encumbrance or such 3 Italia Group Company has a right to use such material assets and together comprise all the assets necessary for the purposes of continuing to carry on the business
of the 3 Italia Group Companies materially as carried on at the date of this agreement. 

  

	23.2	Except for current assets offered for sale or sold in the ordinary course of trading, no 3 Italia Group Company has since the 3 Italia Accounts Date disposed of (or agreed to dispose of) any of the assets included in
the 3 Italia Accounts or any assets acquired or agreed to be acquired since the 3 Italia Accounts Date. 

  

	24.	Real estate 

  

	24.1	The 3 Italia Group Companies have full ownership and/or good title to each of the 3 Italia Properties, and such titles have been duly recorded in the competent registry under applicable Laws. 

 

	24.2	The lease agreements and any arrangements (including licences and concessions) for any 3 Italia Properties (including access and rights of way and usage) entered into by the 3 Italia Group Companies are in full force
and effect and valid. No party is in breach of any of the lease agreements and, so far as HET is aware, there is no fact, matter or circumstance which could result in any liability of a 3 Italia Group Company in respect of any non-performance and/or non-compliance with the terms of such lease agreements and/or relevant applicable law, that would in each case or in the aggregate have a Material
Adverse Effect. 

  

	25.	3 Italia Sites 

  

	25.1	A list of the 3 Italia Sites has been disclosed in the 3 Italia Data Room. 

  

	25.2	The 3 Italia Sites have all prescribed material licences, permits, concessions and authorisations required for their operation under applicable laws and regulations, save for those issues affecting such licences,
permits, concessions and authorisations that are not reasonably expected to cause in aggregate a Material Network Effect. 

  

	26.	Intellectual Property Rights 

  

	26.1	HET has delivered to VIP a list (as set out in the 3 Italia Data Room) of all patents, registered trademarks, registered service marks, registered designs, domain names or other registered Intellectual Property Rights
of which a 3 Italia Group Company is the registered proprietor or for which application has been made by a 3 Italia Group Company (the 3 Italia IPRs). 

  
 83 

	26.2	There is no Encumbrance on, over or affecting any of the 3 Italia IPRs. 

  

	26.3	So far as HET is aware, all Intellectual Property Rights required by each 3 Italia Group Company which is material for the purpose of carrying on its business as currently carried on are vested solely and beneficially
in or are licensed to a 3 Italia Group Company. 

  

	26.4	So far as HET is aware, there has, since the 1 January 2012, been: (a) no unauthorised use in Italy or the Grand Duchy of Luxembourg of any Intellectual Property Right referred to in paragraph 26.3 above by a
third party; and (b) no unauthorised use of a third party’s Intellectual Property Rights by a 3 Italia Group Company. 

  

	26.5	All registration and renewal fees have been paid in relation to all 3 Italia IPRs. 

  

	26.6	No 3 Italia Group Company trades under any business name other than its corporate name. 

  

	26.7	Since 1 January 2012, no 3 Italia Group Company has received written notice, such notice being frivolous or vexatious, alleging breach of: (a) any licences which have been granted to a 3 Italia Group Company
relating to the Intellectual Property Rights referred to in paragraph 26.3 above that are licensed to a 3 Italia Group Company; or (b) any licences which have been granted by any 3 Italia Group Company relating to the Intellectual Property
Rights referred to in 26.3 above, nor so far as HET is aware, has there been a breach of such licence by a 3 Italia Group Company, in each case where such breach has had a Material Adverse Effect. 

 

	27.	Information Technology 

 For the purposes of this paragraph, 3 Italia
Systems means all the software, hardware, network and telecommunications equipment and internet-related information technology that are material to any 3 Italia Group Company in connection with the operation of its business as currently
conducted. 
  

	 	(a)	Each 3 Italia Group Company has all licences and agreements necessary to use and maintain the 3 Italia Systems (collectively, 3 Italia IT Agreements) and such 3 Italia IT Agreements are in full force and effect.

  

	 	(b)	Since 1 January 2012, no 3 Italia Group Company has received written notice that it is in breach of any 3 Italia IT Agreement and, so far as HET is aware, no counterparty has during that period been in material
breach of any 3 Italia IT Agreement. Since 1 January 2012, there have been no security breaches, data loss, breakdowns, malfunctions, data termination or expiry, failures or other defects in the 3 Italia Systems which have had a Material
Adverse Effect. 

  

	 	(c)	The 3 Italia Systems: 

  

	 	(i)	are in good repair and condition and in satisfactory working order consistent with their age; 

  

	 	(ii)	are (subject to fair wear and tear) capable of doing the work for which they were designed and purchased or are currently used; and 

  

	 	(iii)	have through their period of ownership or use by the relevant 3 Italia Group Company been maintained or serviced on the basis that the relevant 3 Italia Group Company would continue to operate the business of the 3
Italia Group Companies in the future. 

  
 84 

	28.	Insurances 

 Each of the 3 Italia Group Companies has taken out appropriate insurances
(in such amounts as are prudent and customary) against all risks normally insured against in respect of the business operated by the 3 Italia Group Companies and such insurances are in full force and effect and may not be terminated by the insurer
by reason of any non-compliance by a 3 Italia Group Company with the terms of such insurance or by reason of the transactions contemplated by the Transaction Documents and all premiums payable in respect of
any insurance policy in which any 3 Italia Group Company has an interest and which is material in the context of the 3 Italia Group Companies’ business have been duly paid. 

 

	29.	Data and records 

  

	29.1	So far as HET is aware, all material records, data and information of the 3 Italia Group Companies are recorded, stored, maintained or operated by a 3 Italia Group Company and are not wholly or partly dependent on any
facilities or means (including any electronic, mechanical or photographic process, computerised or otherwise) which are not under the control of a 3 Italia Group Company. 

 

	29.2	So far as HET is aware, no 3 Italia Group Company has disclosed to any third party any such records, data and information as are referred to in paragraph 29.1 above, except for those data requested from any competent
Regulatory Authority or as permitted in accordance with laws and regulations applicable to it. 

  

	30.	Withheld Contracts 

  

	30.1	The costs to be incurred by H3G II pursuant to the 3 Italia Withheld Contracts are accurately reflected in the Agreed Business Plan in respect of the period to which such business plan refers. 

 

	30.2	H3G II has provided information on the 3 Italia Withheld Contracts which is in all material respects accurate and complete in order to respond to questions arising in the course of preparation of the Merger Integration
Plan and, as a result, the costs of termination set out in the 3 Italia Withheld Contracts are correctly represented in the Merger Integration Plan taking into account the relevant assumptions made in the Merger Integration Plan (including as to
timing of termination of the 3 Italia Withheld Contracts). 

  

	31.	Disclosure 

 All disclosure made to VIP in the 3 Italia Data Room and the HET Disclosure
Letter, so far as HET is aware (having made reasonable enquiry), has been made in good faith and without any inclusion or omission which would make such disclosure materially misleading in the context of the transactions contemplated by this
agreement. 
  

	32.	Tax 

 So far as HET is aware, no material liabilities to Tax of any member of the 3
Italia Group have arisen or are expected to arise, in respect of any period or part period that has ended on or before the entry into this agreement or is expected to end on or before Completion, in respect of, by reference to or in consequence of:

  

	 	(a)	any income, profits or gains that have been earned, accrued or received on or before the entry into this agreement, or are expected to be earned, accrued or received on or before Completion; 

 

	 	(b)	any Event that has occurred on or before the entry into this agreement, or is expected to occur on or before Completion; 

  
 85 

	 	(c)	the expected value of any asset or assets, the expected value or amount of any capital or liabilities or the expected net asset value or market capitalisation of any company, in each case by reference to a time or
period falling on or before Completion; or 

  

	 	(d)	any period or part period that has ended on or before the entry into this agreement or is expected to end on or before Completion. 

  
 86 

 SCHEDULE 7 

VIP CLAIMS 
 References in this Schedule 7
to VIP Claims exclude any claims relating to adjustments pursuant to clause 7 or Schedule 10 or any claims pursuant to clause 20. 
  

	1.	Acknowledgement 

 VIP acknowledges and agrees that it is not aware of any matter or
circumstance, save for those matters Fairly Disclosed, which in its reasonable opinion is inconsistent with any of the HET Warranties or makes any of them untrue or inaccurate. 

 

	2.	Notice 

 If VIP becomes aware of a matter or circumstance which is likely to give rise to
a VIP Claim, VIP shall give notice to HET specifying the relevant facts (including VIP’s bona fide estimate, on a without prejudice basis, of the amount of such VIP Claim) as soon as reasonably practicable after it becomes aware of that matter
or circumstance. HET shall not be liable for any Losses in respect of a VIP Claim to the extent that they are increased, or are not reduced, as a result of any failure of VIP to give notice as contemplated by this paragraph. 

 

	3.	Cooling-off period 

 Following Completion and
other than in relation to any claim under or for a breach of clause 2 to 6 (inclusive), 22 or Schedule 9), without prejudice to paragraph 2 above, if VIP becomes aware of a matter or circumstance which is likely to give rise to a VIP Claim:

  

	 	(a)	representatives of HET and VIP shall meet in person as soon as reasonably practicable following the date on which VIP notified HET in accordance with paragraph 2 and, during the period described in paragraph 3(b) below,
and use reasonable endeavours to resolve any proposed VIP Claim without recourse to formal dispute resolution proceedings; and 

  

	 	(b)	VIP shall not initiate formal dispute resolution proceedings against HET in respect of such VIP Claim until the date falling 30 days after the date on which VIP notified HET thereof in accordance with paragraph 2.

 Nothing in this paragraph 3 shall prevent VIP from seeking interim relief at any time to the extent necessary to preserve
its rights. 
  

	4.	Exclusions 

  

	4.1	HET shall not be liable in respect of a HET Warranty Claim to the extent that the matter or circumstance giving rise to that claim: 

  

	 	(a)	(except in respect of a HET Fundamental Warranty Claim under paragraph 1, 2.1, 5, 6 or 7 of Schedule 4) is Fairly Disclosed; 

  

	 	(b)	(except in respect of a HET Fundamental Warranty Claim under paragraph 1, 2.1, 5, 6 or 7 of Schedule 4) was: 

  

	 	(i)	specifically provided for (and not released prior to Completion) in the 3 Italia Accounts at the 3 Italia Accounts Date; 

  
 87 

	 	(ii)	specifically provided or reserved for in the Completion Statements; or 

  

	 	(iii)	specifically mentioned in a statement in any report forming part of the 3 Italia Accounts where that statement constitutes Fair Disclosure of that matter or circumstance; or 

 

	 	(c)	has been made good without cost to VIP or any Group Company 

  

	4.2	HET shall not be liable in respect of a VIP Claim (other than any HET Tax Non-Warranty Claim) to the extent that the relevant liability would not have arisen but for:

  

	 	(a)	a change in legislation announced, or the withdrawal of any extra-statutory concession previously published by any Taxation Authority, after the date of this agreement (whether or not the change or withdrawal purports
to be effective retrospectively in whole or in part); or 

  

	 	(b)	a change after Completion in the accounting policies adopted by the Group (other than a change made in order to comply with Accounting Policies from time to time). 

 

	4.3	HET shall not be liable in respect of a HET Disclosure Warranty Claim to the extent that such HET Disclosure Warranty Claim is based on a failure or omission of HET to disclose information to VIP and such disclosure was
not permitted by applicable Laws. 

  

	5.	De minimis claims 

  

	5.1	Subject to paragraph 5.4, HET shall not be liable in respect of any VIP Claim (other than a HET Disclosure Warranty Claim, a HET Indemnity Claim or a HET Tax Non-Warranty Claim)
unless the amount of damages to which VIP would, but for this paragraph, be entitled as a result of that VIP Claim is at least EUR10,000,000. 

  

	5.2	Subject to paragraph 5.4, HET shall not be liable in respect of any HET Disclosure Warranty Claim unless the amount of damages to which VIP would, but for this paragraph, be entitled as a result of that VIP Disclosure
Warranty Claim is at least EUR50,000,000. 

  

	5.3	Subject to paragraph 5.4, HET shall not be liable in respect of any HET Indemnity Claim unless the amount of damages to which VIP would, but for this paragraph, be entitled as a result of that HET Indemnity Claim is at
least EUR15,000,000. 

  

	5.4	If more than one VIP Claim arises from, or is caused by, the same or similar matters or circumstances and the aggregate amount of damages to which VIP would be entitled as a result of those VIP Claims is equal to or
exceeds the sum specified in paragraph 5.1, 5.2 or 5.3 (as applicable), such paragraph shall not apply to any of those VIP Claims. 

  

	6.	Threshold 

  

	6.1	HET shall not be liable in respect of any VIP Claim (other than a HET Fundamental Warranty Claim, a HET Disclosure Warranty Claim or a VIP Tax Claim) unless the amount of all such VIP Claims (including all such VIP
Claims which might have been made but for the operation of this paragraph) exceeds EUR150,000,000, in which case VIP shall be entitled to all amounts resulting from those VIP Claims (and not just the excess over that sum). 

 

	6.2	For the avoidance of doubt, VIP may give notice of any single VIP Claim in accordance with and for the purpose of paragraph 2 of this Schedule, irrespective of whether, at the time the notice is given, the amount set
out in this paragraph has been exceeded. 

  
 88 

	7.	Aggregate limit 

  

	7.1	Subject to paragraph 7.2, the maximum aggregate liability of HET in respect of any and all VIP Claims (other than a HET Tax Non-Warranty Claim) shall not exceed EUR1,000,000,000.

  

	7.2	The maximum aggregate liability of HET determined under paragraph 7.1 shall be increased by the amount of any interest payable by HET in respect of any payment not made when due under this agreement. 

 

	8.	Time limits 

  

	8.1	Subject to paragraph 8.6, HET shall not be liable for any VIP Claim (other than a HET Fundamental Warranty Claim, or a HET Disclosure Warranty Claim, a HET Indemnity Claim or a VIP Tax Claim) unless HET receives from
VIP notice of such VIP Claim before the first anniversary of the publication of the first audited annual accounts of H3G II after Completion. 

  

	8.2	Subject to paragraph 8.6, HET shall not be liable for any HET Fundamental Warranty Claim unless HET receives from VIP notice of such HET Fundamental Warranty Claim before the date falling 30 months after the date of
Completion. 

  

	8.3	Subject to paragraph 8.6, HET shall not be liable for any HET Disclosure Warranty Claim unless HET receives from VIP notice of such HET Disclosure Warranty Claim before the third anniversary of the date of Completion.

  

	8.4	Subject to paragraph 8.6, HET shall not be liable for any HET Indemnity Claims unless HET receives from VIP notice of such HET Indemnity Claim before the date on which HET and its Affiliates cease (directly or
indirectly) to hold any H3G II Shares. 

  

	8.5	HET shall not be liable for any VIP Tax Claim unless HET receives from VIP notice of such VIP Tax Claim before the expiry of six months after the period in which, under applicable Laws and practice of the jurisdiction
in which the Taxation liability giving rise to the VIP Tax Claim has arisen, the relevant Taxation Authority is entitled to bring an action, claim or proceeding relating to that Taxation liability or is otherwise able to enforce such Taxation
liability against the relevant 3 Italia Group Company, as possibly extended by any applicable Tax laws (including, without limitation, Article 43 of Italian Presidential Decree 29 September 1973, no. 600, as subsequently amended, and Article 57
of Italian Presidential Decree 26 October 1972, no. 633, as subsequently amended). 

  

	8.6	HET shall not be liable for any VIP Claim (other than a VIP Tax Claim) unless HET receives from VIP notice of such VIP Claim before the date on which HET and its Affiliates cease (directly or indirectly) to hold any H3G
II Shares. 

  

	9.	Waiver of rights 

  

	9.1	HET agrees with VIP and each employee of a Group Company to waive any rights or claims which HET may have against any employee of a Group Company or any Group Company in respect of any misrepresentation, inaccuracy or
omission in or from any information or advice supplied or given by a Group Company or such employee in connection with the giving of the HET Warranties and the preparation of any disclosures. The provisions of this paragraph: 

 

	 	(a)	may with the prior written consent of VIP be enforced by any Group Company or any employee of a Group Company against HET under the Contracts (Rights of Third Parties) Act 1999; and 

 

	 	(b)	may be varied or terminated by agreement between the Shareholders (and VIP may also release or compromise in whole or in part any liability in respect of rights or claims contemplated by this paragraph) without the
consent of any Group Company or any such employee. 

  
 89 

	9.2	If VIP makes a VIP Claim, HET agrees with VIP and VIP Solicitors to waive any rights or claims which it may have to recover a contribution from, or otherwise against, VIP Solicitors in respect of such claim.

  

	10.	Mitigation 

 Nothing in this agreement shall be deemed to relieve the relevant Party from
any common law duty to take reasonable steps to mitigate any loss or damage suffered or incurred by it. 
  

	11.	Recovery from third parties 

  

	11.1	If: 

  

	 	(a)	HET makes a payment in respect of a VIP Claim (other than a Tax Gross Up Claim) (the amount of such payment, to the extent it does not comprise interest on a late payment, being the HET Damages Payment);

  

	 	(b)	within 12 months of the making of such payment any Group Company or VIP or another member of the VIP Group receives any sum or Relief, other than from a Group Company, VIP or another member of the VIP Group, which would
not have been received but for the matter or circumstance giving rise to the relevant VIP Claim (the HET Third Party Sum); 

  

	 	(c)	the receipt of the HET Third Party Sum was not taken into account in calculating the HET Damages Payment; and 

  

	 	(d)	the aggregate of the HET Third Party Sum (or, 50% of the HET Third Party Sum if such payment was received by a Group Company) and the HET Damages Payment exceeds the amount required to compensate VIP in full for the
matter or circumstance which gave rise to the relevant VIP Claim (such excess being the HET Excess Recovery), 

 subject
to paragraph 11.2, VIP shall, as soon as practicable following receipt of the HET Third Party Sum by it or the Group Company concerned, pay to HET an amount equal to the lower of (i) the HET Excess Recovery and (ii) the HET Damages
Payment, after deducting (in either case) all reasonable costs incurred by VIP or the other member of the VIP Group (or 50% of costs incurred by any Group Company) in recovering the HET Third Party Sum and any and all Taxation payable by VIP or any
Group Company or the other member of the VIP Group by virtue of its receipt. 
  

	11.2	Where the person concerned receives a Relief as referred to in clause 11.1(b), a payment shall not be made to HET before the date on which the Tax that would have been payable but for the Relief would have become
recoverable by the appropriate Taxation Authority (taking account of other Reliefs available or that would otherwise have been available). 

  

	12.	Insurance 

 Without prejudice to VIP’s duty to mitigate any loss in respect of any
of any VIP Claim, if in respect of any matter which would otherwise give rise to a VIP Claim, any of the Group Companies has 

  
 90 

 
actually recovered under any policy of insurance, the amount of insurance monies to which that Group Company is or would have been entitled shall proportionately reduce that VIP Claim (after
deducting any reasonable costs incurred in making such recovery and any tax incurred as a result of the receipt of such recovery). 
  

	13.	Remedy of breaches 

 Other than in respect of any breaches dealt with under clause 23.3,
if, following Completion, the matter or circumstance giving rise to a VIP Claim is capable of remedy, HET shall have no liability in respect of that VIP Claim if the relevant matter or circumstance is remedied (at no material cost to any Group
Company, VIP or any person connected with VIP) within 30 days of the date on which HET is given notice as contemplated by paragraph 2 of this Schedule in relation to that matter or circumstance. VIP shall procure (a) that HET is given the
opportunity in that 30 day period to remedy the relevant matter or circumstance and (b) that each relevant Group Company shall provide all reasonable assistance to HET to remedy the relevant matter or circumstance. Nothing in this paragraph 13
shall prevent VIP from seeking interim relief at any time to the extent necessary to preserve its rights. 
  

	14.	Consequential loss etc. 

 HET shall have no liability for any indirect or consequential
losses or any punitive or aggravated damages arising out of any matter or circumstance giving rise to a VIP Claim. 
  

	15.	No limitation or exclusion for fraud 

 Nothing in this Schedule shall limit or exclude
any liability for fraud or fraudulent misrepresentation. 

  
 91 

 SCHEDULE 8 

SIGNING OBLIGATIONS 

PART 1 
 VIP SIGNING
OBLIGATIONS 
 On the date of this agreement, VIP shall procure and, in respect of any documents to be entered into by VIP LuxCo, shall procure and take
any and all action necessary to ensure, the delivery to HET of: 
  

	(a)	the Shareholders’ Deed, duly executed by VIP LuxCo and the VIP Guarantor; 

  

	(b)	the VIP Disclosure Letter, duly executed by VIP; and 

  

	(c)	(i) the Employment Agreement of the Wind Executive, duly executed by WAHF and the Wind Executive and (ii) the related termination and settlement agreement, duly executed by Wind TS and the Wind Executive.

  
 92 

 PART 2 

HET SIGNING OBLIGATIONS 

On the date of this agreement, HET shall procure: 
  

	(a)	the delivery to VIP of the Shareholders’ Deed, duly executed by H3G II, HET and the HET Guarantor; 

  

	(b)	the HET Disclosure Letter, duly executed by HET; and 

  

	(c)	the Employment Agreements of each of the 3 Italia Executives, duly executed by H3G S.p.A. and the 3 Italia Executives. 

  
 93 

 SCHEDULE 9 

COMPLETION OBLIGATIONS 

PART 1 
 VIP COMPLETION
OBLIGATIONS 
 At Completion, VIP shall procure and, in respect of obligations that relate to VIP LuxCo, procure and take any and all action necessary
to ensure (in each case, to the extent not already procured or taken prior to Completion with continuing effect at Completion): 
  

	(a)	that the Pre-Completion Wind Reorganisation has been implemented in full such that the provisions of this Schedule 9 can be performed immediately; 

 

	(b)	the delivery to HET and H3G II of: 

  

	 	(i)	a certified copy of the resolutions of the competent bodies of each of VIP and VIP LuxCo authorising the execution of this agreement (in respect of VIP) and the actions it is required to take in accordance with clauses
2 to 6 and this Schedule 9 and the execution of each of the other Transaction Documents to which it is or will be a party; and 

  

	 	(ii)	a power of attorney for VIP LuxCo to be represented as shareholder of H3G II in front of the Luxembourg Notary to: (A) approve the VIP LuxCo Contribution; (B) appoint as additional directors of H3G II such
persons as HET and VIP LuxCo nominate and approve the resignation of such existing directors of H3G II who are to resign at Completion; (C) adopt the Completion H3G II Articles; and (D) approve any change to the name of H3G II, duly
executed by VIP LuxCo; 

  

	(c)	the delivery to H3G II of all information relating to VIP or VIP LuxCo that H3G II requires in order to provide the Luxembourg Notary with all necessary “know-your-customer” documents required in accordance
with Luxembourg law and the sum of EUR25,000 to fully pay up the VIP H3G II Shares; 

  

	(d)	in respect of the Existing HET Loan Sale: 

  

	 	(i)	the delivery to HET and H3G II of an assignment deed under which HET assigns to VIP LuxCo its rights, title, interest and benefits in and to 50% of the principal amount of the Existing HET Loan free from all
Encumbrances in consideration for the grant to HET by VIP LuxCo of the VIP LuxCo Receivable, duly executed by VIP LuxCo; and 

  

	 	(ii)	the delivery to HET of a promissory note issued by VIP LuxCo in respect of the VIP LuxCo Receivable, duly executed by VIP LuxCo; 

  

	(e)	in respect of the HET Contribution, the delivery to H3G II and HET of an assignment deed under which HET assigns to H3G II its rights, title, interest and benefits in and to the VIP LuxCo Receivable free from all
Encumbrances, duly executed by VIP LuxCo; 

  

	(f)	in respect of the VIP LuxCo Contribution and WAHF Consideration, the delivery to H3G II of: 

  

	 	(i)	a transfer agreement in relation to the transfer by VIP LuxCo to H3G II of its entire interest in the WAHF Shares, duly executed by VIP LuxCo; 

  
 94 

	 	(ii)	the original share certificate(s) representing the WAHF Shares, duly endorsed in a manner legally sufficient, under applicable law, to transfer to H3G II good, full and marketable title to such WAHF Shares free from all
Encumbrances and with all rights attaching to them; 

  

	 	(iii)	a power of attorney for VIP LuxCo to be represented as a shareholder of WAHF in front of an Italian Notary to endorse the original share certificate(s) representing the WAHF Shares, duly executed by VIP LuxCo;

  

	 	(iv)	a copy of the shareholders’ ledger of WAHF duly updated by a director of WAHF reflecting (A) the transfer of the WAHF Shares, and (B) H3G II as the new sole shareholder of WAHF; and 

 

	 	(v)	such waivers or consents as may be necessary to enable H3G II to become the registered holder of all of the WAHF Shares; 

  

	(g)	in respect of the Extinguishment of Receivables, the delivery to H3G II by VIP LuxCo of a deed of set-off in relation to the set-off of the
H3G II Receivable against the VIP LuxCo Receivable such that each of the H3G II Receivable and the VIP LuxCo Receivable are extinguished as fully and completely repaid, duly executed by VIP LuxCo; 

 

	(h)	in respect of the VIP LuxCo Secondary Contribution and the HET Secondary Contribution, the delivery to FinCo, HET and H3G II of the novation deed under which each of VIP LuxCo and HET novates to FinCo its rights, title,
interests, benefits, obligations, duties and liabilities in and to 50% of the Existing HET Loan free from all Encumbrances, duly executed by VIP LuxCo; 

  

	(i)	in respect of the FinCo Share Issue, the delivery to FinCo of the shareholder approval for the issue by FinCo to HET and VIP LuxCo of an equal number (and of equal value) of new FinCo Shares credited as fully paid for
an amount equal to the face value of the Existing HET Loan; 

  

	(j)	in respect of the VIP LuxCo Secondary Contribution, HET Secondary Contribution and FinCo Share Issue, the delivery to HET and FinCo of the FinCo Shareholders’ Deed, duly executed by VIP LuxCo; 

 

	(k)	in respect of the VIP LuxCo Secondary Contribution, HET Secondary Contribution and FinCo Share Issue, the delivery to HET of the FinCo Distribution Policy Deed, duly executed by VIP LuxCo; 

 

	(l)	in respect of the steps contemplated by clauses 2 to 6, executed copies of any other instruments of transfer required by law or reasonably requested by another Party to effect the transfers contemplated by such steps;

  

	(m)	that all Intercompany Balances owed by members of the VIP Group to any member of the Core Wind Group or owed by members of the Core Wind Group to any member of the VIP Group shall be (or shall have been) repaid as at
the Completion Accounts Date; and 

  

	(n)	that a board meeting of FinCo is (or shall have been) held at which it is resolved that the matters referred to in paragraph (f) of Part 4 of Schedule 9 are passed. 

  
 95 

 PART 2 

HET COMPLETION OBLIGATIONS 
 At
Completion, HET shall procure (to the extent not already procured prior to Completion with continuing effect at Completion): 
  

	(a)	that the Pre-Completion 3 Italia Reorganisation has been implemented in full such that the provisions of this Schedule 9 can be performed immediately; 

 

	(b)	the delivery to VIP and H3G II of: 

  

	 	(i)	a certified copy of the resolutions of the competent body of HET authorising the execution of this agreement, the actions it is required to take in accordance with clauses 2 to 6 and this Schedule 9 and the execution of
each of the other Transaction Documents to which it is or will be a party; and 

  

	 	(ii)	a power of attorney for each of HET and HET LuxCo to be represented as shareholders of H3G II in front of the Luxembourg Notary to: (A) approve the HET Contribution; (B) approve the VIP LuxCo Contribution;
(C) appoint as additional directors of H3G II such persons as VIP LuxCo and HET nominate and approve the resignation of such existing directors of H3G II who are to resign at Completion; (D) adopt the Completion H3G II Articles; and
(E) approve any change to the name of H3G II, duly executed by HET and HET LuxCo; 

  

	(c)	the delivery to H3G II of all information relating to HET and HET LuxCo that H3G II requires in order to provide the Luxembourg Notary with all necessary “know-your-customer” documents required in accordance
with Luxembourg law; 

  

	(d)	in respect of the Existing HET Loan Sale, the delivery to VIP LuxCo and H3G II of an assignment deed under which HET assigns to VIP LuxCo its rights, title, interest and benefits in and to 50% of the principal amount of
the Existing HET Loan free from all Encumbrances in consideration for the grant to HET by VIP LuxCo of the VIP LuxCo Receivable, duly executed by HET; 

  

	(e)	in respect of the HET Contribution, the delivery to H3G II and VIP LuxCo of an assignment deed under which HET assigns to H3G II its rights, title, interest and benefits in and to the VIP LuxCo Receivable free from all
Encumbrances, duly executed by HET; 

  

	(f)	in respect of the VIP LuxCo Secondary Contribution and the HET Secondary Contribution, the delivery to VIP LuxCo, FinCo and H3G II of a novation deed under which each of VIP LuxCo and HET novates to FinCo its rights,
title, interests, benefits, obligations, duties and liabilities in and to 50% of the Existing HET Loan to H3G II free from all Encumbrances, duly executed by HET; 

 

	(g)	in respect of the FinCo Share Issue, the delivery to FinCo of the shareholder approval for the issue by FinCo to HET and VIP LuxCo of an equal number (and of equal value) of new FinCo Shares credited as fully paid for
an amount equal to the face value of the Existing HET Loan; 

  

	(h)	in respect of the VIP LuxCo Secondary Contribution, HET Secondary Contribution and FinCo Share Issue, the delivery to FinCo and VIP LuxCo of the FinCo Shareholders’ Deed, duly executed by HET; 

 

	(i)	in respect of the VIP LuxCo Secondary Contribution, HET Secondary Contribution and FinCo Share Issue, the delivery to VIP LuxCo of the FinCo Distribution Policy Deed, duly executed by HET; 

  
 96 

	(j)	in respect of the steps contemplated by clauses 2 to 6, executed copies of any other instruments of transfer required by law or reasonably requested by another Party to effect the transfers contemplated by such steps;

  

	(k)	that all Intercompany Balances owed by members of the HET Group to any member of the 3 Italia Group or owed by members of the 3 Italia Group to any member of the HET Group shall be (or shall have been) repaid as at the
Completion Accounts Date, with the exception of any Intercompany Balances which, at HET’s request, VIP has expressly agreed to keep in place at Completion as set out in the clauses 2 to 6 (inclusive); 

 

	(l)	the delivery to VIP of the Hutchison IP Licence, duly executed by Hutchison 3G Enterprises S.à.r.l. and H3G II; and 

  

	(m)	that a board meeting of FinCo is held (or shall have been held) at which it is resolved that the matters referred to in paragraph (f) of Part 4 of Schedule 9 are passed. 

  
 97 

 PART 3 

H3G II COMPLETION OBLIGATIONS 
 At
Completion, H3G II shall procure (to the extent not already procured prior to Completion with continuing effect at Completion): 
  

	(a)	in respect of the Existing HET Loan Sale, the delivery to HET and VIP LuxCo of an assignment deed under which HET assigns to VIP LuxCo its rights, title, interest and benefits in and to 50% of the Existing HET Loan free
from all Encumbrances, duly executed by H3G II; 

  

	(b)	the delivery to the Luxembourg Notary of all necessary “know-your-customer” documents required in accordance with Luxembourg law and a valuation certificate confirming the value of the VIP LuxCo Receivable to
be transferred to H3G II to fully pay up the HET H3G II Shares; 

  

	(c)	in respect of the HET Contribution: 

  

	 	(i)	the delivery to HET and VIP LuxCo of an assignment deed under which HET assigns to H3G II its rights, title, interest and benefits in and to the VIP LuxCo Receivable to H3G II free from all Encumbrances, duly executed
by H3G II; and 

  

	 	(ii)	the delivery to HET of a copy of the register of H3G II recording HET as the owner of the two newly-issued H3G II Shares; 

  

	(d)	in respect of the VIP LuxCo Contribution and the WAHF Consideration, the delivery to VIP LuxCo of: 

  

	 	(i)	a transfer agreement in relation to the transfer by VIP LuxCo to H3G II of its entire interest in the WAHF Shares, duly executed by H3G II; 

 

	 	(ii)	a promissory note in respect of the H3G II Receivable granted by H3G II in favour of VIP LuxCo, duly executed by H3G II; and 

  

	 	(iii)	a copy of the register of H3G II recording VIP LuxCo as the owner of all the VIP H3G II Shares; 

  

	(e)	in respect of the Extinguishment of Receivables, the delivery to VIP LuxCo of a deed of set-off in relation to the set-off of the H3G II
Receivable against the VIP LuxCo Receivable such that each of the H3G II Receivable and the VIP LuxCo Receivable are extinguished as fully and completely repaid, duly executed by H3G II; 

 

	(f)	in respect of the VIP LuxCo Secondary Contribution and the HET Secondary Contribution, the delivery to VIP LuxCo, HET and FinCo of a novation deed under which each of VIP LuxCo and HET novates to FinCo its rights,
title, interests, benefits, obligations, duties and liabilities in and to 50% of the Existing HET Loan to H3G II free from all Encumbrances, duly executed by H3G II; and 

 

	(g)	in respect of the steps contemplated by clauses 2 to 6, executed copies of any other instruments of transfer required by law or reasonably requested by another Party to effect the transfers contemplated by such steps.

  
 98 

 PART 4 

FINCO COMPLETION OBLIGATIONS 
 At
Completion, FinCo shall procure (to the extent not already procured prior to Completion with continuing effect at Completion): 
  

	(a)	in respect of the VIP LuxCo Secondary Contribution and the HET Secondary Contribution, the delivery to VIP LuxCo, HET and H3G II of the novation deed under which each of VIP LuxCo and HET novates to FinCo its rights,
title, interests, benefits, obligations, duties and liabilities in and to 50% of the Existing HET Loan to H3G II free from all Encumbrances, duly executed by FinCo; 

 

	(b)	in respect of the VIP LuxCo Secondary Contribution, HET Secondary Contribution and FinCo Share Issue, the delivery to HET and VIP LuxCo of the FinCo Shareholders’ Deed, duly executed by FinCo; 

 

	(c)	in respect of the FinCo Share Issue, the delivery to HET of new share certificate(s) in the name of HET for the new FinCo Shares issued to HET as part of the FinCo Share Issue credited as fully paid for an amount equal
to the face value of the Existing HET Loan contributed by HET; 

  

	(d)	in respect of the FinCo Share Issue, the delivery to VIP LuxCo of new share certificate(s) in the name of VIP LuxCo for the new FinCo Shares issued to VIP LuxCo as part of the FinCo Share Issue credited as fully paid
for an amount equal to the face value of the Existing HET Loan contributed by VIP LuxCo; and 

  

	(e)	in respect of the steps contemplated by clauses 2 to 6, executed copies of any other instruments of transfer required by law or reasonably requested by another Party to effect the transfers contemplated by such steps;

  

	(f)	that a board meeting of FinCo is held (or shall have been held) at which it is resolved that the matters set out in paragraphs (a) and (d) are approved. 

  
 99 

 PART 5 

VIP, HET AND H3G II COMPLETION DATE OBLIGATIONS 

On or within 3 days of the Completion Date, the Shareholders and H3G II shall procure that: 

 

	(a)	board resolutions of H3G II are passed in which it is resolved (or a board meeting of H3G II is held at which it is resolved) that, in accordance with the Shareholders’ Deed, H3G II establishes the Audit Committee,
the HR and Remuneration Committee and the Merger Executive Committee in accordance with the Terms of Reference which it also adopts; 

  

	(b)	a board meeting of H3G II is held at which it is resolved that, in accordance with the Shareholders’ Deed: 

  

	 	(i)	it appoints a chairman; 

  

	 	(ii)	it adopts the Initial Business Plan; 

  

	 	(iii)	it adopts the Initial Budget; 

  

	 	(iv)	it adopts the Merger Integration Plan; and 

  

	 	(v)	it adopts the Plan of Reorganisation; and 

  

	(c)	in respect of each Wholly-Owned Subsidiary: 

  

	 	(i)	the existing directors and, where possible, the existing effective and deputy statutory auditors (sindaci effettivi e supplenti) or auditors, as applicable, of each Wholly-Owned Subsidiary to
resign from their office with effect as of Completion and deliver the original resignation letters to the relevant Wholly-Owned Subsidiary; 

  

	 	(ii)	an extraordinary shareholders’ meeting of each Wholly-Owned Subsidiary (other than Wind Acquisition Finance S.A.) is validly convened in order to resolve on the adoption of new articles, on the basis of the
Shareholders’ Deed and the MergeCo Articles Extract, in front of an Italian notary; 

  

	 	(iii)	an extraordinary shareholders’ meeting of each of 3Italia S.p.A. and H3G S.p.A. is validly convened also to resolve on the adoption of new corporate names (to take effect immediately after the relevant Italian
Merger has become legally effective), in front of an Italian public notary; 

  

	 	(iv)	an ordinary shareholders’ meeting of each Wholly-Owned Subsidiary is validly convened in order to resolve on the appointment of: (i) such persons as the Shareholders shall have nominated in accordance with the
Shareholders’ Deed as the new directors and, among them, the chairman of the board of directors of the same; and (ii) such persons as the Shareholders shall have proposed in accordance with, or as are specified in, the Shareholders’
Deed as the new effective and deputy statutory auditors (sindaci effettivi e supplenti) and, among them, the chairman of the board of statutory auditors (collegio sindacale) of the same or auditors, as
applicable; and 

  

	 	(v)	the board of directors of each Wholly-Owned Subsidiary (other than Wind Acquisition Finance S.A.) is validly convened in order to resolve on the appointment of the relevant managing director (amministratore
delegato) granting him the powers and authorities set out in the agreed form document under the Shareholders’ Deed entitled ‘MD Delegation’. 

  
 100 

 SCHEDULE 10 

NET CASH AND WORKING CAPITAL ADJUSTMENTS 

PART 1 
 POST-COMPLETION
FINANCIAL ADJUSTMENTS 
  

	1.	Preliminary 

  

	1.1	In preparing the Wind Completion Statement and the 3 Italia Completion Statement: 

  

	 	(a)	the items and amounts to be included in the calculation of Debt, Cash, Net Cash and Working Capital for the purposes of the relevant Completion Statement shall be identified by applying the relevant definition in
Schedule 13 (subject, where applicable, to the provisions of paragraph 1 of Part 1 of this Schedule); 

  

	 	(b)	in applying each such definition and the provisions of paragraph 1 of Part 1 of this Schedule and determining which items and amounts are to be included in the relevant Completion Statement, if and to the extent that
the treatment or characterisation of the relevant item or amount or type or category of item or amount: 

  

	 	(i)	is dealt with in the specific accounting treatments set out in paragraph 2 of Part 1 of this Schedule (the Specific Accounting Treatments), the relevant Specific Accounting Treatment shall apply;

  

	 	(ii)	is not dealt with in the Specific Accounting Treatments, but is dealt with in the IFRS standard accounting principles, IFRS standard accounting principles shall apply; 

 

	 	(iii)	is not dealt with in either the Specific Accounting Treatments or in IFRS standard accounting principles, but is dealt with in the accounting principles, policies, treatments, practices and categorisations used in the
preparation of the Wind Accounts or the 3 Italia Accounts, as applicable (the Previous Accounting Principles), the applicable Previous Accounting Principles shall apply. 

 

	1.2	For the purposes of calculating Debt, Cash and Working Capital for any Core Wind Group Company or 3 Italia Group Company, as applicable, any amounts which are to be included in any such calculation which are expressed
in a currency other than euro shall be converted into euro at the Exchange Rate as at the Completion Accounts Date. For the avoidance of doubt the amounts in Schedule 12 (which include amounts in currencies other than Euros) have been fixed at a
total of €9,913,000,000. 

  

	1.3	No balances relating to any transaction implemented after the Completion Accounts Date shall be reflected in the Completion Statements. For the avoidance of doubt, balances and/or amounts referred to in paragraphs
(y) and (z) of the definition of Debt in Schedule 13 shall be reflected in the Completion Statements. 

  

	2.	Specific Accounting Treatments 

 The following Specific Accounting Treatments shall apply
in the preparation of the Completion Statements: 
  

	 	(a)	In relation to inventory: 

  

	 	(i)	items will be valued at the lower of their cost or realisable value; 

  
 101 

	 	(ii)	non-catalogued items will be provisioned at 100%; and 

  

	 	(iii)	slow moving or damaged items will have specific provisions. 

  

	 	(b)	In relation to receivables: 

  

	 	(i)	receivables will be recorded in Working Capital only to the extent incurred in the ordinary course of business; 

  

	 	(ii)	accounts and other receivables overdue (excluding receivables from operators, public administrative bodies, ENEL Group and judicial authorities) will be provisioned at least at 77%; 

 

	 	(iii)	receivables not overdue and eligible for sale under non-recourse receivables sale agreements shall be measured net of the cost to be incurred to sell the receivable;

  

	 	(iv)	indirect Tax receivables will be included in Working Capital; 

  

	 	(v)	direct Tax receivables shall be excluded from Working Capital; 

  

	 	(vi)	interest receivables shall be excluded from Working Capital; 

  

	 	(vii)	receivables related to the 2014 Telecom Italia settlement signed on 30 September 2014 shall be excluded from Working Capital; and 

 

	 	(viii)	receivables related to Ericsson cash vouchers issued by Telefonaktiebolaget LM Ericsson with letter dated 29 December 2011, and assigned by H3G S.p.A. to H3G PS on 16 January 2012, as subsequently amended in
2013, shall be excluded from Working Capital. 

  

	 	(c)	In relation to payables: 

  

	 	(i)	payables that are overdue by more than 60 days shall be excluded from Working Capital; 

  

	 	(ii)	payables that are overdue from operators by more than 60 days, net of any related receivables, should be excluded from Working Capital; 

 

	 	(iii)	indirect Tax payables will be included in Working Capital; 

  

	 	(iv)	direct Tax payables shall be excluded from Working Capital; 

  

	 	(v)	interest payables shall be excluded from Working Capital; 

  

	 	(vi)	payables related to accounting for free of charge assets, discounts and capital grants shall be excluded from Working Capital; 

  

	 	(vii)	commissions payable to banks shall be excluded from Working Capital; 

  

	 	(viii)	extended payables related to Ericsson (pursuant to the arrangement with KFW (Kreditanstalt fuer Wiederaufbau) under which certain Ericsson receivables have been assigned by H3G S.p.A.to KFW) and LTE
instalments due to the Ministry of Economic Development for the payment of the right of use of LTE frequencies in bandwidth 1800Mhz and 2600Mhz, assigned to H3G S.p.A. in October 2011 (together with applicable interest), shall be excluded from
Working Capital; and 

  

	 	(ix)	payables due by Wind to Terna S.p.A. pursuant to an agreement dated 31 December 2012, under which Wind was granted the right of way to place fibre-optic cables within Terna
S.p.A.‘s network, shall be excluded from Working Capital. 

  
 102 

	 	(d)	The relevant Completion Statement will: 

  

	 	(i)	reflect the Cash, Debt, Net Cash and Working Capital position of the Core Wind Group or the 3 Italia Group, as applicable, as at the Completion Accounts Date and will not take into account the effects of any of the
transactions contemplated by clauses 2 to 6 of this agreement or, in any way, the post Completion intentions or obligations of H3G II, including, for the avoidance doubt, any reductions in the Debt of the Core Wind Group or increase in the Cash of
the Core Wind Group that arises as a result of the use or set off of Reliefs arising in any 3 Italia Group Company; 

  

	 	(ii)	provide for dealer commissions to be recognised as intangible assets where recognition criteria are met (i.e. not as receivables); 

  

	 	(iii)	provide that cash and cash equivalents will be recognised as at the settlement date; 

  

	 	(iv)	exclude any Intercompany Balances repaid on or immediately prior to the Completion Accounts Date; and 

  

	 	(v)	exclude from Net Cash and Working Capital: 

  

	 	(A)	any amount in respect of deferred Tax (whether as a liability or an asset); and 

  

	 	(B)	any amount in respect of Excluded Transaction Taxes. 

  

	3.	Completion Statement 

  

	3.1	After Completion: 

  

	 	(a)	HET shall prepare a draft statement (the 3 Italia Completion Statement) showing the Debt, Cash, Net Cash and Working Capital of the 3 Italia Group as at the Completion Accounts Date; and 

 

	 	(b)	VIP shall prepare a draft statement (the Wind Completion Statement, together with the 3 Italia Completion Statement, being the Completion Statements and each a Completion Statement) showing the
Debt, Cash, Net Cash and Working Capital of the Core Wind Group as at the Completion Accounts Date. 

  

	3.2	The Completion Statements shall be in the form set out in Part 3 of Schedule 10 showing the calculation of the Net Cash and the Working Capital of the 3 Italia Group or Core Wind Group, as applicable. The Shareholders
shall deliver their draft Completion Statements to each other within 60 days of Completion. 

  

	3.3	 Each Shareholder shall notify the other in writing (a Completion Statement Notice) within 45 days after
receipt of the other Shareholder’s draft Completion Statement whether or not it accepts the other Shareholder’s draft Completion Statement for the purposes of this agreement. If a Shareholder (the Rejecting Party) does not accept
the other Shareholder’s (the Preparing Party) draft Completion Statement, the Completion Statement Notice shall set out in detail the Rejecting Party’s reasons for 

  
 103 

	 	
such non-acceptance and specify the adjustments which, in the Rejecting Party’s opinion, should be made to the Preparing Party’s draft Completion
Statement in order for it to comply with the requirements of this agreement. Except for the matters specifically set out in the Completion Statement Notice, the Rejecting Party shall be deemed to have agreed the Preparing Party’s draft
Completion Statement in full. 

  

	3.4	If the Rejecting Party serves a Completion Statement Notice in accordance with paragraph 3.3 above, stating in the Completion Statement Notice that the Rejecting Party does not accept the Completion Statement, the
Preparing Party and the Rejecting Party shall use all reasonable endeavours to meet and discuss the objections of the Rejecting Party and to agree the adjustments (if any) required to be made to the Preparing Party’s draft Completion Statement,
in each case within 15 days after receipt by the Preparing Party of the Completion Statement Notice. 

  

	3.5	If the Rejecting Party is satisfied with the draft Completion Statement (either as originally submitted or after adjustments agreed between the Preparing Party and the Rejecting Party pursuant to paragraph 4) or if the
Rejecting Party fails to give a valid Completion Statement Notice within the 45 day period referred to in paragraph 3, then the draft Completion Statement (incorporating any agreed adjustments) shall constitute the Completion Statement for the
purposes of this agreement. 

  

	3.6	If the Preparing Party and the Rejecting Party do not reach agreement within 45 days after receipt by the Preparing Party of the Completion Statement Notice, then the matters in dispute may be referred (on the
application of either the Preparing Party or the Rejecting Party) for determination by KPMG LLP (UK) or, if that firm is unable or unwilling to act, by such other independent firm of chartered accountants of international standing as the Preparing
Party and the Rejecting Party shall agree or, failing agreement within five days of the Preparing Party and the Rejecting Party becoming aware of KPMG LLP (UK) being unable or unwilling to act, appointed by the President for the time being of the
Institute of Chartered Accountants in England and Wales (the Firm). The Firm shall be requested to make its decision within 10 days (or such later date as the Preparing Party, the Rejecting Party and the Firm agree in writing) of confirmation
and acknowledgement by the Firm of its appointment. The following provisions shall apply once the Firm has been appointed: 

  

	 	(a)	the Preparing Party and Rejecting Party shall each prepare a written statement within 15 days after the Firm’s appointment on the matters in dispute which (together with the relevant supporting documents) shall be
submitted to the Firm for determination and copied at the same time to the other; 

  

	 	(b)	following delivery of their respective submissions, the Rejecting Party and the Preparing Party shall each have the opportunity to comment once only on the other’s submission by written comment delivered to the
Firm not later than ten days after receipt of the other’s submission and, thereafter, neither the Preparing Party nor the Rejecting Party shall be entitled to make further statements or submissions except insofar as the Firm so requests (in
which case it shall, on each occasion, give the other party (unless otherwise directed) ten days to respond to any statements or submission so made); 

  

	 	(c)	in giving its determination, the Firm shall state what adjustments (if any) are necessary, solely for the purposes of this agreement, to the draft Completion Statement in respect of the matters in dispute in order to
comply with the requirements of this agreement and to determine finally the Completion Statement; 

  

	 	(d)	the Firm shall act as an expert (and not as an arbitrator) in making its determination which shall, in the absence of manifest error, be final and binding on the parties and, without prejudice to any other rights which
they may respectively have under this agreement, the parties expressly waive, to the extent permitted by law, any rights of recourse they may otherwise have to challenge it. 

  
 104 

	3.7	The Shareholders shall each be responsible for their own costs in connection with the preparation, review and agreement or determination of the draft Completion Statements. The fees and expenses of the Firm shall be
borne equally between the Shareholders or in such other proportions as the Firm shall determine. 

  

	3.8	To enable the Shareholders to each meet their obligations under this Schedule, H3G II shall provide to HET, VIP and their respective accountants full access to the accounting, financial, Tax or other books and records,
employees and premises of the members of the 3 Italia Group and Core Wind Group, as applicable, and, where relevant, of H3G II for the period from the Completion Accounts Date to the date that the draft Completion Statement is agreed or determined.
H3G II shall co-operate fully with the Shareholder and shall permit HET, VIP and/or their respective representatives to take copies (including electronic copies) of the relevant books and records and shall
provide all assistance reasonably requested by HET and/or VIP to facilitate the preparation of the Completion Statements. 

  

	3.9	If a Rejecting Party serves a Completion Statement Notice stating that it does not accept the Preparing Party’s Completion Statement, it shall ensure that the Preparing Party and the Preparing Party’s
nominated representatives shall be given reasonable access to the Rejecting Party’s and the Rejecting Party’s accountants’ working papers relating to the adjustments proposed in the Completion Statement Notice and any other
submissions by or on behalf of the Rejecting Party in relation to the Preparing Party’s Completion Statement. Subject to the provisions of paragraph 5 of Part 1 of this Schedule, when the Completion Statements have been agreed or determined in
accordance with the preceding paragraphs, then the amounts shown in the Completion Statements as the Working Capital, Debt and Cash for each 3 Italia Group Company or Core Wind Group Company, as applicable, shall be final and binding for the
purposes of this agreement. 

  

	4.	Financial Adjustments 

  

	4.1	When the Wind Completion Statement and the 3 Italia Completion Statement have been finally agreed or determined in accordance with paragraph 3 of Part 1 of this Schedule 10, the adjustments set out below shall be made.

  

	4.2	In respect of the 3 Italia Group, the following adjustments shall be made: 

  

	 	(a)	In relation to the 3 Italia Group’s Net Cash, an adjustment shall only be made if the aggregate of the 3 Italia Final Net Cash plus the Final Excess Working Capital of the 3 Italia Group (if any) is less than the 3
Italia Target Net Cash, in which case the adjustment will be the amount by which the aggregate of the 3 Italia Final Net Cash plus the Final Excess Working Capital of the 3 Italia Group (if any) is less than the 3 Italia Target Net Cash (the 3
Italia Final Net Cash Shortfall). 

  

	 	(b)	In relation to the 3 Italia Group’s Working Capital, an adjustment shall only be made if the aggregate of the 3 Italia Final Working Capital plus the Final Excess Net Cash of the 3 Italia Group (if any) is less
than the 3 Italia Target Working Capital, in which case the adjustment will be the amount by which the aggregate of the 3 Italia Final Working Capital plus the Final Excess Net Cash of the 3 Italia Group (if any) is less than the 3 Italia Target
Working Capital (the 3 Italia Final Working Capital Shortfall). 

  

	 	(c)	The 3 Italia Final Adjustment will be calculated by adding any 3 Italia Final Net Cash Shortfall to any 3 Italia Final Working Capital Shortfall. 

 

	4.3	In respect of the Core Wind Group, the following adjustments shall be made: 

  

	 	(a)	 In relation to the Core Wind Group’s Net Cash, an adjustment shall only be made if the aggregate of the Wind
Final Net Cash plus the Final Excess Working Capital of the Core Wind Group (if any) is less than the Wind Target Net Cash, in which case the adjustment 

  
 105 

	 	
will be the amount by which the aggregate of the Wind Final Net Cash plus the Final Excess Working Capital of the Core Wind Group (if any) is less than the Wind Target Net Cash (the Wind Final
Net Cash Shortfall). 

  

	 	(b)	In relation to the Core Wind Group’s Working Capital, an adjustment shall only be made if the aggregate of the Wind Final Working Capital plus the Final Excess Net Cash of the Core Wind Group (if any) is less than
the Wind Target Working Capital, in which case the adjustment will be the amount by which the aggregate of the Wind Final Working Capital plus the Final Excess Net Cash of the Core Wind Group (if any) is less than the Wind Target Working Capital
(the Wind Final Working Capital Shortfall). 

  

	 	(c)	The Wind Final Adjustment will be calculated by adding any Wind Final Net Cash Shortfall to any Wind Final Working Capital Shortfall. 

 

	4.4	Following agreement or determination of the Wind Completion Statement and the 3 Italia Completion Statement: (A) any payment made by HET or VIP to the other at Completion in accordance with subclauses 7.6(a)(i) or
7.6(b)(i) will be repaid and any payment due from HET or VIP left outstanding as an undertaking to pay the other in accordance with subclauses 7.6(a)(ii) or 7.6(b)(ii) that remains outstanding shall be treated as not being due and such undertaking
never having been made; and (B) the following payments will be made: 

  

	 	(a)	if the 3 Italia Final Adjustment is greater than the Wind Final Adjustment, HET shall pay to VIP (or such other member of the VIP Group as may be nominated by VIP) 50% of the difference as follows: 

 

	 	(i)	in cash on the date following agreement or determination of the Wind Completion Statement and the 3 Italia Completion Statement; or 

  

	 	(ii)	if HET so elects: (A) the payment shall be left outstanding as an undertaking to pay VIP carrying interest from Completion (at a rate equal to the H3G II Cost of Capital and calculated on the basis of the actual
number of days elapsed divided by 365 days), until such time as the amount due, together with accrued interest, is received in full by VIP (or such nominated member of the VIP Group); and (B) HET shall procure that H3G II or FinCo pays any
amounts in respect of any dividends, distributions or other returns of value due from H3G II or FinCo to HET or any transferee of shares in H3G II or FinCo in accordance with the Shareholders’ Deed directly to VIP (or such nominated member of
the VIP Group) in discharge of such undertaking and interest to the extent of the payment received by VIP (or such nominated member of the VIP Group); or 

  

	 	(b)	if the Wind Final Adjustment is greater than the 3 Italia Final Adjustment VIP shall pay to HET (or such other member of the HET Group as may be nominated by HET) 50% of the difference as follows: 

 

	 	(i)	in cash on the date following agreement or determination of the Wind Completion Statement and the 3 Italia Completion Statement; or 

  

	 	(ii)	 if VIP so elects: (A) the payment shall be left outstanding as an undertaking to pay HET carrying interest
from Completion (at a rate equal to the H3G II Cost of Capital and calculated on the bases of the actual number of days elapsed divided by 365 days), until such time as the amount due, together with accrued interest, is received in full by HET (or
such nominated member of the HET Group); and (B) VIP shall procure that H3G II or FinCo pays any amounts in respect of any dividends, distributions or other returns of value due from H3G II or FinCo to VIP or VIP LuxCo or any transferee of
shares in H3G II or FinCo in accordance with the 

  
 106 

	 	
Shareholders’ Deed directly to HET (or such nominated member of the HET Group) in discharge of such undertaking and interest to the extent of the payment received by HET (or such nominated
member of the HET Group). 

  

	5.	Adjustments for Tax 

  

	5.1	Not later than 20 Business Days following each anniversary of Completion, either Shareholder may notify the other Shareholder in writing (a Tax Adjustment Notice) if it considers that any Debt Tax Liability has
been finally determined in the 12 months preceding that anniversary. 

  

	5.2	Within 20 Business Days of any Tax Adjustment Notice (or, if more than one Tax Adjustment Notice is served in relation to the same anniversary of Completion, within 20 Business Days of the later of those Tax Adjustment
Notices): 

  

	 	(a)	HET shall prepare a draft statement for each member of the 3 Italia Group (a 3 Italia Adjustment Statement); and 

  

	 	(b)	VIP shall prepare a draft statement for each member of the Core Wind Group (a Wind Adjustment Statement, together with the 3 Italia Adjustment Statement being the Adjustment Statements and each an
Adjustment Statement), 

 in each case containing the information specified and in the form required by paragraphs 3.1
and 3.2 of Part 1 of this Schedule, and in accordance with the provisions of paragraph 1 and 2 of Part 1 of this Schedule (as if references to Completion Statements or any Completion Statement in those Parts were references to Adjustment Statements
or any Adjustment Statements), provided that the only differences between each Adjustment Statement and its respective Completion Statement shall be those required to reflect any change to any Debt Tax Liability that has been finally determined
since the Completion Accounts Date, as notified in any Tax Adjustment Notice. 
  

	5.3	Paragraphs 3.3 to 3.9 of Part 1 of this Schedule shall apply for the purposes of finally agreeing or determining any Adjustment Statements, as if references to Completion Statements or any Completion Statement in those
paragraphs were references to Adjustment Statements or any Adjustment Statements. 

  

	5.4	Following the final agreement or determination of any Adjustment Statements: 

  

	 	(a)	the 3 Italia Final Adjustment and the Wind Final Adjustment shall be re-calculated on the basis of those Adjustment Statements; and 

 

	 	(b)	adjustments shall be made to the payments currently left outstanding pursuant to paragraph 4.4 of Part 1 of this Schedule; and if necessary, additional payments shall be made between the Parties, to reflect the position
that the Parties would have been in had the re-calculated 3 Italia Final Adjustment and Wind Final Adjustment been used for the purpose of calculating the payments required pursuant to paragraph 4.4 of Part 1
of this Schedule (on the assumption that, if an additional payment would have been required from either Party, that Party would have elected to leave it outstanding as an undertaking to pay pursuant to paragraph 4.4(a)(ii) or 4.4(b)(ii), as
appropriate), 

 and, in this paragraph 5.4, references to the Original 3 Italia Final Adjustment and the Original Wind Final
Adjustment are, respectively, to the 3 Italia Final Adjustment and the Wind Final Adjustment in each case as finally agreed or determined under paragraph 4 of this Part 1 of this Schedule, before any
re-calculation under this paragraph 5.4. 
  

	5.5	 If the parties do not reach agreement as to the adjustments and/or payments required pursuant to paragraph 5.4 of
this Part 1 of this Schedule within 45 days of the final agreement or determination 

  
 107 

	 	
of the relevant Adjustment Statements, then paragraph 3.6 shall apply to determine the adjustments and/or payments required pursuant to paragraph 5.4 of this Part 1 of this Schedule as a result
of those Adjustment Statements, as it would apply to determine matters in dispute in a draft Completion Statement. 

  

	5.6	For the avoidance of doubt, clause 32 shall apply to any payment required pursuant to paragraph 5.4 of this Part 1 of this Schedule. 

 

	5.7	For the purpose of this paragraph 5 of Part 1 of this Schedule, a Tax liability shall be deemed to be finally determined when, in respect of such liability, a decision of a court or tribunal is given or any binding
settlement, agreement or determination is made, from which either no appeal lies or in respect of which no appeal is made within the prescribed time limit. 

  

	5.8	For the avoidance of doubt, the Cash, Debt, Net Cash and Working Capital shown in any Adjustment Statement shall be identical to the Cash, Debt, Net Cash and Working Capital shown in the respective Completion Statement,
subject only to any change to paragraph (j) of the definition of Debt to reflect any Debt Tax Liability that has been finally determined since the Completion Accounts Date. 

 

	5.9	For the avoidance of doubt, each Shareholder may serve more than one Tax Adjustment Notice pursuant to paragraph 5.1 of this Part 1 of this Schedule and the provisions of this paragraph 5 shall apply in respect of each
anniversary of Completion in relation to which one or more Tax Adjustment Notices are served. 

  
 108 

 PART 2 

FORM OF QUARTERLY UPDATES 
  

							
	 	  	 Latest Quarter
	  	 Previous Quarter
	  	 Movement

				
	 Inventory
	  	xxx	  	xxx	  	xxx
	 Trade Receivables
	  	xxx	  	xxx	  	xxx
	 Other Receivables
	  	xxx	  	xxx	  	xxx
	 Receivables Provision
	  	xxx	  	xxx	  	xxx
	 Trade Payables
	  	xxx	  	xxx	  	xxx
	 Other Payables
	  	xxx	  	xxx	  	xxx
		  	  
	  	  
	  	  

	 Adjusted Working Capital
	  	xxx	  	xxx	  	xxx
				
	 Cash and Cash Equivalents
	  	xxx	  	xxx	  	xxx
	 Current Financial Assets
	  	xxx	  	xxx	  	xxx
	 Non Current Financial Assets
	  	xxx	  	xxx	  	xxx
	 Current Financial Liabilities
	  	xxx	  	xxx	  	xxx
	 Non Current Financial Liabilities
	  	xxx	  	xxx	  	xxx
	 Overdue Accounts Payable
	  	xxx	  	xxx	  	xxx
	 Overdue Tax Payables
	  	xxx	  	xxx	  	xxx
	 LTE Spectrum Payables
	  	xxx	  	xxx	  	xxx
	 Other Debt Items
	  	xxx	  	xxx	  	xxx
		  	  
	  	  
	  	  

	 Net Cash
	  	xxx	  	xxx	  	xxx

  
 109 

 PART 3 

FORM OF COMPLETION STATEMENTS 
  

					
	 	  	Estimate	  	Final
			
	 Inventory
	  	xxx	  	xxx
	 Trade Receivables
	  	xxx	  	xxx
	 Other Receivables
	  	xxx	  	xxx
	 Receivables Provision
	  	xxx	  	xxx
	 Trade Payables
	  	xxx	  	xxx
	 Other Payables
	  	xxx	  	xxx
		  	  
	  	  

	 Adjusted Working Capital
	  	xxx	  	xxx
			
	 Cash and Cash Equivalents
	  	xxx	  	xxx
	 Current Financial Assets
	  	xxx	  	xxx
	 Non Current Financial Assets
	  	xxx	  	xxx
	 Current Financial Liabilities
	  	xxx	  	xxx
	 Non Current Financial Liabilities
	  	xxx	  	xxx
	 Overdue Accounts Payable
	  	xxx	  	xxx
	 Overdue Tax Payables
	  	xxx	  	xxx
	 LTE Spectrum Payables
	  	xxx	  	xxx
	 Other Debt Items
	  	xxx	  	xxx
		  	  
	  	  

	 Net Cash
	  	xxx	  	xxx

  
 110 

 SCHEDULE 11 

VIP INDEMNITIES 
  

					
	 Counterparty
	  	 Pending before
	  	 Proceeding ID Number

	Fastweb S.p.A. (related to the antitrust case A357)	  	Court of Rome	  	R.G. No. 87795/2013
	Uno Communications S.p.A (related to the antitrust case A357)	  	Court of Rome	  	R.G. No. 8887/2014
	Teleunit S.p.A. (related to the antitrust case A357)	  	Court of Rome	  	R.G. No. 75236/08
	Eutelia S.p.A. (then Eutelia S.p.A. in Amministrazione Straordinaria) (related to the antitrust case A357)	  	Court of Rome	  	R.G. No. 31498/09
	Eutelia S.p.A. in Amministrazione Straordinaria (alleged abuse of dominant position and abuse of economic dependence)	  	Court of Rome	  	R.G. No. 34957/2012

  
 111 

 SCHEDULE 12 

CORE WIND GROUP EXTERNAL DEBT AND DERIVATIVE INSTRUMENTS 

PART 1 
 DERIVATIVE
OBLIGATIONS 
  

																																																					
	 Name
	 	Outstanding Debt	 	 	Maturity	 	 	Amount	 	 	EUR notional	 	 	Outstanding
Hedge	 	 	% of
Outstanding
Hedge	 	 	Swap
Type	 	 	Hedging Details	 	 	Wind Pays	 	 	Wind Receives	 	 	Derivative
MTM at 1Q15
(EUR)	 	 	Derivative
maturity	 	 	Entity	 
	 SFA
	 	 	€700m Euribor 6M+4.25%	 	 	 	26-Nov-19	 	 	 	700	 	 	 	600	 	 	 	600	 	 	 	86	% 	 	 	IRS	 	 	 	Fix vs float	 	 	 	2.76	% € 	 	 	Euribor 6m	 	 	 	(24	) 	 	 	26-Sep-16	 	 	 	Wind	 
		 				 				 				 	 	100	 	 	 	100	 	 	 	14	% 	 	 	IRS	 	 	 	Fix vs float	 	 	 	3.13	% € 	 	 	Euribor 6m	 	 	 	(8	) 	 	 	26-Sep-17	 	 	 	Wind	 
	 FRN 2019
	 	 	€150m Euribor 3M+5.25%	 	 	 	30-Apr-19	 	 	 	150	 	 	 	150	 	 	 	150	 	 	 	100	% 	 	 	IRS	 	 	 	Fix vs float	 	 	 	0.73	% € 	 	 	Euribor 6m	 	 	 	(2	) 	 	 	30-Oct-16	 	 	 	Wind	 
	 SSN 2020
	 	 	$550m 6.5%	 	 	 	30-Apr-20	 	 	 	550	 	 	 	420	 	 	 	550	 	 	 	100	% 	 	 	CCS	 	 	 	Fix USD vs Float EUR	 	 	€	6m+5.13	% 	 	 	6.5	% $ 	 	 	99	 	 	 	30-Apr-20	 	 	 	WAF	 
		 				 				 				 	 	300	 	 	 	300	 	 	 	55	% 	 	 	IRS	 	 	 	Float EUR vs Fix EUR	 	 	 	1.429	% € 	 	 	Euribor 6m	 	 	 	(19	) 	 	 	30-Apr-20	 	 	 	Wind	 
		 				 				 				 	 	120	 	 	 	120	 	 	 	22	% 	 	 	IRS	 	 	 	Float EUR vs Fix EUR	 	 	 	1.665	% € 	 	 	Euribor 6m	 	 	 	(9	) 	 	 	30-Apr-20	 	 	 	Wind	 
	 SSN 2020
	 	 	SSN $1,900m 4.75%	 	 	 	15-Jul-20	 	 	 	1,900	 	 	 	984	 	 	 	1,325	 	 	 	70	% 	 	 	CCS	 	 	 	Fix USD vs Fix EUR	 	 	 	4.35	% € 	 	 	4.75	% $ 	 	 	210	 	 	 	15-Jul-20	 	 	 	WAF	 
		 				 				 				 	 	429	 	 	 	575	 	 	 	30	% 	 	 	CCS	 	 	 	Fix USD vs Float EUR	 	 	€	6m+3.56	% 	 	 	4.75	% $ 	 	 	102	 	 	 	15-Jul-20	 	 	 	WAF	 
	 FRN 2020
	 	 
	FRN €400m Euribor
3M+4.125%	 
 	 	 	15-Jul-20	 	 	 	400	 	 	 	100	 	 	 	100	 	 	 	25	% 	 	 	IRS	 	 	 	Fix vs float	 	 	 	3.145	% € 	 	 	Euribor 3m	 	 	 	(8	) 	 	 	26-Sep-17	 	 	 	Wind	 
	 SSN 2021
	 	 	$2,800m 7.375%	 	 	 	23-Apr-21	 	 	 	2,800	 	 	 	1,450	 	 	 	2,000	 	 	 	71	% 	 	 	CCS	 	 	 	Fix USD vs Fix EUR	 	 	 	6.44	% € 	 	 	7.375	% $ 	 	 	448	 	 	 	23-Apr-21	 	 	 	WAF	 
		 				 				 				 	 	580	 	 	 	800	 	 	 	29	% 	 	 	CCS	 	 	 	Fix USD vs Float EUR	 	 	€	6m+5.07	% 	 	 	7.375	% $ 	 	 	220	 	 	 	23-Apr-21	 	 	 	WAF	 
		 				 				 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 				 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 				 			
	 Total1
	 				 				 				 				 				 				 				 				 				 				 	 	1,079	 	 				 			
		 				 				 				 				 				 				 				 				 				 				 	  
	  
	 	 				 			

 PART 2 

DEBT INSTRUMENTS 
  

																	
	 €m
	  	BV Mar-2015	 	  	Cash Margin /
Coupon	 	 	Maturity	 	  	Capitalized
Fees1	 
	 RCF
	  	 	—  	 	  	 	4.250	% 	 	 	26-Nov-19	 	  			
	 SFA (€700m)
	  	 	700	 	  	 	4.250	% 	 	 	26-Nov-19	 	  	 	(38	) 
	 Floating Rate Notes 2019 (€150m)
	  	 	150	 	  	 	5.250	% 	 	 	30-Apr-19	 	  	 	(2	) 
	 Sr Secured Notes 2020 ($550m)
	  	 	520	 	  	 	6.500	% 	 	 	30-Apr-20	 	  	 	(7	) 
	 Sr Secured Notes 2020 (€2.475bn)
	  	 	2,475	 	  	 	4.000	% 	 	 	15-Jul-20	 	  	 	(27	) 
	 Sr Secured Notes 2020 ($1.9bn)
	  	 	1,725	 	  	 	4.750	% 	 	 	15-Jul-20	 	  			
	 Floating Rate Notes 2020 (€575m)
	  	 	575	 	  	 	4.000	% 	 	 	15-Jul-20	 	  	 	(7	) 
	 Floating Rate Notes 2020 (€400m)
	  	 	400	 	  	 	4.125	% 	 	 	15-Jul-20	 	  	 	(6	) 
		  	  
	  
	 	  	  
	  
	 	 				  	  
	  
	 
	 Senior Secured Debt
	  	 	6,544	 	  				 				  	 	(88	) 
		  	  
	  
	 	  				 				  	  
	  
	 
	 Sr Notes 2021 ($2.8bn)
	  	 	2,698	 	  	 	7.375	% 	 	 	23-Apr-21	 	  			
	 Sr Notes 2021 (€1.75bn)
	  	 	1,750	 	  	 	7.000	% 	 	 	23-Apr-21	 	  	 	(46	) 
		  	  
	  
	 	  	  
	  
	 	 				  	  
	  
	 
	 Senior Secured Debt & Senior debt
	  	 	10,992	 	  				 				  	 	(133	) 
		  	  
	  
	 	  				 				  	  
	  
	 

  
 112 

 SCHEDULE 13 

DEFINITIONS AND INTERPRETATION 
  

	1.	In this agreement: 

 3 Italia means 3 Italia S.p.A., a joint stock company
incorporated under the laws of Italy having its registered office at Via Leonardo da Vinci, 1, 20090 Tezzano sul Naviglio, Milan, Italy registered with the Companies’ Register of Milan under No. and fiscal code 02547170924, REA number No. MI
– 160887; 
 3 Italia Accounts means the 3 Italia Italian Group Companies Accounts and the H3G II Accounts; 

3 Italia Accounts Date means 31 December 2014; 

3 Italia Acquisition means any acquisition to be made by H3G II to acquire any Equity Interests held by a third party in 3
Italia; 
 3 Italia Adjustment Statement has the meaning given in paragraph 5.2 of Part 1 of Schedule 10; 

3 Italia Completion Statement has the meaning given in paragraph 3.1 of Part 1 of Schedule 10; 

3 Italia Data Room means the 3 Italia Physical Data Room and the 3 Italia Virtual Data Room; 

3 Italia Designated Employees means the employees of the 3 Italia Group that have been identified by the 3 Italia
Group as being entitled to receive a Retention Bonus for contributions made in connection with the implementation of the transactions contemplated by this agreement; 

3 Italia Dirigenti Employees means the 19 dirigenti employees of the 3 Italia Group that have been
identified by the 3 Italia Group as being entitled to receive a Retention Bonus; 
 3 Italia Estimated Adjustment
has the meaning given in clause 7.4(c); 
 3 Italia Estimated Net Cash means the estimate of what Net Cash
of the 3 Italia Group will be at the Completion Accounts Date as set out in the 3 Italia Estimates provided in accordance with clause 7.3(a); 

3 Italia Estimated Net Cash Shortfall has the meaning given in clause 7.4(a); 

3 Italia Estimated Working Capital means the estimate of what Working Capital of the 3 Italia Group will be
at the Completion Accounts Date as set out in the 3 Italia Estimates provided in accordance with clause 7.3(a); 
 3 Italia
Estimated Working Capital Shortfall has the meaning given in clause 7.4(b); 
 3 Italia
Estimates has the meaning given in clause 7.3(a); 
 3 Italia Executives means Dina Ravera and Stefano
Invernizzi; 
 3 Italia Facilities Agreement means the Export Credit Agreement to make down payments on and in
accordance with a commercial agreement with Ericsson, with AB Svenst Export Kredit for an amount of EUR460,326,000, entered into on July 2009; 

3 Italia Final Adjustment has the meaning given in paragraph 4.2 of Part 1 of Schedule 10; 

  
 113 

 3 Italia Final Net Cash means the Net Cash of the 3 Italia
Group at the Completion Accounts Date as agreed by HET and VIP or determined by the Firm (as applicable) in accordance with Part 1 of Schedule 10; 

3 Italia Final Net Cash Shortfall has the meaning given in paragraph 4.2 of Part 1 of Schedule 10;

 3 Italia Final Working Capital means the Working Capital of the 3 Italia Group at the Completion
Accounts Date as agreed by HET and VIP or determined by the Firm (as applicable) in accordance with Part 1 of Schedule 10; 
 3
Italia Final Working Capital Shortfall has the meaning given in paragraph 4.2 of Part 1 of Schedule 10; 

3 Italia Financing Documents means the documents provided in folder 3 of the 3 Italia Virtual Data Room; 

3 Italia Group means H3G II, 3 Italia S.p.A., H3G S.p.A. and 3Lettronica Industriale S.p.A., collectively, and 3
Italia Group Company means any of them; 
 3 Italia Intercompany Agreement has the meaning
given in paragraph 14.1 of Schedule 6; 
 3 Italia IPRs has the meaning given in paragraph 26.1 of Schedule 6; 

3 Italia IT Agreements has the meaning given in paragraph 27(a) of Schedule 6; 

3 Italia Italian Group Companies Accounts means: 

 

	 	(a)	the audited balance sheets of 3 Italia, H3G S.p.A. and 3lettronica Industriale S.p.A. as at 31 December of 2012, 2013 and 2014, including the relevant audited profit and loss accounts for each such financial year;
and 

  

	 	(b)	the audited consolidated balance sheets of the 3 Italia Group (excluding H3G II) as at those dates, including the relevant audited consolidated profit and loss accounts for each such financial year, 

and in all cases the notes and directors’ reports relating to them; 

3 Italia Key Material Contracts means all agreements: 

 

	 	(a)	contained in folder 4.1 of the 3 Italia Virtual Data Room; 

  

	 	(b)	listed in document 4.6 of the 3 Italia Virtual Data Room; 

  

	 	(c)	listed in document 4.11 of the 3 Italia Virtual Data Room; 

  

	 	(d)	contained in folder 7.2.1.2 of the 3 Italia Virtual Data Room; and 

  

	 	(e)	the 3 Italia Withheld Contracts, 

 and any other agreement which is critical to the operation of
the business of the 3 Italia Group Companies as carried out at the date of this agreement; 
 3 Italia Management
Accounts has the meaning given in paragraph 19.1 of Schedule 6; 
 3 Italia Parent Guarantee means a
Guarantee given by a member of the HET Group other than the 3 Italia Group to secure the performance of a member of the 3 Italia Group; 

  
 114 

 3 Italia Physical Data Room the material and information on
the 3 Italia Group made available by HET to the VIP Solicitors in the physical data rooms held with the Italian office and the London office of the HET Solicitors, one physical copy of which was made available to the VIP Solicitors between the
period of 11 May 2015 to 20 May 2015; 
 3 Italia Properties means the following properties (and includes
any part of each of them): 
  

	 	(a)	the real estate property located in Trezzano sul Naviglio (Milan), via Leonardo da Vinci 1 (as leased as of the date of this agreement by virtue of the lease agreement with The real estate Contractors Ltd.); and

  

	 	(b)	the real estate property located in Rome, via Cristoforo Colombo 416-420 / via Alessandro Severo 246 (as leased as of the date of this agreement by virtue of the lease agreement
with BNP Paribas Real Estate Investment Management Italy S.G.R. p.A. (now Amundi RE Italia S.G.R.)); 

 3 Italia
Quarterly Update has the meaning given in clause 7.2(a); 
 3 Italia Scheme Documents means, in
relation to a 3 Italia Scheme, full particulars of all the benefits to be provided by that 3 Italia Scheme; 
 3 Italia
Schemes means all the mandatory and/or complementary pension and/or healthcare schemes joined by the employees of any of the 3 Italia Group Companies; 

3 Italia Senior Managers means the holders of each of the following positions in respect of the 3 Italia Group
Companies (except H3G II): Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Chief Technology Officer, Sales Manager, Marketing & Strategy Director, Human Resource Director, Internal Auditing Director, Institutional
and Regulatory Affairs Director, Legal Affairs Director; 
 3 Italia Sites means those sites where, as of 28 April
2015, the 3 Italia Group locates network infrastructure, whether owned, leased, licensed by a 3 Italia Group Company or on which the equipment is hosted by a third party; 

3 Italia Systems has the meaning given in paragraph 27 of Schedule 6; 

3 Italia Target Net Cash means €15,000,000 (comprising targets of €200,000,000 for Cash and
€185,000,000 for Debt) which, for the avoidance of doubt, includes the €200,000,000 that HET is required to procure is held by the 3 Italia Group as at the Completion Accounts Date in accordance with clause 19.10; 

3 Italia Target Working Capital means €0 (zero); 

3 Italia Virtual Data Room means the material and information on the 3 Italia Group made available by HET to
the VIP Guarantor and its advisers in the electronic data room held with RR Donnelley (including both “clean team” and “super clean team” material and information as well as the Q&A materials), one digital copy of which has
been provided to each of the HET Solicitors and the VIP Solicitors as at 18:12:27 CET on 3 August 2015; 
 3 Italia
Withheld Contracts means each of the following: 
  

	 	(a)	Master Services Agreement with Ericsson Telecomunicazioni S.p.A. entered into by H3G S.p.A. on 1 July 2009 (as amended from time to time); 

  
 115 

	 	(b)	Network Supply Agreement with Ericsson Telecomunicazioni S.p.A. entered into by H3G S.p.A. on 6 May 2009 (as amended from time to time); 

 

	 	(c)	Data Centre Outsourcing Agreement with Ericsson Telecomunicazioni S.p.A. entered into by H3G S.p.A. on 1 July 2010 (as amended from time to time); and 

 

	 	(d)	Agreement of right of use with Ericsson Telecomunicazioni S.p.A. entered into on 31 May 2013; 

Accounting Policies means the policies describing the basis of preparation of the consolidated financial statements of the Group
from Completion in the Agreed Form; 
 Adjustment Statements has the meaning given in paragraph 5.2 of Part 1 of Schedule 10
and Adjustment Statement means any of them; 
 Advisory Board means the standing body of expert advisers
established by H3G II on or after Completion; 
 Affiliates means, in relation to any Party or other entity, any Subsidiary or Parent
Company of that Party or other entity and any Subsidiary of any such Parent Company, in each case from time to time; 
 AGCOM means
the Italian Authority for Communications Guarantees (Autorità per le Garanzie nelle Comunicazioni); 

Agreed Business Plan means the business plan of the Group for the three years from Completion, in the Agreed Form, which,
for the avoidance of doubt, will not be implemented prior to Completion; 
 Agreed Form means, in relation to any document, the
form of that document which has been initialled for the purpose of identification by or on behalf of the Shareholders with such changes as the Shareholders may agree in writing before Completion; 

Agreed Press Releases means the press releases for the transactions contemplated by the Transaction Documents to be issued
by the HET Guarantor and the VIP Guarantor on or around the date of this agreement, in substantially the form shared between the Shareholders prior to the date of this agreement; 

Ancillary Benefit has the meaning given in clause 24.3; 

Annual Bonuses means any Management Bonuses, Production Bonuses and Customer Bonuses; 

Anti-corruption Laws means applicable Laws concerning corruption or bribery, including, without limitation, Law 231 of the
Republic of Italy, the United Kingdom Bribery Act 2010, and the U.S. Foreign Corrupt Practices Act; 
 Anti-money Laundering
Laws means any Laws concerning money laundering; 
 Attributed Entity has the meaning given in clause 18.5; 

Audit Committee means the audit committee of the board of H3G II established on Completion; 

Business Day means a day (other than a Saturday or Sunday) on which banks are generally open in London, Milan, Amsterdam,
Luxembourg and Hong Kong for normal business; 

  
 116 

 Cash means, in relation to each of the Core Wind Group or the 3 Italia Group, as
applicable, on a consolidated basis and without duplication: 
  

	 	(a)	the cash and cash equivalents (as defined under IFRS) and marketable securities (if they can be readily converted into cash in a maximum of 30 days) as derived from the underlying books and records of the Core Wind
Group or the 3 Italia Group; and 

  

	 	(b)	excluding: 

  

	 	(i)	any cash and cash equivalents that are not capable of being lawfully spent, distributed, loaned or received by the relevant company free of any restrictions within 30 days, or if capable of being so lawfully spent,
distributed, loaned or received free of restrictions only after a withholding, deduction, or incurrence of a cost, then less the amount of such withholding, deduction or cost; 

 

	 	(ii)	any cash received from customers with respect to receivables that were subject to factoring, assignment or securitisation arrangements; 

 

	 	(iii)	any cash received on behalf of third parties and required to be paid to them in due course; 

  

	 	(iv)	litigation deposits; 

  

	 	(v)	the Galata Proceeds received by any member of the Core Wind Group in connection with the exercise of the Galata Put Option; 

  

	 	(vi)	any proceeds received by any member of the VIP Group in relation to the SSEA Indemnity Proceedings; 

  

	 	(vii)	any reimbursement or assignment of a receivable in accordance with clause 17.6; and 

  

	 	(viii)	any amount received by any Core Wind Group Company as a result of any offset or settlement of the Wind Tax Receivable and the Wind Tax Payable in accordance with Schedule 9, 

and, for the avoidance of doubt and in the case of the 3 Italia Group only, cash transferred by H3G II to an Italian notary public before
Completion for the purposes of paying any FTT arising on the transfer of the entire issued share capital of WAHF to H3G II shall be deemed to be Cash held by the 3 Italia Group up to and including the Completion Accounts Date, including for the
purposes of clauses 7 and 19.10 and Schedule 10; 
 Cash Leakage means: 

 

	 	(a)	in respect of the Core Wind Group and for the purpose of clause 19.9(a): 

  

	 	(i)	any dividend or distribution (whether in cash or in kind) or any return of capital (whether by reduction of capital or redemption or purchase of shares) from any member of the Core Wind Group (other than between
wholly-owned subsidiaries within the Core Wind Group); 

  

	 	(ii)	any payment of interest or repayment of principal in respect of any Intercompany Balances owed by any member of the Core Wind Group; 

  
 117 

	 	(iii)	any management, service or other charges, or fees, costs, recharges, bonuses or other sums, paid or incurred by any member of the Core Wind Group, in favour of any member of the VIP Group (other than a member of the
Core Wind Group) except (i) any repayment between the date of this agreement and the Completion Accounts Date of any management fees up to €60,000,000 in aggregate; or (ii) international roaming and interconnect payments in the
ordinary course of business and on arm’s length terms between the date of this agreement and the Completion Accounts Date; or (iii) the monthly international roaming and interconnect charges totalling EUR1.4 million referred to in
paragraph (iii) of the definition of ‘Intercompany Balances’ in Schedule 13 that will be paid prior to Completion; or (iv) any payment between the date of this agreement and the Completion Accounts Date required under the Wind
Tax Agreement or required by law to Wind Telecom in connection with the Wind Tax Group (in each case) to the extent these payments and repayments are permitted by the Wind Financing Documents and by applicable Laws; and 

 

	 	(iv)	any other payments made (whether in cash or kind) or benefits conferred by any member of the Core Wind Group to or on a member of the VIP Group; or 

 

	 	(b)	in respect of the 3 Italia Group and for the purpose of clause 19.9(b): 

  

	 	(i)	any dividend or distribution (whether in cash or in kind) or any return of capital (whether by reduction of capital or redemption or purchase of shares) from any member of the 3 Italia Group (other than between
wholly-owned subsidiaries within the 3 Italia Group); 

  

	 	(ii)	any payment of interest or repayment of principal in respect of any Intercompany Balances owed by any member of the 3 Italia Group that are not repaid or settled as at the Completion Accounts Date; 

 

	 	(iii)	any management, service or other charges, or fees, costs, recharges, bonuses or other sums, paid or incurred by any member of the 3 Italia Group, in favour of any member of the HET Group (other than a member of the 3
Italia Group); and 

  

	 	(iv)	any other payments made (whether in cash or kind) or benefits conferred by any member of the 3 Italia Group to or on a member of the HET Group; 

CET has the meaning given in clause 22.1; 

Commitment has the meaning given in clause 8.6; 

Commitment Offer has the meaning given in clause 8.6; 

Completion means the implementation of the matters described in clause 22.5; 

Completion Accounts Date means the last day of the calendar month immediately prior to the date of Completion; 

Completion Date means the day on which Completion occurs; 

Completion FinCo Articles means the articles of association of FinCo to be adopted on Completion; 

Completion H3G II Articles means the articles of association of H3G II to be adopted on Completion in the Agreed
Form and which shall include the new name of H3G II to be agreed by the Shareholders prior to Completion; 

  
 118 

 Completion Statement has the meaning given in paragraph 3.1 of Part 1 of Schedule
10; 
 Completion Statement Notice has the meaning given in paragraph 3.3 of Part 1 of Schedule 10; 

Concentration has the meaning given in clause 8.2; 

Core Wind Group means the following: 
  

	 	(a)	WAHF; 

  

	 	(b)	Wind TS; 

  

	 	(c)	Wind Retail S.r.l.; and 

  

	 	(d)	Wind Acquisition Finance S.A., 

 and Core Wind Group Company means
any of them; 
 Costs means costs (including reasonable legal costs) and expenses (including in respect of Tax), in each case of any
nature whatsoever; 
 Costs Payee Party has the meaning given in clause 27.2; 

Costs Paying Party has the meaning given in clause 27.2; 

Crystallised Tax Liability means any liability to Tax (whether potential, actual, contingent or disputed, but excluding
any deferred Tax liability) of any member of the 3 Italia Group or the Core Wind Group (as applicable) in respect of which an assessment has been issued, or a report or notice has been received, on or before the Completion Accounts Date, from the
relevant Taxation Authorities (which in Italy shall include the relevant Tax collecting agent (“concessionario o agente della riscossione”), including for the avoidance of doubt in Italy any case where: 

 

	 	(a)	a Tax assessment, a notice of application of Tax penalties, a request for payment of Taxes or a deed of enforcement and collection of Taxes (including, without limitation, “avviso di
accertamento”, “invito a comparise o al contraddittorio”, “avviso di liquidazione”, “avviso di rettifica e
liquidazione”, “cartella di pagamento”,“comunicazione ex. Art 36-bis or 36-ter
of D.P.R. n. 600/1973 or 54-bis of D.P.R. n. 633/1972”, “atto di contestazione di
sanzioni”, “atto di irrogazione di sanzioni”, “atto di pignoraminto”, “inscrizione di ipoteca”, “espropriazione
immobiliare” or “fermo amministrativo”) has been issued; 

  

	 	(b)	a Tax audit report (including, without limitation, “processo verbale di verifica” or “processo verbale di contraddittorio”) or any ruling
(including, without limitation, “interpello”) has been received from the relevant Taxation Authorities; 

  

	 	(c)	a Tax settlement (including, without limitation, “acquiscenza”, “atto di adesione”, “atto di accertamento con adesione”,
“adesione all’invito a comparire”, “adesione al processo verbale di constatazione” or “atto di conciliazione”) has been
signed or concluded; or 

  

	 	(d)	a voluntary assessment or restatement of higher taxes due by the taxpayer (including, without limitation, “ravvedimento operoso”) has been made, 

in each case (whether in Italy or elsewhere) indicating that the relevant Taxation Authorities intend to challenge or dispute (or disagree with
the interpretation of the taxpayer as to) the treatment of an item or Event that may result in Tax being payable or that they consider Tax is payable, whether or not the amount is quantified or specified; 

  
 119 

 Customer Bonuses means any bonuses or other payments payable in connection with
target incentives for customer operatives by any Core Wind Group Company or 3 Italia Group Company (as applicable) to its employees on an annual basis; 

Debt means: (x) in relation to the Core Wind Group, the Financial Indebtedness of the Core Wind Group as set out in Schedule 12 (at
the amounts set out in Schedule 12 totalling €9,913,000,000 and excluding, for the avoidance of doubt, any repayment of such Financial Indebtedness on or before the Completion Accounts Date); and (y) in relation to each of the Core Wind
Group (in addition to the Financial Indebtedness of the Core Wind Group as set out in Schedule 12) or the 3 Italia Group, as applicable, on a consolidated basis and without duplication: 

 

	 	(a)	the outstanding principal of and premium and/or penalties (if any) and all accrued and unpaid interest in respect of Financial Indebtedness (including, in relation to the Core Wind Group, any drawn balance as at the
Completion Accounts Date on the revolving credit facility included in Schedule 12 at zero) with the exception of any intercompany balances other than as set out in paragraph (t); 

 

	 	(b)	any obligations that are required to be classified and accounted for as a finance lease for financial reporting purposes in accordance with IFRS, and the amount of indebtedness represented by such obligations will be
the capitalised amount of such obligation at the time any determination is to be made as determined in accordance with IFRS; 

  

	 	(c)	all financial obligations of other persons secured by a guarantee, indemnity, or counter-indemnity given by, or a lien, mortgage, pledge, encumbrance or charge of any kind on any asset of, a member of the 3 Italia Group
or the Core Wind Group, whether or not such financial obligations are assumed; 

  

	 	(d)	financial obligations evidenced by notes, bonds, debentures, loan stock or similar instruments whether convertible or not, including those incurred in connection with the acquisition of property, assets or businesses;

  

	 	(e)	to the extent not otherwise included in this definition, the mark-to-market ‘out of the money’ negative effect of all derivative
instruments not included in Schedule 12 or entered into in breach of the pre-completion covenant set out in clause 19.11 or 19.12 in which a party is a participant (or with respect to which a party has rights
and/or obligations), as if they are to be terminated on the Completion Accounts Date, and any costs and fees related to the termination of such instruments; 

  

	 	(f)	obligations in respect of dividends declared or other income distributions or capital distributions payable by a member of the 3 Italia Group or the Core Wind Group to any person that is not a member of the 3 Italia
Group or the Core Wind Group; 

  

	 	(g)	unpaid adviser or other fees or expenses (or re-charges of such fees or expenses) with respect to the transactions contemplated by this agreement; 

 

	 	(h)	any commissions payable to banks; 

  

	 	(i)	any record of, or provision or accrual for, any liability of any member of the 3 Italia Group or the Core Wind Group (as applicable) in respect of pension, retirement indemnity or other post-retirement benefits (except
for the Trattamento di Fine Rapporto (TFR) benefit payable on termination of employment for any reason in Italy); 

  

	 	(j)	provisions in respect of litigation and other specific provisions (other than dismantling and tax provisions); 

  
 120 

	 	(k)	any Tax liabilities (other than any VAT or other indirect Taxes included in Working Capital and any liabilities included in paragraph (l)), that are: 

 

	 	(i)	Tax liabilities arising in the ordinary course of business; and 

  

	 	(ii)	any other Crystallised Tax Liabilities, 

 in each case that are due and payable on or before
the Completion Accounts Date but are not paid to the relevant Taxation Authority on or before the Completion Accounts Date, including any amounts that would be due and payable by any Core Wind Group Company but for that Core Wind Group Company being
part of the Wind Tax Group (except to the extent that any payment in respect of that amount has been made by that Core Wind Group Company to Wind Telecom on or before the Completion Accounts Date) (items falling within paragraph (i) or
paragraph (ii) above each being a Debt Tax Liability). 
 For the purpose of this paragraph (k), Tax is deemed to
be due and payable on: 
  

	 	(A)	in the case of Tax in respect of which there is provision in the ordinary course for payment by advances or instalments, each date on which an advance or instalment of such Tax becomes payable; and 

 

	 	(B)	in the case of Tax which does not fall within (A), the last date on which Tax can be paid to the relevant Taxation Authority to avoid a liability to interest or penalties accruing, 

in each case: (x) on the assumption that all relevant profits or other amounts have been included in the appropriate tax return or other
Tax Document; and (y) ignoring any extension to any such date arising as result of any dispute or challenge or for any other reason; provided that a Tax liability shall be deemed not to be due and payable for the purpose of this paragraph to
the extent that a reimbursement or assignment of a receivable relating to that Tax liability has been made in accordance with clause 17.6; 
  

	 	(l)	any unpaid liabilities to any Taxation Authority under any payment plan agreed on or prior to the Completion Accounts Date , including any interest, surcharge, penalty or fine relating thereto; 

 

	 	(m)	payables that are overdue by more than 60 days to the extent not covered under paragraphs (n), (o) and (p) of this definition; 

  

	 	(n)	payables that are overdue from operators by more than 60 days, net of any related receivables; 

  

	 	(o)	extended payables related to Ericsson (pursuant to the arrangement with KFW (Kreditanstalt fuer Wiederaufbau) under which certain Ericsson receivables have been assigned by H3G S.p.A.to KFW) and LTE
instalments due to the Ministry of Economic Development for the payment of the right of use of LTE frequencies in bandwidth 1800Mhz and 2600Mhz, assigned to H3G S.p.A. in October 2011 (together with applicable interest); 

 

	 	(p)	payables discounted as at the Completion Accounts Date due by Wind to Terna S.p.A. pursuant to an agreement dated of 31 December 31 2012, under which Wind was granted the right of way to place fibre-optic cables
within Terna S.p.A.‘s network; 

  

	 	(q)	obligations relating to arrangements accounted for as a sale and leaseback or any amount raised under any other transaction (including a forward sale and purchase agreement) having the commercial effect of a borrowing;

  
 121 

	 	(r)	obligations under any other working capital management arrangements executed for the purposes of obtaining financing excluding payment terms agreed with suppliers without explicit financial cost and the following
agreements already in place related to the sale of receivables without recourse: (i) Risk Transfer Agreement entered into between H3G S.p.A. and Hutchison UK Receivables Hove Limited and dated 14 December 2012, (ii) Risk Transfer Agreement
entered into between Hutchison UK Receivables Limited and H3G S.p.A. and dated 23 December 2011, (iii) Agreement for without Recourse Receivable Sale entered into between Cofactor S.p.A.(now Creditech S.p.A.) and H3G S.p.A and dated
20 June 2013, and (iv) Framework Receivables Assignment Agreement entered into between Wind TS and Intesa San Paolo S.p.A. on 6 February 2014; 

  

	 	(s)	the outstanding principal amount in respect of receivables sold or discounted to the extent that there is recourse to any member of the 3 Italia Group or the Core Wind Group (as applicable) or any acceptance credit or
bill discounting facility including any dematerialised equivalent; 

  

	 	(t)	any intercompany payables not repaid at or prior to the Completion Accounts Date, including (i) guarantee fees in the amount of €60,000,000 owed by the 3 Italia Group which shall be repaid immediately
following Completion and (ii) the aggregate of (A) the international roaming and interconnect charges and discounts accrued as payable and/or owed by members of the Wind Group to members of the VIP Group as at the Completion Accounts Date
referred to in paragraph (iii) of the definition of “Intercompany Balances” less (B) the international roaming and interconnect charges and discounts accrued as payable and/or owed by members of the VIP Group to the Wind Group as
at the Completion Accounts Date referred to in paragraph (iii) of the definition of “Intercompany Balances”, but excluding any Wind Tax Payable; 

  

	 	(u)	any excess of the Wind Tax Payable over the Wind Tax Receivable which has not been settled at the Completion Accounts Date in accordance with Schedule 9; 

 

	 	(v)	any amount of Tax accruing in respect of any period or part period ending on or before the Completion Accounts Date which is not reflected in paragraph (k) above or in the Wind Tax Payable mentioned in paragraph
(u) above, except to the extent that: (a) payments or advance payments of Tax have been made in respect of that amount by any Core Wind Group Company to the relevant Taxation Authority; or (b) a reimbursement or assignment of a
receivable in relation to that Tax has been received by a Core Wind Group Company in accordance with clause 17.6; 

  

	 	(w)	the maximum redemption amount of any shares which are expressed to be redeemable; 

  

	 	(x)	in relation to certain employee related costs: 

  

	 	(i)	the pro rata proportion for the period up to and including the Completion Accounts Date of any record of, or provision or accrual for, any liability in respect of the anticipated Annual Bonuses and/or
Sales Bonuses for employees of the Core Wind Group or the 3 Italia Group (as applicable), which are to be accrued for at the maximum amounts payable and which shall be settled on or before 15 January 2017; 

 

	 	(ii)	any record of, or provision or accrual for, any liability in respect of the anticipated Retention Bonuses for employees, directors or executives of the Core Wind Group or the 3 Italia Group (as applicable), which are to
be accrued for at the maximum amounts payable, and which shall be settled in accordance with the contractual terms applicable to such Retention Bonuses provided that any Retention Bonus payable to the Wind Executive shall be settled on or before
15 November 2016; 

  
 122 

	 	(iii)	any record of, or provision or accrual for, any liability in respect of payments in connection with the termination and settlement of the service and employment agreements for each of 3 Italia Executive or Wind
Executive (as applicable) not paid at or prior to the Completion Accounts Date which shall be settled on or before 31 December 2016; 

  

	 	(iv)	any record of, or provision or accrual for, any liability in respect of payments in connection with the termination and settlement of the service and employment agreement for Vincenzo Novari not paid at or prior to the
Completion Accounts Date, which shall be settled on or before 31 December 2016; and 

  

	 	(v)	any record of, or provision or accrual for, any liabilities that are not settled or paid at or prior to the Completion Accounts Date in relation to the termination of, or pursuant to, the Core Wind Group’s existing
long-term incentive schemes; 

  

	 	(y)	any record of, or provision or accrual for, any liabilities that are not settled or paid at or prior to the Completion Accounts Date in relation to the termination of, or pursuant to, any existing employee incentive
schemes, but only to the extent such liabilities are not referred to in paragraph (x) above; 

  

	 	(z)	an amount equal to the aggregate amount of any Cash Leakage by (i) the Core Wind Group in breach of clause 19.9(a) to the extent such breach relates to the period from and including the Completion Accounts Date and
up to and including Completion; or (ii) the 3 Italia Group in breach of clause 19.9(b); 

 Debt Tax
Liability has the meaning given in paragraph (k) of the definition of Debt; 
 Deed of Adherence means a
deed of adherence to this agreement to be executed by FinCo in accordance with clause 2 in the form set out in Schedule 2; 

Defaulting Party has the meaning given in clause 23.6(b); 

Dispute means any dispute, claim, difference or controversy arising out of, relating to or having any connection with this agreement and
the other Transaction Documents, including: 
  

	 	(a)	any dispute arising out of or in connection with the creation, existence, validity, effect, interpretation, performance or non-performance, breach or termination or the
consequences of nullity of, or the legal relationships established by, this agreement and the other Transaction Documents; 

  

	 	(b)	claims for set-off and counterclaims; and 

  

	 	(c)	any dispute relating to any non-contractual obligations arising out of or in connection with this agreement and the other Transaction Documents; 

Economic Sanctions Laws means any applicable economic sanctions laws and regulations thereunder of the United States of
America, the United Kingdom and the European Union (or any Member State thereof); 
 Effective Date means the date on which
Completion occurs; 
 Employment Agreements means the employment agreements with the Executives dated on the date of this
agreement; 

  
 123 

 Encumbrance means any mortgage, charge (fixed or floating), pledge, lien, option, right to
acquire, right of pre-emption, assignment by way of security or trust arrangement for the purpose of providing security or other security interest of any kind (including any retention arrangement), or any
agreement to create any of the foregoing and excluding in each case any Permitted Encumbrance; 
 Equity Interest means shares,
shares of capital stock, partnership interests, limited liability company membership interests and units, interests and other participations in the equity of an entity; 

Estimated Excess Cash means, in relation to each of the Core Wind Group or the 3 Italia Group in respect of the 3 Italia
Estimated Net Cash or the Wind Estimated Net Cash (as applicable), the amount (if any) by which the 3 Italia Estimated Net Cash or Wind Estimated Net Cash (as applicable) exceeds the corresponding 3 Italia Target Net Cash or the Wind Target Net Cash
(as applicable); 
 Estimated Excess Working Capital means, in relation to each of the Core Wind Group or the 3
Italia Group in respect of the 3 Italia Estimated Working Capital or the Wind Estimated Working Capital (as applicable), the amount (if any) by which the 3 Italia Estimated Working Capital or Wind Estimated Working Capital (as applicable) exceeds
the corresponding 3 Italia Target Working Capital or the Wind Target Working Capital (as applicable); 
 EU Merger
Regulation means Council Regulation (EC) No. 139/2004 on the control of concentrations between undertakings; 
 Event
includes (without limitation) the winding up or dissolution of any person, and any act, transaction or omission whatsoever and any reference to any event occurring on or before a particular date shall include events which for that purpose are deemed
to have, or are treated or regarded as having, occurred on or before that date; 
 Exchange Rate means with respect to a
particular currency for a particular day the spot rate of exchange (the closing midpoint) for that currency into euro on such date as published in the London edition of the Financial Times first published thereafter or, where no such rate is
published in respect of that currency for such date, at the rate quoted by National Westminster Bank Plc as at the close of business in London as at such date; 

Excluded Transaction Tax means (a) [*]; (b) [*]; and (c) [*]; 

Executives means the 3 Italia Executives and the Wind Executive; 

Existing HET Loan means the debt in the principal amount of approximately EUR 5.1 billion owed or such other amount
as notified by HET to VIP, immediately before Completion, by H3G II to HET; 
 Existing HET Loan Sale has the
meaning given in clause 3; 
 External Debt means borrowings and indebtedness in the nature of borrowing (including by way of
acceptance credits, discounting or similar facilities, loan stocks, bonds, debentures, notes, overdrafts or any other similar arrangements the purpose of which is to raise money) owed to any banking, financial, acceptance credit, lending or other
institution or organisation; 
 Extinguishment of Receivables has the meaning given in clause 5.3; 

[*] Material omitted and furnished separately to the Securities and Exchange Commission pursuant to a request for confidential treatment under
Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 124 

 Fairly Disclosed means fairly disclosed (with sufficient detail to identify the
value, nature and scope of the matter disclosed) by one Shareholder to the other and Fair Disclosure shall be construed accordingly; 

Final Excess Cash means, in relation to each of the Core Wind Group or the 3 Italia Group in respect of the 3 Italia Final
Net Cash or the Wind Final Net Cash (as applicable), the amount (if any) by which the 3 Italia Final Net Cash or Wind Final Net Cash (as applicable) exceeds the aggregate of (a) the corresponding 3 Italia Target Net Cash or the Wind Target Net
Cash (as applicable) and (b) any Estimated Excess Cash (if any) of the Core Wind Group or the 3 Italia Group (as applicable) not used to reduce the Wind Estimated Working Capital Shortfall or a 3 Italia Estimated Working Capital Shortfall (as
applicable) as at the Completion Accounts Date in accordance with clause 7.4(b) and 7.5(b); 
 Final Excess Net
Cash means, in relation to each of the Core Wind Group or the 3 Italia Group in respect of the 3 Italia Final Net Cash or the Wind Final Net Cash (as applicable), the amount (if any) by which the 3 Italia Final Net Cash or Wind Final Net Cash
(as applicable) exceeds the corresponding 3 Italia Target Net Cash or the Wind Target Net Cash (as applicable); 
 Final Excess
Working Capital means, in relation to each of the Core Wind Group or the 3 Italia Group in respect of the 3 Italia Final Working Capital or the Wind Final Working Capital (as applicable), the amount (if any) by which the 3 Italia Final
Working Capital or Wind Final Working Capital (as applicable) exceeds the corresponding 3 Italia Target Working Capital or the Wind Target Working Capital (as applicable); 

Financial Indebtedness has the meaning given in the Shareholders’ Deed; 

FinCo Distribution Policy Deed means a deed to be entered into in the Agreed Form, between HET and VIP LuxCo in
connection with the distribution policy of FinCo; 
 FinCo Share Issue has the meaning given in clause 6.2; 

FinCo Share Transfer has the meaning given in Clause 2.2; 

FinCo Shareholders’ Deed means the shareholders’ deed to be entered into in the Agreed Form, between, amongst
others, HET, VIP LuxCo and FinCo in connection with the governance and operations of FinCo; 
 FinCo Shares means all the
ordinary shares in the share capital of FinCo, representing 100% of the share capital of FinCo; 
 Firm has the meaning given in
paragraph 3.6 of Part 1 of Schedule 10; 
 Form CO has the meaning given in clause 8.2; 

Fundamental 3 Italia Group Licences means the: 

 

	 	(a)	individual rights of use of a paired frequency block of 2x5 MHz in 900 MHz band on a national basis, issued on 19 May 2010; 

  

	 	(b)	individual rights of use of a paired frequency block of 2x10 MHz in 1800 MHz band on a national basis, issued on 30 May 2012; 

  

	 	(c)	general authorisation, pursuant to Article 25 of the Communications Code, concerning the provision of an access network in WI-FI technology, the relevant statement of start of
business being filed with the Ministry of Economic Development on 4 April 2014; 

  
 125 

	 	(d)	individual licence for the installation of a telecommunication network for the provision of voice telephone service, issued on 5 September 2001; 

 

	 	(e)	individual rights of use of paired frequency blocks of 2x5 MHz in 1800 MHz band and 2x10 MHz in 2600 MHz band as well as of an unpaired frequency block of 30 MHz in 2600 MHz band, on a national basis, for broadband
terrestrial electronic communications public service, issued on 21 December 2011; 

  

	 	(f)	individual licence and related rights of use of a paired frequency block of 2x15 MHz in the 2100 MHz band and of an unpaired frequency block of 5 MHz in the 1900 MHz band, for third generation public mobile
communications service in UMTS standard IMT-2000 family as well as for the installation of the relevant network covering the national territory, issued on 10 January 2001; and 

 

	 	(g)	grant of the definitive national right of use of one or more frequencies for television broadcasting in DVB-H and DVB-T digital technics
issued on 28 June 2012 and subsequently amended on 14 January 2013; 

 Fundamental Wind Group
Licences means the: 
  

	 	(a)	individual licence for the installation of a network in order to provide the voice telephone service within the limits of national coverage, issued on 18 February 1998; 

 

	 	(b)	individual licence for the installation and provision of a telecommunications network open to the public within the limits of national coverage, issued on 22 April 1998; 

 

	 	(c)	individual licence for the installation of a network in order to provide the voice telephone service within the limits of national coverage, originally issued to Infostrada, issued on 18 February; 

 

	 	(d)	individual licence for the installation and provision of telecommunications network open to the public within the limits of national coverage, originally issued to Infostrada, issued on 14 April 1999;

  

	 	(e)	individual licence for installation and operation of radio mobile services DCS 1800 MHz and GSM 900 MHz in Italian territory, issued on 30 June 1998, and related rights of use paired frequency blocks of 2x10 in the
900 MHz band and of 2x10 MHz in the 1800 MHz band; 

  

	 	(f)	individual licence and related right of use of a paired frequency block of 2x10 MHz in the 2100 MHz band and of an unpaired 5 MHz block in the 1900 MHz band, for third generation public mobile communications service in
UMTS standard IMT-2000 family as well as for the installation of the relevant network covering the national territory, issued on 10 January 2001; 

 

	 	(g)	individual licences, issued on 30 July 2002, for the use of frequencies for radio point-to-point and multipoint wide band in the 24.5-26.5 GHz and 27.5-29.5 GHz frequencies over the geographical areas corresponding to the autonomous Provinces of Bolzano and Trento and to the following Regions: Abruzzo,
Basilicata, Calabria, Campania, Emilia Romagna, Friuli Venezia Giulia, Lazio, Liguria, Lombardia, Marche, Molise, Piemonte, Puglia, Sardegna, Sicilia, Toscana, Umbria, Valle D’Aosta and Veneto, if used to a material extent in the business of
the Core Wind Group or of material value to the Core Wind Group; 

  

	 	(h)	authorisation for the provision of Internet service, issued on 28 July 1998 and renewed on 31 October 2006; 

  
 126 

	 	(i)	general authorisation for the provision of public telecommunication services consisting in radio extension using collective R-LAN frequencies in 5 GHz bands for access to internet
and intranet designed for the users as completion of the current offer of fixed and mobile data transmission (the relevant statement of start of business being filed with the Ministry of Communications on 11 May 2006; and 

 

	 	(j)	general authorisation for the provision of public telecommunication services using collective R-LAN frequencies in 2.4 GHz bands and with
Radio-LAN access by authorized third companies, the relevant statement of start of business being filed with the Ministry of Communications on 6 July 2003, if used to a material extent in the business of
the Core Wind Group or of material value to the Core Wind Group; 

  

	 	(k)	individual rights of use of a paired frequency block of 2x5 MHz in the 2100 MHz band, for the provision of a public broadband telecommunication services covering the national territory, issued on 8 September 2009,
if used to a material extent in the business of the Core Wind Group or of material value to the Core Wind Group; and 

  

	 	(l)	individual rights of use of paired frequency blocks of 2x10 MHz in the 800 MHz band 2x5 MHz in the 1800 MHz band and of 2x20 MHz in the 2600 MHz band, frequencies for the provision of public broadband telecommunication
services covering the national territory, issued on 3 February 2012; 

 Galata Proceeds has the meaning
given to it in clause 19.15; 
 Galata Put Option has the meaning given to it in clause 19.15; 

Golden Powers Legislation means Italian Law Decree No. 21 of 15 March 2012 as amended by Law 11 May 2012,
no. 56, as applicable and implemented by Presidential Decree No. 85 of 25 March 2014 (Assets Identification Decree on Communication, Energy and Transport Golden Powers), Presidential Decree No. 86 of 25 March 2014 (Procedural
Decree on Communication, Energy and Transport Golden Powers), Decree of the President of the Council of Ministers No. 108 of 6 June 2014 (Assets Identification Decree on Defence and National Security Golden Powers), and Presidential Decree
No. 35 of 19 February 2014 (Procedural Decree on Defence and National Security Golden Powers); 
 Government Official
means (a) any officer or employee of a Governmental Authority, government, or any department, agency, ministry, or instrumentality thereof, (b) any official of a public international organisation; (c) any person acting in an official
capacity for or on behalf of a government, or a department, agency, or instrumentality thereof, or for or on behalf of any public international organisation; or (d) any political party, political party official or candidate for public office;

 Governmental Authority means the government of any jurisdiction, or any political subdivision thereof, whether provincial,
state or local, and any department, ministry, agency, bureau, board, commission, association, institution, instrumentality, authority, body, court, tribunal, central bank or other entity lawfully exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government; 
 Group means, from Completion, H3G II and its
Subsidiaries and shall be interpreted by reference to the Subsidiaries from time to time and Group Company shall mean any member of the Group; 

Guarantee means any guarantee, letter of credit, bond, indemnity or similar assurance against Loss, or any obligation, direct or
indirect, actual or contingent, to purchase or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any person where, in each case, such obligation is assumed in order to maintain or assist
the ability of such person to meet its indebtedness; 

  
 127 

 H3G II has the meaning given in Recital (5); 

H3G II Accounts means the unaudited balance sheets of H3G II as at 31 December of 2012, 2013 and 2014, including the
relevant unaudited profit and loss accounts for each of such financial years and the notes and directors’ reports relating to them; 

H3G II Cost of Capital means H3G II’s cost of capital; 

H3G II Receivable has the meaning given in clause 5.2; 

H3G II Shares means the ordinary shares in the issued share capital of H3G II; 

HET has the meaning given in part (3) of the contracting parties section of the beginning of this agreement; 

HET Claim means: any claim by HET under or for a breach of this agreement, including any HET Tax Claim, any VIP Warranty Claim
and any VIP Indemnity Claim; 
 HET Contribution has the meaning given in clause 4; 

HET Damages Payment has the meaning given in paragraph 11.1(a) of Schedule 7; 

HET Disclosure Letter means the disclosure letter from HET to VIP dated the date of this agreement; 

HET Disclosure Warranty Claim means a claim by VIP the basis of which is that the HET Warranty at paragraph 31 of
Schedule 6 is, or is alleged to be, untrue, inaccurate or misleading; 
 HET Excess Recovery has the meaning given in
paragraph 11.1(d) of Schedule 7; 
 HET Fundamental Warranties means the HET Warranties set out at paragraphs: 

 

	 	(a)	1 (Ownership of the Contribution Shares) 

  

	 	(b)	2.1 (but not any other part of paragraph 2 (Subsidiaries and associates)); 

  

	 	(c)	5 (Capacity and consequences of entering into this agreement); 

  

	 	(d)	6 (Valid obligations); 

  

	 	(e)	7 (Solvency); 

  

	 	(f)	9 (Filings and consents); 

  

	 	(g)	10 (Compliance with laws); and 

  

	 	(h)	11 (Fundamental Regulatory Licences), 

 in each case of Schedule 6; 

HET Fundamental Warranty Claim means a claim by VIP the basis of which is that a HET Fundamental Warranty is, or is
alleged to be, untrue, inaccurate or misleading; 

  
 128 

 HET Group means HET and its Affiliates (excluding FinCo and, from Completion, any
Group Company); 
 HET Guarantor has the meaning given in Recital (4); 

HET H3G II Shares has the meaning given in clause 5.2; 

HET Indemnity means the indemnity contained in clause 15; 

HET Indemnity Claim means a claim by VIP under the HET Indemnity; 

HET LuxCo means HET Investments, a société anonyme existing under the laws of the Grand Duchy of
Luxembourg, having its registered office at 7, rue du Marché-aux-Herbes, registered with the Luxembourg Trade and Companies’ Register under number B 207.910;

 HET Non-Tax Warranty means the HET Warranties other than the HET Tax
Warranty; 
 HET Non-Tax Warranty Claim means a claim by VIP the basis of
which is that a HET Non-Tax Warranty is, or is alleged to be, untrue, inaccurate or misleading; 

HET Notice to Remedy has the meaning given in clause 23.3; 

HET Secondary Contribution has the meaning given in clause 6.1(a); 

HET Solicitors means Freshfields Bruckhaus Deringer LLP of 65 Fleet Street, London, EC4Y 1HS, United Kingdom; 

HET Tax Claim means any Tax Claim by HET; 

HET Tax Matters has the meaning given in clause 14.5; 

HET Tax Non-Warranty Claim means a VIP Tax Claim that is not a HET Tax
Warranty Claim; 
 HET Tax Warranty means the HET Warranty set out in paragraph 32 (Tax) of Schedule 6; 

HET Tax Warranty Claim means a claim by VIP the basis of which is that a HET Tax Warranty is, or is alleged to be,
untrue, inaccurate or misleading; 
 HET Third Party Claim has the meaning given in clause 16.1; 

HET Third Party Sum has the meaning given in paragraph 11.1(b) of Schedule 7; 

HET Title, Capacity and Compliance Warranties means the HET Warranties set out at paragraphs: 

 

	 	(a)	1 (Ownership of the Contribution Shares) 

  

	 	(b)	2.1 (but not any other part of paragraph 2 (Subsidiaries and associates)); 

  

	 	(c)	5 (Capacity and consequences of entering into this agreement); 

  

	 	(d)	6 (Valid obligations); 

  

	 	(e)	10 (Compliance with laws); and 

  

	 	(f)	11 (Fundamental Regulatory Licences), 

 in each case of Schedule 6; 

  
 129 

 HET Title, Capacity and Compliance Warranty
Claim means a claim by VIP the basis of which is that a HET Title, Capacity and Compliance Warranty is, or is alleged to be, untrue, inaccurate or misleading; 

HET Warranties means those warranties given and to be given by HET to VIP set out in Schedule 6; 

HET Warranty Claim means a claim by VIP the basis of which is that a HET Warranty is, or is alleged to be, untrue,
inaccurate or misleading; 
 HR and Remuneration Committee means the human resources and remuneration committee
of the board of H3G II established on Completion; 
 Hutchison IP Licence means the licence between Hutchison 3G
Enterprises S.à.r.l. and H3G II relating to the ‘3’ brand and other Intellectual Property Rights, in the Agreed Form; 

HWL means Hutchison Whampoa Limited; 

IFRS means the International Financial Reporting Standards as issued by the International Accounting Standards Board and as adopted by
the European Union applicable to all companies reporting under the International Financial Reporting Standards; 
 Initial
Budget has the meaning given in the Shareholders’ Deed; 
 Initial Business Plan means the business plan of
the Group for the five years (2017 to 2021) from 1 January 2017; 
 Intellectual Property Rights means all
inventions (whether patentable or not), patents, utility models, petty patents, registered designs, design rights, database rights, copyright and related rights, moral rights, semiconductor topography rights, plant variety rights, trademarks,
service marks, logos, get up, trade names, business names, domain names (in each case whether registered or unregistered), and including any applications for registration and any renewals or extensions of any of the foregoing, and, in each case, the
goodwill attaching to any of the foregoing, rights to sue for passing off or for unfair competition, all know how, confidential information and trade secrets and any rights or forms of protection of a similar nature or having equivalent or similar
effect to any of them which subsist anywhere in the world; 
 Intercompany Balances means all loan, intercompany trading, brand
licensing, international roaming and interconnect services with group companies, management services, intercompany services, facilities or other re-charge or other balances, including in respect of or
otherwise relating to Tax, owed between the members of the VIP Group, the Core Wind Group, the HET Group and/or the 3 Italia Group (as applicable) together with accrued interest (if applicable) and VAT (if applicable), including any Intercompany Tax
Balances, but excluding: 
  

	 	(a)	outstanding guarantee fees in the amount of €60,000,000 owed by the 3 Italia Group which shall be repaid immediately following Completion; 

 

	 	(b)	€5.1 billion under the Existing HET Loan to be left outstanding as at Completion in accordance with the Pre-Completion 3 Italia Reorganisation; and 

 

	 	(c)	 monthly international roaming and interconnect charges owed by members of the Wind Group to the VIP Group (in
respect of Russia and Ukraine) as at the Completion Accounts Date totalling €1.4 million (which shall be repaid prior to Completion), monthly 

  
 130 

	 	
international roaming and interconnect charges accrued as payable by members of the Wind Group to the VIP Group as at the Completion Accounts Date totalling an estimated €2.1 million
(which shall be repaid by 30 November 2016), annual international roaming and interconnect discounts accrued as payable by members of the Wind Group to members of the VIP Group as at the Completion Accounts Date totalling an estimated
€3.9 million (which shall be repaid by 30 March 2017) and annual international roaming and interconnect discounts accrued as payable by members of the VIP Group to members of the Wind Group as at the Completion Accounts Date totalling
an estimated €2.0 million (which shall be repaid by 30 March 2017); 

 Intercompany Tax
Balances means the Wind Tax Payable and the Wind Tax Receivable, provided that: 
  

	 	(a)	subject to paragraph (c), if the Wind Tax Receivable exceeds the Wind Tax Payable, the amounts due on the Completion Accounts Date shall be offset and the balance shall be treated as an Intercompany Balance to be
settled at or prior to the Completion Accounts Date in accordance with Schedule 9; 

  

	 	(b)	subject to paragraph (c), if the Wind Tax Payable exceeds the Wind Tax Receivable, the amounts due on the Completion Accounts Date shall be offset and the balance shall be treated as an Intercompany Balance to be
settled at or prior to the Completion Accounts Date in accordance with Schedule 9; and 

  

	 	(c)	if and to the extent that offset in accordance with paragraph (a), or offset and settlement in accordance with paragraph (b) (as applicable) are prohibited pursuant to any financing agreements of the Wind Group or the 3
Italia Group, the Wind Tax Payable and Wind Tax Receivable shall remain outstanding at the Completion Accounts Date to be offset or otherwise settled at the earliest permissible opportunity and to the extent permissible pursuant to clause 17.1 or
17.2, as applicable, and if the Wind Tax Payable exceeds the Wind Tax Receivable the balance shall be treated as a Debt, pursuant to paragraph (u) of the definition of Debt, for the purposes of Schedule 10; 

Interconnection Agreement means an agreement between telecoms operators relating to the interconnection of their respective
networks for the purpose of exchanging telecommunications traffic; 
 Italian Competition Authority has the meaning
given in clause 8.1; 
 Italian Income Tax Code or IITC means Decree no. 917 of 22 December 1986;

 Italian Mergers means Merger 1 and the other mergers set out in the Plan of Reorganisation; 

Key Material Contracts means the 3 Italia Key Material Contracts and the Wind Key Material Contracts; 

Laws means laws (including common law), treaties, conventions, statutes, rules, regulations, ordinances, judgments, orders and decrees
issued, entered into or promulgated by any governmental authority or any court; 
 Long Stop Date means the date falling
18 months from the date of this agreement; 
 Long-Term Incentive Plan means the terms of a long-term incentive plan for
the Group to be implemented by H3G II following Completion based on the Long-Term Incentive Plan Key Terms; 

  
 131 

 Long-Term Incentive Plan Key Terms means the presentation
summarising the key commercial terms of the Long-Term Incentive Plan in the Agreed Form; 
 Losses means all losses, damages, Costs,
expenses, fines, penalties, charges and other liabilities (including in respect of Tax) whether present or future, fixed or unascertained, actual or contingent, but excluding, without limitation, any indirect or consequential losses, loss of profit,
loss of earning, loss of opportunity and any punitive or aggravated damages; 
 LTE means Long-Term Evolution; 

Luxembourg Notary means the Luxembourg notary in front of which HET, HET LuxCo and VIP LuxCo, as shareholders of H3G II, will on
or prior to and with effect from Completion: (a) approve the VIP LuxCo Contribution; (b) appoint as additional directors of H3G II such persons as HET and VIP LuxCo nominate and approve the resignation of such existing directors of H3G II
who are to resign at Completion; and (c) adopt the Completion H3G II Articles; and (d) approve any change to the name of H3G II; 

Management Bonuses means any bonuses or other payments payable in connection with achievement of yearly targets by any Core Wind
Group Company or 3 Italia Group Company (as applicable) to its employees on an annual basis; 
 Material Adverse Effect
means any event, circumstance, effect, occurrence or state of affairs which is, or is reasonably likely to be, materially adverse to the business operations, assets, liabilities (including contingent liabilities), Properties or business or financial
conditions or results of either the Wind Group Companies or the 3 Italia Group Companies, as the case may be, taken as a whole, excluding in any such case, any event, circumstance or change resulting from: (a) a change in interest rates,
exchange rates, securities or commodity prices or in economic, business, capital markets, financial markets or political conditions generally; or (b) a change in conditions generally affecting the industry in which the relevant group operates;
or (c) changes in applicable laws or securities exchange rules, generally accepted accounting principles or official interpretation of the foregoing; or (d) a change which generally affects businesses that compete with the business of the
relevant group, except to the extent that the matters in (a), (b), (c) and (d) have an impact on the relevant group which is disproportionate to the effect on other similar companies operating in the industry; 

Material Contract means any: 
  

	 	(a)	loan or facility agreement, documents relating to the issuance of any bonds or debentures, sale and lease-back arrangement, collateral agreement, credit line, bill of exchange, overdraft facility, revolving facility or
similar instrument, interest rate swap, currency swap, other hedging instrument, finance lease and factoring arrangement, whenever (also in the aggregate) exceeding EUR 10,000,000 or equivalent; 

 

	 	(b)	security (guarantee, security interest, indemnity, mortgage, charge, pledge, etc.) granted by or in favour of any Group Company or over their assets, whenever exceeding EUR 10,000,000 or equivalent; 

 

	 	(c)	contract in force, whether verbal or written, having a value (i.e. an overall consideration calculated with reference to the entire duration of the contract), or imposing obligations effectively in an aggregate amount,
exceeding EUR 10,000,000 or equivalent; 

  

	 	(d)	 agreement concerning the communications network operations of the Group Companies and having an annual value
exceeding EUR 10,000,000 including, without limitation, (i) agreements regarding the supply or purchase of network access (MVNO, reseller or national roaming); (ii) Interconnection Agreements; (iii) voice termination agreements;
(iv) sms 

  
 132 

	 	
interworking agreements; (v) international roaming agreements that deviate from GSMA standard terms and preferential service agreements; (vi) agreements for the procurement/provision of
duct, dark fibre and IRUs; (vii) agreements for the procurement/provision of managed services, bandwidth and/or discrete wavelengths, leased lines, including their respective SLAs and maintenance agreements; (viii) agreements for the
procurement of SIM cards; (ix) contracts for the provision of call centre-services; and (x) agreements concerning the procurement of handsets devices and other apparatus to be sold via Group Companies’ internet sites and
flagship/franchisee stores; 

  

	 	(e)	agreement with content providers including all adjacent services (e.g. apps and financial services), where the consideration or the value generated thereby is in excess of EUR 2,000,000 or equivalent per year;

  

	 	(f)	agreement (i) with marketing partners or suppliers (including any advertising, media, direct marketing, new media/online, events and sponsoring agencies), inclusive of incentive payments, (ii) with other
service providers or suppliers (including film production companies, composers, photographers, actors, directors, graphic artists and similar), inclusive of incentive payments; (iii) in respect of all sponsoring activities, inclusive of
incentive payments; and (iv) of revenue-sharing, whenever, in any such case, the consideration or the value generated thereby is in excess of EUR 1,000,000 or equivalent; and 

 

	 	(g)	contract with a third party in Italy for the resale or distribution of the company’s products or services having a value higher than EUR 5,000,000; 

Material Network Effect means the commencement, continuation or implementation of actions and/or the enforcement of
decisions by the competent public authorities resulting in the imposition of fines or other material consequences with regard to the use and/or operation of 5% or more of the 3 Italia Sites or the Wind Sites, as applicable; 

MergeCo has the meaning given in the Shareholders’ Deed; 

MergeCo Articles Extract has the meaning given in the Shareholders’ Deed; 

Merger 1 means the merger of WAHF into 3 Italia, with 3 Italia as the surviving entity, in accordance with the Plan of
Reorganisation; 
 Merger Executive Committee means the merger executive committee of the board of H3G II established on
Completion; 
 Merger Integration Plan means the terms of a merger integration plan to be implemented by the Group at
Completion and to be agreed by the Shareholders pursuant to clause 19.7; 
 Merger Integration Plan Key
Terms means the presentation summarising the key commercial terms of the Merger Integration Plan in the Agreed Form; 
 NDA
means the mutual non-disclosure agreement entered into between HWL and the VIP Guarantor on 13 May 2014; 

Net Cash means Cash of the 3 Italia Group or the Core Wind Group (as applicable) less the Debt of the 3 Italia Group or the Core
Wind Group (as applicable); 
 Non-defaulting Party has the meaning given in clause
23.6(a); 

  
 133 

 Non-Fundamental 3 Italia
Group Licences means all material licences, authorisations, consents, registrations, permits or approvals required for carrying on the business of the 3 Italia Group Companies but excluding the Fundamental 3 Italia Group Licences; 

Non-Fundamental Wind Group Licences means all material licences,
authorisations, consents, registrations, permits or approvals required for carrying on the business of the Core Wind Group Companies but excluding the Fundamental Wind Group Licences; 

Notice to Remedy means a HET Notice to Remedy or a VIP Notice to Remedy; 

Parent Company means any company that in relation to another company (its Subsidiary): 

 

	 	(a)	holds a majority of the voting rights in the Subsidiary; 

  

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

  

	 	(c)	is a member of the Subsidiary and controls a majority of the voting rights in it under an agreement with the other members; or 

  

	 	(d)	has the right to exercise a dominant influence over the Subsidiary under the Subsidiary’s articles or a contract authorised by them, 

in each case whether directly or indirectly through one or more companies or other entities; 

Parties and Party have the meanings given to them in the Recitals section of this agreement; 

Permitted Encumbrance means Third Party Rights arising in the ordinary course of business or by operation of law; 

Plan of Reorganisation means the terms of a plan of reorganisation to be implemented by the Group following Completion
based on the terms of the Plan of Reorganisation Key Terms; 
 Plan of Reorganisation Key Terms means the
document summarising the key terms of the Plan of Reorganisation in the Agreed Form; 

Pre-Completion 3 Italia Reorganisation means such steps as are necessary to
achieve the corporate and debt structure of the 3 Italia Group as set out in Part 1 of Schedule 3; 

Pre-Completion Wind Reorganisation means such steps as are necessary to achieve
the corporate and debt structure of the Wind Group as set out in Part 2 of Schedule 3; 
 Preparing Party has the meaning given
in paragraph 3.3 of Part 1 of Schedule 10; 
 Previous Accounting Principles has the meaning given in paragraph 1.1 of
Part 1 of Schedule 10; 
 Production Bonuses means any bonuses or other payments payable in connection with any collective
agreement by any Core Wind Group Company or 3 Italia Group Company (as applicable) to its employees on an annual basis; 
 Prohibited
Payment has the meaning given in paragraph 10.2 of Schedule 4; 
 Properties means the 3 Italia Properties and the Wind
Properties and includes any part of each of them and Property means any of them; 

  
 134 

 Protocol means the protocol for exchange of competition sensitive information entered into
between HWL and the VIP Guarantor on 23 March 2015; 
 Rate Sheet means an agreement made between the parties to the
Interconnection Agreement as regards applicable inter-operator interconnection (termination) rates/discounts and/or traffic or payment commitments applicable within the time period specified in the agreement; 

Regulatory Authority has the meaning given in clause 8.1(b); 

Rejecting Party has the meaning given in paragraph 3.3 of Part 1 of Schedule 10; 

Relevant Percentage has the meaning given in clause 18.6; 

Relief includes, unless the context otherwise requires, any allowance, credit, deduction, exemption or set off (including, without
limitation, tax losses and excess interest expenses under Article 96(7) of the IITC) in respect of any Tax or relevant to the computation of any income, profits or gains for the purposes of any Tax, or any repayment of or saving of Tax (including
any repayment supplement, fee or interest in respect of Tax); 
 Remediation Period End Date has the meaning
given in clause 23.3; 
 Restricted Tax Action means: (i) the entry into any material agreement or settlement with
any Taxation Authority, or the rescission or termination of any such agreement or settlement that is in effect on the date of this agreement; (ii) the making, filing or amendment of any Tax Document, save to the extent consistent with the past
practice of the 3 Italia Group or the Core Wind Group, as applicable (including in relation to the use or surrender of Reliefs); or (iv) the filing of an application for, or entry into, any ruling relating to Tax; 

Retention Bonuses means any transaction or special bonuses or other payments payable in connection with implementation of the
transactions contemplated by this agreement by: 
  

	 	(a)	the Core Wind Group, to its employees, directors or executives; and 

  

	 	(b)	the 3 Italia Group, to: (i) the 3 Italia Dirigenti Employees; and/or (ii) 3 Italia Designated Employees; 

Sales Bonus means any bonuses or other payments payable in connection with sales incentives targets by any Core Wind Group
Company or 3 Italia Group Company (as applicable) to its employees on an annual, bi-annual or quarterly basis; 

Security means any document or transaction which reserves or creates a Security Interest; 

Security Interest means any interest or right which secures the payment of a debt or other monetary obligation or the compliance
with any other obligation, and includes any retention of title to any property and any right to set off or withhold payment of any deposit or other money; 

Shareholders has the meaning given in part (3) of the contracting parties section at the beginning of this agreement and
Shareholder shall be construed accordingly; 
 Shareholders’ Deed means the shareholders’ deed dated the date
of this agreement (as amended from time to time) between, amongst others, HET and VIP LuxCo in connection with the governance and operations of H3G II; 

Sites means the 3 Italia Sites and/or the Wind Sites, as applicable; 

  
 135 

 Specific Accounting Treatments has the meaning given in paragraph 1.1 of
Part 1 of Schedule 10; 
 SSEA means the amended and restated share sale and exchange agreement by and among (among others) VIP, Wind
Telecom S.p.A. and Orascom TMT Investments S.à r.l. (formerly Weather Investments II S.à r.l.) dated as of 15 April 2011; 

SSEA Indemnities means the indemnities granted by Orascom TMT Investments S.à r.l. (formerly Weather Investments II
S.à r.l.) in favour of VIP at article 10.2 of the SSEA and relating to certain withholding tax liabilities of Core Wind Group Companies attributable to a period through 2010; 

SSEA Indemnity Benefit has the meaning given in clause 24; 

SSEA Indemnity Proceedings has the meaning given in clause 24; 

Subsidiary has the meaning given to it in the definition of Parent Company; 

Tax Adjustment Notice has the meaning given in paragraph 5.1 of Part 1 of Schedule 10; 

Tax Claim means any Tax Warranty Claim, any Tax Indemnity Claim and any Tax Gross Up Claim; 

Tax Document means: (a) any return required to be made to any Taxation Authority of income, profits or gains or of any other
amounts or information relevant for the purposes of Tax, including any related accounts, computations and attachments; (b) any claim, election, surrender, disclaimer, notice, consent or other relevant filing for the purposes of Tax; and
(c) any other non-routine correspondence with any Taxation Authority; 
 Tax Gross
Up Claim means any claim under or for breach of clause 33.2, 33.3, 33.4 or 33.5; 
 Tax Indemnity Claim
means any claim under or for breach of clause 17, 18 or 27.3; 
 Tax Warranty Claim means a VIP Tax Warranty Claim or a
HET Tax Warranty Claim, as appropriate. 
 Taxation or Tax means all forms of taxation, duties, imposts and levies, whether of
the Republic of Italy, Luxembourg or elsewhere, including, without limitation, income tax (including income tax or amounts equivalent to or in respect of income tax required to be deducted or withheld from or accounted for in respect of any
payment), withholding tax, corporation tax, advance corporation tax, corporate tax (including any employment fund surcharge thereon), capital gains tax, municipal business tax, net wealth tax, inheritance tax, transcription tax, gift tax, insurance
tax, fees paid to the Luxembourg Chamber of Commerce, VAT, customs and other import or export duties, excise duties, registration tax, registration duty, stamp duty, stamp duty reserve tax, stamp duty land tax, financial transaction tax, mortgage
and cadastral tax, national insurance and social security or other similar contributions, and any interest, surcharge, penalty or fine in relation thereto, and references to payments, liabilities or amounts of Taxation or Tax
(howsoever described) shall be deemed to include references to payments, liabilities or amounts on account of or in respect of Taxation or Tax; 

Taxation Authority means any government, state or municipality or any local, state, federal or other fiscal, revenue, customs,
excise authority, office, body or official competent to impose, administer, levy, assess or collect Tax, including, without limitation, the Italian Revenue Agency (Agenzia delle Entrate), the Italian Custom Agency
(Agenzia delle Dogane), the Italian Tax Police (Guardia di Finanza), the Luxembourg Inland Revenue (Administration des contributions directes), the Luxembourg Land Registration
and Estates Department (Administration de l’enregistrement et des domaines) and the Luxembourg Customs and Excise Agency (Administration des douanes et accises).; 

  
 136 

 Terms of Reference means the terms of reference for the Audit Committee, the
terms of reference for the HR and Remuneration Committee and the terms of reference for the Merger Executive Committee; 
 Third
Party Right means any interest or equity of any person (including any right to acquire, option or right of pre-emption or conversion) or any mortgage, charge, pledge, lien, assignment,
hypothecation, security interest, title retention or any other security agreement or arrangement, or any agreement to create any of the above; 

Transaction Documents means this agreement, the Shareholders’ Deed, the Completion H3G II Articles, the Completion FinCo
Articles, Hutchison IP Licence and all other documents referred to in, or ancillary to, those documents to which VIP, HET or any VIP Group Company is a party; 

Transaction Taxes has the meaning given in 27.3; 

Unconditional Date has the meaning given in 9.3; 

VAT means: 
  

	 	(a)	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 

 

	 	(b)	any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere;

 VIP has the meaning given in Recital (1); 

VIP Claim means any claim by VIP under this agreement, including any VIP Tax Claim, any HET Warranty Claim and any HET Indemnity
Claim; 
 VIP Damages Payment has the meaning given in paragraph 11.1(a) of Schedule 5; 

VIP Disclosure Letter means the disclosure letter from VIP to HET dated the date of this agreement; 

VIP Disclosure Warranty Claim means a claim by HET the basis of which is that the VIP Warranty at paragraph 31 of
Schedule 4 is, or is alleged to be, untrue, inaccurate or misleading; 
 VIP Dormant Company Indemnity
Claim means any claim under or for a breach of clause 12(b); 
 VIP Excess Recovery has the meaning given in
paragraph 11.1(d) of Schedule 5; 
 VIP Fundamental Warranties means the VIP Warranties set out at paragraphs: 

 

	 	(a)	1 (Ownership of the Contribution Shares); 

  

	 	(b)	2.1 (but not any other part of paragraph 2 (Subsidiaries and associates)); 

  

	 	(c)	5 (Capacity and consequences of entering into this agreement); 

  

	 	(d)	6 (Valid obligations); 

  
 137 

	 	(e)	7 (Solvency); 

  

	 	(f)	9 (Filings and consents); 

  

	 	(g)	10 (Compliance with laws); and 

  

	 	(h)	11 (Fundamental Regulatory Licences), 

 in each case of Schedule 4, provided that references in
the VIP Warranty at paragraph 2.1 of Schedule 4 to the “Wind Group Companies” shall be deemed to be references to the “Core Wind Group Companies” only for the purposes of this definition; 

VIP Fundamental Warranty Claim means a claim by HET the basis of which is that a VIP Fundamental Warranty is, or is
alleged to be, untrue, inaccurate or misleading; 
 VIP Group means VIP and its Affiliates (excluding FinCo and, from
Completion, any Group Company); 
 VIP Guarantor has the meaning given in Recital (2); 

VIP H3G II Shares means the H3G II Shares to be issued by H3G II to VIP at Completion in accordance with clause
5.2; 
 VIP Indemnity means any of the indemnities contained in clause 12; 

VIP Indemnity Claim means a claim by HET under any VIP Indemnity; 

VIP Litigation Indemnity Claim means any claim under or for a breach of clause 12(a); 

VIP LuxCo means VimpelCom Luxembourg Holdings S.à r.l., a société à
responsabilitée limitée incorporated under the laws of the Grand Duchy of Luxembourg having its registered office at 18-20 rue Edward Steichen-L-2540, Luxembourg, Grand Duchy of Luxembourg registered with the Luxembourg trade and companies register under number B199019, a wholly-owned subsidiary of VIP; 

VIP LuxCo Contribution has the meaning given in clause 5.1; 

VIP LuxCo Receivable means an interest free on-demand receivable due from VIP
LuxCo to HET in an amount equal to 50% of the Existing HET Loan, documented by way of a promissory note; 
 VIP LuxCo
Secondary Contribution has the meaning given in clause 6.1(b); 
 VIP Notice to Remedy has the
meaning given in clause 23.3; 
 VIP Solicitors means Allen & Overy LLP of One Bishops Square, London, E1 6AD, United
Kingdom; 
 VIP Tax Claim means a Tax Claim by VIP; 

VIP Tax Matters has the meaning given in clause 11.5; 

VIP Tax Non-Warranty Claim means a HET Tax Claim that is not a VIP Tax
Warranty Claim; 
 VIP Tax Warranty means the VIP Warranty set out in paragraph 32 of Schedule 4; 

  
 138 

 VIP Tax Warranty Claim means a claim by HET the basis of which is
that a VIP Tax Warranty is, or is alleged to be, untrue, inaccurate or misleading; 
 VIP Third Party Claim has
the meaning given in clause 13.1; 
 VIP Third Party Sum has the meaning given in paragraph 11.1(b) of Schedule
5; 
 VIP Title, Capacity and Compliance Warranties means the VIP Warranties set out at paragraphs:

  

	 	(a)	1 (Ownership of the Contribution Shares); 

  

	 	(b)	2.1 (but not any other part of paragraph 2 (Subsidiaries and associates)); 

  

	 	(c)	5 (Capacity and consequences of entering into this agreement); 

  

	 	(d)	6 (Valid obligations); 

  

	 	(e)	10 (Compliance with laws); and 

  

	 	(f)	11 (Fundamental Regulatory Licences), 

 in each case of Schedule 4, provided that references in
the VIP Warranty at paragraph 2.1 of Schedule 4 to the “Wind Group Companies” shall be deemed to be references to the “Core Wind Group Companies” only for the purposes of this definition; 

VIP Title, Capacity and Compliance Warranty Claim means a claim by HET the basis of which is
that a VIP Title, Capacity and Compliance Warranty is, or is alleged to be, untrue, inaccurate or misleading; 
 VIP Warranties
means those warranties given and to be given by VIP to HET set out in Schedule 4; 
 VIP Warranty Claim means a claim by
HET the basis of which is that a VIP Warranty is, or is alleged to be, untrue, inaccurate or misleading; 
 WAHF means WIND
Acquisition Holdings Finance S.p.A. a joint stock company incorporated under the laws of Italy having its registered office at Via Cesare Giulio Viola 48 – 00148 – Rome (RM), Italy registered with the Companies’ Register of Rome under
REA RM–1105755 and fiscal code 08607091009; 
 WAHF Consideration has the meaning given in clause 5.2; 

WAHF Shares means the 43,162,100 ordinary shares without nominal value in the share capital of WAHF; 

Weather Capital means Weather Capital S.à r.l., a societé á responsabilité
limitée incorporated under the laws of the Grand Duchy of Luxembourg having its registered office at 18-20 rue Edward Steichen L-2540, Luxembourg, Grand
Duchy of Luxembourg registered with the Luxembourg trade and companies register under number B98414; 
 Wholly-Owned Subsidiary
means each of the Core Wind Group Companies and the 3 Italia Group Companies (other than H3G II); 

  
 139 

 Wind Accounts means: 

 

	 	(a)	the audited balance sheets of the Core Wind Group Companies as at 31 December of 2012, 2013 and 2014, including the relevant audited profit and loss accounts for each such financial year; and 

 

	 	(b)	the audited consolidated balance sheets of the Core Wind Group as at those dates, including the relevant audited consolidated profit and loss accounts for each such financial year, 

and in all cases the notes and directors’ reports relating to them; 

Wind Accounts Date means 31 December 2014; 

Wind Adjustment Statement has the meaning given in paragraph 5.2 of Part 1 of Schedule 10; 

Wind Completion Statement has the meaning given in paragraph 3.1 of Part 1 of Schedule 10; 

Wind Data Room means the Wind Physical Data Room and the Wind Virtual Data Room; 

Wind Dormant Companies means the following: 
  

	 	(a)	Wind Acquisition Finance II SA; 

  

	 	(b)	Wind Finance SL SA; 

  

	 	(c)	Wind Acquisition Holdings Finance SA; and 

  

	 	(d)	Wind Acquisition Holdings Finance II SA, 

 and Wind Dormant Company means
any of them; 
 Wind Estimated Adjustment has the meaning given in clause 7.5; 

Wind Estimated Net Cash means the estimate of what Net Cash of the Core Wind Group will be at the Completion
Accounts Date as set out in the Wind Estimates provided in accordance with clause 7.3(b); 
 Wind Estimated Net
Cash Shortfall has the meaning given in clause 7.5(a); 
 Wind Estimated Working Capital means the
estimate of what Working Capital of the Core Wind Group will be at the Completion Accounts Date as set out in the Wind Estimates provided in accordance with clause 7.3(b); 

Wind Estimated Working Capital Shortfall has the meaning given in clause 7.5(b); 

Wind Estimates has the meaning given in clause 7.3(b); 

Wind Executive means Maximo Ibarra; 

Wind Facilities Agreement means the senior facilities agreement originally dated 24 November 2010 (as amended and/or
restated by an amendment agreement dated 20 December 2010, an amendment agreement dated 3 May 2011, a supplemental agreement dated 21 October 2011, a consent request letter dated 9 March 2012, an amendment letter dated
7 November 2012, and an amendment agreement dated 3 April 2014, as further amended on 23 April 2014; 
 Wind
Final Adjustment has the meaning given in paragraph 4.3 of Part 1 of Schedule 10; 

  
 140 

 Wind Final Net Cash means the Net Cash of the Core Wind Group at the
Completion Accounts Date as agreed by HET and VIP or determined by the Firm (as applicable) in accordance with Part 1 of Schedule 10; 

Wind Final Net Cash Shortfall has the meaning given in paragraph 4.3 of Part 1 of Schedule 10; 

Wind Final Working Capital means the Working Capital of the Core Wind Group at the Completion Accounts Date as
agreed by HET and VIP or determined by the Firm (as applicable) in accordance with Part 1 of Schedule 10; 
 Wind Final
Working Capital Shortfall has the meaning given in paragraph 4.3 of Part 1 of Schedule 10; 
 Wind
Financing Documents means the documents provided in folder 3 of the Wind Virtual Data Room; 
 Wind Group means
the Core Wind Group and the Wind Minority Companies, collectively, and Wind Group Company means any of them; 

Wind Intercompany Agreement has the meaning given in paragraph 14.1 of Schedule 4; 

Wind IPRs has the meaning given in paragraph 26.1 of Schedule 4; 

Wind IT Agreements has the meaning given in paragraph 27(a) of Schedule 4; 

Wind Key Material Contracts means all agreements: 

 

	 	(a)	contained in folder 4.1 SCT of the Wind Virtual Data Room; 

  

	 	(b)	listed in document 4.6 SCT of the Wind Virtual Data Room; 

  

	 	(c)	listed in document 4.11.1 SCT of the Wind Virtual Data Room; 

  

	 	(d)	contained in folder 4.11 SCT of the Wind Virtual Data Room (with the sole exception of those included in folder 4.11.2.2); 

  

	 	(e)	contained in folder 7.2.12 SCT of the Wind Virtual Data Room; 

  

	 	(f)	contained in folder 4.12 SCT of the Wind Virtual Data Room; and 

  

	 	(g)	included in the Wind Data Room with respect to which Galata S.p.A. or Smartowers Italy S.r.l. are a party, 

and any other agreement which is critical to the operation of the business of the Core Wind Group Companies as carried out at the date of this
agreement; 
 Wind Management Accounts has the meaning given in paragraph 19 of Schedule 4; 

Wind Minority Companies means the following: 
  

	 	(a)	Consel-Consorzio ELIS a.r.l.; 

  

	 	(b)	Galata S.p.A.; 

  

	 	(c)	Janna S.C.a.r.l.; 

  
 141 

	 	(d)	MIX S.r.l.; 

  

	 	(e)	QXN Società Consortile per Azoni; and 

  

	 	(f)	Dono Per S.C.a.r.l., 

 and Wind Minority Company means any of them; 

Wind Parent Guarantee means a Guarantee given by a member of the VIP Group other than the Wind Group to secure the
performance of a member of the Wind Group; 
 Wind Physical Data Room means the material and information on the
Wind Group made available by VIP to HET Solicitors in the physical data room held with the Italian office of the VIP Solicitors, one physical copy of which was made available to the HET Solicitors between the period of 11 May 2015 to
20 May 2015; 
 Wind Properties means the following properties (and includes any part of each of them); 

 

	 	(a)	the real estate property located in Rome, via Carlo Veneziani 56 (as leased as of the date of this agreement by virtue of the lease agreement with GE The real estate Italia S.r.l.); 

 

	 	(b)	the real estate property located in Rome, via Carlo Veneziani 56, (building L) (as leased as of the date of this agreement by virtue of the lease agreement with A& Costruzioni S.r.l.); 

 

	 	(c)	the real estate property located in Rome, via G.C. Viola 34, 36, 48 (as leased as of the date of this agreement by virtue of the lease agreement with Fabrica Immobiliare SGR S.p.A.); 

 

	 	(d)	the real estate property located in Rho (Milan), Nuovo Polo Fieristico (as leased as of the date of this agreement by virtue of the lease agreement with Fondazione Ente Autonomo Fiera Internazionale di Milano);

  

	 	(e)	the real estate property located in Palermo, piazzale Girolamo Li Causi 1-2-3 (as leased as of the date of this agreement by virtue of the
lease agreement with Immobiliare Glorioso S.r.l.); 

  

	 	(f)	the real estate property located in Rome, via Casalinuovo 8 (as leased as of the date of this agreement by virtue of the lease agreement with Casalinuovo Properties S.r.l.); and 

 

	 	(g)	the real estate property located in Ivrea (Turin), via Jervis 73-77 (as leased as of the date of this agreement by virtue of the lease agreement with Prelios S.p.A.);

 Wind Quarterly Update has the meaning given in clause 7.2(b); 

Wind Retail means Wind Retail S.r.l.; 

Wind Scheme Documents means, in relation to a Wind Scheme, full particulars of all the benefits to be provided by that
Wind Scheme; 
 Wind Schemes means all the mandatory and/or complementary pension and/or healthcare schemes joined by the
employees of any of the Core Wind Group Companies; 
 Wind Senior Managers means the holders of each of the following
positions in respect of the Core Wind Group: Chief Executive Officer, Chief Financial Officer, Chief Technology Officer, Chief Commercial Officer, Strategy and Procurement Director, Human Resource Director, Internal Auditing Director, Regulatory,
Antitrust, Privacy and Wholesale Affairs Director, Legal Affairs Director and Public Relations Director; 

  
 142 

 Wind Sites means those sites where the Core Wind Group locates network
infrastructure, whether owned, leased, licensed by a Core Wind Group Company or on which the equipment is hosted by a third party; 

Wind Systems has the meaning given in paragraph 27 of Schedule 4; 

Wind Target Net Cash means minus €10,420,000,000 (comprising targets of €119,000,000 for Cash and
€10,539,000,000 for Debt); 
 Wind Target Working Capital means minus €480,000,000; 

Wind Tax Agreement means the tax sharing agreement as in force on the date of this agreement and relating to the Wind Tax
Group details of which are set out in section 15.1.2 of the Wind Virtual Data Room; 
 Wind Tax Group means the Italian
corporate income tax group formed by WAHF, Wind TS, Wind Retail and Wind Telecom, with Wind Telecom as the parent company; 
 Wind
Tax Payable any outstanding liabilities or amounts due to Wind Telecom from any Core Wind Group Company under the Wind Tax Agreement; 

Wind Tax Receivable means any outstanding liabilities or amounts due to any Core Wind Group Company under the Wind Tax
Agreement, including the EUR86 million receivable for the transfer of Reliefs by WAHF to Wind Telecom under the Wind Tax Agreement; 

Wind Telecom means Wind Telecom S.p.A or any of its successors (and for this purpose, for the avoidance of doubt,
“successor” includes, in any case where Wind Telecom S.p.A (or any of its successors) merges into any other entity under the laws of any jurisdiction in such a manner that Wind Telecom S.p.A (or any of its successors) ceases to exist, the
surviving entity after that merger); 
 Wind TS means Wind Telecomunicazioni S.p.A; 

Wind Virtual Data Room means the material and information on the Wind Group (except the contracts and agreements
located in folder 4.12.2) made available by VIP to the HET Guarantor and its advisers in the electronic data room held with Merrill (including both “clean team” and “super clean team” material and information as well as the
Q&A materials), one digital copy of which has been provided to each of the HET Solicitors and the VIP Solicitors as at the time on 3 August 2015 stated on such digital copy; and 

Working Capital means, in relation to each of the Core Wind Group or the 3 Italia Group, as applicable their aggregate working
capital, comprising their inventory, trading receivables, trading payables, other receivables and other payables (including other current assets and liabilities and any irrecoverable VAT or other indirect Taxes arising in respect thereof), on a
consolidated basis and without duplication, excluding any item included in the definitions of Cash or Debt. 
  

	2.	In this agreement: 

  

	 	(a)	references to a person include bodies corporate and an unincorporated association of persons; 

  

	 	(b)	references to an individual include his estate and personal representatives; 

  

	 	(c)	subject to clause 31, references to a Party to this agreement include references to the successors and assigns (immediate or otherwise) of that Party; 

  
 143 

	 	(d)	a person shall be deemed to be connected with another if that person is connected with that other within the meaning of section 1122 of the Corporation Tax Act 2010 (as in force at the date of this agreement);

  

	 	(e)	references to a transfer of a share include the disposal of any interest in that share (including the creation of any security interest or other third party right over any interest in that share and any renouncement in
favour of another person of any right to the allotment or transfer of that share); 

  

	 	(f)	the words including and include shall mean including without limitation and include without limitation, respectively; 

  

	 	(g)	the singular shall include the plural and vice versa, and any reference importing a gender includes the other gender; 

  

	 	(h)	any reference to a time of day is to London time unless otherwise stated, references to a specific time of day will be made in 24-hour time notation and any reference to a day
means a period of 24 consecutive hours starting at 00:00; 

  

	 	(i)	any reference to € or EUR is to Euro; 

  

	 	(j)	any reference to writing includes typing, printing, lithography and photography but excludes any form of electronic communication; 

  

	 	(k)	any reference to a document is to that document as amended, varied or novated from time to time otherwise than in breach of this agreement or that document; and 

 

	 	(l)	any reference in connection with Tax to income, profits or gains earned, accrued or received on or before a particular date or in respect of a particular period shall include income, profits
or gains which for Tax purposes are deemed to have been or are treated or regarded as earned, accrued or received on or before that date or in respect of that period. 

 

	3.	In this agreement, any reference, express or implied, to an enactment includes: 

  

	 	(a)	that enactment as re-enacted, amended, extended or applied by or under any other enactment (before, on or after the signature of this agreement); 

 

	 	(b)	any enactment which that enactment re-enacts (with or without modification); and 

  

	 	(c)	any subordinate legislation made (before, on or after the signature of this agreement) under any enactment, as re-enacted, amended, extended or applied as described in paragraph
(a) above, or under any enactment referred to in paragraph (b) above, 

 provided that no such enactment or
subordinate legislation made after the date of this agreement shall increase the liability of any Party under this agreement, and enactment includes any legislation in any jurisdiction. 

 

	4.	Any statement (other than the VIP Tax Warranty) qualified by the expression so far as VIP is aware or any similar expression shall be deemed only to be made on the basis of the
actual knowledge, at the date of this agreement, of the following persons and shall carry no requirement to make enquiries of any other person (save that the reference to awareness in the warranty at paragraph 31 of Schedule 4 shall not be limited
by this provision): 

  

	 	(a)	Maximo Ibarra 

  

	 	(b)	Giuseppe Gola 

  
 144 

	 	(c)	Mark Shalaby 

  

	 	(d)	Romano Righetti 

  

	 	(e)	Valerio Marra 

  

	 	(f)	Nicola Grassi 

  

	 	(g)	Andrew Davies 

  

	 	(h)	Scott Dresser 

  

	 	(i)	David Dobbie 

  

	 	(j)	Geza Negy 

  

	5.	Any statement in the VIP Tax Warranty qualified by the expression so far as VIP is aware or any similar expression shall be deemed only to be made on the basis of the actual
knowledge, at the date of this agreement, of the following persons and shall carry no requirement to make enquiries of any other person: 

  

	 	(a)	Giuseppe Gola 

  

	 	(b)	Filippo Annibaldi 

  

	 	(c)	Giovanni Vivona 

  

	 	(d)	Rob Leemans 

  

	 	(e)	Bart Kuper 

  

	6.	Any statement (other than the HET Tax Warranty) qualified by the expression so far as HET is aware or any similar expression shall be deemed only to be made on the basis of the
actual knowledge, at the date of this agreement, of the following persons and shall carry no requirement to make enquiries of any other person (save that the reference to awareness in the warranty at paragraph 31 of Schedule 6 shall not be limited
by this provision): 

  

	 	(a)	Frank Sixt 

  

	 	(b)	Stefano Invernizzi 

  

	 	(c)	Dina Ravera 

  

	 	(d)	Fabio Missori 

  

	 	(e)	Antongiulio Lombardi 

  

	 	(f)	Antonella Ambriola 

  

	 	(g)	Robert Eckert 

  

	 	(h)	Steven Allen 

  

	 	(i)	Grant Stevenson 

  

	 	(j)	Susan Buttsworth 

  
 145 

	7.	Any statement in the HET Tax Warranty qualified by the expression so far as HET is aware or any similar expression shall be deemed only to be made on the basis of the actual
knowledge, at the date of this agreement, of the following persons and shall carry no requirement to make enquiries of any other person: 

  

	 	(a)	Stefano Invernizzi 

  

	 	(b)	Marco Fella 

  

	 	(c)	Gianfranco Manenti 

  

	 	(d)	Guy Ellis 

  

	 	(e)	Kaushal Tikku 

  

	8.	Words and expressions defined in the Companies Act 2006 (as amended) have the same meaning in this agreement unless otherwise defined. 

 

	9.	If there is any conflict or inconsistency between a term in the body of this agreement and a term in any of the schedules or any other document referred to or otherwise incorporated in this agreement, the term in the
body of this agreement shall take precedence. 

  

	10.	The eiusdem generis rule does not apply to this agreement. Accordingly, specific words indicating a type, class or category of thing do not restrict the meaning of general words following such specific
words, such as general words introduced by the word other or a similar expression. Similarly, general words followed by specific words shall not be restricted in meaning to the type, class or category of thing indicated by such specific
words. 

  

	11.	A reference in this agreement to any English legal term for any action, remedy, method or form of judicial proceeding, legal document, court or any other legal concept or matter will be deemed to include a reference to
the corresponding or most similar legal term in any jurisdiction other than England, to the extent that such jurisdiction is relevant to the transactions contemplated by this agreement or the terms of this agreement. 

 

	12.	Paragraphs 1 to 11 above apply unless the contrary intention appears. 

  
 146 

 SIGNATORIES 

VIP 
  

									
	 EXECUTED as a deed by

VIMPELCOM AMSTERDAM B.V
	  		 	 )
 )

)
	  		 	  

Authorised signatory

									
	Witness’s Signature	 	  
	 		 		 	
					
	Name:	 	  
	 		 		 	
	Address:	 	  
	 		 		 	
		 	  
	 		 		 	

 VIP Guarantor 
  

									
	 EXECUTED as a deed by

VIMPELCOM LTD.
	  		 	 )
 )

)
	  		 	  

Authorised signatory

									
	Witness’s Signature	 	  
	 		 		 	
					
	Name:	 	  
	 		 		 	
					
	Address:	 	  
	 		 		 	
					
		 	  
	 		 		 	

  
 147 

 HET 
  

							
	EXECUTED by	 	 )
 )

)
 )

)
 )

)
 )
	  		 	
		 	  		 	
		 	  		 	
		 	  		 	
		 	  		 	
	 HUTCHISON EUROPE
 TELECOMMUNICATIONS
S.À R.L.
	 	  		 	
	Acting by:	 	  		 	  

		 	  		 	Director

 HET Guarantor 
  

							
	EXECUTED by	 	 )
 )

)
 )

)
 )

)
	  		 	
		 	  		 	
		 	  		 	
		 	  		 	
	CK HUTCHISON HOLDINGS LIMITED	 	  		 	
	Acting by:	 	  		 	  

		 	  		 	Director

 H3G II 
  

							
	EXECUTED by	 	 )
 )

)
 )

)
 )

)
 )
	  		 	
		 	  		 	
		 	  		 	
		 	  		 	
		 	  		 	
	HUTCHISON 3G ITALY 
INVESTMENTS S.À R.L.	 	  		 	
	Acting by:	 	  		 	  

		 	  		 	Director

  
 148 

 FINCO 
  

							
	GIVEN under the common seal of VIP-CKH IRELAND LIMITED and DELIVERED as a DEED	 	 )
 )
	  		 	  

Director

  
 149EX-4.5

 Exhibit 4.5 

AMENDMENT AND RESTATEMENT DEED 

relating to the 

SHAREHOLDERS’ DEED 

DATED ...4... NOVEMBER 2016 

By and between 

HUTCHISON 3G ITALY INVESTMENTS S.à R.L. 

and 
 HET INVESTMENTS
S.A. 
 and 

VIMPELCOM LUXEMBOURG HOLDINGS S.à R.L. 

and 
 HUTCHISON EUROPE
TELECOMMUNICATIONS S.à R.L. 
 and 

VIMPELCOM LTD. 
 and

 CK HUTCHISON HOLDINGS LIMITED 
  

 
 0102103-0000029 CO:28315309.1 

 CONTENTS 
  

							
	Clause	  	 	  	Page	 
	1.	  	 Definitions and Interpretation
	  	 	3	 
	2.	  	 Amendments
	  	 	4	 
	3.	  	 Miscellaneous
	  	 	5	 
	4.	  	 Jurisdiction
	  	 	5	 
	5.	  	 Governing Law
	  	 	6	 
		
	Signatories	  			

  

							
	Schedule	  	 	  	Page	 
	1.	  	 Statutory Auditors for MergeCo and each other Group Company (other than Wind Acquisition Finance
S.A.)
	  	 	14	 
	2.	  	 Amended and Restated Shareholders’ Deed
	  	 	16	 

  

					
		  		  	0102103-0000029 CO:28315309.1

 THIS DEED is made on ...4... November 2016 

BETWEEN: 
  

	(1)	HUTCHISON 3G ITALY INVESTMENTS S.à R.L., a sociėtė à responsabilitė limitėe incorporated under the laws of
the Grand Duchy of Luxembourg having its registered office at 7, rue du Marché-aux-Herbes, L-1728 Luxembourg, Grand Duchy of Luxembourg registered with the
Luxembourg trade companies register under number B77457 (the Company); 

  

	(2)	HET INVESTMENTS S.A., a société anonyme existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 7, rue du
Marché-aux-Herbes, registered with the Luxembourg Trade and Companies’ Register under number B 207.910 (HET LuxCo); 

 

	(3)	VIMPELCOM LUXEMBOURG HOLDINGS S.à R.L., a sociėtė à responsabilitė limitėe incorporated under the laws of
the Grand Duchy of Luxembourg having its registered office at 15, rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg registered with the Luxembourg trade companies register under number B199019
(VIP); 

  

	(4)	HUTCHISON EUROPE TELECOMMUNICATIONS S.à R.L., a sociėtė à responsabilitė limitėe incorporated under the laws
of the Grand Duchy of Luxembourg having its registered office at 7, rue du Marché-aux-Herbes, L-1728 Luxembourg, Grand Duchy of Luxembourg registered with the
Luxembourg trade companies under number B74649 (HET); 

  

	(5)	VIMPELCOM LTD., an exempted company limited by shares incorporated under the laws of Bermuda having its registered office at Victoria Place, 31 Victoria Street, Hamilton HM 10, Bermuda registered with the
Registrar of Companies in Bermuda under number 43271 and having its principal executive offices at Claude Debussylaan 88, 1082 MD, Amsterdam, the Netherlands (VIP Guarantor); and 

 

	(6)	CK HUTCHISON HOLDINGS LIMITED., an exempted company incorporated under the laws of the Cayman Islands whose principal place of business is 7th Floor, Cheung Kong Center, 2 Queen’s Road Central, Hong Kong
registered with the Registrar of Companies in the Cayman Islands under number MC-294571 (HET Guarantor). 

BACKGROUND: 
  

	(A)	On 6 August 2016, the Company, VIP, HET, the VIP Guarantor and the HET Guarantor entered into a shareholders’ deed (the Shareholders’ Deed). 

 

	(B)	On 26 October 2016, HET LuxCo executed a deed of adherence to the Shareholders’ Deed which was agreed and acknowledged by the Company, HET, VIP, the VIP Guarantor and the HET Guarantor (the HET LuxCo Deed
of Adherence). 

  

	(C)	The parties wish to make certain amendments to the Shareholders’ Deed. 

 IT IS AGREED as follows:

  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Unless otherwise defined in this deed or the context requires otherwise, words and expressions used in this deed have the meanings and constructions ascribed to them in the Shareholders’ Deed. 

  

					
		  	3	  	0102103-0000029 CO:28315309.1

	1.2	Save to the extent otherwise stated herein, this deed shall be construed in accordance with the interpretation and construction provisions set out in Schedule 11 (Definitions and Interpretation) of the
Shareholders’ Deed. 

  

	1.3	In this deed, unless the contrary intention appears, a reference to a clause, subclause, paragraph, or schedule is a reference to a clause, subclause, paragraph, or schedule of or to this deed. The schedules form part
of this deed. 

  

	1.4	The headings in this deed do not affect its interpretation. 

  

	2.	AMENDMENTS 

  

	2.1	The parties agree that: 

  

	 	(a)	the Shareholders’ Deed shall be amended and restated in the form of the amended and restated shareholders’ deed set out in Schedule 2 of this deed (the Amended and Restated Shareholders’ Deed) with
immediate effect; 

  

	 	(b)	the Amended and Restated Shareholders’ Deed shall supersede and replace the Shareholders’ Deed in its entirety with immediate effect; and 

 

	 	(c)	the Amended and Restated Shareholders’ Deed shall be without prejudice to paragraphs 3 to 5 of the HET LuxCo Deed of Adherence which shall continue in full force and effect. 

 

	2.2	Notwithstanding paragraphs 1 and 2(f) of Schedule 9 (Subsidiary Governance Provisions) of the Amended and Restated Shareholders’ Deed, the parties further agree that, during the period from the Effective
Date to the date on which the financial statements for the period ended 31 December 2018 are approved by shareholder resolution (the Initial Period), the board of statutory auditors of MergeCo and each other Group Company (other than
Wind Acquisition Finance S.A.) shall be composed in accordance with Schedule 1 of this deed. Following expiry of the Initial Period, the provisions of Schedule 9 of the Amended and Restated Shareholders’ Deed shall apply in respect of the
appointment of the statutory auditors. 

  

	2.3	For the purposes of Clause 8.1 of the Amended and Restated Shareholders’ Deed, each Major Shareholder gives notice of its approval with effect at and from the Effective Date of: 

 

	 	(a)	the payment or settlement of the intercompany payables referred to at paragraph (t)(i) of the definition of ‘Debt’ in Schedule 13 (Definitions and Interpretation) of the Contribution and
Framework Agreement; 

  

	 	(b)	the payment or settlement of the intercompany payables referred to at paragraph (t)(ii) of the definition of ‘Debt’ in Schedule 13 (Definitions and Interpretation) of the Contribution and
Framework Agreement) but only up to the amounts specified in paragraph (c) of the definition of ‘Intercompany Balances’ in Schedule 13 (Definitions and Interpretation) of the Contribution and Framework Agreement;

  

	 	(c)	the payment of the employee related costs referred to at paragraph (x) of the definition of ‘Debt’ in Schedule 13 (Definitions and Interpretation) of the Contribution and Framework
Agreement; and 

  

	 	(d)	the payment or settlement of the liabilities referred to at paragraph (y) of the definition of ‘Debt’ in Schedule 13 (Definitions and Interpretation) of the Contribution and Framework
Agreement, to the extent such payment or settlement thereof is agreed or contemplated by the Contribution and Framework Agreement to be made after the Effective Date. 

  

					
		  	4	  	0102103-0000029 CO:28315309.1

	2.4	This deed shall constitute a written variation in accordance with clause 29.1 (Amendment) of the Shareholders’ Deed. 

  

	3.	MISCELLANEOUS 

  

	3.1	The parties agree that this deed is a Transaction Document for the purposes of the Amended and Restated Shareholders’ Deed and the Contribution and Framework Agreement. 

 

	3.2	Clauses 28 (Notices) and 29 (General) of the Amended and Restated Shareholders’ Deed shall apply to this deed mutatis mutandis as if set out herein in full with references in those clauses to
“this deed” being construed as references to this deed. 

  

	4.	JURISDICTION 

  

	4.1	Governing law of this clause 

 This clause 4 is governed by English law. 

 

	4.2	Jurisdiction 

 The English courts have exclusive jurisdiction to settle any Dispute and
each party irrevocably submits to the exclusive jurisdiction of the English courts and waives any objection to the exercise of that jurisdiction. 
  

	4.3	Service of process agent 

 Without prejudice to any other method of service permitted by
law: 
  

	 	(a)	the Company shall, as soon as reasonably practicable, appoint a person (who is not a member or Affiliate of the Group or the VIP group or the HET group), and upon such appointment shall notify the other parties of such
appointment; 

  

	 	(b)	each of VIP and the VIP Guarantor irrevocably appoint Law debenture Corporate Services Limited of 5th Floor, Wood Street, London, EC2V 7EX, England; and 

 

	 	(c)	each of HET and the HET Guarantor irrevocably appoints Hutchison Whampoa Agents (UK) Limited of Hutchison House, 5 Hester Road, London SW11 4AN, United Kingdom, 

in each case as its agent in England and Wales for service of process and any other documents in relation to any Dispute. Subject to clause
4.4, each party irrevocably undertake not to revoke its agent’s authority; and any claim form, judgment or other notice of legal process shall be sufficiently served on such party if delivered to its agent at its address for the time being.

  

	4.4	Alternative service of process agent 

 If any person appointed as process agent under
clause 4.3 is unable for any reason to so act, the relevant party shall immediately (and in any event within ten Business Days of the event taking place) appoint another agent in England and Wales for service of process in relation to any Dispute
and notify the other parties of such appointment. Failing this, any other party may appoint another process agent for this purpose at the relevant party’s expense. 

  

					
		  	5	  	0102103-0000029 CO:28315309.1

	4.5	Failure to notify by process agent 

 Each party agrees that failure by a process agent to
notify it of any process will not invalidate the relevant proceedings. 
  

	5.	GOVERNING LAW 

 This deed and any non-contractual
obligations arising out of or in connection with it are governed by English law. 
 THIS DEED has been executed by the parties (or their duly
authorised representatives) on the date stated at the beginning of this deed. 

  

					
		  	6	  	0102103-0000029 CO:28315309.1

 SIGNATORIES 
  

					
	 EXECUTED as a deed by
	  	)	  	
	 HUTCHISON 3G ITALY INVESTMENTS S.à R.L
	  	)	  	
		  	)	  	
	/s/ Neil McGee	  		  	
	Signature of director	  		  	
	  

Neil McGee, Manager
	  		  	
	 Name of director
	  		  	

 [H3GII SHA Amendment and restatement deed] 

											
	EXECUTED as a deed by	 		  	)	 		 	
	VIMPELCOM LUXEMBOURG HOLDINGS 	 		  	)	 		 	 /s/ Richard James

	S.à R.L.	 		 		  	)	 		 	Authorised signatory
						
	Witness’s Signature	 	 /s/ A. Oemrawsingh
	 		  		 		 	
	Name:	 	A. Oemrawsingh	 		  		 		 	
	Address:	 	Apollolaan 15	 		  		 		 	
		 	1077 AB Amsterdam	 		  		 		 	
		 	the Netherlands	 		  		 		 	

 [H3GII SHA Amendment and restatement deed] 

											
	EXECUTED as a deed by	 		 	)	 		 	
	VIMPELCOM LUXEMBOURG HOLDINGS	 		 	)	 		 	 /s/ David Dobbie

	S.à R.L.	 		 	)	 		 	Authorised signatory
						
	Witness’s Signature	 	 /s/ A. Oemrawsingh
	 		 		 		 	
	Name:	 	A. Oemrawsingh	 		 		 		 	
	Address:	 	Apollolaan 15	 		 		 		 	
		 	1077 AB Amsterdam	 		 		 		 	
		 	the Netherlands	 		 		 		 	

 [H3GII SHA Amendment and restatement deed] 

			
	 EXECUTED as a deed by
 HUTCHISON
EUROPE TELECOMMUNICATIONS
 S.à R.L.
	 	 )
 )

)
 )

		
	 /s/ Thomas Geiger
	 	
	Signature of director	 	
		
	 Thomas Geiger, Manager
	 	
	Name of director	 	

 [H3GII SHA Amendment and restatement deed] 

							
	 EXECUTED as a deed by 

VIMPELCOM LTD.
	  	)
 )
 )
	  	 /s/ Andrew Davies

Authorised signatory
	  	

  

					
	Witness’s Signature	 	 /s/ Giovanna de Beij
	  	
	Name:	 	Giovanna de Beij	  	
	Address:	 	Claude Debussylaan 88	  	
		 	1082 MD Amsterdam	  	
		 	the Netherlands	  	

 [H3GII SHA Amendment and restatement deed] 

					
	 EXECUTED as a deed by
 CK
HUTCHISON HOLDINGS LIMITED
	  	)
 )
	  	

  

					
	 /s/ Frank Sixt
	  		  	 /s/ Edith Shih

	Signature of director	  		  	Signature of company secretary
			
	 Frank Sixt
	  		  	 Edith Shih

	Name of director	  		  	Name of company secretary

 [H3GII SHA Amendment and restatement deed] 

					
	 EXECUTED as a DEED by
 HET
INVESTMENTS S.A.
	  	)
 )
	  	

  

					
	 /s/ Neil McGee
	  		  	 /s/ Thomas Geiger

	Signature of director	  		  	Signature of director
			
	 Neil McGee, Manager
	  		  	 Thomas Geiger, Manager

	Name of director	  		  	Name of director

 [H3GII SHA Amendment and restatement deed] 

 SCHEDULE 1 

STATUTORY AUDITORS FOR MERGECO AND EACH OTHER GROUP COMPANY (OTHER 

THAN WIND ACQUISITION FINANCE S.A.) 
  

									
	 Company
	  	 Statutory Auditor (nominator)
	  	 Fee

	1.	  	 3Italia
 (Wind Tre Italia spA)
	  	 Statutory Auditors (“SA”):

•    Marcello Romano, chairman (CKHH)

•    Giancarlo Russo Corvace (VIP)

•    Maurizio Paterno’ (VIP)

Deputy Statutory Auditors (“DSA”):

•    Andrea Pirola (CKHH)

•    Luca Occhetta (CKHH)
	  	 Chairman:
 Each SA:

Each DSA:
	  	 €80,000
 €50,000

None

					
	2.	  	WAHF	  	 Statutory Auditors (“SA”):

•    Marcello Romano, chairman (CKHH)

•    Giancarlo Russo Corvace (VIP)

•    Maurizio Paterno’ (VIP)

Deputy Statutory Auditors (“DSA”):

•    Andrea Pirola (CKHH)

•    Luca Occhetta (CKHH)
	  	 Chairman:
 Each SA:

Each DSA:
	  	 €6,500
 €4,000

None

					
	3.	  	 H3G
 (Wind Tre SpA)
	  	 Statutory Auditors (“SA”):

•    Giancarlo Russo Corvace, chairman (VIP)

•    Marcello Romano (CKHH)

•    Luca Occhetta (CKHH)

Deputy Statutory Auditors (“DSA”):

•    Maurizio Paterno’ (VIP)

•    Roberto Colussi (VIP)
	  	 Chairman:
 Each SA:

Each DSA:
	  	 €110,000
 €55,000

None

					
	4.	  	Wind	  	 Statutory Auditors (“SA”):

•    Giancarlo Russo Corvace, chairman (VIP)

•    Marcello Romano (CKHH)

•    Luca Occhetta (CKHH)

Deputy Statutory Auditors (“DSA”):

•    Maurizio Paterno’ (VIP)

•    Roberto Colussi (VIP)
	  	 Chairman:
 Each SA:

Each DSA:
	  	 €6,500
 €4,000

None

					
	5.	  	Tre Elettronica Industriale SpA	  	 Statutory Auditors (“SA”):

•    Giancarlo Russo Corvace, chairman (VIP)

•    Marcello Romano (CKHH)

•    Luca Occhetta (CKHH)

Deputy Statutory Auditors (“DSA”):

•    Maurizio Paterno’ (VIP)

•    Roberto Colussi (VIP)
	  	 Chairman:
 Each SA:

Each DSA:
	  	 €20,000
 €10,000

None

									
					
	6.	  	Wind Retail Srl	  	 Statutory Auditors (“SA”):

•    Marcello Romano, chairman (CKHH)

•    Giancarlo Russo Corvace (VIP)

•    Maurizio Paterno (VIP)

Deputy Statutory Auditors (“DSA”):

•    Andrea Pirola (CKHH)

•    Luca Occhetta (CKHH)
	  	 Chairman:
 Each SA:

Each DSA:
	  	 €20,000
 €10,000

None

 SCHEDULE 2 

AMENDED AND RESTATED SHAREHOLDERS’ DEED 

 SHAREHOLDERS’ DEED 

DATED 6 AUGUST 2015 

AS AMENDED AND RESTATED ON 4 NOVEMBER 2016 

By and between 

HUTCHISON 3G ITALY INVESTMENTS S.à R.L. 

(to be renamed as VIP-CKH LUXEMBOURG S.à R.L.) 

and 
 VIMPELCOM
LUXEMBOURG HOLDINGS S.à R.L. 
 and 

HUTCHISON EUROPE TELECOMMUNICATIONS S.à R.L. 

and 
 VIMPELCOM LTD.

 and 
 CK
HUTCHISON HOLDINGS LIMITED 
 and 

HET INVESTMENTS S.A. 
  

 

							
		  	 CONTENTS
  
	  			
	Clause	  	Page	 
			
	 1.
	  	 Definitions and Interpretation
	  	 	5	 
	 2.
	  	 Effective Date
	  	 	5	 
	 3.
	  	 Business and Objectives
	  	 	5	 
	 4.
	  	 Compliance with and Precedence of this Deed
	  	 	6	 
	 5.
	  	 Board Composition and Corporate Governance
	  	 	6	 
	 6.
	  	 Governance and Management
	  	 	11	 
	 7.
	  	 Merger Integration Provisions
	  	 	14	 
	 8.
	  	 Reserved Matters
	  	 	14	 
	 9.
	  	 Conflict of Interests
	  	 	14	 
	 10.
	  	 Business Plans, Budgets and Distribution Policy
	  	 	16	 
	 11.
	  	 Information Rights
	  	 	18	 
	 12.
	  	 Compliance
	  	 	20	 
	 13.
	  	 Funding and Issues of Securities
	  	 	20	 
	 14.
	  	 Restrictions on Disposal
	  	 	22	 
	 15.
	  	 Right of First Offer
	  	 	27	 
	 16.
	  	 General Provisions Relating to Issue and Transfer of Shares
	  	 	32	 
	 17.
	  	 Warranties
	  	 	32	 
	 18.
	  	 Compliance with Law
	  	 	33	 
	 19.
	  	 Buy-Sell Agreement
	  	 	34	 
	 20.
	  	 Delegation of Authority
	  	 	37	 
	 21.
	  	 Branding, Separation, Intra-Group Arrangements
	  	 	38	 
	 22.
	  	 Waiver of Right to Seek Liquidation
	  	 	41	 
	 23.
	  	 Protective Covenants
	  	 	41	 
	 24.
	  	 Term and Termination
	  	 	43	 
	 25.
	  	 Confidentiality
	  	 	45	 
	 26.
	  	 VIP Guarantee
	  	 	47	 
	 27.
	  	 HET Guarantee
	  	 	49	 
	 28.
	  	 Notices
	  	 	50	 
	 29.
	  	 General
	  	 	52	 
	 30.
	  	 Invalid Terms
	  	 	54	 
	 31.
	  	 Jurisdiction
	  	 	54	 
	 32.
	  	 Governing Law
	  	 	55	 

									
	Schedule	 	 	  	 	  	Page	 
			
	 1.
	 	 The Company
	  	 	56	 
	 2.
	 	 Agreed Fundamental Business Objectives
	  	 	57	 
	 3.
	 	 Board Meetings
	  	 	58	 
	 4.
	 	 Shareholder Meetings
	  	 	60	 
	 5.
	 	 Merger Integration Provisions
	  	 	61	 
		 	 Part 1        
	  	 Management
	  	 	61	 
		 	 Part 2        
	  	 Detailed roles and responsibilities of the CEO and the Merger Integration Officer
	  	 	64	 
	 6.
	 	 Reserved Matters
	  	 	66	 
		 	 Part 1
	  	 Matters Requiring Major Shareholder Approval
	  	 	66	 
		 	 Part 2
	  	 Matters Requiring Board Approval
	  	 	69	 
	 7.
	 	 Form of Deed of Adherence
	  	 	72	 
	 8.
	 	 Form of Buy-Sell Notice
	  	 	74	 
	 9.
	 	 Subsidiary Governance Provisions
	  	 	75	 
	 10.
	 	 Trigger Event Provisions
	  	 	77	 
	 11.
	 	 Definitions and Interpretation
	  	 	88	 
		
	 Signatories
	  	 	103	 
		
	 Documents in the Agreed Form
	  			
			
	 1.
	 	 Audit Committee Terms of Reference
	  	 	109	 
	 2.
	 	 HR & Remuneration Committee Terms of Reference
	  	 	109	 
	 3.
	 	 Merger Executive Committee Terms of Reference
	  	 	109	 
	 4.
	 	 Advisory Board Terms of Reference
	  	 	109	 
	 5.
	 	 Basis of preparation of the consolidated financial statements
	  	 	109	 
	 6.
	 	 MD Delegation
	  	 	109	 
	 7.
	 	 MergeCo Articles Extract
	  	 	109	 

  

 THIS DEED is made on 6 August 2015 (as amended on 4 November 2016) 

BETWEEN: 
  

	(1)	HUTCHISON 3G ITALY INVESTMENTS S.à R.L., a sociėtė à responsabilitė limitėe incorporated under the laws of
the Grand Duchy of Luxembourg having its registered office at 7, rue du Marché-aux-Herbes, L-1728 Luxembourg, Grand Duchy
of Luxembourg registered with the Luxembourg trade companies register under number B77457 (the Company); 

  

	(2)	VIMPELCOM LUXEMBOURG HOLDINGS S.à R.L., a sociėtė à responsabilitė limitėe incorporated under the laws of
the Grand Duchy of Luxembourg having its registered office at 15, rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg registered with the Luxembourg trade companies register under number B199019
(VIP); 

  

	(3)	HUTCHISON EUROPE TELECOMMUNICATIONS S.à R.L., a sociėtė à responsabilitė limitėe incorporated under the laws
of the Grand Duchy of Luxembourg having its registered office at 7, rue du Marché-aux-Herbes, L-1728 Luxembourg, Grand
Duchy of Luxembourg registered with the Luxembourg trade companies under number B74649 (HET); 

  

	(4)	VIMPELCOM LTD., an exempted company limited by shares incorporated under the laws of Bermuda having its registered office at Victoria Place, 31 Victoria Street, Hamilton HM 10, Bermuda registered with the
Registrar of Companies in Bermuda under number 43271 and having its principal executive offices at Claude Debussylaan 88, 1082 MD, Amsterdam, the Netherlands (VIP Guarantor); 

 

	(5)	CK HUTCHISON HOLDINGS LIMITED., an exempted company incorporated under the laws of the Cayman Islands whose principal place of business is 7th Floor, Cheung Kong Center, 2 Queen’s Road Central, Hong Kong
registered with the Registrar of Companies in the Cayman Islands under number MC-294571 (HET Guarantor); and 

  

	(6)	HET INVESTMENTS S.A., a société anonyme existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 7, rue du Marché-aux-Herbes, registered with the Luxembourg Trade and Companies’ Register under number B 207.910 (HET LuxCo). 

BACKGROUND: 
  

	(A)	Details of the Company are set out in Schedule 1. 

  

	(B)	The parties (other than HET LuxCo) entered into a Shareholders’ Deed on 6 August 2015. HET LuxCo executed a deed of adherence to the Shareholders’ Deed on 26 October 2016. The parties wished to make
certain changes to that Shareholders’ Deed and therefore entered into an Amendment and Restatement Deed relating to the Shareholders’ Deed on the date stated above as the date on which this deed was amended. This deed (as amended and
restated) takes effect on the Effective Date and continues until terminated in accordance with its terms. 

  

	(C)	The parties have agreed that the Company and its Subsidiaries from time to time (the Group) are to be owned, controlled, managed and financed on the terms set out in this deed. 

 

	(D)	The Company, VIP, the VIP Guarantor, HET and the HET Guarantor entered into the Contribution and Framework Agreement on or about the date of this deed in order, among other things, for VIP and HET to create a joint
venture whereby VIP and HET directly own the Company. 

  

	(E)	The VIP Guarantor is the ultimate holding company of VIP and is willing to guarantee the obligations of VIP under this deed. 

  
 4 

	(F)	The HET Guarantor is the ultimate holding company of HET and is willing to guarantee the obligations of HET under this deed. 

  

	(G)	In consideration of the mutual promises of each of the parties and the contributions they undertake to make and have made to the Business, the parties agree to enter into this deed to govern their relationship and to
set out and agree upon the governance arrangements of the Group. 

 IT IS AGREED as follows: 

 

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	In addition to terms defined elsewhere in this deed, the definitions and other provisions in Schedule 11 apply throughout this deed. 

 

	1.2	In this deed, unless the contrary intention appears, a reference to a clause, subclause, paragraph, or schedule is a reference to a clause, subclause, paragraph, or schedule of or to this deed. The schedules form part
of this deed. 

  

	1.3	The headings in this deed do not affect its interpretation. 

  

	2.	EFFECTIVE DATE 

  

	2.1	Subject to clause 2.2 below, this deed shall take effect on and from, and have no force or effect until, the Effective Date. 

  

	2.2	Schedule 10 shall take effect on a Trigger Event Date in accordance with clause 24.5(d). 

  

	3.	BUSINESS AND OBJECTIVES 

  

	3.1	Business of the Group 

 The Group is to own and carry on the Business in accordance with
the provisions of this deed and the Company shall not, and shall procure that each other Group Company does not, carry on any other business apart from the Business, unless otherwise approved by the Shareholders in accordance with clause 8.1. 

 

	3.2	Objectives of the Group 

  

	 	(a)	The parties acknowledge and agree that the primary objective and the key governing principle of the Company is to increase the equity value of the Group (the Overriding Objective). 

 

	 	(b)	In order to achieve the Overriding Objective, each Shareholder undertakes to use all its voting powers as a Shareholder and such other powers and rights available to that Shareholder from time to time so as to ensure
and procure (insofar as it is able to do so in the exercise of such powers and rights), and the Company shall procure, that the Group is at all times operated in accordance with the Agreed Fundamental Business Objectives (set out in Schedule 2).

  

	3.3	Development of the Business of the Group 

 The parties will discuss in good faith further
opportunities to develop the Business. The implementation of any such opportunity will be subject to approval by the Shareholders in accordance with clause 8.1. 

  
 5 

	3.4	Management and control of the Company 

 The management and control of the Company shall
be exercised in Luxembourg and the Shareholders shall use all reasonable endeavours to ensure that the Company is treated for all purposes, including taxation, as resident in Luxembourg. 

 

	4.	COMPLIANCE WITH AND PRECEDENCE OF THIS DEED 

  

	4.1	General undertaking 

 Each Shareholder shall exercise all powers and rights available to
that Shareholder as a holder of Shares and such other rights and powers available to that Shareholder from time to time in order to give effect to the provisions of this deed and to ensure that the Company complies with each of its respective
obligations under this deed and procure that the provisions of this deed concerning any Group Company are given effect. References in this deed to the Shareholders procuring that the Company (and each Group Company) performs its obligations are to
be interpreted accordingly. 
  

	4.2	Deed prevails over Articles 

 Each Shareholder agrees that if any provision of the
Articles or the articles of association or equivalent foundation document of any other Group Company at any time conflicts or is inconsistent with the provisions of this deed, provided that such provisions of this deed do not conflict with and are
not inconsistent with any applicable law: (i) the provisions of this deed are to prevail between the parties to the extent of the conflict or inconsistency, (ii) the Articles and/or the articles of association or equivalent of any other
Group Company will be taken to be read and interpreted accordingly, and (iii) the Articles and/or the articles of association or equivalent of any other Group Company shall be amended to the maximum extent permitted in accordance with clause
4.3. 
  

	4.3	Amendments to Articles 

 For the entire duration of this deed, the Articles and the
articles of association or equivalent of each other Group Company shall be and shall remain in accordance with the provisions of this deed (as may be amended from time to time) to the maximum extent permitted by applicable law. 

 

	5.	BOARD COMPOSITION AND CORPORATE GOVERNANCE 

  

	5.1	Number of Directors 

 The number of Directors shall, from time to time, be eight. 

 

	5.2	Appointment and replacement of Directors 

 Each of the Major Shareholders (each an
Appointer) may each from time to time: 
  

	 	(a)	propose for appointment four Directors; and 

  

	 	(b)	propose the replacement of any or all of the Directors proposed by it in accordance with paragraph (a) above by notice in writing sent to the Company and to the other Directors, as further specified in clause 5.4,

 provided that the Major Shareholders undertake that they shall not propose for appointment a Director who is ineligible to
be a director under any applicable law or any provision of the Articles or is a Sanctioned Person and shall promptly take all steps necessary to replace any Director who becomes ineligible or a Sanctioned Person. 

  
 6 

	5.3	Removal of Directors 

  

	 	(a)	Notwithstanding any other provision of this deed, a person will be removed as a Director (in accordance with clause 5.5) and, if applicable, a director of each Group Company if the person is, or becomes, ineligible to
be a Director under any applicable law or any provision of the Articles or is, or becomes, a Sanctioned Person. 

  

	 	(b)	Notwithstanding any other provision of this deed, a Director will be removed as a Director (in accordance with clause 5.5) and, if applicable, a director of each Group Company if such Director’s Appointer ceases to
be (i) a party to this deed; or (ii) a Major Shareholder. 

  

	 	(c)	The Appointer shall indemnify the Company against any Loss arising as a result of or in connection with its Director’s removal from office. 

 

	5.4	Process for appointment and removal of Directors 

 To propose the appointment or removal
of a Director under this deed, an Appointer shall give written notice (the Director Notice) to the Company and the other Directors specifying the identity of the person it wishes to propose for appointment or removal. The Director Notice:

  

	 	(a)	in the case of an appointment, shall state the name and address of the relevant Director, and be accompanied by a signed written consent from that person agreeing to act as a Director; and 

 

	 	(b)	in the case of a removal, shall state the name of the Director that it wishes to have removed from office, and should (if reasonably practicable) be accompanied by a signed written resignation from that person
acknowledging that they have no claim to the maximum extent permitted by law against any Group Company in respect of fees, remuneration, compensation for loss of office or otherwise and the Appointer shall use reasonable endeavours to procure the
same. 

  

	5.5	Shareholders’ meeting to appoint and remove Directors, and voting undertaking 

  

	 	(a)	Upon receipt of a Director Notice, the Company must convene an urgent general meeting of its Shareholders solely for the purpose of the appointment and/or a removal of a Director pursuant to the Director Notice served
in accordance with clause 5.4 (an Urgent Shareholders’ Meeting) as soon as possible. 

  

	 	(b)	Each of the Major Shareholders irrevocably undertakes to attend the Urgent Shareholders’ Meeting and authorises and grants the Appointer full power to exercise all rights in relation to the authorising Major
Shareholder’s Shares in its absolute discretion, including (but not limited to): 

  

	 	(i)	receiving notice, attending and voting at any Urgent Shareholders’ Meeting or signing any resolution as the registered holder of the Shares; and/or 

 

	 	(ii)	completing and returning proxy cards, consents to short notice and any other documents required to be signed by the registered holder of the Shares, 

for the sole purpose of the appointment and/or removal of a Director nominated by the Appointer pursuant to the Director Notice in accordance
with this clause 5 and clause 20. 
  

	 	(c)	If for any reason the authority granted under paragraph (b) above does not result in the other Shareholder being able to appoint and/or remove any Directors, each of the Major Shareholders undertakes to vote in
favour of any appointment of the relevant Director(s) or removal of the relevant Director(s) by the Appointer in accordance with this clause 5. 

  
 7 

	5.6	Chairman 

  

	 	(a)	The Board shall from the Effective Date have a chairman (the Chairman). The right to propose the appointment and replacement of the Chairman will rotate between each Major Shareholder every eighteen months
following the Effective Date. HET has the right to propose for appointment and replacement one of its Directors as the Chairman of the Board for the first eighteen months following the Effective Date and VIP has the right to propose for appointment
and replacement one of its Directors as Chairman for the next eighteen months immediately following. 

  

	 	(b)	The Chairman of the Board shall have a Casting Vote provided that: 

  

	 	(i)	the Chairman shall only be entitled to exercise such Casting Vote as required (in his/her reasonable opinion) to assure the continuity of the business and affairs of the Group in accordance with this deed and such
Casting Vote supports the Overriding Objective and is not contrary to either the Agreed Fundamental Business Objectives (set out in Schedule 2) or the Business Plan and the Major Shareholder proposing the Chairman for appointment shall use their
reasonable endeavours to procure that in exercising such Casting Vote the Chairman acts in a manner that (in the Chairman’s reasonable opinion) is in accordance with this deed and supports the Overriding Objective and is not contrary to either
the Agreed Fundamental Business Objectives (set out in Schedule 2) or the Business Plan; 

  

	 	(ii)	such Casting Vote can never be exercised in connection with any matter arising out of or in relation to the Company making a determination of any kind whatsoever relating to a Disposal of Stapled Interests, including
without limitation whether: (A) a Disposal of Stapled Interests is in breach of this deed and/or the Articles; and (B) to register a Disposal of Stapled Interests when any question exists over such Disposal having been in breach of either
this deed or the Articles; 

  

	 	(iii)	such Casting Vote can never be exercised in connection with any matter arising out of or in relation to the Company making any decisions of any kind whatsoever relating to a Commitment; and 

 

	 	(iv)	for the avoidance of doubt, such Casting Vote can never be exercised: (A) so as to appoint, remove or replace a CEO or a Merger Integration Officer; or (B) so as to vary the role of the CEO as set out in
clause 6.2. 

  

	5.7	Board meetings 

 Unless otherwise approved by Board Approval, meetings of the Board shall
be held and conducted in accordance with the provisions of Schedule 3. 
  

	5.8	Audit Committee 

 The Board shall from the Effective Date establish and maintain an audit
committee (the Audit Committee) for the purpose of considering and, unless the Board determines otherwise, making recommendations to the Board in relation to financial and audit matters in respect of the Group. Its membership shall consist of
an even number of Directors, with an equal number nominated by each Major Shareholder. The right to appoint and remove the chairman of the Audit Committee will rotate between the Major Shareholders every eighteen months following the Effective Date.
VIP has 

  
 8 

 
the right to appoint and replace one of its Directors as chairman of the Audit Committee for the first eighteen months following the Effective Date and HET has the right to appoint and replace
one of its Directors as chairman of the Audit Committee for the next eighteen months immediately following. The quorum for a meeting of the Audit Committee is the presence in person, or by proxy, representative or attorney, of at least two of its
members, of whom at least one shall be an HET nominee and at least one shall be a VIP nominee. The Audit Committee shall operate in accordance with the Audit Committee Terms of Reference. 

 

	5.9	HR and Remuneration Committee 

 The Board shall from the Effective Date establish and
maintain a human resources and remuneration committee (the HR & Remuneration Committee) for the purpose of considering and, unless the Board determines otherwise, making recommendations to the Board in relation
to human resources and remuneration matters in respect of the Group. Its membership shall consist of an even number of Directors, with an equal number nominated by each Major Shareholder. The right to appoint and remove the chairman of the
HR & Remuneration Committee will rotate between the Major Shareholders every eighteen months following the Effective Date. VIP has the right to appoint and replace one of its Directors as chairman of the HR & Remuneration Committee
for the first eighteen months following the Effective Date and HET has the right to appoint and replace one of its Directors as chairman of the HR & Remuneration Committee for the next eighteen months immediately following. The quorum for a
meeting of the HR & Remuneration Committee is the presence in person, or by proxy, representative or attorney, of at least two of its members, of whom at least one shall be an HET nominee and at least one shall be a VIP nominee. The
HR & Remuneration Committee shall operate in accordance with the HR & Remuneration Committee Terms of Reference. 
  

	5.10	Other committees of the Board 

 The Board may establish and maintain other committees as
it sees fit from time to time. 
  

	5.11	Decisions of committees of the Board 

  

	 	(a)	Decisions of committees of the Board or other corporate bodies or sub-formations thereof of the Company, including, without limitation, the Audit Committee and the HR &
Remuneration Committee, shall be taken unanimously by those present, and in the event of any disagreement between members of any such committee of the Board, such matter shall be referred to the Board for decision. 

 

	 	(b)	Unless the Board specifically delegates authority, powers and/or duties to a committee of the Board or other corporate bodies or sub-formations thereof of the Company, then no
decision of a committee of the Board or other corporate bodies or sub-formations thereof of the Company shall have a binding effect on any Shareholder, on any Directors, on the Company, any other Group Company
or their management. 

  

	5.12	Advisory Board 

 The Major Shareholders shall establish and maintain a standing body of
expert advisers consisting of four appointees (the Advisory Board) having appropriate business sector and country experience and seniority. All members of the Advisory Board shall at all times be agreed by the Major Shareholders, and each
Major Shareholder shall be entitled to nominate an equal number of candidates for consideration. A Director may not be appointed as a member of the Advisory Board. Members of the Advisory Board shall serve for a 12 month term. Renewal of the term of
or replacement of an Advisory Board member shall require approval of the Major Shareholders. Compensation for an Advisory Board member shall be up to €300,000 per annum plus reasonable 

  
 9 

 
expenses, subject to any other agreement by the Major Shareholders from time to time in accordance with clause 8.1. The Major Shareholders shall use reasonable endeavours to procure that the
Advisory Board meets as necessary in advance of all meetings of the Board and of certain meetings of committees of the Board. The Advisory Board shall be provided with all necessary information materials relating to the business and affairs of the
Group subject to appropriate confidentiality arrangements and conflicting interest restrictions being established and maintained by members of the Advisory Board to the satisfaction of the Board and shall provide the Shareholders and Directors with
their advice in respect of all matters relating to the business and affairs of and the best interests of the Group. Shareholders and the Directors may also submit any other matters on which they feel advice of the Advisory Board or any member(s)
thereof may be helpful to them. The Advisory Board shall have no authority to decide any matter and its advice shall have no binding effect on the Shareholders, on any Directors appointed by them, on the Company or any Group Company or their
management. 
  

	5.13	Monthly Chairman’s Review Meetings 

 In addition to meetings of committees of the
Board, the chairman of the Board shall convene an informal monthly meeting, the attendees for which shall be the Chairman, the anticipated successor to the Chairman at the next rotation in accordance with clause 5.6(a) (as determined by the relevant
Major Shareholder appointing such successor Chairman) and Senior Management (and during the Merger Integration Period the attendees shall also include those persons identified in paragraph 3.1 of Schedule 5) (the Monthly Chairman’s Review
Meetings). The purpose of the Monthly Chairman’s Review Meetings shall be to review both the financial and operating performance of the Group and to progress the Merger Integration Plan so as to bring forward for immediate and timely Board
decision any matters requiring decision in order to progress the Business Plan and/or to achieve the Agreed Fundamental Business Objectives (set out in Schedule 2). 
  

	5.14	Location of Committee meetings 

  

	 	(a)	Subject to paragraph 3.1 of Schedule 5 and (b) below, all meetings of the Audit Committee, the HR & Remuneration Committee and all other committees established by the Board are to be held in Luxembourg and
a majority of committee members must be physically present at such committee meetings unless the Chairman (or the chairman of the relevant Board committee, as the case may be) and a Director (or committee member, as the case may be) whose
appointment was proposed by the Shareholder that did not propose or appoint the Chairman (or chairman of the committee, as the case may be) agree. 

  

	 	(b)	So far as practicable, the Monthly Chairman’s Review Meetings and the Advisory Board meetings are to be held in Luxembourg. 

  

	5.15	Remuneration for Directors and committee members 

 Unless otherwise agreed by the Major
Shareholders, compensation for each Director, and compensation for each member of the Audit Committee and for each member of the HR & Remuneration Committee, shall be €20,000 per annum, provided that such compensation for any single
individual shall not exceed €20,000 per annum, plus reasonable travel and accommodation expenses. All such compensation and expenses shall be borne by the Company. 
  

	5.16	Shareholder meetings 

 Shareholder meetings shall be held and conducted in accordance
with the provisions of Schedule 4. 

  
 10 

	5.17	Shareholder obligations vis-à-vis nominees 

The Shareholders agree to cause their respective Directors and nominees to any committee of the Board or other organ of the Group to take into
account the Overriding Objective and the Agreed Fundamental Business Objectives (set out in Schedule 2) when exercising their voting rights as Directors provided always that no Director shall be required to act in breach of his/her fiduciary duties
or other applicable duties as a director or other laws. The Shareholders agree to cause their respective Directors to discharge their fiduciary duties as directors of the Company solely in the best interests of the Company and the Group (as
applicable) and in a manner consistent with maintaining the highest standards of conduct in the Company’s and the Group’s businesses (as applicable) together with best practices under generally accepted corporate governance and corporate
social responsibility standards. 
  

	5.18	Board observers 

 A Shareholder may, with the prior written consent of each Major
Shareholder (such consent not to be unreasonably withheld), appoint an observer (an Observer). Once appointed and subject to applicable law, an Observer is given, and is entitled to access to, the same documents and information as a Director
and is entitled to receive notice of and attend, but not to vote or (unless approved by each Major Shareholder) speak at meetings of the Board. This right extends to meetings of committees of the Board. Any Observer must keep confidential all
information and documents received in their capacity as Observer, on terms consistent with clause 25 (Confidentiality) and laws applicable to a manager. An Observer shall not be entitled to be reimbursed by the Company in respect of any
travel, subsistence and accommodation expenses incurred by the Observer in attending meetings of the Board or any committee of the Board unless otherwise agreed by each Major Shareholder. 

 

	6.	GOVERNANCE AND MANAGEMENT 

  

	6.1	Board responsibilities and obligations 

  

	 	(a)	Subject to the Shareholder Reserved Matters, the Articles and all applicable laws and regulations, the business of the Company shall be managed by the Board, including all Board Reserved Matters. 

 

	 	(b)	Subject to paragraph (a) above, the Board: 

  

	 	(i)	is responsible for the overall strategic guidance of the Group and for overseeing the Group’s internal controls; and 

  

	 	(ii)	shall ensure that the business of the Group is managed in accordance with this deed, the Articles, the Overriding Objectives and the Agreed Fundamental Business Objectives (as set out in Schedule 2). 

 

	6.2	CEO and Managing Director of MergeCo 

 The Shareholders agree that the CEO of MergeCo,
pursuant to the terms and conditions of the employment agreement dated on or about of this deed (or such other terms and conditions to which the Shareholders have subsequently given their prior written consent prior to the Effective Date), shall
also be the managing director (amministratore delegato) for the Group Companies incorporated in Italy, of MergeCo and the other Group Companies owned, directly or indirectly, by MergeCo (the MD), with the powers and authorities set out
in the MD Delegation (which will be granted to the MD by the board of directors’ meeting of the relevant company). 

  
 11 

	6.3	MergeCo Board roles and responsibilities 

  

	 	(a)	Subject to the MergeCo Reserved Matters, MergeCo Articles, the MD Delegation and all applicable laws and regulations, the business of MergeCo shall be managed by the MergeCo Board. 

 

	 	(b)	Subject to clause 6.1(b) and paragraph (a) above, the MergeCo Board: 

  

	 	(i)	is responsible for the overall strategic guidance of the MergeCo Group and for overseeing the MergeCo Group’s internal controls; and 

 

	 	(ii)	shall ensure that the business of the MergeCo Group is managed in accordance with this deed, the MergeCo Articles, the Overriding Objective and the Agreed Fundamental Business Objectives (as set out in Schedule 2).

  

	 	(c)	All decision making in respect of the MergeCo Reserved Matters will be escalated to the Company for consideration and final determination in accordance with the Reserved Matters and the provisions of this deed.

  

	6.4	MD’s responsibilities and obligations 

 Subject to the MergeCo Reserved Matters, the
MergeCo Articles, the provisions of applicable laws and clauses 6.1 and 6.3 above, the MD, in his capacity as MD and/or CEO (as applicable), shall manage the Business and affairs of the MergeCo Group in accordance with the MD Delegation and, if
applicable, the CEO’s duties and responsibilities. 
  

	6.5	CEO’s and the Merger Integration Officer’s responsibilities and obligations 

Part 2 of Schedule 5 details the roles and responsibilities of the CEO and the Merger Integration Officer during the Merger Integration Period.

  

	6.6	CEO Board attendance 

 The CEO shall be invited to attend all Board meetings to present
on the performance of the MergeCo Group. At the request of any Director, the CEO may be required to “step-out” of or not attend any Board meeting. The Board, in its absolute discretion, may provide
the CEO with relevant Board meeting materials relating to the business of the MergeCo Group prior to such Board meetings. For the avoidance of doubt, the CEO shall not be entitled to vote at such Board meetings nor be counted towards any Board
meeting quorum requirements. 
  

	6.7	MergeCo Board Composition 

  

	 	(a)	The number of MergeCo Directors shall, from time to time, be three. 

  

	 	(b)	The Company shall from time to time take all necessary steps for: 

  

	 	(i)	the appointment as a MergeCo Director of one Director or other nominee representative of each Major Shareholder of the Company as nominated by the relevant Major Shareholder (the Shareholder Nominated MergeCo
Directors); and 

  

	 	(ii)	 the replacement of such Shareholder Nominated MergeCo Directors as proposed by the relevant Major Shareholder who
nominated the MergeCo Director in accordance with paragraph (i) above), 

  
 12 

	 	
provided that the Company undertakes that it shall not cause the appointment of a Shareholder Nominated MergeCo Director who is ineligible to be a director under any applicable law or any
provision of the MergeCo Articles or is a Sanctioned Person, and in each case shall promptly take all steps necessary to replace any Shareholder Nominated MergeCo Director who becomes ineligible or a Sanctioned Person. 

 

	 	(c)	The other MergeCo Director shall be the CEO. 

  

	 	(d)	The Company shall procure that (i) the Shareholder Nominated MergeCo Directors and the CEO are formally appointed on the Effective Date as MergeCo Directors at a shareholder meeting (or, if and to the extent
allowed under applicable law, by way of written resolution) and (ii) the CEO is appointed as MD at a MergeCo Board’s meeting, all the preceding in accordance with the MergeCo Articles. 

 

	 	(e)	The MergeCo Board shall have a chairman (the MergeCo Chairman). The Company shall procure to appoint as the MergeCo Chairman the relevant Shareholder Nominated MergeCo Director who represents the Major
Shareholder that proposed for appointment the then Chairman of the Company (and for the same term as the Chairman of the Company). The MergeCo Chairman shall not have a Casting Vote.

 

	 	(f)	In accordance with the MergeCo Articles: 

  

	 	(i)	any MergeCo Director may require items to be included on an agenda of any meeting of the MergeCo Board; 

  

	 	(ii)	the quorum for the MergeCo Board to validly deliberate is the presence (as described in the MergeCo Articles) of both Shareholder Nominated MergeCo Directors (the MergeCo Board Quorum); 

 

	 	(iii)	if the MergeCo Board Quorum is not present at a meeting of the MergeCo Board, within 30 minutes of the time appointed for the start of the meeting, the meeting will be adjourned to a second call, on the date, time and
place indicated in the notice of call. If the MergeCo Board Quorum is not present at the meeting on second call (seconda convocazione) within 30 minutes of the time appointed for the start of the meeting, the meeting will be adjourned to a
third call (terza convocazione), on the date, time and place indicated in the notice of call. The quorum for the meeting of the MergeCo Board adjourned to the third call (terza convocazione) shall be the presence of any two MergeCo
Directors; 

  

	 	(iv)	any decisions of the MergeCo Board in the event of a MergeCo Board Quorum (other than approval of the draft annual financial statements of MergeCo, which will require a simple majority vote) will require an affirmative
vote of both the Shareholder Nominated MergeCo Directors. Without prejudice to the foregoing, if, on any matter considered by a MergeCo Board Quorum, the Shareholder Nominated MergeCo Directors do not affirmatively vote in favour or against a
decision, no decision will be taken by the MergeCo Board of that matter; and 

  

	 	(v)	any decisions of the MergeCo Board in the event of a quorum of any two MergeCo Directors in accordance with paragraph (iii) above (i.e. the MergeCo Board adjourned to the third call (terza
convocazione)), will require the affirmative vote of any two MergeCo Directors. 

  
 13 

	6.8	Subsidiary Governance provisions 

 Details of further governance arrangements relating to
Group Companies owned, directly or indirectly, by MergeCo (the Subsidiary Governance Provisions) are set out in Schedule 9. 
  

	7.	MERGER INTEGRATION PROVISIONS 

 The Merger Integration Provisions shall apply during the
Merger Integration Period. 
  

	8.	RESERVED MATTERS 

  

	8.1	Matters requiring Shareholder Approval 

 Each Shareholder undertakes to exercise all its
voting powers as a Shareholder and the Company undertakes to exercise all its respective powers and rights so as to procure (insofar as it is able to do so by the exercise of such powers) that no Group Company does any of the things listed in Part 1
of Schedule 6 without the prior written approval of each Major Shareholder. 
  

	8.2	Manner of giving Shareholder Approval 

 Any approval under clause 8.1 by a Major
Shareholder may be given on behalf of that Major Shareholder by: 
  

	 	(a)	notice in writing executed by or on behalf of that Major Shareholder; or 

  

	 	(b)	the affirmative vote of that Major Shareholder at a general meeting of the Shareholders, 

 in
each case stating that the notice or vote, as the case may be, constitutes the approval of that Major Shareholder for the purposes of clause 8.1 of this deed. 
  

	8.3	Matters requiring Board Approval 

 The Company undertakes to exercise all its respective
powers and rights, and each Shareholder undertakes to exercise all its voting powers as a Shareholder so as to procure (insofar as it is able to do so by the exercise of such powers) that no Group Company does any of the things listed in Part 2 of
Schedule 6 without the approval by resolution of the Board. 
  

	9.	CONFLICT OF INTERESTS 

  

	9.1	Directors’ Interests and voting rights 

  

	 	(a)	Subject to clause 9.2, if a Director has an Interest in any matter which is reasonably likely to conflict with the interests of the Company or the Business (as applicable) and which is to be considered or voted upon at
a Board meeting or which is to be the subject of a written resolution of the Directors, the Director shall, prior to the relevant matter being decided by the Board, declare the Interest to each other Director setting out, in all material respects,
the nature and extent of the Interest and the relation of the Interest to the affairs of the Company or the Business. 

  

	 	(b)	Whether or not a Director complies with its obligations under sub-clause (a) above, the Director (subject to clause 9.2 and sub-clause
(c) below): 

  

	 	(i)	is entitled to attend or participate in any discussion on matters that relate to the Interest; 

  
 14 

	 	(ii)	is entitled to receive all information and advice received by the other Directors on matters that relate to the Interest; 

  

	 	(iii)	is entitled to vote (and be counted in a quorum at a meeting) on matters that relate to the Interest; and 

  

	 	(iv)	is entitled to retain benefits under any transaction relating to the Interest and the Company cannot avoid any such transaction merely because of the existence of the Interest. 

 

	 	(c)	Notwithstanding any other provision of this deed, where a Director has a Financial Interest, that Director shall not have the entitlements described in clause 9(b)(i) to (iv) above to the extent that applicable law
prohibits that Director from having such entitlements. If due to one or more Directors having a Financial Interest in relation to certain business to be considered by the Board: 

 

	 	(i)	there is an unequal number of Directors nominated by each Major Shareholder for appointment who are entitled to attend and vote at a Board meeting in relation to all or part of the business of that meeting (where such
imbalance is not cured by the appointment of one or more proxies); or 

  

	 	(ii)	quorum for the Board in relation to that business is not achieved (and appointment of one or more proxies has not enabled quorum to be met), 

then the Board shall (and the Shareholders shall use their reasonable efforts to procure that the Board shall) call a general meeting of the
Shareholders to consider and decide upon the applicable business and, in respect of (i) above, quorum shall be deemed to not have been achieved in relation to all or part of the business of that Board meeting (as applicable). 

 

	9.2	Conflict between Shareholder Interests and Company rights 

 A Shareholder who has an
Interest relating to any matter set out in clause 9.3 is not entitled to exercise any right or power to prevent any Group Company from enforcing its rights or defending itself in relation to that matter. Other than in those specific circumstances
set out in paragraphs (a) to (c) of clause 9.3 a Shareholder shall always, subject to applicable law, be entitled to exercise any right or power given to it under this deed or at law. 

 

	9.3	Shareholder Interests and Directors’ voting rights 

 If any matter is to be
considered or voted upon at a Board meeting or is to be the subject of a written resolution of the Directors and relates to any Group Company: 
  

	 	(a)	exercising its discretion in relation to its powers or enforcing any material rights under or taking any material action against a Shareholder (or a member of its group); 

 

	 	(b)	defending itself against any action taken against it by a Shareholder (or a member of its group); or 

  

	 	(c)	defending itself against any action taken against it by a Director appointed by a Shareholder, 

in relation to any material matter arising under any agreement entered into between a Group Company and any member of a Shareholder’s
group in accordance with clause 21, the Hutchison IP License (as defined in the Contribution and Framework Agreement) or clause 23, then that matter shall be considered at a separate meeting or meetings of the Board (notice of which shall be given
to each Director), and all the Directors appointed by the relevant Shareholder are not entitled: 
  

	 	(i)	to share with any party (including the relevant appointing Shareholder) any information or advice received by the Company in relation to that matter; or 

  
 15 

	 	(ii)	to exercise their vote at such meeting so as to prevent any Group Company from taking such action. 

  

	10.	BUSINESS PLANS, BUDGETS AND DISTRIBUTION POLICY 

  

	10.1	Initial Business Plan and Budget 

  

	 	(a)	The Business Plan for the period from 1 January 2017 to the date that is five full calendar years after 1 January 2017 shall be the Initial Business Plan. 

 

	 	(b)	The Budget for the period from the Effective Date to the end of the first calendar year after the Effective Date shall be a detailed, monthly budget consistent with the first calendar year of the Initial Business Plan
and will be the Initial Budget. 

  

	 	(c)	Each Business Plan and Budget shall be prepared in a manner that is consistent with the Accounting Standards. 

  

	10.2	Subsequent Business Plans 

  

	 	(a)	Any change to the Business Plan where the change within any 12 month period is equal to or less than 10% of the projected operating profit, EBITDA or free cash flow of the Group for a Financial Year requires the
approval of the Board in accordance with clause 8.3. Any change to the Business Plan where the change is greater than 10% of the projected operating profit, EBITDA or free cash flow of the Group for a Financial Year or which otherwise constitutes a
material change to the Business Plan requires the approval of the Shareholders in accordance with clause 8.1. 

  

	 	(b)	Prior to the expiry of the relevant period for the Business Plan the Company shall procure that the CEO prepares and submits to the Board or the Shareholders (as required under this deed), for their consideration and
approval, a draft Business Plan in a format consistent with the Initial Business Plan for the next period to be covered by the Business Plan. 

  

	 	(c)	The draft Business Plan submitted to the Board or the Shareholders (as applicable) for the next rolling five-year period will not become the Business Plan for that subsequent period unless and until it has received
Board Approval or Shareholder Approval (as applicable). 

  

	10.3	Subsequent Budgets 

  

	 	(a)	Prior to the expiry of the relevant period for the Budget (or by such later date as the Board may decide), the Company shall procure that the CEO prepares and submits to the Board, for its consideration and approval, a
draft Budget in a format consistent with the Initial Budget for the next Financial Year. The draft Budget will be a detailed, monthly budget consistent with the first calendar year of the then current Business Plan. 

 

	 	(b)	The draft Budget submitted to the Board for the next Financial Year (as the case may be) will not become the Budget for that subsequent period unless and until it has received Board Approval. 

 

	 	(c)	If: 

  

	 	(i)	 during the term of the Initial Business Plan, a Budget for a Financial Year has not been approved in accordance
with clause 10.3(b) by the start of that Financial Year, 

  
 16 

	 	
then, unless and until the draft Budget for that Financial Year has been so approved, the operating cost budget for the Group shall be carried forward from the last Budget and adjusted for
achieved synergies and the latest cost estimate of activities in the Initial Business Plan; and 

  

	 	(ii)	following the term of the Initial Business Plan, a Budget for a Financial Year has not been approved in accordance with clause 10.3(b) by the start of that period or Financial Year, then, unless and until the draft
Budget for that period or Financial Year has been so approved, the operating cost budget for the Group shall be carried forward from the last Budget until a new Budget is agreed. 

 

	10.4	Group distribution policy  

  

	 	(a)	Subject to: 

  

	 	(i)	any relevant statute and applicable law; 

  

	 	(ii)	the Overriding Objective; 

  

	 	(iii)	the Agreed Fundamental Business Objectives; 

  

	 	(iv)	any mandatory debt repayment requirements of the Group; 

  

	 	(v)	compliance with any debt covenants of the Group or the terms of any subordination undertakings given by a Group Company under any Financing Documents, or replacement or new finance documents entered into by the Group
from time to time; 

  

	 	(vi)	the Shareholders deciding to retain all or part of such funds to obtain or maintain of a desired rating for any of the Group’s debt; and 

 

	 	(vii)	the Shareholders determining that all or part of such funds are required to meet the funding needs of the Group, or are required for any other investment as may be approved by the Shareholders from time to time in
accordance with the provisions of this deed, 

 the Company shall and the Shareholders shall procure that the Company shall
distribute by way of Dividend, repayment of the FinCo Loan (in whole or in part) or otherwise an amount equal to at least the following: 
  

	 	(A)	80% of consolidated free cash flow if net leverage of the Group for the trailing twelve month period at the end of two consecutive quarters (the Deleveraging Level) is below 3.0x EBITDA, provided that following
such distribution the Group’s net leverage remains below 3.0x last twelve months EBITDA. In the event a distribution of 80% free cash flow for the trailing twelve month period would result in net leverage in excess of 3x last twelve months
EBITDA, the Company shall distribute such lesser amount, if any, as is consistent with maintaining net leverage not greater than 3x last twelve months; or 

  

	 	(B)	60% of consolidated free cash flow if the Deleveraging Level is below 3.5x EBITDA, provided that following such distribution the Group’s net leverage remains below 3.5x last twelve months EBITDA following the
distribution. In the event a distribution of 60% free cash flow for the trailing 12 month period would result in net leverage in excess of 3.5x last twelve months EBITDA, the Company shall distribute such lesser amount, if any, as is consistent with
maintaining net leverage not greater than 3.5x last twelve months; or 

  
 17 

	 	(C)	40% of consolidated free cash flow if the Deleveraging Level is below 4.0x EBITDA, provided that following such distribution the Group’s net leverage remains below 4.0x last twelve months EBITDA following the
distribution. In the event a distribution of 40% free cash flow for the trailing 12 month period would result in net leverage in excess of 4.0x last twelve months EBITDA, the Company shall distribute such lesser amount, if any, as is consistent with
maintaining net leverage not greater than 4.0x last twelve months, 

  

	 	    	such amount being the Minimum Annual Distribution. 

  

	 	(b)	Subject to and to the extent permitted by any relevant statute and applicable law, any mandatory debt repayment requirements of the Group and compliance with any debt covenants of the Group or the terms of any
subordination undertakings given by a Group Company under any Financing Documents, or replacement or new finance documents entered into by the Group from time to time, the Company shall and the Shareholders shall procure that each other Group
Company (other than the Company) distributes the highest possible Dividend, shareholder loan repayment or otherwise transfers funds as are necessary in each calendar year to facilitate the payment of the Minimum Annual Distribution by the Company in
accordance with and subject to the provisions of paragraph (a) above. 

  

	11.	INFORMATION RIGHTS 

  

	11.1	Accounts, periodic reporting and other information 

  

	 	(a)	The Company shall: 

  

	 	(i)	maintain accurate and complete accounting and other financial records in accordance with all applicable laws; and 

  

	 	(ii)	provide such financial accounts, reports and information to the Shareholders as the Shareholders may reasonably request for the purposes of the Shareholders group’s legal, regulatory or other internal requirements
from time to time. 

  

	 	(b)	The consolidated financial accounts of the Group shall be prepared in accordance with the Accounting Standards and the Basis of preparation of the consolidated financial statements. For the avoidance of doubt, the
individual financial accounts of the Company shall not be required to be prepared in accordance with the accounting policies adopted for the consolidated financial statements and shall be prepared in accordance with appropriate accounting policies
as determined by the Board.  

  

	 	(c)	To the extent necessary to comply with regulatory requirements and at the request of a Shareholder, the Company shall prepare consolidated financial accounts in accordance with the required accounting standards and have
them audited in accordance with the required auditing standards in a time period necessary to meet such regulatory requirements (including, without limitation, audit requirements) within a reasonable period of time following such request. For the
avoidance of doubt, these requirements will not affect the consolidated financial accounts of the Group referred to in (b) above. 

  
 18 

	11.2	Access to Group Company books, records and other information 

 Subject to clauses 9 and
11.3, the Company shall, where reasonably requested to do so by a Major Shareholder or a Director, give such Major Shareholder and/or such Director (without prejudice to any rights they may have under applicable law) reasonable access on reasonable
notice to: 
  

	 	(a)	inspect the assets of each Group Company; 

  

	 	(b)	inspect and take copies of documents and data in all forms (including emails and other electronic data on servers, company issued laptops or other electronic devices and storage media in each case controlled by a Group
Company) of and relating to any Group Company, including the statutory registers and all accounting and other financial records; and 

  

	 	(c)	discuss the affairs, finances and accounts of each Group Company with the relevant responsible officer, any person who reports directly to that officer and the auditor of the relevant Group Company, 

and the Company shall inform the Major Shareholders and the Directors as soon as reasonably practicable after receipt of such request. 

 

	11.3	Exceptions to Shareholder access rights 

 Nothing in clause 11.2 requires the Company to
give any person access to information if to do so would, in the reasonable opinion of any Major Shareholder or of the Board: 
  

	 	(a)	result in the loss of privilege or would constitute a breach by any Group Company of any applicable law or regulation or any obligation of confidentiality owed to a third party or imposed by law provided that the
Company shall use its reasonable efforts to permit disclosure of such information; or 

  

	 	(b)	materially disrupt, or have a material adverse effect on, the business or operations of any Group Company. 

  

	11.4	Disclosure of information 

 Subject to all applicable laws, a Director is entitled to
pass information concerning any Group Company to his Appointer or any of his Appointer’s Affiliates or Representatives who need to know that information for the proper performance of their duties, so long as each recipient keeps that
information confidential in accordance with clause 25. 
  

	11.5	Support for investor relations and public relations 

  

	 	(a)	The Company shall, and shall procure that each Group Company shall, use all reasonable endeavours to actively support the investor relations and public relations activities of the Major Shareholders, including by
providing information and dedicating resources as reasonably requested by one or both of the Major Shareholders to assist the Major Shareholders in communicating the developments, investor story and position of the Company and the Group as a part of
the respective Major Shareholder groups to the analyst and investor communities that are relevant to the Group and/or its Major Shareholders and causing the Group’s management team to attend and participate in meetings and presentations for the
same purpose as reasonably requested by a Major Shareholder. 

  

	 	(b)	 Further, the Company shall develop and implement, under the supervision of the Board (with active input from the
Shareholders), a clear investor relations, government relations and public relations strategy that actively positions the Group as a leading digital 

  
 19 

	 	
communications provider in the Italian market. These strategies will be subject to review and approval on at least an annual basis by the Board. In addition, the Company shall, and shall procure
that each Group Company shall, dedicate sufficient resources and time to articulating the developments, investor story and position of the Company and the Group to external stakeholders. Unless otherwise determined by the Board, investor relations
activities shall include, inter alia, a quarterly conference call by the CEO, CFO and CMO with analysts and investors at which management of the Group discusses the latest quarterly results (which will also include an update on the realization of
both synergies and the remedy taker package), an annual analyst and investor event at which management of the Group discusses the Group’s strategic developments, the annual results and forward looking guidance for at least the next twelve
months, an annual presentation and discussion with at least two of the three major credit rating agencies and attendance at major analyst conferences and, subject to specific case by case approval by the Board, attendance at investor conferences or non-deal road shows. For the avoidance of doubt all presentational materials and reports prepared in conjunction with any of the above events are subject to review and comment by the Board and the Board shall ensure
consistency of same with the Major Shareholders’ own materials and reports and the timing of these events will be aligned to support the investor relations and public relations activities of the Major Shareholders. 

 

	12.	COMPLIANCE 

 The Company shall take all reasonable steps to obtain, and shall comply in
all material respects with the terms of, all governmental and other licences and consents necessary for the conduct of its business. 
  

	13.	FUNDING AND ISSUES OF SECURITIES 

  

	13.1	No obligation to provide funding or security 

 Other than the obligations of each
Shareholder to subscribe for the Shares in accordance with the Contribution and Framework Agreement, no Shareholder is obliged to: 
  

	 	(a)	contribute any funds (whether in the form of debt or equity) to any Group Company; or 

  

	 	(b)	give any security or provide any guarantee on behalf or for the benefit of any Group Company. 

  

	13.2	Permitted issues 

  

	 	(a)	The Company shall not issue any Securities (and the Company shall procure that no Group Company shall issue any Securities other than issues of Securities by one Wholly Owned Subsidiary to another Wholly Owned
Subsidiary) unless the issue has received Shareholder Approval. 

  

	 	(b)	Following Shareholder Approval in accordance with paragraph (a) above, the Company shall (and shall procure that any Group Company shall) issue Shares in accordance with clause 13.3 and the Articles.

  

	13.3	Pre-emption on issue 

  

	 	(a)	Rights offer notice 

 If the Company proposes to issue any Shares (and, following a Trigger
Event only in the case of an issue of Shares for cash) (the Offer), it must first give written notice to each of its Shareholders (an Offer Notice) as soon as reasonably practicable after Shareholder Approval for that Offer is given,
inviting the Shareholders to subscribe for those Shares. An Offer Notice shall: 

  
 20 

	 	(i)	specify the aggregate number of Shares the Company proposes to offer for subscription (the Offer Shares), the issue price per Share (the Offer Price) and any other terms and conditions of the Offer (the
Offer Terms); 

  

	 	(ii)	state that, subject to the provisions of this deed, each Shareholder is entitled to subscribe for its Equity Proportion of the total number of Offer Shares at the Offer Price and on the Offer Terms (Rights
Entitlement); 

  

	 	(iii)	confirm the number of Offer Shares in the Shareholder’s Rights Entitlement; 

  

	 	(iv)	specify the period for which the Offer is open, which must be at least ten Business Days (the Offer Period); 

  

	 	(v)	state that the Shareholder may apply for more Offer Shares than its Rights Entitlement and will be liable to subscribe for up to the number of Offer Shares applied for if the other Shareholders do not take up their full
Rights Entitlement; 

  

	 	(vi)	invite the Shareholder to apply for Offer Shares by giving written notice to the Company no later than 5.00 pm on the last day of the Offer Period, stating the number of Offer Shares for which the Shareholder wishes to
subscribe (which may be greater than, equal to or less than the Shareholder’s Rights Entitlement); and 

  

	 	(vii)	not be revoked unless otherwise decided by the Board or otherwise in accordance with clause 13.3(e) below (provided that upon a Trigger Event occurring paragraph (e) below shall not apply). 

 

	 	(b)	Allocation of Offer Shares 

  

	 	(i)	Each Shareholder that applies for Offer Shares in accordance with the provisions of clause 13.3(a) and the terms of the Offer Notice (a Subscribing Shareholder) shall be issued the number of Offer Shares
calculated under this clause 13.3(b). 

  

	 	(ii)	If the total number of Offer Shares applied for by the Subscribing Shareholder(s) is equal to the total number of Offer Shares, the Company shall issue to each Subscribing Shareholder the number of Offer Shares that it
applied for. 

  

	 	(iii)	If the total number of Offer Shares applied for by the Subscribing Shareholder(s) is more than the total number of Offer Shares, the Company shall issue all of the Offer Shares to the Subscribing Shareholder(s), so far
as practicable, in proportion to the number of Shares then held by them but so that no Subscribing Shareholder shall be issued more Offer Shares than it applied for. 

 

	 	(iv)	A Shareholder that does not apply in writing for any Offer Shares within the Offer Period is not entitled to subscribe for any Offer Shares. 

 

	 	(c)	Notice of outcome of the Offer 

 Within five Business Days after the end of the Offer Period,
the Company shall give notice to each Subscribing Shareholder, specifying: 
  

	 	(i)	the number of Offer Shares to be issued to that Subscribing Shareholder (the Subscription Shares) calculated under clause 13.3(b); 

  
 21 

	 	(ii)	the subscription price (equal to the Offer Price multiplied by the number of Subscription Shares) payable by that Subscribing Shareholder for its Subscription Shares; and 

 

	 	(iii)	the proposed date for completion of the issue of the Offer Shares, which shall be at least ten Business Days and no more than fifteen Business Days after expiry of the Offer Period (the Offer Closing Date).

  

	 	(d)	Closing of the Offer 

 On the Offer Closing Date: 

 

	 	(i)	each Subscribing Shareholder shall pay to the Company the subscription price for its Subscription Shares; 

  

	 	(ii)	subject to receiving the subscription price from each Subscribing Shareholder for its Subscription Shares, the Company shall call a general meeting of Shareholders (to be held in front of a Luxembourg notary) to issue
to each Subscribing Shareholder its Subscription Shares; and 

  

	 	(iii)	on issue of the Subscription Shares, the Company shall enter the name of each Subscribing Shareholder in the register of shareholders of the Company as holder of its Subscription Shares and provide a certified copy of
such revised register of shareholders to each Subscribing Shareholder. 

  

	 	(e)	Abandonment of the Offer 

 Where the Company makes an Offer in accordance with this clause 13
and not all of the Offer Shares offered under that Offer are to be issued to the Shareholders, then prior to the Offer Closing Date the Company shall: 
  

	 	(i)	notify the Shareholders of any and all reasons that not all of the Offer Shares offered under the Offer are to be issued to the Shareholders; and 

 

	 	(ii)	provide the Shareholders with 5 calendar days to rectify any non-compliance to allow the Offer Shares to be issued; and 

 

	 	(iii)	subject to paragraph (ii) above, if not all of the Offer Shares offered under that Offer are to be issued to the Shareholders, abandon the Offer with the consequence that the Offer shall be revoked with no further
force or effect. 

  

	14.	RESTRICTIONS ON DISPOSAL 

  

	14.1	General restrictions 

 Each Shareholder: 

 

	 	(a)	acknowledges and agrees that the purpose of this clause 14 and clause 15 is to maintain the closely held nature of the Company by restricting the way in which Shareholders may Dispose of their Stapled Interests (whether
directly or indirectly) and giving Shareholders an opportunity to buy any Stapled Interests offered for sale before those Stapled Interests are offered to any party who is not a party to this deed; 

  
 22 

	 	(b)	undertakes not to Dispose, directly or indirectly, of their Stapled Interests, and each of the VIP Guarantor and HET Guarantor undertakes to procure that no Indirect Transfer is made, in each case, other than in
accordance with clause 14.2, 14.3 or 14.4; 

  

	 	(c)	shall not enter into any arrangement, structuring device or other transaction which is designed, directly or indirectly, to avoid or erode the effectiveness of provisions of this clause 14 or is otherwise inconsistent
with the purpose of this clause 14; and 

  

	 	(d)	shall not enter into any arrangement, structuring device or otherwise to Dispose of any of its Stapled Interests without further Disposing of the remaining Stapled Interests which they hold at the same time in
accordance with this deed, provided that it may transfer its entire shareholding in the Company to a Permitted Transferee and/or its entire shareholding in FinCo to the same or a different Permitted Transferee, subject to the terms set out in clause
14.2. 

  

	14.2	Restrictions on Direct Disposal of Stapled Interests 

  

	 	(a)	Prior to the twelve month anniversary of the Effective Date, subject to clauses 14.1 and 16, a Shareholder may only transfer all Stapled Interests: 

 

	 	(i)	to a Permitted Transferee where such transfer does not trigger a default or change of control under the Financing Documents (where default and change of control shall have the meanings given in the relevant Financing
Document) and the Permitted Transferee first executes and delivers to the Company and the remaining Shareholders a Deed of Adherence; or 

  

	 	(ii)	with the prior written consent of each Major Shareholder (in its absolute discretion) and any transferee first executes and delivers to the Company and the remaining Shareholders a Deed of Adherence. 

 

	 	(b)	On or after the twelve month anniversary of the Effective Date (or the third anniversary of the Effective Date in the case of clause 19), subject to clauses 14.1 and 16, a Shareholder may only transfer any or all of its
Stapled Interests: 

  

	 	(i)	to one or more Permitted Transferees where such transfer does not trigger a default or change of control under the Financing Documents (where default and change of control shall have the meanings given in the relevant
Financing Document) and each Permitted Transferee first executes and delivers to the Company and the remaining Shareholders a Deed of Adherence; or 

  

	 	(ii)	with the prior written consent of each Major Shareholder (in its absolute discretion) and any transferee first executes and delivers to the Company and the remaining Shareholders a Deed of Adherence; or

  

	 	(iii)	in accordance with clause 15 and the Qualifying Third Party ROFO Purchaser and any nominee transferee in accordance with clause 15.10 first executes and delivers to the Company and the remaining Shareholders a Deed of
Adherence; or 

  

	 	(iv)	in accordance with clause 19. 

  
 23 

	14.3	Restrictions on Indirect Disposal of Stapled Interests 

 Except with the consent of the
other Major Shareholder (in its absolute discretion), each of the VIP Guarantor and HET Guarantor shall procure that no Indirect Transfer is made (or Encumbrance any term of which may result in an Indirect Transfer is granted) unless such Indirect
Transfer (or Encumbrance) does not (or could not on enforcement of such Encumbrance) give rise to a Change of Control. 
  

	14.4	Retransfer by Permitted Transferee 

 If a Shareholder holding Stapled Interests
transferred to it under clause 14.2(a)(i) or 14.2(b)(i) or this clause 14.4 is about to cease or ceases to be a Permitted Transferee of the transferor that transferred those Stapled Interests to that Shareholder, it shall immediately transfer all of
its Stapled Interests back to that transferor or to another Permitted Transferee of that transferor provided that such Permitted Transferee first executes and delivers to the Company and the remaining Shareholders a Deed of Adherence. 

 

	14.5	Consequence of breach of Restrictions on Disposal 

  

	 	(a)	If a Shareholder (a Defaulting Shareholder) Disposes of any Stapled Interests to a third party (a Defaulting Transferee) in a manner not permitted by this clause 14 then (without prejudice to the any other
rights of the Non-Defaulting Shareholder (including as set out in clause 14.5(c) below)): 

  

	 	(i)	the Defaulting Shareholder shall procure that the Defaulting Transferee immediately transfers all of its Stapled Interests back to the Defaulting Shareholder to the reasonable satisfaction of the other Shareholder(s)
and the Defaulting Shareholder shall immediately notify the other Shareholder(s) following such transfer of (i) the date of the transfer and/or remedial actions; and (ii) the price of the Disposal of the Stapled Interests by the Defaulting
Shareholder to the Defaulting Transferee (the Breach Notice); 

  

	 	(ii)	if the Defaulting Shareholder fails to procure the transfer of all its Stapled Interests back from the Defaulting Transferee in accordance with paragraph (i), those Stapled Interests not transferred back to the
Defaulting Shareholder in breach shall not be entitled to benefit from any dividend entitlements and for the avoidance of doubt the Defaulting Shareholder hereby assigns such dividend entitlements to the
Non-Defaulting Shareholder (and the Non-Defaulting Shareholder shall therefore be entitled to benefit from 100% of any dividend entitlements relating to those Stapled
Interests), the Defaulting Transferee shall attend all meetings of Shareholders of the Company in Luxembourg and vote, as shareholder of the Company, as directed in writing by the Non-Defaulting Shareholder,
and neither the Defaulting Shareholder nor the Defaulting Transferee shall be a Major Shareholder for the purposes of this deed, their approval shall not be required pursuant to clause 8.1 and rights to appoint or propose the appointment of
Directors or the Chairman or chairman of any Board committee shall cease, the quorum provided for in paragraph 6.1 of Schedule 3 shall be at least two Directors proposed by the Non-Defaulting Shareholder and
instead of the majority provided for in paragraph 8.1 of Schedule 3, resolutions at meetings of the Directors shall be decided by all the Directors having been appointed by the Non-Defaulting Shareholders
(provided that once the Stapled Interests are transferred back from the Defaulting Transferee to the Defaulting Shareholder in accordance with paragraph (i), such rights and benefits of the Defaulting Shareholder referred to in this paragraph
(ii) shall be reinstated); and 

  
 24 

	 	(iii)	each Shareholder that is not the Defaulting Shareholder (a Non-Defaulting Shareholder) may, within 20 Business Days of: (A) being served a Breach Notice (in accordance
with clause 14.5(a)(i)) that is not remedied in accordance with paragraph (i); or (B) becoming aware of a breach of this clause 14 that is not remedied in accordance with paragraph (i), provide a notice to the Defaulting Shareholder stating
that it wishes to exercise its rights pursuant to paragraph (c) (the Breach Exercise Notice). If more than one Non-Defaulting Shareholder provides a Breach Exercise Notice, those Non-Defaulting Shareholders shall split the acquired Stapled Interests pro-rata to the number of Shares that each holds. 

 

	 	(b)	If the VIP Guarantor or the HET Guarantor (as applicable) (a Defaulting Guarantor) fails to prevent an Indirect Transfer being made in breach of clause 14.3 then (without prejudice to any other rights of any
party, and for the purposes of this clause, the VIP Guarantor or the HET Guarantor which is not the Defaulting Guarantor shall be the Non-Defaulting Guarantor): 

 

	 	(i)	the Defaulting Guarantor shall procure that such actions are taken to remedy the breach of clause 14.3 to the reasonable satisfaction of the Non-Defaulting Guarantor and the
Defaulting Guarantor shall immediately notify the Non-Defaulting Guarantor following such transfer of (i) the date of the transfer and/or remedial actions; and (ii) the terms of the transactions that
resulted in a breach of clause 14.3 (the Guarantor Breach Notice); 

  

	 	(ii)	if the Defaulting Guarantor fails to remedy the breach of clause 14.3 in accordance with paragraph (i), those Stapled Interests held by the Shareholder(s) to whom the Defaulting Guarantor is the Ultimate Beneficial
Shareholder (the Indirect Defaulting Shareholder) shall not be entitled to benefit from any dividend entitlements and for the avoidance of doubt that Shareholder hereby assigns such dividend entitlements to the other Shareholder(s) (and the
other Shareholder(s) shall therefore be entitled to benefit from 100% of any dividend entitlements relating to the Stapled Interests of the Indirect Defaulting Shareholder), the Indirect Defaulting Shareholder shall attend all meetings of
Shareholders of the Company in Luxembourg and vote, as shareholder of the Company, as directed in writing by the Shareholder whose Ultimate Beneficial Shareholder is the Non-Defaulting Guarantor, and the
Indirect Defaulting Shareholder shall not be a Major Shareholder for the purposes of this deed, its approval shall not be required pursuant to clause 8.1 and rights to appoint or propose the appointment of Directors or the Chairman or chairman of
any Board committee shall cease, the quorum provided for in paragraph 6.1 of Schedule 3 shall be at least two Directors proposed by the Non-Defaulting Shareholder and instead of the majority provided for in
paragraph 8.1 of Schedule 3, resolutions at meetings of the Directors shall be decided by all the Directors having been appointed by the Non-Defaulting Shareholders (provided that once the breach of clause
14.3 is remedied in accordance with paragraph (i), such rights and benefits of the Indirect Defaulting Shareholder referred to in this paragraph (ii) shall be reinstated); and 

 

	 	(iii)	the Non-Defaulting Guarantor may, within 20 Business Days of: (A) being served a Guarantor Breach Notice (in accordance with clause 14.5(b)(i)) that is not remedied in
accordance with paragraph (i); or (B) becoming aware of a breach of this clause 14 that is not remedied in accordance with paragraph (i), provide a notice to the Defaulting Guarantor stating that it wishes to exercise its rights pursuant to
paragraph (c) (the Guarantor Breach Exercise Notice). 

  
 25 

	 	(c)	If a Breach Exercise Notice has been served by a Non-Defaulting Shareholder or a Guarantor Breach Exercise Notice has been served by a
Non-Defaulting Guarantor in relation to a breach of this clause 14 that constitutes a material breach: 

  

	 	(i)	the parties undertake to procure that steps are taken within 10 Business Days from the date the Defaulting Shareholder receives a Breach Exercise Notice or the Defaulting Guarantor receives a Guarantor Breach Exercise
Notice (as applicable), to calculate the Fair Market Value; and 

  

	 	(ii)	within 10 Business Days of the calculation of the Fair Market Value, the Defaulting Shareholder shall sell (or the Defaulting Guarantor shall procure that the Indirect Defaulting Shareholder shall sell) to any Non-Defaulting Shareholder(s) who have provided a Breach Exercise Notice or the Non-Defaulting Guarantor who has provided a Guarantor Breach Exercise Notice all (and not only
some of) such Stapled Interests at a price (which must be payable in cash) which is the lower of (A) a 15 per cent. discount to the price at which the Defaulting Shareholder Disposed of its Stapled Interests to the Defaulting Transferee
and (B) a 15 per cent. discount to the Fair Market Value, such price being the parties’ best estimate of the likely Loss suffered by the Non-Defaulting Shareholder or a Non-Defaulting Guarantor in relation to a material breach in accordance with this clause 14.5; and 

  

	 	(iii)	the provisions of clause 19.6 shall apply mutatis mutandis to such sale with the Buy-Sell Completion Shares being interpreted as all of the Stapled Interests of the
Defaulting Shareholder or the Indirect Defaulting Shareholder (as the case may be) save that paragraph 19.6(g) shall not apply but instead any Non-Defaulting Shareholder(s) who have provided a Breach Exercise
Notice or the Non-Defaulting Guarantor who has provided a Guarantor Breach Exercise Notice (as the case may be) shall use its reasonable endeavours to procure the filing of any applicable notifications and
submissions with relevant regulatory authorities associated with any regulatory approvals as soon as is reasonably practicable but shall not be required to accept any undertakings or agree to any conditions to obtain any necessary regulatory
approvals if it regards such undertakings or conditions as unreasonable. 

  

	14.6	Monitoring of transfers and issues 

  

	 	(a)	So far as possible, any purported Disposal of Stapled Interests (including Indirect Transfers) or issue of any Shares which is not in accordance with this deed, the Articles and applicable Law shall be void and the
Company shall, so far as it is legally able, procure that (and the Shareholders shall, so far as they are legally able, exercise their rights in relation to the Company to procure that) the relevant member of the Group shall refuse to register such
transfer or issue. 

  

	 	(b)	The Company shall, so far as it is legally able, procure that (and the Shareholders shall, so far as they are legally able, exercise their rights in relation to the Company to procure that) any transfer of Stapled
Interests (including Indirect Transfers) or issue of Shares made pursuant to and in compliance with this deed is duly registered and given effect to by each relevant member of the Group. 

 

	 	(c)	To enable the Company and the Shareholders to determine whether or not: 

  

	 	(i)	there has been any Disposal of Stapled Interests (including Indirect Transfers) or issue of Shares, or purported Disposal of Stapled Interests (including Indirect Transfers) or issue of Shares, in breach of this deed or
the Articles; or 

  
 26 

	 	(ii)	any holder of Stapled Interests may be obliged to make a transfer of any Stapled Interests in accordance with this deed or the Articles, 

the Company shall be entitled (and shall be required to do so, if so requested by any Shareholder) to require any Shareholder or other person
to provide to the Company such information and evidence as the Company may think fit to evidence whether the alleged breach or circumstances giving rise to any obligation to make any transfer has taken place or arisen or is likely to take place or
arise. Until such information has been provided, except in the case of Indirect Transfers, the Company shall, so far as it is legally able, be entitled to procure that (and the Shareholders shall, so far as they are legally able, exercise their
rights in relation to the Company to procure that) the Directors refuse to register any relevant transfer or issue. 
  

	14.7	Payment of Outstanding Claim Amounts on transfer of Stapled Interests 

 If at any time
there is a Disposal (other than to a Permitted Transferee) of any Stapled Interests by a Shareholder that owes any Outstanding Claim Amounts; 
  

	 	(a)	the Shareholder which made the Disposal shall in reduction of any Outstanding Claim Amounts owed by it (or by the original transferor from which it directly or indirectly acquired the Stapled Interests, being HET or VIP
(as applicable)), pay to the other Shareholder the lesser of (A) an amount equal to 50 per cent. of the gross proceeds of such Disposal and (ii) the amount of any Outstanding Claim Amounts owed by that Shareholder; and

  

	 	(b)	if, as a result of any such Disposal a Shareholder ceases to hold at least 10 per cent. of the issued Shares of the Company, that Shareholder shall pay (or procure payment by the original transferor from which it
directly or indirectly acquired the Stapled Interests, being HET or VIP (as applicable)) to the other Shareholder all Outstanding Claim Amounts. 

  

	15.	RIGHT OF FIRST OFFER 

  

	15.1	If at any time on or after the twelve month anniversary of the Effective Date a Major Shareholder wishes to sell any of its Stapled Interests (the ROFO Shares) other than in accordance with clause 14.2(b)(i),
clause 14.2(b)(ii), clause 14.4 or clause 19, that Shareholder (a Selling Shareholder) shall first serve written notice on the other Shareholder (the Rights Shareholder), a copy of which shall be served on the Company and FinCo at the
same time as the notice is given to the Rights Shareholder (a ROFO Notice). A ROFO Notice shall state that the Selling Shareholder wishes to sell the ROFO Shares and shall set out: 

 

	 	(a)	the number and class (as the case may be) of the ROFO Shares (pro rata between the number of ROFO Shares in the Company and in FinCo); and 

 

	 	(b)	a cash price in Euros payable on completion of the purchase and not on deferred terms (the ROFO Share Price), specified both as: (i) a total aggregate price for all of the ROFO Shares (the Aggregate ROFO
Share Price); and (ii) a price per individual ROFO Share (calculated by dividing the Aggregate ROFO Share Price by the number of ROFO Shares) (the Individual ROFO Share Price). 

 

	15.2	Subject to the remaining provisions of this clause 15, upon receipt of the ROFO Notice, the Rights Shareholder has the right to purchase itself and/or nominate another person to purchase at the Individual ROFO Share
Price any or all of the ROFO Shares (pro rata between the number of ROFO Shares in the Company and in FinCo), such election to be notified by that Rights Shareholder serving a written notice on the Selling Shareholder (a ROFO Response Notice)
within 60 calendar days of receipt of the ROFO Notice (the ROFO Offer Period). 

  
 27 

	15.3	If a Rights Shareholder serves within the ROFO Offer Period a ROFO Response Notice electing to purchase itself and/or nominate another person to purchase all of the ROFO Shares at the Aggregate ROFO Share Price (an All-Share ROFO Response Notice), the All-Share ROFO Response Notice shall be irrevocable except with the consent of the Selling Shareholder and: 

 

	 	(a)	include any necessary regulatory conditions to the purchase required by applicable law; 

  

	 	(b)	set out the proposed time, date and place for completion of the sale and purchase of the ROFO Shares, such date to be not later than 10 Business Days after the date upon which all necessary regulatory approvals required
by applicable law are obtained for the purchase of the ROFO Shares (the All-Share ROFO Completion Date) provided that completion shall take place by no later than six months from the date upon which the
All-Share ROFO Response Notice is given; and 

  

	 	(c)	attach an on demand letter of credit (or equivalent) from one or more Relevant Financial Institution(s) confirming that such Relevant Financial Institution(s) will irrevocably and unconditionally pay an amount equal to
the Aggregate ROFO Share Price to complete the acquisition of all the ROFO Shares in accordance with this clause 15 and be legally and irrevocably obliged to pay the Aggregate ROFO Share Price in the event that the Rights Shareholder does not pay in
accordance with the provisions of this clause 15 and such letter of credit (or equivalent) shall not expire prior to the All-Share ROFO Completion Date. 

If a Rights Shareholder serves an All-Share ROFO Response Notice, the Rights Shareholder shall use its
reasonable endeavours to ensure that any and all regulatory approvals necessary for completion of the acquisition of the ROFO Shares under clause 15.4 are obtained as soon as is reasonably practicable and in any case within the time period set out
in paragraph (b) above provided that, for the avoidance of doubt, the Rights Shareholder shall procure the filing of any applicable notifications and submissions with relevant regulatory authorities associated with any regulatory approvals as
soon as is reasonably practicable but shall not be required to accept any undertakings or agree to any conditions to obtain any necessary regulatory approvals if it regards such undertakings or conditions as unreasonable. 

 

	15.4	On the All-Share ROFO Completion Date, (a) the Rights Shareholder shall pay the Aggregate ROFO Share Price, (b) the Selling Shareholder shall deliver duly executed
transfer instruments in respect of the ROFO Shares to the Rights Shareholder or such other person as it may have nominated in the All-Share ROFO Response Notice, (c) the Selling Shareholder shall pay any
Outstanding Claim Amount in accordance with clause 14.7, (d) the Selling Shareholder shall deliver to the Company and FinCo (as applicable) the certificates representing all of the ROFO Shares (if there are any certificates), and (e) full
ownership of the ROFO Shares shall transfer from the Selling Shareholder to the Rights Shareholder or such other person as it may have nominated in the All-Share ROFO Response Notice and the Company and FinCo
(as applicable) shall update its register(s) accordingly and provide the Rights Shareholder or such other person as it may have nominated in the All-Share ROFO Response Notice with a certified copy of the
updated register of members. 

  

	15.5	If a Rights Shareholder: 

  

	 	(a)	serves within the ROFO Offer Period a ROFO Response Notice electing to purchase none of the ROFO Shares (a No-Share ROFO Response Notice); or 

 

	 	(b)	 serves within the ROFO Offer Period a ROFO Response Notice electing to purchase itself and/or nominate another
person to purchase some but not all of the ROFO Shares (pro rata 

  
 28 

	 	
between the number of ROFO Shares in the Company and in FinCo) (the Partial ROFO Shares) at the Individual ROFO Share Price (the total price for such ROFO Shares being the Aggregate
Partial-Share Purchase Price) (a Partial-Share ROFO Response Notice); or 

  

	 	(c)	does not serve a ROFO Response Notice within the ROFO Offer Period, 

 then (in the event of
paragraph (b) above) the Selling Shareholder shall complete the sale of the Partial ROFO Shares in accordance with clauses 15.10 and 15.11 and (in all events) the Selling Shareholder shall: 

 

	 	(i)	be entitled to request from the Company, and the Shareholders shall procure that the Company complies with such request, at the sole cost of the Selling Shareholder, that such Group financial and due diligence
information (excluding, for the avoidance of doubt, any legally privileged or commercially sensitive information or information which, if disclosed, would result in any member of the Group breaching any applicable competition or other laws or any of
its commercial arrangements with any third party) reasonably required by the Selling Shareholder in order to obtain an offer to purchase: (A) the ROFO Shares (in the event of paragraphs (a) or (c)); or (B) the ROFO Shares other than
the Partial ROFO Shares (the Remaining ROFO Shares) (in the event of paragraph (b)), (the Company Information) from any prospective third party purchaser(s) that is not a member of the Wholly Owned Group of any Shareholder (the
Qualifying Third Party ROFO Purchaser) is made available to the Qualifying Third Party ROFO Purchaser(s) via an electronic data room; 

  

	 	(ii)	disclose the identity of any Qualifying Third Party ROFO Purchaser(s) to the Company and the Rights Shareholder prior to disclosure of any Company Information to any Qualifying Third Party ROFO Purchaser and, if the
Selling Shareholder is proposing to sell its entire 50 per cent. holding of Stapled Interests, obtain the consent of the other Shareholder to proceed with the disclosure of Company Information (such consent not to be unreasonably withheld or
delayed); and 

  

	 	(iii)	upon receiving Shareholder consent in compliance with paragraph (ii) above (if required), and subject to such Qualifying Third Party ROFO Purchaser(s) entering into confidentiality undertakings with the Company and
with the Selling Shareholder on terms that give at least the same level of protection for that information as clause 25 or on such other terms as the Company approves, acting reasonably, the Company shall disclose the Company Information to the
Qualifying Third Party ROFO Purchaser(s) pursuant to this clause 15.5 in an electronic data room. For the avoidance of doubt, this clause 15.5 does not permit the Selling Shareholder to disclose information relating to another Shareholder or its
Affiliates other than the identity of a Shareholder and its Equity Proportion or information that is in the public domain. 

  
 29 

	15.6	Upon receiving a bona fide offer from a Qualifying Third Party ROFO Purchaser to purchase all (and not only some) of the ROFO Shares (pro rata between the number of ROFO Shares in the Company and in FinCo) (in the event
of clause 15.5(a) or 15.5(c)) for the Aggregate ROFO Share Price or at a higher price, the Selling Shareholder shall promptly serve written notice on the Rights Shareholder, a copy of which shall be served on the Company and FinCo at the same time
as the notice is given to the Rights Shareholder (a Third Party All-Share Sale Notice). A Third Party All-Share Sale Notice shall state that the Selling
Shareholder wishes to sell all of the ROFO Shares and shall set out: 

  

	 	(a)	the identity of the Qualifying Third Party ROFO Purchaser; 

  

	 	(b)	the price at which all the ROFO Shares are to be sold and all other material terms of the proposed offer; 

  

	 	(c)	reasonable details of the financing sources and/or financial resources available to the Qualifying Third Party ROFO Purchaser to satisfy its obligations to purchase the ROFO Shares; and 

 

	 	(d)	any necessary regulatory conditions to the purchase required by applicable law. 

  

	15.7	Following service of the Third Party All-Share Sale Notice, subject to the consent of the Rights Shareholder as to the transfer of the ROFO Shares to the Qualifying Third Party
ROFO Purchaser (such consent not to be unreasonably withheld or delayed) if the Selling Shareholder is proposing to sell its entire 50 per cent. holding of Stapled Interests, the Selling Shareholder may, subject to clause 15.12, transfer all
(and not only some) of the ROFO Shares to the Qualifying Third Party ROFO Purchaser at the Aggregate ROFO Share Price or a higher price (but, for the avoidance of doubt, not at a lower price). Any transfer of ROFO Shares to a Qualifying Third Party
ROFO Purchaser in accordance with this clause 15.7 shall be: (a) subject to entry into definitive sale documentation with the Qualifying Third Party ROFO Purchaser no later than forty five Business Days from the service of a No-Share ROFO Response Notice by the Rights Shareholder (in accordance with clause 15.5(a)) or the expiry of the ROFO Offer Period (in accordance with clause 15.5(c)) (as applicable), whichever is the earlier; and
(b) completed by no later than twelve months from receipt of the earlier of the No-Share ROFO Response Notice by the Rights Shareholder or the expiry of the ROFO Offer Period. The Selling Shareholder
shall use its reasonable endeavours to procure that any and all regulatory approvals necessary for completion of the sale of the ROFO Shares under this paragraph 15.7 are obtained as soon as is reasonably practicable and in any case within the time
period set out in this clause 15.7 provided that, for the avoidance of doubt, the Selling Shareholder shall use its reasonable endeavours to procure the filing of any applicable notifications and submissions with relevant regulatory authorities
associated with any regulatory approvals as soon as is reasonably practicable and, to the extent necessary, the Rights Shareholder shall not be required to accept any undertakings or agree to any conditions to obtain any necessary regulatory
approvals if it regards such undertakings or conditions as unreasonable. 

  

	15.8	Upon receiving a bona fide offer from a Qualifying Third Party ROFO Purchaser to purchase the Remaining ROFO Shares (in the event of clause 15.5(b)) at the Individual ROFO Share Price or a higher price (the total price
for such ROFO Shares being the Aggregate Remaining Share Purchase Price), the Selling Shareholder shall promptly serve written notice on the Rights Shareholder, a copy of which shall be served on the Company and FinCo at the same time
as the notice is given to the Rights Shareholder (a Third Party Remaining-Share Sale Notice). A Third Party Remaining-Share Sale Notice shall state that the Selling Shareholder wishes to sell the Remaining ROFO Shares and shall set out:

  

	 	(a)	the identity of the Qualifying Third Party ROFO Purchaser; 

  
 30 

	 	(b)	the price at which all the ROFO Shares are to be sold and all other material terms of the proposed offer; 

  

	 	(c)	reasonable details of the financing sources and/or financial resources available to the Qualifying Third Party ROFO Purchaser to satisfy its obligations to purchase the Remaining ROFO Shares; and 

 

	 	(d)	any necessary regulatory conditions to the purchase required by applicable law. 

  

	15.9	Following service of the Third Party Remaining-Share Sale Notice, the Selling Shareholder may subject to clauses 15.9 to 15.12, transfer all (and not only some) of the Remaining ROFO Shares to the Qualifying Third Party
ROFO Purchaser at the Aggregate Remaining Share Purchase Price or a higher price (but, for the avoidance of doubt, not at a lower price). Any transfer of Remaining ROFO Shares to a Qualifying Third Party ROFO Purchaser in accordance with this clause
15.9 shall be: (a) subject to entry into definitive sale documentation with the Qualifying Third Party ROFO Purchaser no later than forty-five Business days from the service of a Partial-Share ROFO Response Notice by the Rights Shareholder; and
(b) completed no later than twelve months from receipt of the Partial-Share ROFO Response Notice. The Selling Shareholder shall use its reasonable endeavours to procure that any and all regulatory approvals necessary for completion of the sale
of the ROFO Shares under this clause 15.9 are obtained as soon as is reasonably practicable and in any case within the time period set out in this clause 15.9 provided that, for the avoidance of doubt, both the Selling Shareholder and Rights
Shareholder shall use all reasonable endeavours to procure the filing of any applicable notifications and submissions with relevant regulatory authorities associated with any regulatory approvals as soon as is reasonably practicable and the Rights
Shareholder shall not be required to accept any undertakings or agree to any conditions to obtain any necessary regulatory approvals if it regards such undertakings or conditions as unreasonable. 

 

	15.10	Completion of: (a) the transfer of the Partial ROFO Shares to the Rights Shareholder or such other person as it may have nominated in the Partial-Share ROFO Response Notice in consideration for the payment of the
Aggregate Partial-Share Purchase Price to the Selling Shareholder, (b) the transfer of all of the Remaining ROFO Shares to the Qualifying Third Party ROFO Purchaser at the Aggregate Remaining Share Purchase Price or a higher price, pursuant to
clause 15.9, and (c) the payment to any Outstanding Claim Amounts in accordance with clause 14.7 shall occur simultaneously and, for the avoidance of doubt, neither transfer shall proceed unless the other transfer also proceeds.

  

	15.11	If the Rights Shareholder or any other person nominated in the Partial-Share ROFO Response Notice fails to obtain any necessary regulatory approvals or pay the Aggregate Partial-Share Purchase Price once the Rights
Shareholder has served a Partial-Share ROFO Response Notice and completion of the sale and purchase of the Partial ROFO Shares is otherwise due to be completed in accordance with clause 15.10, the Selling Shareholder may proceed to sell all (and not
only some) of the ROFO Shares to the Qualifying Third Party ROFO Purchaser at the Aggregate ROFO Share Price or a higher price. If the Qualifying Third Party ROFO Purchaser fails to obtain any necessary regulatory approvals or pay the Aggregate
Remaining Share Purchase Price and completion of the sale and purchase of the Remaining ROFO Shares does not occur in accordance with clause 15.10, then completion of the transfer of the Partial ROFO Shares to the Rights Shareholder or any other
person nominated in the Partial-Share ROFO Response Notice shall also not occur. 

  

	15.12	Compliance 

 Before the Selling Shareholder transfers any ROFO Shares to the Qualifying
Third Party ROFO Purchaser, unless the Shareholders agree otherwise, the Selling Shareholder must cause the Qualifying Third Party ROFO Purchaser to provide the following unqualified representations and undertakings: 

 

	 	(a)	it is not a Government Official, as such term is defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended (the FCPA); and 

  
 31 

	 	(b)	neither it nor any person whom it has nominated to accept the ROFO Shares is subject to any action, proceeding, suit or formal investigation by any governmental authority with regards to any actual or alleged violation
of any anti-corruption or anti-bribery laws, regulations or binding guidelines, including the FCPA and the UK Bribery Act 2010 (collectively, Anti-Corruption Laws). 

 

	15.13	ROFO Notice may not be served during Buy-Sell process 

No Shareholder may serve a ROFO Notice and no ROFO Notice will be deemed to have been served (a) during any
Cooling-Off Period or during the 30 calendar days following the Cooling-Off Period in accordance with clause 19.1(b), or (b) following the service of a valid Buy-Sell Notice in accordance with clause 19. 
  

	15.14	Competing ROFO Notices 

 If both Shareholders serve a ROFO Notice, the ROFO Notice which
is deemed (in accordance with clause 28) to have been served first in time (the First ROFO Notice) will constitute the ROFO Notice for the purpose of this clause 15, and the other purported ROFO Notice shall have no force or effect and no
other ROFO Notice shall be capable of having force or effect until the Rights Shareholder (i) serves a No-Share ROFO Response Notice within the ROFO Offer Period (in relation to the First ROFO Notice); or
(ii) does not serve a ROFO Response Notice within the ROFO Offer Period (in relation to the First ROFO Notice). 
  

	15.15	Irrevocability of notices under this clause 15 

 Each notice given under this clause 15
shall be irrevocable except with the consent of the other parties on whom such notice is served. 
  

	16.	GENERAL PROVISIONS RELATING TO ISSUE AND TRANSFER OF SHARES 

  

	16.1	Registration of issues and transfers of Shares 

 The Company shall not issue any Shares
or register the transfer of any Shares unless the issue or transfer is made in accordance with this deed. 
  

	16.2	Share register 

 Each certified copy of the register of shareholders of the Company shall
include a statement that: 
 “Transfer and disposal of shares in the Company are subject to the restrictions contained in the
Shareholders’ Deed relating to the Company dated 6 August 2015 and the articles of the Company.” 
  

	17.	WARRANTIES 

 Each party warrants to each other party on the date of this deed that each
of the following statements is true, accurate and not misleading: 
  

	 	(a)	it is a corporation validly existing under the laws of the place of its incorporation; 

  

	 	(b)	it has the power to execute and deliver, and to perform its obligations under, this deed to which it is or will be a party, and it has taken all necessary corporate action to authorise such execution and delivery and
the performance of such obligations; 

  
 32 

	 	(c)	its obligations under this deed are legal, valid, binding and enforceable in accordance with their terms; 

  

	 	(d)	the execution and delivery by it of this deed and the performance of its obligations under it does not and will not conflict with or constitute a default under any provision of: 

 

	 	(i)	any agreement or instrument to which it is a party; 

  

	 	(ii)	its constitution (if any); or 

  

	 	(iii)	any law, order, judgment, award, injunction, decree, rule or regulation by which it is bound; and 

  

	 	(e)	no Insolvency Event has occurred in relation to it. 

  

	18.	COMPLIANCE WITH LAW 

  

	18.1	All party obligations 

 Each party undertakes to each other party that: 

 

	 	(a)	it will not take any action which would result in it, any other party or any member of the Group being in contravention of any law or regulation (including, without limitation, any applicable anti-bribery,
anti-corruption, anti-money laundering, trade control laws or Economic Sanctions Laws); 

  

	 	(b)	to the extent that it has not already done so, it will establish and at all times maintain in place adequate procedures designed to prevent any Representative or person who provides services to it from undertaking any
conduct that would contravene or otherwise give rise to an offence being committed by it, any other party or the Group under any applicable anti-bribery and/or anti-corruption and/or money laundering laws (Anti-Corruption Policies);

  

	 	(c)	no action it undertakes in the exercise of its rights and performance obligations under this deed shall cause it, any other party or any member of the Group to be in contravention of any law or regulation (including,
without limitation, any applicable anti-bribery, anti-corruption, anti-money laundering, trade control or Economic Sanctions Laws); and 

  

	 	(d)	during any period in which it or any of its Affiliates becomes a Sanctioned Person, the exercise of such party’s right to receive Dividends in respect of Shares held by it shall be suspended to the extent that such
payment of Dividends would be prohibited by any applicable Economic Sanctions Laws, in which case any such Dividend which would otherwise have been payable to such party shall either (a) be held by the Company on behalf of such party (without
any obligation to pay interest) until such time as the party’s right to receive Dividends or any other distribution in respect of its Shares is no longer suspended in accordance with this clause 18.1(d) or (b) on the request of the party
entitled to payment of the Dividend be credited to a frozen (or blocked) account belonging to the relevant party if such frozen (or blocked) account is in compliance with applicable Economic Sanctions Laws. 

 

	18.2	Distributions 

  

	 	(a)	The parties agree that the Company shall not be restricted or prevented from declaring or paying any Dividend or other fees to a Shareholder by reason only of: 

 

	 	(i)	any other Shareholder or any of its Affiliates being a Sanctioned Person or being directly or indirectly owned or controlled by a Sanctioned Person; 

  
 33 

	 	(ii)	a Sanctioned Person holding an interest in any other Shareholder; or 

  

	 	(iii)	any other matter which does or may constrain the Company from making a payment to any other Shareholder. 

  

	 	(b)	The parties agree that during any period in which a Shareholder or its Affiliates becomes a Sanctioned Person, any Director or Shareholder voting rights in respect of the Shares held by that Shareholder, its Affiliates
or Directors nominated by it will be suspended in relation to any matters relating to the payment of Dividends including the ability to object to such Dividends in accordance with clause 8.1. 

 

	 	(c)	The parties agree to take all action necessary to ensure that paragraphs (a) and (b) are enforceable including, without limitation, reflecting such clause in the Articles. 

 

	18.3	Company obligations 

  

	 	(a)	The Company shall comply, and the Company shall procure that each Group Company complies, with its Anti-Corruption Policies and shall keep them under regular review in order to ensure that they continue to meet the
requisite standard for adequate procedures. 

  

	 	(b)	The Company may at any time, and shall within 20 Business Days of a reasonable request by a Shareholder, prepare draft amendments to the Anti-Corruption Policies which it shall submit to each Shareholder. Each
Shareholder shall consider in good faith any draft amendments to the Anti-Corruption Policies submitted to it under this clause and shall in good faith take appropriate steps with a view to it and the other Shareholder agreeing revised
Anti-Corruption Policies (with such amendments as it and the other Shareholder may agree) as soon as reasonably practicable. 

  

	 	(c)	Nothing in this deed shall prevent the Company from complying with any applicable law (including any Economic Sanctions Law) to which it is or becomes subject. 

 

	19.	BUY-SELL AGREEMENT 

  

	19.1	Buy-Sell 

  

	 	(a)	Following the third anniversary of the Effective Date a Major Shareholder (the First Shareholder) may serve written notice by fax or email only (in accordance with clause 28) substantially in the form set
out in Schedule 8 (a Buy-Sell Notice) on the other Major Shareholder (the Second Shareholder) in accordance with paragraph (b) below and the other provisions of this clause (including,
without limitation, clause 19.5) offering to buy from the Second Shareholder all its Stapled Interests for the time being held by the Second Shareholder (the Buy-Sell Sale Shares) at a cash price in
Euros payable on completion of the purchase and not on deferred terms (the Buy-Sell Price). 

  

	 	(b)	 Prior to serving a Buy-Sell Notice, the First Shareholder shall give
written notice by fax or email only (in accordance with clause 28) to the Second Shareholder of its intention to serve a Buy-Sell Notice on the Second Shareholder (the
Pre-Notice). During the 30 calendar days following service of the Pre-Notice (the Cooling-Off Period) individual
principal representatives of the Major Shareholders (namely the Chairman from time to time of the Supervisory Board of the VIP Guarantor, currently being Mr. Alexey M. Reznikovich (the VIP Representative), and the Group Managing
Director from time to time of the HET 

  
 34 

	 	
Guarantor, currently being Mr. Canning K.N. Fok (the HET Representative), or such other senior executive within each Major Shareholder’s organisation as may be nominated for
this purpose by the VIP Representative and / or the HET Representative, as the case may be, and notified in writing to the other Major Shareholder) shall meet in person in Luxembourg (unless the VIP Representative and the HET Representative have
otherwise agreed in writing between them or one or both of the VIP Representative and the HET Representative give written notice declining to meet) and if the VIP Representative and the HET Representative (or their respective nominees) meet, use
reasonable endeavours to resolve any differences or deadlocks that may have led the First Shareholder to form the intention and/or determine to issue a Buy-Sell Notice with the aim that, following such
discussions, where possible, the First Shareholder will not serve a Buy-Sell Notice on the Second Shareholder following the Cooling-Off Period. Whether or not the VIP
Representative and the HET Representative (or their respective nominees) meet, if the First Shareholder continues to intend to serve a Buy-Sell Notice on the Second Shareholder, it may only do so following the
end of the Cooling-Off Period. If the First Shareholder does not serve a Buy-Sell Notice within 30 calendar days following the end of the
Cooling-Off Period, the Pre-Notice shall lapse and the First Shareholder shall not be entitled to serve a Buy-Sell Notice on the
Second Shareholder unless it first serves a new Pre-Notice on the Second Shareholder and complies with the foregoing provisions of this clause 19.1. 

 

	19.2	Competing Pre-Notices, Buy-Sell Notices or ROFO Notices 

 

	 	(a)	If both Major Shareholders serve a Pre-Notice or a Buy-Sell Notice, the Pre-Notice or the Buy-Sell Notice which is deemed (in accordance with clause 28) to have been served first in time will constitute the Pre-Notice or the
Buy-Sell Notice for the purpose of clause 19.1, and the other purported Pre-Notice shall have no force or effect and no other
Pre-Notice shall be capable of being served until the Cooling-Off Period expires in accordance with clause 19.1. 

 

	 	(b)	Neither a Pre-Notice nor a Buy-Sell Notice may be served pursuant to clause 19.1 if at that time a ROFO Notice has been served in
accordance with clause 15.1 (and not revoked with the consent of the Rights Shareholder or lapsed in accordance with clause 15) and the sale of the ROFO Shares specified in the ROFO Notice (whether to the Rights Shareholder(s) and / or to one or
more Qualifying Third Party ROFO Purchasers in accordance with clause 15) has not been completed in accordance with clause 15. 

  

	19.3	Acceptance of a Buy-Sell Notice 

 If, prior to
the date that is 90 calendar days following the date of service of a Buy-Sell Notice: 
  

	 	(a)	the Second Shareholder serves written notice on the First Shareholder accepting the offer from the First Shareholder to buy the Buy-Sell Shares from the Second Shareholder set out
in the Buy-Sell Notice; or 

  

	 	(b)	the Second Shareholder does not (A) accept the offer from the First Shareholder to buy the Buy-Sell Shares from the Second Shareholder set out in the Buy-Sell Notice in accordance with paragraph (a) above, or (B) serve written notice rejecting the offer to buy the Buy-Sell Shares from the Second Shareholder set
out in the Buy-Sell Notice in accordance with clause 19.4, the Second Shareholder agrees that it shall be deemed to have accepted the offer from the First Shareholder to buy the
Buy-Sell Shares from the Second Shareholder set out in the Buy-Sell Notice, 

  
 35 

 then: 
  

	 	(i)	completion of the sale of the Buy-Sell Shares shall take place at the registered office of the First Shareholder at 12.00 noon on the date that is 90 calendar days following the
date on which the Second Shareholder accepts the offer, or is deemed to have accepted the offer, in accordance with paragraphs (a) or (b) above, as the case may be, or, if earlier, 10 Business Days following the date upon which any necessary
regulatory approvals are obtained by the First Shareholder; and 

  

	 	(ii)	on completion of the sale by the Second Shareholder of the Buy-Sell Shares, the First Shareholder and the Second Shareholder shall comply with the provisions of clause 19.6.

  

	19.4	Rejection of a Buy-Sell Notice 

 If, by notice in
writing to the First Shareholder served prior to the date that is 90 calendar days following the date of service of a Buy-Sell Notice, the Second Shareholder rejects the offer set out in the Buy-Sell Notice from the First Shareholder to buy the Buy-Sell Shares from the Second Shareholder, in accordance with this clause 19.4, the Second Shareholder agrees it shall
be deemed to confirm that it wishes to buy all of the Stapled Interests held by the First Shareholder (the Reverse Buy-Sell Shares) at the Buy-Sell Price,
and: 
  

	 	(a)	completion of the acquisition of the Reverse Buy-Sell Shares shall take place at the registered office of the Second Shareholder at 12.00 noon on the date that is 90 calendar days
following the date on which the Second Shareholder rejects the offer in accordance with the preceding provisions of this clause 19.4 or, if earlier, 10 Business Days following the date upon which any necessary regulatory approvals are obtained by
the Second Shareholder; and 

  

	 	(b)	on completion of the sale by the First Shareholder of the Reverse Buy-Sell Shares, the First Shareholder and the Second Shareholder shall comply with the provisions of clause
19.6. 

  

	19.5	Valid Buy-Sell Notices or acceptances of an offer under this clause 

  

	 	(a)	In order for the First Shareholder to serve on the Second Shareholder a valid Buy-Sell Notice to buy the Buy-Sell Shares from the Second
Shareholder in accordance with clause 19.1 or for the Second Shareholder to validly reject the offer to sell the Buy-Sell Shares to the First Shareholder set out in the
Buy-Sell Notice in accordance with clause 19.4 (as the case may be), the relevant Major Shareholder shall accompany either the Buy-Sell Notice or the written rejection
of the offer in the Buy-Sell Notice (as the case may be) with an on demand letter of credit (or equivalent) from one or more Relevant Financial Institution(s) undertaking in favour of the Second Shareholder or
the First Shareholder (as the case may be) that such Relevant Financial Institution(s) will irrevocably and unconditionally pay an amount equal to the purchase price to complete the acquisition of all the
Buy-Sell Shares or of all the Reverse Buy-Sell Shares (as the case may be) on completion in accordance with this clause 19 and be legally and irrevocably obliged to pay
all such purchase price to the Second Shareholder or the First Shareholder (as the case may be) in the event that the First Shareholder or Second Shareholder (as the case may be) does not complete the acquisition of all the Buy-Sell Shares or all the Reverse Buy-Sell Shares (as the case may be) in accordance with the provisions of this clause 19 and such letter of credit shall not expire prior to
the date that is 90 calendar days following the date on which the Second Shareholder either accepts the offer from the First Shareholder to buy the Buy-Sell Shares from the Second Shareholder set out in a Buy-Sell Notice, or is deemed to have accepted the offer, in accordance with clause 19.3, or rejects the offer set out in the Buy-Sell Notice from the First Shareholder to buy
the Buy-Sell Shares from the Second Shareholder in accordance with clause 19.4, as the case may be.  

  
 36 

	 	(b)	To the extent a Shareholder does not: 

  

	 	(i)	in the case of the First Shareholder purporting to serve on the Second Shareholder a Buy-Sell Notice to buy the Buy-Sell Shares from the
Second Shareholder, serve a valid Buy-Sell Notice in accordance with clauses 19.1, 19.2 and 19.5(a), then no Buy-Sell Notice shall be deemed to have been served on the
Second Shareholder; and 

  

	 	(ii)	in the case of the Second Shareholder purporting to reject an offer set out in the Buy-Sell Notice to sell the Buy-Sell Shares to the First
Shareholder, serve a valid rejection of a Buy-Sell Notice in accordance with clauses 19.4 and 19.5(a), then the Second Shareholder agrees that it shall be deemed to have accepted the offer set out in the Buy-Sell Notice to sell the Buy-Sell Shares to the First Shareholder. 

  

	19.6	Completion of sale 

 On completion of a sale or acquisition of the Buy-Sell Shares or the Reverse Buy-Sell Shares (the Buy-Sell Completion Shares) in accordance with clauses 19.3(b)(i) or
19.4(a), as the case may be: 
  

	 	(a)	the Major Shareholder obliged to sell the Buy-Sell Completion Shares (the Seller) shall sell and the Major Shareholder obliged to buy the
Buy-Sell Completion Shares (the Buyer) shall buy the Buy-Sell Completion Shares at the Buy-Sell Price, free from all
Encumbrances; 

  

	 	(b)	the Seller shall deliver to the Company or FinCo (as applicable) the share certificates or other documents of title representing the Buy-Sell Completion Shares (if any);

  

	 	(c)	the Buyer shall pay the Seller the Buy-Sell Price for all of the Buy-Sell Completion Shares; 

 

	 	(d)	the Seller shall pay to the Buyer, and the Buyer shall pay to the Seller, all outstanding amounts (including interest), if any, payable by the Seller or the Buyer (as applicable) to the other Shareholder pursuant to
clauses 7.6(a)(ii), 7.6(b)(ii), 32.1(b), 32(2)(b) of, or paragraphs 4.4(a)(ii) and 4.4(b)(ii) of Part 1 of Schedule 10 to the Contribution and Framework Agreement (each an Outstanding Claim Amount); 

 

	 	(e)	full ownership of the Buy-Sell Completion Shares shall transfer from the Seller to the Buyer, and the Company and FinCo (as applicable) shall update their share registers
accordingly and provide certified copies of the updated share registers to the Buyer; 

  

	 	(f)	in accordance with clause 5.3(b), any Directors and directors of each Group Company proposed for appointment by the Seller which ceases to be a Major Shareholder following the transfer of ownership under paragraph
(d) above will automatically cease to be Directors and directors of each Group Company and the Seller shall promptly on request from the Buyer execute such documents and take such other steps with its power (including executing written
shareholder resolutions and voting at shareholder meetings) necessary to procure the removal of any such Director or director of each Group Company; and 

  

	 	(g)	for the avoidance of doubt, to the extent that all necessary regulatory approvals are not obtained or satisfied by the time period set out in clause 19.3(b)(i) or clause 19.4(a) (as applicable), then the Seller and the
Buyer shall be obliged to complete the sale of Buy-Sell Completion Shares at the sole risk of the Buyer. 

  

	20.	DELEGATION OF AUTHORITY 

  

	20.1	 Each Major Shareholder irrevocably and unconditionally (and by way of security for the performance of its
obligations under this deed) appoints such persons as may be nominated by the 

  
 37 

	 	
other Major Shareholder from time to time as its attorney and on its behalf to execute, deliver and carry out in its name or otherwise on its behalf all documents, acts and things which the
attorney(s) may in its or their absolute discretion consider necessary or desirable to: 

  

	 	(a)	exercise the appointment and removal of Directors in accordance with clauses 5.3 and/or 5.5(b); 

  

	 	(b)	exercise the voting rights of such Shareholder to vote in favour of the appointment and/or removal of relevant Directors in accordance with clause 5.5(c) or 19.6(f); 

 

	 	(c)	effect any transfer of Stapled Interests held by that Shareholder, being a Defaulting Shareholder, required in accordance with clause 14.4 or 14.5(c); 

 

	 	(d)	exercise the voting rights of a Defaulting Shareholder or of an Indirect Defaulting Shareholder in accordance with clause 14.5(a)(ii) or 14.5(b)(ii) (as applicable); 

 

	 	(e)	effect any transfer of ROFO Shares held by that Shareholder (or its Permitted Transferees) required in accordance with clause 15.10 or 15.11; or 

 

	 	(f)	effect any transfer of the Buy-Sell Completion Shares held by that Shareholder (or its Permitted Transferees) required in accordance with clause 19.6, 

to the extent that such action is contemplated by this deed and which such Major Shareholder is obliged, but fails, to effect in accordance
with this deed. 
  

	20.2	The appointment in clause 20.1 shall in all circumstances remain in force and be irrevocable until a Trigger Event occurs. 

  

	20.3	If an attorney appointed in accordance with clause 20.1 effects a transfer of Stapled Interests as attorney for a Shareholder, the attorney’s receipt of any consideration due to the Shareholder in respect of such
transfer shall be a good discharge to the transferee of such Stapled Interests, who shall not be bound to see to its application. The attorney shall notify the Company and pay such consideration as soon as reasonably practicable to the Company which
shall hold such consideration on behalf of the relevant Shareholder without any obligation to pay interest. 

  

	20.4	Each Shareholder on whose behalf Stapled Interests are transferred by an attorney appointed in accordance with clause 20.1 shall surrender its share certificate(s) to the Company or FinCo, if applicable, (or provide an
indemnity in respect of such certificate(s) in a form satisfactory to the Company or FinCo, if applicable relating to the Stapled Interests transferred. On, but not before, such surrender or provision, the relevant Shareholder shall be entitled to
the consideration in respect of the Stapled Interests transferred on its behalf, without interest. 

  

	21.	BRANDING, SEPARATION, INTRA-GROUP ARRANGEMENTS 

  

	21.1	Branding 

 The Group shall operate a dual customer facing brand strategy, using both the
“Wind” and “3” brands, until a new single-brand strategy has been proposed by the CEO and approved by the Board. HET will make the “3” brands available to the Group for as long as necessary without cost to the Group,
pursuant to the term of the Hutchison IP Licence (as defined in the Contribution and Framework Agreement). 

  
 38 

	21.2	Support Services 

 The Parties agree and shall procure that, unless otherwise agreed as a
Shareholder Reserved Matter under the terms of this deed, the HET Guarantor (and its Affiliates) and the VIP Guarantor (and its Affiliates) shall not, on or after the Effective Date, charge or re-charge to the
Group any personnel, administrative, office or overhead costs or expenses in relation to any support services that may be made available to, the Group from time to time. If approved as a Shareholder Reserved Matter in accordance with the terms of
this deed, the Affiliate providing the support services may charge the Group Company receiving the services its direct incremental costs incurred in providing such support services. 

 

	21.3	Roaming 

  

	 	(a)	Each Group Company shall encourage roaming by its customers on to any mobile telecommunications networks (a Network) operated by Affiliates of Shareholders in territories outside of Italy by implementing roaming
arrangements that prefer the Networks of such Affiliates and the Shareholders shall assist the Group to achieve attractive rates from such Affiliates compatible with minimising the Group’s customer churn. 

 

	 	(b)	Each Shareholder shall procure that each of its Affiliates that operate a Network outside of Italy encourage their customers to roam on to the Networks of the Group when roaming in Italy by implementing roaming
arrangements that prefer the Group’s Networks and the Group shall provide such roaming at attractive rates compatible with minimising churn of customers of the Shareholder Affiliate. 

 

	 	(c)	Each Group Company shall have absolute discretion in relation to roaming arrangements in respect of any territory where no Affiliate of a Shareholder operates a Network. 

 

	21.4	Revenue sharing agreements 

 No agreement by which a Group Company participates in any
revenue sharing arrangement with a third party (whether sharing revenues of the Group Company with a third party or the Group Company sharing of revenues of a third party) pursuant to an agreement made by any Shareholder and/or any of its Affiliates
for or on behalf of, or as agent for, the Group Company shall continue after a date falling 18 months after the Effective Date unless it has been approved as a Shareholder Reserved Matter in accordance with the terms of this deed. 

 

	21.5	Global Procurement 

  

	 	(a)	Each Shareholder (for so long as it owns or controls (directly or indirectly) 25% or greater of the voting share capital of the Company) shall, where requested by any Group Company, use reasonable endeavours (but
without being required to incur any significant cost to do so) to permit that Group Company to participate in the group arrangements of that Shareholder and its Affiliates for the acquisition or licensing of products and services for Affiliates who
provide telecommunications services, so that the Group may benefit from such Shareholder’s global group company pricing for products and services on substantially the same terms and conditions. An agreement under which the Group Company
participates under a foregoing arrangement shall be a Global Procurement Contract and shall include, without limitation, an agreement between a Group Company and a Shareholder or Affiliate of a Shareholder as the counterparty and supplier of
the products or services, an agreement entered into with a third party supplier of the products or services by a Shareholder or a Shareholder Affiliate as agent for and on behalf of a Group Company, and any agreement appointing a Shareholder or
Affiliate of a Shareholder as agent for a Group Company for such purposes or framework agreement setting out the terms and conditions for a Group Company to participate in such arrangements. 

  
 39 

	 	(b)	Upon the request of a Group Company, HET (if the Global Procurement Contract was entered into by a 3 Italia Group Company) or VIP (if the Global Procurement Contract was entered into by a Wind Group Company) shall use
reasonable endeavours to enable a Group Company to terminate any Global Procurement Contract after 18 months from the Effective Date. Unless so terminated the Global Procurement Contract shall continue until expiry in accordance with its terms.

  

	 	(c)	If a Group Company may only continue to participate in a Global Procurement Contract existing on the Effective Date with the approval of a third party, HET (if the Global Procurement Contract was entered into by a 3
Italia Group Company) or VIP (if the Global Procurement Contract was entered into by a Wind Group Company) shall use reasonable endeavours (but without being required to incur any cost to do so) to obtain that approval. 

 

	 	(d)	Each of Shareholder agrees that unless approved as a Shareholder Reserved Matter pursuant to the terms of this deed neither it nor any of its respective Affiliates shall charge any Group Company: 

 

	 	(i)	for making available to the Group its global group pricing referred to in paragraph (a) above or for any administrative, logistical or other support provided to the Group in relation to any Global Procurement
Contract; or 

  

	 	(ii)	any internal fee, margin, expense, charge or other internal cost regarding services or products provided by a third party to the Group. 

 

	 	(e)	Each Group Company shall be entitled to determine in its absolute discretion the supplier of any products and services provided that each Group Company shall, when undertaking procurement of products and services seek
to obtain the supply on the best commercial terms available to that Group Company, either on its own or whenever possible under a Global Procurement Contract. In making procurement decisions, and where products or services may be acquired by the
Group under a Global Procurement Contract, then the Group shall seek to ensure that such Global Procurement Contracts are allocated approximately equally between each Shareholder group. Shareholders shall review such allocation biennially and shall
in good faith seek to redress any imbalance greater than € 50 million over the next two years. 

  

	21.6	Know-how 

  

	 	(a)	The Shareholders agree to, and to procure that their respective Ultimate Holding Companies and Affiliates that are network operators providing telecommunications services (a Relevant Affiliate) share or make
reasonably available on an “as is” no liability basis to the Group for use by the Group in the conduct of the Business know-how on its business and technical processes, procedures, reporting
methodologies, management practices, quality control, and operational experiences and associated data and document relevant to the conduct of a mobile or fixed line business (Know-how), provided that a
Shareholder or its Affiliate shall not be required to provide or make available any Know-how to the Group if the provision of such Know-how: 

 

	 	(i)	is prohibited by Law, the terms of any agreement with any third party or violates the intellectual property rights of any third party, or requires any Shareholder or its Affiliate to incur any significant incremental
costs; or

  
 40 

	 	(ii)	without limiting paragraph (i), where such Know-how originated with a Shareholder or Affiliate of such Shareholder and the disclosure of such
Know-how to the Group would be materially adverse to the interests of such Shareholder or Affiliate of such Shareholder. 

No Shareholder or Affiliate of the Shareholder may charge the Group any costs in complying with this paragraph (a) beyond its direct
incremental costs unless approved as a Shareholder Reserved Matter in accordance with the terms of this deed. Senior Management may travel to the offices of a relevant Shareholder or Affiliate of the Shareholder for the purpose of accessing Know-how of a Relevant Affiliate subject to reasonable prior notice, and provided it does not cause any significant disruption, to the relevant business. 

 

	 	(b)	The provisions of paragraph (a) shall apply, mutatis mutandis, to the sharing and making available Know-how of the Group to any Shareholder and that Shareholder’s
Relevant Affiliates. 

  

	22.	WAIVER OF RIGHT TO SEEK LIQUIDATION 

 To the extent permissible by applicable law, each
Shareholder agrees, confirms and acknowledges that it shall be wholly and irrevocably barred from seeking a liquidation, winding up or otherwise of the Company or any Group Company in the event of a deadlock between the Shareholders, including,
without limitation, on a refusal or failure to consent to a Reserved Matter or failure to attend a meeting of the Shareholders. 
  

	23.	PROTECTIVE COVENANTS 

  

	23.1	For the purposes of this clause, a group in the case of VIP shall not include any shareholder of the VIP Guarantor and a group in the case of HET shall not include any shareholder of the HET Guarantor.
Each Shareholder covenants with the other that it shall not and shall procure that no other member of its group shall: 

  

	 	(a)	for so long as such person remains a Shareholder be concerned in any business carrying on business in Italy which is competitive with the Business; or 

 

	 	(b)	for so long as such person remains a Shareholder and for a period of one year after the date upon which it ceases to be a Shareholder (the Termination Date): 

 

	 	(i)	induce or attempt to induce any person who is at such time a Director, a director of a Group Company or a Senior Employee to leave the employment of that Group Company unless such inducement or attempt to induce is made
by: 

  

	 	(A)	the VIP Guarantor or any of its Subsidiaries in respect of a Director, a director of a Group Company or a Senior Employee who was a director or employee of VIP’s group (other than WAHF and its Subsidiaries) prior
to the Effective Date or the date of employment or appointment as a Director with or by a Group Company; or 

  

	 	(B)	the HET Guarantor or any of its Subsidiaries in respect of a Director, a director of a Group Company or a Senior Employee who was a director or employee of HET’s group (other than 3 Italia and its Subsidiaries)
prior to the Effective Date or the date of employment or appointment as a Director with or by a Group Company; or 

  
 41 

	 	(ii)	employ or attempt to employ any person who is at such time a Director, a director of a Group Company or a Senior Employee unless such employment or attempt to employ is made by: 

 

	 	(A)	the VIP Guarantor or any of its Subsidiaries in respect of a Director, a director of a Group Company or a Senior Employee who was a director or employee of VIP’s group (other than WAHF and its Subsidiaries) prior
to the Effective Date or the date of employment or appointment as a Director with or by a Group Company; or 

  

	 	(B)	the HET Guarantor or any of its Subsidiaries in respect of a Director, a director of a Group Company or a Senior Employee who was a director or employee of HET’s group (other than 3 Italia and its Subsidiaries)
prior to the Effective Date or the date of employment or appointment as a Director with or by a Group Company; or 

  

	 	(iii)	use any information of a secret or confidential nature relating to, or to the business or affairs of, any Group Company, to induce or attempt to induce any person, who is or was for so long as the relevant person is or
was a Shareholder, a customer of, or a supplier to, a Group Company, to cease to deal with that Group Company as a whole or on substantially equivalent terms to those previously offered or existing. 

 

	23.2	For the purposes of this clause: 

  

	 	(a)	a person is concerned in a business if it carries on the business as principal or agent or if: 

  

	 	(i)	it is a partner, director, employee, secondee, consultant or agent in, of or to any person who carries on the business; or 

  

	 	(ii)	it has any direct or indirect financial interest (as shareholder or otherwise) in any person who carries on the business; or 

  

	 	(iii)	it is a partner, director, employee, secondee, consultant or agent in, of or to any person who has a direct or indirect financial interest (as shareholder or otherwise) in any person who carries on the business,

 disregarding any financial interest of a person in securities which are listed or traded on any generally recognised market
if that person, members of either Shareholder group for the time being and any person connected with that person or either Shareholder (the Investors) are together interested in securities which amount to less than five per cent. of the
issued securities of that class and which, in all circumstances, carry less than five per cent. of the voting rights (if any) attaching to the issued securities of that class, and provided that none of the Investors is involved in the management of
the business of the issuer of the relevant securities or of any person connected with it otherwise than by the exercise of voting rights attaching to securities; and 
  

	 	(b)	a Shareholder or members of its group will not be in breach of this clause 23.2 by reason of acquiring a business (the Acquired Business) where at the time of the acquisition the activities of the Acquired
Business include a business in Italy which is competitive with the Business (the Acquired Competing Business) provided that: 

  

	 	(i)	the turnover attributed to the Acquired Competing Business in its last financial year before the acquisition is less than ten per cent. of the turnover of the Acquired Business as a whole; and 

  
 42 

	 	(ii)	the Shareholder or members of its group uses reasonable endeavours to dispose of the Acquired Competing Business to an unaffiliated third party outside the Shareholder’s group within 18 months of the closing of the
agreement pursuant to which the Acquired Competing Business is acquired by the Shareholder or members of its group (the Divestment Period) and the Shareholder shall be permitted to carry on such Acquired Competing Business on the same basis
as the date on which it was acquired by the Shareholder for the duration of the Divestment Period; and 

  

	 	(c)	a Shareholder or members of its group will not be in breach of clause 23.1 to the extent a Shareholder or members of its group (i) has a 25 per cent. or less interest in a business which involves the provision
of over-the-top services (the OTTS Business) made available to end users in Italy; or (ii) has a greater than 25 per cent. interest in the OTTS Business
made available to end users in Italy but which (in this limb (ii)) is not in direct competition with the Business; and 

  

	 	(d)	references to a Group Company include its successors in business. 

  

	23.3	Each of the restrictions in each paragraph or subclause above shall be enforceable independently of each of the others and its validity shall not be affected if any of the others is invalid. 

 

	23.4	If any of those restrictions is void but would be valid if some part of the restriction were deleted, the restriction in question shall apply with such modification as may be necessary to make it valid.

  

	23.5	Each Shareholder acknowledges that in view of its investment and obligations pursuant to the Transaction Documents the provisions of this clause are indispensable to their entering into this deed and are no more
extensive than is reasonable to protect a Shareholder as a holder of Shares in the Group. 

  

	23.6	The covenants in this clause may be enforced by any Group Company against a Shareholder the Shareholder breaching this clause under the Contracts (Rights of Third Parties) Act 1999. The provisions of this clause may be
varied or terminated by agreement between the Shareholders (and the non-breaching Shareholder may also release or compromise in whole or in part any liability in respect of rights or claims contemplated by
this clause) without the consent of any Group Company. 

  

	23.7	Without affecting any other rights or remedies that a Shareholder may have, each Shareholder acknowledges that a Shareholder may be irreparably harmed by any breach of the terms of this clause and that damages alone may
not necessarily be an adequate remedy. Accordingly, each Shareholder hereby acknowledges without proof of actual damages that injunctive relief, specific performance or other equitable relief in favour of the other Shareholder is an appropriate and
necessary remedy for breach of the terms of this clause. 

  

	24.	TERM AND TERMINATION 

  

	24.1	Term 

 This deed takes effect on the Effective Date and continues until terminated in
accordance with clause 24.2. 
  

	24.2	Circumstances for termination 

 Subject to clause 24.3, this deed terminates in respect
of the rights and obligations of all parties: 
  

	 	(a)	subject to clause 22, on the date on which the Company is wound up; 

  
 43 

	 	(b)	on the date on which a Shareholder (together with its Affiliates) holds all the Shares in the Company; 

  

	 	(c)	on the date on which all the Shareholders agree in writing; or 

  

	 	(d)	on the date on which there is no Major Shareholder. 

  

	24.3	Effect of termination 

 If this deed terminates in accordance with clause 24.2 or certain
provisions terminate in accordance with clause 24.5, in respect of the rights and obligations of any party: 
  

	 	(a)	except as provided in clause 24.3(c) that party is released from its obligations to further perform this deed or those provisions (as applicable); 

 

	 	(b)	each party retains all rights that it has against each other party in respect of any breach of this deed or those provisions (as applicable) occurring before termination and, for the avoidance of doubt, any rights
pursuant to clause 26 and 27 shall survive in respect of any such breach of this deed occurring before termination; and 

  

	 	(c)	the provisions of and the rights and obligations of each party under this clause 24.3 and each of the Surviving Clauses survive termination of this deed. 

 

	24.4	Duration 

  

	 	(a)	Any voting undertaking set forth in this deed shall be valid and in full force and effect for an initial duration of ten years from the Effective Date. The Shareholders undertake to use all reasonable endeavours to
renew such voting undertakings for further successive ten year periods (or such other durations as the Shareholders may agree) until termination of this deed, and will commence discussions for the purposes of renewing such voting undertakings at
least 6 months prior to the expiry of the relevant term. 

  

	 	(b)	The Shareholders hereby agree that any voting undertaking in this deed in the interest and for the benefit of the Company and both Shareholders and is reasonable. However, notwithstanding anything contained in this deed
to the contrary, if any such voting undertaking is determined to be invalid or voidable under Luxembourg law due to its duration, the duration of such voting undertaking shall be reduced to the maximum duration possible without rendering such voting
agreement invalid or voidable under Luxembourg law. 

  

	24.5	Trigger Event for termination of certain provisions 

 Upon a Trigger Event occurring:

  

	 	(a)	the provisions of clauses 3 to 10, 11 (other than paragraph 11.1), 12, 13.2, paragraph 13.3(e), 14 (other than 14.7), 15, 19 to 22 and 24.4 of this deed (inclusive), together with Schedule 1 to Schedule 6 and Schedule 8
to Schedule 9 (inclusive) to it, will automatically terminate and cease to have any effect thereafter and clause 24.3 shall apply in respect of these terminated provisions; 

 

	 	(b)	for the avoidance of doubt all other provisions of this deed, namely, for the avoidance of doubt, the Surviving Clauses, clauses 2, 11.1, 13 (other than 13.2 and paragraph 13.3(e)), and subject to paragraph
(c) below), 14.7, 16, 17, 18, 23, 24 (other than clause 24.4) 26 and 27 and Schedule 7, Schedule 10 and Schedule 11 (subject to paragraph (c) below) shall remain in full force and effect notwithstanding such termination; and

  
 44 

	 	(c)	the following provisions shall remain in full force and effect notwithstanding such termination but subject to the following amendments with effect from the Trigger Event: 

 

	 	(i)	Clause 13.1, subject to the deletion of the words “Other than the obligations of each Shareholder to subscribe for the Shares in accordance with the Contribution and Framework Agreement,” and replacement of
“no” with “No”; and 

  

	 	(ii)	Schedule 11, subject to the deletion of those defined terms that are no longer applicable to the provisions set out in paragraphs (b) and (c)(i) above (and appropriate consequential amendments being made to the
definition cross-referencing); and 

  

	 	(d)	the provisions contained in Schedule 10 shall come into force upon a Trigger Event occurring (the Trigger Event Date). 

  

	25.	CONFIDENTIALITY 

  

	25.1	Confidentiality obligations 

 Except as permitted by this clause 25: 

 

	 	(a)	each Shareholder shall keep confidential: 

  

	 	(i)	all information made available to it by or on behalf of the Company or by a Director under clause 11.4 (whether before, on or after the date of this deed and whether in writing, orally, electronically or in any other
form or medium) which relates to the past, present or future business, operations or affairs of any Group Company; 

  

	 	(ii)	all information made available to it by or on behalf any other Shareholder (whether before, on or after the date of this deed and whether in writing, orally, electronically or in any other form or medium) in connection
with the arrangements contemplated by this deed; 

  

	 	(iii)	any information of a secret or confidential nature relating to, or to the business or affairs of, any Group Company, which shall include information concerning customer details, prices and quantities; and

  

	 	(iv)	the existence, terms and subject matter of, and the negotiations relating to, this deed and each other Transaction Document, 

and shall not disclose or cause or permit the disclosure to any person of any such information, or use any such information for any purpose
other than exercising its rights or performing its obligations under this deed or monitoring and making decisions regarding its investment in the Company; and 
  

	 	(b)	the Company shall keep confidential: 

  

	 	(i)	all information made available to it by or on behalf of any Shareholder (whether before, on or after the date of this deed and whether in writing, orally, electronically or in any other form or medium) in connection
with the arrangements contemplated by this deed; and 

  

	 	(ii)	the existence, terms and subject matter of, and the negotiations relating to, this deed and each other Transaction Document, 

  
 45 

	 	and shall not disclose or cause or permit the disclosure to any person of any such information, or use any such information for any purpose other than conducting the Business or exercising its rights or performing its
obligations under this deed. 

  

	25.2	Excluded information 

  

	 	Clause	25.1 does not apply to any information which: 

  

	 	(a)	is in or comes into the public domain, except through a breach of this clause 25 or through a breach by any person of any other obligation of confidentiality known to the disclosing party; or 

 

	 	(b)	at the time it was disclosed by one party to another was already in the lawful possession of the second party and not held by the second party subject to an obligation of confidentiality. 

 

	25.3	Disclosure to Representatives 

  

	 	Nothing	in clause 25.1 prevents any party from disclosing information to any of its Affiliates or Representatives if: 

  

	 	(a)	the information needs to be disclosed: 

  

	 	(i)	to enable that party to exercise its rights or perform its obligations under this deed including a Disposal of Stapled Interests permitted in accordance with the terms of this deed; or 

 

	 	(ii)	where the party is a Shareholder, to enable that Shareholder to monitor and make decisions regarding its investment in the Company; and 

 

	 	(b)	before disclosure is made that party has informed the relevant Affiliates or Representatives in writing that the information is confidential and shall only be used for the purpose for which it was disclosed,

 provided that any Affiliate or Representative receiving information under this clause 25.3 has undertaken to comply with the
confidentiality obligations under this clause 25 as if those obligations were imposed directly on the relevant Affiliate or Representative, and the party disclosing such information shall ensure that any such Affiliate or Representative to whom
information is so disclosed strictly complies with such obligations. 
  

	25.4	Required disclosure 

 Nothing in clause 25.1 prevents a party or any of its Affiliates or
Representatives from disclosing information if disclosure is required by law or regulation (except to the extent the requirement can be excluded or limited by contract or by a confidentiality obligation), any tribunal or court of competent
jurisdiction, any government agency or the listing rules of any recognised securities exchange. Before any disclosure is made under this clause 25.4, the party that is, or whose Affiliate or Representative is, required to make disclosure shall, to
the extent permitted by law and the relevant disclosure requirement: 
  

	 	(a)	notify the party that made the relevant information available to it (the Discloser) and each other party as soon as reasonably practicable after it becomes aware that disclosure is required; 

 

	 	(b)	take all steps reasonably required by the Discloser to prevent or restrict the disclosure of that information; and 

  
 46 

	 	(c)	co-operate with the Discloser regarding the timing and content of such disclosure. 

For the purposes of this clause 25.4, where the information required to be disclosed is the existence, terms or subject matter of, or the
negotiations relating to, this deed, references to the Discloser are taken to be references to each other party. 
  

	25.5	Disclosure in accordance with right of first offer 

 Nothing in clause 25.1 prevents a
party from disclosing information to the extent strictly required by, and subject always to the terms and conditions provided in, clause 15.5. 
  

	25.6	Legal proceedings 

 Nothing in clause 25.1 prevents a party from disclosing information
to the extent required to enable that party to enforce the provisions of this deed or to the extent necessary for the purpose of defending any proceedings brought against that party. 

 

	25.7	Advertisements and public announcements 

 Nothing in clause 25.1 prevents a party from
disclosing information in any advertisement or public announcement containing information that is not in the public domain made with the written consent of each other party which in the case of any advertisement or public announcement referring only
to the existence or subject matter of this deed shall not be unreasonably withheld or delayed. 
  

	25.8	Outgoing Shareholder 

 If a Shareholder ceases to be a Shareholder, it shall immediately:

  

	 	(a)	deliver all documents or other materials in tangible form that are in its possession or control and that contain information of the type described in clause 25.1(a) to the party that made that information available to
it; 

  

	 	(b)	use all reasonable endeavours to permanently delete all information of the type described in clause 25.1(a) that has been stored on any computer, database or other electronic storage medium by it or on its behalf; and

  

	 	(c)	ensure that each of its Affiliates and Representatives to whom information has been provided under clause 25.3 does the same, 

except to the extent that the Shareholder or the relevant Affiliate or Representative is required to retain such information by law, the rules
of any regulatory authority or any mandatory professional standards rules or in accordance with its reasonable and bona fide internal compliance policies. 
  

	26.	VIP GUARANTEE 

  

	26.1	The VIP Guarantor unconditionally and irrevocably: 

  

	 	(a)	guarantees to each other party the payment when due of all amounts payable by VIP under or pursuant to this deed; 

  

	 	(b)	undertakes to ensure that VIP will perform when due all its obligations under or pursuant to this deed; 

  

	 	(c)	agrees that if and each time that VIP fails to make any payment when it is due under or pursuant to this deed, the VIP Guarantor must on demand (without requiring any party first to take steps against VIP or any other
person) pay that amount as if it were the principal obligor in respect of that amount; and 

  
 47 

	 	(d)	agrees as principal debtor and primary obligor to indemnify each other party against all Loss sustained by it flowing from any non-payment or default of any kind by VIP under or
pursuant to this deed. 

  

	26.2	The VIP Guarantor’s obligations under this clause 26 will not be affected by any matter or thing which but for this provision might operate to affect or prejudice those obligations, including without limitation:

  

	 	(a)	any time or indulgence granted to, or composition with, VIP or any other person; 

  

	 	(b)	the taking, variation, renewal or release of, or neglect to perfect or enforce this deed, or any right, guarantee, remedy or security from or against VIP or any other person; 

 

	 	(c)	any variation or change to the terms of this deed; or 

  

	 	(d)	any unenforceability or invalidity of any obligation of VIP, so that this deed shall be construed as if there were no such unenforceability or invalidity. 

 

	26.3	Until all amounts which may be or become payable under this deed have been irrevocably paid in full, the VIP Guarantor shall not as a result of this deed or any payment or performance under this deed be subrogated to
any right or security of any party or claim or prove in competition with any party against VIP or any other person or claim any right of contribution, set-off or indemnity. 

 

	26.4	The VIP Guarantor will not take or hold any security from VIP in respect of this deed and any such security which is held in breach of this provision will be held by the VIP Guarantor in trust for each other party.

  

	26.5	The VIP Guarantor shall indemnify each other party against any Loss arising as a result of or in connection with the enforcement of the VIP Guarantor’s obligations under this deed. 

 

	26.6	The VIP Guarantor warrants to each other party that: 

  

	 	(a)	it is a corporation validly existing under the laws of the place of its incorporation; 

  

	 	(b)	it has the power to execute and deliver, and to perform its obligations under, this deed and it has taken all necessary corporate action to authorise such execution and delivery and the performance of such obligations;

  

	 	(c)	its obligations under this deed are legal, valid, binding and enforceable in accordance with their terms; 

  

	 	(d)	the execution and delivery by it of this deed and the performance of its obligations under it does not and will not conflict with or constitute a default under any provision of: 

 

	 	(i)	any agreement or instrument to which it is a party; 

  

	 	(ii)	its constitution (if any); or 

  

	 	(iii)	any law, order, judgment, award, injunction, decree, rule or regulation by which it is bound; and 

  

	 	(e)	no Insolvency Event has occurred in relation to it. 

  
 48 

	27.	HET GUARANTEE 

  

	27.1	The HET Guarantor unconditionally and irrevocably: 

  

	 	(a)	guarantees the payment to each other party when due of all amounts payable by HET under or pursuant to this deed; 

  

	 	(b)	undertakes to ensure that HET will perform when due all its obligations under or pursuant to this deed; 

  

	 	(c)	agrees that if and each time that HET fails to make any payment when it is due under or pursuant to this deed, the HET Guarantor must on demand (without requiring any party first to take steps against HET or any other
person) pay that amount as if it were the principal obligor in respect of that amount; and 

  

	 	(d)	agrees as principal debtor and primary obligor to indemnify each other party against all Loss sustained by it flowing from any non-payment or default of any kind by HET under or
pursuant to this deed. 

  

	27.2	The HET Guarantor’s obligations under this clause 27 will not be affected by any matter or thing which but for this provision might operate to affect or prejudice those obligations, including without limitation:

  

	 	(a)	any time or indulgence granted to, or composition with, HET or any other person; 

  

	 	(b)	the taking, variation, renewal or release of, or neglect to perfect or enforce this deed, or any right, guarantee, remedy or security from or against HET or any other person; 

 

	 	(c)	any variation or change to the terms of this deed; or 

  

	 	(d)	any unenforceability or invalidity of any obligation of HET, so that this deed shall be construed as if there were no such unenforceability or invalidity. 

 

	27.3	Until all amounts which may be or become payable under this deed have been irrevocably paid in full, the HET Guarantor shall not as a result of this deed or any payment or performance under this deed be subrogated to
any right or security of any party or claim or prove in competition with any party against HET or any other person or claim any right of contribution, set-off or indemnity. 

 

	27.4	The HET Guarantor will not take or hold any security from HET in respect of this deed and any such security which is held in breach of this provision will be held by the HET Guarantor in trust for each other party.

  

	27.5	The HET Guarantor shall indemnify each other party against any Loss arising as a result of or in connection with the enforcement of the HET Guarantor’s obligations under this deed. 

 

	27.6	The HET Guarantor warrants to each other party that: 

  

	 	(a)	it is a corporation validly existing under the laws of the place of its incorporation; 

  

	 	(b)	it has the power to execute and deliver, and to perform its obligations under, this deed and it has taken all necessary corporate action to authorise such execution and delivery and the performance of such obligations;

  

	 	(c)	its obligations under this deed are legal, valid, binding and enforceable in accordance with their terms; 

  
 49 

	 	(d)	the execution and delivery by it of this deed and the performance of its obligations under it does not and will not conflict with or constitute a default under any provision of: 

 

	 	(i)	any agreement or instrument to which it is a party; 

  

	 	(ii)	its constitution (if any); or 

  

	 	(iii)	any law, order, judgment, award, injunction, decree, rule or regulation by which it is bound; and 

  

	 	(e)	no Insolvency Event has occurred in relation to it. 

  

	28.	NOTICES 

  

	28.1	Manner of giving notice 

 Any notice or other communication to be given: 

 

	 	(a)	under this deed (other than under clause 19) must be in writing and must be delivered by hand or courier using an internationally recognised courier company or sent by post or email, or 

 

	 	(b)	under clause 19 must be in writing and must only be sent by email or fax, 

 (and, in each case,
if such notice or other communication is sent by email or fax, then a copy must be delivered by hand or courier using an internationally recognised courier company or sent by post as soon as reasonably practicable although the notice or other
communication will deem to have been given by transmission of the email) to the party to whom it is to be given at its address or fax (as applicable) appearing in this deed as follows: 

 

	 	(i)	to the Company prior to the Effective Date at: 

 Address: 

7, rue du Marché-aux-Herbes 

L-1728 Luxembourg 

Grand Duchy of Luxembourg 
 Fax:
+352 2626 8181 
 marked for the attention of the Company Secretary, 

and to the Company from the Effective Date at: 

18-20 rue Edward Steichen 

L-2540 Luxembourg 

Grand Duchy of Luxembourg 

marked for the attention of the Company Secretary, 

with a copy to HET, the HET Guarantor, HET LuxCo and David Sonter and Natasha Good 

of the HET Solicitors (email: david.sonter@freshfields.com and 

natasha.good@freshfields.com), 

  
 50 

 and with a copy to VIP, the VIP Guarantor and Andrew Ballheimer and Tom Levine 

of the VIP Solicitors (email: Andrew.Ballheimer@allenovery.com and 

Tom.Levine@allenovery.com), 
  

	 	(ii)	to VIP and the VIP Guarantor at: 

 Address: 

VimpelCom Ltd. 
 Claude
Debussylaan 88 
 1082 MD Amsterdam 

The Netherlands 
 Email:
Scott.Dresser@vimpelcom.com and Andrew.Davies@vimpelcom.com 
 Fax: +31 20 79 77 201 

marked for the attention of Scott Dresser and Andrew Davies 
  

	 	(iii)	to HET at: 

 Address: 

Hutchison Europe Telecommunications S.à r.l. 

7, rue du Marché-aux-Herbes 

L-1728 Luxembourg 

Grand Duchy of Luxembourg 
 Fax:
+352 2626 8181 
 marked for the attention of the Company Secretary, 

with a copy to the HET Guarantor, and David Sonter and Natasha Good of the HET 

solicitors (email: david.sonter@freshfields.com and natasha.good@freshfields.com), 

 

	 	(iv)	to the HET Guarantor at: 

 Address: 

22nd Floor, Hutchison House, 

10 Harcourt Road, 
 Hong Kong

 Email: EdithS@chk.com.hk 

Fax: (852) 2128 1778 
 marked
for the attention of Ms Edith Shih, 
 and with a copy to David Sonter and Natasha Good of the HET solicitors 

(email: david.sonter@freshfields.com and natasha.good@freshfields.com), 

  
 51 

	 	(v)	to HET LuxCo at: 

 Address: 

7, rue du Marché-aux-Herbes 

L-1728 Luxembourg 

Grand Duchy of Luxembourg 

marked for the attention of the Directors 

with a copy to the HET Guarantor (fax: +852 2128 1778), marked for the attention of the Company Secretary. 

or at any such other address notified in writing for this purpose to the other parties under this clause 28. Any notice or other communication
sent by post shall be sent by prepaid ordinary recorded delivery post (if the country of destination is the same as the country of origin) or by prepaid airmail (if the country of destination is not the same as the country of origin). 

 

	28.2	When notice given 

 Any notice or other communication is deemed to have been given: 

 

	 	(a)	if delivered, on the date and at the time of delivery; or 

  

	 	(b)	if sent by post, on the second Business Day after it was put into the post; or 

  

	 	(c)	at the time of transmission if delivered by fax or email, 

 but if the notice or other
communication would otherwise be taken to be received after 5.00 pm then the notice or communication is taken to be received at 9.00 am (local time at the place of receipt) on the next Business Day. 

 

	28.3	Proof of service 

 In proving service of a notice or other communication, it is
sufficient to prove that delivery was made or that the envelope containing the communication was properly addressed and posted either by prepaid post or by prepaid airmail. 
  

	28.4	Documents relating to legal proceedings 

 This clause 28 does not apply in relation to
the service of any claim form, statement of care, notice, order, judgment or other document relating to or in connection with any proceedings, suit or action arising out of or in connection with this deed. 

 

	29.	GENERAL 

  

	29.1	Amendment 

 This deed may only be amended in writing and where the amendment is signed by
or on behalf of all the parties. 
  

	29.2	Assignment 

 None of the rights or obligations under this deed may be assigned,
transferred or otherwise dealt with by a party without the prior written consent of the other parties. No party shall grant, declare, create or dispose of any rights or interests in this deed without the prior written consent of all the other
parties. Any purported assignment in contravention of this clause 29.2 shall be void. 

  
 52 

	29.3	Costs 

 Except as otherwise expressly provided in this deed, each party shall pay the
costs and expenses incurred by it in connection with entering into and performing its obligations under this deed. 
  

	29.4	Directors’ indemnity 

 Subject to the provisions of and to the extent permitted by
applicable law, the parties shall ensure that each Director (including, the Chairman) is indemnified out of the assets of the Company against any liability incurred by him/her in the valid execution or discharge of his/her duties or the valid
exercise of his/her powers in connection with his/her duties, powers or office, but this indemnity shall not apply to any liability to the extent that it is recovered from any other person or in the case of a Director’s (including, a
Chairman’s) own fraud, wilful default, gross negligence or dishonesty. 
  

	29.5	Sanctions 

 The parties acknowledge and agree that nothing in this deed (or any other
Transaction Document) will require any other party to carry out any act or make any omission that may constitute or result in an actual breach of any Economic Sanction Law. 
  

	29.6	Entire agreement 

  

	 	(a)	This deed and the other Transaction Documents contain the whole agreement between the parties relating to the transactions contemplated by this deed and the Transaction Documents and supersede all previous draft
agreements, arrangements or understandings whether oral or in writing, between the parties relating to these transactions. 

  

	 	(b)	Each party: 

  

	 	(i)	acknowledges that in agreeing to enter into this deed and the other Transaction Documents it has not relied on any express or implied statement, representation, warranty, undertaking, collateral contract or other
assurance (except those warranties and undertakings set out in this deed and the other Transaction Documents) made by or on behalf of any other party before the entering into of this deed; 

 

	 	(ii)	waives all rights and remedies which, but for this clause 29.6, might otherwise be available to it arising under or in respect of any such express or implied statement, representation, warranty, undertaking, collateral
contract or other assurance; and 

  

	 	(iii)	acknowledges that, except for any liability in respect of a breach of this deed and the other Transaction Documents, no party shall owe any duty of care or have any liability in tort or otherwise to the other party in
relation to the subject matter of this deed. 

  

	 	(c)	Nothing in this clause limits or excludes any liability for fraud or fraudulent misrepresentation. 

  

	29.7	Execution in counterparts 

 This deed may be executed in any number of counterparts and
any party may enter into this deed by executing and delivering a counterpart. Each counterpart constitutes the agreement of the party who has executed and delivered that counterpart. Faxed or scanned signatures are taken to be valid and binding to
the same extent as original signatures. Delivery of a counterpart of this deed by e-mail attachment shall be an effective mode of delivery. 

  
 53 

	29.8	Exercise and waiver of rights 

 The rights of each party under this deed: 

 

	 	(a)	may be exercised as often as necessary (in whole or in part); 

  

	 	(b)	except as otherwise expressly provided by this deed, are cumulative and not exclusive of rights and remedies provided by law; and 

  

	 	(c)	may be waived only in writing and specifically, 

 and delay in exercising or non-exercise of any such right is not a waiver of that right and will not affect any such right in relation to any other party. 
  

	29.9	No partnership or agency 

 Nothing in this deed or the Articles will be deemed to
constitute a partnership between the parties or, unless this deed expressly provides otherwise, constitute any party the agent of any other party for any purpose. 
  

	29.10	Severability 

 The provisions contained in each clause are enforceable independently of
each other clause and the validity and enforceability of any clause will not be affected by the invalidity or unenforceability of any other clause. 
  

	29.11	No Third Party Rights 

 Except as set out in clause 23.6, a person who is not a party to
this deed may not enforce any of its terms under the Contracts (Rights of Third Parties) Act 1999. 
  

	30.	INVALID TERMS 

  

	30.1	Each of the provisions of this deed is severable. 

  

	30.2	If and to the extent that any provision of this deed: 

  

	 	(a)	is held to be, or becomes, invalid or unenforceable under the law of any jurisdiction; but 

  

	 	(b)	would be valid, binding and enforceable if some part of the provision were deleted or amended, 

then the provision shall apply with the minimum modifications necessary to make it valid, binding and enforceable and neither the validity or
enforceability of the remaining provisions of this deed, nor the validity or enforceability of that provision under the law of any other jurisdiction shall in any way be affected or impaired as a result of this clause 30.2. 

 

	31.	JURISDICTION 

  

	31.1	Governing law of this clause 

 This clause 31 is governed by English law. 

  
 54 

	31.2	Jurisdiction 

 The English courts have exclusive jurisdiction to settle any Dispute and
each party irrevocably submits to the exclusive jurisdiction of the English courts and waives any objection to the exercise of that jurisdiction. 
  

	31.3	Service of process agent 

 Without prejudice to any other method of service permitted by
law: 
  

	 	(a)	the Company shall, as soon as reasonably practicable, appoint a person (who is not a member or Affiliate of the Group or the VIP group or the HET group), and upon such appointment shall notify the other parties of such
appointment; 

  

	 	(b)	each of VIP and the VIP Guarantor irrevocably appoint Law debenture Corporate Services Limited of 5th Floor, Wood Street, London, EC2V 7EX, England; and 

 

	 	(c)	each of HET, HET LuxCo and the HET Guarantor irrevocably appoints Hutchison Whampoa Agents (UK) Limited of Hutchison House, 5 Hester Road, London SW11 4AN, United Kingdom, 

in each case as its agent in England and Wales for service of process and any other documents in relation to any Dispute. Subject to clause
31.4, each party irrevocably undertake not to revoke its agent’s authority; and any claim form, judgment or other notice of legal process shall be sufficiently served on such party if delivered to its agent at its address for the time being.

  

	31.4	Alternative service of process agent 

 If any person appointed as process agent under
clause 31.3 is unable for any reason to so act, the relevant party shall immediately (and in any event within ten Business Days of the event taking place) appoint another agent in England and Wales for service of process in relation to any Dispute
and notify the other parties of such appointment. Failing this, any other party may appoint another process agent for this purpose at the relevant party’s expense. 
  

	31.5	Failure to notify by process agent 

 Each party agrees that failure by a process agent to
notify it of any process will not invalidate the relevant proceedings. 
  

	32.	GOVERNING LAW 

 This deed and any non-contractual
obligations arising out of or in connection with it are governed by English law. 
 THIS DEED has been executed by the parties (or their duly
authorised representatives) on the date stated at the beginning of this deed. 

  
 55 

 SCHEDULE 1 

THE COMPANY 
  

			
	Company name:	    	Hutchison 3 G Italy Investments S.à r.l.
		
	Registered number:	    	B 77457
		
	Registered office:	    	7, rue du Marché-aux-Herbes, L-1728 Luxembourg, Grand Duchy of Luxembourg
		
	Date and place of incorporation:	    	4 August 2000, Luxembourg
		
	Directors:	    	 1. Neil McGee
  

2. Thomas Geiger
  

3. Christian Salbaing
  

4. Richard Chan
  

5. Edith Shih
  

6. Frank Sixt

		
	Secretary:	    	Not applicable.
		
	Financial year end:	    	31 December
		
	Auditors:	    	Not applicable.
		
	Issued shares (including identity of each shareholder and number of shares held by it):	    	 Share capital: €24,999
  

Hutchison Europe Telecommunications S.à r.l.: 48,705 shares of EUR0.50 each
  

HET Investments S.A.: 1,293 shares of EUR0.50 each

  
 56 

 SCHEDULE 2 

AGREED FUNDAMENTAL BUSINESS OBJECTIVES 
  

	(a)	The Group to be managed in such a manner as to protect and where possible grow revenue market share fundamentally through the provision of innovative and better connectivity and digital services; 

 

	(b)	The Group to be managed in such manner as to maintain and grow gross service margin (i.e. gross margin excluding any revenue element relating to handsets or devices) on an absolute total basis; 

 

	(c)	The Group management to be evaluated and rewarded under the Group’s Long-term Incentive Plan based both on attainment of the Initial Business Plan and the Merger Integration Plan and, in the case of any short-term
incentives, by assessment of the Group’s and their own individual performance in support of over-achieving annual budgeted goals in their areas of responsibility, against market benchmarks in Italy and in Europe as appropriate;

  

	(d)	The Group to be managed in such manner as to attain the most efficient operating cost structure of any facilities based mobile network operator in Italy; 

 

	(e)	The Group to be managed in such manner as to maintain quality of service levels sufficient to assure achievement of Agreed Fundamental Business Objectives; 

 

	(f)	The Group to be managed so as to achieve maximum capital efficiency (e.g. installed capital cost per unit of data traffic handled or other parameters as agreed by the Shareholders) consistent with achieving Agreed
Fundamental Business Objectives; 

  

	(g)	The Group to adopt rigorous procurement disciplines including tendering in all major capex and opex spend areas (which shall be monitored for compliance by the Audit Committee, the CEO, CFO and by internal and external
auditors) so as to achieve best price consistent with the quality necessary to achieve all other business objectives; 

  

	(h)	The Group to adopt rigorous anti-bribery, anti-money laundering and corruption controls as well as controls for managing all operating and financial risks to a standard consistent with international best practices,
including a zero tolerance standard for bribery, corruption, fraud or misappropriation; 

  

	(i)	The Group to adopt rigorous controls over every form of customer, dealer, mobile virtual network operator or other credit or financial support extended in any form to third parties which shall be subject in all cases to
limits established by the CEO and CFO and shall be extended only with CEO and CFO approval and monitored by internal and external auditors; and 

  

	(j)	Financial and management reporting for the Group shall focus equally and place equal importance on: 

  

	 	(i)	Cash flow and working capital management; and 

  

	 	(ii)	Profit and loss achievement, 

 using metrics and key performance indicators established in the
Initial Business Plan and by the Board including service margin, operating costs, acquisition and retention costs, EBITDA, EBIT and free cash flow, as well as performance versus the operating cost and capital expenditure synergies and related
integration costs as provided in the Initial Business Plan, 
 (a) to (j) being the Agreed Fundamental Business Objectives. 

  
 57 

 SCHEDULE 3 

BOARD MEETINGS 
  

	1.	Frequency of meetings 

 The Board shall meet as frequently as necessary to allow it to
discharge its duties and in any case at least four times per calendar year and once every three months. 
  

	2.	Notice 

 Except in the case of (i) urgency as agreed between at least one Director
appointed by each Major Shareholder (in which case the notice convening the meeting shall indicate the nature of, and the reasons for, the urgency), or (ii) an express waiver by all the Directors, at least five Business Days’ written
notice of each meeting of the Board shall be given to each Director by the Chairman of the Board or by the secretary on behalf of the Chairman of the Board. 
  

	3.	Agenda 

 A Director may add an item relating to a Board Reserved Matter to the agenda for
a Board meeting. A notice of a Board meeting shall be accompanied by an agenda of all the business to be transacted at the meeting, as well as any supporting papers and documentation that has been put forward for the Board meeting by a Director or
which may be deemed relevant for such Board meeting. Any matter not on the agenda may be raised at the Board meeting by a Director present or represented at the Board meeting if all Directors are present or represented. 

 

	4.	Location 

 So far as practicable, all meetings of the Board are to be held in Luxembourg,
Grand Duchy of Luxembourg with a majority of the Directors physically present at any such meeting in Luxembourg. 
  

	5.	Use of technology 

  

	5.1	The Board may, in exceptional cases only, conduct meetings to discuss matters and issues which are urgent by conference call, video conference, or by any other means which will enable each Director: 

 

	 	(a)	to be identified during the meeting; 

  

	 	(b)	to properly hear (or otherwise receive real-time communications made by) each of the other Directors participating in the meeting; 

  

	 	(c)	to address (or otherwise communicate in real time with) all of the other Directors participating in the meeting simultaneously; and 

  

	 	(d)	to properly deliberate and cast his/her vote, 

 even if all the Directors are not physically
present in the same place at the relevant Board meeting. 
  

	5.2	A Board meeting held in this manner is taken to be held at the registered office of the Company in Luxembourg, Grand Duchy of Luxembourg, where the conference call or video conference, as the case may be, will have been
initiated. 

  

	5.3	If a technological link fails, the Board meeting will be adjourned until the failure is rectified. 

  
 58 

	6.	Quorum 

  

	6.1	Subject to clauses 9.1(c), 14.5(a) and 14.5(b), the quorum for the Board to validly deliberate is the presence in person or by proxy (including participation in accordance with paragraph 5 above) of at least four
Directors made up of at least two Directors proposed by each Major Shareholder, either present or represented at the Board meeting. 

  

	6.2	A Director may be represented by proxy at any meeting of the Board by any other Director. A proxy may act as proxy for more than one Director. 

 

	6.3	If a quorum is not present at a Board meeting within 30 minutes of the time appointed for the start of the meeting, the meeting will be adjourned to the same time and place on the next day or as soon as reasonably
practicable thereafter (i.e. meeting at second call). If a quorum is not present at the reconvened meeting (i.e. meeting at second call) within 30 minutes of the time appointed for the start of the reconvened meeting, the meeting will be adjourned
to the same time and place on the next day or as soon as reasonably practicable thereafter (i.e. meeting at third call). 

  

	6.4	If all of the Directors proposed for appointment by a Shareholder are not present in person or by proxy (including participation in accordance with paragraph 5 above) at a meeting of the Board and the following
reconvened meeting (i.e. respectively, the meeting at first call and the meeting at second call), the quorum for the next reconvened meeting of the Board (i.e. meeting at third call) shall be the presence (including participation in accordance with
paragraph 5 above) of at least any two Directors, either present or represented at the Board meeting. 

  

	7.	Voting rights 

  

	7.1	Each Director is entitled to one vote on a Board resolution. 

  

	7.2	In the case of an equality of votes, the Chairman of the Board will have a second or Casting Vote in accordance with clause 5.6(b) of this deed. 

 

	8.	Board decisions 

  

	8.1	Subject to clauses 14.5(a) and 14.5(b), all resolutions at meetings of the Directors shall be decided by a majority of votes cast (including a Casting Vote if exercised in accordance with clause 5.6). 

 

	8.2	Minutes (including original and copies) of meetings of the Board, and excerpts from such minutes, will be drafted in English and signed by the Chairman of the Board. 

 

	9.	Written resolutions 

 Resolutions of the Board may, in exceptional cases only, be passed
in writing by way of unanimous written circular resolutions for matters and issues which are urgent, not significant or not material. Such resolutions will be drafted in English, and will consist of one or several counterparts containing the
resolutions of the Board, signed and dated by each Director, manually or electronically by means of an electronic signature which will be deemed valid under Luxembourg applicable law. The date of such unanimous written circular resolution will be
the date of the last signature by any Director as apposed on his counterpart. 

  
 59 

 SCHEDULE 4 

SHAREHOLDER MEETINGS 
  

	1.	Frequency and location of meetings 

  

	1.1	The Board may call a meeting of the Shareholders of the Company in Luxembourg (a Shareholders’ Meeting) at a time and place the Board resolves, unless exceptional circumstances apply. 

 

	1.2	Except in the case of an urgent general meeting of Shareholders in accordance with clause 5.5(a), either Major Shareholder may call a Shareholders’ Meeting by notice in writing to the other Shareholder(s). Unless
the Shareholder(s) agree otherwise, at least 20 Business Days’ notice shall be given to each Shareholder of any Shareholders’ Meeting (or 5 Business Days’ notice in the case of an adjourned meeting) which notice period must exclude
the date of the notice and the date of the Shareholders’ Meeting unless all Shareholders agree otherwise. 

  

	1.3	An annual Shareholders’ Meeting will be held each year at the registered office of the Company in Luxembourg, Grand Duchy of Luxembourg. 

 

	2.	Quorum 

  

	2.1	The quorum for a Shareholders’ Meeting is the presence in person, or by proxy, representative or attorney, of each Major Shareholder. 

 

	2.2	A Shareholder may act at any Shareholders’ Meeting by appointing another person, who need not be a Shareholder of the Company, as its proxy in writing. 

 

	2.3	If a quorum is not present at a Shareholders’ Meeting within 30 minutes of the time appointed for the start of the Shareholders’ Meeting, the Shareholders’ Meeting will be adjourned to the same time and
place on the next day or as soon as reasonably practicable thereafter. If a quorum is not present at the reconvened Shareholders’ Meeting within 30 minutes of the time appointed for the start of the Shareholders’ Meeting, the
Shareholders’ Meeting will be dissolved. 

  

	3.	Voting rights 

 Each Shareholder is entitled to one vote for each Share of the Company
held by that Shareholder. There shall be no class voting rights except as expressly provided for in the Articles of the Company. 
  

	4.	Shareholder decisions 

 A Shareholder resolution of the Company may only be carried,
subject to mandatory provisions of applicable Luxembourg law, the Articles of the Company and the Shareholder Reserved Matters (in which case the relevant majority of Shares of the Company set out in such provisions shall be required), if it is
passed by Shareholders holding a majority of the Shares of the Company. 
  

	5.	Written resolutions 

 The Shareholders of the Company may, in exceptional cases only,
pass a resolution without a Shareholders’ Meeting being held if the requisite majority of the Shareholders entitled to vote on the resolution sign, or indicate their approval of, a document stating that they are in favour of the resolution set
out in the document. The proposed resolution may be circulated in advance to the Shareholders for approval. The document may be in counterparts, signed or approved by one or more Shareholders, and may be circulated by email. 

  
 60 

 SCHEDULE 5 

MERGER INTEGRATION PROVISIONS 

PART 1 
 MANAGEMENT

  

	1.	Merger Integration objective 

 Subject to clause 2.2 of this deed, the Shareholders
acknowledge and agree that: 
  

	 	(a)	the overall goal of the Merger Integration Plan will be that the Group should become “One Company” within 24 months (and in any case not more than 36 months) after the Effective Date; and 

 

	 	(b)	they shall seek to accomplish the integration of their respective businesses in the Group in accordance with the Merger Integration Plan by no later than the end of the Merger Integration Period (the Merger
Integration Objective). 

  

	2.	MD, CEO, Merger Integration Officer and CFO of MergeCo 

  

	2.1	The Shareholders agree to use their best efforts to retain Mr. Maximo Ibarra, the current Chief Executive Officer and managing director (amministratore delegato) of Wind TS together with Ms. Dina Ravera
and Mr. Stefano Invernizzi, respectively, Chief Operating Officer and Chief Financial Officer of 3 Italia during the Merger Integration Period. For the duration of the Merger Integration Period (unless otherwise agreed in writing by the
Shareholders): 

  

	 	(a)	the current Chief Executive Officer and managing director (amministratore delegato) of Wind TS, Mr. Maximo Ibarra, shall be appointed as CEO and managing director (amministratore delegato) of MergeCo
and its Subsidiaries; 

  

	 	(b)	Ms. Dina Ravera, shall be appointed as Merger Integration Officer of MergeCo and shall also continue in her current role as Chief Operating Officer with overall responsibility for 3 Italia perimeter to ensure
continuity of the 3 Italia businesses until the earlier of the end of the Merger Integration Period and the completion of Merger One; and 

  

	 	(c)	Mr Stefano Invernizzi shall be appointed as CFO of MergeCo and its Subsidiaries. 

  

	2.2	The Merger Integration Officer and CFO shall report to the CEO and are expected to attend all meetings of the Board to present on certain aspects of the performance of the MergeCo Group. At the request of any Director,
the Merger Integration Officer and/or CFO may be required to “step-out” of or not attend any Board meeting. The Board, in its absolute discretion, may provide the Merger Integration Officer and CFO
with relevant Board meeting materials relating to the business of the MergeCo Group prior to such Board meetings. For the avoidance of doubt, the Merger Integration Officer and CFO shall not be entitled to vote at such Board meetings nor be counted
towards any Board meeting quorum requirements. 

  

	2.3	For the purposes of this paragraph 2.3, each of the Merger Integration Officer, the CFO and the CEO is an Executive and, together, they are the Executives. In the event of any dispute between two or more
Executives (the Disputing Executives), the Disputing Executives shall, within five Business Days of service of a written notice from a Disputing Executive to the other Disputing Executive(s) (a Dispute Notice), hold a meeting (a
Dispute Meeting) in an effort to resolve the dispute. In the absence of agreement to the contrary the Dispute Meeting shall be held at the registered office for 

  
 61 

 the time being of the Company. The Disputing Executives shall procure that the Dispute Meeting is
recorded in a set of minutes to be agreed between and signed by each of the Disputing Executives following the Dispute Meeting (the Dispute Meeting Minutes). Any dispute which is not resolved within ten Business Days after the service of a
Dispute Notice, whether or not a Dispute Meeting has been held, shall, at the request of any Disputing Executive made within ten Business Days of the Dispute Notice being served, be referred to the Board to consider at the next meeting of the Board.
The Company shall use reasonable endeavours to procure that: (a) the Dispute Meeting Minutes; (b) a document setting out the position of each of the Disputing Executives in respect of the dispute (signed by each Disputing Executive); and
(c) any other documents relevant to the dispute, are provided to the Board to consider in advance of the applicable Board meeting. 
  

	2.4	Each of the CEO, Merger Integration Officer and CFO shall deliver reports within their area of responsibility to the Board and the committees of the Board. 

 

	2.5	Both the CEO and Merger Integration Officer shall be co-responsible for achieving the Business Plan, the Merger Integration Plan and the Agreed Fundamental Business Objectives
(set out in Schedule 2). 

  

	2.6	The detailed respective roles and responsibilities of the CEO and Merger Integration Officer are set out in Part 2 of this Schedule, it being the intention that the CEO will focus on successfully operating the
Group’s businesses during the Merger Integration Period while the Merger Integration Officer will focus on successful elaboration and implementation of the Merger Integration Plans with the least disruption to the Group’s day to day
operations and will also be responsible for the successful execution of any divestments agreed by the Shareholders. 

  

	2.7	Not less than three months before the end of the Merger Integration Period, the Shareholders shall agree and appoint a CEO who may or may not be one of the incumbent Group officers to serve at the pleasure of the Board
from the end of the Merger Integration Period. 

  

	3.	Merger Executive Committee 

  

	3.1	To oversee the Merger Integration Objective, the Board shall from the Effective Date establish and maintain until the end of the Merger Integration Period an executive committee (the Merger Executive Committee)
for the purpose of considering and, unless the Board determines otherwise, making recommendations to the Board in relation to matters regarding the Merger Integration Objective. Its membership shall consist of an even number of nominees, with an
equal number nominated by each Shareholder. The right to appoint and replace the chairman of the Merger Executive Committee will rotate between the Shareholders every eighteen months following the Effective Date. VIP has the right to propose for
appointment and replacement one of its nominees as the chairman for the first eighteen months following the Effective Date, and HET has the right to propose for appointment and replacement one of its members as chairman for the next eighteen months
immediately following. The Merger Executive Committee shall guide and supervise the execution of detailed merger integration plans which the Shareholders and the Company agree are necessary or desirable, including, without limitation, the Merger
Integration Plan, to achieve the targets set out in the Business Plan. The Merger Executive Committee shall meet as necessary to discharge its duties but no less frequently than monthly. So far as practicable, meetings of the Merger Executive
Committee are to be held in Luxembourg, Grand Duchy of Luxembourg with a majority of committee members physically present at any such meeting or by conference call or video conference. 

 

	3.2	For the duration of the Merger Integration Period, members of the Merger Executive Committee shall attend the Monthly Chairman’s Review Meetings. 

  
 62 

	4.	One “Team” 

 From the Effective Date, all members of the current management of
Wind TS or WAHF (as the case may be) and 3 Italia who are selected to continue in the Group will be integrated and at all times treated by the Shareholders as one “team”, and not as separate representatives of the interests of each of the
Shareholders respectively. Each member of Senior Management is expected to treat all Shareholders equally and his or her duty of care is to MergeCo. 
  

	5.	Reviews 

  

	5.1	No later than the end of the Merger Integration Period (but in any event, within three years following the Effective Date) or at any earlier time and date if one of the Shareholders so requests, the Board shall
initiate: 

  

	 	(a)	a comprehensive benchmarking review of the Group’s operations against local and international peers including as to customer and revenue market share, gross and operating margin, operating and capital cost
structure and sales and marketing metrics including brand metrics; and 

  

	 	(b)	a comprehensive human resources review of the Group including individual performance reviews of the Senior Management, compensation benchmarking and overall human resources’ cost and best practices benchmarking
including succession planning, 

 the Reviews. 
  

	5.2	The Reviews shall be undertaken at the Group’s expense by independent internationally recognised consultants selected by agreement between the Shareholders from a list of internationally recognised firms with
appropriate specialisations. 

  

	5.3	The conclusions of the Reviews shall have no binding effect on the Shareholders or the Company / the Group, and shall only inform the decisions of the Shareholders and of their respective Directors in the exercise of
their fiduciary duties for the purposes of the appointment or removal of or the compensation arrangements for the Senior Management. 

  

	6.	Italian Mergers 

 Subject to prior written consent by the Shareholder and to obtaining
all necessary regulatory consents and consents from lenders in connection with any financing arrangements of the Wind Group or 3 Italia Group, as applicable, the Shareholders confirm that as at the date of this agreement it is their intention to
implement the mergers of the Group Companies incorporated in Italy in accordance with the Plan of Reorganisation. 

  
 63 

 PART 2 

DETAILED ROLES AND RESPONSIBILITIES OF THE CEO AND THE MERGER INTEGRATION OFFICER 

During the Merger Integration Period, the following matters shall be within the authority of the CEO and Merger Integration Officer respectively (except to
the extent that they are Shareholder Reserved Matters or Board Reserved Matters in which case such matters shall require approval in accordance with Shareholder Approval or Board Approval, as the case may be, and subject in any event to the
applicable law):  
  

					
	  
	  	 CEO
	  	 Merger Integration Officer

			
	1.	  	Responsible for One Company consolidated P&L	  	Co-responsible under the Merger Integration Plan and the Business Plan
			
	2.	  	 Co-responsible for the successful delivery of “One Company” under the Business Plan and
Merger Integration Plan
	  	Integrates outside vendors solutions pursuant to the Merger Integration Plan
			
	3.	  	 Receives functions, units and solutions out of 3 Italia and integrates same on Wind platform as directed in the Merger Integration Plan; or
cuts functions/units/solutions out of Wind as directed in the Merger Integration Plan and exercises his authority to achieve the same.
  

Responsible for implementing all redundancy programmes directed in the Merger Integration Plan in accordance with local laws. In relation to impacts of the
Merger Integration Plan on functions, systems or resources supporting business conducted under the 3 Brand, the CEO is expected to rely on the knowledge, experience and responsibility of the Merger Integration Officer
	  	Works specifically to smoothly integrate into systems under the 3 Brand functions, units and solutions adopted from Wind pursuant to the Merger Integration Plan; or cuts functions, units and solutions out of 3 Italia as directed in
the Merger Integration Plan and exercises her authority to achieve the same.
			
	4.	  	Responsible for balance sheet of One Company, its financing, tax, legal matters from the Effective Date	  	Head of the Integration Project Office – to be staffed appropriately with resources from Wind, 3 Italia and where appropriate, utilising the resource of outside consultants agreed by the Shareholders and the Company as well as
internal resources of the Shareholders with relevant experience

  
 64 

					
			
	5.	  	Responsible for rollout of network and technical platforms (not in violation of the Merger Integration Plan) and for all vendor and content relationships from the Effective Date (excluding vendors for integration
projects/activities)	  	Updates all integration plans and agenda’s and projects (Network, IT, customer care, etc) for all users of such information
			
	6.	  	Recommends to the Remuneration Committee, the HR Committee and the Board a detailed organisational structure for the Group and nominates candidates for appointment or for removal subject to the Board Reserved Matters and Shareholder
Reserved Matters (as the case may be)	  	Reports monthly to the Merger Executive Committee and to the Monthly Chairman’s Review Meeting and escalates critical issues to the Board if faced with obstruction
			
	7.	  	Responsible for the Infostrada businesses of Wind	  	Executes any divestments referred in the Merger Integration Plan
			
	8.	  	Responsible for all pricing and products and go-to-market decisions under both the Wind and 3 Brands. The CEO is expected to rely on the knowledge,
experience and responsibility of the Merger Integration Officer in relation to products and go to market decisions under the 3 Brand until 3 Italia’s business have been fully integrated into the Group as contemplated in the Merger Integration
Plan	  	Collaborates with the CEO as regards the direction of internal management resources to achieve the Merger Integration Plan
			
	9.	  	The CEO will be responsible to ensure full collaboration with the Merger Integration Officer in successfully implementing the Merger Integration Plan	  	

  
 65 

 SCHEDULE 6 

RESERVED MATTERS 
 PART
1 
 MATTERS REQUIRING MAJOR SHAREHOLDER APPROVAL 

The following actions shall require the approval of the Major Shareholders (the Shareholder Reserved Matters): 

 

					
			
	1.	 	Share issues and changes in share capital	    	 (a)    The creation, allotment or issue of shares in the capital of a Group
Company or of any other security by a Group Company or the granting of an option or right to subscribe in respect of those shares or other securities or convert any instrument into those shares or other securities (in each case other than by one
Wholly Owned Subsidiary to another Wholly Owned Subsidiary); or
  

(b)    The reduction or alteration of the capital of any Group Company (including, without
limitation, a purchase by a Group Company of its own shares or other securities);

			
	2.	 	Security interests and guarantees	    	The creation of a security interest or the provision of a guarantee of indebtedness by any Group Company in an amount greater than or equal to 10% of the Total Assets;
			
	3.	 	Distributions	    	The payment, determination or declaration by the Company or any Group Company of a Dividend or other distribution except in accordance with the distribution policy set out in clause 10.4, or any material amendments to or
replacement of such policy;
			
	4.	 	Financing	    	The entry by any Group Company into any commercial paper facility, bank loans or any other financing (or series of financings with the same party or group of related parties whether at one time or over a period of 12 months) (a
Debt Finance Arrangement) or amendments to any existing Debt Finance Arrangement which in aggregate would result in the consolidated Financial Indebtedness of the Group Companies increasing by an amount greater than or equal to 10% of the
Total Assets;
			
	5.	 	Changes to the Business Plan and Merger Integration Plan	    	Any change to the Business Plan or Merger Integration Plan where the change is greater than 10% of the projected operating profit, EBITDA, or free cash flow of the Group for a Financial Year or which otherwise constitutes a
material change to the Business Plan and/or to the Merger Integration Plan;
			
	6.	 	Related party transactions	    	The entry into or the variation by any Group Company of any agreement with any director, officer or shareholder or any third party or group of third parties related to or associated with any director, officer or shareholder, and
any payment in respect of any period after the Effective Date under any pre-existing agreement, commitment or arrangement with any director, officer or shareholder or any third party or group of third parties
related to or associated with any director, officer or shareholder;

  
 66 

					
			
	7.	 	Sales and acquisitions	    	The entry by one or more Group Companies into a transaction or series of related transactions (whether at one time or over a period of 12 months) involving the sale, lease or other disposal of any assets of any Group Company or the
acquisition or lease of any assets not included in the Business Plan or Budget, for a total consideration or value greater than or equal to 10% of the Total Assets;
			
	8.	 	Reorganisations	    	A merger, consolidation, amalgamation, conversion, reorganisation, scheme of arrangement, dissolution or liquidation involving any Group Company;
			
	9.	 	Merger or share acquisition	    	Any merger of any Group Company or of the business of any Group Company with any third party or any acquisition or subscription by any Group Company of shares in an entity where the transaction value is greater than or equal to 10%
of the Total Assets, except the subscription for shares in a newly incorporated entity which is to be a Wholly Owned Subsidiary of the Company;
			
	10.	 	Articles	    	The making of any amendment to the Articles or equivalent constitutional document of any Group Company;
			
	11.	 	Auditors	    	The appointment of, any change in, or removal of, auditors of a Group Company;
			
	12.	 	Winding up	    	The making of an application or the commencement of any proceedings or the taking of any steps for the winding up, dissolution or appointment of an administrator of a Group Company;
			
	13.	 	Relocation	    	Any decision to relocate the principal office or change the jurisdiction of the tax residence of any Group Company;
			
	14.	 	Contracts outside of the ordinary course of business	    	The entry into, amendment or termination by a Group Company of material or long-term contract or arrangement (or series of contracts or arrangements with the same party or group of related parties whether at one time or over a
period of 6 months) outside of the ordinary course of business (defined as provision of connectivity and related digital/other products and services) where the consideration under or the value of the contract or arrangement (or series of contracts
or arrangements with the same party or any of its related parties) is greater than or equal to €50 million;
			
	15.	 	Accounting policies	    	Any change to the accounting policies of any Group Company, other than where required by law or the applicable accounting standards or where the continuation of the existing policy would constitute a breach of such law or accounting
standards;
			
	16.	 	Joint ventures and partnerships	    	The entry by any Group Company into any joint venture, trust, partnership, profit sharing arrangement or consortium arrangement (each a JV Arrangement) where the revenue potential of the JV Arrangement to the Group over the
first 5 years of operations is greater than or equal to 10% of the Group’s annual revenue;

  
 67 

					
			
	17.	 	Litigation	    	The commencement or settlement of any legal, arbitration or other proceedings (or series of proceedings in relation to similar facts, matters or circumstances whether at one time or over a period of 12 months) relating to any Group
Company where the amount claimed is greater than or equal to €50 million or which is expected at the time of initiation to result in counterclaims or a series of counterclaims in an amount greater than or equal to
€50 million;
			
	18.	 	Appointment/removal of MergeCo Directors, CEO, Merger Integration Officer, any change to the MD Delegation and any change to the form of employment agreement for a CEO	    	The appointment or removal of MergeCo Directors, CEO, Merger Integration Officer, any change to the terms of their respective engagements, any change to the MD Delegation and any change to the form of employment agreement used for a
CEO to the extent it departs from the form of employment agreed executed on or about the date hereof (or such other form of employment agreement to which the Shareholders have subsequently given their prior written consent prior to the Effective
Date);
			
	19.	 	Long-term incentives	    	The approval of the long-term incentives, key performance indicators and payout levels;
			
	20.	 	Approval of the Advisory Board	    	Nomination, approval and compensation of members of the Advisory Board;
			
	21.	 	Agreed Fundamental Business Objectives	    	Any change to the Agreed Fundamental Business Objectives;
			
	22.	 	Board	    	Any change to the number of Directors;
			
	23.	 	Commitment	    	Any action or decision of any kind whatsoever relating to a Commitment;
			
	24.	 	Committee/Advisory Board Terms of Reference	    	The making of any amendment to the Audit Committee Terms of Reference, the HR & Remuneration Committee Terms of Reference, the Merger Executive Committee Terms of Reference or the Advisory Board Terms of Reference;
and
			
	25.	 	Other agreed matters	    	Any other matter which the Shareholders agree is to be a Shareholder Reserved Matter or which requires approval of the Shareholders as a matter of applicable law, in which case the Shareholders shall vote on such matter in
accordance with this deed.

  
 68 

 PART 2 

MATTERS REQUIRING BOARD APPROVAL 
 The
following actions shall require approval of the Board (the Board Reserved Matters): 
  

					
			
	1.	 	Security interests and guarantees	    	The creation of a security interest or the provision of a guarantee of indebtedness by any Group Company in an amount greater than €40 million but less than 10% of the Total Assets;
			
	2.	 	Financing	    	The entry by any Group Company into any Debt Finance Arrangement or amendments to any existing Debt Finance Arrangement which in aggregate would result in the consolidated Financial Indebtedness of the Group Companies increasing by
an amount greater than €40 million but less than 10% of the Total Assets;
			
	3.	 	Changes to the Budget	    	The approval of and any change to the Budget, subject to clause 10.3(c);
			
	4.	 	Changes to the Business Plan and Merger Integration Plan	    	Any change to the Business Plan or Merger Integration Plan where the change within any 12 month period is equal to or less than 10% of the operating profit or EBITDA/free cash flow of the Group for a Financial Year;
			
	5.	 	Sales and acquisitions	    	The entry by one or more Group Companies into a transaction or series of related transactions (whether at one time or over a period of 12 months) involving the sale, lease or other disposal of any assets of any Group Company other
than as agreed by the Shareholders in accordance with paragraph 4 above, or the acquisition or lease of any assets not included in the Business Plan or Budget, for a total consideration or value greater than €40 million but less than 10%
of the Total Assets;
			
	6.	 	Merger or share acquisition	    	 Any merger of any Group Company or of the business of any Group Company with any third party or any acquisition or subscription by any Group
Company of shares in an entity where:
  

(a)    the transaction value is greater than €40 million but less than 10% of the Total
Assets; or
  
 (a)    the
subscription for or acquisition of shares is in a newly incorporated entity which is to be a Wholly Owned Subsidiary or another Group Company;

			
	7.	 	Contracts outside of the ordinary course of business	    	The entry into, amendment or termination by a Group Company of any contract or arrangement (or series of contracts or arrangements with the same party or group of related parties whether at one time or over a period of 6 months)
outside of the ordinary course of business (defined as provision of connectivity and related digital/other products and services) where (i) the consideration under or the value of the contract or arrangement (or series of contracts or
arrangements with the same party or any of its related parties is greater than €10 million but less than €50 million; or (ii) the contract is of a long term nature;

  
 69 

					
			
	8.	 	Material contracts within the ordinary course	    	The entry into, amendment or termination by a Group Company of any contract or arrangement (or series of contracts or arrangements with the same party or group of related parties whether at one time or over a period of 6 months)
within the ordinary course of business (defined as not being the provision of connectivity and related digital/other products and services) where the consideration under or the value of the contract or arrangement (or series of contracts or
arrangements with the same party or any of its related parties) is greater than €40 million;
			
	9.	 	Changes to the management structure	    	Any organisational or reporting changes to the management structure of the Group Companies as proposed by CEO;
			
	10.	 	Joint ventures and partnerships	    	The entry by any Group Company into any JV Arrangement where the revenue potential of the JV Arrangement to the Group over the first 5 years of operation is greater than €40 million but less than 10% of the Group’s
annual revenue;
			
	11.	 	Litigation	    	The commencement or settlement of any legal, arbitration or other proceedings (or series of proceedings in relation to similar facts, matters or circumstances whether at one time or over a period of 12 months) relating to any Group
Company where the amount claimed is greater than €10 million but less than €50 million or which is expected at the time of initiation to result in counterclaims or a series of counterclaims in an amount greater than
€10 million but less than €50 million;
			
	12.	 	Appointment / removal of executives	    	Appointment (as nominated by the CEO) or removal (as proposed by the CEO) (i) of the CFO, CTO, Head of HR, CCO and other direct reports to the CEO or (ii) of the CTO, CCO and other members at any time of the management
board of WAHF, 3 Italia and/or the Group (other than the CEO), and the terms of their engagement;
			
	13.	 	Accounts	    	The approval of the audited consolidated accounts of the Group Companies;
			
	14.	 	Short-term incentives	    	The approval of the short-term key performance indicators and payout levels;
			
	15.	 	Distributions	    	The payment, determination or declaration by the Company or a Group Company of a dividend or other distribution in accordance with the distribution policy set out in clause 10.4;
			
	16.	 	Strategy	    	The approval of the strategy of the Group, including, but not limited to, marketing strategy, human resources strategy and / or responses to competitors;
			
	17.	 	Union issues	    	The approval of the entry into and any material issues involving Trade Unions or other employee syndicates;
			
	18.	 	Investor relations	    	The investor relations and public relations approach of the Group in accordance with clause 11.5(b) and release of any investor relations announcements;
			
	19.	 	Appointment of consultants or professional advisers	    	Appointment or termination of appointment of consultants or professional advisers, where such appointment or termination has a value of more than €3 million;

  
 70 

			
		
	 20.    Reporting requirements
	  	To set reporting requirements for the Group;
		
	 21.    Suspension of activities
	  	The approval of the suspension, cessation or abandonment of any activity having an impact of more than €10 million; and
		
	 22.    Other agreed matters
	  	Any other matter which the Shareholders agree is to be a Board Reserved Matter or which requires approval of the Board as a matter of applicable law, in which case the Board shall vote on such matter in accordance with this
deed.

  
 71 

 SCHEDULE 7 

FORM OF DEED OF ADHERENCE 
 THIS DEED
is made on ● 
 BY: [●] of [●] (the New Party). 

IN FAVOUR OF: Those persons specified in paragraph 4 of this deed]. 

BACKGROUND: 
  

	(A)	The New Party proposes to [purchase][subscribe for] [●] [ordinary] shares in the capital of [●] (the Company) [from [●]]. 

 

	(B)	This deed is made by the New Party in compliance with clause [●] of a shareholders’ deed dated [●] between the Company, VIP, HET, the VIP Guarantor and the HET Guarantor (as amended from time to time)
(the Shareholders’ Deed). 

 THIS DEED WITNESSES as follows: 

 

	1.	The New Party confirms that it has been supplied with a copy of the Shareholders’ Deed. 

  

	2.	[The New Party hereby subscribes for [●] [ordinary shares] in the capital of the Company at a subscription price of [●] per share and agrees to become a member of the Company and to hold the shares subject
to the Shareholders’ Deed and the Articles.] OR [The New Party has agreed to purchase from [insert seller party details] [●] [ordinary shares] in the capital of the Company at a purchase price of [●] per share and
agrees to become a member of the Company and to hold the shares subject to the Shareholders’ Deed and the Articles.] 

  

	3.	The New Party undertakes to be bound by the Shareholders’ Deed in all respects as if the New Party was a party to the Shareholders’ Deed and named in it as a Shareholder and to observe and perform all the
provisions and obligations of the Shareholders’ Deed applicable to or binding on a Shareholder under the Shareholders’ Deed insofar as they fall to be observed or performed on or after the date of this deed. 

 

	4.	This deed is made for the benefit of: 

  

	 	(a)	the parties to the Shareholders’ Deed; and 

  

	 	(b)	every other person who after the date of the Shareholders’ Deed (and whether before or after the execution of this deed) assumes any rights or obligations under the Shareholders’ Deed or accedes to it.

  

	5.	Unless otherwise defined herein, all capitalised terms used in this deed shall have the meanings given to them in the Shareholders’ Deed. 

 

	6.	The address and email address of the New Party for the purposes of clause [28] of the Shareholders’ Deed is as follows: 

  

					
	 Address:
	  	[●]]	  	
	 Email:
	  	[●]	  	
	 For the attention of:
	  	[●].	  	

  
 72 

	7.	This deed and any non-contractual obligations arising out of or in connection with it are governed by the English law. 

 

	8.	Any Dispute arising out of or in connection with this deed shall be settled in accordance with clause [31] of the Shareholders’ Deed, which is deemed to be incorporated in full into this deed mutatis mutandis
and for the purposes of clause 31.3 of the Shareholders’ Deed as incorporated into this deed, the New Party irrevocably appoints [●] of [●] as its agent in England for service of process in relation to any such dispute.

 IN WITNESS of which this deed has been executed and has been delivered on the date which appears first on page 1. 

 

							
	 EXECUTED AS A DEED by [COMPANY
	  	 	)	 	  	
	 NAME]
	  	 	)	 	  	
			
	  
	  				  	  

	Signature of director	  				  	Signature of [director]/[company secretary][witness]
			
	  
	  				  	  

	Name of director	  				  	Name of [director]/[company secretary][witness]

  
 73 

 SCHEDULE 8 

FORM OF BUY-SELL NOTICE 

 

			
	To:	 	[The Second Shareholder]
		
	From:	 	[The First Shareholder]
		
	Date:	 	[●]

 Dear Sirs 
 Buy-Sell Notice 
 We refer to clause 19 (Buy-Sell Agreement) of the
shareholders’ deed dated 6 August between Hutchison 3G Italy Investments S.à R.L., VimpelCom Luxembourg Holdings S.à R.L., Hutchison Europe Telecommunications S.à R.L., VimpelCom Ltd and CK Hutchison Holdings
Limited (the Shareholders’ Deed). Unless otherwise defined, capitalised terms below have the meaning given to them in the Shareholders’ Deed. 

We hereby serve notice in accordance with clause 19.1 of the Shareholders’ Deed offering to buy all the Stapled Interests held by you (the Buy-Sell Sale Shares) (the Offer). 
 The proposed aggregate sale price of the
Buy-Sell Sale Shares is €[●]. The consideration for the Buy-Sell Sale Shares shall be paid in cash on completion of the sale and not on deferred terms. 

If you do not notify us in writing within 90 calendar days after the date of service of this Buy-Sell Notice of your
agreement to sell the Buy-Sell Sale Shares or your intention to buy all of the Stapled Interests held by us on the same terms and conditions as the Buy-Sell Sale Shares,
you shall be irrevocably deemed to have accepted this Buy-Sell Notice to sell the Buy-Sell Sale Shares in accordance with clause 19.5 of the Shareholders’ Deed.

 For and on behalf of 
 [The First Shareholder] 

  
 74 

 SCHEDULE 9 

SUBSIDIARY GOVERNANCE PROVISIONS 
  

	1.	Board of Statutory Auditors 

  

	 	(a)	The board of statutory auditors of MergeCo shall comprise three standing members and two alternate members, appointed for a three-year term. Whenever MergeCo is required to appoint all members of the board of statutory
auditors under the applicable law, the Company shall take all steps necessary for the appointment of one standing member and one alternate member proposed by each Major Shareholder of the Company (designated by the Shareholders in accordance with
clause 6.7). The right to propose the third standing member of the board of statutory auditors will rotate between each Major Shareholder every time MergeCo is required to appoint all members of the board of statutory auditors under the applicable
law. The Company shall take all steps necessary for the appointment of (i) the member so designated as third standing member of the board of statutory auditors; and (ii) the standing member proposed by the other Major Shareholder as
chairman of the board of statutory auditors. The Major Shareholders shall agree the appointment of the first chairman. 

  

	 	(b)	Should any member of the board of statutory auditors cease from his/her office for any reason whatsoever before the expiry of the term of appointment, the Company shall timely take all steps necessary to ensure that the
composition of the board of statutory auditors complies with the provision of paragraph (a) above. 

  

	2.	Group Companies 

 With respect to the Group Companies owned, directly or indirectly, by
MergeCo, the Company shall use all its powers to ensure that, to the maximum extent possible under the applicable law: 
  

	 	(a)	each Group Company, from time to time, shall have three directors (each such director being a Group Company Director); 

  

	 	(b)	the Company shall from time to time take all necessary steps for: 

  

	 	(i)	the appointment as a Group Company Director of one director representative of each Major Shareholder of the Company as nominated by the relevant Major Shareholder (the Shareholder Nominated Group Company
Directors); and 

  

	 	(ii)	the replacement of such Shareholder Nominated Group Company Directors as proposed by the relevant Major Shareholder who nominated the Group Company Director in accordance with paragraph 2(b)(i) above),

 provided that the Company undertakes that it shall not cause the appointment of a Shareholder Nominated Group Company
Director who is ineligible to be a director under any applicable law or any provision of the articles of association or equivalent of the relevant Group Company or is a Sanctioned Person, and in each case shall promptly take all steps necessary to
replace any Shareholder Nominated Group Company Director who becomes ineligible or a Sanctioned Person; 
  

	 	(c)	the other Group Company Director shall be the CEO; 

  

	 	(d)	 the Company shall procure that the Shareholder Nominated Group Company Directors and the CEO are formally
appointed on the Effective Date as Group Company Directors at a shareholder meeting or by way of written resolution (to the extent permitted by law) and (ii) 

  
 75 

	 	
the CEO is appointed as managing director (and, in the case of the Group Companies incorporated in Italy, amministratore delegato) at a board of directors’ meeting, all the preceding
in accordance with the articles of association or equivalent of the relevant Group Company; 

  

	 	(e)	the Board of each Group Company shall have a chairman (each such chairman being a Group Company Chairman). The Company shall procure to appoint as the Group Company Chairman the relevant Shareholder Nominated
Group Company Director who represents the Major Shareholder that proposed for appointment the then Chairman of the Company (and for the same term of the Chairman of the Company). The Group Company Chairman and vice-president shall not have a Casting
Vote; 

  

	 	(f)	where required by law or in accordance with the articles of association or equivalent of any relevant Group Company, the board of statutory auditors shall be composed by the same members of the board of statutory
auditors of MergeCo; and 

  

	 	(g)	consistent with clause 4.3 of this deed, the articles of association or equivalent of all relevant Group Companies shall be amended to reflect the requirement for the MergeCo Reserved Matters to be approved or
authorised (as applicable) by a shareholders’ resolution and that all steps are taken for the approval or authorization in respect of the MergeCo Reserved Matters (as applicable) to be escalated to the Company for consideration and final
determination in accordance with the Reserved Matters and the provisions of this deed. 

  

	3.	Management of the MergeCo Group 

 MergeCo’s organisational structure shall comprise
all the main corporate functions for a company of similar size and operating in the same business and be such as to allow it to operate as a standalone entity at all times. In this connection, except for those defined-term secondments from the Major
Shareholders’ respective groups that from time to time may be in the interests of the MergeCo Group, the management of the MergeCo Group shall at all times be composed exclusively of personnel employed by the MergeCo Group and be located in
Italy. 

  
 76 

 SCHEDULE 10 

TRIGGER EVENT PROVISIONS 
  

	1.	Power of Attorney 

 Each of the Minority Shareholders authorises and grants to the Major
Shareholder full power to exercise all rights in relation to its Shares in its absolute discretion, including (but not limited to): 
  

	 	(a)	receiving notice, attending and voting at any Shareholders’ Meeting or signing any resolution as the registered holder of the Shares; 

 

	 	(b)	completing and returning proxy cards, consents to short notice and any other documents required to be signed by the registered holder of the Shares, 

for the purpose of any vote on any matter which requires an approval of a majority of Shareholders, representing three quarters (75%) of the
issued share capital of the Company, under Luxembourg law (a Special Majority Approval). 
  

	2.	Voting Undertaking 

 If for any reason the authority granted under paragraph 1 above does
not result in the Major Shareholder being able to achieve the Special Majority Approval, each of the Minority Shareholder(s) undertakes to attend all meetings of Shareholders of the Company in Luxembourg (a Shareholders’ Meeting) and
vote, as shareholders of the Company, as directed in writing by the Major Shareholder, on any vote on any matter which relates to a Special Majority Approval. 
  

	3.	Delegation of authority to Major Shareholder 

  

	3.1	The Minority Shareholder(s) irrevocably and unconditionally (and by way of security for the performance of its obligations under this deed) appoints such persons as may be nominated by the Major Shareholder as its
attorney and on its behalf to execute, deliver and carry out in its name or otherwise on its behalf all documents, acts and things which the attorney(s) may in its or their absolute discretion consider necessary or desirable to exercise the:

  

	 	(a)	rights of such Minority Shareholder in accordance with paragraph 1 above; and 

  

	 	(b)	voting rights of such Minority Shareholder to vote as directed in writing by the Major Shareholder in accordance with paragraph 2 above which such Minority Shareholder is obliged, but fails, to effect in accordance with
the directions of the Major Shareholder. 

  

	3.2	The appointment in paragraph 3.1 shall in all circumstances remain in force and be irrevocable until such time as the appointing Major Shareholder (together with its Permitted Transferees) ceases to have any obligations
under this Schedule 10 and this deed (including without limitation those obligations set out in the Surviving Clauses which shall survive termination of this deed) but shall have no further effect after that date. 

 

	4.	Related party transactions 

  

	4.1	 The Major Shareholder shall procure that the Company shall provide all such information as may reasonably be
required by a Minority Shareholder in relation to any agreements or arrangements entered into or to be entered into between a member of the Major Shareholder’s group and any Group Company (a Related Party Transaction) for the sole
purpose of confirming whether or not 

  
 77 

	 	
they are on an arm’s length terms and provided however that no such information shall be provided if the Company (acting reasonably) considers that it is legally privileged, could result in
a breach by any Group Company of any agreement or would be materially prejudicial to the interests of the Group but in such circumstances, the Company shall (to the maximum extent it can provided it safeguards its own interests): 

 

	 	(a)	take all steps reasonably requested by a Minority Shareholder to provide any relevant information; and 

  

	 	(b)	co-operate with a Minority Shareholder regarding the provision of such information. 

  

	4.2	To the extent that a Group Company proposes to enter into a Related Party Transaction which is not on arm’s length terms (in the determination of the Company acting reasonably), then neither the relevant member of
the Major Shareholder’s group nor the relevant Group Company shall be entitled to enter into such Related Party Transaction unless the Minority Shareholder, or if there is more than one Minority Shareholder then Shareholders holding a majority
in number of the Shares held by such Minority Shareholders, gives prior written consent for it to do so. 

  

	5.	Group distribution policy 

  

	 	(a)	Subject to: 

  

	 	(i)	any relevant statute and applicable law; 

  

	 	(ii)	any mandatory debt repayment requirements of the Group; 

  

	 	(iii)	compliance with any debt covenants of the Group or the terms of any subordination undertakings given by a Group Company under any Financing Documents, or replacement or new finance documents entered into by the Group
from time to time; and 

  

	 	(iv)	the forecast cash requirements of the Group, 

 the Company shall and the Shareholders shall
procure that the Company shall distribute by way of Dividend, repayment of the FinCo Loan (in whole or in part) or otherwise an amount equal to at least 50% of consolidated free cash flow if net leverage of the Group for the trailing twelve month
period at the end of two consecutive quarters (the Deleveraging Level) is below 3.0x EBITDA, provided that following such distribution the Group’s net leverage remains below 3.0x last twelve months EBITDA. In the event a distribution of
50% free cash flow for the trailing twelve month period would result in net leverage in excess of 3x last twelve months EBITDA, the Company shall distribute such lesser amount, if any, as is consistent with maintaining net leverage not greater than
3x last twelve months (such amount being the Minimum Annual Distribution). 
  

	 	(b)	Subject to and to the extent permitted by any relevant statute and applicable law, any mandatory debt repayment requirements of the Group and compliance with any debt covenants of the Group or the terms of any
subordination undertakings given by a Group Company under any Financing Documents, or replacement or new finance documents entered into by the Group from time to time, the Company shall and the Shareholders shall procure that each other Group
Company distributes the highest possible Dividend, shareholder loan repayment or otherwise transfers funds as are necessary in each calendar year to facilitate the payment of the Minimum Annual Distribution by the Company in accordance with and
subject to the provisions of paragraph (a) above. 

  
 78 

	6A.	Shareholder Consent 

  

	6A.1	Any proposed transfer of Stapled Interests by a Shareholder (the Proposed Transferor) shall be: 

  

	 	(a)	in accordance with the provisions of this deed including, without limitation, the provisions of paragraphs 6 and/or 7 of this Schedule 10; and 

 

	 	(b)	subject to Shareholder Consent if such proposed transfer of Stapled Interests is to a new shareholder (including, for the avoidance of doubt, a Permitted Transferee and a transferee pursuant to a Tag Along Offer).

 6A.2     Each Shareholder undertakes to vote in favour of a proposed transfer of Stapled Interests by a
Proposed Transferor to a new shareholder (including, for the avoidance of doubt, a Permitted Transferee and a transferee pursuant to a Tag Along Offer) where such proposed transfer is in accordance with the provisions of this deed such that
Shareholder Consent is obtained. 
  

	6.	Right of First Offer 

  

	6.1	If at any time after the Trigger Event Date a Shareholder (the Selling Shareholder) wishes to sell any of its Stapled Interests (the ROFO Shares) other than to a Permitted Transferee, that Selling
Shareholder must first give notice in writing (a ROFO Offer Notice) to the other Shareholder(s) (each a ROFO Shareholder), a copy of which shall be served on the Company and FinCo at the same time as notice is given to the ROFO
Shareholder(s). A ROFO Offer Notice shall specify: 

  

	 	(a)	the number and class (as the case may be) of the ROFO Shares (pro rata between the number of ROFO Shares in the Company and the FinCo); 

 

	 	(b)	a cash price per ROFO Share in Euros payable on completion of the purchase and not on deferred terms to be paid for each ROFO Share, which shall be the same for each ROFO Shareholder (the ROFO Offer Price); and

  

	 	(c)	that each ROFO Shareholder shall have 60 calendar days from the date of the ROFO Offer Notice (the ROFO Offer Period) in which to accept or to nominate another person to accept the ROFO Offer within which time if
the ROFO Offer is not irrevocably accepted in writing it shall be deemed to have been irrevocably declined. 

  

	6.2	The giving of a ROFO Offer Notice to the ROFO Shareholders shall constitute an irrevocable offer by the Selling Shareholder to sell the ROFO Shares (pro rata between the number of ROFO Shares in the Company and in
FinCo) to the ROFO Shareholders or such person as a ROFO Shareholder nominates for cash at the ROFO Offer Price set forth in the ROFO Offer Notice pro rata to the number of Shares held by each ROFO Shareholder divided by the number of Shares
held by all ROFO Shareholders (the Equity Proportion) (or as nearly as may be) as at close of business on the day which is two Business Days prior to the date of the ROFO Offer Notice (calculated excluding the ROFO Shares of the Selling
Shareholder) on the basis that each ROFO Shareholder or such person as a ROFO Shareholder nominates may take up all or part or none of the ROFO Shares offered to it (the ROFO Offer). Where any allocation of ROFO Shares pursuant to this
paragraph 6 would result in a fractional allotment of ROFO Shares the number of ROFO Shares shall be rounded down such that the offers or allotments of ROFO Shares by the Selling Shareholder are of whole numbers of ROFO Shares. 

 

	6.3	Any ROFO Shareholder who does not accept the offer within the ROFO Offer Period shall be deemed to have irrevocably declined the offer in full. 

 

	6.4	Each ROFO Shareholder who irrevocably accepts the ROFO Offer by written notice to the Selling Shareholder prior to expiry of the ROFO Offer Period, may state that it would irrevocably accept or nominate another person
to accept irrevocably, on the same terms, ROFO Shares (specifying a maximum number) that are not accepted by other ROFO Shareholders (Excess ROFO Shares). 

  
 79 

	6.5	Excess ROFO Shares (if any) shall be allocated to each ROFO Shareholder or such person as a ROFO Shareholder nominates who has indicated that it shall accept Excess ROFO Shares pro rata to the Equity Proportions
(or as nearly as may be) of all those ROFO Shareholders who have indicated that they would accept Excess ROFO Shares (provided that no ROFO Shareholder shall be allocated more than the maximum number of Excess ROFO Shares that it has indicated it is
willing to accept). If, after the first allocation of Excess ROFO Shares, there remain Excess ROFO Shares which have not been allocated and one or more ROFO Shareholders or such person as a ROFO Shareholder nominates have indicated in their response
to the ROFO Offer Notice that they shall accept more Excess ROFO Shares than they have been allocated (the Remaining ROFO Shareholders), the remaining Excess ROFO Shares shall be allocated to the Remaining ROFO Shareholders or such person as
a ROFO Shareholder nominates pro rata to the Equity Proportions (or as nearly as may be) of the Remaining ROFO Shareholders and Excess ROFO Shares shall continue to be allocated on this basis until all Excess ROFO Shares are allocated or all
requests for Excess ROFO Shares have been satisfied (provided that, in each case, no ROFO Shareholder shall be allocated more than the maximum number of Excess ROFO Shares that it has indicated it is willing to accept). 

 

	6.6	Following expiry of the ROFO Offer Period and receipt of an acceptance or refusal (including deemed refusal in accordance with paragraph 6.3) of every offer made by the Selling Shareholder, if the Selling Shareholder
has not received acceptances in respect of all of the ROFO Shares, it shall: 

  

	 	(a)	in accordance with paragraph 6.7, be entitled to sell the remaining ROFO Shares to any person at a price no less than the ROFO Offer Price per ROFO Share set out in the ROFO Offer Notice; and 

 

	 	(b)	be entitled to request from the Company, and the Shareholders shall procure that the Company complies with such request, at the sole cost of the Selling Shareholder, that such Group financial and due diligence
information (excluding, for the avoidance of doubt, any legally privileged or commercially sensitive information or information which, if disclosed, would result in any member of the Group breaching any applicable competition or other laws or any of
its commercial arrangements with any third party) reasonably required by the Selling Shareholder in order to obtain an offer to purchase the ROFO Shares (the Company Information) from any prospective third party purchaser(s) that is not an
Affiliate of any Shareholder (the Qualifying Third Party ROFO Purchaser) is made available to the Qualifying Third Party ROFO Purchaser(s) via an electronic data room; 

 

	 	(c)	disclose the identity of any Qualifying Third Party ROFO Purchaser(s) to the Company and the other Shareholders prior to disclosure of any Company Information to any Qualifying Third Party ROFO Purchaser and, if the
Selling Shareholder is proposing to sell its entire 50 per cent. holding of Stapled Interests, obtain the consent of the other Shareholders to proceed with the disclosure of Company Information (such consent not to be unreasonably withheld or
delayed); and 

  

	 	(d)	upon receiving Shareholder consent in compliance with paragraph (c) above (if required), and subject to such Qualifying Third Party ROFO Purchaser(s) entering into confidentiality undertakings with the Company and
with the Selling Shareholder on terms that give at least the same level of protection for that information as clause 25 of this deed or on such other terms as the Company approves, acting reasonably, the Company shall disclose the Company
Information to the Qualifying Third Party ROFO Purchaser(s) pursuant to this paragraph 6.6 in an electronic data room. For the avoidance of doubt, this paragraph 6.6 does not permit the Selling Shareholder to disclose information relating to another
Shareholder or its Affiliates other than the identity of a Shareholder and its Equity Proportion or information that is in the public domain. 

  
 80 

	6.7	The sale of ROFO Shares to a ROFO Shareholder (in accordance with paragraphs 6.4 or 6.5) or any other person (in accordance with paragraph 6.6) shall be on the following terms: 

 

	 	(a)	the ROFO Shares shall be sold free from Encumbrances; 

  

	 	(b)	the Selling Shareholder shall deliver to the transferee duly executed transfers in favour of the transferee, or as it or they may direct, together with, if appropriate, certificate(s) for the relevant ROFO Shares and
against delivery of which the transferee shall pay the consideration for the relevant ROFO Shares in cleared funds for value on the relevant completion date; 

  

	 	(c)	the Shareholders shall (insofar as they are able) procure that the Company and FinCo shall register the relevant transfers in the name of the transferee or as it may direct; 

 

	 	(d)	the Selling Shareholder shall comply with its obligations (if any) under clause 14.7; 

  

	 	(e)	in the case of a sale to a ROFO Shareholder, the sale shall be completed: 

  

	 	(i)	at the registered office of the Company on the date that is 20 Business Days of the expiry of the ROFO Offer Period or at such other place or such other date as the Selling Shareholder and the ROFO Shareholder agree in
writing; or 

  

	 	(ii)	if mandatory regulatory consents (if any) are not obtained within 20 Business Days of the expiry of the ROFO Offer Period, within ten Business Days of such consents being obtained, provided that if the sale has not
completed on or prior to the date which is six months from the end of the ROFO Offer Period (or such extended period as may be agreed in writing between the Selling Shareholder and the ROFO Shareholder), the ROFO Offer Notice shall lapse and cease
to be effective (and the Selling Shareholder shall, in accordance with paragraph 6.6, be entitled to sell the ROFO Shares to any person on terms no more favourable to that person than those set out in the ROFO Offer Notice); and 

 

	 	(f)	in the case of a sale to any person who is not a ROFO Shareholder: 

  

	 	(i)	if the transferee is not a party to this deed, the transferee shall execute and deliver to the Shareholders, the Company and FinCo a Deed of Adherence as a Shareholder; and 

 

	 	(ii)	the sale shall be completed: 

  

	 	(A)	within three months of the expiry of the ROFO Offer Period; or 

  

	 	(B)	if mandatory regulatory consents (if any) are not obtained within three months of the expiry of the ROFO Offer Period, within ten Business Days of such consents being obtained, provided that if the sale has not
completed on or prior to the date which is twelve months from the end of the ROFO Offer Period, the sale shall be terminated and the Selling Shareholder shall not be permitted to sell the relevant ROFO Shares unless the process contemplated by this
paragraph 6 is repeated following service of a new ROFO Offer Notice. 

  
 81 

	6.8	Before the Selling Shareholder transfers any ROFO Shares to the Qualifying Third Party ROFO Purchaser, unless the Shareholders agree otherwise, the Selling Shareholder must cause the Qualifying Third Party ROFO
Purchaser to provide the following unqualified representations and undertakings: 

  

	 	(a)	it is not a Government Official, as such term is defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended (the FCPA); and 

 

	 	(b)	neither it nor the person it has nominated to accept the ROFO Offer is subject to any action, proceeding, suit or formal investigation by any governmental authority with regards to any actual or alleged violation of any
anti-corruption or anti-bribery laws, regulations or binding guidelines, including the FCPA and the UK Bribery Act 2010 (collectively, Anti-Corruption Laws). 

 

	7.	Tag along and drag along rights 

  

	7.1	Following a Trigger Event, no Major Shareholder (the Transferring Shareholder) shall Dispose of any Stapled Interests (a Proposed Transfer) unless: 

 

	 	(a)	the Proposed Transfer is made to a Permitted Transferee where such transfer does not trigger a default or change of control under the Financing Documents (where default and change of control shall have the meanings
given in the relevant Financing Document) and the Permitted Transferee first executes and delivers to the Company and the remaining Shareholders a Deed of Adherence; or 

 

	 	(b)	an offer (a Tag Along Offer) has been made by a proposed transferee (the Transferee) to all the other Shareholders to acquire such proportion of their Stapled Interests as equals the aggregate proportion
of the number of Stapled Interests the Transferring Shareholder proposes to transfer pursuant to the Proposed Transfer (the Proportional Shares) on the terms set out below in paragraph 7.3; or 

 

	 	(c)	if the Proposed Transfer would (whether through a single transaction or a series of transactions) result in any person who is a bona fide third party purchaser obtaining a Controlling Interest in the Company (a Third
Party Purchaser), a notice (a Drag Along Notice) is issued by the Transferring Shareholder (the Drag Along Seller) to the other Shareholders (the Compulsory Sellers) to transfer all (but not some only) of the Compulsory
Sellers’ Stapled Interests (the Drag Along Shares) in accordance with paragraph 7.6 below (before or at the same time as the Proposed Transfer), 

subject in the case of paragraphs (b) and (c) above to the prior operation of the provisions of paragraph 6; or 

 

	 	(d)	the Proposed Transfer is made in connection with a Listing. 

  

	7.2	For the avoidance of doubt, no Tag Along Offer shall be required to be made if a Drag Along Notice has been served. 

Tag along rights 
  

	7.3	A Tag Along Offer shall be in writing addressed to all the other Shareholders to whom the Tag Along Offer is made (a Tag Along Notice) and shall: 

 

	 	(a)	be subject only to: 

  

	 	(i)	a condition that the Proposed Transfer will be completed in accordance with its terms and this paragraph 7; and 

  
 82 

	 	(ii)	any mandatory regulatory consents required in relation to the Proposed Transfer that is not already a term of the Proposed Transfer (the Tag Shareholder Specific Condition) notified by the relevant Shareholder at
the time it accepts the Tag Along Offer in accordance with paragraph (c) below (the Tagging Shareholder); 

  

	 	(b)	describe all terms and conditions of such offer which shall be limited to: 

  

	 	(i)	include the number of Proportional Shares proposed to be acquired by the Transferee; and 

  

	 	(ii)	except for any Compulsory Seller Specific Condition, be on the same terms and for the same consideration per Share as the Proposed Transfer including any warranties and indemnities to be given by the Tagging Shareholder
in relation to the Proportional Shares that are also being given by the Transferring Shareholder in relation to the Proposed Transfer provided that (i) the aggregate liability of any Tagging Shareholder in respect of the transfer of its
Proportional Shares (including any warranties and indemnities) shall not exceed, in aggregate, the sale consideration payable to that Tagging Shareholder, (ii) the liability of each Tagging Shareholder shall be several (not joint and several)
with the Transferring Shareholder and any other Tagging Shareholder and (iii) the aggregate maximum liability of a Tagging Shareholder shall be no more than the product of the value of Proportional Shares divided by all of the Stapled Interests
to be transferred by the Transferring Shareholder to the Transferee multiplied by the aggregate liability of the Transferring Shareholder; and 

  

	 	(c)	be open for acceptance by the relevant Shareholder for a period of not less than 20 Business Days after its receipt of the Tag Along Notice by the Shareholder giving notice of acceptance in writing to the Transferee,

 such terms being the terms of the Tag Along Offer (the Tag Terms). 

 

	7.4	Subject to paragraph 7.5 below, the transfer of Proportional Shares by each Tagging Shareholder to the Transferee shall be completed at the same time as the Proposed Transfer and the Tagging Shareholders shall be bound
to sell the relevant Proportional Shares, on the Tag Terms, pursuant to the Tag Along Offer and their acceptance of it and this paragraph 7. 

  

	7.5	If any Tag Shareholder Specific Condition is not satisfied on or prior to the date that is six months following the date of acceptance by the Tagging Shareholder of the Tag Along Notice, then unless the Transferee and
the Tagging Shareholder that is subject to such Tag Shareholder Specific Condition agree otherwise any obligation on, or agreement by, the Transferee to acquire that Tagging Shareholder’s Proportional Shares and the Tag Along Offer made to such
Tagging Shareholder (and such Tagging Shareholder’s acceptance of it) shall lapse and cease to be effective and the Proposed Transfer may proceed as if no Tag Along Offer had been made. 

Drag along rights 
  

	7.6	The Compulsory Sellers shall, if so required by the Drag Along Seller by issue of a Drag Along Notice at any time before or at the same time as the Proposed Transfer, transfer (on such date, being no earlier than the
date of the Proposed Transfer by the Drag Along Seller of its Stapled Interests, which shall be specified by the Drag Along Seller in the Drag Along Notice or otherwise) all of their Stapled Interests to the Third Party Purchaser (the Drag Along
Offer) on the terms and subject to the conditions set out in paragraph 7.7 below. 

  
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	7.7	In relation to any transfer of Shares by a Compulsory Seller to the Third Party Purchaser pursuant to this paragraph 7.7: 

  

	 	(a)	such transfer shall be subject only to: 

  

	 	(i)	a condition that the Proposed Transfer is completed in accordance with its terms and this paragraph 7; 

  

	 	(ii)	any mandatory regulatory consents required in relation to that Proposed Transfer that is not already a term of the Proposed Transfer (the Compulsory Seller Specific Condition) notified by the relevant Compulsory
Seller to the Drag Along Seller within five Business Days of receipt of the Drag Along Notice; and 

  

	 	(iii)	an opinion given by a reputable investment bank (which has not advised any party in relation to the creation of the joint venture or to the Proposed Transfer) opining in its absolute discretion that the consideration
for the Proposed Transfer is fair (the Fairness Opinion); and 

  

	 	(b)	such transfer shall, except for any Compulsory Seller Specific Condition and provided the consideration per Share in the Proposed Transfer is deemed fair in the Fairness Opinion, be on the same terms and for the same
consideration per Share as the Proposed Transfer including any warranties and indemnities to be given by the Drag Along Seller in relation to the transfer of Shares by the Compulsory Seller that are also being given by the Drag Along Seller in
relation to the Proposed Transfer provided that (i) the aggregate liability of any Compulsory Seller in respect of the transfer of its Shares (including any warranties and indemnities) shall not exceed, in aggregate, the sale consideration
payable to that Compulsory Seller, (ii) the liability of each Compulsory Seller shall be several (not joint and several) with the Drag Along Seller and any other Compulsory Seller and (iii) the maximum aggregate liability of a Compulsory
Seller shall be no more than the product of the value of Drag Along Shares divided by all of the Stapled Interests to be transferred by the Drag Along Seller to the Third Party Purchaser multiplied by the aggregate liability of the Drag Along
Seller, 

 such terms being the terms of the Drag Along Offer (the Drag Terms). 

 

	7.8	Each Compulsory Seller shall execute and send or make available to the Drag Along Seller all documents required to be executed in connection with the transfer of its Stapled Interests to the Third Party Purchaser within
10 Business Days after receipt of the Drag Along Notice (or any longer period to which the Drag Along Seller may agree). 

  

	7.9	Subject to paragraph 7.10 below, the transfer of Stapled Interests by each Compulsory Seller to the Third Party Purchaser shall be completed at the same time as the Proposed Transfer and the Compulsory Sellers shall be
bound to sell their relevant Stapled Interests, on the Drag Terms, pursuant to the Drag Along Offer and their acceptance of it and this paragraph 7. 

  

	7.10	Any transfer of Stapled Interests by a Compulsory Seller to the Third Party Purchaser that is subject to a Compulsory Seller Specific Condition which is not satisfied prior to the date that is six months following the
date of the Drag Along Notice shall not be completed in accordance with paragraph 7.9 and the Drag Along Notice in respect of that Compulsory Seller shall lapse and cease to be effective in relation to those Shares the transfer of which is subject
to the Compulsory Seller Specific Condition. 

  
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	8.	Delegation of Authority 

  

	8.1	The Major Shareholder irrevocably and unconditionally (and by way of security for the performance of its obligations under this deed) appoints such persons as may be nominated by each Minority Shareholder from time to
time as its attorney and on its behalf to execute, deliver and carry out in its name or otherwise on its behalf all documents, acts and things which the attorney(s) may in its or their absolute discretion consider necessary or desirable to:

  

	 	(a)	exercise the voting rights of such Major Shareholder to vote in favour of and obtain Shareholder Consent for any proposed transfer of Stapled Interests by a Minority Shareholder as required in accordance with paragraph
6A of Schedule 10; and 

  

	 	(b)	effect any transfer of ROFO Shares by such Major Shareholder (or its Permitted Transferees) as required in accordance with paragraph 6.7 of Schedule 10, 

to the extent that such action is contemplated by this deed and which such Major Shareholder is obliged, but fails, to effect in accordance
with this deed. 
  

	8.2	Each Minority Shareholder irrevocably and unconditionally (and by way of security for the performance of its obligations under this deed) appoints such persons as may be nominated by the Major Shareholder from time to
time as its attorney and on its behalf to execute, deliver and carry out in its name or otherwise on its behalf all documents, acts and things which the attorney(s) may in its or their absolute discretion consider necessary or desirable to:

  

	 	(a)	effect any transfer of Stapled Interests by such Minority Shareholder as required in accordance with paragraph 7.8 of this Schedule 10; and 

 

	 	(b)	effect any transfer of ROFO Shares held by that Minority Shareholder as required in accordance with paragraph 6.7 of Schedule 10, 

to the extent that such action is contemplated by this deed and which such Minority Shareholder is obliged, but fails, to effect in accordance
with this deed. 
  

	8.3	The appointment in paragraphs 8.1 and 8.2 of this Schedule 10 shall in all circumstances remain in force and be irrevocable until this deed terminates. 

 

	8.4	If an attorney appointed in accordance with paragraphs 8.1 or 8.2 of this Schedule 10 effects a transfer of Stapled Interests as attorney for a Shareholder, the attorney’s receipt of any consideration due to the
Shareholder in respect of such transfer shall be a good discharge to the transferee of such Stapled Interests, who shall not be bound to see to its application. The attorney shall notify the Company and pay such consideration as soon as reasonably
practicable to the Company which shall hold such consideration on behalf of the relevant Shareholder without any obligation to pay interest. 

  

	8.5	Each Shareholder on whose behalf Stapled Interests are transferred by an attorney appointed in accordance with paragraphs 8.1 or 8.2 of this Schedule 10 shall surrender its share certificate(s) to the Company or FinCo,
if applicable, (or provide an indemnity in respect of such certificate(s) in a form satisfactory to the Company or FinCo, if applicable) relating to the Stapled Interests transferred. On, but not before, such surrender or provision, the relevant
Shareholder shall be entitled to the consideration in respect of the Stapled Interests transferred on its behalf, without interest. 

  

	9.	Duration 

  

	 	(a)	 Any voting undertaking set forth in this Schedule 10 shall be valid and in full force and effect for an initial
duration of ten years from the later of the Trigger Event Date and the date on which a person becomes a Shareholder and bound by the voting undertaking. The 

  
 85 

	 	
Shareholders undertake to use all reasonable endeavours to renew such voting undertakings for further successive ten year periods (or such other durations as the Shareholders may agree) until
termination of this deed, and will commence discussions for the purposes of renewing such voting undertakings at least 6 months prior to the expiry of the relevant term. 

 

	 	(b)	The Shareholders hereby agree that this voting arrangement is in the interest and for the benefit of the Company and all Shareholders and is reasonable. However, notwithstanding anything contained in this deed to the
contrary, if any such voting undertaking is determined to be invalid or voidable under Luxembourg law due to its duration, the duration of such voting undertaking shall be reduced to the maximum duration possible without rendering such voting
agreement invalid or voidable under Luxembourg law. 

 For the purposes of this Schedule 10: 

Compulsory Seller Specific Condition has the meaning given in paragraph 7.7 of this Schedule 10; 

Compulsory Sellers has the meaning given in paragraph 7.1 of this Schedule 10; 

Deleveraging Level has the meaning given in clause 5 of this Schedule 10; 

Drag Along Notice has the meaning given in paragraph 7.1 of this Schedule 10; 

Drag Along Offer has the meaning given in paragraph 7.6 of this Schedule 10; 

Drag Along Seller has the meaning given in paragraph 7.1 of this Schedule 10; 

Drag Terms has the meaning given in paragraph 7.7 of this Schedule 10; 

Excess ROFO Shares has the meaning given to it in paragraph 6.4; 

Listing means the admission to listing of any of the equity shares in the Company on any recognised investment exchange (as defined in section 285 of
the Financial Services and Markets Act 2000); 
 Minimum Annual Distribution has the meaning given in clause 5 of this Schedule 10; 

Minority Shareholder means any Shareholder other than a Major Shareholder (or its Permitted Transferees or Affiliates); 

Proportional Shares has the meaning given in paragraph 7.1 of this Schedule 10; 

Proposed Transfer has the meaning given in paragraph 7.1 of this Schedule 10; 

Related Party Transaction has the meaning given in paragraph 4.1 of this Schedule 10; 

ROFO Offer has the meaning given to it in paragraph 6.2; 

Special Majority Approval has the meaning given in paragraph 1 of this Schedule 10; 

Tag Along Notice has the meaning given in paragraph 7.3 of this Schedule 10; 

Tag Along Offer has the meaning given in paragraph 7.1 of this Schedule 10; 

Tag Shareholder Specific Condition has the meaning given in paragraph 7.3 of this Schedule 10; 

Tag Terms has the meaning given in paragraph 7.3 of this Schedule 10; 
  

  
 86 

 Tagging Shareholder has the meaning given in paragraph 7.3 of this Schedule 10; 

Third Party Purchaser has the meaning given in paragraph 7.1 of this Schedule 10; 

Transferee has the meaning given in paragraph 7.1 of this Schedule 10; and 

Transferring Shareholder has the meaning given in paragraph 7.1 of this Schedule 10. 

  
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 SCHEDULE 11 

DEFINITIONS AND INTERPRETATION 
  

	1.	Definitions 

 In this deed: 

3 Italia has the meaning given to it in the Contribution and Framework Agreement; 

Accounting Standards means International Financial Reporting Standards (IFRS); 

Acquired Business has the meaning given in clause 23.2; 

Acquired Competing Business has the meaning given in clause 23.2; 

Advisory Board means the standing board established and maintained in accordance with clause 5.12; 

Affiliate means: 
  

	 	(a)	in respect of any entity, a second entity that: 

  

	 	(i)	Controls the first entity; 

  

	 	(ii)	is under the Control of the first entity; or 

  

	 	(iii)	is under the Control of a third entity that Controls the first entity; 

  

	 	(b)	in respect of any body corporate: 

  

	 	(i)	any Affiliate within the meaning of paragraph (a) above; and 

  

	 	(ii)	any shareholder or director of that body corporate; 

 Aggregate Partial-Share Purchase
Price has the meaning given in clause 15.5; 
 Aggregate Remaining Share Purchase Price has the meaning given in clause 15.8; 

Aggregate ROFO Share Price has the meaning given in clause 15.1; 

Agreed Form means, in relation to any documents, the form of that document which is initialled for the purposes of identification by or
on behalf of each of the parties; 
 Agreed Fundamental Business Objectives has the meaning given in Schedule 2; 

All-Share ROFO Completion Date has the meaning given in clause 15.3; 

All-Share ROFO Response Notice has the meaning given in clause 15.3; 

Anti-Corruption Laws has the meaning given in clause 15.12; 

Anti-Corruption Policies has the meaning given in clause 18; 

Appointer has the meaning given in clause 5.2; 

  
 88 

 Approved Investment Banker means a qualified investment banking firm of international
reputation and standing that has not previously advised any party in connection with the transactions referred to in the Transaction Documents and, if the Shareholders are unable to agree on the identity of the approved investment banker within 20
Business Days, or if the person appointed is unable or unwilling to act, an appropriate investment banker shall be nominated by the President of the time being of the London Investment Banking Association on the application of any Shareholder. The
Shareholders shall co-operate in good faith to do everything necessary to procure the effective appointment of the investment banking firm. The Shareholders shall agree terms of engagement with the nominated
investment banking firm as soon as reasonably practicable after the investment banking firm is nominated and shall not withhold or delay their consent to such terms if they are reasonable and consistent with the provisions of this deed. The
Shareholders shall counter-sign the terms of appointment as soon as they are agreed and shall be jointly liable for all fees, costs and expenses relating to the Approved Investment Banker; 

Articles means the articles of association of the Company, as amended from time to time; 

Audit Committee means the committee of the Board established and maintained in accordance with clause 5.8; 

Audit Committee Terms of Reference means the terms of reference of the Audit Committee from time to time, the first set of which shall
be in Agreed Form; 
 Basis of preparation of the consolidated financial statements means the accounting policies of the Group in the
Agreed Form; 
 Board means the board of managers of the Company; 

Board Approval means an approval given in accordance with clause 8.3; 

Board Reserved Matters means, in respect of the Company, any matter set out in Part 2 of Schedule 6; 

Breach Exercise Notice has the meaning given to it in clause 14.5; 

Breach Notice has the meaning given in clause 14.5(a)(i); 

Budget means the budget for the MergeCo Group for a Financial Year set under clause 10, the first of which shall be the Initial Budget;

 Business means the business of operating and maintaining retail and/or wholesale (either as a network operator, mobile virtual
network operator or reseller) mobile telecommunications services, fixed line telecommunication services, internet telecommunications services, mobile broadband services, digital mobile video services, fixed line broadband services and/or data
services and any ancillary or related activities from time to time in Italy; 
 Business Day means a day other than a Saturday, Sunday
or public holiday on which banks are generally open in London, Milan, Amsterdam and Hong Kong for normal business; 
 Business Plan
means the business plan of the MergeCo Group, on a rolling five year basis set under clause 10, the first of which shall be the Initial Business Plan; 

Buy-Sell Completion Shares has the meaning given in clause 19.6; 

Buy-Sell Notice has the meaning given in clause 19.1(a); 

  
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 Buy-Sell Price has the meaning given in clause
19.1; 
 Buy-Sell Sale Shares has the meaning given in clause 19.1; 

Buy-Sell Shares has the meaning given in clause 19.1(a); 

Buyer has the meaning given in clause 19.6; 

Capital Lease Obligations means any obligations that are required to be classified and accounted for as a finance lease for financial
reporting purposes in accordance with IFRS, and the amount of indebtedness represented by such obligations will be the capitalised amount of such obligation at the time any determination is to be made as determined in accordance with IFRS; 

Casting Vote means a second casting vote to decide the outcome of a board decision in circumstances where a deadlock vote of the board
occurs, being a vote where 50% of votes is cast in favour, and 50% of votes is cast against, a resolution put to the board; 
 CEO
means the position of chief executive officer of MergeCo from time to time appointed by the Shareholders in accordance with clause 6.2; 

CFO means the chief financial officer of MergeCo from time to time appointed by the Shareholders in accordance with clause 8.3; 

Chairman has the mean given in clause 5.6(a); 

Change of Control means: 
  

	 	(a)	the Ultimate Beneficial Shareholder ceases, directly or indirectly through one or more Controlled Subsidiaries, to Control the relevant Shareholder; or 

 

	 	(b)	the Ultimate Beneficial Shareholder ceases, directly or indirectly through one or more Controlled Subsidiaries, to retain a Minimum Economic Commitment in the relevant Shareholder; 

Commitment has the meaning given to it in clause 10.2 of the Contribution and Framework Agreement; 

Company Information has the meaning given in clause 15.5; 

Contribution and Framework Agreement mean the contribution and framework agreement dated on or about the date of this deed between HET,
VIP, the Company, the VIP Guarantor and the HET Guarantor, as amended from time to time; 
 Control means: 

 

	 	(a)	owning or controlling more than 50% of the voting share capital of the relevant undertaking; or 

  

	 	(b)	being able to direct the casting of more than 50% of the votes exercisable at general meetings of the relevant undertaking on all, or substantially all, matters; or 

 

	 	(c)	having the right to appoint or remove directors of the relevant undertaking holding a majority of the voting rights at meetings of the board on all, or substantially all, matters; and 

  
 90 

	 	(d)	having the power to determine the conduct of business affairs of an undertaking (whether through ownership of equity interest or partnership or other ownership interests, by contract or otherwise), 

and Controlled and Controlling Interest shall have a corresponding meaning; 

Cooling-Off Period has the meaning given in clause 19.1(b); 

Debt Finance Arrangement has the meaning given in Part 1 of Schedule 6; 

Deed of Adherence means a deed of adherence to this deed to be executed by any transferee of a Share substantially in the form set out
in Schedule 7; 
 Defaulting Guarantor has the meaning given to it in clause 14.5; 

Defaulting Shareholder has the meaning given to it in clause 14.5; 

Defaulting Transferee has the meaning given to it in clause 14.5; 

Deleveraging Level has the meaning given in clause 10.4(a)(vii)(A); 

Director means a manager (gérant) of the Company; 

Director Notice has the meaning given in clause 5.4; 

Discloser has the meaning given in clause 25.4; 

Dispose means, in relation to any Stapled Interest: 
  

	 	(a)	to sell, transfer (including any Indirect Transfer), Encumber, assign, swap, surrender, gift, declare a trust over, or otherwise dispose of, any legal, equitable or economic interest in any such Stapled Interest;

  

	 	(b)	to do anything which has the effect of placing a person in substantially the same position as that person would have been in, had any of the things mentioned in paragraph (a) above been done; or 

 

	 	(c)	to authorise, agree to or attempt to do any of the things mentioned in paragraph (a) or (b) above, 

and the term Disposal has a corresponding meaning; 

Dispute means any dispute, claim, difference or controversy arising out of, relating to or having any connection with this deed,
including any dispute as to its existence, validity, interpretation, performance, breach or termination or the consequences of its nullity and any dispute relating to any non-contractual obligations arising
out of or in connection with it; 
 Dispute Meeting has the meaning given to it in paragraph 2.3 of Schedule 5; 

Dispute Meeting Minutes has the meaning given to it in paragraph 2.3 of Schedule 5; 

Dispute Notice has the meaning given to it in paragraph 2.3 of Schedule 5; 

Disputing Executives has the meaning given to it in paragraph 2.3 of Schedule 5; 

  
 91 

 Divestment Period has the meaning given in clause 23.2; 

Dividend includes a dividend, bonus issue or other distribution or return of capital (in each case) in kind or in cash; 

EBITDA means in relation to any relevant period, the total consolidated profit for the period from continuing operations (which, for the
avoidance of doubt, excludes amounts attributable to non-controlling interests in Subsidiaries) of the Company, as applicable, for that Relevant Period: 

 

	 	(a)	before taking into account: 

  

	 	(i)	Finance costs; 

  

	 	(ii)	Finance income; 

  

	 	(iii)	Other non-operating gains/losses; 

  

	 	(iv)	Income tax expense; 

  

	 	(v)	Net foreign exchange gain/loss; 

  

	 	(vi)	Gain/loss from disposal of non-current assets; 

  

	 	(vii)	Share of the profit/loss of associates and joint ventures accounted for using the equity method; and 

  

	 	(b)	after adding back all amounts provided for depreciation, amortization and impairment for that relevant period, as determined from the consolidated financial statements of the Company prepared in accordance with the
Accounting Standards and the Basis of preparation of the consolidated financial statements; 

 Economic Sanctions Laws
has the meaning given to it in the Contribution and Framework Agreement; 
 Effective Date means the time and date on which this deed
takes effect, occurring upon completion taking place in accordance with clause 22.2 of the Contribution and Framework Agreement; 

Encumber means creating or allowing to exist or agreeing to create or agreeing to allow to exist any mortgage, charge (fixed or
floating), pledge, lien, option, right to acquire, assignment by way of security, trust arrangement for the purpose of providing security, retention arrangement or any other security interest of any kind, including retention arrangements; 

Encumbrance means any mortgage, charge (fixed or floating), pledge, lien, option, right to acquire, right of pre-emption, assignment by way of security, trust arrangement for the purpose of providing security, retention arrangement or any other security interest of any kind, and any agreement to create any of the above;

 Equity Proportion means, in relation to a Shareholder, the total number of Shares held by that Shareholder divided by the total
number of Shares in issue, expressed as a percentage; 
 Executive has the meaning given to it in paragraph 2.3 of Schedule 5; 

Fair Market Value means the fair market value of the Stapled Interests on a sale as between a willing seller and a willing purchaser
(taking no account of whether the Stapled Interests do or do not carry control of the Company or FinCo (as applicable)), either (a) as agreed by the Shareholders, or (b) if the Shareholders cannot agree within 20 Business Days, as
determined by an Approved Investment Banker whose decision shall be final and binding; 

  
 92 

 FCPA means the U.S. Foreign Corrupt Practices Act of 1977; 

Financial Indebtedness means, without duplication, any indebtedness for or in respect of: 

 

	 	(a)	moneys borrowed; 

  

	 	(b)	any acceptance credit or bill discounting facility including any dematerialized equivalent; 

  

	 	(c)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; 

 

	 	(d)	Capital Lease Obligations; 

  

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis, or on a limited recourse basis where recourse is limited to
customary guarantees of title); 

  

	 	(f)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; 

 

	 	(g)	Hedging Obligations; 

  

	 	(h)	the maximum redemption amount of shares which are expressed to be redeemable; 

  

	 	(i)	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 

 

	 	(j)	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (i) above, provided that Financial Indebtedness includes indebtedness in respect of any
obligation to pay the deferred and unpaid purchase price of assets or services only if the relevant purchase price is due more than twelve Months after the earlier of the date of placing such assets in service or taking delivery of or title to such
assets, or the completion of such services, 

 For the avoidance of doubt, Financial Indebtedness does not include
(i) counter-indemnity obligations in respect of any indemnity or performance guarantee issued by a bank, entered into on arm’s length terms in the ordinary course of business and not otherwise having been issued in respect of Financial
Indebtedness, (ii) amounts in respect of accounts payable or other indebtedness owing to trade creditors in the ordinary course of trading in connection with the acquisition of goods or services; (iii) any Tax liabilities (and for this
purpose Tax has the meaning given to it in the Contribution and Framework Agreement); (iv) amounts in respect of obligations arising from agreements providing for indemnification, adjustment of purchase price or similar obligations, in each case
incurred or assumed in connection with the disposition of any business, assets or capital stock or other equity securities, provided that the aggregate amount of the liabilities incurred under this paragraph (iv) shall at no time exceed the
gross proceeds actually received in connection with such disposition; and (v) amounts in respect of obligations of any persons (A) arising from the honoring by a bank or other financial institution of a cheque, draft or similar instrument
inadvertently drawn against insufficient funds in the ordinary course of business, provided that such obligations are extinguished within two Business Days of their incurrence unless covered by an overdraft line; and (B) resulting from the
endorsement of negotiable instruments for collection in the ordinary course of business and consistent with past business practices; 

  
 93 

 Financial Interest means, in relation to any Director, any direct or indirect financial
interest of that Director (un intérêt de nature patrimoniale) that conflicts with the interests of the Company in connection with a matter falling within the competence of the Board; 

Financial Year means a period starting on 1 January of any year and ending on 31 December of the same year; 

Financing Documents means the Finance Documents, any Subordinated Document, and any document evidencing (or guaranteeing) any Financial
Indebtedness on substantially similar terms as the Subordinated Documents (for the purposes of this definition, capitalised terms have the meaning ascribed to such terms in the Priority Agreement); 

FinCo means a private company limited by shares to be incorporated in Ireland on or prior to the Effective Date in accordance with the
Contribution and Framework Agreement; 
 FinCo Loan means an interest free loan from FinCo to the Company with a principal amount of
approximately EUR5.1 billion following the novation of the Existing HET Loan as part of the HET Secondary Contribution and VIP Secondary Contribution (each as defined in the Contribution and Framework Agreement) prior to the Effective Date;

 First ROFO Notice has the meaning given in clause 15.14; 

First Shareholder has the meaning given in clause 19.1(a); 

Global Procurement Contract has the meaning given in clause 21.5(a); 

Group means the Company and its Subsidiaries from time to time and Group Company means any of them; 

group means an Ultimate Holding Company and its Subsidiaries and group member has a corresponding meaning; 

Group Company Chairman has the meaning given in Schedule 9, paragraph 2(e); 

Group Company Director has the meaning given in Schedule 9, paragraph 2(a); 

Guarantor Breach Exercise Notice has the meaning given to it clause 14.5; 

Guarantor Breach Notice has the meaning given in clause 14.5(b)(i); 

Hedging Obligations means, with respect to any Group Company, the obligations of such Company under: 

 

	 	(a)	interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest rate collar agreements; 

 

	 	(b)	other agreements or arrangements intended to manage interest rates or interest rate risk; 

  

	 	(c)	other agreements or arrangements intended to protect such Group Company against fluctuations in currency exchange rates or commodity prices; and 

 

	 	(d)	other agreements or arrangements intended to protect such Group Company against operating exposures (including but not limited to hedging in respect of energy prices and inflation risk); 

  
 94 

 HET Representative has the meaning given in clause 19.1; 

HR & Remuneration Committee means the committee of the Board established and maintained in accordance with clause
5.9; 
 HR & Remuneration Committee Terms of Reference means the terms of reference of the HR &
Remuneration Committee from time to time, the first set of which shall be in Agreed Form; 
 Indirect Transfer means a sale, transfer,
Encumbrance, assignment, swap, surrender, gift, declaration of a trust over, or other disposal, directly or indirectly, of a legal, beneficial or economic interest in or over any shares or securities by any person other than by a Shareholder in
relation to any Stapled Interests; 
 Indirect Defaulting Shareholder has the meaning given in clause 14.5(b)(ii); 

Individual ROFO Share Price has the meaning given in clause 15.1; 

Initial Business Plan has the meaning given to it in the Contribution and Framework Agreement, and any references to the “Agreed
Business Plan” in the MergeCo Articles and/or the articles of association of any other Group Company shall mean the Initial Business Plan; 

Initial Budget means the initial budget of the Group for the 14 months following the Effective Date consistent with the Initial Business
Plan and agreed by the Shareholders in good faith prior to the Effective Date (and initialled by or on behalf of the Shareholders for the purpose of identification), provided that if the Initial Budget is amended and approved by the Shareholders,
such amended and approved Initial Budget shall be considered the Initial Budget; 
 Insolvency Event means, in respect of any person:

  

	 	(a)	the person is unable to, or states that it is unable to, pay its debts as they fall due or stops or threatens to stop paying its debts as they fall due; 

 

	 	(b)	any indebtedness of the person is subject to a moratorium; 

  

	 	(c)	a liquidator, provisional liquidator or administrator has been appointed to any property of the person or an event occurs which gives any other person a right to seek such an appointment; 

 

	 	(d)	an order has been made, a resolution has been passed or proposed in a notice of meeting or in an announcement to any recognised securities exchange, or an application to court has been made for the winding-up or dissolution of the person or for the entry into of any arrangement, compromise or composition with, or assignment for the benefit of, creditors of the person or any class of them; 

 

	 	(e)	a security interest becomes enforceable or is enforced over, or a writ of execution, garnishee order, mareva injunction or similar order has been issued over or is affecting, all or a substantial part of the assets of
the person; or 

  

	 	(f)	the person has otherwise become, or is otherwise taken to be, insolvent in any jurisdiction or an event occurs in any jurisdiction in relation to the person which is analogous to, or which has a substantially similar
effect to, any of the events referred to in paragraphs (a) to (e) above; 

 Interest means, in relation to any
person, any financial or commercial interest of that person arising from any existing or proposed appointment, arrangement, role, contract, litigation or other proceeding between any Group Company and that person; 

  
 95 

 Investors has the meaning given in clause 23.2; 

JV Arrangement has the meaning given Part 1 of Schedule 6; 

Long-term Incentive Plan has the meaning given to it in the Contribution and Framework Agreement; 

Loss means all losses, damages, costs, expenses, charges and other liabilities whether present or future, fixed or unascertained, actual
or contingent; 
 Major Shareholder means a Shareholder that either alone or together with its Permitted Transferees and/or Affiliates
holds 50 per cent. or more of the issued Shares in the Company (and if not all such Shares are held by one Shareholder then references in this deed to the Major Shareholder shall, unless the context requires otherwise, be construed to mean, in
respect of obligations, all such Shareholders having the same Ultimate Holding Company holding Shares that together comprise 50 per cent. or more of the issued Shares and, in respect of the exercise of rights, that Shareholder holding the
largest number of Shares of those Shareholders that together compromise the Major Shareholder); 
 MD has the meaning given in clause
6.2; 
 MD Delegation means the delegation to the MD in Agreed Form; 

Merger One has the meaning given to it in the Contribution and Framework Agreement; 

MergeCo means each of 3 Italia and WAHF and, upon completion of Merger 1 (as defined in the Contribution and Framework Agreement) means
3 Italia as the surviving entity of such Merger; 
 MergeCo Articles means the articles of association of MergeCo, as amended from
time to time; 
 MergeCo Articles Extract means a summary of the key governance provisions of the MergeCo Articles, in the
Agreed Form; 
 MergeCo Board means the board of directors of MergeCo; 

MergeCo Board Quorum has the meaning given to it in clause 6.7(f); 

MergeCo Chairman has the meaning given in clause 6.7(e) 

MergeCo Director means a director of MergeCo; 

MergeCo Group means the 3 Italia Group and Wind Group; 

MergeCo Reserved Matters has the meaning given in the MergeCo Articles; 

Merger(s) means the merger of 3 Italia and WAHF, described as Merger 1 (as defined in the Contribution and Framework Agreement); 

Merger Executive Committee has the meaning given to it in paragraph 3 of Schedule 5; 

Merger Integration Objective has the meaning given to it in paragraph 1 of Schedule 5; 

Merger Integration Officer means the merger integration officer of MergeCo from time to time appointed by the Shareholders in accordance
with clause 8.1; 

  
 96 

 Merger Integration Period means at least twenty four months from the Effective Date but a
maximum of thirty six months, as determined by the Board; 
 Merger Integration Plan has the meaning given to it in the Contribution
and Framework Agreement; 
 Merger Integration Provisions means the provisions set out in Schedule 5; 

Minimum Annual Distribution has the meaning given in clause 10.4(a); 

Minimum Economic Commitment means an interest of more than 50 per cent in all economic rights attributable to (i) the issued
share capital (including any issued instrument which is convertible, in whole or in part, into share capital) of the relevant Shareholder (including in relation to dividends, any other distributions and returns of capital); and (ii) the
outstanding principal amount and interest due and payable in relation to all relevant shareholder loans; 
 Monthly Chairman’s Review
Meetings has the meaning given in clause 5.13; 
 Network has the meaning give in clause 21.3(a); 

Non-Defaulting Guarantor has the meaning give in clause 14.5(b); 

Non-Defaulting Shareholder has the meaning given in clause 14.5(a)(iii); 

No-Share ROFO Response Notice has the meaning given in clause 15.5; 

Offer Closing Date has the meaning given in clause 13.3; 

Offer Notice has the meaning given in clause 13.3; 

Offer Period has the meaning given in clause 13.3; 

Offer Price has the meaning given in clause 13.3; 

Offer Shares has the meaning given in clause 13.3; 

Offer Terms has the meaning given in clause 13.3; 

Outstanding Claim Amount has the meaning given in clause 19.6(d); 

Overriding Objective has the meaning given in clause 3.2(a); 

Partial-Share ROFO Response Notice has the meaning given in clause 15.5; 

Partial ROFO Shares has the meaning given in clause 15.5; 

Permitted Transferee means a member of the same Wholly Owned Group as the relevant Shareholder other than: 

 

	 	(a)	in the case of VIP, any Holding Companies of the VIP Guarantor; and 

  

	 	(b)	in the case of HET, any Holding Companies of the HET Guarantor; 

 Plan of Reorganisation
has the meaning given to it in the Contribution and Framework Agreement; 

  
 97 

 Pre-Notice has the meaning given in clause
19.1(b); 
 Priority Agreement means the priority agreement dated on 26 November 2010, as amended from time to time, between,
among others, Wind, Wind Acquisition Holdings Finance (as Original Parent), and Royal Bank of Scotland, Milan Branch (as the Original Senior Facilities Agent); 

Qualifying Third Party ROFO Purchaser has the meaning given in clause 15.5; 

Relevant Affiliate has the meaning given in clause 21.6(a); 

Relevant Financial Institution means any of the global systemically important financial institutions as identified by the Financial
Stability Board from time to time or other non-global systemically important financial institutions rated at least “A” by S&P or with an equivalent rating by either of Moody’s or Fitch; 

Remaining ROFO Shares has the meaning given in clause 15.5; 

Representative means, in relation to a person, any director, officer or employee of, and any accountant, auditor, financier, financial
adviser, legal adviser, technical adviser or other expert adviser or consultant to, that person; 
 Reserved Matters means a
Shareholder Reserved Matter and/or a Board Reserved Matter (as applicable); 
 Reverse Buy-Sell
Shares has the meaning given in clause 19.4; 
 Review has the meaning given in Part 1 of Schedule 5; 

Rights Entitlement has the meaning given in clause 13.3; 

Rights Shareholder has the meaning given in clause 15.1; 

ROFO Notice has the meaning given in clause 15.1; 

ROFO Offer Period has the meaning given in clause 15.2; 

ROFO Response Notice has the meaning given in clause 15.2; 

ROFO Share Price has the meaning given in clause 15.1; 

ROFO Shares has the meaning given in clause 15.1; 

Sanctioned Person means any natural or legal person (including, without limitation, any individual, entity, body or group), organisation
or vessel: 
  

	 	(a)	designated on the Consolidated List of Persons, Groups and Entities Subject to EU Financial Sanctions maintained by the European Commission, the Consolidated List of Asset Freeze Targets maintained by Her Majesty’s
Treasury, the list of Specially Designated Nationals and Blocked Persons maintained by the Office of Foreign Assets Control of the US Department of the Treasury (OFAC), or any equivalent or similar list maintained by the competent sanctions
authority of any EU Member State or any agency of the US Government; 

  

	 	(b)	that is, or is part of, a government of a Sanctioned Territory; 

  
 98 

	 	(c)	is, directly or indirectly, 50% or more owned or controlled by any of the foregoing; or 

  

	 	(d)	located within or operating from a Sanctioned Territory; 

 Sanctioned Territory means any
country or other territory subject to a comprehensive export, import, financial or investment embargo under any Economic Sanctions Law, which currently comprise Cuba, Iran, North Korea, North Sudan, Syria and the Ukrainian territory of Crimea (and
which may in the future change); 
 Second Shareholder has the meaning given in clause 19.1(a); 

Securities means: 
  

	 	(a)	Shares or any other class of shares in the Company, FinCo or a Group Company (as applicable) or any other equity securities in the Company, FinCo or a Group Company (as applicable); and 

 

	 	(b)	options, warrants, notes, bonds or other securities or debt (i) convertible into, or exchangeable for, Shares or any other class of shares or any other equity securities in the Company, FinCo or a Group Company (as
applicable) or (ii) containing equity features or containing profit participation features; 

 Security means a
mortgage, charge, lien, pledge or other security interest securing any obligations of any person; 
 Seller has the meaning given in
clause 19.6; 
 Selling Shareholder has the meaning given in clause 15.1; 

Senior Employee means the CEO, any employee of the Group who reports to the CEO and any employee of the Group who reports to any such
employee of the Group; 
 Senior Management means the CEO, CFO and Merger Integration Officer; 

Shares mean the ordinary shares of Euro 25 each in the capital of the Company; 

Shareholder means a registered holder of Shares who is party to this deed as an original party or by having executed a Deed of Adherence
in accordance with this deed; 
 Shareholder Approval means an approval given in accordance with clauses 8.1 and 8.2; 

Shareholder Consent means approval given by Shareholders representing at least 50 per cent. of the shares issued by the Company;

 Shareholder Nominated Group Company Directors means the Group Company Directors appointed in accordance with Schedule 9, paragraph
2(b)(b)(i); 
 Shareholder Nominated MergeCo Directors means the MergeCo Directors appointed in accordance with clause 6.7(b); 

Shareholder Reserved Matter means any matter set out in Part 1 of Schedule 6; 

Shareholders’ Meeting has the meaning given in clause 5.5; 

Stapled Interests means the Securities in relation to the Company and FinCo; 

  
 99 

 Subscribing Shareholder has the meaning given in clause 13.3; 

Subscription Shares has the meaning given in clause 13.3; 

Subsidiary has the meaning given in paragraph 2 below; 

Subsidiary Governance Provisions means the provisions set out in Schedule 9; 

Surviving Clauses means clause 1, clause 25, clauses 28 to 32 (inclusive); 

Third Party All-Share Sale Notice has the meaning given in clause 15.6; 

Third Party Remaining-Share Sale Notice has the meaning given in clause 15.8; 

Total Assets means at any time, the net book value of the consolidated total assets of the Company and its Subsidiaries as determined by
reference to the most recent consolidated balance sheet of Company and its Subsidiaries; 
 Transaction Documents has the meaning
given to it in the Contribution and Framework Agreement; 
 Trigger Event means completion of the transfer or issue of any Shares in
accordance with this deed following which there is only one Major Shareholder; 
 Trigger Event Date has the meaning given in clause
24.5(d); 
 Ultimate Beneficial Shareholder means, in the case of VIP, the VIP Guarantor and in the case of HET, the HET Guarantor;

 Ultimate Holding Company means a Holding Company which is not itself a Subsidiary; 

Urgent Shareholders’ Meeting has the meaning given to it in clause 5.5; 

VIP Representative has the meaning given in clause 19.1; 

WAHF has the meaning given in the Contribution and Framework Agreement; 

Warranties means the warranties given by the parties under clause 17; and 

Wind TS has the meaning given in the Contribution and Framework Agreement. 

 

	2.	Subsidiary, Holding Company, Wholly Owned Subsidiary and Wholly Owned Group 

 For the
purposes of this deed: 
  

	 	(a)	A company is a Subsidiary of another company, its Holding Company or HoldCo, if that other company: 

  

	 	(i)	holds a majority of the voting rights in it; or 

  

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

  

	 	(iii)	is a member of it and controls alone, pursuant to an agreement with other members, a majority of the voting rights in it, 

  
 100 

 or if it is a Subsidiary of a company that is itself a Subsidiary of that other company. 

 

	 	(b)	A company is a Wholly Owned Subsidiary of another company, its HoldCo, if it has no members other than HoldCo and HoldCo’s wholly owned Subsidiaries or persons acting on behalf of HoldCo or its wholly owned
Subsidiaries. 

  

	 	(c)	Wholly Owned Group means a body corporate and any Holding Company of which it is a Wholly Owned Subsidiary and any other Wholly Owned Subsidiaries of that Holding Company (including any Wholly Owned Subsidiary of
the body corporate). 

  

	 	(d)	In this paragraph 2, company includes any body corporate. 

  

	3.	Things required to be done other than on a Business Day 

 Unless otherwise indicated,
where the day on which any act, matter or thing is to be done is a day other than a Business Day, that act, matter or thing shall be done on or by the next Business Day. 
  

	4.	Other rules of interpretation 

 In this deed: 

 

	 	(a)	references to VIP or HET include each of their Permitted Transferees from time to time; 

  

	 	(b)	any reference, express or implied, to any legislation in any jurisdiction includes: 

  

	 	(i)	that legislation as amended, extended or applied by or under any other legislation made before or after execution of this deed; 

  

	 	(ii)	any legislation which that legislation re-enacts with or without modification; and 

  

	 	(iii)	any subordinate legislation made before or after execution of this deed under that legislation, including (where applicable) that legislation as amended, extended or applied as described in paragraph 4(b)(i), or under
any legislation which it re-enacts as described in paragraph 4(b)(ii); 

  

	 	(c)	references to persons or entities include natural persons, bodies corporate, partnerships, trusts and unincorporated and incorporated associations of persons; 

 

	 	(d)	references to an individual or a natural person include his estate and personal representatives; 

  

	 	(e)	subject to clause 29.2, references to a party to this deed include the successors or assigns (immediate or otherwise) of that party; 

 

	 	(f)	references to any English legal term for any action, remedy, method or judicial or arbitral proceeding, legal document, legal status, court, arbitral tribunal, official or any legal concept or thing shall, in respect of
any jurisdiction other than England, be taken to include what most nearly approximates in that jurisdiction to the English legal term; 

  

	 	(g)	a reference to any instrument or document includes any variation or replacement of it; 

  

	 	(h)	unless otherwise indicated, a reference to any time is a reference to that time in London; 

  

	 	(i)	a reference to € or Euros or EUR is to the currency of the Eurozone countries from time to time or its equivalent in any other relevant currency; 

  
 101 

	 	(j)	singular words include the plural and vice versa; 

  

	 	(k)	a word of any gender includes the corresponding words of any other gender; 

  

	 	(l)	if a word or phrase is defined, other grammatical forms of that word have a corresponding meaning; 

  

	 	(m)	general words shall not be given a restrictive meaning by reason of the fact that they are followed by particular examples intended to be embraced by the general words, and references to “includes” mean
“includes without limitation”; and 

  

	 	(n)	nothing is to be construed adversely to a party just because that party put forward this deed or the relevant part of this deed. 

  
 102 

 SIGNATORIES 
  

			
	EXECUTED as a deed by	 	)
	HUTCHISON 3G ITALY INVESTMENTS S.à	 	)
	R.L	 	)
		
	  
	 	
	Signature of director	 	
		
	  
	 	
	Name of director	 	

  
 103 

							
	EXECUTED as a deed by 	  	)	  		  	
	VIMPELCOM LUXEMBOURG HOLDINGS	  	)	  	  
	  	
	S.à R.L.	  	)	  	Authorised signatory	  	

  

			
	Witness’s Signature	 	  

		
	Name:	 	  

		
	Address:	 	  

		
		 	  

  
 104 

			
	 EXECUTED as a deed by
 HUTCHISON
EUROPE TELECOMMUNICATIONS
 S.à R.L.
	 	 )
 )

)
 )

		
	  
	 	
	Signature of director	 	
		
	  
	 	
	Name of director	 	

  
 105 

							
	EXECUTED as a deed by	  	)	  		  	
	 VIMPELCOM LTD.
	  	)	  	  
	  	
		  	)	  	 Authorised signatory
	  	

  

					
	Witness’s Signature	  	  
	  	
			
	Name:	  	  
	  	
			
	Address:	  	  
	  	
			
		  	  
	  	

  
 106 

					
	 EXECUTED as a deed by

CK HUTCHISON HOLDINGS LIMITED
	  	 )
 )
	  	
			
	  
	  		  	  

	Signature of director	  		  	Signature of director/company secretary
			
	  
	  		  	  

	Name of director	  		  	Name of director/company secretary

  
 107 

			
	 EXECUTED as a deed by
 HET INVESTMENTS
S.A.
	 	 )

)
 )

		
	  
	 	
	Signature of director	 	
		
	  
	 	
	Name of director	 	
		
	 EXECUTED as a deed by
 HET
INVESTMENTS S.A.
	 	 )

)
 )

		
	  
	 	
	Signature of director	 	
		
	  
	 	
	Name of director	 	

  
 108 

 DOCUMENTS IN THE AGREED FORM 

 

	1.	Audit Committee Terms of Reference 

  

	2.	HR & Remuneration Committee Terms of Reference 

  

	3.	Merger Executive Committee Terms of Reference 

  

	4.	Advisory Board Terms of Reference 

  

	5.	Basis of preparation of the consolidated financial statements 

  

	6.	MD Delegation 

  

	7.	MergeCo Articles Extract 

  
 109

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